| 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 | | 受托管理人 | 中国银河证券股份有限公司 | | 增信措施情况 | 本期债券无增信 | | 信用评级结果 | 发行人主体长期信用等级 AAA,本期债券信用等级 AAA | | 信用评级机构 | 联合资信评估股份有限公司 | 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（第五期）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、暗箱操 ...

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 （第五期） 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 签署时间：二〇二五年十一月 本公司及其董事及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 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（第五期）"（以下简称"本期债券"）为本次债券项下 第五期，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 Y5"。 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 10 ...

Market Overview - The securities sector experienced a decline of 0.77% on November 12, with Xiangcai Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Changcheng Securities, which rose by 1.42% to a closing price of 10.68, and Tuitai Haidao, which increased by 0.87% to 19.80 [1] - Xiangcai Co. saw the largest decline, dropping 8.12% to 11.65, followed by Tusheng Securities, which fell 4.47% to 18.39 [2] Trading Volume and Value - Changcheng Securities had a trading volume of 631,600 shares, with a transaction value of 678 million yuan [1] - Xiangcai Co. recorded a trading volume of 1,324,800 shares, with a transaction value of 154.5 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.159 billion yuan from institutional investors, while retail investors saw a net inflow of 1.746 billion yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors on that day [2] Detailed Capital Flow for Selected Stocks - Changcheng Securities had a net outflow of 59.0186 million yuan from institutional investors, while retail investors contributed a net inflow of 71.0545 million yuan [3] - Guotai Junan Securities experienced a net inflow of 41.7866 million yuan from institutional investors, indicating a positive sentiment towards this stock [3]

Group 1 - The core point of the announcement is the appointment of Deng Dong as the new Deputy General Manager of Guosen Securities Asset Management Co., Ltd. [1][2] - Deng Dong has a diverse background in the finance industry, having previously worked at KPMG as an auditor, and held various positions at China Merchants Fund Management Co., Ltd. and Baoying Fund Management Co., Ltd. [1][3] - The appointment is effective from November 10, 2025, and Deng Dong joined Guosen Securities Asset Management in September 2025 [1][3] Group 2 - The announcement is made in accordance with the "Measures for the Supervision and Management of Directors, Supervisors, Senior Management Personnel and Practitioners of Securities and Fund Operating Institutions" [2] - The new appointment is categorized as a change in senior management at the fund management company [2] - Deng Dong holds relevant qualifications including securities and fund practitioner qualifications, and he has a master's degree [3]

Group 1 - The core viewpoint of the report indicates that the liquor industry is entering a phase of adjustment, with a consensus on reduced growth rates for 2024 and an expansion of performance declines in Q3 reports [1][2] - The food and beverage sector is expected to show stable overall volume and structural differentiation by 2025, with Q1/Q2/Q3 revenues growing by +2.5%/+2.4%/-4.77% year-on-year, and net profits declining by +0.3%/-2.1%/-14.6% [1] - The report highlights that the macroeconomic policies in Q4 could catalyze stock price increases due to low expectations in the capital market and low institutional holdings [1] Group 2 - The liquor sector is recommended for investment, particularly companies with pricing power and regional influence, such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, which are expected to achieve greater growth [2] - The consumer goods sector is anticipated to stabilize and improve in 2025, driven by inventory reduction and macroeconomic policy support, with leading companies in segments like sugar-free tea and functional beverages showing strong revenue growth [3] - The snack food segment reported a revenue increase of +22.4% and an 8.6% rise in profits in Q3 2025, despite rising costs from certain raw materials [3]

Market Overview - The market experienced fluctuations with the three major indices opening high but closing lower, with the Shanghai Composite Index down by 0.39%, the Shenzhen Component Index down by 1.03%, and the ChiNext Index down by 1.4% [1] - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion, a decrease of 180.9 billion compared to the previous trading day [1] AI Industry Outlook - CITIC Securities forecasts that by 2026, AI investment opportunities will focus on two main areas: 1) Investment opportunities around computing power, emphasizing leading companies, new technology upgrades, and local industrial clusters [2] - The report highlights the rapid growth in revenue from companies like OpenAI, indicating a shift towards commercializing AI applications across various industries [2] Coal-to-Gas Industry - Tianfeng Securities notes that the coal-to-gas sector is entering a new phase of industrial catalysis due to improved market pricing mechanisms and fair access for coal-to-gas companies [3] - There are currently 12 projects planned in China with a total capacity of 44 billion cubic meters per year, supported by abundant coal resources in Xinjiang and advancements in coal chemical technology [3] Automotive Industry Trends - Guosen Securities states that the Chinese automotive industry is transitioning from a growth phase to a mature phase, with annual sales growth slowing down and structural changes occurring due to the rise of new energy vehicles [4] - The report emphasizes the importance of brand development and globalization as key strategies for automotive companies to navigate the competitive landscape, alongside the significant market potential for smart driving applications [4]

Core Viewpoint - The article discusses the upcoming Guosen Securities 2026 Investment Strategy Conference, highlighting the focus on financial engineering and risk management strategies in the context of new economic cycles and paradigms [1][2]. Group 1: Conference Details - The conference will take place from November 20 to November 21, 2025, at the Shangri-La Hotel in Futian, Shenzhen, China [1]. - The event will feature various sessions, including discussions on multi-strategy enhanced portfolios and comprehensive risk models [2]. Group 2: Key Presentations - Zhang Yu will present on "Multi-strategy Enhanced Portfolios from an Enlightenment Perspective" [2]. - Zhang Xinwei will discuss "Comprehensive Risk Model Strategies" [2]. - Hu Zhichao will introduce a unified improvement framework for selection gene factors from a latent risk perspective [2]. Group 3: Panel Discussion - A roundtable forum titled "Seeking Insights for 2026" will be held, featuring prominent figures from various fund management companies [3]. - Participants include executives from Huaxia Fund, Haitong Fund, and Southern Fund, among others, discussing the role and opportunities of ETFs in asset allocation [3][4]. Group 4: Expert Profiles - Xu Wen, Deputy General Manager of Huatai-PB Fund, has over 24 years of experience in securities and fund management, with significant expertise in ETF management [4]. - Liu Bin, Chief Investment Officer at Harvest Fund, has 19 years of experience in fund management, focusing on quantitative investment strategies [7]. - Yang Chao from Tianhong Fund specializes in quantitative investment, managing over 7 billion in index-enhanced products [9].

Group 1 - The domestic automotive industry in China is transitioning from a growth phase to a mature phase, with annual sales growth slowing down and single-digit growth becoming the norm [1] - The increase in market share of new energy vehicles (NEVs) is leading to overcapacity in traditional fuel vehicles and rapid expansion in NEV production, indicating a structural shift in the industry [1] - By 2025, under the influence of tax incentives and subsidies, wholesale sales (including exports) are expected to exceed 34 million units, with NEV passenger vehicle and overall passenger vehicle export growth rates projected at 23% and 15% respectively [1] Group 2 - Brand building and globalization are identified as key strategies for automotive companies to maintain their market position amid intense competition in the NEV sector [2] - The domestic automotive supply chain has a strong foundation, with capabilities in production processes and cost control, which can support the expansion into new markets such as North America, Mexico, Europe, and Southeast Asia [2] - The advent of intelligent driving technology is expected to reshape the automotive industry, with significant market potential due to the large user base of 1.4 billion vehicles globally [2] Group 3 - The robotics industry is anticipated to follow a path from specialized to general applications, with smart vehicles being a key category within this sector [3] - The year 2026 is projected to be significant for the robotics industry, marking the mass production of Tesla's Gen3 robot and the listing of domestic manufacturers [3] - Investment opportunities are expected to arise in various segments of the robotics supply chain, driven by major players and technological advancements [3]

Group 1 - The core viewpoint of the news is that Hengshuai Co., Ltd. has a significant reliance on the automotive parts sector, which constitutes 98.9% of its revenue for the first half of 2025 [1] - As of the latest report, Hengshuai Co., Ltd. has a market capitalization of 11.1 billion yuan [2] Group 2 - The company held an investor meeting on November 11, 2025, where the board secretary answered questions from investors [1] - Other business segments contribute only 1.1% to the company's total revenue, indicating a strong focus on automotive components [1]

Group 1 - The announcement regarding changes has been approved by the company's first board of directors' fifteenth meeting and has been filed according to relevant regulations [1] - The announcement is issued by Guosen Securities Asset Management Co., Ltd. [1] - The date of the announcement is November 11, 2025 [1] Group 2 - Information about newly appointed senior management personnel is included [1] - Additional matters that need to be explained are mentioned [1]