| 债券代码：149536.SZ | 债券简称：21 | 国信 | 04 | | --- | --- | --- | --- | | 债券代码：149558.SZ | 债券简称：21 | 国信 | 06 | | 债券代码：149674.SZ | 债券简称：21 | 国信 | 11 | | 债券代码：149710.SZ | 债券简称：21 | 国信 | 13 | | 债券代码：149776.SZ | 债券简称：22 | 国信 | 02 | 中信证券股份有限公司（以下简称"中信证券"）作为国信证券股份有限公 司国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券(第二期)(品 种二)（债券简称"21 国信 04"，债券代码 149536.SZ）、国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券(第三期)(品种二)（债券简称"21 国信 06"，债券代码 149558.SZ）、国信证券股份有限公司 2021 年面向专业投资者公 开发行公司债券(第五期)(品种二（债券简称" ) 21国信11"，债券代码149674.SZ）、 国信证券股份有限公司 2021 年面向专业投资者公开发行公司债券 ...

根据深圳证券交易所债券上市的有关规定，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）符合深圳证券交易所债券上市条件， 将于 2025 年 9 月 23 日起在深圳证券交易所上市，并面向专业投资者中的机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | | 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 | 国证 25 10 | | | | | | 债券代码 | 524433 | | | | | | 信用评级 | AAA/AAA | | | | | | 评级机构 | | | 中诚信国际信用评级有限责任公司 | | | | 发行总额（亿元） | 38 | | | | | | 债券期限 | 年 3 | | | | | | 票面年利率（％） | 1.96 | | | | | | 利率形式 | 固定利率 | | | | | | 付息频率 | | 每年付息一次，到期 ...

Group 1: Financial Strategies and Initiatives - The company has implemented a cash dividend policy with a payout ratio exceeding 40% for four consecutive years (2021-2024), ranking first among large securities firms [7] - Cumulative cash dividends distributed over the past four years amount to CNY 13.361 billion, placing the company fourth among listed securities firms [7] - The company has completed 673 underwriting and sponsorship projects, raising a total of CNY 624.8 billion, with 114 projects in Shenzhen alone raising CNY 83.4 billion [9] Group 2: Green Finance and Innovation - The company has completed 23 green finance equity financing projects with a total financing scale of CNY 35.2 billion and issued 110 green bonds with an underwriting scale of approximately CNY 43 billion [3] - The company has established various green industry funds and has been involved in the issuance of innovative products such as the first domestic and international dual-certified climate bond [3] Group 3: Support for Small and Medium Enterprises - The company has conducted over 150 "insurance + futures" projects benefiting more than 80,000 rural households, contributing to rural revitalization [5] - A team of over 3,700 investment advisors has been established, covering 113 cities and regions to enhance wealth management services [4] Group 4: Digital and AI Innovations - The company has invested over CNY 1 billion annually in financial technology, developing a professional technical team of over 1,000 [6] - The launch of a new core trading system in 2024 has improved customer experience and operational flexibility [6] - AI applications have significantly enhanced service efficiency, reducing report preparation time from 2 hours to 10 minutes for investment advisors [16] Group 5: Cross-Border Financial Services - The company plans to optimize its product line for cross-border services, enhancing digital channels for seamless transactions [13] - Collaboration with Hong Kong operations will strengthen investor education and risk management in cross-border wealth management [13] Group 6: Research and Development Focus - The company aims to enhance research quality and asset allocation services, focusing on strategic areas such as technology and smart manufacturing [19] - A dual empowerment model for research and business will be established to improve strategic foresight and business alignment [19] Group 7: Commitment to Social Responsibility - The company emphasizes its role in providing financial services to small and medium-sized enterprises and private enterprises, ensuring accessible and efficient financial support [5] - Continuous efforts are made to enhance financial literacy among residents through various educational initiatives [5]

Group 1 - The A-share market saw a short-term rally in brokerage stocks, with Guosheng Financial Holdings rising over 5% [1] - Other brokerage firms such as Shouchuang Securities, Huatai Securities, CITIC Securities, and China Galaxy also experienced gains [1] Group 2 - Guosheng Financial Holdings increased by 5.77%, with a total market capitalization of 38 billion and a year-to-date increase of 49.89% [2] - Shouchuang Securities rose by 2.62%, with a market cap of 62 billion and a year-to-date increase of 3.54% [2] - Huatai Securities saw a rise of 1.84%, with a market cap of 179.5 billion and a year-to-date increase of 14.97% [2] - CITIC Securities increased by 1.66%, with a market cap of 426.5 billion and a year-to-date decrease of 0.47% [2] - China Galaxy rose by 1.62%, with a market cap of 185.7 billion and a year-to-date increase of 12.78% [2] - Other notable increases include Xiangcai Securities at 1.38% (31.5 billion, 52.78% YTD), GF Securities at 1.19% (155.8 billion, 29.37% YTD), and Guosen Securities at 1.06% (136.7 billion, 22.97% YTD) [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [1]

Core Insights - The bond financing activities of securities firms in China have significantly increased this year, with a total issuance exceeding 1 trillion yuan [4][2]. - As of September 19, 2023, 71 securities firms have issued 657 bonds, marking a year-on-year growth of 64.25% [4]. - The total bond issuance scale for the year has reached 1.18 trillion yuan, representing a year-on-year increase of 69.93% [4]. Group 1: Bond Issuance Data - The top 10 securities firms by bond issuance scale as of 2025 include China Galaxy (107.9 billion yuan), Huatai Securities (93.7 billion yuan), and Guotai Junan (75.8 billion yuan) [5]. - Other notable firms in the top 10 include GF Securities (68.52 billion yuan) and China Merchants Securities (62.7 billion yuan) [5][6]. Group 2: Bond Holding Data - As of September 19, 2023, the total bond holding scale of 76 securities firms is 2.96 trillion yuan [7]. - The top 10 firms by bond holding scale include Guotai Junan (252.6 billion yuan), China Galaxy (188.6 billion yuan), and Huatai Securities (188 billion yuan) [7][8]. Group 3: Recent Approvals for Bond Issuance - In September, several securities firms, including Guotai Junan and CITIC Securities, received approval to issue bonds to professional investors [9]. - CITIC Securities has been approved to issue bonds with a face value of up to 60 billion yuan [13].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector is expected to benefit from a strategic allocation opportunity as the market remains active, with a trend of institutional and retail funds entering the market under a low interest rate environment [5] - The brokerage sector is experiencing high profitability and favorable valuation, indicating a high probability of success and returns [5] - The report highlights the potential for further expansion in the growth rate of brokerage firms' Q3 reports, driven by increased trading activity and margin financing [6] Summary by Sections Industry Overview - The non-bank financial sector has shown a positive trend, with the Shanghai and Shenzhen 300 index reflecting a steady increase [2] Brokerage Sector Insights - Daily average stock fund transaction volume reached 2.99 trillion, up 8% month-on-month, with a cumulative daily average of 1.90 trillion for 2025, representing a 108% year-on-year increase [6] - Margin financing balance increased to 2.39 trillion, a 30% growth since the beginning of the year, accounting for 2.54% of the A-share market capitalization [6] - The report anticipates further improvement in investment banking, derivatives, and public fund businesses, with leading brokerages' return on equity (ROE) expected to expand [6] Insurance Sector Insights - China Ping An has increased its stake in China Pacific Insurance H shares, indicating strong investment strategies in high-dividend assets [7] - The insurance sector is expected to see improvements in ROE due to stable long-term interest rates and reduced liability costs, enhancing the attractiveness of H shares [7] Recommended and Beneficiary Stocks - Recommended stocks include Huatai Securities, Guosen Securities, Oriental Securities H, GF Securities, and China Pacific Insurance [8] - Beneficiary stocks include Tonghuashun, Jiufang Zhitu Holdings, and Xinhua Insurance [8]

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]