| 本期债券发行规模 | 不超过人民币 30亿元(含 30亿元) | | --- | --- | | 支行人 | 国信证券股份有限公司 | | E承销商 | 中国银河证券股份有限公司、长城证券股份有限公司、中信建 | | | 证券股份有限公司 | | 壬管理人 | 中国银河证券股份有限公司 | | 曾信措施情况 | 本期债券无增信 | | 言用评级结果 | 发行人主体长期信用等级 AAA,本期债券信用等级 A-1 | | 言用评级机构 | 中诚信国际信用评级有限责任公司 | 国信证券股份有限公司 2026 年面向专业投资者公开发行短期公司债券（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、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，发行人不会操纵发行 定价 ...

国信证券股份有限公司2025年面向专业投资者公开发行 短期公司债券更名公告 2025 年 9 月 29 日，中国证券监督管理委员会以证监许可[2025]2219 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短期公司债券的注册。 （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短 期公司债券更名公告》之盖章页 ) 由于债券跨年及分期发行，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短期公 司债券"变更为"国信证券股份有限公司 2026 年面向专业投资者公开发行短期 公司债券（第一期）"，债券简称"26 国证 D1"。 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短期公司 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 短期公司债券债券持有人会议规则》。 2 特此说明。 （以下无正文） 1 3 3/5 (此页无正文，为 ...

国信证券股份有限公司 2026 年面向专业投资者公开发行 短期公司债券（第一期）信用评级报告 中诚信国际信用评级有限责任公司 | 编号:CCXI-20260002D-01 国信证券股份有限公司 2026 年面向专业投资者公开发行 短期公司债券（第一期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 | 发行人及评级结果 | 国信证券股份有限公司 AAA/稳定 | | --- | --- | | 债项及评级结果 | 国信证券股份有限公司 2026 年面向专业投资者公开发行短期 | | | A-1 公司债券（第一期） | | 发行要素 | 本期债券发行规模不超过人民币 30 亿元（含 30 亿元）。本期债券的期限为 365 天。本 | | | 期债券募集资金拟全部用于偿还公司有息债务。 | | | 中诚信国际肯定了国信证券股份有限公司（以下称"国信证券"、"公司"或"发行 | | | 人"）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、 | | 评级观点 | 投资银行较强的服务能力以及畅通的融资渠道等正面因素对公司整体经营及信用水平的 | | | 支撑作用；同时，中诚信 ...

牵头主承销商、债券受托管理人、簿记管理人 国信证券股份有限公司 2026 年面向专业投资者公开发行短期公司债券 （第一期） 发行公告 发行人 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：广东省深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层 签署时间：2026 年 1 月 住所：北京市朝阳区安立路 66 号 4 号楼 本公司及其董事、高级管理人员保证公告内容真实、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。 重要事项提示 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 9 月 29 日获 得中国证券监督管理委员会证监许可[2025]2219 号文，可向专业投资者公开发行面值余 额不超过 150 亿元的短期公司债券（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 2026 年面向专业投 资者公开发行短期公司债券（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"26 国证 D1"。 2． ...

Core Insights - The securities app market demonstrates strong resilience amid market fluctuations and technological changes, with an average monthly active user (MAU) of 127.28 million in the first 11 months of 2025, peaking at over 135 million in October [1][2]. User Engagement - The top 10 securities firms by MAU include Huatai Securities, Guosen Securities, and China Galaxy Securities, with Huatai's app achieving an average MAU of 8.25 million [4][5]. - A total of 18 firms reported an average MAU exceeding 1 million, indicating a competitive landscape [2][4]. App Development Trends - "High-frequency iteration" is a key trend, with the top 10 apps averaging 9 updates this year, focusing on trading features, market services, and AI capabilities [3][13]. - Guotai Junan's apps led the industry with 25 updates each, showcasing a commitment to continuous improvement [3][13]. Growth Metrics - Several apps achieved significant growth, with the highest increase seen in Industrial Securities' app, which grew by 67.64% from January to November [7][8]. - Year-over-year, 18 apps reported growth, with only two experiencing a decline [9][10]. Daily Active Users (DAU) - Huatai's app leads in DAU with an average of 337.97 million, significantly higher than the second-place app from招商证券 at 199.29 million [11][12]. AI Integration - The integration of AI in investment advisory services is a major focus, with firms like Guotai Junan and China Galaxy enhancing their apps with AI-driven features [13][14]. - The trend towards digital transformation is evident as firms aim to improve user experience and service efficiency through AI [13][14].

证券代码：002736 证券简称：国信证券 公告编号：2026-002 债券代码：149776 债券简称：22 国信 02 编号： -【】 国信证券股份有限公司 2022 年面向专业投资者公开发行公司债券 （第一期）（品种二）2026 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。 特别提示： 本期债券的债券简称为 22 国信 02，债券代码为 149776，本年度计息期间、 债权登记日及付息日等如下： 1、本年度计息期间：2025 年 1 月 11 日至 2026 年 1 月 10 日 2、债权登记日：2026 年 1 月 9 日 3、债券付息日：2026 年 1 月 12 日 2026 年 1 月 9 日（含）前买入本期债券的投资者，享有本次派发的利息； 2026 年 1 月 9 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 2022 年面向专业投资者公开发行公司债券（第一期）（品 种二）（以下简称"本期债券"）将于 2026 年 1 月 12 ...

Group 1 - The core conclusion indicates that in 2025, the A-share market will see significant inflows from active funds such as leveraged and private equity funds, while insurance capital will also play a substantial role, contrasting with the overall net redemption of actively managed public funds [1][2][3] - The report suggests that the current inflow of funds is primarily from high-net-worth individuals, and as the risk appetite of most residents gradually recovers from a low point, ordinary residents are expected to become the main source of market funds in 2026 [1][3] - The macroeconomic and microeconomic context of 2025 shares similarities with 2020, but the structure of incremental funds differs, leading to an estimated total inflow of 2 trillion yuan in 2026 as resident funds enter the market [1][4] Group 2 - In 2025, the main source of incremental funds in the A-share market will be active funds, with a notable inflow of 4.2 billion yuan from insurance capital and approximately 7 billion yuan from leveraged funds since July [2][19] - The report highlights that the inflow of funds in the first half of 2025 was characterized by a recovery in market sentiment, with significant contributions from retail investors and foreign capital, alongside a notable increase in insurance and ETF investments [2][14] - The report indicates that the incremental funds in 2025 primarily flowed into technology and dividend sectors, with insurance capital showing a marked increase in allocation to banking and transportation sectors [2][14] Group 3 - The report emphasizes that the process of resident funds entering the market is still in its early stages, with indications that the current inflow is largely from high-net-worth individuals, as the majority of residents have not yet shown significant signs of entering the market [3][33] - It notes that while there is a warming trend in the risk appetite of residents, many remain cautious, with a significant portion of their funds still allocated to low-risk products [3][36] - The report also points out that the overall risk appetite of residents remains low, which may hinder a broader influx of resident funds into the market [3][41] Group 4 - The report forecasts that in 2026, the A-share market is expected to see a net inflow of 2 trillion yuan, driven by increased participation from retail investors and sustained high inflows from insurance capital [4][55] - It outlines that the inflow of funds will be supported by a combination of retail active funds, insurance capital, and improved conditions for public and foreign funds, with an estimated 10 billion yuan from retail and 7 billion yuan from insurance capital [4][57] - The report anticipates that the overall dividend scale will continue to grow, with an expected inflow of approximately 9.5 billion yuan in 2026, reflecting a trend of increasing dividend payouts by listed companies [4][57]

Core Viewpoint - The financial sector is experiencing a significant decline, with brokerage firms and insurance companies leading the downturn [1]. Group 1: Sector Performance - The financial sector, including brokerage and insurance, has seen notable declines, with the brokerage sector down by 2.74% and insurance down by 3.99% [2]. - Other sectors also reported losses, with engineering machinery down by 1.60% and basic metals down by 1.50% [2]. Group 2: Individual Company Performance - Huayin Securities has hit the daily limit down, falling by 10.00% to a price of 16.92 [3]. - Huashan Securities dropped by 5.58% to 7.11, while Huatai Securities fell by 4.88% to 23.99 [3]. - Other notable declines include China Ping An down by 4.63% to 70.05, and Guangfa Securities down by 4.19% to 22.19 [3]. - Several other companies, including CITIC Securities and Changjiang Securities, also experienced declines ranging from 2.57% to 3.19% [3].

智通财经APP获悉，国信证券发布研报称，我国通用航空产业正迎来由政策、技术、市场共同驱动的新 机遇。低空经济成为国家战略，无人机与eVTOL技术全球领先。行业短期内将聚焦海上运输等高价值 专业场景，并遵循"先载货后载人"路径发展。与美国相比，我国在基础设施和机队规模上仍有巨大潜 力。 国信证券主要观点如下： 通用航空以航空器制造和飞行活动为核心，除了军用以及民用客货运航班以外，其他所有的飞行活动都 可以归入通用航空的范畴 通用航空具有灵活性、个性化的服务特点，作业范围广、作业空域低、作业时效性强，涉及多样化民用 领域。传统通用航空器以固定翼飞机和直升机为主，技术和应用都比较成熟。新兴通用航空器则以无人 机和eVTOL为代表，具有智能化、无人化和绿色化等特点。 通用航空在我国迎来新发展机遇主要源于政策、技术和市场化三个因素推动 政策方面，低空经济上升成为国家战略推动空域管理制度变革以及带动通航基础设施和运营体系建设完 善，为产业发展创造了有利条件。技术方面，我国企业通过收购深度参与通航整机研发制造，并且在无 人机市场和eVTOL适航取证方面也实现全球领先。产业化方面，我国将实施大规模应用场景扩容行 动，未来低空 ...

Group 1 - The global 3D printing industry is expected to exceed 150 billion RMB in 2024, with a potential market size of 100 billion USD in the next decade, driven by the maturity of 3D printing technology and its advantages over traditional manufacturing methods [1] - The consumer-grade 3D printing market is dominated by domestic manufacturers, with a projected market value of 4.1 billion USD in 2024, growing to 16.9 billion USD by 2029, reflecting a compound annual growth rate (CAGR) of 33% [1] - Major domestic players hold over 70% of the global market share in consumer-grade 3D printers, with TuoZhu Technology and Chuangxiang Sanwei being market leaders [1] Group 2 - The industrial 3D printing sector requires breakthroughs in core components such as high-end lasers, galvanometers, and inkjet nozzles, which are currently dominated by foreign manufacturers [2] - Industrial 3D printing is transitioning from "test-type" applications to "scale" applications, demonstrating significant value in sectors like shoe molds and commercial aerospace [2] Group 3 - Domestic manufacturers are making continuous breakthroughs in various aspects of 3D printing, with Aisike achieving domestic production of piezoelectric inkjet printheads and 100% localization in 3D metal printing equipment [3] - JinChengZi is a leader in laser processing control systems and is also expanding into consumer-grade products, while SiKan Technology leads in industrial 3D scanning and is entering the consumer market [3] - Chuangxiang Sanwei is a global leader in consumer-grade 3D printing and is actively developing an AI ecosystem, while other companies like Huasu High-Tech and Bolite are expanding into new markets such as consumer electronics and commercial aerospace [3]