国信证券股份有限公司2025年面向专业投资者公开发行 (此页无正文，为《国信证券股份有限公司 2025 年面向专业投资者公开发行永 续次级债券更名公告》之盖章页 ) 2 永续次级债券更名公告 2025 年 3 月 26 日，中国证券监督管理委员会以证监许可[2025]628 号文同 意国信证券股份有限公司面向专业投资者公开发行永续次级债券的注册。 由于债券分期发行，按照公司债券命名惯例，征得主管部门同意，本期债券 名称由"国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债券" 变更为"国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债券 （第五期）"，债券简称"25 国证 Y5"。 本期债券名称更变不改变原签订的与本期公司债券发行相关的法律文件效 力，原签署的法律文件对更名后的公司债券继续具有法律效力。前述法律文件包 括但不限于：《国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级 债券之受托管理协议》《国信证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券债券持有人会议规则》。 特此说明。 （以下无正文） 1 3 3/4 (此页无正文，为《国信证 ...

| 本次债券注册规模 | 200 亿元 | | --- | --- | | 本期债券发行规模 | 不超过30亿元(含30亿元) | | 发行人 | 国信证券股份有限公司 | | 主承销商 | 中国银河证券股份有限公司、国投证券股份有限公司 | | 受托管理人 | 中国银河证券股份有限公司 | | 增信措施情况 | 本期债券无增信 | | 信用评级结果 | 发行人主体长期信用等级 AAA,本期债券信用等级 AAA | | 信用评级机构 | 联合资信评估股份有限公司 | 国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债券（第五期）募集说明书 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、高级管理 人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述和 重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。债 券发行的利率或者价格应当以询价、协议定价等方式确定，发行人不会操纵发行 定价、暗箱操 ...

国信证券股份有限公司 2025 年面向专业投资者公开发行永续次级债券 （第五期） 发行公告 发行人 牵头主承销商、债券受托管理人 住所：北京市丰台区西营街 8 号院 1 号楼 7 至 18 层 101 联席主承销商 住所：深圳市福田区福田街道福华一路 119 号安信金融大厦 签署时间：二〇二五年十一月 本公司及其董事及高级管理人员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1．国信证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 3 月 26 日获得中国证券监督管理委员会证监许可[2025]628 号文，可向专业投资者公开发行面 值总额不超过 200 亿元的永续次级债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，"国信证券股份有限公司 2025 年面向专业 投资者公开发行永续次级债券（第五期）"（以下简称"本期债券"）为本次债券项下 第五期，发行规模为不超过人民币 30 亿元（含 30 亿元），债券简称"25 国证 Y5"。 2．本期债券每张面值为 100 元，发行数量不超过 3,000 万张，发行价格为人民币 10 ...

Market Overview - The securities sector experienced a decline of 0.77% on November 12, with Xiangcai Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Changcheng Securities, which rose by 1.42% to a closing price of 10.68, and Tuitai Haidao, which increased by 0.87% to 19.80 [1] - Xiangcai Co. saw the largest decline, dropping 8.12% to 11.65, followed by Tusheng Securities, which fell 4.47% to 18.39 [2] Trading Volume and Value - Changcheng Securities had a trading volume of 631,600 shares, with a transaction value of 678 million yuan [1] - Xiangcai Co. recorded a trading volume of 1,324,800 shares, with a transaction value of 154.5 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.159 billion yuan from institutional investors, while retail investors saw a net inflow of 1.746 billion yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors on that day [2] Detailed Capital Flow for Selected Stocks - Changcheng Securities had a net outflow of 59.0186 million yuan from institutional investors, while retail investors contributed a net inflow of 71.0545 million yuan [3] - Guotai Junan Securities experienced a net inflow of 41.7866 million yuan from institutional investors, indicating a positive sentiment towards this stock [3]

Group 1 - The core point of the announcement is the appointment of Deng Dong as the new Deputy General Manager of Guosen Securities Asset Management Co., Ltd. [1][2] - Deng Dong has a diverse background in the finance industry, having previously worked at KPMG as an auditor, and held various positions at China Merchants Fund Management Co., Ltd. and Baoying Fund Management Co., Ltd. [1][3] - The appointment is effective from November 10, 2025, and Deng Dong joined Guosen Securities Asset Management in September 2025 [1][3] Group 2 - The announcement is made in accordance with the "Measures for the Supervision and Management of Directors, Supervisors, Senior Management Personnel and Practitioners of Securities and Fund Operating Institutions" [2] - The new appointment is categorized as a change in senior management at the fund management company [2] - Deng Dong holds relevant qualifications including securities and fund practitioner qualifications, and he has a master's degree [3]

Core Points - Strong瑞 Technology (301128.SZ) announced a share reduction plan by its controlling shareholder and its concerted parties, intending to reduce up to 3,102,825 shares, accounting for 3.00% of the total share capital, between November 3, 2025, and February 2, 2026 [1] - The controlling shareholder, Xinyu Strong瑞 Technology Development Co., Ltd., and its concerted party, Tai'an Strong瑞 Venture Capital Partnership, reduced their holdings by 1,177,900 shares from November 6 to November 11, 2025, decreasing their total shareholding from 54.78% to 53.64% [1][2] - The reduction was executed through block trading and centralized bidding, with a total cash-out of 113 million yuan based on a weighted average price of 95.54 yuan per share during the reduction period [2] Financial Information - Strong瑞 Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 10, 2021, with an initial public offering of 18,471,700 shares, representing 25.00% of the post-issue total share capital, at a price of 29.82 yuan per share [2] - The total funds raised from the IPO amounted to 551 million yuan, with a net amount of 493 million yuan after deducting issuance costs [2] - The net fundraising exceeded the original plan by 117 million yuan, with the funds intended for expansion projects, technology upgrades, research center development, information system construction, and working capital [2]

Core Viewpoint - Zhejiang Yatai Pharmaceutical Co., Ltd. is undergoing a strategic transformation from generic drugs to innovative drug development, supported by new leadership and funding for research projects [1][2][4]. Group 1: Company Overview - Yatai Pharmaceutical is a well-established pharmaceutical company in China with a complete pharmaceutical business chain, offering a wide range of products including anti-infectives, antiviral, digestive system, and cardiovascular drugs [1]. - As of September 2025, the company holds 114 approved drug formulations, with 19 products passing consistency evaluations and 3 products entering national centralized procurement [1]. Group 2: Financial Performance - In the first three quarters, Yatai Pharmaceutical achieved revenue of approximately 228 million yuan and a net profit of about 97.2 million yuan, marking a significant year-on-year increase of 2,909.49% [1]. Group 3: Strategic Changes - The company plans to change its actual controller to Mr. Qiu Zhongxun, the chairman and founder of Yaodou Technology, and will raise 700 million yuan through a private placement to fund new drug research projects [1][3]. - This transition signifies a shift towards innovative drug development, moving away from a focus on generic drugs [2][6]. Group 4: Innovation and R&D Focus - Yatai Pharmaceutical's innovation strategy includes developing oncolytic virus drug platforms and long-acting complex formulations, targeting a market expected to reach 160 billion yuan by 2025 in China and the U.S. [2]. - The company adopts a balanced approach to R&D, focusing on specific disease areas while ensuring sustainable new drug development and efficient use of funds [2]. Group 5: Market and Policy Environment - The new leadership and strategic focus align with favorable national policies promoting biomanufacturing and innovative drug development as key economic growth areas [4][5]. - The recent launch of the national drug research major project is expected to enhance the drug innovation ecosystem in China, benefiting companies like Yatai Pharmaceutical [5]. Group 6: Market Performance - Yatai Pharmaceutical's stock has seen a significant increase, with a year-to-date rise of over 178%, reflecting investor confidence in the company's innovative transformation [3][6]. - Analysts predict that the successful implementation of the new funding projects will lead to a revaluation of the company, transitioning it from a traditional generic drug firm to an innovative drug platform company [6].

Group 1 - The ChiNext Index has decreased by 1.34% as of November 12, 2025, with mixed performance among constituent stocks, where XW Communication led with a rise of 5.35% and Jing Sheng Electric fell by 6.82% [3] - The ChiNext ETF by Bosera has seen a decline of 1.41%, with the latest price at 2.87 yuan, while it has accumulated a rise of 31.66% over the past three months [3] - The trading volume for the ChiNext ETF was 17.58 million yuan, with a turnover rate of 1.45%, and the average daily trading volume over the past month was 47.38 million yuan [3] Group 2 - Guosen Securities predicts that technological innovation and green economy will continue to create structural opportunities during the 14th Five-Year Plan, leading to a more balanced capital market funding structure [4] - The industry return on equity (ROE) is expected to rise from 6% to 10% as refinancing is gradually relaxed, providing capital support for brokerage transformation [4] - China International Capital Corporation (CICC) emphasizes that AI remains a key investment theme, with strong demand anticipated for AI-related chip design sectors due to global infrastructure investments [4] Group 3 - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index accounted for 58.2% of the index, including companies like CATL and Mindray Medical [5]

Group 1 - The core viewpoint of the report indicates that the liquor industry is entering a phase of adjustment, with a consensus on reduced growth rates for 2024 and an expansion of performance declines in Q3 reports [1][2] - The food and beverage sector is expected to show stable overall volume and structural differentiation by 2025, with Q1/Q2/Q3 revenues growing by +2.5%/+2.4%/-4.77% year-on-year, and net profits declining by +0.3%/-2.1%/-14.6% [1] - The report highlights that the macroeconomic policies in Q4 could catalyze stock price increases due to low expectations in the capital market and low institutional holdings [1] Group 2 - The liquor sector is recommended for investment, particularly companies with pricing power and regional influence, such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, which are expected to achieve greater growth [2] - The consumer goods sector is anticipated to stabilize and improve in 2025, driven by inventory reduction and macroeconomic policy support, with leading companies in segments like sugar-free tea and functional beverages showing strong revenue growth [3] - The snack food segment reported a revenue increase of +22.4% and an 8.6% rise in profits in Q3 2025, despite rising costs from certain raw materials [3]

Market Overview - The market experienced fluctuations with the three major indices opening high but closing lower, with the Shanghai Composite Index down by 0.39%, the Shenzhen Component Index down by 1.03%, and the ChiNext Index down by 1.4% [1] - The trading volume in the Shanghai and Shenzhen markets was below 2 trillion, a decrease of 180.9 billion compared to the previous trading day [1] AI Industry Outlook - CITIC Securities forecasts that by 2026, AI investment opportunities will focus on two main areas: 1) Investment opportunities around computing power, emphasizing leading companies, new technology upgrades, and local industrial clusters [2] - The report highlights the rapid growth in revenue from companies like OpenAI, indicating a shift towards commercializing AI applications across various industries [2] Coal-to-Gas Industry - Tianfeng Securities notes that the coal-to-gas sector is entering a new phase of industrial catalysis due to improved market pricing mechanisms and fair access for coal-to-gas companies [3] - There are currently 12 projects planned in China with a total capacity of 44 billion cubic meters per year, supported by abundant coal resources in Xinjiang and advancements in coal chemical technology [3] Automotive Industry Trends - Guosen Securities states that the Chinese automotive industry is transitioning from a growth phase to a mature phase, with annual sales growth slowing down and structural changes occurring due to the rise of new energy vehicles [4] - The report emphasizes the importance of brand development and globalization as key strategies for automotive companies to navigate the competitive landscape, alongside the significant market potential for smart driving applications [4]