Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The financial sector, including banks, insurance, and securities firms, has shown remarkable performance, contributing significantly to the rise of the Shanghai Composite Index above 3400 points [1] - Recent policies such as interest rate cuts, new public fund regulations, and encouragement for insurance companies to increase equity investments have boosted market confidence and created opportunities for financial stocks, which are characterized by high dividends and low valuations [1] - The performance of financial stocks is expected to enhance overall market liquidity and promote valuation recovery in the sector [1] Group 2 - The China Securities Association released the first quarter bond underwriting rankings, highlighting the continued dominance of leading securities firms while smaller firms seek differentiated strategies [2] - Notable performers include CITIC Securities leading in green corporate bond underwriting, and Cinda Securities excelling in low-carbon transition and "Belt and Road" bonds [2] - The concentration of bond underwriting business is increasing, indicating a potential reshaping of the industry landscape [2] Group 3 - Fund managers are actively purchasing their own funds, with a total self-purchase amount reaching 54.4 million yuan since April 8, reflecting growing confidence in the market [3] - The self-purchase actions by fund managers are expected to support related fund companies and securities firms, contributing to a stabilization of market expectations [3] Group 4 - The enthusiasm for investing in the Beijing Stock Exchange has increased among public funds, with several thematic funds showing over 50% growth this year [4] - The strong performance of these funds indicates a rising interest in high-growth small and micro enterprises, which are becoming a key focus for thematic investment [4] - The improved financing environment for small and micro enterprises is likely to enhance their long-term development and positively impact the small and medium-sized board market [4]

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）信用评级报告 | | | www.lhratings.com 1 联合资信评估股份有限公司 评级总监： 二〇二五年五月九日 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，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受国信证券股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公 正的关联关系。 联合〔2025〕2722 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（第一期）的信 用状况进行综合分析 ...

| 本次债券注册规模 200 亿元 | | | --- | --- | | 本期债券发行规模 | 不超过 30 亿元(含 30 亿元) | | 发行人 | 国信证券股份有限公司 | | 主承销商 | 中国银河证券股份有限公司、国投证券股份有限公司、平安证券 | | | 股份有限公司 | | 受托管理人 | 中国银河证券股份有限公司 | | 增信措施情况 | 本次债券无增信 | | 信用评级结果 | 发行人主体长期信用等 言用等级 AAA | | 信用评级机构 | 联合资信评估股份有限 | 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）募集说明书 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、监事、高 级管理人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述和 重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。债 券发行的利率或者价格应当以询价、协议定价等方式确定，发行 ...

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 牵头主承销商、债券受托管理人 住所：北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 联席主承销商 住所：深圳市福田区福田街道福华一路 119 号安信金融大厦 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 1．国信证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 3 月 26 日获 得中国证券监督管理委员会证监许可[2025]628 号文，可向专业投资者公开发行面值总 额不超过 200 亿元的永续次级债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，"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"）为本次债券项下首期， 发行规模为不超过人民币 30 亿元（含 30 亿元），债券简称"25 国证 Y1"。 2．本期债券每张面值为 100 元，发行数量不超过 3,000 万张，发行价格为人民币 100 元/张。 3．根据《证券法》等相关规定，本期债券仅面向专业机构投资者 ...

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 （第一期）"，债券简称"25 国证 Y1"。 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》。 特此说明。 （以下无正文） 1 (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 续次级债券更名公告》之盖章页 ) 日 2 (此页无正文,为《国信证券股份有 ...

Core Viewpoint - The media sector is showing signs of recovery in Q1 2025, driven by strong performance in film content and the gaming market, alongside accelerated AI applications, highlighting the investment value of the sector [1] Group 1: Media Sector Performance - In Q1 2025, the A-share media industry achieved revenue of 1258.53 billion yuan, a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 110.77 billion yuan, up 28.63% year-on-year, marking a significant improvement after four consecutive quarters of decline [1] - The revenue and net profit growth is attributed to the film industry, particularly boosted by the box office success of "Nezha 2," as well as improvements from tax policy adjustments and base effect [1] Group 2: Gaming Market Insights - In the first quarter of 2025, the gaming market's actual sales revenue reached 857.04 billion yuan, reflecting a year-on-year growth of 17.99%, with mobile gaming revenue at 636.26 billion yuan, up 20.29% [2] - A total of 118 domestic games and 9 imported games were approved in April, with a cumulative issuance of 510 game licenses from January to April, representing a year-on-year increase of 7.6% [2] Group 3: Box Office and Variety Show Performance - The total box office in April 2025 was 11.97 billion yuan, down 46.5% year-on-year, indicating a lack of new film releases and necessitating attention to the recovery of domestic film content supply [3] - Mango TV continues to lead in the variety show market, with a market share of 16.09% for "Riding the Wind 2025" and 9.25% for "Detective," maintaining a strong position in the online variety show segment [3] Group 4: AI Applications and Investment Trends - Significant advancements in AI applications include the launch of various AI platforms and protocols by major companies such as Google and ByteDance, indicating rapid progress in the field [4] - In Q1, the global investment in AI and machine learning accounted for 57.87% of total venture capital, with OpenAI achieving a valuation of 300 billion USD following a new funding round [4]

Core Viewpoint - Guosen Securities is planning to acquire 96.08% of Wanhua Securities for a transaction price of 5.192 billion yuan, but the valuation raises concerns due to its high price-to-earnings ratio and questionable profit forecasts [1][11][12]. Valuation Analysis - The valuation of Wanhua Securities is approximately 5.4 billion yuan based on both income and asset-based methods, with minimal appreciation rates of 0.47% and 0.15% respectively [2][3]. - The projected price-to-earnings ratio for Wanhua Securities in 2024 is 84 times, significantly higher than the average of 51.39 times for 49 listed securities firms [11][12]. Profit Forecast Concerns - The profit forecast for Wanhua Securities from 2025 to 2029 shows a total net profit exceeding the total net profit of the past 20 years, raising questions about the accuracy of these projections [5][6]. - The projected net profits for 2025, 2026, and 2027 are 305.87 million yuan, 412.29 million yuan, and 538.66 million yuan respectively, which are all higher than historical performance [3][4]. Business Segment Analysis - The projected investment banking revenues for Wanhua Securities from 2025 to 2029 are expected to grow significantly, with annual increases predicted to exceed 20%, despite historical revenues not surpassing 80 million yuan [6][8]. - The current lack of equity investment banking projects at Wanhua Securities raises doubts about the feasibility of achieving the projected income levels [10]. Financial Health of Guosen Securities - Guosen Securities reported a decrease in net capital from 821.40 billion yuan in 2023 to 742.78 billion yuan in 2024, indicating potential liquidity issues [18]. - The company achieved a revenue of 20.167 billion yuan in 2024, a year-on-year increase of 16.46%, with net profit rising by 27.84% [18].

国信证券发布研报称，关注人形机器人进展带来的投资机遇。看好在技术升级迭代下人形机器人发展， 看好机器人量产后带来的潜在供应链零部件的需求和投资机会，推荐在六维力传感器等领域有持续布局 的公司凌云股份（600480）、中鼎股份（000887）等。 国信证券主要观点如下： 六维力传感器系人形机器人感知核心部件，重要性高、价值量大 传感器是人形机器人与外界交互的重要桥梁，人形机器人需搭载多种传感器(视觉、力觉、惯性、温度 等)，其中力传感器重要性高(感知并度量力)、价值量大(头豹研究院测算其在机器人中价值量占比16%); 力传感器按测量维度可分为一至六维，其中六维力可给出最全面力觉信息，在人形机器人上主要安装于 手腕、脚踝等部位，助力机器人实现精准感知和柔顺控制。 六维力传感器在结构设计、解耦能力、标定检测、工艺等方面具较高Know how，本质上是一项"系统工 程"：1)设计：涉及多个关键点，如弹性体选择与优化、应变片设计与选择等，弹性体需平衡刚度与灵 敏度，应变片种类较多且影响工艺路线选择;2)解耦：六维力需解决的核心问题，①结构解耦加工难度 高、成本较高;②算法解耦需对解耦模型改进，Know how较深;3) ...

Core Viewpoint - The company has undergone a significant asset restructuring in 2023, enhancing its operational capacity and financial stability through the integration of waste-to-energy assets and the introduction of new shareholders [1][2]. Group 1: Asset Restructuring and Financial Performance - In 2023, the company completed a major asset restructuring with China Environmental Protection, injecting waste-to-energy assets into the listed company and raising 3 billion yuan through a private placement [1]. - The company reported a Q1 2025 revenue of 1.422 billion yuan, a slight decrease of 0.16% year-on-year, while net profit attributable to shareholders increased by 42.72% to 282 million yuan [9]. Group 2: Project Expansion and Operational Strategy - The current operational scale of the company's waste incineration projects exceeds 50,000 tons per day, with plans for further expansion through mergers, overseas market development, and small-scale project development [2]. - The company is actively pursuing the integration of its waste management projects and is preparing for the injection of projects currently operated by its controlling shareholder [2]. Group 3: Revenue and Cost Management - The company has seen a steady increase in revenue from collaborative waste treatment services, with a focus on cost management leading to a reduction in operating costs [7]. - The company has a significant portion of its accounts receivable tied to government subsidies, accounting for approximately 28% of total receivables [5]. Group 4: Strategic Positioning and Future Outlook - The company is positioned as a key platform for solid waste management and resource recycling within the controlling shareholder's ecosystem, receiving strong support from China Energy Conservation [7]. - The company plans to maintain a dividend payout ratio exceeding 60% in 2024, with future shareholder return strategies to be aligned with operational performance [8].