| 股票简称：国信证券 | | | 股票代码：002736 | | --- | --- | --- | --- | | 债券简称：22 | 国信 | Y1 | 债券代码：149954.SZ | | 债券简称：22 | 国信 | Y2 | 债券代码：149974.SZ | | 债券简称：23 | 国信 | D1 | 债券代码：148242.SZ | | 股票简称：国信证券 | | | 股票代码：002736 | | --- | --- | --- | --- | | 债券简称：22 | 国信 | Y1 | 债券代码：149954.SZ | | 债券简称：22 | 国信 | Y2 | 债券代码：149974.SZ | | 债券简称：23 | 国信 | D1 | 债券代码：148242.SZ | 国信证券股份有限公司 公司债券受托管理事务报告 （2024 年） 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年六月 契约锁 重要声明 国泰海通证券股份有限公司（以下简称国泰海通证券）编制本报告的内容 及信息均来源于国信证券股份有限公司（以下简称发行人、公司或国信证券） 对外公布的《国信证券 ...

债券简称：21 国信 04 债券代码：149536.SZ 债券简称：21 国信 06 债券代码：149558.SZ 债券简称：21 国信 11 债券代码：149674.SZ 债券简称：21 国信 13 债券代码：149710.SZ 债券简称：22 国信 01 债券代码：149775.SZ 债券简称：22 国信 02 债券代码：149776.SZ 债券简称：22 国信 03 债券代码：149807.SZ 债券简称：22 国信 04 债券代码：149849.SZ 国信证券股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 6 月 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均 来源于国信证券股份有限公司（以下简称"国信证券"、"发行人"或"公司"）对 外披露的《国信证券股份有限公司 2024 年年度报告》等相关公开信息披露文件、 发行人提供的证明文件以及第三方中介机构出具的专业意见。本报告中的"报告期" 是指 2024 年 1 月 1 日至 2024 年 12 月 31 日。 本报告不构成对 ...

| 债券简称：22 | 国信 | 05 | 债券代码：148029.SZ | | --- | --- | --- | --- | | 债券简称：22 | 国信 | 06 | 债券代码：148087.SZ | | 债券简称：23 | 国证 | 02 | 债券代码：148179.SZ | | 债券简称：23 | 国证 | 03 | 债券代码：148227.SZ | | 债券简称：23 | 国证 | 04 | 债券代码：148282.SZ | | 债券简称：23 | 国证 | 06 | 债券代码：148313.SZ | | 债券简称：23 | 国证 | 07 | 债券代码：148425.SZ | | 债券简称：23 | 国证 | 08 | 债券代码：148426.SZ | | 债券简称：23 | 国证 | 09 | 债券代码：148513.SZ | | 债券简称：23 | 国证 | 10 | 债券代码：148531.SZ | | 债券简称：23 | 国证 | 11 | 债券代码：148532.SZ | | 债券简称：23 | 国证 | 12 | 债券代码：148549.SZ | | 债券简称：23 | 国证 | 1 ...

Core Insights - The first leadership ranking of listed securities firms in China has been released, categorizing 50 firms into three groups based on their 2024 revenue scale [1] - The ranking evaluates firms on multiple dimensions including performance, peer evaluation, and online presence, with a specific focus on leadership capabilities [1] Group 1: Overall Ranking and Evaluation - Guosen Securities, led by Deng Ge, ranked 14th overall among listed securities firms with a peer evaluation score of 86.25 [1] - The evaluation model includes five dimensions: foresight, control, innovation, compliance, and influence, with scores converted to a percentage [1] - In the control dimension, Guosen Securities ranked 11th with a score of 89.58, while it ranked 17th in foresight with a score of 83.73 [1] Group 2: Dimension-Specific Rankings - Foresight: Ranked 17th in the industry, with the lowest score being 7 [1] - Control: Ranked 11th, with the lowest score being 7 [1] - Innovation: Ranked 16th, with the lowest score being 6.2 [1] - Compliance: Ranked 16th, with the lowest score being 5 [1] - Influence: Ranked 15th, with the lowest score being 7 [1] Group 3: Leadership Profile - Deng Ge, born in September 1968 in Sichuan, holds both undergraduate and graduate degrees from Renmin University of China [3] - He joined Guosen Securities in May 2020 and currently serves as the Deputy Secretary of the Party Committee, Director, and President [3] - Deng Ge also holds several key positions in various financial committees, enhancing his influence in the industry [3]

Group 1 - The core viewpoint of the article highlights the rapid growth and increasing popularity of ETFs (Exchange-Traded Funds) among investors due to their convenience, low fees, and stable investment styles [1] - Major securities firms are seizing the opportunities presented by the expanding ETF market, with leading firms like Huatai Securities dominating various segments of the ETF business [1][2] - As of the end of May, the total number of ETFs in the Shanghai market reached 691, with a total market value of 3 trillion yuan, while the Shenzhen market had 483 ETFs valued at 1.1 trillion yuan [2] Group 2 - In May, the top three securities firms by ETF trading volume on the Shanghai Stock Exchange were Huatai Securities, CITIC Securities, and Guotai Junan, with market shares of 11.3%, 9.35%, and 7.48% respectively [2] - By the end of May, China Galaxy Securities led in ETF holdings with a market share of 24.63%, followed by Shenwan Hongyuan Securities at 18.05% [3] - The trading account numbers for ETFs in May showed that Huatai Securities and East Money Securities each held over 10% of the market share in the Shanghai market [4] Group 3 - The ETF market has shown strong growth, with the total number of ETFs reaching 1,207 by June 29, a year-on-year increase of 24.05%, and total net assets growing by 73.03% to 4.28 trillion yuan [5] - Analysts predict that the Chinese ETF market is entering a historic expansion phase, with a focus on broad-based ETFs and thematic ETFs in sectors like technology and finance [5] - Securities firms are enhancing their ETF strategies to capture growth opportunities, with firms like China Merchants Securities focusing on the entire ETF value chain and Guohai Securities optimizing their product offerings [5][6]

Group 1 - Guosen Securities is advancing its acquisition of Wanhe Securities, with the asset evaluation report and interim review report announced on June 24, indicating a thorough understanding of the assets involved [1] - The acquisition of 96.08% of Wanhe Securities has been approved by the Shenzhen Stock Exchange, and the integration process is set to begin [1] - This merger is seen as an optimization of financial resources under Shenzhen state-owned assets, reflecting a trend of increasing mergers and acquisitions in the brokerage industry since 2024 [1][5] Group 2 - As of May 31, 2025, Wanhe Securities reported total assets of 11.769 billion yuan and net assets of 5.428 billion yuan, with a revenue of 161 million yuan and a net profit of 139,200 yuan for the first five months of 2025 [2] - Guosen Securities reported total assets of 506.221 billion yuan and a net profit of 232.9 million yuan for the first quarter of 2025, indicating that the merger will slightly increase its total asset scale [2] - The focus of the merger is not just on asset size but on the integration of financial resources to enhance business synergy and optimize the strategic layout of state-owned financial assets in Shenzhen [2][3] Group 3 - The merger is expected to leverage Guosen Securities' strengths in research, product development, compliance management, and risk control to enhance customer service and competitiveness [3] - Wanhe Securities' brokerage, bond underwriting, and asset securitization businesses will complement Guosen Securities, facilitating international expansion and innovation [3] - The integration aims to address the challenges faced by smaller brokerages and promote collaborative development through resource consolidation [3] Group 4 - The acquisition will allow Guosen Securities to utilize the advantages of the Hainan Free Trade Port, aiming to establish Wanhe Securities as a leading regional brokerage in cross-border asset management [4] - This aligns with national policies promoting financial reform and innovation, enhancing the international business and financial innovation capabilities of the listed company [4] Group 5 - The ongoing trend of mergers and acquisitions in the brokerage sector is driven by the need for high-quality financial development and structural reforms in the financial supply side [5] - The transaction is part of a broader effort to optimize the layout and structure of state-owned financial assets in Shenzhen, aiming to increase the asset securitization rate and improve the efficiency of state capital allocation [5][8] Group 6 - The recent wave of brokerage mergers, including those involving Guosen Securities and Wanhe Securities, reflects a significant trend supported by local state-owned assets, aiming to enhance the competitive position of financial institutions [6][7] - Other notable mergers include Guotai Junan and Haitong Securities, which also received strong backing from local state-owned assets, indicating a strategic push for resource integration [6][7] Group 7 - Local state-owned assets are increasingly recognized for their role in facilitating economic transformation, emphasizing the importance of securities firms in supporting corporate financing, mergers, and restructuring [7] - The integration of financial resources is seen as essential for addressing the challenges faced by local state-owned financial institutions and enhancing their operational efficiency [7][8]

Group 1 - The core point of the article is the recognition of leadership in the securities industry, with Guosen Securities' president, Deng Ge, ranking 6th among comprehensive securities firms in the inaugural Leadership TOP List by Sina Finance [1] - The TOP List aims to honor the significant contributions and influence of leaders in the securities industry, evaluating their management achievements over the past year through a multi-dimensional assessment system [1] - The evaluation criteria focus on creating economic and social value, highlighting outstanding leaders to support the sustainable development of the financial industry [1] Group 2 - Under Deng Ge's leadership, Guosen Securities achieved a balance and growth in its business, demonstrating strong performance resilience in a complex capital market environment [5] - The company experienced rapid growth in both fee-based and capital-based businesses, leading to a more balanced business structure and a steady increase in market share [5] - The company’s fee-based business generated revenue of 7.658 billion yuan, a year-on-year increase of 18.3%, with brokerage, investment banking, and asset management net income showing varied growth rates [6] - The capital-based business achieved revenue of 11.068 billion yuan, a year-on-year increase of 32.9%, with significant contributions from investment business [7] - Guosen Securities is in the process of acquiring Wanhe Securities, which is expected to enhance its regional business capabilities and promote differentiated development [8][9]

Group 1 - Company participated in the 2025 MWC Shanghai exhibition with the theme "Intelligent Connection Without Boundaries, All-Domain Integration," showcasing five core technologies including satellite-ground integrated communication solutions and MacroWiFi [2] - The satellite-ground integrated communication solution combines low Earth orbit (LEO) and geostationary orbit (GEO) satellite technologies, providing seamless network coverage in remote areas and supporting low-altitude economy and emergency communication [2] - MacroWiFi product, designed for outdoor complex scenarios, features a transmission distance of 2 kilometers and supports over 200 concurrent users, with successful deployment in Southeast Asia and interest from operators in Russia, the Middle East, and Africa [3] Group 2 - Company has made significant progress in the 5G-integrated antenna business, developing a low-altitude communication solution that covers up to 600 meters, providing reliable network access for drones and other aircraft [3] - In the satellite communication market, the company has established a leading position, with 2024 revenue from satellite communication expected to exceed 40 million yuan, and ongoing projects in ground station delivery [4] - The company has invested in Blue Arrow Hongqing, which has plans for a satellite constellation, enhancing collaboration in satellite communication [4] Group 3 - Company reported a revenue of 251 million yuan in Q1 2025, a year-on-year increase of 6.08%, with a net profit of 11.18 million yuan, up 128.26% [5] - The company's gross profit margin stands at 26.33%, with a debt ratio of 19.95% and investment income of 4.08 million yuan [5] - Recent institutional ratings indicate a buy recommendation from one institution in the last 90 days [5]

Group 1 - The frequency of executive changes in the securities industry has significantly increased, with three listed brokerages announcing high-level management changes on June 23 [1] - Xinyang Securities announced the resignation of Chairman Yang Huahui due to age, with Su Junliang, former Chairman of Huafu Securities, appointed as the new chairman [2] - Su Junliang has extensive financial experience, having led Huafu Securities to achieve total assets of 91.5 billion and a net profit of 715 million, with year-on-year growth of 50% and 56% respectively [2] Group 2 - Bank of China Securities also announced a chairman change, with Ning Min resigning for work relocation, and Zhou Bing acting as interim chairman [3] - During Ning Min's tenure, he successfully promoted the company's listing and strengthened its long-term strategic development, with core financial indicators outperforming the industry [3] - Guoxin Securities appointed Lu Wei as vice president, who has a strong background in investment banking, potentially bringing new opportunities to the firm's investment banking business [3] Group 3 - The recent executive changes in the securities industry are driven by factors such as mandatory retirement, work adjustments, and the need to adapt to intensified competition and regulatory environments [4] - New management teams may introduce fresh management philosophies and strategic directions, enhancing the company's adaptability and competitiveness [4] - The new executives exhibit a combination of external recruitment and internal promotion, emphasizing professional expertise [4][5] Group 4 - Internal promotions can lead to quicker adaptation to new roles and boost employee morale, while external hires can provide new perspectives and innovative management ideas [5][6] - External executives often bring extensive industry experience and networks, aiding in business expansion and market influence [6]

Core Viewpoint - Guosen Securities has appointed Lu Wei as the new Vice President, marking a significant transition in the company's investment banking division after a 7-month vacancy following the investigation of former Vice President Wu Guofang [2][5]. Group 1: Leadership Change - Lu Wei's term as Vice President will last until the end of the fifth board's term, indicating a strategic move to stabilize leadership in the investment banking sector [2]. - Lu Wei is described as an "investment banking veteran" with nearly 30 years of experience at Guosen Securities, including over 20 years in investment banking [5][8]. - His previous roles include various managerial positions within the investment banking division, showcasing his extensive project and management experience [5][6]. Group 2: Current Challenges - Guosen Securities' investment banking business has faced a significant decline, with the number of sponsored projects dropping from 54 in 2022 to just 19 in 2024, indicating a steep decline [8]. - The company's investment banking revenue has also decreased, with net income from this segment falling from 19.79 billion yuan in 2021 to 13.63 billion yuan in 2023 [8][9]. - In 2024, the investment banking division reported a revenue of 10.51 billion yuan, a year-on-year decrease of 25.92%, making it the only segment to experience negative growth [9]. Group 3: Regulatory and Compliance Issues - Guosen Securities has faced multiple regulatory penalties due to compliance issues, with at least four fines issued in 2024 alone [9]. - The company has struggled with maintaining the quality of its projects, leading to concerns about its reputation in the market [9]. Group 4: Market Environment - The current IPO market is experiencing a downturn, presenting a challenge for Lu Wei to stabilize and enhance the investment banking revenue amidst a complex market environment [9].