Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Core Views of the Report - The current bullish foundation of the bond market is difficult to reverse in the short term. The impacts of anti - involution policies and the Yajiang Hydropower Project are long - term issues, and their short - term disturbances to the bond market are controllable [2]. - The implementation of reserve requirement ratio cuts and interest rate cuts in the second half of 2025 still has a probability [2]. - The central point of the appropriate yield of the 10 - year Treasury bond is around 1.7%. As long - term topics cool down, the yield of the 10 - year Treasury bond will return to the range of 1.65% - 1.70%. Although the Politburo meeting at the end of July and the China - US negotiations in early August may cause bond market fluctuations, the overall yield center is difficult to deviate significantly without new interest rate cut expectations [3]. Group 3: Summary by Directory 1. Interest Rate Bond Last Week's Data Review - **Funding Rates**: From July 21 to July 25, DR001 rose from 1.36% to 1.52%, with a 16BP increase in funding cost; R001 rose from 1.40% to 1.55%, with a 15BP increase. The 7 - day rates fluctuated more significantly across the month, with DR007 rising 16BP to 1.65% and FR007 rising 25BP to 1.75% [11]. - **Open Market Operations**: The central bank's reverse repurchase volume continued to increase, with a total of 1656.3 billion yuan. With a large total maturity of 1726.8 billion yuan, a net capital withdrawal of 7.05 billion yuan was finally achieved. The central bank also conducted a 400 - billion - yuan MLF operation on July 25 and a 495.8 - billion - yuan 7 - day reverse repurchase operation on July 28 [11][27]. - **Sino - US Market Interest Rate Comparison**: The inversion of the Sino - US bond yield spread widened. The US 6 - month SOFR rate fluctuated around 4.20%, while the Chinese 6 - month SHIBOR rate rose from 1.59% to 1.61%. As of July 25, the 6 - month interest rate spread between China and the US was - 259BP, and the inversion increased in July. The 2 - year and 10 - year spreads between Chinese and US bonds were - 247BP and - 266BP respectively, with a slight narrowing of the long - and short - term spreads during the week [17]. - **Term Spread**: The US bond term spread contracted, while the Chinese bond term spread changed little. The 2 - year Chinese bond yield was 1.43%, and the 10 - year was 1.73%, with the 10 - 2 - year spread slightly widening from 29BP to 30BP. The US bond yield continued to correct, with the 2 - year rising to 3.91% and the 10 - year to 4.40%, and the 10 - 2 - year term spread narrowing from 53BP to 49BP [20]. - **Interest Rate Term Structure**: The yields of both Chinese and US bonds corrected last week. The Chinese bond yield curve steepened, while the US bond yield curve flattened. The overall correction range of Chinese bond yields, except for the 3 - month period, was around 4BP - 6BP, and the middle - end of the US bond yield had the largest correction range, with a 5BP correction in the 3 - 5 - year period [21]. 2. Last Week's Key Bond Market Events - **LPR Remained Unchanged**: On July 21, the new LPR quotes released by the People's Bank of China remained unchanged, with the 1 - year variety at 3.0% and the 5 - year - plus variety at 3.5% [33]. - **Futures Market Cooling Measures**: The Guangzhou Futures Exchange and the Dalian Commodity Exchange issued notices to adjust trading limits. After the cooling measures were released, the trading volume of coking coal and lithium carbonate futures decreased by more than 20%, with the total trading volume decreasing by more than 1.7 million lots [27].

证券之星消息，7月29日证券板块较上一交易日上涨0.22%，中银证券领涨。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。证券板块个股涨跌见下表： 从资金流向上来看，当日证券板块主力资金净流出21.81亿元，游资资金净流出1695.48万元，散户资金净 流入21.98亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601162 | 天风证券 | 5.89 Z | 10.93% | -3.18 Z | -5.91% | -2.71 Z- | -5.02% | | 601688 | 华泰证券 | 1.91亿 | 7.47% | -6486.95万 | -2.54% | -1.26 Z | -4.93% | | 000712 锦龙股份 | | 1.02亿 | 7.69% | 3865.88万 | 2.92% | -1.40亿 | -1 ...

Core Viewpoint - The brokerage sector in A-shares is experiencing significant growth, with the brokerage index rising over 25% since April 8, and many brokerages reporting substantial increases in net profit for the first half of the year, driven by a recovering capital market and favorable policies [1][2][3][8]. Performance Summary - At least 28 listed brokerages have released performance forecasts for the first half of the year, with most reporting a year-on-year net profit growth exceeding 50%, and some large brokerages, such as Shenwan Hongyuan and Guotai Junan, expecting over 100% growth [2][5][6]. - The overall increase in brokerage performance is attributed to the active trading environment in the capital market, which has significantly boosted self-operated investment income and brokerage fee income [8][9]. Factors Supporting Growth - **Fundamental Support**: The active trading environment is expected to continue benefiting brokerage performance, with most brokerages forecasting net profit growth of over 50% for the second half of the year [3][13]. - **Capital Support**: The allocation of equity funds to non-bank financials has increased slightly, indicating potential for further investment in brokerages [14]. - **Policy Support**: Recent policy changes encourage brokerages to focus on improving return on equity (ROE), which may enhance their performance [15]. - **Valuation Levels**: Most brokerages have a price-to-book ratio just above 1, with only about 10 listed brokerages exceeding a ratio of 2, suggesting room for valuation growth [16]. Dividend Yield and Valuation - Several brokerages offer dividend yields above 2%, which is higher than the yield on 10-year government bonds, making them attractive for income-focused investors [1][16][18].

Summary of Key Points Core Viewpoint - The company, Shandong Liancheng Precision Manufacturing Co., Ltd., is proceeding with the early redemption of its convertible bonds, "Liancheng Convertible Bonds," based on the conditions outlined in its offering documents and relevant regulations [11]. Group 1: Convertible Bond Issuance and Redemption - The company issued 260 million RMB of convertible bonds in 2020, with a maturity period of 6 years [1]. - The initial conversion price was set at 24.37 RMB per share, which has undergone several adjustments, the latest being 17.44 RMB per share effective from June 26, 2023 [2][5]. - The early redemption was triggered as the stock price exceeded 130% of the conversion price for 15 trading days [6]. Group 2: Redemption Details - The redemption price is set at 100.22 RMB per bond, which includes accrued interest calculated based on the bond's face value and interest rate [8]. - The redemption will be executed for all holders registered by the redemption date of August 15, 2025, and the bonds will be delisted from the Shenzhen Stock Exchange post-redemption [9]. - Investors will be subject to a 20% tax on interest income, affecting the net redemption amount [10]. Group 3: Compliance and Approval - The underwriting institution, Changcheng Securities, confirmed that the early redemption process complies with relevant laws and the terms set forth in the offering documents [11].

Core Viewpoint - The report discusses the issuance of subordinate corporate bonds by Great Wall Securities Co., Ltd. aimed at professional investors, detailing the management of these bonds by Nanjing Securities Co., Ltd. and the recent resignation of the company's president and financial officer, Li Xiang [1][2][3]. Group 1: Bond Issuance - Great Wall Securities is set to issue subordinate corporate bonds in 2024 and 2025, with specific bond codes provided for each issuance [1]. - The bonds include varieties such as 2024 Phase I and II, and 2025 Phase I, all aimed at professional investors [2]. Group 2: Management Changes - Li Xiang, the president and financial officer of Great Wall Securities, submitted his resignation on July 17, 2025, due to personal reasons, effective immediately upon delivery of the resignation letter [2]. - Following Li Xiang's resignation, the board appointed Vice President Zhou Zhongshan to temporarily assume the roles of president and financial officer until a new appointment is made [2]. Group 3: Trustee Management Responsibilities - Nanjing Securities, as the trustee for the bonds, is responsible for ensuring compliance with relevant regulations and monitoring the issuer's disclosures regarding significant matters affecting bondholders [3]. - The trustee will continue to oversee the situation and ensure that the issuer adheres to information disclosure requirements [3].

债券简称：24 长城 C1 债券代码：148973.SZ 债券简称：24 长城 C2 债券代码：524073.SZ 债券简称：24 长城 C3 债券代码：524074.SZ 债券简称：25 长城 C1 债券代码：524089.SZ 债券简称：25 长城 C2 债券代码：524090.SZ 受托管理人 （住所：南京市江东中路 389 号） 2025 年 7 月 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《长城证券股份有限公司 2024 年面向专业投资者公开发行次级公司债 券（第一期）募集说明书》《长城证券股份有限公司 2024 年面向专业投资者公 开发行次级公司债券（第二期）募集说明书》《长城证券股份有限公司 2025 年 面向专业投资者公开发行次级公司债券（第一期）募集说明书》和《长城证券股 份有限公司 2024 年面向专业投资者公开发行次级公司债券之受托管理协议》等 相关规定、公开信息披露文件以及长城证券股份有限公司（以下简称"发行人"或 "公司"）出具的相关说明文件和提供的相关资料等，由受托管理人南京证券股份 有限公司（以下简称"南京证券"或"受托管理人"）编制。 ...

住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层 2025 年 7 月 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》及《长城证券股份有限公司 2021 年面向专业投资者公开发行公司债券 之受托管理协议》《长城证券股份有限公司 2022 年面向专业投资者公开发行公 司债券之受托管理协议》《长城证券股份有限公司 2023 年面向专业投资者公开 发行公司债券之受托管理协议》《长城证券股份有限公司 2024 年面向专业投资 者公开发行公司债券之受托管理协议》（以下简称"《债券受托管理协议》"）等 相关规定、公开信息披露文件以及长城证券股份有限公司（以下简称"发行人" 或"公司"）出具的相关说明文件和提供的相关资料等，由债券受托管理人国信 证券股份有限公司（以下简称"国信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为国信证券所作的 承诺或声明。 | 债券简称：21 | 长城 | 08 | 债券代码：149642 | 债券简称：23 | 长城 | 10 | 债券代码：148 ...

Group 1 - The company completed the issuance of its 2025 seventh short-term financing bond on July 22, 2025 [2] - The relevant documents for the bond issuance have been published on the China Money website and the Shanghai Clearing House website [2] - The company guarantees that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1][4] Group 2 - The company issued its 2025 first short-term financing bond on January 15, 2025, with an issuance amount of RMB 1 billion and a coupon rate of 1.73% [4] - The bond had a maturity period of 188 days, with the repayment date set for July 22, 2025 [4] - On July 22, 2025, the company repaid the principal and interest of the first short-term financing bond, totaling RMB 1,008,910,684.93 [5]

长城证券股份有限公司 2025 年度第七期短期融资券已于 2025 年 7 月 22 日 发行完毕，相关发行情况如下： | 债券名称 | | 长城证券股份有限公司 | | 年度第七期短期融资券 2025 | | | --- | --- | --- | --- | --- | --- | | 债券简称 | 长城证券 25 | | CP007 | 债券代码 | 072510134 | | 债券期限 | 天 94 | | | 计息方式 | 利随本清 | | 发行日 | 2025 年 7 | 月 | 21 日 | | | | 起息日 | 2025 年 7 | 月 | 22 日 | 兑付日 | 2025 年 10 月 24 日 | | 计划发行总额 | 10 亿元人民币 | | | 实际发行总额 | 10 亿元人民币 | | 票面利率 | 1.54% | | | 发行价格 | 100 元/百元面值 | 本期发行短期融资券的相关文件已在中国货币网(www.chinamoney.com.cn)、 上海清算所网站(www.shclearing.com.cn)刊登。 特此公告。 证券代码：002939 证券简称：长城证券 公告 ...

本公司及公司全体董事会成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 长城证券股份有限公司（以下简称公司）于 2025 年 1 月 15 日发行了公司 2025 年度第一期短期融资券，发行金额为人民币 10 亿元，票面利率为 1.73%， 发行期限为 188 天，兑付日为 2025 年 7 月 22 日。 证券代码：002939 证券简称：长城证券 公告编号：2025-052 长城证券股份有限公司 关于 2025 年度第一期短期融资券兑付完成的公告 长城证券股份有限公司董事会 2025 年 7 月 24 日 2025 年 7 月 22 日，公司兑付了 2025 年度第一期短期融资券本息共计人民 币 1,008,910,684.93 元。 特此公告。 ...