Core Viewpoint - In the first half of 2025, all 13 companies that submitted merger and acquisition projects for review in the A-share market were approved, resulting in a 100% approval rate [1] Group 1: Independent Financial Advisors Performance - A total of 13 independent financial advisory firms participated in the 13 approved merger and acquisition projects [2] - Dongfang Securities ranked first with 3 projects, while Huatai United Securities ranked second with 2 projects [3][4] - Other firms including First Capital Securities, Guotai Junan, Bank of China International, China Galaxy Securities, Minsheng Securities, Shenwan Hongyuan, Western Securities, Southwest Securities, Zhongtai Securities, CITIC Securities, and CITIC Jianan each handled 1 project [3][5] Group 2: Legal Advisors Performance - Ten law firms were involved in the legal services for the 13 approved merger and acquisition projects [6] - Beijing King & Wood Mallesons ranked first with 3 projects, while Guohao (Shanghai) and Shanghai Jintiancheng both ranked second with 2 projects each [7][8] - Other firms such as Beijing Haiwen, Beijing Jiayuan, Beijing Jingtian Gongcheng, Beijing Kangda, Beijing Tianyuan, Guohao (Changsha), and Shanghai Fangda each handled 1 project [7][8] Group 3: Audit Firms Performance - Eleven accounting firms provided auditing services for the 13 approved merger and acquisition projects [9] - Tianjian ranked first with 3 projects, while Daxin and Xinyong Zhonghe both ranked second with 2 projects each [10] - Other firms including Ernst & Young Huaming, KPMG Huazhen, Sigma, Zhonghui, Zhongshen Zhonghuan, Zhongxinghua, Lixin, and Guangdong Sinong each handled 1 project [10] Group 4: Asset Evaluation Firms Performance - Eleven asset evaluation firms were involved in the asset evaluation services for the 13 approved merger and acquisition projects [11] - Jinzheng (Shanghai) ranked first with 3 projects, while Zhonglian Evaluation ranked second with 2 projects [12] - Other firms such as Beijing Huaya Zhengxin, Beijing Zhongtonghua, Beijing Zhuoxin Dahua, Shanghai Dongzhou, Tiandao Hengjia, Wokesen (Beijing), Zhongjing Minxin (Beijing), Liaoning Zhonghua, and Beijing Zhongqihua each handled 1 project [12]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 券商资管产品是由证券公司或其资管子公司作为管理人，依照资产管理合同约定的方式、条件及 限制，对客户资产进行投资管理的金融工具。 券商的资产管理产品主要分为 集合资管计划、定向资管计划、专项资管计划 。而我们常说的券 商资管产品一般指代的是券商集合资管计划。券商集合资管计划 根据投资标的可以分为 股票型 、 债券型 、混合 型 、 FOF 、 QDII、货币市场型 、 另类投资 等。 根据中国证券投资基金业协会数据，截至2025年一季度末（最新数据）， 券商运行的资管产品 （集合资管计划）共有 10210只，产品总规模约为28215亿元。 其中， "集合资管计划"总规模超100亿元的券商（或资管公司）共有31家。 中信证券、国泰海 通、中金公司、中银证券、广发资管、广发证券、招商证券、中信建投证券、国金证券、国金资 管、首创证券等 11家券商的"集合资管计划"规模均在千亿元级别。中信证券以3432亿元的管理 规模位列第1。 0 1 股票型券商资管产品在近一年领跑！ 那么券商资管产品（在此仅包括"集合资管计划"）的最新业绩如何呢？ 根据Choice数 ...

Group 1 - The brokerage sector showed strong performance on June 27, with Tianfeng Securities hitting the daily limit, Huaxi Securities rising over 6%, and Guohai Securities increasing by more than 5% [1] - The A-share leading brokerage ETF (512000) saw a price increase of 2.67%, with a trading volume of 463 million yuan within the first half hour of trading [1] - The "1 + 6" policy measures introduced at the Lujiazui conference on June 18 are expected to marginally ease IPOs on the Sci-Tech Innovation Board in the second half of the year, benefiting brokerage investment banking and direct investment businesses [2][3] Group 2 - The public fund sector has shown significant under-allocation in the non-bank sector, leading to an increased necessity for allocation in this area, which is expected to result in continuous capital replenishment [3] - The brokerage ETF (512000) tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [3] - The second quarter market data has improved, indicating that brokerage firms' mid-year reports will continue to show high prosperity [2]

Group 1 - The bond market's technology board has been launched, with Beijing's state-owned enterprises leading the issuance of innovation bonds, achieving a total fundraising of 11.5 billion yuan [1][2] - The policy framework for supporting the issuance of technology innovation bonds was quickly implemented, creating a favorable market ecosystem for innovation bonds [2][3] - Beijing's state-owned enterprises have become the first practitioners and demonstrators of the technology board, showcasing successful issuance experiences [3][4] Group 2 - Beijing State Capital Management has constructed a complete technology finance ecosystem, supporting the development of new productive forces [4][5] - First Capital has established a strong foundation in fixed income, actively participating in the distribution of over 40 technology innovation bonds this year [5][6] - The technology board is reshaping the financing ecosystem for technology enterprises, with Beijing's state-owned enterprises playing a crucial role [6][7]

Group 1 - The company has issued multiple bonds, including "21 Yi Chuang 01", "21 Yi Chuang 02", "22 Yi Chuang 01", "22 Yi Chuang 02", "22 Yi Chuang 03", "22 Yi Chuang 04", "23 Yi Chuang 01", and "24 Yi Chuang 01" [4][5][7] - The total issuance amount for the bonds is up to RMB 60 billion, with specific amounts allocated for debt repayment and working capital [14][16] - The company has maintained a strong credit rating, with the issuer's long-term credit rating at AAA and stable outlook [7][8][26] Group 2 - The company reported a significant increase in net profit, achieving RMB 903.63 million, a year-on-year growth of 173.28% [10][12] - The total operating revenue for the company reached RMB 3.53 billion, reflecting a year-on-year increase of 41.91% [12] - The company’s financial indicators show a stable liquidity position, with a current ratio of 163.46% and a debt-to-asset ratio of 59.75% [13][12] Group 3 - The company has successfully paid interest on its bonds, including "22 Yi Chuang 01" and "22 Yi Chuang 02" on January 8, 2024, and "21 Yi Chuang 01" on August 26, 2024 [21][24] - The funds raised from the bond issuances have been used in accordance with the stated purposes, with no violations reported [19][17] - The company has implemented effective measures to protect investor rights, ensuring timely payment of principal and interest [22][23]

| 债券代码：149611.SZ | 债券简称：21 | 一创 | 01 | | --- | --- | --- | --- | | 债券代码：149612.SZ | 债券简称：21 | 一创 | 02 | | 债券代码：149679.SZ | 债券简称：21 | 一创 | C1 | | 债券代码：149766.SZ | 债券简称：22 | 一创 | 01 | | 债券代码：149767.SZ | 债券简称：22 | 一创 | 02 | | 债券代码：148013.SZ | 债券简称：22 | 一创 | 03 | | 债券代码：148014.SZ | 债券简称：22 | 一创 | 04 | | 债券代码：148471.SZ | 债券简称：23 | 一创 | 01 | | 债券代码：148575.SZ | 债券简称：24 | 一创 | 01 | | 债券代码：148847.SZ | 债券简称：24 | 一创 | 02 | 第一创业证券股份有限公司公司债券 2024 年度受托管理事务报告 发行人 第一创业证券股份有限公司 （注册地址：深圳市福田区福华一路 115 号投行大厦 20 楼） 债券受托管理人 （注册地址 ...

Core Viewpoint - The credit rating of First Capital Securities Co., Ltd. and its related debt instruments for 2025 is maintained at AAA with a stable outlook, indicating strong creditworthiness and financial stability [1][2]. Company Overview - As of March 2025, the registered capital of the company remains at 4.2024 billion yuan, with the largest shareholder, Beijing Guoguan, holding 11.06% of the shares, while other shareholders hold no more than 5% each, indicating a relatively dispersed ownership structure [9][10]. - The company has six first-level subsidiaries and a board of directors consisting of nine members, including three independent directors [9][10]. Debt Instruments and Fund Usage - The tracked bonds include "21 Yichuang 02," "22 Yichuang 02," "22 Yichuang 03," "22 Yichuang 04," "23 Yichuang 01," "24 Yichuang 01," "24 Yichuang 02," "25 Yichuang 01," "25 Yichuang 02," and "25 Yichuang 04," all rated AAA [1][2]. Financial Performance - Total assets reached 54.068 billion yuan as of March 2025, up from 52.742 billion yuan in 2024 and 47.807 billion yuan in 2023, indicating growth [3][4]. - Net profit for 2024 was 1.37 billion yuan, showing a significant increase from 388 million yuan in 2023 [3][4]. - The company's total revenue for 2024 was 6.61 billion yuan, reflecting a recovery from 2.489 billion yuan in 2023 [3][4]. Wealth Creation Ability - The company has a broad geographical distribution of branches, covering 19 provinces or municipalities, which supports its business expansion [18]. - The company’s asset management and fund management business remains the highest contributor to total revenue, with a focus on fixed-income products [18][19]. Industry Environment - The Chinese securities industry is experiencing short-term profit fluctuations but overall capital strength is increasing, supported by comprehensive capital market reforms and improved regulatory frameworks [15][16]. - The industry is facing intense competition due to high business homogeneity, but opportunities exist through capital market reforms and the expansion of service capabilities [15][16]. Risk Management and Sustainability - The company continues to optimize its comprehensive risk management system and has established an ESG committee to enhance its ESG practices [22]. - The company aims to become a leading investment bank with a focus on fixed-income characteristics, driven by asset management and investment banking services [22].

报告名称 第一创业证券股份有限公司主体与 相关债项2025年度跟踪评级报告 目录 评定等级及主要观点 被跟踪债券及募集资金使用情况 主体概况 偿债环境 财富创造能力 偿债来源与负债平衡 外部支持 评级结论 联系电话：+86-10-67413300 客服电话：+ 86-4008-84-4008 传真：+86-10-67413555 Email: dagongratings@dagongcredit.com 地址：中国北京市西城区三里河二区甲 18 号院 公司网站：www.dagongcredit.com 第一创业证券主体与相关债项 2025 年度跟踪评级报告 信用等级公告 DGZX-R【2025】00572 大公国际资信评估有限公司通过对第一创业证券股份有限公司及 "21 一创 02"、"22 一创 02"、"22 一创 03"、"22 一创 04"、"23 一创 01"、"24 一创 01"、"24 一创 02"、"25 一创 01"、"25 一创 02"、"25 一创 04"的信用状况进行跟踪评级，确定第一创业证券股份有限公司 的主体信用等级维持 AAA，评级展望维持稳定，"21 一创 02"、"22 一 ...

证券代码：002797 证券简称：第一创业 公告编号：2025-043 第一创业证券股份有限公司 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"）2024 年度利润分配方案已获 下： 一、股东大会审议通过的 2024 年度利润分配方案等情况 向全体股东每 10 股派发现金红利 0.64 元（含税），不送红股，不以资本公积金转 增股本。 配方案披露至实施期间，公司股本总额未发生变化。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.128 元；持股 1 个月以上至 1 年（含 三、股权登记日与除权除息日 本次利润分配的股权登记日为：2025 年 6 月 26 日（星期四）；除权除息日为： 四、利润分配对象 本次利润分配对象为：截至 2025 年 6 月 26 日（星期四）下午深圳证券交易所 收市后，在中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳 分公司"）登记在册的公司全体股东。 五、利润分配方法 公司此次委托中国结算深圳分公 ...

证券代码：002797 证券简称：第一创业 公告编号：2025-043 第一创业证券股份有限公司 2024 年度利润分配实施公告 1 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.128 元；持股 1 个月以上至 1 年（含 1 年）的，每 10 股补缴税款 0.064 元；持股超过 1 年的，不需补缴税款。】 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"）2024 年度利润分配方案已获 2025 年 6 月 12 日召开的 2024 年度股东大会审议通过，现将权益分派事宜公告如 下： 一、股东大会审议通过的 2024 年度利润分配方案等情况 1、公司 2024 年度利润分配方案为：以现有总股本 4,202,400,000 股为基数， 向全体股东每 10 股派发现金红利 0.64 元（含税），不送红股，不以资本公积金转 增股本。 2、公司 2024 年度利润分配方案以固定总额的方式分配。自 2024 年度利润分 配方案披露至实施期间，公司 ...