袁超展望称，宏观政策将进入观察期，立足将已推出的现有政策用好用足。 近日，《中美日内瓦经贸会谈联合声明》发布后，中国资产市场有积极反应。未来，中美贸易政策走向 及其对中国资产的影响备受关注。 为此，证券时报记者专访了分管国信证券经济研究所的高管袁超。他表示，前期中国已打出政策组合 拳，增强中国资产应对外部环境变化的能力，当前关键在于用好用足现有政策。 袁超认为，中国经济韧性足、潜力大，在超大规模市场纵深、全产业链体系加速重构的背景下，中国经 济中长期发展具备坚实基础，资产重估的内在逻辑并未改变。 他谈到，目前中国资产的吸引力已从"估值修复"向"技术驱动+资产重估"切换，未来如果政策红利持续 释放、科技突破转化为盈利增长且地缘风险边际缓和，外资主动型长线资金或将加速入场。 用好用足现有政策 袁超接受证券时报记者采访时表示，中美贸易摩擦的缓和有利于中国进口产品价格回落，中国出口产品 价格回升。考虑到中国对美出口金额是中国对美进口金额的三倍多，因此"关税战"降温对产品价格回升 的推动作用或大于对产品价格回落的拖累。整体来看，这或拉动国内CPI（消费者物价指数）和PPI（工 业品出厂价格指数）企稳回升。 在此背景下， ...

Core Viewpoint - The securities industry is experiencing a mixed performance, with specific stocks showing gains while others decline, indicating a potential theme-based investment trend in the market [3][4]. Market Performance - As of May 16, 2025, the CSI All Share Securities Company Index (399975) decreased by 0.58%, with Western Securities (002673) leading gains at 0.66% and Hongta Securities (601236) experiencing the largest drop at 2.39% [3]. - The Securities ETF (159841) fell by 0.72%, with a latest price of 0.97 yuan and a turnover of 34.26 million yuan during the session [3]. Fund Development - The China Securities Regulatory Commission (CSRC) issued an action plan on May 7 to promote the high-quality development of public funds, emphasizing the importance of performance benchmarks for actively managed equity funds [3]. - The Securities ETF has seen a significant growth in scale, increasing by 1.928 billion yuan over the past year, ranking second among comparable funds [4]. Investment Opportunities - Zhongyin International suggests focusing on the securities sector, noting that the sector has just recovered from a previous gap and still holds significant value for allocation [4]. - The active equity funds currently have a low allocation to securities compared to performance benchmarks, indicating potential for increased capital allocation and valuation uplift in the sector [4]. Performance Metrics - The Securities ETF has achieved a net value increase of 23.82% over the past three years, ranking in the top 16.20% among index equity funds [5]. - The ETF's management fee is set at 0.50%, with a tracking error of only 0.007% over the past two months, indicating high tracking precision compared to peers [6]. Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the CSI All Share Securities Company Index is 19.36, placing it in the lower 3.61% of its historical range, suggesting it is undervalued [6]. - The top ten weighted stocks in the index account for 59.02% of the total index, with notable companies including CITIC Securities (600030) and Eastmoney Information (300059) [6].

Group 1 - The event held in Chengdu on May 15 aimed to promote investor education under the theme "Caring for Investors, Working Together" [1] - The establishment of the Sichuan Panda Investor Education Alliance marks a new phase in investor protection efforts, integrating resources and enhancing collaboration among financial institutions [2] - The event attracted nearly 20,000 participants, focusing on differentiated content for various demographics, including middle-aged, family investors, and young social media users [5] Group 2 - Interactive activities, such as games and workshops, were designed to engage participants and educate them on investment risks and rights [5][6] - The event creatively combined financial knowledge with local culture, providing a unique experiential learning environment [7] - Future trends in investor education are expected to emphasize a more stylized, business-oriented, and innovative approach to content delivery, catering to the evolving demographics of investors [8] Group 3 - The event highlighted the importance of investor protection as a foundation for stable capital markets and financial inclusivity [9] - A multi-faceted protection network was established, involving regulatory oversight, industry collaboration, and community participation [9]

Core Viewpoint - Guosen Securities Co., Ltd. is set to issue perpetual subordinated bonds with a total face value of up to 20 billion yuan, having received approval from the China Securities Regulatory Commission [1] Group 1: Bond Issuance Details - The company plans to issue the first phase of perpetual subordinated bonds aimed at professional investors, with a maximum issuance scale of 3 billion yuan [1] - The interest rate for the bonds has been set at 2.20% after consultations with professional institutional investors, within an inquiry range of 1.60% to 2.60% [1] - The bonds will have a repricing cycle of 5 years, with the issuer having the option to extend the term or redeem the bonds at the end of each cycle [1] Group 2: Issuance Schedule - The bonds are scheduled for offline issuance to professional institutional investors on May 16 and May 19, 2025 [2] - Detailed subscription methods will be published on the Shenzhen Stock Exchange and the Giant Tide Information Network on May 14, 2025 [2]

Core Viewpoint - The launch of the "Leading 30" brand by Guosen Securities represents a significant upgrade in wealth management services, focusing on comprehensive and professional buyer services to meet evolving client needs in the context of industry transformation and regulatory changes [2][4]. Group 1: Brand Launch and Industry Context - The "Leading 30" brand was unveiled during a press conference in Shenzhen, marking a shift towards more integrated and professional buyer services in wealth management [2]. - The initiative responds to the historical transformation of China's capital markets and the evolving demand for wealth management, moving from single product purchases to comprehensive lifecycle planning [4][8]. Group 2: Competitive Advantages - The brand is built on three leading advantages: - **Conceptual Leadership**: Wealth management is categorized into product research, strategy production, and client service, emphasizing a client-first approach [6]. - **Professional Leadership**: A systematic research framework is established, focusing on macro fixed income, subjective equity, quantitative strategies, and alternative investments, ensuring high-quality strategy solutions [6]. - **Service Leadership**: A "1+N" service model is implemented, combining investment advisors with asset allocation and product experts to provide tailored wealth solutions [6]. Group 3: Strategic Implications - The launch signifies a milestone in Guosen Securities' wealth management transformation, reflecting a broader industry shift from product sales to client-centric services [8]. - By integrating research, strategy, and service, Guosen Securities aims to support investors in their wealth progression journey, fostering a sustainable future in wealth management [8].

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。 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"）每 5 个计息年度为 1 个重定价周期，在每个重定 价周期末，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。本期债券发行规模不超过 30 亿元（含 30 亿元）。 2025 年 5 月 15 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，本期债券利率询价区间为 1.60%-2.60%。根据网下向专业机构投资者 询价结果，经发行人和主承销商按照有关规定协商一致，最终确定本期债券票面 利率为 2.20%。 发行人将按上述票面利率于 2025 年 5 月 16 日及 2025 年 5 月 19 日面向专业 机构投资者网下发行。具体认购方法请参考 2025 年 5 月 14 日刊登在深圳证券交 易所网站（http://www.szse.cn）及巨潮资讯网（http:/ ...

关于延长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）簿记建档时间的公告 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》，发行人及簿记管理人原定于 2025 年 5 月 15 日（T-1 日）15:00 到 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记 建档结果确定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经全体簿记参与人协商一致，现将本期 债券簿记建档结束时间由 2025 年 5 月 15 日 18:00 延长至 2025 年 5 月 15 日 19:00。 特此公告。 （以下无正文） 1 （本页无正文，为《关于延长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）簿记建档时间的公告》之盖章页） ril 日 0> 在 2 （本页无正文，为《关于延长国信证券股份有限公司 202 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The financial sector, including banks, insurance, and securities firms, has shown remarkable performance, contributing significantly to the rise of the Shanghai Composite Index above 3400 points [1] - Recent policies such as interest rate cuts, new public fund regulations, and encouragement for insurance companies to increase equity investments have boosted market confidence and created opportunities for financial stocks, which are characterized by high dividends and low valuations [1] - The performance of financial stocks is expected to enhance overall market liquidity and promote valuation recovery in the sector [1] Group 2 - The China Securities Association released the first quarter bond underwriting rankings, highlighting the continued dominance of leading securities firms while smaller firms seek differentiated strategies [2] - Notable performers include CITIC Securities leading in green corporate bond underwriting, and Cinda Securities excelling in low-carbon transition and "Belt and Road" bonds [2] - The concentration of bond underwriting business is increasing, indicating a potential reshaping of the industry landscape [2] Group 3 - Fund managers are actively purchasing their own funds, with a total self-purchase amount reaching 54.4 million yuan since April 8, reflecting growing confidence in the market [3] - The self-purchase actions by fund managers are expected to support related fund companies and securities firms, contributing to a stabilization of market expectations [3] Group 4 - The enthusiasm for investing in the Beijing Stock Exchange has increased among public funds, with several thematic funds showing over 50% growth this year [4] - The strong performance of these funds indicates a rising interest in high-growth small and micro enterprises, which are becoming a key focus for thematic investment [4] - The improved financing environment for small and micro enterprises is likely to enhance their long-term development and positively impact the small and medium-sized board market [4]

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）信用评级报告 | | | www.lhratings.com 1 联合资信评估股份有限公司 评级总监： 二〇二五年五月九日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受国信证券股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公 正的关联关系。 联合〔2025〕2722 号 联合资信评估股份有限公司通过对国信证券股份有限公司及其 拟面向专业投资者公开发行的 2025 年永续次级债券（第一期）的信 用状况进行综合分析 ...