Core Insights - The report from Guosen Securities indicates that the combined revenue of 23 listed banks in 2024 is expected to decline by 0.6% year-on-year, while net profit attributable to shareholders is projected to grow by 1.8%, showing a marginal improvement in performance [1] Group 1: Overall Review - The revenue and net profit growth rates continue to show improvement but remain under pressure [1] - The net interest margin contraction is still the main drag on performance, although the decline has narrowed by 0.8 percentage points year-on-year [1] Group 2: Driving Factors - The net interest margin contraction is expected to negatively impact performance by approximately 11.1%, while scale expansion will contribute to performance growth by about 8.7% [2] - Net interest income is projected to decline by approximately 2.3%, with the year-on-year decline narrowing by 0.8 percentage points [2] - Fee-based income is expected to negatively impact performance by about 1.1%, while other non-interest income will contribute to performance growth by approximately 2.8% [2] - A decrease in asset impairment losses is anticipated to contribute to performance growth of 2.9% [2] Group 3: Asset Quality Outlook - The non-performing loan generation rate for retail loans is expected to remain high in 2025, with a potential turning point in 2026 [3] - The new non-performing loan balance in 2024 is primarily expected to come from retail loans, while corporate loans are projected to see a decline in non-performing loans [3] - Economic downturn is leading to decreased repayment capacity, particularly in retail loans, due to insufficient risk screening and post-loan management [3] Group 4: Performance Outlook - For 2025, the revenue growth rate for listed banks is expected to be around -1%, with net profit growth projected at approximately 1% [4] - The net interest margin is expected to contract by about 12 basis points in 2025 [4] - The asset expansion rate is anticipated to slow to around 7.0%, leading to a near-zero decline in net interest income [4] - Retail loan non-performing loan generation is expected to remain high, but banks will continue to release profits by reducing provisions, resulting in a slight positive growth in net profit [4]

| 报 告 摘 要 | | | --- | --- | | 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-2.48%，相对偏股混合型基金指数超额收 | | | 益-1.03%。本年，优秀基金业绩增强组合绝对收益1.70%，相对偏股混合型基金指 | | | 数超额收益-2.10%。 今年以来，优秀基金业绩增强组合在主动股基中排名56.53% | | | 分位点（1961/3469）。 | | | 本周， 超预期精选组合 绝对收益-2.48%，相对偏股混合型基金指数超额收 | | | 益-1.04%。本年，超预期精选组合绝对收益7.50%，相对偏股混合型基金指数超额 | | | 收益3.70%。 今年以来，超预期精选组合在主动股基中排名19.80%分位点 | | | （687/3469）。 | | | 本周， 券商金股业绩增强组合 绝对收益-1.56%，相对偏股混合型基金指数超额收 | | | 益-0.11%。本年，券商金股业绩增强组合绝对收益6.36%，相对偏股混合型基金指 | | | 数超额收益2.56%。 今年以来，券商金股业绩增强组合在主动股基中排名24.53% | ...

Group 1 - Concerns over tariffs have altered long-term expectations for the US stock market, leading to the conclusion that the bull market that began in October 2022 has ended [1] - The impact of tariff policies is significant, as the current administration prioritizes reducing fiscal deficits over economic growth, inflation, and stock market performance [1] - The risk of stagflation may increase if oil prices rise sharply in the second quarter, with stagflation characterized by uncontrollable inflation beyond 3.0% [1] Group 2 - Domestic economic indicators are gradually improving, with social financing data showing year-on-year increases and PPI showing notable improvements [2] - The A-share market is expected to shift from sentiment-driven to performance-driven in the second quarter, favoring sectors with low valuations and strong earnings [2] Group 3 - The Hong Kong stock market is expected to face limited impact from US tariff policies, with a shift from broad-based gains to sector differentiation anticipated [3] - Key sectors to watch include: 1. Cloud computing, which is expected to benefit directly from deployments in various enterprises [3] 2. New energy vehicles and components, which have shown rapid growth and competitive advantages [3] 3. New consumption and pharmaceuticals, with the latter undergoing valuation recovery after three years of decline [3] 4. Dividend sectors, including insurance and stable earnings from operators, banks, and public utilities [3] 5. A performance revision pool in Hong Kong stocks, with approximately 51% of companies showing upward revisions in earnings [3]

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

证券代码：524204 证券简称：25 国证 04 证券代码：524205 证券简称：25 国证 05 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）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（第三期） （以下简称"本期债券"）发行规模不超过 60 亿元（含 60 亿元），分 2 个品种发 行。本期债券品种一期限为 3 年，品种二期限为 10 年。 1 ( 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）票面利率公告》之签章页） 发行 公司 2 日 2 t of the 2025 年 4 月 2 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，本期债券品种一利率询价区间为 1.5 ...

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（第三期）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 三期）发行公告》，发行人及簿记管理人原定于 2025 年 4 月 2 日（T-1 日）14:00 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 2 日 18:00 延长至 2025 年 4 月 2 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（第三期）簿记建档时间的公告》之盖章页） 司 2 日 2 3/9 （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 ...

获中国证监会注册批复的公告 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。 近日，国信证券股份有限公司（以下简称"公司"）收到中国证券监督管理 委员会出具的《关于同意国信证券股份有限公司向专业投资者公开发行永续次级 债券注册的批复》（证监许可〔2025〕628 号），批复内容如下： 证券代码：002736 证券简称：国信证券 编号：2025-014 国信证券股份有限公司 关于向专业投资者公开发行永续次级债券 四、自同意注册之日起至本次永续次级公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件要求及公司股东大会的授权办理 永续次级债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 国信证券股份有限公司董事会 2025 年 4 月 3 日 一、同意公司向专业投资者公开发行面值总额不超过 200 亿元永续次级债 券的注册申请。 二、本次发行永续次级公司债券应严格按照报送深圳证券交易所的募集说明 书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行永续次级公司债券。 ...

Group 1 - The core viewpoint of the news is that Guosen Securities Co., Ltd. has received an "AAA" rating for its 2025 public bond issuance aimed at professional investors, reflecting its strong comprehensive strength and market competitiveness [1] - China Chengxin International recognizes the balanced development of various business segments within Guosen Securities, highlighting its traditional advantages in securities brokerage and strong investment banking service capabilities [1] - The report also notes the challenges posed by increasing competition in the securities industry, pressure on profit stability, and a high proportion of short-term debt affecting the company's operational and credit status [1] Group 2 - Guosen Securities originated from one of the earliest brokerage departments in China's securities market, established in 1989, and has undergone several capital increases and share transfers, with a registered capital of 9.612 billion yuan as of September 2024 [2] - The company was officially listed on the Shenzhen Stock Exchange in December 2014, raising 6.840 billion yuan, and has since seen its registered capital increase to 8.2 billion yuan [2] - China Chengxin International anticipates that the credit level of Guosen Securities will remain stable over the next 12 to 18 months [2]

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 (第三期)募集说明书 200 亿元 牵头主席销商/酒 号 101 住所:北京市丰台区西 联席十世 销商 酒行落 股份有限公司 住所:上海市广东路 689 号 住所:深圳市福田区福田街道福华一路 119 号安信金融大厦 申万宏源证券有限公司 GREAT WALL SECURITIES CO., LTD 住所:广东省深圳市福田区福田街 道金田路 2026 号能源大厦南塔楼 10-19 层 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 住所:上海市徐汇区长乐路 989 号 45 层 签署日期:20以年 3 月 注册会额 国投证券股份有限公司 DIC SECURITIES C 四十十二 城证券股份有限公司 本期发行规模 不超过 60 亿元(含 60 亿元) 国信证券股份有限公司 发行人 中国银河证券股份有限公司、国投证券股份有限公司、海通证券 主承销商 股份有限公司 ...

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。 由于债券跨年及分期分品种发行，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（第三期）"，分 2 个品种发行。其中品种一债券全称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）（品种一），债券简称"25 国证 04"；品种二债券全称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）（品种二），债券简称"25 国证 05"。 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 ...