国信证券股份有限公司2025年面向专业投资者公开发行 永续次级债券更名公告 2025 年 3 月 26 日，中国证券监督管理委员会以证监许可[2025]628 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永续次级债券的注册。 由于债券分期发行，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 2025 年面向专业投资者公开发行永续次级债券" 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永续次级债券 （第二期）"，债券简称"25 国证 Y2"。 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 2025 年面向专业投资者公开发行永续次级 债券之受托管理协议》《国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券债券持有人会议规则》。 2 the state （此页无正文,为《国信证券股份有限公司 2025 年面向专业投资者公开发行永 绞次级债券更名公告》之盖章页 ) 主承销商:中国银河证券股份有限公司 2025年 ...

国信证券股份有限公司 2025 年 面向专业投资者公开发行永续 次级债券（第二期） 信用评级报告 | -------------- 1 | | --- | | . | | 121 | | 172 | | 25 n/4 | | 服务 | 1 www.lhratings.com 联合〔2025〕3435 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 拟面向专业投资者公开发行的 2025 年永续次级债券（第二期）的信 用状况进行综合分析和评估，确定国信证券股份有限公司主体长期 信用等级为 AAA，国信证券股份有限公司 2025 年面向专业投资者 公开发行永续次级债券（第二期）信用等级为 AAA，评级展望为稳 定。 特此公告 二〇二五年五月二十九日 信用评级报告 | 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 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本 ...

这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Core Viewpoint - The domestic passenger car market in May continued its recovery trend, with retail sales increasing by 13% year-on-year to 1.93 million units, and the penetration rate of new energy vehicles rising to 47.3% [1] Sales Tracking - In May, the retail sales of passenger cars reached 1.93 million units, a 13% increase compared to May last year, and a 10% increase from the previous month. Cumulatively, retail sales for the year reached 8.802 million units, up 9% year-on-year [1] - Wholesale figures for May showed 2.329 million units, a 14% year-on-year increase and a 6% month-on-month increase, with cumulative wholesale sales for the year at 10.797 million units, up 12% year-on-year [1] - Insurance data indicated that 1.7086 million new passenger cars were registered in May, a 12.5% increase year-on-year, with new energy vehicles accounting for 911,700 units, up 23.9% year-on-year [1] Market Performance - In May, the CS automotive sector rose by 1.88%, with the CS passenger car index increasing by 1.12%. The CS automotive parts index rose by 2.52%, and the CS automotive sales and service index increased by 3.26% [2] - From the beginning of 2025 to date, the automotive sector has increased by 29.05%, outperforming the CSI 300 index, which rose by 11.92% [2] Cost Tracking - As of the end of May 2025, prices for float glass, aluminum ingots, and zinc ingots decreased by 24%, 3.2%, and 7.6% year-on-year, respectively [3] Inventory - The inventory warning index for Chinese automotive dealers in May was 52.7%, a decrease of 5.5 percentage points year-on-year and 7.1 percentage points month-on-month, indicating an improvement in the automotive circulation industry's prosperity [4] Market Focus - Developments in autonomous driving include companies like WeRide and Baidu expanding their robotaxi plans, with Tesla set to launch its robotaxi in June. Additionally, companies are accelerating the deployment of unmanned logistics vehicles [5] - A new 7 billion yuan industrial fund has been established in Shenzhen focusing on AI and embodied robotics [5] - New vehicle models include the Sea Lion 06EV, the Star Era ET facelift, and the Hongqi H6 facelift [5]

Group 1 - The company has signed a sales agency agreement with Guosen Securities and 14 other companies to expand the sales service network for the Anxin Value Win Mixed Securities Investment Fund Class A [1][2] - Investors can start handling various fund-related transactions such as account opening, subscription, redemption, and regular investment from June 9, 2025, through the newly appointed sales institutions [1][2] - The fund is identified by the code 024457, and investors are encouraged to review the relevant legal documents available on the company's website for detailed information [2] Group 2 - The announcement includes a list of 14 companies that will serve as sales service institutions for the fund, providing a broader access point for investors [1][3][5] - Investors are advised to follow the specific rules and procedures set by the sales institutions when engaging in fund investment activities [2][6] - The company emphasizes that the fund may participate in fee discount activities offered by the sales institutions, with details to be announced by those institutions [2][6]

Core Viewpoint - The article discusses the evolution and significance of the brokerage private fund custody business in China, highlighting its growth from inception to a trillion-dollar market, and emphasizing the role of custodians in safeguarding investor interests and enhancing industry stability [2][3][4]. Group 1: Development of Brokerage Private Fund Custody - The development of brokerage private fund custody is closely linked to the improvement of private fund regulations, with the new Fund Law in 2013 marking the beginning of this business [3]. - By the end of 2023, custodians managed a total of 139,400 private fund products with an asset scale of 18.82 trillion yuan, of which brokerages accounted for over 10,000 products and approximately 5.18 trillion yuan in assets [4]. Group 2: Regulatory Changes and Industry Standards - The introduction of the 2023 Private Fund Supervision Regulations and the 2024 Private Securities Investment Fund Operation Guidelines signifies a new phase of high-quality development in the private fund industry [5]. - The draft revision of the Securities Investment Fund Custody Business Management Measures aims to optimize the custody industry ecosystem and enhance the responsibilities of custodians [11]. Group 3: Competitive Landscape and Value Creation - Brokerages are adopting low-fee strategies in the private fund custody business, but the fixed costs associated with system construction and human resources make profitability challenging [6]. - Longjiang Securities suggests repositioning custody services from basic service providers to comprehensive service providers, enhancing the value chain through upgraded services [7]. Group 4: Integration of Services and Client Needs - Brokerages are expanding service offerings to include customized solutions for private fund clients, integrating various business segments to create a one-stop service experience [8][9]. - The establishment of funding platforms and hosting events for capital matching are part of the efforts to enhance service delivery and client engagement [9]. Group 5: Technological Advancements and AI Integration - The integration of AI technology in asset custody is transforming operational efficiency and risk management capabilities, enabling automated processes and real-time risk assessment [14][15]. - AI applications are enhancing customer service through intelligent systems that provide personalized experiences and improve client satisfaction [15]. Group 6: Risk Management and Industry Recommendations - The article emphasizes the need for a multi-dimensional risk identification system within custody institutions to address complexities in private fund management [16]. - Recommendations include enhancing the regulatory framework for private fund managers and improving information exchange mechanisms among industry participants to mitigate risks [17].

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科技创新公 司债券（第一期）发行公告》，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）（以下简称"本期债券"）的发行规模为不超 过 10 亿元（含 10 亿元）。本期债券简称为 25 国证 K1，债券代码为 524293，期 限为 3 年。本期债券发行价格为每张 100 元，采取网下面向专业投资者询价配售 的方式发行。 本期债券发行时间自 2025 年 6 月 5 日至 2025 年 6 月 6 日。最终发行规模 10 亿元，票面利率 1.82%，全场认购 2.86 倍。 经核查，发行人关联方南方基金管理股份有限公司认购本期债券 1.6 亿元。 本期债券承销商长城证券股份有限公司关联方博时基金管理有限公司认购本期 债券 0.9 亿元。前述认购报价公允、程序合规，符合相关法律法规的规定。发行 人的董事、监事、高级管理人员、持股比例超过 5%的股东及其他关联方未参与 本期债券认购，本期债券其他承销商及其关联方未参与本期债券认购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《深圳证券 交易所公司债券上市 ...

Summary of Key Points Core Viewpoint - The company intends to temporarily use idle raised funds to supplement working capital, which is deemed necessary for its operational needs and to enhance the efficiency of fund utilization [1][4][5]. Group 1: Fundraising Overview - The company raised a total of RMB 550,826,094.00 from its initial public offering, with a net amount of RMB 493,480,392.77 after deducting issuance costs [1]. - The company has established strict management protocols for the raised funds, including signing a tripartite supervision agreement with several banks [2]. Group 2: Fund Utilization Status - As of April 30, 2025, the company has committed RMB 33,456.12 million for various projects, with the following investment progress: - Fixture and component expansion project: 50.64% completed - Automation equipment upgrade project: 17.24% completed - R&D center project: 47.39% completed - Information system construction project: 52.25% completed - Working capital supplementation: 104.61% completed due to interest income from idle funds [2][3]. Group 3: Temporary Fund Supplementation Plan - The company plans to use up to RMB 80 million of idle funds for working capital, with a usage period not exceeding 12 months [3][4]. - The rationale for this decision includes recent market acquisitions and the need to address temporary cash flow shortages, which will also help reduce potential interest expenses [4][5]. Group 4: Approval Process - The board of directors and the supervisory board have approved the use of idle funds for working capital, ensuring compliance with relevant regulations and safeguarding the interests of shareholders [5].

证券代码：524293 证券简称：25 国证 K1 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）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科技创新公司债券 （第一期）（以下简称"本期债券"）发行规模不超过 10 亿元（含 10 亿元）。本 期债券期限为 3 年。 2025 年 6 月 4 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 1.30%-2.30%。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 1.82%。 2 3/4 （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）票面利率 ...

关于延长国信证券股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（第一期）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科技创新公 司债券（第一期）发行公告》，发行人及簿记管理人原定于 2025 年 6 月 4 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。 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 开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页) 布限公司 2025年 4 日 2 （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 开发行科技创新公司债券（第一期）簿记建档时间的公告》之盖章页） 中国钱 球券股份有限 2025年 6 月 4 日 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 ...