Core Viewpoint - Guosen Securities is progressing with the acquisition of Wanhe Securities, having received acceptance from the Shenzhen Stock Exchange for its application to issue shares for asset purchase [1][3][4] Group 1: Acquisition Details - Guosen Securities plans to acquire 96.08% of Wanhe Securities through the issuance of A-shares to several major shareholders [3] - The acquisition process began in August 2024, with various disclosures and approvals from the Shenzhen State-owned Assets Supervision and Administration Commission and Guosen Securities' shareholders [3][4] - The transaction requires further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission (CSRC) before it can be officially implemented [4] Group 2: Financial Performance of Wanhe Securities - Wanhe Securities reported revenues of 1.02 billion yuan in 2022, 5.14 billion yuan in 2023, and 4.21 billion yuan in the first 11 months of 2024, with net profits of -279 million yuan, 61.54 million yuan, and 29.20 million yuan respectively [5] - Over 80% of Wanhe Securities' revenue comes from wealth management and proprietary investment businesses, which generated 188 million yuan and 184 million yuan respectively in the first 11 months of 2024 [5] Group 3: Market Position and Rankings - As of the end of 2023, Wanhe Securities ranked 81st in total assets, 76th in net assets, 83rd in operating income, and 78th in net profit among its peers [6][7] - The company has seen improvements in its operating income ranking, moving from 99th in 2022 to 83rd in 2023 [6] Group 4: Strategic Implications for Guosen Securities - The acquisition is expected to enhance Guosen Securities' regional layout and capitalize on the policy advantages of the Hainan Free Trade Port [8] - It will also strengthen Guosen Securities' capabilities in serving key national development areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [8]

经济观察报 记者 牛钰 深交所发行上市审核信息公开网站显示，4月10日，国信证券（002736）（002736.SZ）发行 股份购买万和证券96.08%股份的交易事项获受理。 这是两家深圳国资控股券商的"联姻"。国信证券拟以发行A股股份的方式收购万和证券96.08%的股份，交易作价为 51.92亿元，交易对方为深圳市资本运营集团有限公司、深圳市鲲鹏股权投资有限公司等万和证券的股东。 若交易顺利完成，万和证券将成为国信证券的控股子公司。 4月10日晚，国信证券发布重大资产重组报告书（修订稿）、拟购买资产的财务报告和评估报告等公告，详解了此 次收购的利与弊，也透露出万和证券作为中小券商近年来面对的经营压力。 财务数据显示，2022年、2023年以及2024年前11个月，万和证券的营业收入分别为1.02亿元、5.14亿元、4.21亿 元；归属于母公司所有者的净利润分别为-2.78亿元、0.62亿元、0.29亿元。 | | | | 类别 | 2024年1-11月 | | 2023年度 | | 2022年度 | | | --- | --- | --- | --- | --- | --- | --- | | | 金额 | ...

Core Viewpoint - Guosen Securities has received acceptance from the Shenzhen Stock Exchange for its application to issue shares for asset acquisition and related transactions [1] Group 1: Application Acceptance - The Shenzhen Stock Exchange has verified that the application documents submitted by Guosen Securities for issuing shares to purchase assets are complete and has decided to accept the application [1] - The China Securities Regulatory Commission (CSRC) has also accepted the administrative licensing application related to the change of major shareholders of Wanhua Securities involved in this transaction [1] Group 2: Next Steps - The transaction is subject to approval by the Shenzhen Stock Exchange, registration consent from the CSRC, and necessary approvals for shareholder changes from relevant departments of the CSRC before it can be officially implemented [1]

国信证券股份有限公司（以下简称"公司"）拟通过发行 A 股股份的方式购 买深圳市资本运营集团有限公司、深圳市鲲鹏股权投资有限公司、深业集团有 限公司、深圳市创新投资集团有限公司、深圳远致富海十号投资企业（有限合 伙）、成都交子金融控股集团有限公司、海口市金融控股集团有限公司合计持有 的万和证券股份有限公司 96.08%股份（以下简称"本次交易"）。 公司于 2025 年 4 月 10 日收到深圳证券交易所出具的《关于受理国信证券 股份有限公司发行股份购买资产申请文件的通知》（深证上审〔2025〕48 号）。 深圳证券交易所根据相关规定对公司报送的发行股份购买资产暨关联交易申请 文件进行了核对，认为申请文件齐备，决定予以受理。 本次交易涉及中国证券监督管理委员会（以下简称"中国证监会"）关于万 和证券股份有限公司变更主要股东等事项的行政许可申请。2025 年 4 月 10 日， 中国证监会就前述行政许可申请依法予以受理，并出具《中国证监会行政许可 申请受理单》（受理序号：242504）。 证券代码：002736 证券简称：国信证券 公告编号：2025-019 国信证券股份有限公司 关于发行股份购买资产暨关联交易 ...

国信证券股份有限公司 2025 年面向专业投资者公开发行 （本页以下无正文） （本页无正文，为《国信证券股份有限公司 2025 年面向专业投资者公开发行公 司债券（第三期）在深圳证券交易所上市的公告》的盖章页） 公司债券（第三期）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（第三期）符合深圳证券交易所债券上市条件， 将于 2025 年 4 月 14 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： | | 国信证券股份有限公司 | | | | | | 年面向专 国信证券股份有限公司 2025 年面向专 | | | | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券名称 | | | | | | | 业投资者公开发行公司债券（第三期） | | | | | 业投资者公开发行公司债券（第三期） | ...

Core Viewpoint - The merger and acquisition activity in the securities industry is progressing, with Guosen Securities acquiring a 96.08% stake in Wanhua Securities, aiming to optimize the strategic layout of state-owned financial assets in Shenzhen [2][4]. Group 1: Merger and Acquisition Progress - On April 10, 2024, the Shenzhen Stock Exchange accepted the transaction for Guosen Securities to acquire Wanhua Securities, marking the start of the regulatory review process [2][4]. - The acquisition was initially announced in August 2024, with various stages of approval completed by December 2024, but the regulatory review took several months to commence [4][6]. - The acquisition price is set at 8.6 yuan per share, valuing the transaction at 5.192 billion yuan, with no additional fundraising involved [4][6]. Group 2: Financial Impact - If the acquisition is completed, Guosen Securities expects a slight increase in total assets, equity, revenue, and net profit, all projected to grow by less than 5% [2][6]. - Based on financial data as of November 30, 2024, Guosen Securities' total assets would increase to 520.097 billion yuan, with revenue rising to 18.313 billion yuan and net profit reaching 7.453 billion yuan [6]. - Wanhua Securities reported significantly lower financial metrics, with revenue of 421 million yuan and net profit of 29.204 million yuan for the same period, highlighting the disparity between the two firms [6]. Group 3: Strategic Objectives - The acquisition aims to enhance the strategic restructuring and professional integration of state-owned financial assets, improving the efficiency of capital allocation [6][7]. - Guosen Securities plans to leverage the policy advantages of Hainan Free Trade Port to develop cross-border financial services, creating new profit growth points [7]. - The geographical distribution of Wanhua Securities' branches is seen as beneficial for expanding Guosen Securities' service capabilities in key economic regions such as the Guangdong-Hong Kong-Macau Greater Bay Area and the Yangtze River Delta [7].

Group 1 - Guosen Securities has received approval from the Shenzhen Stock Exchange for the acquisition of 96.08% of Wanhua Securities for a transaction price of 5.192 billion yuan, which will enhance its capital strength and market competitiveness [1] - The acquisition is expected to positively impact Guosen Securities' stock price and contribute to the overall stability of the stock market by optimizing resource allocation within the securities industry [1] Group 2 - The first batch of fund quarterly reports for 2025 shows significant adjustments, with fund managers concentrating their core positions in the humanoid robot industry, reflecting a strong pursuit of emerging sectors [2] - The reported returns for the funds, such as 53.65% for Ping An Advanced Manufacturing Theme A and 37.12% for Huafu Technology Momentum Mixed A, significantly outperformed their benchmarks, indicating a strong market interest in humanoid robotics [2] Group 3 - The scale of gold ETFs has surged to 116.029 billion yuan, with a year-to-date increase of 64.72%, driven by rising risk aversion in global financial markets [3] - Major gold ETFs from fund companies like Huasan, Bosera, and E Fund have seen substantial growth, with increases of 63.7%, 49.1%, and 49.13% respectively, benefiting the related fund companies [3] Group 4 - Leading private equity firms are actively increasing their investments in Chinese assets, with firms like Kwan Der Investment and Inno Investment buying back their long strategies amid a favorable economic recovery and ongoing technological trends [4] - High positions maintained by firms such as Gao Yi Asset and Shen Zhi Asset indicate confidence in Chinese assets, which is expected to attract more institutional funds into the A-share and Hong Kong markets [4]

券业新一轮并购潮的窗口期 又一家中小券商将逐渐淡出大众视线。 近日，国信证券公告称，拟以发行A股股份的方式，向深圳市资本运营集团有限公司、深圳市鲲鹏股权 投资有限公司和深业集团有限公司等收购其合计持有的万和证券96.08%股份，交易作价51.92亿元。本 次交易不涉及现金支付，亦未设置业绩补偿机制。 近日，国信证券公告称，拟以发行A股股份的方式，向深圳市资本运营集团有限公司、深圳市鲲鹏股权 投资有限公司、深业集团有限公司、深圳市创新投资集团有限公司、深圳远致富海十号投资企业(有限 合伙)、成都交子金融控股集团有限公司、海口市金融控股集团有限公司收购其合计持有的万和证券 96.08%股份，交易作价51.92亿元。 值得关注的是，国信证券与万和证券在体量上存在显著差异。据悉，交易完成后，万和证券将成为国信 证券控股子公司。 国信证券表示，此次收购万和证券，有助于公司把握海南自由贸易港的政策优势和发展机遇，在跨境资 产管理等国际业务及创新业务方面实现突破，进一步拓展发展空间；同时，本次收购能进一步提升公司 综合竞争力。 本次合并发生在券业新一轮并购潮的窗口期。自2023年下半年以来，监管层多次鼓励头部券商通过收并 ...

智通财经APP获悉，国信证券发布研报称，2024年9月24日以来，宏观政策暖风频吹，并重点强调提振 消费。3月中办、国办印发《提振消费专项行动方案》，旨在全方位扩大国内需求，提升消费能力，优 化消费环境。而近期外部贸易环境不确定性加大，不仅引发资本市场对于内需板块的关注度提升，并进 一步强化市场对于后续更大力度提振消费政策的预期。我国绝大部分食品饮料公司的供应链端及市场端 均在国内，受关税风波扰动小，食品饮料板块也因此具备较强的防御属性。综合来看，该行认为当前食 品饮料板块配置价值凸显，建议积极布局。 推荐按照以下三条主线：优先推荐政策敏感度高的啤酒、餐饮供应链、乳制品板块，推荐华润啤酒、青 岛啤酒、燕京啤酒、安井食品、颐海国际等。强者恒强，优选个股，推荐有份额提升或业绩确定性强的 个股，如东鹏饮料、卫龙美味、盐津铺子、海天味业等。在弱现实背景下，高股息仍然是最大的保障， 如重庆啤酒等。 国信证券主要观点如下： 消费需求进入平台期 近两年需求疲弱是消费品公司估值和业绩承压的主因，根据该行的观察，居民消费行为与经济体感有 关，换言之，居民对温差敏感度远大于温度，虽目前仍在冰点附近，但近期并未有继续降温的迹象，且 ...

Core Viewpoint - Guosen Securities maintains an "outperform" rating for China Hongqiao (01378), highlighting the company's ability to leverage the current high cycle of electrolytic aluminum and capacity transfer opportunities to alleviate long-term debt and carbon emission pressures, thus enhancing sustainable development capabilities [1] Financial Performance - In 2024, the company reported a revenue of 156.2 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 22.37 billion yuan, representing a 95% growth compared to the previous year [2] - The operating cash flow net inflow was 14.26 billion yuan, up 85% year-on-year [2] - The company declared a final dividend of 1.02 HKD per share, along with an interim dividend of 0.59 HKD per share, totaling 1.61 HKD per share for the 2024 fiscal year, which amounts to 14.2 billion yuan and accounts for 63% of the 2024 net profit attributable to shareholders [2] Electrolytic Aluminum Business - The sales price of aluminum alloy products in 2024 was 17,550 yuan per ton, an increase of 1,100 yuan per ton compared to 2023 [3] - The coal procurement price in 2024 decreased by 110 yuan per ton compared to 2023, resulting in a cost reduction of 480 yuan per ton of aluminum [3] - The procurement price of prebaked anodes fell by 1,000 yuan per ton year-on-year, leading to a cost reduction of 420 yuan per ton of aluminum [3] - The combination of rising aluminum prices and declining energy costs resulted in an increase of 2,000 yuan in gross profit per ton of aluminum compared to 2023 [3] Alumina Business - The sales price of alumina in 2024 was 3,420 yuan per ton, an increase of 860 yuan per ton compared to 2023 [4] - The cost of alumina was 2,210 yuan per ton, which is a decrease of 60 yuan per ton compared to 2023 [4] - The gross profit per ton of alumina reached 869 yuan, an increase of 580 yuan per ton compared to 2023 [4]