Group 1 - The core viewpoint is that after the recent reduction in deposit rates by major commercial banks, bank wealth management products have regained market attention, with the total scale reaching a historical high of 31 trillion yuan in April [1][2] - The growth in bank wealth management scale is driven by three main factors: the "seesaw" effect between stocks and bonds, the migration of funds from maturing fixed deposits to wealth management products, and increased marketing efforts by banks in the second quarter [1][2] - The weighted average annualized yield of bank wealth management products in April was 2.70%, with cash management products yielding 1.50%, pure bond products yielding 3.34%, and "fixed income +" products yielding 3.01% [1] Group 2 - As of May 20, the total scale of bank wealth management products continued to expand, reaching 31.28 trillion yuan, with expectations for further growth due to the recent reduction in deposit rates [2] - The decline in deposit rates is seen as the most significant short-term driver for the growth of wealth management products, with lower interest rates enhancing the attractiveness of these products compared to traditional deposits [2] - Despite the current growth, challenges are anticipated for the overall annual growth of bank wealth management products due to low credit bond yields and potential net asset value fluctuations [2] Group 3 - Bank wealth management subsidiaries are encouraged to enhance their asset allocation capabilities, focusing on bond investments and diversifying into multi-asset strategies [3] - To improve bond investment capabilities, wealth management subsidiaries should explore credit research, quantitative investment, and utilize government bond futures for hedging or arbitrage [3] - There is a need for building a comprehensive multi-asset allocation capability, including developing diverse asset research capabilities and establishing a collaborative investment team for new product and strategy development [3]

证券代码：524273 证券简称：25 国证 Y1 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（第一期）发行结果公告 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 亿元永续次级债券已获得中国证券监督管理委员会证 监许可2025628 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永续次级债 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 发行永续次级债券（第一期）（以下简称"本期债券"）的发行规模为不超过 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 5 月 16 日至 2025 年 5 月 19 日，共 2 个交易日。 最终发行规模 30 亿元，票面利率 2.20%，全场认购 2.03 倍。 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规则 ...

证券代码：524273 证券简称：25 国证 Y1 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（第一期）发行结果公告 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 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 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永续次级债 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 发行永续次级债券（第一期）（以下简称"本期债券"）的发行规模为不超过 30 亿元（含 30 亿元）。本期债券简称为 25 国证 Y1，债券代码为 524273。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 5 月 16 日至 2025 年 5 月 19 日，共 2 个交易日。 最终发行规模 30 亿元，票面利率 2.20%，全场认购 2.0 ...

袁超展望称，宏观政策将进入观察期，立足将已推出的现有政策用好用足。 近日，《中美日内瓦经贸会谈联合声明》发布后，中国资产市场有积极反应。未来，中美贸易政策走向 及其对中国资产的影响备受关注。 为此，证券时报记者专访了分管国信证券经济研究所的高管袁超。他表示，前期中国已打出政策组合 拳，增强中国资产应对外部环境变化的能力，当前关键在于用好用足现有政策。 袁超认为，中国经济韧性足、潜力大，在超大规模市场纵深、全产业链体系加速重构的背景下，中国经 济中长期发展具备坚实基础，资产重估的内在逻辑并未改变。 他谈到，目前中国资产的吸引力已从"估值修复"向"技术驱动+资产重估"切换，未来如果政策红利持续 释放、科技突破转化为盈利增长且地缘风险边际缓和，外资主动型长线资金或将加速入场。 用好用足现有政策 袁超接受证券时报记者采访时表示，中美贸易摩擦的缓和有利于中国进口产品价格回落，中国出口产品 价格回升。考虑到中国对美出口金额是中国对美进口金额的三倍多，因此"关税战"降温对产品价格回升 的推动作用或大于对产品价格回落的拖累。整体来看，这或拉动国内CPI（消费者物价指数）和PPI（工 业品出厂价格指数）企稳回升。 在此背景下， ...

Core Viewpoint - The securities industry is experiencing a mixed performance, with specific stocks showing gains while others decline, indicating a potential theme-based investment trend in the market [3][4]. Market Performance - As of May 16, 2025, the CSI All Share Securities Company Index (399975) decreased by 0.58%, with Western Securities (002673) leading gains at 0.66% and Hongta Securities (601236) experiencing the largest drop at 2.39% [3]. - The Securities ETF (159841) fell by 0.72%, with a latest price of 0.97 yuan and a turnover of 34.26 million yuan during the session [3]. Fund Development - The China Securities Regulatory Commission (CSRC) issued an action plan on May 7 to promote the high-quality development of public funds, emphasizing the importance of performance benchmarks for actively managed equity funds [3]. - The Securities ETF has seen a significant growth in scale, increasing by 1.928 billion yuan over the past year, ranking second among comparable funds [4]. Investment Opportunities - Zhongyin International suggests focusing on the securities sector, noting that the sector has just recovered from a previous gap and still holds significant value for allocation [4]. - The active equity funds currently have a low allocation to securities compared to performance benchmarks, indicating potential for increased capital allocation and valuation uplift in the sector [4]. Performance Metrics - The Securities ETF has achieved a net value increase of 23.82% over the past three years, ranking in the top 16.20% among index equity funds [5]. - The ETF's management fee is set at 0.50%, with a tracking error of only 0.007% over the past two months, indicating high tracking precision compared to peers [6]. Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the CSI All Share Securities Company Index is 19.36, placing it in the lower 3.61% of its historical range, suggesting it is undervalued [6]. - The top ten weighted stocks in the index account for 59.02% of the total index, with notable companies including CITIC Securities (600030) and Eastmoney Information (300059) [6].

Group 1 - The event held in Chengdu on May 15 aimed to promote investor education under the theme "Caring for Investors, Working Together" [1] - The establishment of the Sichuan Panda Investor Education Alliance marks a new phase in investor protection efforts, integrating resources and enhancing collaboration among financial institutions [2] - The event attracted nearly 20,000 participants, focusing on differentiated content for various demographics, including middle-aged, family investors, and young social media users [5] Group 2 - Interactive activities, such as games and workshops, were designed to engage participants and educate them on investment risks and rights [5][6] - The event creatively combined financial knowledge with local culture, providing a unique experiential learning environment [7] - Future trends in investor education are expected to emphasize a more stylized, business-oriented, and innovative approach to content delivery, catering to the evolving demographics of investors [8] Group 3 - The event highlighted the importance of investor protection as a foundation for stable capital markets and financial inclusivity [9] - A multi-faceted protection network was established, involving regulatory oversight, industry collaboration, and community participation [9]

Core Viewpoint - Guosen Securities Co., Ltd. is set to issue perpetual subordinated bonds with a total face value of up to 20 billion yuan, having received approval from the China Securities Regulatory Commission [1] Group 1: Bond Issuance Details - The company plans to issue the first phase of perpetual subordinated bonds aimed at professional investors, with a maximum issuance scale of 3 billion yuan [1] - The interest rate for the bonds has been set at 2.20% after consultations with professional institutional investors, within an inquiry range of 1.60% to 2.60% [1] - The bonds will have a repricing cycle of 5 years, with the issuer having the option to extend the term or redeem the bonds at the end of each cycle [1] Group 2: Issuance Schedule - The bonds are scheduled for offline issuance to professional institutional investors on May 16 and May 19, 2025 [2] - Detailed subscription methods will be published on the Shenzhen Stock Exchange and the Giant Tide Information Network on May 14, 2025 [2]

Core Viewpoint - The launch of the "Leading 30" brand by Guosen Securities represents a significant upgrade in wealth management services, focusing on comprehensive and professional buyer services to meet evolving client needs in the context of industry transformation and regulatory changes [2][4]. Group 1: Brand Launch and Industry Context - The "Leading 30" brand was unveiled during a press conference in Shenzhen, marking a shift towards more integrated and professional buyer services in wealth management [2]. - The initiative responds to the historical transformation of China's capital markets and the evolving demand for wealth management, moving from single product purchases to comprehensive lifecycle planning [4][8]. Group 2: Competitive Advantages - The brand is built on three leading advantages: - **Conceptual Leadership**: Wealth management is categorized into product research, strategy production, and client service, emphasizing a client-first approach [6]. - **Professional Leadership**: A systematic research framework is established, focusing on macro fixed income, subjective equity, quantitative strategies, and alternative investments, ensuring high-quality strategy solutions [6]. - **Service Leadership**: A "1+N" service model is implemented, combining investment advisors with asset allocation and product experts to provide tailored wealth solutions [6]. Group 3: Strategic Implications - The launch signifies a milestone in Guosen Securities' wealth management transformation, reflecting a broader industry shift from product sales to client-centric services [8]. - By integrating research, strategy, and service, Guosen Securities aims to support investors in their wealth progression journey, fostering a sustainable future in wealth management [8].

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 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 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永续次级债券（第 一期）（以下简称"本期债券"）每 5 个计息年度为 1 个重定价周期，在每个重定 价周期末，发行人有权选择将本期债券期限延长 1 个重定价周期（即延续 5 年）， 或全额兑付本期债券。本期债券发行规模不超过 30 亿元（含 30 亿元）。 2025 年 5 月 15 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 1.60%-2.60%。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 2.20%。 发行人将按上述票面利率于 2025 年 5 月 16 日及 2025 年 5 月 19 日面向专业 机构投资者网下发行。具体认购方法请参考 2025 年 5 月 14 日刊登在深圳证券交 易所网站（http://www.szse.cn）及巨潮资讯网（http:/ ...

关于延长国信证券股份有限公司 2025 年面向专业投资者 公开发行永续次级债券（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 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 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永续次级债 券（第一期）发行公告》，发行人及簿记管理人原定于 2025 年 5 月 15 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。 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 5 月 15 日 18:00 延长至 2025 年 5 月 15 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 开发行永续次级债券（第一期）簿记建档时间的公告》之盖章页） ril 日 0> 在 2 （本页无正文，为《关于延长国信证券股份有限公司 202 ...