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]

Group 1 - The core viewpoint of the report is that the Federal Reserve's interest rate cuts may provide significant macroeconomic impacts on China, particularly in terms of monetary policy space and trade dynamics [1] Group 2 - Monetary Policy Space: The Federal Reserve's rate cuts can alleviate external constraints on China's monetary policy, allowing the central bank to implement measures such as lowering deposit reserve ratios and interest rates, thereby enhancing the counter-cyclical adjustment capabilities of monetary policy [1] - Exchange Rate and Trade: A typical outcome of the Federal Reserve's rate cut cycle is a weaker US dollar, which may lead to an appreciation of the Chinese yuan against the dollar, enhancing the purchasing power of the yuan and benefiting China's import trade. Although the relative purchasing power of the dollar may decline, the rate cuts could stimulate US economic growth, increasing demand for Chinese goods [1]

| 上半年深圳券商A股IPO新受理情况 | | | --- | --- | | 证券简称 | 项目数 | | 国信证券 | 6 | | 招商证券 | 4 | | 平安证券 | 2 | | 第一创业 | 1 | | | | 深圳券商2025年上半年营收、归母净利润情况 | | | | --- | --- | --- | --- | --- | | | | | | (单位:亿元) | | 证券简称 | 营业总收入 | 营收同比 | 归母净利润 净利润同比 | | | 国信证券 | 110.75 | 51.84% | 53.67 | 71.00% | | 招商证券 | 105.20 | 9.64% | 51.86 | 9.23% | | 国投证券 | 56.31 | 27.43% | 16.97 | 39.67% | | 长城证券 | 28.59 | 44.24% | 13.85 | 91.92% | | 第一创业 | 18.32 | 20.20% | 4.86 | 21.41% | | 五矿证券 | 5.07 | -13.67% | 1.17 | -3.36% | | 英大证券 | 3.89 | 3.71% | ...

Core Viewpoint - The securities industry is experiencing significant salary growth in the first half of 2025, driven by market activity recovery and business structure optimization, with total compensation for listed brokers reaching 77.715 billion yuan, an 18.19% increase year-on-year [2][3]. Group 1: Salary Overview - Total compensation for 39 comparable listed brokers reached 77.715 billion yuan, up from 65.755 billion yuan in the same period of 2024, marking an 18.19% year-on-year increase [2]. - The average salary for the 42 listed brokers reached 317,600 yuan, reflecting a 25.58% year-on-year growth [2]. Group 2: Leading Firms in Compensation - Among the 39 comparable brokers, over 80% reported positive growth in total compensation, correlating with a general profit recovery in the industry, where net profits for listed brokers increased by over 20% year-on-year [3]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, a 13.58% increase, supported by a large employee base of 26,100 [3]. - China International Capital Corporation and Huatai Securities followed with total compensations of 5.572 billion yuan and 5.137 billion yuan, showing year-on-year increases of 27.53% and 21.46%, respectively [3]. - The merged Guotai Junan and Haitong Securities saw a significant increase in total compensation to 8.805 billion yuan, up 118.29% due to a rise in employee numbers from 14,800 to 27,100 [3]. Group 3: Salary Declines - Six firms, including CITIC Construction Investment and Caifutong Securities, experienced declines in total compensation, with decreases ranging from 0.12% to 14.39% [4][5]. - The revenue of Caifutong Securities and Zhongyuan Securities declined, impacting their compensation levels [4]. Group 4: Average Salary Trends - Out of 39 comparable brokers, 34 achieved year-on-year growth in average salary, with only five firms reporting declines [6]. - CITIC Securities had the highest average salary at 426,400 yuan, a 13.4% increase, while Guoxin Securities saw the fastest growth rate at 54.41%, reaching 353,200 yuan [6]. Group 5: Industry Observations - The salary growth in the securities industry is closely linked to performance recovery and strategic business transformations, with brokerage net income rising by 75.93% year-on-year [7]. - Major firms are competing for talent in technology finance, with initiatives like AI training camps to enhance digital talent reserves [7]. - Despite the salary increases, there is a trend towards limiting executive compensation, reflecting broader industry concerns about cost management [7].

Core Viewpoint - The stock market recovery has led to a significant increase in the wealth management business of brokerage firms, with notable growth in both brokerage fees and financial product distribution revenues [1][2]. Brokerage Business Performance - In the first half of the year, the securities industry achieved a net income of 78.95 billion yuan from brokerage fees, a substantial increase from 60.36 billion yuan in the same period last year, representing a growth of over 30% [2][4]. - The average daily trading volume for stocks and funds reached 1.61 trillion yuan, a year-on-year increase of 63.87%, while the Hong Kong stock market saw an average daily turnover of 240.2 billion HKD, up 117.61% [4]. - The top ten brokerage firms by net income from brokerage fees included CITIC Securities, Guotai Junan, and GF Securities, with CITIC Securities leading at 6.40 billion yuan [4]. New Account Growth - Many brokerage firms reported a rapid increase in new account openings during this market rally. Guotai Junan noted a 4.2% increase in domestic personal accounts, reaching 38.45 million, with high-net-worth clients growing by 6.8% [5]. - The average monthly active users for Guotai Junan's apps increased by 9.6%, while the client assets under custody for Guoxin Securities exceeded 2.6 trillion yuan, a 7.5% increase [5]. Financial Product Distribution - The revenue from financial product distribution among 42 listed brokerage firms totaled 5.57 billion yuan in the first half of the year, marking a year-on-year growth of 32.09% [7]. - Smaller brokerage firms outperformed larger ones in terms of growth rates, with Nanjing Securities and Guolian Minsheng leading with increases of 191.28% and 135.08%, respectively [7]. AI Integration in Wealth Management - The integration of AI into wealth management has become a key focus for brokerage firms. Guotai Junan has implemented an "all in AI" strategy, enhancing service efficiency and driving growth in both traditional brokerage and financial product distribution [11]. - Huatai Securities reported a significant increase in the number of financial products offered, with a total of 14,433 products and a sales scale of 304.57 billion yuan [11]. - The use of AI technology is expected to reshape the wealth management landscape, with firms like Huatai and招商证券 actively enhancing their digital platforms and client service capabilities [12].