Group 1 - The recruitment season for the securities industry is witnessing significant activity, with both campus and social recruitment being ramped up amid strong industry resilience [1][2] - The number of employees in the securities industry has reached 344,900, with 3,210 new entrants this year, indicating a growing demand for talent [2] - The "10,000 Club" has expanded to six members, with China Galaxy Securities joining the ranks, highlighting the competitive landscape among major firms [2] Group 2 - The leading firms in the "10,000 Club" include CITIC Securities (13,100), Guotai Junan (11,000), and China Galaxy (10,000), showcasing their workforce expansion [2] - Only one firm has seen a reduction in staff exceeding 100 this year, indicating overall stability in employment within the sector [3] - Many firms are actively recruiting across various roles, including fixed income, investment banking, and financial technology, reflecting a diverse talent demand [3] Group 3 - The number of investment advisors has increased to 69,800, surpassing the number of securities brokers by 15,500, driven by changing client needs and a competitive market [4] - The growth in investment advisory roles is attributed to the rise of online investment communities and an influx of older investors seeking comprehensive wealth management services [4] - The number of financial technology personnel is also on the rise, with firms like Oriental Fortune increasing R&D investment significantly, indicating a shift towards tech-driven solutions [3][4]

Group 1 - The core viewpoint of the report is that Huali Group (300979.SZ) is rated as outperforming the market due to a 10% revenue growth driven by both volume and price increases in the first half of the year [2] - The report notes that the profit margin declined quarter-on-quarter in the second quarter due to fluctuations in orders from existing customers and the ramp-up of new factory capacities [2] - It is expected that the negative impact from the new factories, which have been intensively put into production since September 2024, will ease in the second half of the year [2] Group 2 - The report highlights that tariffs in Vietnam and Indonesia are set at approximately 19% to 20%, with major international brand clients likely passing most of the tariff costs onto consumers through price increases, limiting the burden on contract manufacturers [2] - Risks mentioned include potential underperformance in capacity expansion, weak sales from downstream brands, and international political and economic risks [2]

Group 1 - The securities industry is undergoing a profound structural adjustment, with 21 brokerages announcing the closure of 87 branches this year, indicating a strategic contraction in branch layout [1][3] - The closures include 8 branch offices and 79 business departments, primarily affecting second and third-tier cities, but also some first-tier city offices [3] - Cost pressures are driving the optimization of branch networks, as the high operational costs of physical offices contrast sharply with the lower service costs of digital channels [4] Group 2 - The reduction in business departments is accompanied by an increase in the number of branch offices, with the number of branch offices in Shanghai rising from 93 to 98, while business departments decreased from 777 to 760 [5] - Branch offices serve as a crucial intermediary between headquarters and business outlets, playing an important role in the transformation of wealth management services [5] - The establishment of internet branch offices is emerging as a new trend, with Guosen Securities setting up three internet branch offices in regions such as Shenzhen, Zhejiang, and Southwest [5]

Group 1: Industry Trends - The trend of brokers closing or merging branches is driven by the shift of investor operations online and the goal of cost reduction and efficiency improvement, with 87 branches announced for closure by August 11 this year [1] - As of August 11, 21 brokers have announced the closure of branches, including 8 subsidiaries and 79 branch offices, with Guosen Securities leading with 21 closures [2][4] - The integration and simplification of offline branches are seen as necessary for cost savings and efficiency improvements, marking a shift from rapid expansion through physical locations to a focus on digital transformation [3] Group 2: Brokerage Business Transformation - The continuous optimization of branch layouts is closely linked to the transformation of brokerage business, which is a core part of brokers' operations [4] - In a favorable market environment, brokerage income has significantly increased, with an expected 40% year-on-year growth in net income for the brokerage business in the first half of the year [4] - Brokers are shifting their focus from traditional offline branches to online platforms for customer acquisition, with companies like Guosen Securities emphasizing the importance of digital operations [4][5] Group 3: Future Strategies - Brokers are encouraged to enhance their digital operating systems and improve online customer acquisition capabilities, transitioning branches into comprehensive wealth management centers [5] - The future of brokerage business is expected to accelerate towards a multi-faceted model of "trading services + wealth management + institutional services," with leading brokers leveraging scale and resources [5] - Digitalization and buyer advisory capabilities are anticipated to become the core competitive advantages for brokerage firms [5]

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（第二期）（续发行）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。 发行人承诺在本期续发行债券发行环节，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 联方参与本期续发行债券认购，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 ...

国信证券股份有限公司 公司债券（第二期）（续发行） 信用评级报告 编号：CCXI-20252921D-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 （第二期）（续发行）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投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融 ...

国信证券股份有限公司 （第二期）（续发行） 住所：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 签 署时 间 ：二 〇 二五 年八 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。 发行公告 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 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 重要事项提示 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"）。 "国信证券股份有限公司 2025 年面向专业投 发行人本次债券采取分期发行的方式， 资者公开发行公司债券（第二期） （续发行）" （以下简称"本期续发行债券"）为本次债 券下"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（第二期）"（以 下简称"存量债券"）的续发 ...

Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

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（第二期）（续发行） 信用评级报告 编号：CCXI-20252921D-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 （第二期）（续发行）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 8 月 7 日 根据相关监管规定以及评级委托协议约定，中诚信国际将在评级结果有效期内进行跟踪评级。 中诚信国际将在评级结果有效期内对评级对象风险程度进行全程跟踪监测。发生可能影响评级对象信用水平的重大 事项，评级委托方或评级对象应及时通知中诚信国际并提供相关资料，中诚信国际将就有关事项进行必要调查，及 时对该事项进行分析，据实确认或调整评级结果，并按照相关规则进行信息披露。 如未能及时提供或拒绝提供跟踪评级所需资料，或者出现监管规定的其他情形，中诚信国际可以终止或者撤销评级。 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 （第二期）（续发行）信用评级报告 | 发行人及评级结果 | 国信证券股份有限公司 AAA/稳定 | | --- | --- | | 本期债项评级结果 | AAA | ...

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 （第二期）（续发行） 发行公告 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 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 住所：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 签署时间：二〇二五年八月 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"）。 8．本期续发行债券每张面值为 100 元，发行数量不超过 3,000 万张，发行价格将根 据网下询价簿记结果，由发行人与簿记管理人按照有关规定，在询价区间内协商一 ...