证券代码：524240 证券简称：25 国证 06 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）票面利率公告 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。 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"）发行规模不超过 30 亿元（含 30 亿元）。本期债券期限 为 10 年。 2025 年 4 月 17 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 1.70%-2.70%。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 2.25%。 发行人将按上述票面利率于 2025 年 4 月 18 日及 2025 年 4 月 21 日面向专业 机构投资者网下发行。具体认购方法请 ...

关于延长国信证券股份有限公司 2025 年面向专业投资者 公开发行公司债券（第四期）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》，发行人及簿记管理人原定于 2025 年 4 月 17 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 4 月 17 日 18:00 延长至 2025 年 4 月 17 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 开发行公司债券（第四期）簿记建档时间的公告》之盖章页） (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 开发行公司债券( ...

国信证券股份有限公司 GUOSEN SECURITIES CO.,LTD. 住所:深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层 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)募集说明书 | 注册金额 | 200亿元 | | --- | --- | | 本期发行规模 | 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、长城证券 | | | 股份有限公司、平安证券股份有限公司、申万宏源证券有限公司 | | 受托管理人 | 中国银河证券股份有限公司 | | 增信措施情况 | 本期债券无增信 | | 信用评级结果 | 发行人主体长期信用等级 AAA,本期债券信用等级 AAA | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 牵头十度气值/僵记 住所:北京市丰台区市 联席书 声明 国投证券股份有限公司 SDIC SECURITIES CO 住所:深圳市福田区福田街道福华一路 119 号安信金融大厦 V 女儿子 REAT WALL SECURITIES CO., LTD ...

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）信用评级报告 编号：CCXI-20250962D-01 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） 信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 4 月 10 日 * [14] M. C. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议 ...

2024 年 11 月 29 日，中国证券监督管理委员会以证监许可[2024]1722 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公司债券的注册。 国信证券股份有限公司2024年面向专业投资者公开发行 公司债券更名公告 由于债券跨年及分期发行，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 2024 年面向专业投资者公开发行公司债 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公司债券 （第四期）"，债券简称"25 国证 06"。 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 2024 年面向专业投资者公开发行公司债券 之受托管理协议》《国信证券股份有限公司 2024 年面向专业投资者公开发行公司 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 2024 年面向专业投资者公开发行公 司债券更名公告》之盖章页 ) 薛限公司 (0 日 2 （此页无正文，为《国信证券股份有限 ...

国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第四期） 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 号安信金融大厦 2026 号能源大厦南塔楼 10-19 层 签署时间：二〇二五年四月 本公司及其董事、监事、高级管理人员保证公告内容真实、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。 住所：深圳市福田区福田街道益田路 5023 号 住所：上海市徐汇区长乐路 989 号 45 层 平安金融中心 B 座第 22-25 层 住所：深圳市福田区福田街道福华一路 119 住所：广东省深圳市福田区福田街道金田路 重要事项提示 1．国信证券股份有限公司（以下简称"发行人"或"公司"）已于 2024 年 11 月 29 日 获得中国证券监督管理委员会证监许可[2024]1722 号文，可向专业投资者公开发行面值 总额不超过 200 亿元的公司债券（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 资者公开发行公司债券（第四期）"（以下简 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][30]. Core Insights - The first quarter earnings of brokerage firms are expected to increase significantly, with a maximum year-on-year growth rate of 400% reported by some firms. Eight out of ten firms reported growth exceeding 50% [3][9]. - Several brokerage firms have announced share buybacks to stabilize stock prices and enhance shareholder value amid market volatility [4][9]. - The overall market is showing signs of recovery after significant adjustments, with expectations for further valuation recovery in the brokerage sector as long-term capital enters the market [4][9]. Summary by Sections Investment Recommendations - The report highlights that ten brokerage firms have disclosed their first-quarter earnings, with all showing growth. The low base from the previous year and active market conditions contributed to this performance [9]. - Share buybacks were announced by multiple firms, including Dongfang Securities and Guotai Junan, aimed at maintaining company value and reflecting management confidence in future growth [4][9]. Market Review - Major indices experienced declines, with the Shanghai Composite Index down 3.11% and the ChiNext Index down 6.73%. The non-bank financial index fell by 5.19%, ranking 18th among 31 sectors [10]. - The average daily trading volume in A-shares reached 1.61 trillion yuan, a 41.84% increase from the previous period [13][14]. Key Industry Data Tracking 1. Market Performance and Scale: Major indices saw declines, with the A-share trading volume at 8.06 trillion yuan for the week [13]. 2. Credit Business: As of April 11, the market had 3,173.67 million pledged shares, accounting for 3.92% of total equity [16]. 3. Fund Issuance: In March 2025, new fund issuance reached 1,009.26 million units, a 53.42% increase from the previous month [16]. 4. Investment Banking: In March 2025, the equity underwriting scale was 577.90 billion yuan, with IPOs amounting to 92.18 billion yuan [16]. 5. Bond Market: The total price index for bonds fell by 0.50% since the beginning of the year, with the 10-year government bond yield at 1.66%, up 4.91 basis points [16]. Regulatory Policies and Industry Dynamics - The report notes progress in the acquisition of Wanhe Securities by Guosen Securities, which has been accepted for review by the Shenzhen Stock Exchange [24]. - Recent credit and social financing data exceeded expectations, indicating a robust financial environment [24]. Key Announcements from Listed Companies - Dongfang Securities reported a revenue of 5.382 billion yuan and a net profit of 1.436 billion yuan, with year-on-year changes of 49.04% and 62.08%, respectively [25]. - Guotai Junan's net profit is projected to be between 11.201 billion yuan and 12.445 billion yuan, reflecting a year-on-year increase of 350% to 400% [25].

Core Viewpoint - The acceleration of consolidation in the securities industry is highlighted by Guosen Securities' acquisition of Wanhe Securities, marking a significant step in the ongoing trend of mergers and acquisitions among smaller brokerages [1][2][3] Group 1: Acquisition Details - Guosen Securities plans to acquire 96.08% of Wanhe Securities for approximately 51.92 billion yuan, with the transaction receiving acceptance from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2] - The acquisition is expected to enhance Guosen Securities' overall profitability by leveraging synergies and the advantages of Wanhe Securities' location in the Hainan Free Trade Port [1][3] - The deal is part of a broader trend of consolidation in the securities industry, with recent examples including the merger of Guotai Junan and Haitong Securities [3] Group 2: Financial Performance - Wanhe Securities reported revenues of 1.02 million yuan, 5.14 million yuan, and 4.21 million yuan from 2022 to November 2024, with net profits of -2.79 million yuan, 615,408 yuan, and 292,046 yuan during the same period [1][4] - Guosen Securities achieved revenues of 201.67 billion yuan in 2024, a year-on-year increase of 16.46%, and a net profit of 82.17 billion yuan, up 27.84% [1][5] - Following the acquisition, Guosen Securities anticipates a 2.35% increase in revenue and a 0.42% increase in net profit, along with a 2.28% rise in total assets and a 4.68% increase in equity [6] Group 3: Strategic Implications - The acquisition will allow Guosen Securities to enhance its service capabilities in key economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [3] - Wanhe Securities' investment income has been a significant contributor to its performance, with investment returns accounting for over 150% of its revenue in 2022 [4] - The merger is expected to improve Guosen Securities' competitive edge by integrating Wanhe Securities' resources and expertise in various financial services [5]

Core Insights - The overseas market indices showed mixed performance in the past week (April 7-11, 2025), with US stocks rebounding from oversold conditions while European and Asia-Pacific indices generally declined. The valuation of US stocks expanded slightly, while European and Asia-Pacific markets experienced minor contractions due to the rapid decline on "Black Monday" [2][9] - The Nasdaq index, Nasdaq 100, and Dow Jones Industrial Average saw significant valuation expansions, with PE ratios increasing by 2.57x, 2.28x, and 1.95x respectively compared to April 4, 2025 [2][9] - In terms of quantiles, most major indices in regions other than the Dow Jones and Hong Kong are below the 20th percentile, with the Hang Seng Technology Index showing significant valuation differentiation, currently at a PE below the 5th percentile over the past year [2][9] A-share Market Valuation - The core broad-based valuation of A-shares continued to contract, with mid-cap growth stocks experiencing notable declines. The National Index 2000 and CSI 1000 saw PE, PB, PS, and PCF ratios contract significantly, with PE reductions of 2.69x and 2.03x respectively [2][23] - As of April 11, 2025, the overall valuation levels of major A-share indices have contracted compared to the previous week, with PE, PB, and PS mostly in the 40%-55% quantile range, while PCF is in the 80%-85% quantile range over the past three years [2][24] - Large-cap growth stocks maintain superior short-term quantile levels, with rolling one-year quantile levels for PE, PB, PS, and PCF at 18.60%, 25.41%, 50.41%, and 33.06% respectively [2][24] Industry Valuation - Most primary industry valuations contracted this week, with significant declines in the midstream materials & manufacturing and TMT sectors. The power equipment industry experienced the largest drop, with a weekly decline of 8.09% [2][41] - The valuation of most primary industries contracted, with the comprehensive industry experiencing the largest contraction, while the retail and agriculture sectors saw slight PE expansions of 0.76x and 0.73x respectively [2][41] Emerging Industries - In the emerging industries, valuations mostly contracted, particularly in the renewable energy sector, which saw a significant drop of 8.87%. The valuation of photovoltaic stocks adjusted sharply, with a PE contraction of 5.55x [2][41] - The integrated circuit sector experienced valuation expansion, with a PE increase of 1.12x this week. Among popular concepts, the agricultural theme index saw a notable PE expansion of 7.58x [2][41]

2025.04. 11 国晟科技：控股子公司中标2.25亿元光伏组件采购项目 国晟科技公告，近日，公司二级控股子公司安徽国晟新能源科技有限公司中标南水北调中线新能源 (北京)有限公司2025—2026年度光伏组件集中采购标段二项目，中标金额2.25亿元。 国信证券：发行股份购买万和证券96.08%股份事项获受理 国信证券公告，公司拟通过发行A股股份的方式购买万和证券96.08%股份事项获得深交所受理。此 次交易尚需深交所审核通过、证监会同意注册以及本次交易所涉及的股东变更等事项经过证监会有关 部门核准后方可正式实施，能否审核通过、完成注册以及取得核准尚存在不确定性。 海南华铁：获金融机构不超2.7亿元股票回购专项贷款承诺函 海南华铁公告，近日，公司收到工商银行杭州解放路支行出具的承诺函，贷款类型为上市公司股票回 购专项贷款，可提前还本；授信额度为不超过2.7亿元；贷款期限不超过36个月。 【观业绩】 川金诺：一季度净利润同比预增218.96%—292.56% 4月11日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 川金诺发布业绩预告，预计2025年一季度 ...