| 证券代码：002736 | 证券简称：国信证券 | | 公告编号：2025-081 | | --- | --- | --- | --- | | 债券代码：149674 | 债券简称：21 国信 | 11 | 编号： -【】 | 国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券 （第五期）（品种二）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。 特别提示： 本期债券的债券简称为 21 国信 11，债券代码为 149674，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：2024 年 10 月 22 日至 2025 年 10 月 21 日 2、债权登记日：2025 年 10 月 21 日 3、债券付息日：2025 年 10 月 22 日 2025 年 10 月 21 日（含）前买入本期债券的投资者，享有本次派发的利息； 2025 年 10 月 21 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 2021 ...

Group 1 - The core viewpoint of the report is that the rising gold prices this year are expected to enhance the company's gross profit margin, with a long-term growth outlook for gold prices amid global risk aversion, leading to an "outperform" rating for Chow Tai Fook (01929) [1] - The company has revised its net profit forecasts for the fiscal years 2026-2028 to HKD 77.85 billion, 87.11 billion, and 95.43 billion, respectively, up from previous estimates of 74.25 billion, 84.14 billion, and 93.28 billion, with corresponding P/E ratios of 20.9, 18.7, and 17.1 times [1] Group 2 - For the quarter ending September 2025, the company reported a 4.1% year-on-year increase in overall retail value, recovering from a 1.9% decline in the previous quarter, with mainland China retail value up 3% and Hong Kong, Macau, and other markets up 11.4% [2] - Same-store sales turned positive across all markets, with a 7.6% increase in mainland China direct stores (9.9% excluding watch business) and an 8.6% increase in franchise stores, while Hong Kong, Macau, and other markets saw a 6.2% increase [2] - The company adjusted its store strategy by closing 296 underperforming stores, ending the quarter with a total of 6,041 stores, while also enhancing the new image store initiative, opening one new store in Beijing, bringing the total to eight [2] - The jewelry market is benefiting from dual demands for value preservation and fashion, with the company leveraging its product development, channel efficiency, and brand strength to achieve positive same-store sales [2] - The outlook for the gold jewelry industry is optimistic, driven by the demand for value appreciation and the rise of self-consumption among younger consumers, with the company focusing on R&D and high-margin products to sustain growth [2]

Core Insights - The recent week (2025.10.13-2025.10.17) saw mixed performance in overseas markets, with South Korea leading gains and Hong Kong experiencing significant declines, particularly the Hang Seng Tech Index which fell by 7.98%. The valuation divergence is evident, with the Korean Composite Index PE expanding by 2.7x while the Hang Seng Tech Index PE contracted by 1.7x [2][7] - In the A-share market, major broad indices collectively declined, with the CSI 500 down by 5.17%, CSI 1000 by 4.62%, and the National CSI 2000 by 4.69%. Only large-cap value stocks saw a slight increase of 2.08%, while growth styles experienced significant pullbacks. Overall, valuations contracted, with the CSI 2000 PE shrinking the most by 7.4x [2][28] - The essential consumer sector shows superior valuation attractiveness. The valuation metrics for food and beverage, as well as agriculture, forestry, animal husbandry, and fishery sectors, indicate significant room for valuation recovery, with their 1-year, 3-year, and 5-year average valuation percentiles being notably low [2][50] Global Valuation Tracking - The global equity markets exhibited mixed results, with notable valuation changes. The U.S. markets saw slight PE expansions, while European markets showed divergence with Germany and the UK declining, and France increasing. The Indian SENSEX30 is highlighted as having lower valuation percentiles compared to the French CAC40, indicating a valuation advantage [7][8] A-share Broad Index Valuation Tracking - As of October 17, A-share broad indices' PE, PB, and PS metrics are positioned between the 88%-96% percentile range over the past year, while PCF percentiles remain low at 12%-30%. In the short to medium term, large-cap value stocks are relatively superior, while small-cap growth stocks, despite recent pullbacks, still exhibit low valuation attractiveness [29][30] Industry Valuation Tracking - The majority of primary industries experienced declines, with only coal (+4.17%), banking (+4.89%), food and beverage (+0.86%), and transportation (+0.37%) showing gains. The TMT sector faced the most significant pullbacks, with electronic and computer sectors seeing PE contractions of 5.05x and 5.33x respectively [50][51]

Core Viewpoint - The article emphasizes the importance of building a high-quality investment banking and asset management institution that enhances the ability to serve the real economy and national strategies through cultural strength, thereby injecting new momentum into the high-quality development of the securities industry [1] Group 1: Commitment to Serving the Real Economy - The company adheres to the fundamental purpose of financial services for the real economy, actively fulfilling its social responsibilities as a state-owned enterprise, and providing high-quality and efficient financial services [2] - As of June 2025, the company has completed 673 sponsorship and underwriting projects, raising a total of 624.81 billion yuan, including 320 IPO projects that raised 216.195 billion yuan [2] - The company’s bond financing services cover 982 enterprises across 31 provinces, with a financing scale of 5.71 trillion yuan, supporting the construction of a modern industrial system [2] Group 2: Enhancing Quality of Life - The company focuses on a customer-centric development philosophy, creating various wealth management brands to provide differentiated professional services throughout the investment cycle [3] - The implementation of a "responsibility culture" in specific services aims to better meet the financial needs of the public and promote a virtuous cycle of economic development and improvement of people's livelihoods [3] Group 3: Supporting National Development Strategies - The company actively engages in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, completing 156 sponsorship and underwriting projects that raised 125.599 billion yuan as of June 2025 [4] - It supports technological innovation by enhancing various financing tools and models, helping multiple enterprises grow into industry leaders [4] - The company has established a comprehensive service system for key regions, with 218 securities business outlets across 113 cities to meet local wealth management and corporate financing needs [4] Group 4: Commitment to Sustainable Development - The company integrates sustainable development concepts into its strategic and operational management, disclosing ESG reports annually since 2023 to showcase its ESG practices [5] - It has developed diverse green financial products and services, supporting regional industrial upgrades and guiding social capital towards sustainable development fields [5][6] - The company has invested 5.5719 million yuan in various charitable activities in the first half of 2025 to help consolidate poverty alleviation achievements [6] Group 5: Future Outlook - The company will continue to uphold its cultural values of compliance, professionalism, integrity, and harmony, promoting the integration of cultural construction with business development [6] - It aims to contribute more to building a strong financial nation by practicing a "responsibility culture" to support the real economy, a "professional culture" to serve national strategies, and an "innovative culture" to drive sustainable development [6]

Core Viewpoints - The article discusses the impact of recent U.S. tariffs on China, indicating that while there may be short-term disruptions in global assets, the medium-term trend of asset revaluation in China remains unaffected [1][6]. Credit Market - In September, M2 growth was 8.4%, down 0.4 percentage points from August, while M1 increased by 7.2%, up 1.2 percentage points from August, indicating a narrowing gap between M1 and M2 [3]. - New RMB loans in September were 1.29 trillion yuan, below the market expectation of 1.46 trillion yuan, reflecting a decrease of approximately 300 billion yuan compared to the same period last year [3]. Equity Market - Traditional manufacturing in China is poised to gain global pricing power due to a shift in capital expenditure structures and a slowdown in domestic capital spending [5]. - High-dividend blue-chip stocks and high-growth stocks are highlighted as key investment opportunities for the fourth quarter, with a focus on sectors like banking and utilities for stable returns, and new energy and AI for long-term growth potential [7]. Industry Research - The rebound in inbound tourism in China is expected to significantly boost the tourism sector, with total inbound tourism revenue projected to grow from $94 billion in 2024 to $525 billion by 2034 [11]. - The coal industry is anticipated to rebound in the fourth quarter due to supply constraints and increased demand, with expectations of higher coal prices supported by improved supply-demand dynamics [12]. - The non-ferrous metals sector is identified as a strong performer, driven by global political factors and trade disruptions, presenting investment opportunities in related resource sectors [13]. Macro and Fixed Income - The bond market is entering a recovery phase, with increased attractiveness for low-risk assets amid a declining risk appetite in the market [18]. - The bond market is expected to perform well in the fourth quarter, supported by a weak domestic demand environment and potential monetary policy easing [19]. - Interest rates are projected to remain low and volatile, influenced by economic recovery dynamics and the real estate market's stabilization [20]. Asset Allocation - The stock market is viewed positively in the long term, but caution is advised in the short term, with a focus on undervalued sectors and credit bonds offering yield spread opportunities [22].

Core Viewpoint - Guosen Securities Asset Management Co., Ltd. and Guosen Securities Co., Ltd. will suspend new investor sign-up for the Guosen Cash Increase Money Market Collective Asset Management Plan starting from October 18, 2025, while existing investors can continue normal subscription and redemption activities [1] Summary by Categories Company Actions - The suspension of new investor sign-up is effective from October 18, 2025 [1] - Existing investors will still be able to carry out subscription and redemption activities normally [1] Management Commitment - The management of the collective plan commits to managing and utilizing the assets with honesty, diligence, and responsibility, but does not guarantee profits or minimum returns [1]

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。 近日，国信证券股份有限公司（以下简称"公司"）子公司万和证券股份有限公司（以下简称"万和证 券"）收到中国证券监督管理委员会海南监管局（以下简称"海南证监局"）《海南自由贸易港跨境资产 管理试点业务备案回执》（以下简称"回执"），海南证监局对万和证券作为发行机构开展海南自由贸易 港跨境资管试点业务事项予以备案。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：002736 证券简称：国信证券 公告编号：2025-080 国信证券股份有限公司 关于子公司万和证券参与海南自由贸易港跨境资产管理试点业务获得 海南证监局备案的公告 2025年10月18日 根据有关法律法规及上述回执要求，万和证券将严格遵守反洗钱、反恐怖融资等义务，切实履行主动管 理职责，维护投资者合法权益，采取有效措施严格防范和控制业务风险，确保依法合规开展试点业务。 特此公告。 国信证券股份有限公司董事会 ...

Core Points - Guosen Securities announced that its subsidiary, Wanhua Securities, has received a filing receipt from the Hainan Securities Regulatory Bureau for the cross-border asset management pilot business in Hainan Free Trade Port [3] Group 1 - Wanhua Securities is now officially recognized as an issuing institution for the cross-border asset management pilot business in Hainan [3] - The filing indicates regulatory approval for Wanhua Securities to engage in cross-border asset management activities, which may enhance its operational capabilities in the financial sector [3]

Core Viewpoint - Guosen Securities' subsidiary, Wanhua Securities, has received a registration receipt from the Hainan Securities Regulatory Bureau for conducting cross-border asset management pilot business in the Hainan Free Trade Port [1] Group 1 - Wanhua Securities is recognized as an issuing institution for the cross-border asset management pilot business [1] - The registration marks a significant step for Wanhua Securities in expanding its business operations within the Hainan Free Trade Port [1]

国信证券股份有限公司 证券代码：002736 证券简称：国信证券 公告编号：2025-080 关于子公司万和证券参与海南自由贸易港跨境资产管理 试点业务获得海南证监局备案的公告 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。 特此公告。 国信证券股份有限公司董事会 2025 年 10 月 18 日 近日，国信证券股份有限公司（以下简称"公司"）子公司万和证券股份有 限公司（以下简称"万和证券"）收到中国证券监督管理委员会海南监管局（以 下简称"海南证监局"）《海南自由贸易港跨境资产管理试点业务备案回执》（以 下简称"回执"），海南证监局对万和证券作为发行机构开展海南自由贸易港跨 境资管试点业务事项予以备案。 根据有关法律法规及上述回执要求，万和证券将严格遵守反洗钱、反恐怖融 资等义务，切实履行主动管理职责，维护投资者合法权益，采取有效措施严格防 范和控制业务风险，确保依法合规开展试点业务。 ...