Group 1 - The core viewpoint of the article is to track and analyze the performance of various index enhancement portfolios and the factors influencing stock selection across different indices [1][2][3][17]. Group 2 - The performance of the CSI 300 index enhancement portfolio showed an excess return of -0.65% for the week and 16.53% year-to-date [5][21]. - The CSI 500 index enhancement portfolio had an excess return of -0.37% for the week and 8.50% year-to-date [5][23]. - The CSI 1000 index enhancement portfolio recorded an excess return of -0.53% for the week and 16.52% year-to-date [5][26]. - The CSI A500 index enhancement portfolio achieved an excess return of 0.02% for the week and 9.22% year-to-date [5][27]. Group 3 - In the CSI 300 component stocks, factors such as one-year momentum, quarterly revenue growth year-on-year, and three-month institutional coverage performed well [6][8]. - In the CSI 500 component stocks, factors like executive compensation, standardized expected non-operating income, and quarterly revenue growth year-on-year showed strong performance [6][10]. - For the CSI 1000 component stocks, factors such as expected PEG, standardized expected non-operating income, and three-month institutional coverage performed well [6][12]. - In the CSI A500 index component stocks, factors like executive compensation, three-month institutional coverage, and quarterly revenue growth year-on-year were notable [6][14]. Group 4 - The public fund index enhancement products for the CSI 300 had a maximum excess return of 1.16% and a minimum of -1.26% for the week, with a median of -0.17% [21][19]. - The CSI 500 public fund index enhancement products had a maximum excess return of 1.09% and a minimum of -1.70% for the week, with a median of -0.25% [23][20]. - The CSI 1000 public fund index enhancement products recorded a maximum excess return of 0.96% and a minimum of -1.05% for the week, with a median of -0.08% [26][24]. - The CSI A500 public fund index enhancement products achieved a maximum excess return of 0.77% and a minimum of -0.96% for the week, with a median of -0.07% [27][25].

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin JinGong, aiming to outperform the median returns of actively managed equity funds, with a focus on four main strategies: Excellent Fund Performance Enhancement, Super Expected Selection, Broker Golden Stock Performance Enhancement, and Growth Stability Combination [2][3]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy had an absolute return of -0.28% this week and a year-to-date return of 27.54%, ranking in the 53.24 percentile among active equity funds [1][10]. - The Super Expected Selection strategy achieved an absolute return of 1.29% this week and 45.51% year-to-date, ranking in the 20.03 percentile among active equity funds [1][19]. - The Broker Golden Stock Performance Enhancement strategy reported an absolute return of 0.39% this week and 33.97% year-to-date, ranking in the 39.18 percentile among active equity funds [1][20]. - The Growth Stability Combination had an absolute return of -1.23% this week and 51.45% year-to-date, ranking in the 14.27 percentile among active equity funds [1][29]. Group 2: Excellent Fund Performance Enhancement - This strategy aims to benchmark against the median returns of actively managed equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [7][34]. - The strategy has shown a historical annualized return of 20.31% from 2012 to mid-2025, outperforming the benchmark by 11.83% [37]. Group 3: Super Expected Selection - The strategy focuses on stocks with super expected events, selecting based on fundamental and technical criteria to build a portfolio that captures significant excess returns [40][41]. - It has achieved an annualized return of 34.49% from 2010 to mid-2025, outperforming the benchmark by 32.62% [41]. Group 4: Broker Golden Stock Performance Enhancement - This strategy leverages the broker's stock pool, reflecting both top-down industry analysis and bottom-up stock selection, aiming to outperform the ordinary equity fund index [42]. - The strategy has recorded an annualized return of 19.34% from 2018 to mid-2025, exceeding the benchmark by 14.38% [43]. Group 5: Growth Stability Combination - This strategy employs a two-dimensional evaluation system for growth stocks, prioritizing those closer to their earnings report dates to maximize excess returns [46]. - It has achieved an annualized return of 39.59% from 2012 to mid-2025, outperforming the benchmark by 34.73% [47].

Group 1 - The core viewpoint is that securities firms are accelerating the integration of branch offices to enhance operational efficiency and optimize resource allocation amid ongoing digital transformation in the industry [1][3] - As of September 19, 2023, a total of 114 branch offices have been announced for closure by 25 securities firms this year, including 11 subsidiaries and 103 business offices [2] - The firms with the highest number of closures include Guosen Securities with 21, followed by Founder Securities with 13, and Industrial Securities with 12 [2] Group 2 - The integration of branch offices is driven by the need to reduce operational costs and adapt to the shift of investor services to online channels due to advancements in financial technology [3] - Concurrently, securities firms are establishing new subsidiaries in regions with significant potential to enhance wealth management services and improve service quality [4] - The establishment of new regional subsidiaries helps firms integrate local resources, deepen cooperation with local governments and enterprises, and expand service coverage [4]

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Insights - The report highlights a significant increase in the profitability of listed brokerages, with a net profit of 102.1 billion yuan in the first half of 2025, representing a year-on-year increase of 63.1% [5][13] - The report emphasizes the strong performance of retail brokerage and proprietary trading, driven by a bullish market, with an annualized ROE of 7.81% [5][12] - The report suggests that the brokerage sector's fundamentals are favorable, with low valuations and institutional holdings, making it a high-risk-reward investment opportunity [5][14] Summary by Sections Brokerage Business - The brokerage business saw a year-on-year revenue increase of 39%, with retail brokerage income growing by 36% [30][31] - The average daily trading volume in the stock market increased by 66%, contributing to the growth in brokerage income [31] - The report anticipates continued high demand in the brokerage business due to a recovering market and low performance base in the third quarter [30][31] Investment Banking - Investment banking revenues increased by 11% year-on-year, with a notable surge in H-share IPOs, which grew by 719% [6][34] - The report notes that the A-share IPO market remains under strict regulation, but the relaxation of policies for tech companies is expected to improve the investment banking outlook [6][34] Asset Management - The asset management segment experienced a slight decline in net income, down 5% year-on-year, with a total asset management scale increase of 1% [40][48] - The report indicates that the market for non-monetary and equity funds has grown, with total assets under management reaching 20.2 trillion yuan and 8.4 trillion yuan respectively, reflecting year-on-year increases of 13% and 27% [48][49]

| 债券代码 | 债券简称 | | 债券代码 | 债券简称 | | | --- | --- | --- | --- | --- | --- | | 133840.SZ | 24 国证 | F1 | 524180.SZ | 25 国证 | 03 | | 133841.SZ | 国证 24 | F2 | 524204.SZ | 国证 25 | 04 | | 134035.SZ | 24 国证 | 04 | 524205.SZ | 25 国证 | 05 | | 134049.SZ | 国证 24 | 05 | 524240.SZ | 国证 25 | 06 | | 134054.SZ | 24 国证 | 06 | 524273.SZ | 25 国证 | Y1 | | 134081.SZ | 24 国证 | 07 | 524240.SZ | 25 国证 | K1 | | 134082.SZ | 24 国证 | 08 | 524302.SZ | 25 国证 | Y2 | | 134109.SZ | 24 国证 | 09 | 524360.SZ | 25 国证 | Y3 | | 134131.SZ | 国证 24 | 10 ...

债券简称：22 国信 06 债券代码：148087.SZ 债券简称：24 国证 03 债券代码：148593.SZ 债券简称：23 国证 02 债券代码：148179.SZ 债券简称：23 国证 04 债券代码：148282.SZ 债券简称：23 国证 06 债券代码：148313.SZ 债券简称：23 国证 08 债券代码：148426.SZ 债券简称：23 国证 09 债券代码：148513.SZ 债券简称：23 国证 10 债券代码：148531.SZ 债券简称：23 国证 11 债券代码：148532.SZ 债券简称：23 国证 12 债券代码：148549.SZ 债券简称：23 国证 13 债券代码：148550.SZ 债券简称：24 国证 01 债券代码：148580.SZ 债券简称：24 国证 02 债券代码：148592.SZ 平安证券股份有限公司 关于国信证券股份有限公司三分之一董事发生变动 的临时受托管理事务报告 债券受托管理人 （住所：广东省深圳市福田区福田街道益田路 5023 号 平安金融中心 B 座第 22-25 层） 2025 年 9 月 1 重要声明 本报告依据《公司债券发行与交 ...

债券简称：22 国信 06 债券代码：148087.SZ 债券简称：24 国证 03 债券代码：148593.SZ 债券简称：23 国证 02 债券代码：148179.SZ 债券简称：23 国证 04 债券代码：148282.SZ 债券简称：23 国证 06 债券代码：148313.SZ 债券简称：23 国证 08 债券代码：148426.SZ 债券简称：23 国证 09 债券代码：148513.SZ 债券简称：23 国证 10 债券代码：148531.SZ 债券简称：23 国证 11 债券代码：148532.SZ 债券简称：23 国证 12 债券代码：148549.SZ 债券简称：23 国证 13 债券代码：148550.SZ 债券简称：24 国证 01 债券代码：148580.SZ 债券简称：24 国证 02 债券代码：148592.SZ 平安证券股份有限公司关于 国信证券股份有限公司撤销监事会的 临时受托管理事务报告 债券受托管理人 （住所：广东省深圳市福田区福田街道益田路 5023 号 平安金融中心 B 座第 22-25 层） 2025 年 9 月 根据发行人披露的《国信证券 2025 年第二次临时股 ...

债券简称：22 国信 Y1 债券简称：22 国信 Y2 债券代码：149954.SZ 债券代码：149974.SZ 国泰海通证券股份有限公司 关于国信证券股份有限公司涉及取消监事会 和三分之一董事发生变动事项的 临时受托管理事务报告 受托管理人 （住所：中国（上海）自由贸易试验区商城路 618 号） 二〇二五年九月 契约锁 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《国信证券股份有限公司 2022 年面向专业投资者公开发行永续次级债券 之债券受托管理协议》（以下简称《受托管理协议》）等相关规定和约定、公开信 息披露文件以及国信证券股份有限公司（以下简称公司、国信证券或发行人）出 具的相关说明文件以及提供的相关资料等，由受托管理人国泰海通证券股份有限 公司（以下简称国泰海通证券）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断。 1 契约锁 一、取消监事会事项 经发行人 2025 年 8 月 29 日召开的国信证券股份有限公司第五届董事会第四 十四次会议（定期）和国信证券股份有限公司第五届监事会第二十七次会议（定 期）审议通 ...

Core Viewpoint - Guosen Securities enhances investment efficiency through a comprehensive tool system, integrating professional services with technology and strategies to capture market opportunities and implement investment strategies effectively [1][3]. Group 1: Investment Advisory Services - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently underway, aiming to identify outstanding investment advisors and empower investment advisory IP construction [1][2]. - The event includes a "Brokerage Investment Advisory Service Brand Show," showcasing institutional innovations in advisory services, AI-enabled advisory services, and buy-side advisory thinking [1]. Group 2: Technological Empowerment - Guosen Securities offers intelligent trading tools such as "Beixin Lingdong+" for automatic new share subscriptions and "Guosen Xinyi Sheng," which integrates T0 strategies, grid trading, and conditional orders to enhance capital utilization and capture trading opportunities [3]. - The strategy service package includes customized multi-asset portfolios from star advisors, transforming in-depth research reports into actionable strategies, and tools like "Stock Selection Treasure" to support confident stock selection decisions [4]. Group 3: Information and Education - The "Precision Information Station" integrates market dynamics, policy trends, industry turning points, and stock movements, providing real-time updates through the "Guosen Xintougu" platform, which filters out noise and delivers core information relevant to investors [5]. - Investment empowerment programs, including live classes and investment schools, are offered to enhance investors' decision-making abilities, transitioning them from merely following to making informed judgments [6].

Core Viewpoint - Guosen Securities breaks the shackles of standardized services by customizing exclusive paths for different client groups [1] Group 1: Customized Wealth Management Services - Retail clients receive inclusive services through "Guosen Xintougu," which offers account health diagnostics and portfolio configuration advice, supported by over 3,000 frontline advisors using live broadcasts and short videos to explain market logic [2][5] - High-net-worth clients benefit from "Guosen Leading 30," which collaborates with top market managers to design tailored cross-market, multi-asset, and multi-strategy allocation plans that align wealth management with life planning [2][5] - Innovative services like "Guosen Xinzhi Investment" provide post-purchase management solutions, with a dedicated advisory team diagnosing portfolio status and customizing adjustment plans based on clients' risk tolerance and liquidity needs [2][5] Group 2: Service Advantages in Wealth Management - Since the inception of the "Golden Sunshine" advisory service brand in 2005, Guosen Securities has expanded its reach to nearly 5 million clients, managing assets close to 500 billion [5] - The company has developed a comprehensive service system that includes pre-investment diagnostics, ongoing support during investment, and post-investment tracking [5] - A full-dimensional tool system enhances investment efficiency, from capturing market trends to implementing strategies [5] - "Guosen Xintougu" provides account health diagnostics and portfolio configuration advice, making professional guidance easily accessible through a combination of standardized headquarters and personalized branch services [5] - "Guosen Leading 30" connects with top market managers to create customized allocation plans across various markets and assets [5]