Core Viewpoint - Guosen Securities plans to issue a public bond for professional investors, with a total scale not exceeding 4.3 billion yuan, aimed at repaying interest-bearing debts and supplementing operational funds [1] Group 1 - The bond issuance is the sixth phase and will have a term of 3 years [1] - The coupon rate will be determined after an inquiry process [1] - The bonds will be unsecured and will adopt a public inquiry method for professional institutional investors [1] Group 2 - The funds raised will be used to repay the company's interest-bearing debts and to supplement operational capital [1]

国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第六期）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、监事、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、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他相关利益主体 输送利益，不直接或通过其他利益相关方向参与认购的投资者提供财务资助、变 相返费，不会出于利益交换的目的通过关联金融机构相互持有彼此发行的债券， 不实施其他违反公平竞争、破坏市场秩序等行为。 发行人如有董事、监事、高级管理人员、持股比例超过 5%的股东及其他关 联方参与本期债券认购，发行人将在发行结果公告中就相关认购情况进行披露。 中国证券监督管理委员会、深圳证券交易所对债券发行的注册或审核，不代 表对债券的 ...

国信证券股份有限公司2024年面向专业投资者公开发行 公司债券更名公告 2024 年 11 月 29 日，中国证券监督管理委员会以证监许可[2024]1722 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公司债券的注册。 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 2024 年面向专业投资者公开发行公司债 券"变更为"国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第六期）"，债券简称"25 国证 10"。 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 2024 年面向专业投资者公开发行公司债券 之受托管理协议》《国信证券股份有限公司 2024 年面向专业投资者公开发行公司 债券债券持有人会议规则》。 （以下无正文） 1 (此页无正文,为《国信证券股份有限公司 2024 年面向专业投资者公开发行公 司债券更名公告》之盖章页 ) 2 （此页无正文，为《国信证券股份有限公司 2024 年面向专业投资者 ...

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 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 （第六期） 发行公告 住所：深圳市福田区福田街道福华一路 119 住所：广东省深圳市福田区福田街道金田路 号安信金融大厦 2026 号能源大厦南塔楼 10-19 层 签署时间：二〇二五年九月 本公司及其董事、监事、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 2024 年 11 月 29 日 获得中国证券监督管理委员会证监许可[2024]1722 号文，可向专业投资者公开发行面值 总额不超过 200 亿元的公司债券（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 2025 年面向专业投 资者公开发行公司债券（第六期）"（以下简称"本期债券"）为本次债券项下第八期， 发行规模为不超过人民币 43 亿元（含 43 亿元），债券简称"25 国证 10"。 2．本期债 ...

跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 9 月 8 日 2 国信证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第六期）信用评级报告 编号：CCXI-20253435D-01 国信证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第六期）信用评级报告 声 明 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取 ...

Group 1 - The core viewpoint of the news is that Guosen Securities has experienced fluctuations in its stock price and trading volume, with a notable year-to-date increase of 29.40% as of September 12 [1] - As of June 30, 2025, Guosen Securities reported a net profit of 5.367 billion yuan, representing a year-on-year growth of 71.00% [2] - The company has distributed a total of 27.626 billion yuan in dividends since its A-share listing, with 8.555 billion yuan distributed in the last three years [3] Group 2 - The stock price of Guosen Securities was reported at 14.04 yuan per share, with a market capitalization of 143.794 billion yuan [1] - The company’s main business segments include investment and trading (44.64%), wealth management and institutional business (43.68%), investment banking (5.21%), asset management (4.23%), and other businesses (2.24%) [1] - As of June 30, 2025, the number of shareholders decreased by 8.98% to 97,000, while the average circulating shares per person increased by 9.87% to 94,215 shares [2]

Core Viewpoint - The report from Guosen Securities indicates that the current overall PB valuation of the CSI Securities Index is 1.56 times, slightly above the five-year average, maintaining an "outperform" rating for the industry [1] Group 1: Performance Overview - In the first half of 2025, listed securities firms achieved revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, a year-on-year increase of 65.08% [1] - The active equity market has led to a steady increase in trading volume and margin financing balance, resulting in high growth in the performance of securities firms [1] - Among 42 listed securities firms, over 70% reported revenue growth, with 30 firms achieving both revenue and net profit growth; 22 firms saw net profit growth exceeding 50%, and 10 firms saw net profit growth exceeding 100% [1] Group 2: Revenue Breakdown - Revenue breakdown shows significant growth in various segments: brokerage at 63.45 billion yuan (up 43.98%), investment banking at 15.53 billion yuan (up 18.11%), asset management at 21.20 billion yuan (down 2.72%), interest income at 19.66 billion yuan (up 30.66%), and investment income at 112.35 billion yuan (up 53.53%) [1] - The proportion of revenue by segment is as follows: brokerage 25.2%, investment banking 6.2%, asset management 8.4%, interest income 7.8%, investment 44.6%, and others 7.8% [1] Group 3: Asset Allocation - As of the first half of 2025, the financial investment assets of listed securities firms reached 6,749.4 billion yuan, an increase of 684.2 billion yuan from the beginning of 2024, accounting for nearly 50% of total assets and about 250% of net assets [2] - The asset allocation shows two main trends: the proportion of OCI equity accounts continues to rise, reaching 571.6 billion yuan (8.5% of financial assets) by June 2025, and both equity and fund allocations have increased, while the proportion of fixed income has slightly decreased [2] Group 4: Business Dynamics - The average daily trading volume of A-shares in the first half of 2025 was 1,231.7 billion yuan, a year-on-year increase of 60%, with stock trading volume reaching 188.78 trillion yuan (single-sided), also up 61% year-on-year [2] - The commission rate for the securities industry in the first half of 2025 was 0.0182%, lower than the same period in 2024, indicating continued intense competition in the brokerage business [2] - The investment banking business showed improvement in domestic equity underwriting, while overseas equity underwriting experienced significant growth [2] Group 5: International Business - Chinese securities firms are accelerating their overseas expansion and enhancing international competitiveness, with leading firms taking a strong position in international business [3] - Innovative businesses such as RWA are providing opportunities for Chinese securities firms, with some actively applying for relevant licenses and expanding traditional businesses into digital and virtual asset fields [3]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Blucoco (00325), but has lowered the projected net profit for 2025-2027 due to the increased proportion of 9.9 yuan products potentially impacting gross margins and the ramp-up period for new IPs [1] Group 1: Financial Performance - The company has revised its net profit estimates for 2025, 2026, and 2027 to 8.05 billion, 11.38 billion, and 15.06 billion yuan, respectively, down from previous estimates of 10.31 billion, 14.67 billion, and 18.88 billion yuan [1] - The latest half-year performance shows total revenue of 13.38 billion yuan, representing a year-on-year increase of 27.9%, with revenue from 9.9 yuan products reaching 2.16 billion yuan [1] Group 2: Product Development and Market Strategy - The company plans to launch the "Hero Total Mobilization" Star Version 3rd product and the second product under the Sanrio IP "Kuromi" on September 12, which will enhance its product matrix and cater to diverse consumer needs [1] - As of the first half of the year, the company has commercialized 19 IPs, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year, indicating an increase in the contribution from diversified IPs [2]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Blucor (00325), but has lowered the projected net profit for 2025-2027 due to the increased proportion of 9.9 yuan products potentially impacting gross margins and the ramp-up period for new IPs [1] Group 1: Financial Performance - The company reported a total revenue of 1.338 billion yuan for the first half of the year, representing a year-on-year increase of 27.9% [1] - Revenue from the 9.9 yuan affordable products, including the Ultraman Star Edition, reached 216 million yuan [1] - The revised net profit projections for 2025, 2026, and 2027 are 805 million yuan, 1.138 billion yuan, and 1.506 billion yuan, respectively, down from previous estimates of 1.031 billion yuan, 1.467 billion yuan, and 1.888 billion yuan [1] Group 2: Product Development and IP Strategy - The company plans to launch the "Hero Total Mobilization" Star Edition product on September 12, along with the second wave of the Sanrio IP "Kuromi" products [1] - As of the first half of the year, the company has commercialized 19 IPs, with the top four IPs contributing 83.1% of total revenue in the first half of 2025, compared to 92.3% from the top three IPs in the same period last year [2] - The introduction of new products is aimed at enhancing the product matrix and meeting diverse consumer demands [1][2]

Core Viewpoint - The investment banking sector is experiencing a recovery with significant internal differentiation, as evidenced by a reduction in the number of loss-making firms and a notable performance improvement among leading brokerages [1][4]. Group 1: Profitability Trends - The number of brokerages reporting losses in investment banking has decreased from 20 in 2024 to only 10 in 2025, indicating a significant improvement in profitability [1][4]. - Leading brokerages such as CICC and CITIC Securities have turned losses into profits, with CICC's investment banking revenue soaring by 149.70% year-on-year, reaching 1.445 billion yuan [1][10]. - Despite the overall improvement, some brokerages, including Guojin Securities and Zhongtai Securities, have reported substantial losses, with Guojin Securities losing 98.07 million yuan [1][5]. Group 2: Market Shifts - In response to the changing IPO landscape in the A-share market, leading brokerages are increasingly focusing on the Hong Kong market, with CICC International achieving a substantial underwriting scale of 22.582 billion yuan in the first eight months of the year [2][11]. - The competitive environment in the Hong Kong market has led to a decline in profit margins for many brokerages, with average profit margins dropping to around 20%, significantly lower than the pre-"827 New Policy" levels of over 50% [2][13]. Group 3: Performance of Specific Brokerages - CICC has shown remarkable recovery, with its investment banking profit reaching 276 million yuan in the first half of the year, a significant turnaround from a loss of 784 million yuan in the previous year [10][11]. - Guojin Securities, despite high revenue of 377 million yuan, has seen its losses expand to 98.07 million yuan, highlighting the challenges faced by some brokerages in the current market [5][7]. - Zhongtai Securities has also experienced a shift from profit to loss, with a reported loss of 37.59 million yuan in the first half of 2025, down from a profit of 139 million yuan in the same period last year [4][5]. Group 4: Competitive Landscape - The competitive landscape in the Hong Kong IPO market is intensifying, with domestic brokerages capturing four of the top five spots in underwriting amounts, showcasing their growing competitiveness [2][16]. - The shift in focus towards the Hong Kong market has led to increased collaboration between A-share and Hong Kong brokers, as they work together to secure IPOs for companies looking to list in Hong Kong [14][15].