Financial Performance - Total operating revenue for Q1 2025 reached ¥528,224.06 million, a 57.10% increase compared to ¥336,236.55 million in Q1 2024[5] - Net profit attributable to shareholders was ¥232,893.62 million, representing an 89.52% increase from ¥122,885.00 million in the same period last year[5] - Basic earnings per share increased by 133.33% to ¥0.21 from ¥0.09 in Q1 2024[5] - Net profit for Q1 2025 was ¥2,328,936,185.84, compared to ¥1,228,850,032.08 in Q1 2024, reflecting an increase of 90%[39] - Basic and diluted earnings per share for Q1 2025 were both ¥0.21, up from ¥0.09 in Q1 2024[41] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 41.22% to ¥536,850.34 million, down from ¥913,388.05 million in the previous year[5] - Cash inflow from operating activities totaled ¥33,406,100,941.31, compared to ¥17,285,866,534.13 in the previous year, indicating a growth of 93%[42] - Cash flow from financing activities showed a net outflow of ¥6,703,905,258.72, contrasting with a net inflow of ¥1,265,921,317.71 in Q1 2024[44] - The company reported a significant increase in cash and cash equivalents, ending Q1 2025 with ¥113,316,789,552.16 compared to ¥86,754,215,157.55 at the end of Q1 2024[44] Assets and Liabilities - Total assets as of March 31, 2025, were ¥50,621,051.61 million, a 0.94% increase from ¥50,150,604.36 million at the end of 2024[5] - The company's total assets as of March 31, 2025, amounted to CNY 506,210,516,100.22, compared to CNY 501,506,043,611.99 at the end of 2024[35] - The company’s liabilities totaled CNY 385,980,038,648.77 as of March 31, 2025, compared to CNY 382,813,999,103.29 at the end of 2024[38] Investment and Income - Investment income surged by 212.21% to ¥230,806.91 million, compared to ¥73,927.04 million in Q1 2024[14] - The net income from fees and commissions increased by 46.98% to ¥221,274.08 million, up from ¥150,550.37 million in the same period last year[14] - Net commission income for Q1 2025 reached ¥2,212,740,801.95, up from ¥1,505,503,653.50 in Q1 2024, representing a growth of 47%[39] - Investment income increased significantly to ¥2,308,069,121.69 from ¥739,270,361.11, marking a rise of 212%[39] Shareholder Information - The total number of common shareholders at the end of the reporting period is 106,572[18] - The top 10 shareholders hold a combined 81.15% of the shares, with Shenzhen Investment Holding Co., Ltd. holding the largest share at 33.53%[18] Capital and Equity - The company's core net capital decreased by 2.18% to ¥6,092,232.85 million from ¥6,227,755.25 million at the end of 2024[16] - The total net capital as of March 31, 2025, was ¥7,292,232.85 million, a decrease of 1.82% from ¥7,427,755.25 million at the end of 2024[16] - The company’s total equity as of March 31, 2025, was CNY 120,230,477,451.45, compared to CNY 118,692,044,508.70 at the end of 2024[38] Operational Developments - Guosen Securities Asset Management Co., Ltd. was established and commenced operations on March 21, 2025[28] - The company has a total of 223 securities business outlets across 115 cities as of the end of the reporting period[29] - The company has completed the closure of 7 securities business outlets during the reporting period[29] Risk and Coverage Ratios - The risk coverage ratio increased to 344.43%, up by 66.79 percentage points from the previous period[19] - The liquidity coverage ratio decreased to 314.03%, down by 37.66 percentage points[19] - The net capital to net assets ratio is reported at 62.27%, a decrease of 1.94 percentage points[19] Bond Issuance - The company issued bonds totaling CNY 50 billion during the reporting period, with interest rates ranging from 1.87% to 2.17%[31] - The company successfully paid interest on multiple bond issuances on time during the reporting period[32]

Core Insights - The main contract of the CSI 1000 Index futures closed at 2506, with a change of +0.70% and a trading volume of 116,200 contracts as of April 29 [1][2] - Total trading volume for all contracts was 178,800 contracts, a decrease of 9,018 contracts from the previous day [1][4] - The top 20 positions showed a net short position with a difference of 17,010 contracts [1] Group 1: Trading Volume and Positions - The total long positions for the top 20 contracts were 219,500 contracts, down by 3,655 contracts from the previous day [1][4] - The total short positions for the top 20 contracts were 247,900 contracts, down by 2,709 contracts from the previous day [1][4] - The top three long positions were held by Guotai Junan (45,437 contracts), CITIC Futures (41,114 contracts), and Guotou Futures (13,619 contracts) [1][4] Group 2: Changes in Long and Short Positions - The top three increases in long positions were from Guotai Junan (22,105 contracts, +1,074), CITIC Futures (21,092 contracts, +552), and Donghai Futures (2,214 contracts, +284) [1][3] - The top three decreases in long positions were from Zhongtai Futures (4,891 contracts, -466), Guoxin Futures (2,611 contracts, -376), and Huatai Futures (4,035 contracts, -279) [1][3] - The top three increases in short positions were from Guotai Junan (17,974 contracts, +657), Huawen Futures (2,969 contracts, +617), and Guoxin Futures (4,713 contracts, +371) [1][3] - The top three decreases in short positions were from Zhongtai Futures (2,971 contracts, -297), Galaxy Futures (4,399 contracts, -155), and Yong'an Futures (2,080 contracts, -150) [1][3]

Core Insights - Guosen Securities announced its 2024 annual performance meeting to be held on April 30, 2024 [2] - The company reported a revenue of 20.167 billion yuan for 2024, representing a year-on-year growth of 16.46%, and a net profit attributable to shareholders of 8.217 billion yuan, up 27.84%, outperforming the industry and large brokerages [2] - Investment and trading, along with asset management, emerged as new highlights for Guosen Securities, with both business segments seeing revenue growth exceeding 60% [2] Financial Performance - Guosen Securities achieved a revenue of 20.167 billion yuan and a net profit of 8.217 billion yuan in 2024, both figures surpassing the industry growth rates [2] - The overall securities industry, comprising 150 firms, reported a revenue of 451.169 billion yuan and a net profit of 167.257 billion yuan, reflecting growth rates of 11.15% and 21.35% respectively [2] Business Segments - Wealth management and institutional business generated 8.810 billion yuan in revenue, marking a 17.97% increase [3] - The brokerage business managed client assets exceeding 2.4 trillion yuan, an 11% increase year-on-year, with a market share in the stock and fund market of 2.75%, up approximately 15% [3] - In investment banking, Guosen Securities completed 11.17 main underwriting projects, ranking ninth in the industry, with a total fundraising of 12.605 billion yuan, ranking sixth [3] Strategic Initiatives - The company actively engaged in business innovation, participating in the pilot program for the "Cross-border Wealth Management Connect" in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Guosen Securities has served 92 IPO companies and 64 refinancing and supporting fundraising companies in the Greater Bay Area, with a total financing scale of approximately 125.6 billion yuan [3]

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（第四期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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（第四期）符合深圳证券交易所债券上市条件， 将于 2025 年 4 月 29 日起在深圳证券交易所上市，并面向专业投资者中的机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 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公司债券 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （第四期） | | | | | | | | | 债券简称 | 国证 25 | 06 | | | | | | | | 债券代码 | 524240 | | | | | | | | | 信用评级 | AAA/AAA | | | | | | | | | 评级机构 | | | | 中诚信国际信用评级有限责任公司 | | | | | | 发行总额（亿元） | 13 ...

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2.71%，相对偏股混合型基金指数超额收 益0.81%。本年，优秀基金业绩增强组合绝对收益-1.09%，相对偏股混合型基金指 数超额收益-2.75%。 今年以来，优秀基金业绩增强组合在主动股基中排名59.79% 分位点（2074/3469）。 本周， 超预期精选组合 绝对收益3.55%，相对偏股混合型基金指数超额收益 1.65%。本年，超预期精选组合绝对收益5.45%，相对偏股混合型基金指数超额收 益 3.79% 。 今 年 以 来 ， 超 预 期 精 选 组 合 在 主 动 股 基 中 排 名 20.09% 分 位 点 （697/3469）。 本周， 券商金股业绩增强组合 绝对收益3.79%，相对偏股混合型基金指数超额收 益1.89%。本年，券商金股业绩增强组合绝对收益4.65%，相对偏股混合型基金指 数超额收益2.99%。 今年以来，券商金股业绩增强组合在主动股基中排名23.21% 分位点（805/3469）。 本周， 成长稳健组合 绝对收益3.90%，相对偏股混合型基金指数超额收益 2.00%。本年，成长稳健组合绝对收益10.73% ...

中央分析研究当前经济形势和经济工作 4月 25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理 念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、 稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息，保持流动性充裕，加力 支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸。会议指出，要不断完善稳就业 稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的 基本面。（财联社） 点击上图 ▲立即报名 ｜点评｜ 中国一季度经济延续复苏态势，国际贸易环境却再生变化。本次中央政治局会议对中国经济发展状况做出了全面的分析，并及时为下 一步经济发展路径指明了方向。会议为中美贸易摩擦定调，以稳字当头来应对美国关税政策的不确定性，给国内外企业 ...

证券代码：002736 证券简称：国信证券 编号：2025-030 出席本次说明会的人员有：董事长张纳沙女士，董事、总裁邓舸先生，独立 董事张蕊女士，财务负责人周中国先生，董事会秘书廖锐锋先生。 国信证券股份有限公司 关于举行 2024 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 国信证券股份有限公司（以下简称"公司"）2024 年年度报告已于 2025 年 4 月 19 日披露。为便于广大投资者进一步了解公司 2024 年年度业绩和经营情 况，公司将于 2025 年 4 月 30 日（星期三）下午 15：00-17：00 在全景网举行 2024 年度业绩说明会。本次说明会将采用视频录播和网络文字互动方式召开， 投资者可以登录"全景路演"网络平台（http://rs.p5w.net）参与本次说明会。 投资者可于 2025 年 4 月 29 日（星期二）下午 17：00 前将相关问题通过 电子邮件的形式发送至公司投资者关系邮箱：ir@guosen.com.cn，公司将在本 次说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参 ...

| 证券代码：002736 | 证券简称：国信证券 | | 编号：2025-029 | | --- | --- | --- | --- | | 债券代码：148282 | 债券简称：23 国证 | 04 | 编号： -【】 | 国信证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第三期） 2025 年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2025 年 4 月 25 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 4 月 25 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第三期）（以 下简称"本期债券"）将于 2025 年 4 月 28 日支付利息，为保证本次付息工作 的顺利进行，方便投资者及时领取利息，现将有关事宜公告如下： 一、本期债券的基本情况 1、发行人：国信证券股份有限公司 2、债券名称：国信证券股份有限公司 2023 年面向专业投资者公开发行公 司债券 ...

Core Viewpoint - The resignation of Cheng Fei from the position of Vice President at Guosen Securities and his potential new role as General Manager at Dongfang Securities Asset Management highlights significant personnel changes within the asset management sector in China [2][3]. Group 1: Personnel Changes - Cheng Fei has resigned from his position as Vice President of Guosen Securities and will no longer serve as a director at Guosen Asset Management [2]. - Media reports suggest that Cheng Fei may join Dongfang Securities Asset Management as General Manager [2]. - Dongfang Securities confirmed that they are unaware of the specific situation regarding Cheng Fei's potential appointment [2]. Group 2: Cheng Fei's Background and Contributions - Cheng Fei, an experienced finance professional born in the 1980s, has held various significant positions in the financial sector, including roles at Guotai Junan Securities and Guosen Securities [2]. - He joined Guosen Securities in May 2021, where he was responsible for asset management and served as the chairman of Guosen Hongsheng Private Fund Management Co., Ltd. [2]. - During his tenure, Cheng emphasized the importance of focusing on client profitability and maintaining a strong performance in asset management products [3]. Group 3: Performance of Guosen Securities' Asset Management - Guosen Securities' asset management business reported impressive financial results, with revenues of 531 million yuan and 852 million yuan for 2023 and 2024, respectively, reflecting year-on-year growth of 45.23% and 60.55% [4]. - The contribution of the asset management business to Guosen Securities' overall revenue increased from 2.27% in 2022 to 4.23% in 2024 [4]. - As of 2024, the net asset value of Guosen Securities' various asset management products reached 144.764 billion yuan, with a notable increase in private equity fund sizes and investments [4].

Core Viewpoint - The article highlights the significant role of Guosen Securities in supporting technology innovation and the development of science and technology enterprises through comprehensive financial services, emphasizing its commitment to enhancing the financial ecosystem for innovation in Shenzhen [1][2][5]. Group 1: Financial Services and Achievements - Guosen Securities has completed a total of 670 equity projects, raising funds amounting to 603.71 billion yuan by the end of 2024, effectively utilizing the direct financing capabilities of the capital market [1]. - The company has provided comprehensive financial services throughout the lifecycle of technology enterprises, completing 319 IPO projects and raising 215.59 billion yuan, with notable contributions from the ChiNext and Sci-Tech Innovation Board [2]. - In the bond financing sector, Guosen Securities has completed 76 innovation and entrepreneurship bonds, with an actual underwriting scale of approximately 27.6 billion yuan [2]. Group 2: Investment Support and Fund Management - The private equity fund management subsidiary of Guosen Securities manages 25 funds with a total scale of about 15 billion yuan, having invested in 137 private equity projects with a cumulative investment of around 5 billion yuan [3]. - New funds focusing on sectors such as biomedicine and green energy have been established, with a total new fund scale of 3.825 billion yuan, reflecting year-on-year growth of 25% and 16% respectively [3]. Group 3: Alternative Investments - Guosen Securities has completed 106 alternative investment projects with an investment amount of 5.11 billion yuan, targeting sectors like new energy and high-end intelligent equipment [4]. - The company has invested over 1 billion yuan in more than 20 self-initiated projects in Shenzhen, focusing on industries such as network communication and biomedicine [4]. Group 4: Strategic Initiatives and Future Outlook - Guosen Securities aims to enhance its service efficiency for technology enterprises by leveraging its comprehensive service advantages, optimizing resource allocation, and promoting industry mergers and acquisitions [5][6]. - The company is actively collaborating with local governments in key economic regions to support the development of modern industrial systems and build a technology finance ecosystem [6]. - Looking ahead, Guosen Securities will continue to focus on high-tech industries and guide social resources to support critical areas, contributing to the high-quality development of the real economy [7].