Core Viewpoint - The bond issuance by securities firms in August reached nearly 300 billion yuan, marking a record high for the year, driven by strong demand for capital replenishment due to active market trading, low interest costs, and policy encouragement [1][2]. Group 1: Bond Issuance Data - In August, securities firms issued a total of 141 bonds, raising 293.5 billion yuan, both figures being the highest monthly totals for the year [2][3]. - As of September 12, the total bond issuance by securities firms for the year reached 1.06 trillion yuan, a significant increase from 673.6 billion yuan in the same period last year [2]. Group 2: Major Issuers - Six securities firms issued bonds exceeding 50 billion yuan this year, with China Galaxy Securities leading at 102.5 billion yuan, followed by Huatai Securities at 77.7 billion yuan [3]. Group 3: Business Development and Demand - The surge in financing demand from July to August coincided with a notable rise in the A-share market, with the Shanghai Composite Index breaking through several key levels [4]. - The primary uses of the raised funds include refinancing existing debts and supplementing working capital to support business expansion [4]. Group 4: Margin Financing and Competitive Landscape - The balance of margin financing reached 2.34 trillion yuan by September 11, indicating a growing demand for leveraged funds among high-net-worth clients [6]. - The average bond issuance interest rate for securities firms this year was 1.89%, with larger firms enjoying lower rates, enhancing their competitive edge in margin financing [6][7].

Core Viewpoint - The recent surge in bond issuance by securities firms is driven by a combination of active market trading, low interest costs, policy encouragement, and the need for debt structure adjustment and business expansion [1][4]. Group 1: Bond Issuance Trends - In August, securities firms issued a record 141 bonds, raising a total of 2,935 billion yuan, marking the highest monthly figures of the year [2][3]. - As of September 12, the total bond issuance by securities firms for the year reached 1.06 trillion yuan, a significant increase from 673.63 billion yuan in the same period last year [2][3]. - Six securities firms have issued over 500 billion yuan in bonds this year, with China Galaxy Securities leading at 1,025 billion yuan [3]. Group 2: Business Development and Financing Needs - The financing demand from securities firms surged significantly from July to August, coinciding with a notable rise in the A-share market, where the Shanghai Composite Index broke through several key points [4]. - The primary uses of the raised funds include refinancing existing debts and supplementing working capital to support business expansion [4]. - The shift in the securities industry towards capital-driven growth necessitates increased capital scale, which can be achieved through bond issuance [4]. Group 3: Margin Financing and Competitive Landscape - The balance of margin financing reached 2.34 trillion yuan by September 11, indicating a growing demand for leveraged funds among high-net-worth clients [7]. - The average bond issuance interest rate for securities firms this year is 1.89%, with larger firms enjoying lower rates around 1.85% [7][8]. - Some leading firms are offering competitive margin financing rates as low as 2.8% for high-net-worth clients, while smaller firms face pressure due to higher financing costs [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 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： 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。 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。 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。 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。 证券代码：002797 证券简称：第一创业 公告编号：2025-053 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。 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。 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 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：002797 证券简称：第一创业 公告编号：2025-053 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： 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。 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。 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 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 ...

（编辑 任世碧） 证券日报网讯 9月12日晚间，第一创业发布公告称，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：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。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。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。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。 ...

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。 ...

在做好金融"五篇大文章"的政策框架引领下，中国证监会及行业自律组织系统性部署资本市场服务实体 经济高质量发展的改革举措。近期，证券公司又迎来一个以金融"五篇大文章"为核心的新评价维度—— 中国证券业协会(以下简称"中证协")在官网发布通知，发布了《证券公司做好金融"五篇大文章"专项评 价办法(试行)》(以下简称《评价办法》)。 《评价办法》共包括14项代表性评价指标，从不同维度综合考核证券公司做好金融"五篇大文章"的质 效。分析人士认为，《评价办法》是落实中央金融工作会议精神的重要举措，旨在通过专项考核机制， 引导证券公司切实将资源投入到国家战略重点领域，同时，强化风险防控与行业高质量发展。 确保评价工作的科学性与可操作性 在此背景下，中证协根据中国证监会有关工作部署，为进一步压实证券公司做好金融"五篇大文章"的主 体责任，完善相关考核评价激励机制，组织起草了《评价办法》。 中证协表示，《评价办法》的起草主要遵循三大原则，确保评价工作的科学性与可操作性。一是聚焦重 点，动态优化。按照稳起步原则，聚焦核心业务、突出功能作用，综合考虑行业代表性、指标成熟度、 数据可验证性等因素选取评价指标，以提高评价工作质效。后 ...

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].