国信证券股份有限公司 年报信息披露重大差错责任追究制度 第一章 总则 第一条 为了提高国信证券股份有限公司（以下简称"公司"）的规范运作水 平，加大对年报信息披露责任人的问责力度，提高年报信息披露的质 量和透明度，增强信息披露的真实性、准确性、完整性和及时性，根 据《中华人民共和国证券法》、《上市公司信息披露管理办法》等法 律、法规、规范性文件的规定，结合公司实际情况，制定本制度。 第二条 本制度所指责任追究制度是指年报信息披露工作中有关人员不履行或 者不正确履行职责、义务或其他个人原因，对公司造成重大经济损失 或造成不良社会影响时的追究与处理制度。年报信息披露重大差错的 责任认定和惩处须提交董事会审议。 第三条 本制度所指年报信息披露重大差错包括年度财务报告存在重大会计差 错、其他年报信息披露存在重大错误或重大遗漏、业绩预告或业绩快 报存在重大差异以及监管部门认定的其他年度报告信息披露存在重大 差错的情形。具体包括以下情形： （一）年度财务报告违反《中华人民共和国会计法》、《企业会计准 则》及相关规定，存在重大会计差错； （二）会计报表附注中财务信息的披露违反了《企业会计准则》及相 关解释规定、监管部门关于 ...

国信证券股份有限公司 董事会专门委员会议事规则 （经第五届董事会第四十四次会议（定期）审议通过） 国信证券股份有限公司 董事会专门委员会议事规则 第一章 总则 各委员会对董事会负责，并根据《公司章程》、本规则和董事会赋予的权限 行使职权。 第三条 委员会及其成员应认真履行法律、法规、《公司章程》和本规则的规定， 公平对待所有股东，并关注其他利益相关者的利益。 第二章 委员会的组成 第四条 各委员会成员全部由董事组成，专门委员会成员应当具有与专门委员会职 责相适应的专业知识和工作经验。其中，薪酬与考核委员会由外部董事组 成，审计委员会由董事会任命 3 名或者以上董事会成员组成。审计委员会、 提名委员会、薪酬与考核委员会中独立董事应过半数并担任召集人，审计 1 第一条 为提升国信证券股份有限公司（以下简称公司）治理水平，保障董事会决 策的科学性、准确性和高效性，依据国家有关法律法规和监管规则的要求 以及《国信证券股份有限公司章程》（以下简称《公司章程》）的规定，结 合公司实际情况，制定本制度。 第二条 公司董事会设置以下五个专门委员会（以下简称委员会）： （一）风险管理委员会； （二）战略与 ESG 委员会； （ ...

GUOSEN SECURITIES (1) (1) (((((((( 股票代码 Stock Code：002736 991 国 信 证 券 股 份 有 限 公 司 에 年度报告 GUOSEN SECURITIES INTERIM REPORT 2025 战略愿景 打造全球视野、本土优势、创新驱动、科技引领的 世界一流综合型投资银行 价值观念 创造价值 成就你我 服务社会 文化理念 合规自律 专业务实 诚信稳健 和谐担当 01 第一节 重要提示、目录和释义 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人张纳沙、主管会计工作负责人及会计机构负责人周中国声明：保证本半年度报告中财务报告的真实、准确、 完整。 本报告经公司第五届董事会第四十四次会议（定期）审议通过。所有董事均已出席了审议本次半年报的董事会会议。 未有董事、监事、高级管理人员对本报告提出异议。 公司 2025 年半年度财务报告未经审计。 本报告中涉及的未来发展计划等前瞻性陈述属于计划性事项，不构成公司对投资者的实质性承诺，敬请投 ...

Group 1 - The core viewpoint of the report is that Guosen Securities has given a "better than market" rating to Lens Technology (300433.SZ) based on several growth drivers [1] - The company is expected to see revenue growth driven by the upgrade of foldable screens and materials [1] - The expansion of product matrix in smart automotive and cockpit-related businesses is another factor contributing to the positive outlook [1] - The listing in Hong Kong is seen as a move to enhance the company's global production capacity layout [1]

Group 1 - The core viewpoint of the report is that the ongoing "deposit migration" is creating significant investment opportunities in the non-bank financial sector, with a maintained "outperform" rating for the industry [1] - The capital market is currently in the second phase of a typical bull market, characterized by accelerated sector rotation and increased trading volume, attracting incremental capital [1] - The report outlines three phases of a bull market: the first phase is valuation repair, the second phase is hot sector rotation, and the third phase is significant valuation increase [1] Group 2 - "Deposit migration" is likened to "living water" for wealth, facilitating the influx of incremental capital into risk assets, particularly high-dividend assets [2] - The continuous decline in deposit rates is leading to a shift in customer behavior, with individuals seeking higher returns and diversified investments, prompting financial institutions to innovate their product offerings [2] - The competition among financial institutions is just beginning, driving product innovation and diversification strategies, expanding from traditional equity and fixed income to areas like cross-border, quantitative, and alternative investments [2]

Core Insights - Shenzhen has transformed from a fishing village to a global metropolis over 45 years, marking its anniversary with reflections from local brokerages on their role in the city's development [2][3] - Both Guosen Securities and China Merchants Securities have shared their growth stories, highlighting their contributions to Shenzhen's financial ecosystem and innovation [2][3] Company Growth Histories - Guosen Securities originated from one of the earliest brokerage offices in Shenzhen, evolving from a local entity with a registered capital of 100 million yuan to a national comprehensive securities company with total assets exceeding 500 billion yuan [2] - China Merchants Securities began as a securities division of China Merchants Bank in 1991, growing its total assets from 10 million yuan to over 720 billion yuan by the end of 2024, establishing a presence in 125 cities [3] Innovation and Industry Leadership - Guosen Securities has pioneered several industry innovations, including the first computer-assisted trading system and the first exchangeable bonds in the investment banking sector [4] - China Merchants Securities introduced the first multifunctional card in the Chinese securities market and launched the first professional online trading platform, setting benchmarks for online securities services [4] Strategic Directions and Practices - Guosen Securities emphasizes "deepening reform" and "market-oriented operations," implementing various reforms across its business lines to enhance efficiency and accountability [5][6] - China Merchants Securities has actively participated in local enterprise restructuring and has adapted its business structure to maintain resilience and growth, particularly during market reforms [7][8] Market Environment and Future Outlook - The Chinese capital market is experiencing a revival, with IPO activities increasing and market vitality improving, yet both brokerages face challenges in maintaining their competitive positions [9] - Despite a year-on-year revenue growth of 9.64% for China Merchants Securities in Q1 2025, its industry ranking has slipped from 9th to 11th, indicating the need for strategic adjustments to capitalize on market opportunities [9]

Core Viewpoint - Feixiang Technology has submitted a listing application to the Hong Kong Stock Exchange, with Guosen Securities (Hong Kong) as the sole sponsor [1] Company Overview - Feixiang Technology is a Chinese fabless semiconductor company focused on the design, research and development, and sales of RF front-end chips [1] - The product line covers various communication standards including 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, and is applied in mobile devices, IoT, automotive communication, and satellite communication [1] - The company is the fifth largest globally and the largest in China in terms of PA and PA integrated transceiver module supply, ranking first globally by shipment volume [1] - In 2020, the company became the first domestic enterprise in China to launch a fully 5G RF front-end solution supporting all 5G frequency bands [1] Business Model - The company adopts a fabless model, outsourcing production processes while focusing on high value-added areas such as research and development, sales, and marketing [1] Industry Outlook - The global RF front-end chip market is expected to continue growing, driven by emerging fields such as smart automotive, satellite communication, and IoT [1]

Group 1 - The core viewpoint of the article highlights the significant performance of the Sci-Tech Innovation Board (STAR Market), with the STAR 50 Index rising from 988.93 points to 1364.60 points, a cumulative increase of 37.99% year-to-date, outperforming the overall A-share index which rose 22.52% during the same period [1] - The STAR Market has shown a trend of strong fluctuations and excess returns, driven by the listing of more companies with core technologies and strong innovation capabilities, enhancing the overall quality and attractiveness of the market [1][29] - The demand for domestic substitution of key core technologies will continue to be strong, providing substantial growth opportunities for companies listed on the STAR Market amid global industrial chain restructuring and a focus on domestic circulation [1][29] Group 2 - The first bull market from March to July 2020 saw the STAR 50 Index surge from approximately 1029.75 points to 1721.98 points, a remarkable increase of 67.22%, indicating the STAR Market's leading position and strong momentum during that period [5] - The second bull market from March to July 2021 resulted in the STAR 50 Index rising from about 1219.71 points to 1610.77 points, achieving a growth of 32.06%, demonstrating the unique appeal of the STAR Market in the field of technological innovation [7] - The first bull market was characterized by a focus on hard technology sectors, with the pharmaceutical and biotechnology industries leading with an average increase of 126.43%, while the electronics sector followed with a 79.53% average increase [12] Group 3 - The second bull market displayed a structural differentiation, with the power equipment and electronics sectors dominating, achieving average increases of 62.45% and 51.95% respectively, reflecting the market's enthusiasm for advanced manufacturing [14] - The investment logic evolved from a focus on high growth and high valuation in the first bull market to a more rational approach emphasizing performance and the balance between growth and value in the second bull market [18][27] - The STAR Market's attractiveness continues to grow, as evidenced by its consistent outperformance compared to the ChiNext Index and the Shanghai Composite Index during both bull markets [28]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1] Core Insights - The non-bank financial industry is experiencing a recovery in brokerage business, driven by regulatory changes and market dynamics [4][5] - Recent regulatory updates aim to enhance the operational capabilities of securities firms, encouraging them to focus on quality development and specialized services [12][27] - The industry is witnessing significant mergers and acquisitions, exemplified by Guosen Securities becoming the major shareholder of Wanhua Securities, which is expected to enhance its competitive edge [6][13] Summary by Sections Investment Recommendations - The new regulations from the CSRC emphasize improving the operational quality of securities firms and encourage differentiation among smaller institutions [12][27] Market Review - Major indices showed varying degrees of increase, with the Shanghai Composite Index rising by 3.49%, and the CSI 300 Index increasing by 4.18% [14] - The non-bank financial index rose by 2.69%, ranking 18th among 31 primary industries [14] - A-share trading volume reached 12.94 trillion yuan, with a daily average of 2.59 trillion yuan, reflecting a 23.10% increase [17] Key Industry Data Tracking 1) Market Performance and Scale: The A-share market showed robust growth with significant increases in trading volume and index performance [17] 2) Credit Business: As of August 22, the margin financing balance was 2.16 trillion yuan, up 4.48% [20] 3) Fund Issuance: In July 2025, new fund issuance totaled 956.89 billion units, with stock funds accounting for 37.15% of the total [20] 4) Investment Banking: In July 2025, equity underwriting reached 661.82 billion yuan, with IPOs contributing 241.64 billion yuan [20] 5) Bond Market: The 10-year government bond yield was 1.78%, up 17.41 basis points since the beginning of the year [20] Regulatory Policies and Industry Dynamics - The CSRC has introduced new regulations to enhance the management of internet marketing by futures companies, aiming to strengthen customer protection and regulatory oversight [27] - The updated classification regulations for securities companies focus on promoting functional capabilities and high-quality development [27][29] Key Announcements from Listed Companies - Huayin Securities reported a 35.15% increase in revenue to 835 million yuan and a 172.72% increase in net profit to 336 million yuan [30] - Guosen Securities has been approved to acquire a 96.0792% stake in Wanhua Securities, marking a significant consolidation in the industry [30]

Industry Overview - The current real estate market remains under pressure, with no significant recovery observed. The fundamentals are still bottoming out, as indicated by a 6.5% year-on-year decline in national commodity housing sales from January to July 2025, which is a 1.0 percentage point increase in the decline compared to the first half of the year [2] - In July 2025, commodity housing sales and sales area were at 43% and 44% of the levels seen in the same period in 2019, marking the lowest levels since 2022 [2] Pricing Trends - The average selling price of new commercial housing is 9,613 yuan per square meter, reflecting a 2.6% year-on-year decrease, with the decline expanding by 0.5 percentage points compared to the first half of the year [3] - In July 2025, the selling prices of new residential properties in 70 cities decreased by 3.4% year-on-year, while the prices of second-hand homes fell by 5.9% year-on-year, although both categories have shown signs of narrowing declines [3] Policy Changes - In August 2025, Beijing and Shanghai implemented demand-side policy relaxations, allowing eligible families to purchase homes without restrictions outside the fifth ring road, and recognizing single adults as families for purchasing purposes [3] - Shanghai also adjusted commercial loan rates, removing the interest rate floor for first-time homebuyers and no longer distinguishing between first and second homes [3] Market Performance - The real estate sector outperformed the CSI 300 index by 0.3 percentage points this month, with an 11.3% increase since the last strategy report, ranking 16th among 31 industries [4] - The dynamic price-to-earnings ratio (PE) for the sector, excluding loss-making companies, is currently at 19.8 times based on the latest closing prices [4] Recommended Companies - The report suggests focusing on investment opportunities in the real estate sector, specifically recommending companies such as China Jinmao (00817), China Resources Land (01109), China Merchants Shekou (001979.SZ), Binjiang Group (002244.SZ), and Greentown China (03900) [1]