国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期）（续发行）募集说明书 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、监事、高 级管理人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述和 重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期续发行债券发行环节，不直接或者间接认购自己发行的债 券。债券发行的利率或者价格应当以询价、协议定价等方式确定，发行人不会操 纵发行定价、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他相关利 益主体输送利益，不直接或通过其他利益相关方向参与认购的投资者提供财务资 助、变相返费，不会出于利益交换的目的通过关联金融机构相互持有彼此发行的 债券，不实施其他违反公平竞争、破坏市场秩序等行为。 发行人如有董事、监事、高级管理人员、持股比例超过 5%的股东及其他关 联方参与本期续发行债券认购，发行人将在发行结果公告中就相关认购情况进行 披露。 中国证券监督管理委员会、深圳证券交易所对债券发行的注册 ...

Core Viewpoint - Guosen Securities Co., Ltd. has received a credit rating of AAA with a stable outlook for its 2025 public bond issuance aimed at professional investors, indicating strong overall financial health and market competitiveness [3][4]. Company Overview - Guosen Securities is one of the longest-operating securities firms in China, established in 1989, with a comprehensive business development and strong brand influence in the industry [11]. - The company has a registered capital of 9.612 billion RMB as of the end of 2024, with significant backing from its controlling shareholder, Shenzhen Investment Holdings Co., Ltd. [11][14]. Financial Performance - As of March 2025, total assets are reported at 5051.06 million RMB, with shareholder equity at 1068.85 million RMB [7]. - The company has shown a steady increase in net profit, with figures of 60.85 million RMB in 2022 and 64.27 million RMB in 2023, reflecting a positive growth trend [8]. - The average capital return rate is reported at 7.17% for 2024, indicating effective capital utilization [8]. Business Segments - Wealth management and institutional business account for a significant portion of revenue, with a 52.28% share in total income for 2024 [22]. - The investment banking segment has faced challenges, with a decrease in stock underwriting due to regulatory changes, but bond underwriting has shown slight growth [28][30]. Market Position - Guosen Securities ranks among the top firms in the industry for its brokerage and wealth management services, with a market share of 2.75% in the stock market as of the end of 2024 [23]. - The company has established a strong presence in the investment banking sector, completing 11.17 main underwriting projects in 2024, ranking ninth in the industry [29]. Industry Outlook - The securities industry is expected to experience a trend of consolidation, with increased regulatory scrutiny and a focus on compliance and sustainable growth [19]. - The introduction of new policies aimed at enhancing the competitive landscape is anticipated to benefit larger firms like Guosen Securities, while smaller firms may need to adapt through specialization [19].

Core Viewpoint - Guosen Securities Co., Ltd. is set to issue a second tranche of corporate bonds aimed at professional investors, with a total face value of up to 30 billion RMB, following approval from the China Securities Regulatory Commission [1][2]. Group 1: Bond Issuance Details - The bond issuance will be conducted in a phased manner, with the bond code "524180" and a maturity of three years, from March 19, 2025, to March 19, 2028 [2][10]. - The bonds will be issued at a face value of 100 RMB each, with a fixed interest rate of 2.17%, calculated annually using simple interest [10][11]. - The total amount of the bond issuance is capped at 30 billion RMB, and the issuance price will be determined through a book-building process [10][11]. Group 2: Investor Participation - Only professional institutional investors with valid A-share accounts at the China Securities Depository and Clearing Corporation are eligible to participate in the bond issuance, excluding individual investors [2][12]. - The minimum subscription amount for participating investors is set at 10 million RMB, which must be in multiples of 10 million RMB [17][18]. - The bond issuance will not incur any commission or transfer fees for investors [19]. Group 3: Financial Metrics and Ratings - The issuer's net assets attributable to shareholders amount to 120.23 billion RMB, with an average annual distributable profit of 6.91 billion RMB over the last three fiscal years [2][10]. - The bond has been rated AAA, with a stable outlook, consistent with the issuer's credit rating [10][11]. Group 4: Trading and Listing - The bonds will be listed on the Shenzhen Stock Exchange, and trading will be limited to professional institutional investors [3][11]. - The final issuance price will be announced on August 12, 2025, prior to the start of the subscription period on August 13, 2025 [11][16].

Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

国信证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）（续发行） 信用评级报告 编号：CCXI-20252921D-01 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第二期）（续发行）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 8 月 7 日 根据相关监管规定以及评级委托协议约定，中诚信国际将在评级结果有效期内进行跟踪评级。 中诚信国际将在评级结果有效期内对评级对象风险程度进行全程跟踪监测。发生可能影响评级对象信用水平的重大 事项，评级委托方或评级对象应及时通知中诚信国际并提供相关资料，中诚信国际将就有关事项进行必要调查，及 时对该事项进行分析，据实确认或调整评级结果，并按照相关规则进行信息披露。 如未能及时提供或拒绝提供跟踪评级所需资料，或者出现监管规定的其他情形，中诚信国际可以终止或者撤销评级。 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第二期）（续发行）信用评级报告 | 发行人及评级结果 | 国信证券股份有限公司 AAA/稳定 | | --- | --- | | 本期债项评级结果 | AAA | ...

国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第二期）（续发行） 发行公告 发行人 牵头主承销商、债券受托管理人 住所：北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 联席主承销商 住所：深圳市福田区福田街道福华一路 119 住所：广东省深圳市福田区福田街道金田路 号安信金融大厦 2026 号能源大厦南塔楼 10-19 层 住所：深圳市福田区福田街道益田路 5023 号 平安金融中心 B 座第 22-25 层 签署时间：二〇二五年八月 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1．国信证券股份有限公司（以下简称"发行人"或"公司"）已于 2024 年 11 月 29 日获得中国证券监督管理委员会证监许可[2024]1722 号文，可向专业投资者公开发行面 值总额不超过 200 亿元的公司债券（以下简称"本次债券"）。 8．本期续发行债券每张面值为 100 元，发行数量不超过 3,000 万张，发行价格将根 据网下询价簿记结果，由发行人与簿记管理人按照有关规定，在询价区间内协商一 ...

国信证券股份有限公司 GUOSEN SECURITIES CO.,LTD. 住所:深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 (第二期)(续发行)募集说明书 | 注册金额 | 200 亿元 | | --- | --- | | 发行规模 | 面值总额不超过30亿元(含30亿元) | | 发行人 | 国信证券股份有限公司 | | 主承销商 | 中国银河证券股份有限公司、国投证券股份有限公司、长城证券 | | | 股份有限公司、平安证券股份有限公司 | | 受托管理人 | 中国银河证券股份有限公司 | | 增信措施情况 | 本期债券无增信 | | 信用评级结果 | 发行人主体长期信用等级 AAA,本期债券信用等级 AAA | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 牵头主承销商/簿记管理人/受托管理人 住所:北京市丰台 国投证券股份有限公 住所:深圳市福田区福田街道福华一路 119 号安信金融大厦 住所:广东省深圳市福田区福田街道 金田路 2026 号能源大厦南塔楼 10-19 层 住所:深圳市福田区福田街道益田 ...

| | | | | 2025年8月11日丁二烯橡胶全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 増減 | 会员 | 持买車 | 増減 | 会员 | 持卖单 | 增减 | | ਹ | 中信期货 | 48,609 | 33,916 | 中信期货 | 2,243 | 585 | 国泰君安 | 7,036 | 1,514 | | 2 | 中泰期货 | 33,516 | 22,202 | 东证期货 | 1,968 | 380 | 东证期货 | 2,562 | 338 | | 3 | 东证期货 | 22,201 | 15,070 | 国泰君安 | 1,800 | 149 | 永安期货 | 1,559 | 225 | | ব | 国泰君安 | 18,647 | 13.856 | 银河期货 | 789 | -12 | 浙商期货 | 1,493 | 73 | | 5 | 新湖期货 | 9,972 | 6,424 | 海通期货 | 771 | 77 | 中信期货 ...

Group 1 - The core viewpoint is that the US economy is expected to continue weakening in the medium term, with a clear direction towards interest rate cuts [1] - Recent concerns about market recession have been reignited due to unexpected weak non-farm data and the normalization of tariff policy disruptions, leading to increased expectations for rate cuts and a rise in market risk aversion [1] - Short-term gold prices are likely to surge again, while the long-term outlook remains bullish due to multiple supporting factors such as geopolitical conflicts, a weakening dollar, rate cut expectations, and continued gold purchases by non-US central banks [1] Group 2 - The gold ETF (518800) tracks the SGE gold 9999 (AU9999), reflecting the price trends of high-purity (99.99%) gold in the Shanghai Gold Exchange, purely reflecting the supply and demand dynamics of the domestic and international gold markets [1] - Investors without stock accounts can consider the Guotai Gold ETF Connect A (000218) and Guotai Gold ETF Connect C (004253) [2]

Group 1: AI Infrastructure Investment - Global internet giants are increasing their capital expenditure on AI infrastructure, benefiting the AIDC power equipment industry chain [1] - The Chinese government is supporting the implementation of AI applications, which is expected to sustain domestic AI investment [1] - Notable increases in capital expenditure plans include Google's adjustment from $75 billion to $85 billion for 2025 and Meta's adjustment from $64-72 billion to $66-72 billion for the same year [1] Group 2: Photovoltaic Industry Recovery - The "anti-involution" policy is being implemented, leading to a recovery in prices of photovoltaic products, including polysilicon, silicon wafers, and battery cells [2] - The photovoltaic industry is expected to undergo consolidation and clearing, with a stable development phase anticipated by 2027 [2] - The polysilicon segment shows the most significant comparative advantage in terms of production capacity and cost [2] Group 3: Wind Turbine Industry Recovery - The overall price of wind turbines has increased, effectively curbing the previous trend of vicious price competition [3] - The recovery in prices is expected to contribute positively to the profitability of the industry chain [3] Group 4: Solid-State Battery Development - The solid-state battery industry is advancing with successful equipment deliveries and ongoing research and testing [4] - Companies like Qingtai and Honeycomb Energy are making progress in solid-state battery production, with plans for mass production by 2027 [4] - Automotive manufacturers are preparing to launch vehicles equipped with solid-state batteries by 2030 [4]