| 本次债券注册规模 200 亿元 | | | --- | --- | | 本期债券发行规模 | 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、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 | 本次债券无增信 | | 信用评级结果 | 发行人主体长期信用等 言用等级 AAA | | 信用评级机构 | 联合资信评估股份有限 | 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）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 ...

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 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 号安信金融大厦 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 1．国信证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 3 月 26 日获 得中国证券监督管理委员会证监许可[2025]628 号文，可向专业投资者公开发行面值总 额不超过 200 亿元的永续次级债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，"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"）为本次债券项下首期， 发行规模为不超过人民币 30 亿元（含 30 亿元），债券简称"25 国证 Y1"。 2．本期债券每张面值为 100 元，发行数量不超过 3,000 万张，发行价格为人民币 100 元/张。 3．根据《证券法》等相关规定，本期债券仅面向专业机构投资者 ...

国信证券股份有限公司2025年面向专业投资者公开发行 永续次级债券更名公告 2025 年 3 月 26 日，中国证券监督管理委员会以证监许可[2025]628 号文同 意国信证券股份有限公司面向专业投资者公开发行永续次级债券的注册。 由于债券分期发行，按照公司债券命名惯例，征得主管部门同意，本期债券 名称由"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" 变更为"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"25 国证 Y1"。 本期债券名称更变不改变原签订的与本期公司债券发行相关的法律文件效 力，原签署的法律文件对更名后的公司债券继续具有法律效力。前述法律文件包 括但不限于：《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 债券之受托管理协议》《国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券债券持有人会议规则》。 特此说明。 （以下无正文） 1 (此页无正文,为《国信证券股份有限公司 2025 年面向专业投资者公开发行永 续次级债券更名公告》之盖章页 ) 日 2 (此页无正文,为《国信证券股份有 ...

Core Viewpoint - The media sector is showing signs of recovery in Q1 2025, driven by strong performance in film content and the gaming market, alongside accelerated AI applications, highlighting the investment value of the sector [1] Group 1: Media Sector Performance - In Q1 2025, the A-share media industry achieved revenue of 1258.53 billion yuan, a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 110.77 billion yuan, up 28.63% year-on-year, marking a significant improvement after four consecutive quarters of decline [1] - The revenue and net profit growth is attributed to the film industry, particularly boosted by the box office success of "Nezha 2," as well as improvements from tax policy adjustments and base effect [1] Group 2: Gaming Market Insights - In the first quarter of 2025, the gaming market's actual sales revenue reached 857.04 billion yuan, reflecting a year-on-year growth of 17.99%, with mobile gaming revenue at 636.26 billion yuan, up 20.29% [2] - A total of 118 domestic games and 9 imported games were approved in April, with a cumulative issuance of 510 game licenses from January to April, representing a year-on-year increase of 7.6% [2] Group 3: Box Office and Variety Show Performance - The total box office in April 2025 was 11.97 billion yuan, down 46.5% year-on-year, indicating a lack of new film releases and necessitating attention to the recovery of domestic film content supply [3] - Mango TV continues to lead in the variety show market, with a market share of 16.09% for "Riding the Wind 2025" and 9.25% for "Detective," maintaining a strong position in the online variety show segment [3] Group 4: AI Applications and Investment Trends - Significant advancements in AI applications include the launch of various AI platforms and protocols by major companies such as Google and ByteDance, indicating rapid progress in the field [4] - In Q1, the global investment in AI and machine learning accounted for 57.87% of total venture capital, with OpenAI achieving a valuation of 300 billion USD following a new funding round [4]

Core Viewpoint - Guosen Securities is planning to acquire 96.08% of Wanhua Securities for a transaction price of 5.192 billion yuan, but the valuation raises concerns due to its high price-to-earnings ratio and questionable profit forecasts [1][11][12]. Valuation Analysis - The valuation of Wanhua Securities is approximately 5.4 billion yuan based on both income and asset-based methods, with minimal appreciation rates of 0.47% and 0.15% respectively [2][3]. - The projected price-to-earnings ratio for Wanhua Securities in 2024 is 84 times, significantly higher than the average of 51.39 times for 49 listed securities firms [11][12]. Profit Forecast Concerns - The profit forecast for Wanhua Securities from 2025 to 2029 shows a total net profit exceeding the total net profit of the past 20 years, raising questions about the accuracy of these projections [5][6]. - The projected net profits for 2025, 2026, and 2027 are 305.87 million yuan, 412.29 million yuan, and 538.66 million yuan respectively, which are all higher than historical performance [3][4]. Business Segment Analysis - The projected investment banking revenues for Wanhua Securities from 2025 to 2029 are expected to grow significantly, with annual increases predicted to exceed 20%, despite historical revenues not surpassing 80 million yuan [6][8]. - The current lack of equity investment banking projects at Wanhua Securities raises doubts about the feasibility of achieving the projected income levels [10]. Financial Health of Guosen Securities - Guosen Securities reported a decrease in net capital from 821.40 billion yuan in 2023 to 742.78 billion yuan in 2024, indicating potential liquidity issues [18]. - The company achieved a revenue of 20.167 billion yuan in 2024, a year-on-year increase of 16.46%, with net profit rising by 27.84% [18].

国信证券发布研报称，关注人形机器人进展带来的投资机遇。看好在技术升级迭代下人形机器人发展， 看好机器人量产后带来的潜在供应链零部件的需求和投资机会，推荐在六维力传感器等领域有持续布局 的公司凌云股份（600480）、中鼎股份（000887）等。 国信证券主要观点如下： 六维力传感器系人形机器人感知核心部件，重要性高、价值量大 传感器是人形机器人与外界交互的重要桥梁，人形机器人需搭载多种传感器(视觉、力觉、惯性、温度 等)，其中力传感器重要性高(感知并度量力)、价值量大(头豹研究院测算其在机器人中价值量占比16%); 力传感器按测量维度可分为一至六维，其中六维力可给出最全面力觉信息，在人形机器人上主要安装于 手腕、脚踝等部位，助力机器人实现精准感知和柔顺控制。 六维力传感器在结构设计、解耦能力、标定检测、工艺等方面具较高Know how，本质上是一项"系统工 程"：1)设计：涉及多个关键点，如弹性体选择与优化、应变片设计与选择等，弹性体需平衡刚度与灵 敏度，应变片种类较多且影响工艺路线选择;2)解耦：六维力需解决的核心问题，①结构解耦加工难度 高、成本较高;②算法解耦需对解耦模型改进，Know how较深;3) ...

Core Viewpoint - The company has undergone a significant asset restructuring in 2023, enhancing its operational capacity and financial stability through the integration of waste-to-energy assets and the introduction of new shareholders [1][2]. Group 1: Asset Restructuring and Financial Performance - In 2023, the company completed a major asset restructuring with China Environmental Protection, injecting waste-to-energy assets into the listed company and raising 3 billion yuan through a private placement [1]. - The company reported a Q1 2025 revenue of 1.422 billion yuan, a slight decrease of 0.16% year-on-year, while net profit attributable to shareholders increased by 42.72% to 282 million yuan [9]. Group 2: Project Expansion and Operational Strategy - The current operational scale of the company's waste incineration projects exceeds 50,000 tons per day, with plans for further expansion through mergers, overseas market development, and small-scale project development [2]. - The company is actively pursuing the integration of its waste management projects and is preparing for the injection of projects currently operated by its controlling shareholder [2]. Group 3: Revenue and Cost Management - The company has seen a steady increase in revenue from collaborative waste treatment services, with a focus on cost management leading to a reduction in operating costs [7]. - The company has a significant portion of its accounts receivable tied to government subsidies, accounting for approximately 28% of total receivables [5]. Group 4: Strategic Positioning and Future Outlook - The company is positioned as a key platform for solid waste management and resource recycling within the controlling shareholder's ecosystem, receiving strong support from China Energy Conservation [7]. - The company plans to maintain a dividend payout ratio exceeding 60% in 2024, with future shareholder return strategies to be aligned with operational performance [8].

Core Viewpoint - Shenzhen Haobo Window Control Technology Co., Ltd. has withdrawn its IPO application from the Shenzhen Stock Exchange, which was initially aimed at raising 570 million yuan [1]. Company Overview - Haobo Window Control was established in January 2013, with Li Zengbang serving as both the legal representative and chairman [1]. - The company primarily engages in the development and service of fingerprint door locks, control systems, access control systems, window control systems, hardware products, and software [1]. IPO Process - The IPO application was accepted on June 27, 2023, underwent inquiries on July 25, 2023, and was officially terminated on May 10, 2025 [1]. Shareholding Structure - As of December 20, 2023, the major shareholders of Haobo Window Control include: - Sun Zhaoxia: 49.06% - Bojia Investment (Shenzhen) Partnership: 23.65% - Haobo Investment (Shenzhen) Partnership: 17.02% - Shenzhen Fuhai Zhongrui No.1 Venture Capital Partnership: 5.01% - Li Zengbang: 4.85% [2].

Core Viewpoint - The company is experiencing a slight decline in gross margin due to increased competition in the incremental business segment, which is closely tied to the overall economic environment [2][4]. Group 1: Financial Performance - In Q1 2025, the company's main revenue reached 410 million yuan, a year-on-year increase of 21.99% [6]. - The net profit attributable to the parent company was 94.35 million yuan, up 13.84% year-on-year [6]. - The gross margin stood at 44.43% [6]. Group 2: Business Strategy and Market Position - The company is focusing on market expansion, particularly in the oil and chemical sectors, while adapting strategies based on macroeconomic conditions [4]. - The company is optimistic about international market growth, although growth rates may slow due to geopolitical factors [3]. - The company is enhancing its competitive edge by improving product quality and cost control, making its offerings more attractive compared to international brands [3]. Group 3: Industry Trends and Challenges - The mechanical seal market has high customer retention, making it difficult for competitors to replace existing suppliers [6]. - The company is exploring new application areas such as pharmaceuticals, paper-making, and industrial wastewater treatment to increase market penetration [5]. - The overall economic downturn is expected to lead to increased industry concentration, benefiting the company as it gains market share in the incremental market [2].

Group 1 - The core viewpoint of the report is that domestic companies are increasingly focused on the localization of analog and automotive chips, driven by the current upward cycle in the semiconductor industry and international uncertainties [1] - The SW semiconductor index rose by 0.62% in April 2025, outperforming the electronic industry by 5.41 percentage points and the CSI 300 index by 3.62 percentage points, indicating strong performance in the semiconductor sector [1] - The valuation of the SW semiconductor index is at a TTM PE of 89.19x, which is at the 68.95 percentile since 2019, suggesting a relatively high valuation environment for the sector [1] Group 2 - In Q1 2025, the proportion of semiconductor heavy holdings in funds increased to 12.0%, which is 7.3 percentage points above the semiconductor market capitalization share, indicating a strong preference for semiconductor investments [2] - The global semiconductor sales in March 2025 reached $55.9 billion, showing a year-on-year growth of 18.8%, with China's semiconductor sales at $15.41 billion, reflecting a 7.6% year-on-year increase [3] - The contract prices for DRAM and NAND Flash are expected to rise by 3-8% in Q2 2025, driven by international market dynamics, indicating a positive outlook for memory chip pricing [3]