证券代码：524475 证券简称：25 国证 Y4 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（第四期）票面利率公告 发行人及全体董事及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。 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 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 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 四期）（以下简称"本期债券"）每 5 个计息年度为 1 个重定价周期，在每个重定 价周期末，发行人有权选择将本期债券期限延长 1 个重定价周期（即延续 5 年）， 或全额兑付本期债券。本期债券发行规模不超过 30 亿元（含 30 亿元）。 2025 年 10 月 15 日，发行人和主承销商在网下向专业机构投资者进行了票 面利率询价，本期债券利率询价区间为 1.80%-2.80%。根据网下向专业机构投资 者询价结果，经发行人和主承销商按照有关规定协商一致，最终确定本期债券票 面利率为 2.50 ...

国信证券党委书记、董事长张纳沙致辞 MACD金叉信号形成，这些股涨势不错！ ...

关于延长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（第四期）簿记建档时间的公告 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 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 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永续次级债 券（第四期）发行公告》，发行人及簿记管理人原定于 2025 年 10 月 15 日（T-1 日）15:00 到 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记 建档结果确定本期债券的最终票面利率。 (本页无正文，为《关于延长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（第四期）簿记建档时间的公告》之盖章页） 中国银 2025年10 月 15 日 3 因簿记建档当日市场变化较为剧烈，经全体簿记参与人协商一致，现将本期 债券簿记建档结束时间由2025年10月15日18:00延长至2025年10月15日19:00。 特此公告。 （以下无正文） 1 （本页无正文，为《关于延长国信证券股份有限公司 2025 年面 ...

该行表示，公司三季度收入表现亮眼，料收入同比+13%：收入端，该行预计Q3京东集团实现营收2939 亿元，同比+13%，主要由于国补带动京东零售收入增速较快(24Q3/25Q2收入yoy+5%/22%)。预计京东 零售收入增速+11%，其中带电类目增速高个位数增长，日百类目两位数增长;外卖业务单量环比Q2有所 增长，主要受季节带动，预计京东零售/京东物流/新业务Q3收入增速分别为+11%/+20%/+230%。 国信证券发布研报称，维持京东集团-SW(09618)"优于大市"评级，公司外卖新业务投入有节制、基本盘 电商效率不断提升，该行调整2025-2027年公司收入预测至13348/14197/14882亿元，调整2025-2027年公 司经调净利预测至298/408/567亿元，调整幅度为+2.2%/+1.7%/+1.2%。 运营情况看，该行预计京东Q3GMV增速15%左右(7-8月网上零售大盘yoy+12.9%)，份额持续回升，主 要受带电类目以旧换新带动;用户侧看，电商季度活跃购买用户、用户购频均保持强劲增长，主要受益 于国补以及外卖新业务带动，今年3-4月获取的首批外卖全新用户中，截至7月已有40% ...

Core Viewpoint - The green hydrogen and ammonia industry is entering a significant strategic opportunity period due to national policies promoting the increase of renewable energy non-electric consumption and the development of the green hydrogen and ammonia industry [1][2] Group 1: Policy Developments - The National Development and Reform Commission released a draft implementation plan for the minimum proportion target of renewable energy consumption and the responsibility weight system for renewable energy power consumption [1] - The plan includes mandatory assessments for renewable energy non-electric consumption, marking a shift in energy management focus from solely electricity to a multi-energy collaborative consumption model [2] Group 2: Market Implications - The inclusion of green hydrogen and ammonia as a compliant path in the policy creates unprecedented access for the industry, enhancing market demand and expectations [2] - The establishment of minimum non-electric consumption targets for provincial regions and key energy-consuming enterprises, along with punitive measures, creates a systematic market demand for green hydrogen and ammonia [2] Group 3: Investment Opportunities - Companies to watch in the green hydrogen and ammonia sector include Jin Feng Technology (002202.SZ), Yunda Co., Ltd. (300772.SZ), Sany Renewable Energy (688349.SH), Hewei Electric (603063.SH), and Huadian Technology (601226.SH) [1]

Core Viewpoint - The coal industry is expected to see profit improvements after a rebound in coal prices in the second half of 2025, with the fourth quarter showing potential for price increases due to tightening supply and seasonal demand recovery [1] Supply - In July, national raw coal production was 380 million tons, a decrease of 40 million tons (-9.5%) month-on-month and a reduction of 9 million tons (-3.8%) year-on-year; in August, production was 390 million tons, a year-on-year decrease of approximately 6 million tons (-3.2%) but a month-on-month increase of 9 million tons (+2.5%) [2] - The average monthly production from January to June 2025 is estimated at 401 million tons, while the average for July and August is 386 million tons, leading to an expected total annual production of approximately 4.71 billion tons, a year-on-year decrease of 1.1% [2] - The reduction in production is primarily from Inner Mongolia and Xinjiang, with expected annual decreases of -3.7% and -4.6%, respectively [2] - Coal imports showed a recovery in July and August, with an expected annual decline of about 16%, totaling 46 million tons for 2025, a year-on-year decrease of 15.8% [2] Demand - The expectation of a cold winter is increasing, with electricity consumption in July and August surpassing 1 trillion kWh, and thermal power generation showing year-on-year increases of 4.3% and 1.7% [3] - The China Electricity Council anticipates that electricity consumption growth in the second half of the year will exceed that of the first half, with a projected annual growth of 5%-6% for 2025 [3] - Chemical coal demand remains high, with significant year-on-year increases in coal-based PVC, ethylene glycol, and methanol production [3] - Iron and steel production is expected to maintain high levels, with daily average pig iron production above 2.4 million tons [3] Inventory - Inventory pressures across various segments have significantly eased compared to the first half of the year, supporting a rebound in coal prices [4] - Mainstream port inventories are at 60.43 million tons, down over 18 million tons from mid-May, and below the same period last year [4] - The inventory of key state-owned coal mines decreased by 8.25% month-on-month in August, returning to levels seen in the previous year [4] Price - Expectations of supply contraction have raised the bottom price for coal, with seasonal demand potentially opening up upward price movement [5] - After the National Day holiday, coal prices quickly stopped falling and rebounded, reflecting a sustained expectation of tightening supply [5] - The central price for coal in the fourth quarter is expected to target 750 yuan/ton, while coking coal prices are experiencing fluctuations due to supply disturbances and policy impacts [5]

Core Viewpoint - The report from Guosen Securities highlights the rapid penetration of automotive glass canopies, with a focus on addressing pain points related to heat insulation, privacy, and interactivity, indicating a promising growth trajectory for the automotive glass market, projected to reach 115 billion yuan by 2026 [1] Group 1: Market Trends - The automotive glass canopy is expected to evolve into next-generation products that address heat insulation, privacy, and interactivity issues, with a projected penetration rate of 18% by 2024 [1] - The global automotive glass market is anticipated to grow significantly, with single vehicle value ranging from 700 to 3,000 yuan [1] Group 2: Product Development - Heat-insulating canopies are currently the fastest to upgrade, utilizing physical sunshades and chemical coatings, with the latter being the preferred choice for mid-range vehicles, priced around 1,500 yuan [2] - The development of dimmable canopies is in the early stages, with various technologies like PDLC and EC being explored, and costs ranging from 3,000 to 10,000 yuan [3] - Display-grade canopies are still in the nascent phase but hold significant potential for future development as interactive media within vehicles [4] Group 3: Key Players - Fuyao Glass is identified as a leading player in the market, with comprehensive technical reserves and a growing market share, while companies like Shanghai Youxin Materials, Yutian Guanjia, and Keli Equipment are also recommended for attention [1]

- The report introduces a method for calculating index dividend points, which is crucial for accurately estimating the premium or discount of stock index futures contracts. The calculation considers the dividend impact of index constituent stocks on the index level. The formula for dividend points is: $ \text{Dividend Points} = \sum_{n=1}^{N} \left( \frac{\text{Dividend Amount of Component Stock}}{\text{Total Market Value of Component Stock}} \times \text{Component Stock Weight} \times \text{Index Closing Price} \right) $ Here, $N$ represents the number of constituent stocks, and the dividend date must fall between the current date $t$ and the futures contract expiration date $T$[42][43][45] - The report discusses the estimation of component stock weights, which are essential for calculating dividend points. The weights are adjusted dynamically based on the non-reinvested price changes of the stocks. The formula for estimating the weight of a stock $n$ at time $t$ is: $ W_{n,t} = \frac{w_{n0} \times (1 + r_{n})}{\sum_{i=1}^{N} w_{i0} \times (1 + r_{i})} $ Here, $w_{n0}$ is the weight of stock $n$ at the last disclosed date $t_0$, and $r_{n}$ is the non-reinvested price change of stock $n$ between $t_0$ and $t$[46] - The report explains the estimation of dividend amounts for constituent stocks. If the dividend amount is not disclosed, it is estimated using the formula: $ \text{Dividend Amount} = \text{Net Profit} \times \text{Dividend Payout Ratio} $ Net profit is predicted based on historical profit distribution patterns, and the dividend payout ratio is estimated using historical averages or previous years' data[48][51][52] - The report provides a method for predicting the ex-dividend date of constituent stocks. If the ex-dividend date is not disclosed, it is estimated using historical intervals between dividend announcement dates and ex-dividend dates. If historical data is insufficient or unreliable, default dates are used based on typical dividend schedules[52][57] - The accuracy of the index dividend point estimation model is analyzed. For the Shanghai Stock Exchange 50 Index and CSI 300 Index, the annual prediction error is approximately 5 points, while for the CSI 500 Index, the error is around 10 points. The model demonstrates high accuracy for predicting dividend points of stock index futures contracts, with the Shanghai Stock Exchange 50 and CSI 300 showing the best results[58][62] - The report tracks the premium and discount levels of stock index futures contracts, considering the impact of dividends. It analyzes daily basis spreads, the trend of premium/discount for main contracts, the term structure of basis spreads, and the historical percentile levels of current basis spreads. For example, as of October 14, 2025, the IH main contract is at the 72% historical percentile, IF at 73%, IC at 27%, and IM at 36%[13][27][31] - The report provides detailed data on the annualized premium/discount rates for various stock index futures contracts as of October 14, 2025. For IH, the annualized premium ranges from 1.15% to 20.26%; for IF, it ranges from -1.93% to 11.39%; for IC, it ranges from -11.13% to -67.88%; and for IM, it ranges from -14.11% to -52.57%[14]

Core Viewpoint - The recent trend of brokerage firms and public funds in China canceling their supervisory boards is closely related to regulatory requirements and aims to optimize corporate governance structures and improve operational efficiency [1][6][7] Group 1: Industry Movement - On October 13, China International Capital Corporation (CICC) and Shenwan Hongyuan announced they would no longer establish supervisory boards, transferring the responsibilities to the audit committee of the board of directors [4][5] - Since September, several other brokerages, including Dongxing Securities and Guosen Securities, have also announced similar cancellations of supervisory boards [5][6] - Public fund institutions like Huaxia Fund and Founder Fubon Fund have followed suit, indicating a broader industry trend [5][6] Group 2: Regulatory Context - The changes align with the new Company Law and related regulations, which require firms to clarify their internal supervisory structures by January 1, 2026 [7][8] - The new regulations aim to simplify and strengthen internal supervision mechanisms to enhance the overall governance level of securities, funds, and futures institutions [7][8] Group 3: Benefits of the Change - The cancellation of supervisory boards is expected to centralize and enhance the efficiency of the company's supervisory mechanisms, reduce management layers, and accelerate decision-making processes [6][8] - The audit committee, typically composed of independent directors, is seen as more capable of effective oversight compared to traditional supervisory boards [7][8] - This shift emphasizes the importance of transparency and accountability in modern corporate governance, with the audit committee directly reporting to the board of directors [7][8]

Group 1 - The core viewpoint of the news is that 威力传动 (Weili Transmission) has a significant reliance on wind power gearboxes, which constitute 98.23% of its revenue for the first half of 2025 [1] - As of the latest report, 威力传动 has a market capitalization of 6 billion yuan [2] Group 2 - The company conducted an investor survey on October 14, 2025, where the Vice President and Board Secretary, Zhou Jianlin, addressed investor inquiries [1]