Core Viewpoint - Guosen Securities maintains an "outperform" rating for Kuaishou-W (01024), projecting adjusted profits of 20.2 billion, 23.8 billion, and 28.1 billion CNY for 2025-2027, with a CAGR of 15% and corresponding PE ratios of 14x, 12x, and 10x [1] Group 1: Financial Performance - Kuaishou's first special dividend of HKD 0.46 per share totals HKD 2 billion, with a current shareholder return rate of around 2% [1] - By June 2025, Kuaishou's total available funds will reach 101.9 billion CNY, with net cash of 89.7 billion CNY after excluding borrowings [1] Group 2: Advertising Business - Kuaishou's advertising business accounts for over half of its revenue, with significant growth potential in ad monetization, currently at 0.23 CNY per hour for 2024 [2] - The company has improved its operational capabilities through governance changes and integration of its commercial and e-commerce departments [2] Group 3: AI and Technology - The OneRec recommendation algorithm upgrade has led to user engagement growth, while AI enhances advertising efficiency through more precise recommendations [3] - Kuaishou is positioned in the top tier of global AIGC companies, with a rapidly increasing revenue stream from its AI product, KuaLing, projected to exceed 125 million USD annually [4] Group 4: Market Position and Competition - KuaLing AI has over 45 million creators globally and has generated over 2 billion videos and 400 million images, establishing itself as a one-stop AI productivity engine [4] - Kuaishou's market share in AI video usage reached 30% as of May 2025, with a strong presence in both consumer and business sectors [4][5]

Transaction Overview - Transaction Method: Issuance of shares to purchase assets [1] - Target Asset: 96.08% stake in Wanhua Securities [1] - Transaction Price: 5.192 billion yuan [1] - Issuance Price: 8.25 yuan per share (adjusted for dividends) [1] - Number of Shares Issued: 629 million shares [1] Implementation Progress - Asset Transfer: Completed on August 26, 2025, with the company holding 96.08% of Wanhua Securities [1] - Capital Verification: New registered capital of 629 million yuan has been verified [1] - Share Registration: Application for new share registration accepted by Shenzhen Branch of China Securities Depository and Clearing Corporation [1] - Listing Date: Scheduled for September 10, 2025 [1] Changes in Shareholding Structure - Total Share Capital Post-Issuance: 10.242 billion shares (an increase of 629 million shares) [1] - Change in Major Shareholder's Holding: Deep Investment Control's stake diluted from 33.53% to 31.47% [1] - Control: No change in controlling shareholder or actual controller, remaining as Deep Investment Control and Shenzhen State-owned Assets Supervision and Administration Commission [1] Impact on the Company - Business Synergy: As both are securities companies, this acquisition enhances regional layout and capitalizes on Hainan Free Trade Port policy advantages [1] - Financial Performance: Growth in assets, revenue, and net profit, with a decrease in asset-liability ratio [1] - Earnings Per Share: Short-term decline in earnings per share due to share dilution [1] Lock-up Arrangement - Lock-up Period: New shares cannot be transferred within 12 months from the end of the issuance [1] - Share Nature: All shares are subject to limited transferability [1]

Core Points - The controlling shareholder of Guosen Securities, Shenzhen Investment Holdings Co., Ltd., saw its shareholding diluted from 33.53% to 31.47% [1] - China Resources Shen Guo Investment Trust Co., Ltd., a shareholder holding more than 5%, experienced a reduction in its stake from 22.23% to 20.87% [1] - Yunnan Hehe (Group) Co., Ltd., another major shareholder, had its shareholding diluted from 16.77% to 15.74% [1] - The changes in shareholding percentages are attributed to Guosen Securities issuing shares to acquire assets [1]

公司控股股东深圳市投资控股有限公司（以下简称"深投控"）及其他持股 5%以上股份的股东华润深国投信托有限公司（以下简称"华润信托"）、云南 合和（集团）股份有限公司（以下简称"云南合和"）不是本次发行的认购对象， 本次发行导致其持股比例被动稀释，具体情况如下： 1、控股股东深投控的股份变动情况 关于持股 5%以上股东持股比例变动超过 1%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。 一、基本情况 根据中国证券监督管理委员会《关于同意国信证券股份有限公司发行股份购 买资产注册、核准万和证券股份有限公司变更主要股东及实际控制人的批复》（证 监许可〔2025〕1824号），国信证券股份有限公司（以下简称"公司""国信 证券"）通过发行A股股份的方式向深圳市资本运营集团有限公司、深圳市鲲鹏 股权投资有限公司、深业集团有限公司、深圳市创新投资集团有限公司、深圳远 致富海十号投资企业（有限合伙）、成都交子金融控股集团有限公司、海口市金 融控股集团有限公司（以下简称"交易对方"）购买其合计持有的万和证券股份 有限公司96.08%股份，公司向交易对方发行股份的数量合 ...

证券代码：002736 证券简称：国信证券 上市地点：深圳证券交易所 国信证券股份有限公司 发行股份购买资产暨关联交易实施情况 暨新增股份上市公告书 （摘要） 独立财务顾问 二〇二五年九月 1 三、中国证券登记结算有限责任公司深圳分公司已于2025年9月2日受理公司 本次发行股票的新股登记申请材料，相关股份登记到账后将正式列入公司的股东 名册； 本公司及全体董事、监事、高级管理人员保证上市公告书及其摘要内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性承担相应的法律责任。 本公司董事、监事、高级管理人员承诺：如因提供的信息和文件存在虚假记载、 误导性陈述或者重大遗漏，给上市公司或者投资者造成损失的，将依法承担个别和 连带的法律责任。 根据《中华人民共和国证券法》等相关法律、法规的规定，本次交易完成后， 本公司经营与收益变化由本公司自行负责；因本次交易引致的投资风险，由投资 者自行负责。 投资者若对公告书及其摘要存在任何疑问，应咨询自己的股票经纪人、律师、 会计师或其他专业顾问。 1 特别提示 一、本次新增股份中，发行股份购买资产的发行价格为8.25元/股； 声明 ...

证券代码：002736 证券简称：国信证券 上市地点：深圳证券交易所 国信证券股份有限公司 发行股份购买资产暨关联交易实施情况 暨新增股份上市公告书 独立财务顾问 二〇二五年九月 声明 本公司及全体董事、监事、高级管理人员保证本公告书及其摘要内容的真实、 准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确 性和完整性承担相应的法律责任。 本公司董事、监事、高级管理人员承诺：如因提供的信息和文件存在虚假记载、 误导性陈述或者重大遗漏，给上市公司或者投资者造成损失的，将依法承担个别和 连带的法律责任。 根据《中华人民共和国证券法》等相关法律、法规的规定，本次交易完成后， 本公司经营与收益变化由本公司自行负责；因本次交易引致的投资风险，由投资 者自行负责。 投资者若对本公告书及其摘要存在任何疑问，应咨询自己的股票经纪人、律 师、会计师或其他专业顾问。 1 上市公司全体董事、监事、高级管理人员声明 本公司全体董事、监事、高级管理人员承诺本公告书及其摘要的内容真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并对公告内容的真实性、 准确性和完整性承担个别和连带的法律责任。 全体董事签名： | ...

京天股字（2024）第 614-10 号 北京市天元律师事务所 关于国信证券股份有限公司 发行股份购买资产暨关联交易之 实施情况的法律意见 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于国信证券股份有限公司发行股份购买资产暨关联交易之 实施情况的法律意见 致：国信证券股份有限公司 北京市天元律师事务所接受国信证券股份有限公司（以下简称上市公司或国 信证券）的委托，担任其发行股份购买资产暨关联交易（以下简称本次交易）事 项的中国法律顾问并出具法律意见。 本所及经办律师依据《公司法》《证券法》《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等法律、法规和规 范性文件及中国证券监督管理委员会（以下简称中国证监会）的有关规定为上市 公司本次交易出具了"京天股字（2024）第 614 号"《北京市天元律师事务所关 于国信证券股份有限公司发行股份购买资产暨关联交易的法律意见》（以下简称 《法律意见》）、"京天股字（2024）第 614-1 号"《北京市天元律师事务所关 于国信证券股份有限公司发行股份 ...

第一创业证券承销保荐有限责任公司 关于 国信证券股份有限公司 发行股份购买资产暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年九月 声明和承诺 本部分所述词语或简称与本核查意见"释义"所述词语或简称具有相同含 义。 本核查意见中，除非文义另有所指，下列简称具有如下含义： | 本核查意见/本独立 | 指 | 《第一创业证券承销保荐有限责任公司关于国信证券股份有 限公司发行股份购买资产暨关联交易实施情况之独立财务顾 | | --- | --- | --- | | 财务顾问核查意见 | | | | | | 问核查意见》 | | 重组报告书、报告书 | 指 | 《国信证券股份有限公司发行股份购买资产暨关联交易报告 | | | | 书（草案）》 | | 国信证券/上市公司/ | 指 | 国信证券股份有限公司 | | 公司 | | | | 独立财务顾问/一创 投行 | 指 | 第一创业证券承销保荐有限责任公司 | | 标的公司/万和证券 | 指 | 万和证券股份有限公司 | | 交易对方 | 指 | 深圳市资本运营集团有限公司、深圳市鲲鹏股权投资有限公 司、深业集团有限公司、深圳市创新投资集团有限公 ...

Group 1: Overall Industry Insights - The food and beverage industry is showing signs of stabilization in total volume and structural differentiation in H1 2025 [1] - In Q1 and Q2 2025, the food and beverage sector's revenue grew by 2.5% and 2.4% year-on-year, while net profit attributable to shareholders decreased by 0.3% and 2.1% respectively [1] - The recovery in consumer demand is gradually improving, supported by policy measures and the festive season in Q1, while Q2 faced challenges due to regulatory impacts on the liquor and dining sectors [1] Group 2: Alcohol Sector - The consensus on deceleration in the liquor sector has strengthened, with most companies entering an adjustment phase [2] - In Q2, major brands like Moutai and Wuliangye managed to achieve positive growth despite operational pressures, while other companies experienced revenue declines and worsened profit margins [2] - The market is currently focusing on marginal improvements in sales dynamics, with key indicators such as Moutai's batch prices being critical [2] Group 3: Consumer Goods - The consumer goods sector is experiencing stabilization and improvement, driven by proactive inventory reduction and macroeconomic policy support since Q4 2024 [3] - Leading companies in specific segments, such as sugar-free tea and functional beverages, are showing strong revenue growth, driven by category benefits and channel expansion [3] - The dairy sector saw significant profit improvements in Q2 due to reduced powder costs and lower credit impairments, while the snack sector faces cost pressures from rising raw material prices [3]

Core Viewpoint - The coal industry is expected to see a rebound in performance as the negative impacts from Q2 earnings reports have been exhausted, with the upcoming peak demand season and supply contraction expectations supporting coal prices [1] Supply - In July, coal production decreased significantly due to rainfall and checks on overproduction, with a reduction of 4 million tons month-on-month and 900 thousand tons year-on-year [2] - The four major coal-producing regions all experienced a decline in output, with Xinjiang showing the largest month-on-month reduction [2] - Domestic coal prices increased in July, and while imports saw a slight recovery, they remained at relatively low levels compared to historical data [2] Demand - July marked the beginning of the demand peak season, with a notable increase in thermal power generation and sustained demand for chemical coal [3] - National coal consumption in July reached 450 million tons, a year-on-year increase of 1.9% and a month-on-month increase of 12.5% [3] - The upcoming non-electric demand peak season in September, along with winter storage needs, is expected to support coal demand [3] Inventory - Inventory levels across various sectors have decreased, with port inventories lower than the same period last year, which may provide support for coal prices [4] - Key coal mines in six major regions saw a month-on-month inventory reduction of 8.63%, although year-on-year levels increased by 15.04% [4] Price - The coal price is expected to stabilize and rebound due to supply contraction expectations and the upcoming non-electric demand peak season [5] - In the thermal coal sector, prices have rebounded by nearly 100 yuan per ton, although they have recently declined from peak levels [5]