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]

Core Insights - The "Second Golden Unicorn Best Investment Advisor Selection" event is actively seeking outstanding investment advisors to enhance wealth management services [1] - The event includes a "Brokerage Investment Advisor Service Brand Show" to showcase innovative advisory services and AI-enabled solutions [1] Group 1: Investment Advisory Services - Guosen Securities has developed a comprehensive investment advisory service system, including "pre-investment diagnosis, in-process support, and post-investment tracking" [1][5] - The "Guosen Xin Youxuan" advisory service employs a dual screening mechanism from both quantitative and qualitative perspectives, ensuring high-quality investment options [1][5] Group 2: Client Coverage and Asset Management - Guosen Securities has covered nearly 5 million clients and manages assets close to 500 billion yuan [1][5] - The company offers a full-dimensional tool system to enhance investment efficiency, from market analysis to strategy implementation [5] Group 3: Wealth Management Solutions - The company provides personalized wealth management services tailored to individual client needs [4] - Guosen Securities collaborates with top market managers to design multi-asset and multi-strategy investment solutions [5]

Group 1: Baidu Group and AI Chip Market - Baidu Group's AI chip subsidiary, Kunlun Chip, is expected to see significant revenue growth, with projections of reaching 5 billion yuan in 2025 and 10 billion yuan in 2026, with Baidu holding a 59% stake [1] - Kunlun Chip's third-generation P800 has an FP16 computing power of 345 TFLOPS, surpassing A800, and is expected to support large-scale deployments [1] - The demand for domestic AI chips is anticipated to increase, with external clients including China Mobile, Southern Power Grid, and BYD, alongside potential partnerships with other internet companies like Tencent [1] Group 2: Baidu AI Cloud Revenue Growth - Baidu AI Cloud reported a revenue of 6.5 billion yuan in Q2 2025, a year-on-year increase of 27%, with full-year revenue expected to reach 27.4 billion yuan in 2025 and 35 billion yuan in 2026 [1] - The domestic cloud business is projected to accelerate growth from over 10% to over 20% year-on-year, driven by AI demand [1] - Major domestic cloud providers are expected to see a capital expenditure (Capex) growth of over 40% in 2024, with a further increase to over 50% in 2025 [1] Group 3: Apollo Go and Robotaxi Market - Apollo Go is projected to exceed 10 million orders in 2025, having provided over 2.2 million rides in Q2 2025, a 148% year-on-year increase [2] - The cumulative service count for Apollo Go has surpassed 14 million, with profitable models established in cities like Wuhan [2] - Despite the large market potential for Baidu's robotaxi services, commercial viability is still in the investment phase, leading to limited short-term profit contributions [2] Group 4: Sustainable Aviation Fuel (SAF) Market - The price of high-end SAF in China has risen to 2,480 USD/ton as of September 17, 2023, a 55% increase from 1,800 USD/ton at the beginning of the year [3] - The European SAF market is facing a supply-demand gap, with consumption expected to reach 1.9 million tons this year against a production capacity of only 1 million tons [2][3] - China's SAF production capacity is projected to exceed 1 million tons by the end of 2024, with current and planned HVO/SAF capacity exceeding 10 million tons per year [2]

Core Viewpoint - The company has announced a change in the designated sponsor representatives for its ongoing supervision during the IPO process, ensuring continuity in oversight despite the personnel change [1]. Group 1: Company Announcement - The board of directors of Jiaxing Zhongrun Optical Technology Co., Ltd. confirms the authenticity and completeness of the announcement [1]. - Guosen Securities, the sponsor for the company's IPO on the Sci-Tech Innovation Board, has replaced Wang Yunqiao with Zheng Qiyao as the new sponsor representative due to Wang's job change [1]. - The change in sponsor representatives will not affect the ongoing supervision work by Guosen Securities [1]. Group 2: New Sponsor Representative Profile - Zheng Qiyao is a senior manager in the investment banking division at Guosen Securities, holding a master's degree and is a certified public accountant [2]. - Zheng has prior experience at Ernst & Young Hua Ming, where she participated in IPO audits and annual audits for various companies [2]. - Since joining Guosen Securities in 2021, Zheng has been involved in the IPO project for Zhongrun Optical and other related projects [2].