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）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。 证券代码:524240 证券简称:25 国证 06 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 亿元公司债券已获得中国证券监督管理委员会证监许 可[2024]1722 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公司债券(第 四期）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公 司债券（第四期）（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 06,债券代码为 524240,期限为 10 年。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 4 月 18 日至 2025 年 4 月 21 日 品 最终发行规模 13 亿元，票面利率 2.25，全场认购 1.58 倍。 经核查,发 ...

Group 1 - Guosen Securities (002736.SZ) released its 2024 annual report on April 19, 2025, with a total of 317 institutional investors disclosing their holdings, amounting to 8.388 billion shares, which represents 87.26% of the total share capital [1] - The top ten institutional investors hold a combined 84.33% of the shares, with notable investors including Shenzhen Investment Holdings Co., Ltd. and China Construction Bank Co., Ltd. - Huatai-PB CSI 300 ETF [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutional investors decreased by 0.12 percentage points [1] Group 2 - In the public fund sector, seven funds reported a decrease in holdings compared to the previous quarter, with a reduction rate of 0.17% [2] - A total of 300 new public funds were disclosed this period, including major funds like Huabao CSI All-Share Securities Company ETF and E Fund CSI 300 ETF [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.12% compared to the previous period [2]

Group 1 - The resignation of Cheng Fei, Vice President of Guosen Securities, has been announced alongside the company's 2024 annual report, with Fang Qiang appointed as the director of the asset management subsidiary [1] - Guosen Securities' asset management business revenue saw a significant year-on-year increase of 60.55%, making it one of the fastest-growing segments alongside investment and trading [1] - Cheng Fei is set to join Dongfang Hong Asset Management, a leading institution in the brokerage asset management industry, following the departure of its former general manager [1] Group 2 - The ETF market has surpassed 4 trillion yuan in size, with net inflows exceeding 300 billion yuan within the month, indicating strong investor interest in index-based investments [2][3] - Major broad-based ETFs such as the CSI 300 ETF and the CSI 500 ETF have attracted significant capital, reflecting increased confidence in large-cap blue-chip and growth stocks [2][3] - Commodity ETFs and industry-themed ETFs have also shown strong inflows, highlighting market focus on specific assets and sectors [2][3] Group 3 - Public fund issuance has accelerated, surpassing 30 billion yuan in April, with over 70% being equity products, indicating a growing preference for equity assets [4] - Newly issued index funds dominate the market, accounting for nearly 90% of the number and scale of new equity products, suggesting a shift towards passive investment strategies [4] - The increase in equity fund issuance reflects a recovery in market risk appetite, which may positively impact overall market sentiment [4] Group 4 - Over 70 billion yuan in net inflows were recorded for broad-based ETFs, with the total market size exceeding 4 trillion yuan, indicating strong demand for large-cap stocks [5] - The CSI 300 ETF's total size has returned to over 1 trillion yuan, showcasing investor preference for core assets [5] - The market is expected to focus more on company performance and growth potential as fundamental factors become the primary pricing determinants [5]

Group 1: Economic Trends - The nominal GDP growth rate in 2023 is expected to be 4.6%, while the actual GDP growth rate is projected at 5.2%[147] - The gap between nominal and actual GDP growth is rare, indicating potential economic distortions[16] - External demand continues to be a major driver of growth, with trade dynamics resembling those of 2022[31] Group 2: Trade and Tariff Implications - The U.S. tariff levels are projected to rise above 25% post-2025, exceeding the 1930 Smoot-Hawley Tariff Act[103] - The trade war may lead to a bifurcation of global trade, with significant implications for domestic employment and production capacity[102] - The U.S. trade stance is closely linked to gold prices, reflecting shifts in monetary policy and trade dynamics[107] Group 3: AI and Economic Transformation - AI is seen as a potential new "Ford Model," enhancing productivity but also reducing demand for low-skill jobs[96] - The rapid increase in private sector AI investment indicates a shift towards automation and efficiency[91] - However, AI's impact on job creation is limited compared to historical industrial revolutions, leading to concerns about employment[96]

风险提示：经济下行压力增大；市场股基成交活跃度大幅下降；居民资金入市进程放缓。 互联网平台获客优势助推经纪业务市占率提升，两融市占率提升。经纪业务看，公司互联网获客渠道布 局完善（与支付宝、腾讯自选股等合作），24 年9 月市场交投升温助推公司客户体量增长,24 年末公司 经纪业务客户托管资产超2.4 万亿/较年初+11%，股基市占率2.75%/较年初+15%；24 年公司代买业务净 收入49.3 亿/yoy+33.1%，全年代销业务收入3.6 亿/yoy-9.5%。信用业务方面，24 年公司两融业务收入 34.0 亿/yoy-5.2%，期末融出资金余额702 亿/yoy+25.7%，市占率为3.77%/yoy+0.38pct；此外公司为超过 2 万名客户提供行权融资服务、保持行业领先。 收购万和证券稳步推进，关注后续整合进展。24 年9 月公司公告发行股份购买万和证券相关议案，24 年12 月公司收到深圳市国资委相关批复，25年4 月本次交易获深交所受理；目前本次交易尚需深交所审 核通过、证监会核准后方可实施，关注后续整合进展。我们认为，收购万和证券一方面有助于公司补充 净资产，另一方面助力公司跨境业务及创 ...

Group 1 - The core viewpoint of the article highlights that Guosen Securities has achieved continuous positive growth in its financial performance for the second consecutive year, with significant increases in both revenue and net profit in 2024 [1][3] - In 2024, Guosen Securities reported operating revenue of 20.167 billion yuan, a year-on-year increase of 16.46%, and a net profit attributable to shareholders of 8.217 billion yuan, up 27.84% from the previous year [1] - The company’s basic earnings per share reached 0.72 yuan, reflecting a growth of 33.33% compared to the previous year [1] Group 2 - The securities industry, comprising 150 firms, achieved total operating revenue of 451.169 billion yuan and net profit of 167.257 billion yuan in 2024, representing increases of 11.15% and 21.35% respectively [2] - Guosen Securities' investment and trading business was the standout performer, generating operating revenue of 9.002 billion yuan, a substantial increase of 68.86% from the previous year, and accounting for 44.64% of total revenue [2][3] - Wealth management and institutional business also showed growth, with revenue of 8.810 billion yuan, up 17.97%, while asset management revenue surged by 60.55% to 0.852 billion yuan [3] Group 3 - The investment banking segment, however, faced challenges, with revenue declining by 25.92% to 1.051 billion yuan, making it the only business unit to report negative growth [3] - Guosen Securities plans to acquire 96.08% of Wanhua Securities through a share issuance, which is seen as a significant case of consolidation in the brokerage industry, although regulatory approval is still pending [4]

Market Performance - The Hang Seng Index increased by 2.3% while the Hang Seng Tech Index decreased by 0.3% [1][2] - The large-cap stocks outperformed mid-cap and small-cap stocks, with large-cap stocks rising by 2.5%, mid-cap by 0.7%, and small-cap by 0.6% [2] Sector Performance - The financial sector led the market with a 4.6% increase in the Hang Seng Financial Index [2] - Among the 30 sectors in the Hong Kong Stock Connect, 18 sectors saw gains while 12 experienced declines [2] - Notable gainers included retail (+5.2%), non-bank financials (+4.7%), and banks (+3.8%), while electronics (-4.8%) and consumer services (-4.1%) were among the biggest losers [2] Capital Flow - There was a slight inflow of capital, with an average daily net inflow of HKD 330 million, compared to a net outflow of HKD 4.23 billion the previous week [3] - In terms of sector capital flow, 20 sectors experienced inflows while 9 saw outflows [3] - Major inflows were observed in retail (+HKD 170 million/day) and media (+HKD 130 million/day), while electronics saw the largest outflow (-HKD 170 million/day) [3] Earnings Forecast - The overall EPS forecast for the Hong Kong Stock Connect was revised upward by 0.2%, following a downward revision of 0.4% the previous week [4] - A total of 24 sectors had their EPS forecasts increased, with steel (+2.4%) and electric equipment & new energy (+1.2%) being the most notable [4] - Conversely, the oil & petrochemical sector saw a downward revision of -0.5% [4]

Group 1 - The core point of the article is the resignation of Cheng Fei from Guosen Securities after four years, and his subsequent move to a leading asset management firm, Shanghai Dongfang Securities Asset Management Co., Ltd [1] - Cheng Fei held the position of Vice President at Guosen Securities before his departure [1] - The article also mentions the recent resignation of Zhang Feng, the former General Manager of Dongfang Hong Asset Management, who left for personal reasons, with Yang Bin, the company's Party Secretary and Chairman, taking over the role temporarily [1]

Core Viewpoint - The departure of Cheng Fei from Guosen Securities to join Dongfang Hong Asset Management marks a significant shift in the asset management landscape, highlighting the ongoing changes and challenges within the industry [2][10]. Group 1: Cheng Fei's Departure and Background - Cheng Fei resigned from his position as Vice President of Guosen Securities after nearly four years, with plans to join Dongfang Hong Asset Management [2][3]. - He has nearly 20 years of experience in the asset management industry, particularly in fixed income investment research, having previously worked at Guotai Junan [3][4]. - During his tenure at Guosen Securities, Cheng aimed to enhance the performance of the asset management business and establish a subsidiary, which he successfully accomplished [6][8]. Group 2: Performance and Achievements at Guosen Securities - Under Cheng's leadership, the asset management revenue at Guosen Securities increased from 2.27% of total revenue in 2021 to 4.23% in 2024, with a revenue of 850 million yuan in the last year, reflecting a year-on-year growth of 60.55% [6][7]. - The ranking of Guosen Securities' asset management business improved from 22nd in 2021 to 13th in the first half of 2024 in terms of net income from fees among 43 listed brokerages [7]. - Cheng emphasized a focus on high-net-worth clients and the development of distinctive products during his time at Guosen [8]. Group 3: Challenges Facing Dongfang Hong Asset Management - Dongfang Hong Asset Management, which has faced a decline in its asset management scale and brand reputation, reported a revenue of 1.435 billion yuan and a net profit of 333 million yuan for 2024 [11]. - The company's assets under management (AUM) have decreased from a peak of 269.72 billion yuan in 2021 to 166.17 billion yuan by the end of 2024, dropping its ranking from 24th to 41st among public fund institutions [11][12]. - The firm has experienced significant turnover in its investment research team, with 13 fund managers leaving since 2020, which poses a challenge for maintaining investment performance and client trust [12][13].

Core Insights - Guosen Securities reported a strong financial performance for 2024, achieving operating revenue of 20.167 billion yuan, a year-on-year increase of 16.46%, and a net profit of 8.217 billion yuan, up 27.84%, outperforming the industry and large brokerages [2][3][4] Business Performance - The investment and trading segment saw remarkable growth, with revenue increasing by 68.86%, contributing 44.64% to total revenue [5][6] - Wealth management and institutional business generated 8.810 billion yuan in revenue, a 17.97% increase, supported by a digital transformation strategy [4][6] - Asset management revenue rose to 0.852 billion yuan, reflecting a 60.55% increase, with total net asset management scale reaching 144.764 billion yuan [6] Market Position - Guosen Securities maintained a strong market position, with brokerage client assets exceeding 2.4 trillion yuan, an 11% increase year-on-year, and a market share in the stock and fund market of 2.75%, up approximately 15% [4][6] - The company completed 11.17 underwriting projects, ranking ninth in the industry, and raised 12.605 billion yuan, ranking sixth [4] Regional Focus - As a major player in the Guangdong-Hong Kong-Macao Greater Bay Area, Guosen Securities has supported 92 IPOs and 64 refinancing projects, with a total financing scale of approximately 125.6 billion yuan [7] - The company is actively involved in cross-border financial services, participating in the "Cross-Border Wealth Management Connect" pilot program [7][8]