| 证券代码：002736 | 证券简称：国信证券 | | 编号：2025-029 | | --- | --- | --- | --- | | 债券代码：148282 | 债券简称：23 国证 | 04 | 编号： -【】 | 国信证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第三期） 2025 年付息公告 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。 2025 年 4 月 25 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 4 月 25 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第三期）（以 下简称"本期债券"）将于 2025 年 4 月 28 日支付利息，为保证本次付息工作 的顺利进行，方便投资者及时领取利息，现将有关事宜公告如下： 一、本期债券的基本情况 1、发行人：国信证券股份有限公司 2、债券名称：国信证券股份有限公司 2023 年面向专业投资者公开发行公 司债券 ...

Core Viewpoint - The resignation of Cheng Fei from the position of Vice President at Guosen Securities and his potential new role as General Manager at Dongfang Securities Asset Management highlights significant personnel changes within the asset management sector in China [2][3]. Group 1: Personnel Changes - Cheng Fei has resigned from his position as Vice President of Guosen Securities and will no longer serve as a director at Guosen Asset Management [2]. - Media reports suggest that Cheng Fei may join Dongfang Securities Asset Management as General Manager [2]. - Dongfang Securities confirmed that they are unaware of the specific situation regarding Cheng Fei's potential appointment [2]. Group 2: Cheng Fei's Background and Contributions - Cheng Fei, an experienced finance professional born in the 1980s, has held various significant positions in the financial sector, including roles at Guotai Junan Securities and Guosen Securities [2]. - He joined Guosen Securities in May 2021, where he was responsible for asset management and served as the chairman of Guosen Hongsheng Private Fund Management Co., Ltd. [2]. - During his tenure, Cheng emphasized the importance of focusing on client profitability and maintaining a strong performance in asset management products [3]. Group 3: Performance of Guosen Securities' Asset Management - Guosen Securities' asset management business reported impressive financial results, with revenues of 531 million yuan and 852 million yuan for 2023 and 2024, respectively, reflecting year-on-year growth of 45.23% and 60.55% [4]. - The contribution of the asset management business to Guosen Securities' overall revenue increased from 2.27% in 2022 to 4.23% in 2024 [4]. - As of 2024, the net asset value of Guosen Securities' various asset management products reached 144.764 billion yuan, with a notable increase in private equity fund sizes and investments [4].

Core Viewpoint - The article highlights the significant role of Guosen Securities in supporting technology innovation and the development of science and technology enterprises through comprehensive financial services, emphasizing its commitment to enhancing the financial ecosystem for innovation in Shenzhen [1][2][5]. Group 1: Financial Services and Achievements - Guosen Securities has completed a total of 670 equity projects, raising funds amounting to 603.71 billion yuan by the end of 2024, effectively utilizing the direct financing capabilities of the capital market [1]. - The company has provided comprehensive financial services throughout the lifecycle of technology enterprises, completing 319 IPO projects and raising 215.59 billion yuan, with notable contributions from the ChiNext and Sci-Tech Innovation Board [2]. - In the bond financing sector, Guosen Securities has completed 76 innovation and entrepreneurship bonds, with an actual underwriting scale of approximately 27.6 billion yuan [2]. Group 2: Investment Support and Fund Management - The private equity fund management subsidiary of Guosen Securities manages 25 funds with a total scale of about 15 billion yuan, having invested in 137 private equity projects with a cumulative investment of around 5 billion yuan [3]. - New funds focusing on sectors such as biomedicine and green energy have been established, with a total new fund scale of 3.825 billion yuan, reflecting year-on-year growth of 25% and 16% respectively [3]. Group 3: Alternative Investments - Guosen Securities has completed 106 alternative investment projects with an investment amount of 5.11 billion yuan, targeting sectors like new energy and high-end intelligent equipment [4]. - The company has invested over 1 billion yuan in more than 20 self-initiated projects in Shenzhen, focusing on industries such as network communication and biomedicine [4]. Group 4: Strategic Initiatives and Future Outlook - Guosen Securities aims to enhance its service efficiency for technology enterprises by leveraging its comprehensive service advantages, optimizing resource allocation, and promoting industry mergers and acquisitions [5][6]. - The company is actively collaborating with local governments in key economic regions to support the development of modern industrial systems and build a technology finance ecosystem [6]. - Looking ahead, Guosen Securities will continue to focus on high-tech industries and guide social resources to support critical areas, contributing to the high-quality development of the real economy [7].

Core Viewpoint - The article discusses the performance and ranking changes of the top ten listed securities firms in China for the year 2024, highlighting shifts in profitability and business performance across various segments [1][4]. Group 1: Performance Overview - As of April 22, 2024, 26 listed securities firms have released their annual reports, with all major firms disclosing their results, revealing a new ranking among the top ten [1]. - The top ten securities firms by net profit attributable to shareholders are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy Securities, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, with a total net profit of 106.48 billion yuan, accounting for 64% of the industry's total net profit [4]. - CITIC Securities stands out with a significant lead, reporting 63.79 billion yuan in revenue and 21.70 billion yuan in net profit, while the other firms are grouped closely behind [4]. Group 2: Business Segment Analysis - Proprietary trading has become a key performance driver for the top firms, with total proprietary income reaching 122.15 billion yuan, representing 38% of total revenue, an increase of approximately 6 percentage points from the previous year [6]. - Brokerage business has shown recovery, with the top ten firms generating 64.29 billion yuan in brokerage fees, a year-on-year increase of 10% [7]. - Asset management performance varied, with five firms reporting positive growth, notably Guosen Securities with a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [7]. Group 3: Strategic Developments - The industry is undergoing a transformation, with a focus on building first-class investment banks, as emphasized by major firms during their earnings calls [9][10]. - CITIC Securities plans to balance internal growth with external expansion to maintain its leading position, while Guotai Junan aims to leverage its stronger client base post-merger to enhance competitiveness [9]. - CITIC Construction Investment has outlined a two-step roadmap to strengthen its domestic and international competitiveness by 2035 [10].

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

Core Insights - The latest rankings of the top ten listed securities firms for 2024 have been revealed, with changes in positions based on net profit attributable to shareholders compared to the previous year [1][3] - The industry is experiencing a structural shift, with proprietary trading becoming a key performance driver, while brokerage and investment banking businesses face challenges [1][5] Group 1: Ranking Changes - The top ten securities firms by net profit are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, collectively accounting for 1,064.78 billion yuan in net profit, representing 64% of the industry's total [3] - CITIC Securities leads with a significant margin, reporting 637.89 billion yuan in revenue and 217.04 billion yuan in net profit, while the other firms in the "billion club" include Huatai Securities, Guotai Junan, China Merchants Securities, and China Galaxy [3][4] - CITIC Construction Investment dropped from sixth to eighth place, while GF Securities and Guosen Securities improved their rankings to sixth and seventh, respectively [3] Group 2: Business Performance - Proprietary trading has become the "ballast" for the performance of the top ten securities firms, generating a total of 1,221.45 billion yuan, which is 38% of total revenue, an increase of approximately 6 percentage points from the previous year [5] - The brokerage business saw a recovery, with total net income from brokerage fees for the top ten firms reaching 642.86 billion yuan, a 10% year-on-year increase [5] - In asset management, five firms reported positive growth in net income from asset management fees, with Guosen Securities leading at a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [6] Group 3: Investment Banking Challenges - The investment banking sector remains under pressure, with an average decline of 30% in net income from investment banking fees across eight firms, while only GF Securities and China Galaxy reported positive growth [6][7] - The competition in the market remains stable, with CITIC Securities, Huatai Securities, and CITIC Construction Investment leading in equity financing underwriting and advisory projects [7] Group 4: Strategic Directions - Major securities firms are focusing on building first-class investment banks in 2024, with CITIC Securities planning to balance internal growth and external expansion to maintain its leading position [8] - Guotai Junan aims to leverage its stronger client base and capital utilization to enhance its competitive edge, while CITIC Construction Investment has outlined a two-step roadmap to achieve top-tier status in the industry by 2035 [8]

本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音，并共同见证第七届新财富最佳投资顾问现场荣誉加冕。 0 1 积极拥抱财富管理转型浪潮， 2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标 ...

2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标已突破 4 万亿；AI技 术的飞速发展，也正在重构财富投研、营销、服务全链条的新范式。 本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音 ...

国信证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第四期）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。 证券代码：524240 证券简称：25 国证 06 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公司债券（第 四期）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公 司债券（第四期）（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 06，债券代码为 524240，期限为 10 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 4 月 18 日至 2025 年 4 月 21 日。最终发行规模 13 亿元，票面利率 2.25%，全场认购 1.58 倍。 经核查 ...

Core Viewpoint - The recent executive changes at Guosen Securities and Dongfang Hong Asset Management reflect ongoing transformations within the asset management industry, with expectations for new leadership to drive growth and innovation [1][3]. Group 1: Executive Changes - Guosen Securities announced the resignation of Cheng Fei as Vice President and his departure from the board of Guosen Securities Asset Management Co., Ltd. [1] - Cheng Fei is expected to join Dongfang Hong Asset Management as General Manager following the departure of Zhang Feng, who left for personal reasons [1][3]. - Dongfang Hong Asset Management reassured that Zhang Feng's departure would not impact the company's operations and expressed gratitude for his contributions [1]. Group 2: Company Background and Performance - Dongfang Hong Asset Management, a wholly-owned subsidiary of Dongfang Securities, is the first broker-dealer asset management company in China and has a strong focus on public fund management [3]. - During Cheng Fei's tenure at Guosen Securities, the asset management business saw steady revenue growth, with net income from asset management fees reaching 321 million yuan in 2022, 496 million yuan in 2023, and projected at 820 million yuan in 2024 [3]. Group 3: Strategic Insights - Cheng Fei emphasized the need for broker-dealer asset management firms to prioritize client investment returns over blind pursuit of scale, suggesting a more refined service approach for high-net-worth clients [4]. - He identified three major transitions for broker-dealer asset management: strategy transition, license transition, and brand transition, advocating for a shift from single to multi-strategy approaches [4]. Group 4: Industry Trends - The asset management sector is experiencing a wave of executive changes, with over 40 fund companies, including prominent names like E Fund and BlackRock, undergoing leadership transitions [5]. - Dongfang Hong Asset Management is undergoing a "second entrepreneurship" transformation, focusing on platform, diversification, and market-oriented development [7][8]. Group 5: Financial Metrics - As of December 2024, Dongfang Hong Asset Management's total entrusted asset management scale was approximately 216.57 billion yuan, with public fund management scale at 166.17 billion yuan, a decrease of over 17 billion yuan from the end of 2023 [9][10]. - Despite a significant reduction in non-monetary fund management scale, the company maintained a strong long-term investment performance, ranking first in the industry with a 165.10% return on actively managed stock investments over the past decade [10]. Group 6: Future Outlook - The company aims to enhance its integrated research and investment platform, improve its product management system centered on client needs, and strengthen its core competitiveness while leveraging the support of Dongfang Securities [11].