作为北京国资体系金融板块的重要成员，第一创业通过顶层规划与多维支撑体系，将"五篇大文章"深度 融入该公司高质量发展布局。 构建体系 全面落实"五篇大文章" 为系统落实"五篇大文章"，第一创业在组织架构层面构建多维支撑体系。 第一创业证券董事会秘书屈婳在接受证券时报记者采访时强调："公司已将做好金融'五篇大文章'纳入 公司2025—2027年战略发展规划。未来三年，第一创业将深化战略执行，强化金融强国、金融为民功能 性定位，深度服务实体经济，实现公司高质量发展。" 屈婳表示，在科技金融领域，投资银行业务将重点服务以"专精特新"为核心的科技创新型中小企业，提 供全链条综合金融服务。私募股权投资业务则将加强行业及产业链深度研究，把握发展新质生产力方向 并优化项目储备。 普惠金融方面，该公司投资银行业务将加强北交所优质创新型中小企业的项目储备，持续推动中小微企 业支持债券等创新债券品种发行；资产管理业务将提升投研水平，该公司优化多资产、多策略的产品布 局；经纪业务将重点推进以买方投顾为支点的财富管理转型。 绿色金融板块，第一创业投资银行业务将大力发展绿色债券等创新债券品种；资产管理业务将推进ESG 投资理念及投资策略 ...

Macroeconomic Overview - The U.S. second quarter real GDP annualized final value increased by 3.8%, exceeding the expected 3.3% and the revised value of 3.3% [3] - The final value of real personal consumption expenditure increased by 2.5%, surpassing the expected 1.7% and the revised value of 1.6% [3] - The second quarter PCE price index annualized final value rose by 2.1%, higher than the expected 2% and the revised value of 2% [3] - The core PCE price index annualized final value increased by 2.6%, above the expected 2.5% and the revised value of 2.5% [3] Industry Insights - U.S. President Trump announced a 50% tariff on imports of cabinets and related products starting October 1, and a 100% tariff on all brand or patented drugs [7] - The tariffs on heavy trucks are expected to have a minimal impact on Chinese manufacturers, while tariffs on home decor products may negatively affect domestic exports [7] - The China Coking Industry Association decided to raise the wet coke price by 50 yuan/ton and dry coke price by 55 yuan/ton, suggesting a continued push against irrational competition in the industry [7] Automotive Sector - The China Passenger Car Association forecasts that total annual sales of automotive manufacturers will reach 40 million units during the 14th Five-Year Plan, with an average annual growth rate of 3% [9] - The growth in the automotive sector is expected to be driven by demand from midwestern and small county markets, as well as the international market [9] - The trend towards larger capacity batteries in range-extended vehicles is anticipated to create a significant new market for high-capacity power batteries, benefiting leading battery manufacturers [11] Consumer Trends - Domestic travel demand is showing strong growth ahead of the National Day holiday, with cross-province travel orders increasing by 58% year-on-year [13] - The inbound tourism market is also active, with a 75% year-on-year increase in Russian traveler bookings due to visa-free policies [13] - The overall high demand for travel during the holiday period is expected to positively impact related industries in the tourism sector [13]

Group 1 - The company confirmed that it has not participated in any investment in the unlisted company Moore Threads [1]

证券简称：第一创业 证券代码：002797 公告编号：2025-055 债券简称：23 一创 01 债券代码：148471 第一创业证券股份有限公司2023年面向专业投资者 公开发行公司债券（第一期）（品种一）2025年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 第一创业证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第 一期）（品种一）（简称"23 一创 01""本期债券"，债券代码：148471）本次付 息的债权登记日为 2025 年 9 月 24 日，凡在 2025 年 9 月 24 日（含）前买入并持 有本期债券的投资者享有本次派发的利息，2025 年 9 月 24 日卖出本期债券的投 资者不享有本次派发的利息。 第一创业证券股份有限公司（以下简称"本公司"）于 2023 年 9 月 25 日完 成发行的"23 一创 01"将于 2025 年 9 月 25 日支付 2024 年 9 月 25 日至 2025 年 9 月 24 日期间的利息，本期债券发行价格 100 元/张，票面利率 3.40%，每手（面 值 1, ...

Core Viewpoint - The company reported that as of September 19, 2025, the total number of shareholders is 247,478 [1] Summary by Category - **Company Information** - The total number of shareholders for the company is 247,478 as of the latest shareholder register [1]

9月19日，第一创业盘中下跌2.02%，截至13:54，报7.76元/股，成交5.81亿元，换手率1.77%，总市值 326.11亿元。 资金流向方面，主力资金净流出7373.38万元，特大单买入5304.79万元，占比9.13%，卖出1.01亿元，占 比17.34%；大单买入1.24亿元，占比21.42%，卖出1.50亿元，占比25.90%。 截至9月10日，第一创业股东户数25.15万，较上期减少2.65%；人均流通股16711股，较上期增加 2.72%。2025年1月-6月，第一创业实现营业收入0.00元；归母净利润4.86亿元，同比增长21.41%。 分红方面，第一创业A股上市后累计派现14.47亿元。近三年，累计派现6.56亿元。 机构持仓方面，截止2025年6月30日，第一创业十大流通股东中，国泰中证全指证券公司ETF （512880）位居第六大流通股东，持股6484.14万股，相比上期减少667.67万股。南方中证500ETF （510500）位居第七大流通股东，持股6237.11万股，相比上期增加849.39万股。华宝中证全指证券公司 ETF（512000）位居第九大流通股东，持股5021.1 ...

作为国内财经领域的权威媒体,《中国基金报》主办的英华系列评选是业内最具影响力的行业评选之一。2025中国上市公司英华示范案例评选旨在促进中 国资本市场高质量发展,倡导价值投资、长期投资导向,发掘中国价值,传递中国声音,为金融助力实体经济发展贡献力量。其中,"英华优秀董秘"旨在表彰为 公司良好经营、合规披露、高效投关作出突出贡献的董事会秘书。 值得注意的是,这是屈婳女士连续第二届获此奖项。作为上市券商,第一创业证券始终致力于以投资者需求为导向,以信息披露为核心,不断提升提升公司治理 与规范运作水平。公司在信息披露领域连续三年获评深交所信息披露A级评价,构建了投资者双向沟通机制,通过举办业绩说明会、参加上市公司集体接待 日、参加券商策略会、接待机构调研等活动,主动与投资者深入交流。在推动公司可持续发展方面,第一创业证券将ESG理念深度融入公司战略,连续5年披 露ESG报告,并作为中国上市公司协会可持续发展委员会委员、深圳市绿色金融协会绿色金融标准委员会委员单位,积极参与可持续发展事业。 作为资本市场的重要参与者,第一创业证券将始终坚持以投资者为本的理念,把功能性放在首位,不断提升高质量发展水平,为资本市场高质量发 ...

Core Viewpoint - The bond issuance by securities firms has significantly accelerated since July, with a total issuance of 1.14 trillion yuan in 2023, surpassing the previous year's total of 693.7 billion yuan, indicating strong capital replenishment needs in the industry [2][10]. Group 1: Bond Issuance Trends - In September alone, at least four securities firms announced new short-term financing bond issuances, totaling over 8 billion yuan, contributing to a cumulative issuance of over 110 billion yuan in the first half of September [1][9]. - The total bond issuance by securities firms from July 1 to September 17 reached approximately 543.8 billion yuan, accounting for about 47% of the annual total [2]. - As of September 17, 2023, 71 securities firms have issued bonds, with a total issuance of 1.14 trillion yuan, reflecting a year-on-year increase of approximately 64.7% [10]. Group 2: Types of Bonds and Their Purposes - Securities company bonds remain the mainstay, with 415 bonds issued totaling over 750 billion yuan, while short-term financing bonds accounted for nearly 370 billion yuan [11]. - The average coupon rate for the issued bonds is 1.89%, with a general downward trend in interest rates compared to the previous year [13][14]. - The primary purposes of the raised funds include liquidity support and refinancing existing debts, with some firms committing to limit the use of funds for capital-consuming businesses [21][24]. Group 3: Market Dynamics and Future Outlook - The increase in bond issuance is driven by a recovery in the A-share market, which has led to a rise in margin trading balances from approximately 1.85 trillion yuan at the end of June to about 2.26 trillion yuan at the end of August, marking a 22.2% increase [9]. - The current low-interest-rate environment makes bond financing more attractive compared to equity financing, providing larger funding support while avoiding equity dilution [25]. - If the A-share market remains active, the trend of bond issuance by securities firms is expected to continue in the near future [25].

Core Viewpoint - The cash dividends from A-share listed brokerages for the first half of 2025 are being distributed, supported by improved operating performance in the sector [1][2][4]. Group 1: Cash Dividends Distribution - On September 18, 2025, China Merchants Securities distributed a cash dividend of 0.119 yuan per share, totaling 1.035 billion yuan [2]. - Nanjing Securities plans to distribute a cash dividend of 0.05 yuan per share, totaling 184 million yuan, with the payment date set for September 19 [1][2]. - First Capital's cash dividend distribution plan includes 0.01 yuan per share, totaling 42.024 million yuan, with the payment date on September 24 [3]. Group 2: Financial Performance - In the first half of 2025, China Merchants Securities reported operating income of 10.52 billion yuan and a net profit of 5.186 billion yuan, both showing over 9% year-on-year growth [2]. - Nanjing Securities achieved operating income of 1.578 billion yuan, a nearly 6% decline year-on-year, while net profit increased by 13.65% to 621 million yuan [2][3]. - First Capital's operating income reached 1.832 billion yuan, with a net profit of 486 million yuan, both exceeding 20% year-on-year growth [3]. Group 3: Market Outlook and Investment Value - The positive performance of the A-share market in the first half of 2025 has provided a solid foundation for mid-term equity distribution among listed brokerages [4]. - The brokerage sector is expected to continue benefiting from increased trading activity and improved earnings, with a focus on brokerage, margin financing, and investment business revenues [4]. - Investment opportunities are suggested in brokerages with high revenue contributions from brokerage and margin financing, those with significant year-on-year performance improvements, and potential merger targets [4].

Core Viewpoint - The total scale of asset management products in China reached 75.38 trillion yuan as of Q2 2025, with significant contributions from securities companies and their subsidiaries [1][2]. Group 1: Asset Management Product Overview - The total scale of asset management products managed by securities companies and their subsidiaries is approximately 6.14 trillion yuan, with 10,903 collective asset management plans totaling about 30,866.67 billion yuan [1][2]. - As of September 17, 2025, 22 securities firms disclosed their collective asset management plan scales, with nine firms, including CITIC Securities and Guotai Junan, managing over 100 billion yuan each [2]. Group 2: Performance of Securities Asset Management Products - The average return for collective asset management products that have been established for over a year is 9.78%, with a median return of 3.53% [5]. - Among the various types of collective asset management products, stock-type products have the highest average return of 42.03%, while bond-type products have the most significant number at 1,930, with an average return of 3.89% [5][11]. Group 3: Top Performing Products - The top-performing mixed-type asset management products include "Guotai Junan Junxiang Yuanjian" and "Shiji Tianyi No. 1," with significant returns over the past year [6][7]. - The leading stock-type product is "CITIC Securities Zhisheng 500 Index Enhanced No. 1," which has shown impressive returns [11][13]. - The top FOF product is "Guojin Xinxiang Citaong No. 9 FOF," which has also demonstrated strong performance [14][20]. - The best-performing bond-type product is "Diyi Chuangye Convertible Bond Flexible Allocation No. 1," which has achieved notable returns [21][22].