Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector is expected to benefit from the expansion of the Hong Kong stock market and the introduction of floating management fee products, which will enhance trading activity [3][4] - The recent decline in LPR and deposit rates is anticipated to lower the cost of liabilities for the insurance sector, potentially leading to a decrease in the preset interest rates for insurance products [5] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of the Hong Kong stock market's asset expansion and the introduction of new fund products [3][4] Market Activity - The average daily trading volume for stock funds decreased by 8% week-on-week, while the newly established stock and mixed funds saw a 100% increase in scale [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) is committed to optimizing the listing environment for technology companies, which is expected to support the return of quality red-chip technology firms to the domestic market [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Exchanges and Clearing, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]

Group 1 - The Hong Kong government has implemented several policies to support the stock market, including lowering stamp duty and optimizing trading mechanisms to enhance market liquidity and attractiveness [1] - Dividend assets are gaining attention due to high returns and low volatility, especially in the context of improving international liquidity and anticipated dividend tax reforms [1][2] - The Hong Kong dividend index is expected to attract medium to long-term capital due to its resilience and stability amid global geopolitical conflicts and trade tensions [1] Group 2 - In a declining interest rate environment, there is a shift in asset allocation focus from growth to returns, leading to increased interest in dividend assets [2] - The Hong Kong Stock Connect Dividend Index has become an important tool for investors seeking high cash flow and low volatility investments, particularly as the overall valuation of the Hong Kong stock market is at historical lows [2] - The issuance of mainland dividend strategy ETFs is rising, which raises expectations for the index's structure, performance, and investability [2] Group 3 - The CSI Hong Kong Stock Connect High Dividend Index has shown outstanding performance in terms of long-term cumulative returns, annualized returns, and risk-adjusted return metrics, indicating strong downside protection and long-term return potential [3] - The index has a balanced structure, focusing on stable sectors such as finance, utilities, communication, and industry, while maintaining a low proportion of real estate, thus achieving high risk diversification [3] - The tracking fund's scale has surpassed 3 billion, with increasing average daily trading volume, reflecting its acceptance and liquidity advantages in actual investments [3] Group 4 - The Hang Seng Index's high dividend indices, while historically significant, are overly concentrated in banking, energy, and real estate sectors, leading to weaker drawdown control and long-term returns [4] - Central state-owned enterprise dividend indices, although supported by policy, are primarily focused on finance and industry, lacking growth elasticity in market capitalization and sectors, making them less attractive for long-term capital [4]

| 报 告 摘 | | | 要 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一、国信金工主动量化策略表现跟踪 | | | | | | | | | | 本周， 优秀基金业绩增强 组合绝对收益-0.33%，相对偏股混合型基金指数超额收 | | | | | | | | | | 益-0.40%。本年，优秀基金业绩增强组合绝对收益1.37%，相对偏股混合型基金指 | | | | | | | | | | 数超额收益-2.38%。 今年以来，优秀基金业绩增强组合在主动股基中排名53.65% | | | | | | | | | | 分位点（1861/3469）。 | | | | | | | | | | 绝对收益0.20%，相对偏股混合型基金指数超额收益 | | | | | | | 本周， 超预期精选组合 | | | 0.13%。本年，超预期精选组合绝对收益9.23%，相对偏股混合型基金指数超额收 | | | | | | | | | | 5.47% | | | | | | 。 今 年 以 来 ， 超 预 期 精 选 组 合 在 主 ...

Core Viewpoint - The establishment of Guoxin Asset Management Company is a strategic move by Guoxin Securities to align with industry trends and enhance its position as a world-class comprehensive investment bank, focusing on high-quality development and innovation in asset management services [2][3]. Group 1: Company Development and Achievements - Guoxin Securities has been a pioneer in the asset management industry since it obtained its asset management license in 2002, and it has achieved significant growth with a net asset management scale of 144.764 billion yuan and revenue of 820 million yuan in 2024, marking a year-on-year increase of 65.42% [2]. - Guoxin Asset Management has successfully established itself with a focus on core competitiveness, achieving notable business growth and industry influence, winning nearly 100 authoritative awards in the past three years [3]. Group 2: Investment Research and Product Strategy - The investment research (IR) is the core driving force behind Guoxin Asset Management's business, with a focus on fixed income, equity investment, multi-asset allocation, and asset securitization, creating a diverse product matrix [4]. - In the fixed income sector, Guoxin Asset Management has developed a comprehensive understanding of various markets, while in equity investment, it emphasizes a balanced value investment strategy [4]. - The company has issued public REITs totaling 9 billion yuan and has launched several asset-backed securities (ABS) with attributes like "green energy" and "rural revitalization," achieving both economic and social benefits [5]. Group 3: Customer-Centric Approach - Guoxin Asset Management prioritizes customer service and value creation, focusing on collaboration with securities companies, commercial banks, and third-party internet channels to reach a broader client base [7]. - The company has leveraged digital platforms to enhance its brand presence and engage with clients through personalized services, showcasing its professional image and service characteristics [8]. Group 4: Future Outlook - Guoxin Asset Management aims to continue its long-term focus on investment research, attracting top talent, and enhancing its active management capabilities across various strategies to provide suitable products and services in different market environments [6].

近日，105家券商2024年文化建设年报在中国证券业协会网站公布。 （图：国泰海通、东吴证券文化建设年报内页） （图：中金公司、华泰证券、广发证券、中国银河证券文化建设年报内页） 党建引领仍是各内资券商文化建设年报最鲜明的共性之一，不少券商创新了党建形式，打造了特色党建品牌。例如，中泰证券打造了"红心如磐"党建品牌；华安证 券打造了"赤金"党建品牌；华源证券探索"智慧党建云+源文化+国企担当"融合发展模式；国泰海通证券则打造"融·党建"活动室特色宣传教育阵地，创新学习方式、 凝聚宣讲力量，推动党的创新理论深入一线、深入群众、深入人心。 打造廉洁文化，加强员工职业道德建设也是诸多券商近一年文化建设工作的重点之一。2024年9月，中国证券业协会修订发布了新版《证券从业人员职业道德准 则》，旨在引导证券从业人员珍惜职业声誉、恪守职业道德。 自2019年证券基金行业文化建设拉开序幕以来，今年已是各券商第四年提交文化建设年报。相比前三年，今年券商提交的文化建设年报更为体系化，案例更为丰 富，年报排版与设计精美度也直线上升。 从内容与形式来看，券商文化建设工作"卷"出新高度，一些券商新创设了党建、廉洁从业等子品牌，通过打 ...

| 债券名称 | 国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级 | | --- | --- | | | 债券（第一期） | | 债券简称 | 国证 25 Y1 | | 债券代码 | 524273 | | 信用评级 | AAA/AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 30 | | 债券期限 | 本期债券以每 个计息年度为 个重定价周期。在每个重定价周期 5 1 | | | 末，发行人有权选择将本期债券期限延长 1 个重定价周期（即延续 | | | 5 年），或全额兑付本期债券 | | 票面年利率（％） | 2.20 | | 利率形式 | 固定利率 | | 付息频率 | 在发行人不行使递延支付利息权的情况下，每年付息一次 | | 发行日 | 2025 年 5 月 16 日及 2025 年 5 月 19 日 | | 起息日 | 2025 年 5 月 19 日 | | 上市日 | 2025 年 5 月 23 日 | | 到期日 | 若发行人在本期债券的某一个续期选择权行权年度选择全额兑付本 | | | 期债券，则该续期选择权行权年度的付息日即为本期债券 ...

Summary of Conference Call Records Industry Overview - **Insurance Sector**: In Q1 2025, net profits for major insurers like China Ping An and China Taiping fell by 26% and 18% respectively, primarily due to declines in the bond market and equity market volatility. Conversely, PICC and China Life saw net profit growth of approximately 40%, with Xinhua also reporting positive growth, benefiting from favorable bond market and Hong Kong stock allocations [1][2]. - **Brokerage Sector**: The overall performance of 39 brokerages in Q1 2025 met expectations, with a 53% year-on-year increase in net profit, driven by a low base from the previous year and significant improvements in trading volume, which rose nearly 80% year-on-year. The number of new accounts opened increased by 32%, contributing significantly to retail business [1][3]. - **Public Fund Regulations**: New regulations for public funds shift the focus from short-term returns to long-term investor performance, potentially restoring trust and benefiting the industry's long-term development. This may exacerbate the "Matthew Effect," favoring leading fund companies [4]. - **Non-Banking Financial Sector**: The non-banking financial sector is significantly under-allocated, with only 1% of active equity funds invested compared to a standard of 6.5%. This indicates a potential recovery volume of approximately 150 billion, suggesting a sustained reallocation towards benchmark stocks, especially large-cap stocks [5][6]. Key Insights - **Brokerage Performance**: The brokerage sector is expected to see a 50% year-on-year growth in Q1 2025, with a forecasted 40% growth for the mid-year report and an overall annual growth expectation of around 25%. Current valuations remain low, with a focus on brokerages with strong retail advantages such as Guosen Securities, Huatai Securities, and GF Securities [7]. - **Insurance Recommendations**: Due to weak marginal improvements in the insurance sector, it is recommended to focus on undervalued stocks like China Taiping and China Ping An, as well as high dividend yield stocks like Jiangsu Jinzu [8]. - **Banking Sector Performance**: In Q1 2025, 42 listed banks reported a revenue decline of 1.7% and a net profit decline of 1.2%. The overall loan volume is expected to remain stable compared to 2024, with a slight narrowing of interest margins anticipated [9][14]. - **Real Estate Sector**: The real estate industry experienced a 7.5% revenue decline in Q1 2025, with a net profit loss of 10 billion yuan. The top 100 real estate companies saw a 30% drop in sales, although the decline was less severe than in previous periods. Companies with strong fundamentals in first-tier and strong second-tier cities are viewed positively [15][18]. Additional Considerations - **Market Dynamics**: The new public fund regulations may lead to a decrease in fees for banks, brokerages, and third-party sales agencies, impacting their revenues negatively but within expected limits [4]. - **Investment Strategy**: The recommendation for banks includes focusing on stable dividend strategies, with a preference for banks like CITIC Bank and Agricultural Bank of China, as well as regional banks benefiting from recovering demand from small and micro enterprises [14]. - **Future Outlook for Real Estate**: The real estate sector is expected to see a recovery in demand, particularly in first-tier and strong second-tier cities, with a focus on companies like Binjiang Group and China Merchants Shekou [18].

Group 1 - The core viewpoint is that after the recent reduction in deposit rates by major commercial banks, bank wealth management products have regained market attention, with the total scale reaching a historical high of 31 trillion yuan in April [1][2] - The growth in bank wealth management scale is driven by three main factors: the "seesaw" effect between stocks and bonds, the migration of funds from maturing fixed deposits to wealth management products, and increased marketing efforts by banks in the second quarter [1][2] - The weighted average annualized yield of bank wealth management products in April was 2.70%, with cash management products yielding 1.50%, pure bond products yielding 3.34%, and "fixed income +" products yielding 3.01% [1] Group 2 - As of May 20, the total scale of bank wealth management products continued to expand, reaching 31.28 trillion yuan, with expectations for further growth due to the recent reduction in deposit rates [2] - The decline in deposit rates is seen as the most significant short-term driver for the growth of wealth management products, with lower interest rates enhancing the attractiveness of these products compared to traditional deposits [2] - Despite the current growth, challenges are anticipated for the overall annual growth of bank wealth management products due to low credit bond yields and potential net asset value fluctuations [2] Group 3 - Bank wealth management subsidiaries are encouraged to enhance their asset allocation capabilities, focusing on bond investments and diversifying into multi-asset strategies [3] - To improve bond investment capabilities, wealth management subsidiaries should explore credit research, quantitative investment, and utilize government bond futures for hedging or arbitrage [3] - There is a need for building a comprehensive multi-asset allocation capability, including developing diverse asset research capabilities and establishing a collaborative investment team for new product and strategy development [3]

证券代码：524273 证券简称：25 国证 Y1 国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第一期）发行结果公告 发行人及全体董事、监事、高级管理人员保证本公告内容真实、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。 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可2025628 号文注册同意。 根据《国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债 券（第一期）发行公告》，国信证券股份有限公司 2025 年面向专业投资者公开 发行永续次级债券（第一期）（以下简称"本期债券"）的发行规模为不超过 债券发行价格为每张 100 元，采取网下面向专业投资者询价配售的方式发行。 本期债券发行时间自 2025 年 5 月 16 日至 2025 年 5 月 19 日，共 2 个交易日。 最终发行规模 30 亿元，票面利率 2.20%，全场认购 2.03 倍。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《深圳证券 交易所公司债券上市规则 ...

证券代码：524273 证券简称：25 国证 Y1 国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第一期）发行结果公告 发行人及全体董事、监事、高级管理人员保证本公告内容真实、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。 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 根据《国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债 券（第一期）发行公告》，国信证券股份有限公司 2025 年面向专业投资者公开 发行永续次级债券（第一期）（以下简称"本期债券"）的发行规模为不超过 30 亿元（含 30 亿元）。本期债券简称为 25 国证 Y1，债券代码为 524273。本期 债券发行价格为每张 100 元，采取网下面向专业投资者询价配售的方式发行。 本期债券发行时间自 2025 年 5 月 16 日至 2025 年 5 月 19 日，共 2 个交易日。 最终发行规模 30 亿元，票面利率 2.20%，全场认购 2.0 ...