Group 1 - The current liquor sector has entered a bottoming phase, presenting a potential opportunity for investment, with a cautiously optimistic outlook [1][2] - The price of Feitian liquor has seen a narrowing year-on-year decline from May to June, and if the sector can navigate the current pressure test, prices may stabilize above 2000 yuan [1][2] - Market expectations for a downward revision in performance growth have been adequately priced in, with leading companies focusing on long-term strategies and maintaining strong dividend guidance [1][2] Group 2 - The second quarter is traditionally a slow season for the liquor industry, compounded by increased environmental uncertainties, leading to weaker stock prices [1] - Demand has been affected by recent tax policy changes and regulations aimed at reducing waste, impacting business consumption scenarios [1] - Major liquor companies are prioritizing channel health and slow delivery, while online sales continue to grow rapidly, affecting traditional pricing structures [1] Group 3 - The consensus on industry deceleration has strengthened, with individual stock performance becoming more differentiated, transitioning from strong performers to those under pressure [1] - Major liquor companies are experiencing slower payment and delivery progress compared to the previous year, leading to increased inventory levels [1] - The annual performance targets of liquor companies are being adjusted to reflect a more rational growth approach, with expectations for mid-year growth rates to be revised downward [1]

Group 1 - ByteDance CEO Liang Rubo emphasized that the current stage of AI development is still in the early phase, comparable to the first 500 meters of a marathon, indicating the need for long-term investment and patience [1][2] Group 2 - Multiple automotive companies, including Geely, Changan, BYD, and Chery, have collectively committed to a payment term not exceeding 60 days, responding to government initiatives aimed at stabilizing the supply chain and promoting healthy competition within the industry [3][4] - BAIC Group announced strict adherence to a 60-day settlement for all qualifying partners, eliminating unreasonable settlement methods that increase financial pressure on suppliers [7] Group 3 - Xiaomi's SU7 Ultra production model set a new record for the fastest production electric vehicle at the Nürburgring with a time of 7 minutes and 4.957 seconds [5][6] Group 4 - Li Auto plans to launch 13 new supercharging stations across various provinces in China during the period from June 2 to June 8 [8] Group 5 - Oriental Electric has established connections with Xiaomi in the field of robotic electronic skin, and is also collaborating with major automotive manufacturers [9] Group 6 - Non-humanoid robots are gaining traction in industrial applications, with advancements in AI expected to enhance their scalability and efficiency in manufacturing settings [10] Group 7 - Microsoft is on the verge of securing a major client for its AI product Copilot, which could generate approximately $360 million annually if the client activates the service for 1 million employees [11] Group 8 - OpenAI's CEO Sam Altman announced an 80% price reduction for the new model o3, indicating a significant shift in pricing strategy [12] Group 9 - Huawei's founder Ren Zhengfei discussed the impact of U.S. export restrictions on China's chip development, highlighting the ongoing technological competition between the U.S. and China [13][14] Group 10 - Lei Jun, CEO of Xiaomi, was elected as the honorary president of the third session of the Mianyang Business Association, reflecting his influence and leadership within the business community [15] Group 11 - Guosen Securities announced plans to issue A-shares to acquire a majority stake in Wanhe Securities, with the Shenzhen Stock Exchange set to review the transaction [16]

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Guosen Securities Co., Ltd. at AAA, with a stable outlook, indicating strong market position and financial health [1][3][4]. Company Overview - Guosen Securities, established in 1994, is a large comprehensive listed securities company in China, with a registered capital of 9.612 billion yuan as of March 2025 [11][12]. - The company is controlled by Shenzhen Investment Holdings Co., Ltd., which holds a 33.53% stake [11]. Financial Performance - In Q1 2025, Guosen Securities reported significant growth in operating revenue and net profit compared to the previous year [3]. - For 2024, the company expects revenue and profit to increase year-on-year, with strong profitability and good capital adequacy [3][4]. - As of March 2025, total assets reached 506.21 billion yuan, with owner’s equity at 120.23 billion yuan [6][12]. Risk Management and Business Operations - The company has a robust risk management system and diversified business operations, maintaining a strong competitive advantage in the industry [3][4]. - The financial leverage has decreased, and liquidity remains at a healthy level, positioning the company in the mid-range of the industry [3][4]. Market Environment - The macroeconomic environment is supportive, with policies aimed at stabilizing the economy and financial markets, which is beneficial for the securities industry [13]. - The company’s operations are closely tied to the performance of the securities market, making it susceptible to economic cycles and regulatory changes [4][5].

1 www.lhratings.com 国信证券股份有限公司 公开发行相关债券 2025 年跟踪评级报告 联合〔2025〕3933 号 联合资信评估股份有限公司通过对国信证券股份有限公司及其 相关债券的信用状况进行跟踪分析和评估，确定维持国信证券股份 有限公司主体长期信用等级为 AAA，维持"21 国信 04""21 国信 06""21 国信 11""21 国信 13""22 国信 02""22 国信 05""22 国信 06""23 国证 02""23 国证 04""23 国证 06""23 国证 07""23 国证 08""23 国证 09""23 国证 10""23 国证 11""23 国证 12""23 国证 13""24 国证 01""24 国证 02""24 国证 03"信用等级为 AAA，评 级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 ...

国信证券股份有限公司 2025 年度公开发行公司债券 跟踪评级报告 编号：信评委函字[2025]跟踪 0426 号 国信证券股份有限公司 2025 年度公开公司债券跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 10 日 国信证券股份有限公司 2025 年度公开公司债券跟踪评级报告 | 本次跟踪发行人及评级结果 | 国信证券股份有限公司 AAA/稳定 | | --- | --- | | 本次跟踪债项及评级结果 | "22 国信 Y1"、"22 国信 Y2"、"25 国证 01"、"25 国 AAA | | | 证 03"、"25 国证 04"、"25 国证 05"、"25 国证 06" | | 跟踪评级原因 | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行跟踪评 | | | 级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | 评级观点 | 本次跟踪维持主体及债项上次评级结论，主要基于国信证券股份有限公司（以下 称"国信证券"、"公司"）较强的综合实力和市场竞争力、各项业务均衡发展、 | | | 证券经纪业务的传统优势、投资银行较强的服务能力以及畅通的 ...

股份有限公司 6月10日 （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科 技创新公司债券（第一期）在深圳证券交易所上市的公告》的盖章页 ) 国信证券股份有限公司 2025 年面向专业投资者公开发行 科技创新公司债券（第一期）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科技创新公司债券（第一期）符合深圳证券交易所债券 上市条件，将于 2025 年 6 月 12 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： | 债券名称 | 国信证券股份有限公司 | | | 年面向专业投资者公开发行科技创新 2025 | | --- | --- | --- | --- | --- | | | 公司债券（第一期） | | | | | 债券简称 | 国证 25 K1 | | | | | 债券代码 | 524293 | | | | | 信用评级 | AAA/AAA | | | | | 评级机构 | 中诚信国 ...

Group 1 - The core viewpoint of the report from Guosen Securities maintains an "outperform" rating for the domestic consumption sector, highlighting its strong performance driven by multiple factors [1] - The report identifies key areas of growth within the domestic consumption sector, including beauty care, gold and jewelry, IP toys, and cross-border e-commerce, which are expected to attract more investment due to their performance certainty [1] - During the 618 shopping festival, significant sales data was reported, with JD.com and Tmall showing impressive growth in transaction volume and user engagement, indicating a robust market response [1] Group 2 - The 618 promotion has evolved with extended timelines and changes in promotional rules, such as the elimination of cross-store discounts, which simplifies the shopping experience for consumers [2] - Instant retail platforms like Meituan's flash purchase have played a crucial role in enhancing offline sales by collaborating with local merchants, thereby expanding geographical reach and customer base [2] - AI technology has been deeply integrated into the shopping experience, improving operational efficiency for merchants and enhancing consumer interaction through features like digital live streaming and intelligent product recommendations [2]

发行股份购买资产暨关联交易 之 第一创业证券承销保荐有限责任公司 关于 国信证券股份有限公司 独立财务顾问报告 （上会稿） 独立财务顾问 二〇二五年六月 第一创业证券承销保荐有限责任公司关于国信证券发行股份购买资产暨关联交易之独立财务顾问报告（上会稿） 声明和承诺 第一创业证券承销保荐有限责任公司接受国信证券股份有限公司的委托，担 任国信证券发行股份购买资产暨关联交易的独立财务顾问，系在充分尽职调查和 内部核查的基础上，假设本次交易各方均按照相关协议约定的条款全面履行其所 有义务并承担其全部责任的前提下出具独立财务顾问报告，特做如下声明与承诺： 1、本独立财务顾问与本次交易各方均无其他利益关系，就本次交易所发表 的有关意见是完全独立进行的； 2、本独立财务顾问出具的独立财务顾问报告所依据的文件、材料由国信证 券、交易对方及交易标的提供。国信证券全体董事及交易对方均已出具承诺，对 所提供信息的真实、准确、完整负责，保证该等信息不存在虚假记载、误导性陈 述和重大遗漏，并对所提供信息的真实性、准确性和完整性承担个别和连带的法 律责任。本独立财务顾问不承担由此引起的任何风险和责任； 3、本独立财务顾问已按照法律、行政 ...

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报告书（草案）（上会稿） 修订说明的公告 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。 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"）。本次交易构成关联交 易，不构成重大资产重组，不构成重组上市。 公司于2025年4月11日收到深圳证券交易所出具的《关于国信证券股份有限 公司发行股份购买资产申请的审核问询函》（审核函〔2025〕130002号，以下简 称"审核问询函"），并于2025年6月10日披露了《国信证券股份有限公司发行股 份购买资产暨关联交易报告书（草案）（修订稿）》等文件。 证券代码：002736 证券简称：国信证券 公告编号：2025-041 相较公司于2025年6月10日披露的《国信证券股份有限公司发行 ...

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。 证券代码：002736 证券简称：国信证券 公告编号：2025-042 国信证券股份有限公司 关于深圳证券交易所审核公司发行股份购买资产暨关联交易 事项会议安排的公告 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"）。本次交易构成关联交 易，不构成重大资产重组，不构成重组上市。 根据深圳证券交易所有关工作安排，深圳证券交易所并购重组审核委员会拟 于近期审核公司本次交易事项，具体会议时间待确定后另行公告。 本次交易尚需通过深圳证券交易所审核并取得中国证券监督管理委员会同 意注册的批复，最终能否通过审核、取得注册，以及最终通过审核、取得注册的 时间仍存在不确定性。公司将根据该事项的进展情况，按照有关法律法规的规定 和要求及时履行 ...