Core Points - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds to professional investors, with a total face value not exceeding 8 billion yuan [1][2] - The bond issuance must strictly adhere to the prospectus submitted to the Shenzhen Stock Exchange [2] - The approval is valid for 24 months from the date of consent, allowing the company to issue bonds in tranches during this period [2] - The company is required to report any significant events that occur from the date of approval until the bond issuance is completed [2] Company Actions - The company will handle the public issuance of corporate bonds in accordance with relevant laws and regulations, as well as the authorization from the shareholders' meeting [2] - The company is committed to fulfilling its information disclosure obligations in a timely manner [2][3]

Core Points - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds to professional investors, with a total face value not exceeding 8 billion yuan [1][3]. - The bond issuance must strictly adhere to the prospectus submitted to the Shenzhen Stock Exchange [2]. - The approval is valid for 24 months from the date of consent, allowing the company to issue the bonds in tranches within this period [3]. - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [3]. - The company will handle the public bond issuance in accordance with relevant laws and regulations, as well as the authorization from the shareholders' meeting, and will fulfill its information disclosure obligations [3].

Core Points - The company has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 8 billion yuan [1] - The bond issuance is intended for professional investors and must adhere to the prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months from the date of consent, allowing the company to issue the bonds in multiple tranches within this period [1] - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [1]

一、同意公司向专业投资者公开发行面值总额不超过 80 亿元公司债券的注册 申请。 第一创业证券股份有限公司 关于向专业投资者公开发行公司债券获得中国证监会注册批复的公告 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。 第一创业证券股份有限公司（以下简称"公司"）于近日收到中国证券监督 管理委员会《关于同意第一创业证券股份有限公司向专业投资者公开发行公司债 券注册的批复》（证监许可［2025］1976 号），批复内容如下： 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 证券代码：002797 证券简称：第一创业 公告编号：2025-053 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分期 发行公司债券。 特此公告。 第一创业证券股份有限公司董事会 二〇二五年九月十三日 1 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复的要求及公司股东大会的授权，办理本 次公开发行公司债券相关事宜，并及时履行信息披露义务。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and industry self-regulatory organizations are implementing a new evaluation framework for securities companies, focusing on the "Five Major Financial Articles" to enhance the quality of service to the real economy [1][2]. Group 1: Evaluation Framework - The newly released "Evaluation Measures" by the China Securities Association (CSA) includes 14 representative evaluation indicators to comprehensively assess the effectiveness of securities companies in implementing the "Five Major Financial Articles" [1][4]. - The evaluation framework aims to guide securities companies to allocate resources to national strategic priorities while strengthening risk prevention and promoting high-quality industry development [1][2]. Group 2: Principles of Evaluation - The drafting of the "Evaluation Measures" follows three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair evaluation [3]. - The evaluation will primarily use quantitative indicators, supplemented by qualitative ones, covering various fields of the "Five Major Financial Articles" [3][4]. Group 3: Focus on Technology Finance - Technology finance indicators are assigned the highest score of 50 points, reflecting regulatory emphasis on the technology sector [4]. - Specific indicators include the amount and number of technology innovation bond underwriting, equity financing for technology enterprises, and direct investments in non-listed technology companies [4]. Group 4: Recent Developments in Securities Companies - In the first half of this year, several listed securities firms have actively engaged in technology finance, such as issuing technology innovation bonds and managing technology-themed public funds [5]. Group 5: Qualitative Evaluation Indicators - Qualitative indicators focus on mechanism construction, including whether the "Five Major Financial Articles" are integrated into the business development strategy and the establishment of specialized organizational structures [6]. - Other qualitative indicators assess the firms' digital capabilities and their involvement in green finance, inclusive finance, and pension finance [6].

第一创业证券承销保荐有限责任公司 关于四川六九一二通信技术股份有限公司 控股子公司减资暨关联交易的核查意见 第一创业证券承销保荐有限责任公司（以下简称"一创投行"或"保荐机构"） 作为四川六九一二通信技术股份有限公司（以下简称"六九一二"或"公司"） 首次公开发行股票并在创业板上市之保荐机构，根据《证券发行上市保荐业务管 理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等法律法规和规范性文件的要 求，一创投行对六九一二控股子公司减资暨关联交易事项进行了核查，具体情况 如下： 一、关联交易概述 公司持有北京翱翔惟远科技有限公司（以下简称"翱翔惟远""标的公司"） 远"）持有翱翔惟远39.99%股权，万磊持有翱翔惟远5%股权，范丛林持有翱翔惟 远4%股权。 根据公司生产经营实际情况及发展规划，拟将公司控股子公司翱翔惟远的注 册资本由3,921万元减少至1,100万元，减资方式为翱翔惟远全体股东拟按各自持 股比例进行同比例减资。本次减资完成后，翱翔惟远各股东持股比例不变，公司 仍持有其51.01%股权，该事项不会导致公司合并报表范围发生变化。 ...

Group 1 - The core viewpoint emphasizes that technological innovation is the key engine for high-quality development, and forming new productive forces is a strategic pivot for building a modern industrial system [1] - Shenzhen Securities Regulatory Bureau has encouraged local brokerages to transition from "intermediary service providers" to "strategic value partners," placing technological innovation at the core of their corporate strategies [1][2] - Over the past three years, Shenzhen brokerages have successfully assisted 190 companies in listing on the Shanghai and Shenzhen stock exchanges, raising over 240 billion yuan [1][2] Group 2 - Shenzhen brokerages have innovated due diligence methods to assess technological barriers, R&D potential, and core value in the industrial chain, addressing the challenges faced by tech companies [2] - As of July 2025, 193 companies have been assisted in listing on the Sci-Tech Innovation Board and the Growth Enterprise Market, covering key national strategic sectors such as information technology and green energy [2] - Notable examples include the successful IPO of Yingshi Innovation, which raised 1.938 billion yuan, and the listing of Dingjia Precision, a national-level specialized "little giant" in consumer electronics [2] Group 3 - Since the release of the "M&A Six Articles," the Shenzhen Securities Regulatory Bureau has organized 15 events to promote M&A policies, encouraging brokerages to focus on key industrial chain segments [3] - Huatai United Securities has successfully executed significant M&A cases, including the acquisition of Nexperia Holding B.V. by Wentai Technology [3] Group 4 - Shenzhen brokerages have responded quickly to the bond market's "technology board" requirements, issuing technology innovation bonds totaling 16 billion yuan [4] - In the first half of the year, CITIC Securities helped over 40 companies issue technology innovation bonds, raising more than 70 billion yuan [4] Group 5 - National firsts in bond issuance include the private venture capital "technology innovation bond" by Guosen Securities and the "green + rural revitalization + technology innovation" bond by Great Wall Securities [5] Group 6 - Since 2024, the Shenzhen Securities Regulatory Bureau has conducted 58 activities focusing on policy advocacy and financing, encouraging brokerages to establish specialized service teams [7] - Notable achievements include the issuance of a 3.584 billion yuan convertible bond by ZTE Corporation and a 9.72 billion yuan private placement by Demingli [7] Group 7 - As of July 2025, investment in technological innovation by Shenzhen brokerages includes approximately 8.25 billion yuan by招商证券 and over 10 billion yuan by国信证券 [8] - The Shenzhen Securities Regulatory Bureau aims to strengthen regulatory guidance and support for technological innovation, exploring new financing models such as technology REITs and ESG investments [8]

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][6]. Core Views - The company achieved a robust profit growth in H1 2025, with operating revenue of 1.83 billion yuan (YoY +20.20%) and a net profit attributable to shareholders of 490 million yuan (YoY +21.41%) [1]. - The company has significantly improved its ranking in debt underwriting, completing 70 debt financing projects with a total underwriting amount of 25.274 billion yuan (YoY +296.64%), moving up 29 places to rank 26 in the industry [3]. - The asset management business has seen a total of 66.325 billion yuan in funds under management, an increase of 23.65% from the end of 2024, while public fund management has decreased by 5.72% to 596.15 billion yuan [2]. Summary by Sections Financial Performance - In H1 2025, the company reported net income from various business lines: brokerage at 230 million yuan (YoY +47%), investment banking at 140 million yuan (YoY +38%), asset management at 440 million yuan (YoY -6%), credit at 60 million yuan (YoY +22%), and proprietary trading at 690 million yuan (YoY +22%) [1]. Asset Management and Investment Banking - The company is focusing on ESG and FOF advantages in its asset management sector, with a notable increase in public fund management [2]. - The company has successfully filed for one IPO project on the Beijing Stock Exchange and has two projects under review as of H1 2025 [3]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 0.23 yuan, 0.24 yuan, and 0.26 yuan respectively, with a target price of 8.74 yuan based on a P/B ratio of 2.2x for 2025 [3].

Group 1 - A-share brokerage stocks experienced a significant afternoon rally, with notable increases in share prices [1] - Pacific Securities saw an increase of nearly 9%, while Huayin Securities rose over 5% [1] - Guosheng Financial Holdings increased by over 4%, with other firms like Xinda Securities, Guohai Securities, and First Capital also showing gains [1]

Group 1 - Pacific Securities has reached the daily limit up, indicating strong market performance [1] - Following Pacific Securities, several other companies including Huayin Securities and Guosheng Financial Holdings have also seen their stock prices rise [2] - Additional companies that experienced stock price increases include Xinda Securities, Guohai Securities, First Capital Securities, and Tianfeng Securities [2]