《证券行业文化建设十要素》提出，要立足于证券行业服务实体经济发展、服务国家发展战略、服务人 民美好生活向往的职责与使命，与经济社会共生共荣、融合发展。国信证券（002736）积极贯彻上级监 管要求，深入践行"合规、诚信、专业、稳健"证券行业文化理念，突出金融报国、金融为民的定位，推 动文化建设与主责主业深度融合，积极承担金融国企责任担当，以文化软实力的提升持续赋能高质量发 展。 响应国家科技创新政策 专业能力是证券公司安身立命之本。《证券行业文化建设十要素》指出，要在观念层中形成"崇尚专业 精神"。对此，国信证券始终坚持以提升业务能力为发展业务的根本，持续更新专业知识、提升核心能 力，以适应资本市场的发展需求。 国信证券积极响应国家科技创新的政策部署，将专业务实文化融入业务发展之中，依托高水平业务能 力，精心设计债券发行上市方案，通过精准研判市场、把握发行窗口期，最终实现低成本、高效率发 行，取得多个行业"首次"。 以客户为中心 将责任担当文化融入业务全链条 国信证券以打造"责任担当文化"为纽带，将文化建设各项要求融入业务全链条，以业务践行"创造价 值、成就你我、服务社会"的公司价值观念，实现经济效益与社会责 ...

Core Viewpoint - The article emphasizes the importance of building a high-quality investment banking and asset management institution that enhances the ability to serve the real economy and national strategies through cultural strength, thereby injecting new momentum into the high-quality development of the securities industry [1] Group 1: Commitment to Serving the Real Economy - The company adheres to the fundamental purpose of financial services for the real economy, actively fulfilling its social responsibilities as a state-owned enterprise, and providing high-quality and efficient financial services [2] - As of June 2025, the company has completed 673 sponsorship and underwriting projects, raising a total of 624.81 billion yuan, including 320 IPO projects that raised 216.195 billion yuan [2] - The company’s bond financing services cover 982 enterprises across 31 provinces, with a financing scale of 5.71 trillion yuan, supporting the construction of a modern industrial system [2] Group 2: Enhancing Quality of Life - The company focuses on a customer-centric development philosophy, creating various wealth management brands to provide differentiated professional services throughout the investment cycle [3] - The implementation of a "responsibility culture" in specific services aims to better meet the financial needs of the public and promote a virtuous cycle of economic development and improvement of people's livelihoods [3] Group 3: Supporting National Development Strategies - The company actively engages in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, completing 156 sponsorship and underwriting projects that raised 125.599 billion yuan as of June 2025 [4] - It supports technological innovation by enhancing various financing tools and models, helping multiple enterprises grow into industry leaders [4] - The company has established a comprehensive service system for key regions, with 218 securities business outlets across 113 cities to meet local wealth management and corporate financing needs [4] Group 4: Commitment to Sustainable Development - The company integrates sustainable development concepts into its strategic and operational management, disclosing ESG reports annually since 2023 to showcase its ESG practices [5] - It has developed diverse green financial products and services, supporting regional industrial upgrades and guiding social capital towards sustainable development fields [5][6] - The company has invested 5.5719 million yuan in various charitable activities in the first half of 2025 to help consolidate poverty alleviation achievements [6] Group 5: Future Outlook - The company will continue to uphold its cultural values of compliance, professionalism, integrity, and harmony, promoting the integration of cultural construction with business development [6] - It aims to contribute more to building a strong financial nation by practicing a "responsibility culture" to support the real economy, a "professional culture" to serve national strategies, and an "innovative culture" to drive sustainable development [6]

Core Viewpoint - Guosen Securities enhances investment efficiency through a comprehensive tool system, integrating professional services with technology and strategies to capture market opportunities and implement investment strategies effectively [1][3]. Group 1: Investment Advisory Services - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently underway, aiming to identify outstanding investment advisors and empower investment advisory IP construction [1][2]. - The event includes a "Brokerage Investment Advisory Service Brand Show," showcasing institutional innovations in advisory services, AI-enabled advisory services, and buy-side advisory thinking [1]. Group 2: Technological Empowerment - Guosen Securities offers intelligent trading tools such as "Beixin Lingdong+" for automatic new share subscriptions and "Guosen Xinyi Sheng," which integrates T0 strategies, grid trading, and conditional orders to enhance capital utilization and capture trading opportunities [3]. - The strategy service package includes customized multi-asset portfolios from star advisors, transforming in-depth research reports into actionable strategies, and tools like "Stock Selection Treasure" to support confident stock selection decisions [4]. Group 3: Information and Education - The "Precision Information Station" integrates market dynamics, policy trends, industry turning points, and stock movements, providing real-time updates through the "Guosen Xintougu" platform, which filters out noise and delivers core information relevant to investors [5]. - Investment empowerment programs, including live classes and investment schools, are offered to enhance investors' decision-making abilities, transitioning them from merely following to making informed judgments [6].

Core Viewpoint - Guosen Securities breaks the shackles of standardized services by customizing exclusive paths for different client groups [1] Group 1: Customized Wealth Management Services - Retail clients receive inclusive services through "Guosen Xintougu," which offers account health diagnostics and portfolio configuration advice, supported by over 3,000 frontline advisors using live broadcasts and short videos to explain market logic [2][5] - High-net-worth clients benefit from "Guosen Leading 30," which collaborates with top market managers to design tailored cross-market, multi-asset, and multi-strategy allocation plans that align wealth management with life planning [2][5] - Innovative services like "Guosen Xinzhi Investment" provide post-purchase management solutions, with a dedicated advisory team diagnosing portfolio status and customizing adjustment plans based on clients' risk tolerance and liquidity needs [2][5] Group 2: Service Advantages in Wealth Management - Since the inception of the "Golden Sunshine" advisory service brand in 2005, Guosen Securities has expanded its reach to nearly 5 million clients, managing assets close to 500 billion [5] - The company has developed a comprehensive service system that includes pre-investment diagnostics, ongoing support during investment, and post-investment tracking [5] - A full-dimensional tool system enhances investment efficiency, from capturing market trends to implementing strategies [5] - "Guosen Xintougu" provides account health diagnostics and portfolio configuration advice, making professional guidance easily accessible through a combination of standardized headquarters and personalized branch services [5] - "Guosen Leading 30" connects with top market managers to create customized allocation plans across various markets and assets [5]

Core Insights - The "Second Golden Unicorn Best Investment Advisor Selection" event is actively seeking outstanding investment advisors to enhance wealth management services [1] - The event includes a "Brokerage Investment Advisor Service Brand Show" to showcase innovative advisory services and AI-enabled solutions [1] Group 1: Investment Advisory Services - Guosen Securities has developed a comprehensive investment advisory service system, including "pre-investment diagnosis, in-process support, and post-investment tracking" [1][5] - The "Guosen Xin Youxuan" advisory service employs a dual screening mechanism from both quantitative and qualitative perspectives, ensuring high-quality investment options [1][5] Group 2: Client Coverage and Asset Management - Guosen Securities has covered nearly 5 million clients and manages assets close to 500 billion yuan [1][5] - The company offers a full-dimensional tool system to enhance investment efficiency, from market analysis to strategy implementation [5] Group 3: Wealth Management Solutions - The company provides personalized wealth management services tailored to individual client needs [4] - Guosen Securities collaborates with top market managers to design multi-asset and multi-strategy investment solutions [5]

Core Viewpoint - The company reported a stable economic performance in the first half of 2025, with a GDP growth of 5.3%, and highlighted the resilience of the capital market amid regulatory reforms and policy support [6][9]. Company Overview - The company did not distribute cash dividends or issue bonus shares for the half-year [2]. - The company has undergone accounting policy changes affecting previous financial data [3]. Financial Performance - The company’s total revenue sources include: - Investment income of 5.066 billion yuan, an increase of 2.236 billion yuan or 78.99% [11]. - Net commission income of 4.346 billion yuan, up by 1.310 billion yuan or 43.15% [11]. - Net interest income of 642 million yuan, an increase of 154 million yuan or 31.48% [11]. - Other income decreased to 17 million yuan, down by 10 million yuan or 36.25% [11]. - Exchange gains increased to 4 million yuan, up by 12 million yuan [11]. Business Segments Wealth Management and Institutional Business - Revenue from wealth management and institutional business reached 5.215 billion yuan, a rise of 44.76% [13]. - The A-share market showed a structural uptrend, with the Wande All A Index increasing by 5.83% compared to the end of 2024 [13]. Investment Banking - The investment banking segment generated 373 million yuan in revenue, a decrease of 8.86% [24]. - The company completed 1.67 stock underwriting projects, raising 21.104 billion yuan [26]. Capital Intermediation - The company’s margin financing balance reached 68.2 billion yuan, with a year-on-year increase of 28% [20]. Futures Business - The futures market showed robust growth, with trading volume and value increasing by 17.82% and 20.68% respectively [21]. - The subsidiary, Guoxin Futures, reported a net profit increase of 15.42% [22]. Asset Management - The asset management business generated 338 million yuan in revenue, a decline of 18.77% [35]. Investment and Trading - The investment and trading segment achieved 5.447 billion yuan in revenue, a rise of 60.87% [29].

Group 1: Brokerage Business and Internet Development - The company's brokerage business market share for stock-based transactions is 2.75% of the total market, with continuous improvement in client account numbers and quality [2] - The company emphasizes both new and existing clients, particularly leveraging internet methods to enhance operational efficiency and transform offline outlets [2] - There will be increased investment in digital operations to meet diverse client needs [2] Group 2: Wealth Management Ecosystem - For individual clients, the company has established a professional investment advisory team and various wealth management service brands, enhancing product offerings and quality [2] - For institutional clients, the company provides customized comprehensive financial services, addressing their investment pain points through an integrated service platform [2] Group 3: Proprietary Investment Business - The company employs a major asset allocation strategy to manage investments, utilizing stocks, bonds, derivatives, convertible bonds, and funds to mitigate volatility and market risks [3] - The focus is on dividend investment, value growth investment, and discount protection investment strategies, with a strong emphasis on stable fixed-income investments [3] - The derivatives business is conducted with a focus on compliance and risk control, aiming for high-quality development [3] Group 4: Acquisition of Wanhe Securities - The acquisition of Wanhe Securities has been approved by the Shenzhen Stock Exchange's merger and reorganization review committee, pending completion of registration and other procedures [4] - Post-acquisition, the company aims to leverage Wanhe Securities' advantages in cross-border asset management within the Hainan Free Trade Port [4] Group 5: Investment Banking Development Strategy - The investment banking division focuses on core responsibilities, enhancing professional capabilities, and increasing the scale of equity financing projects [4] - There is a push for business innovation, particularly in mergers and acquisitions, Hong Kong stock business, and technology innovation bonds [4] - Long-term planning is emphasized to develop an industrial investment banking model and enhance service capabilities for technology enterprises [4]

Economic Overview - The domestic economy is expected to operate steadily with a GDP growth of 5% in 2024, reflecting a significant recovery in social confidence [3] - The industry revenue is projected to grow by 11.2% year-on-year, while net profit is expected to increase by 21.3% [25] Company Performance - Guosen Securities has maintained steady development across its main business areas, reinforcing a stable growth trend [5] - The company’s total assets reached 5,015 billion yuan in 2024, up from 4,630 billion yuan in 2023 [27] Retail Business - The retail business has established a professional investment advisory team of nearly 3,700 members, providing comprehensive wealth management services [7] - The company’s brokerage business client custody assets exceeded 24 trillion yuan, marking an 11% increase from the previous year [7] - The market share in equity funds increased by 14% to 2.75% [7] Institutional Business - Institutional client trading volume and market share in equity funds reached historical highs [8] - The company has enhanced support for the real economy through various services, including special trading commissions and asset allocation [10] Research and Capital Intermediation - The research department has strengthened its professional capabilities, enhancing market position and internal collaboration [12] - The financing and securities lending balance grew by over 20% year-on-year [12] Financial Performance - Operating revenue for 2024 is projected at 201.7 billion yuan, up from 173.2 billion yuan in 2023 [24] - The net profit attributable to shareholders is expected to reach 82.2 billion yuan in 2024, compared to 64.3 billion yuan in 2023 [24] - Return on equity (ROE) is anticipated to rise to 8.23% in 2024, up from 6.57% in 2023 [24] Asset Management - The asset management subsidiary has been established to enhance professional operations and achieve high-quality development [18] - The company ranks third in the industry for newly added public fund custody products [12] Future Outlook - Guosen Securities aims to continue its commitment to high-quality development and contribute to the construction of a strong financial nation, aligning its operational achievements with economic and social development goals [21]

Core Viewpoint - The company has demonstrated strong financial performance in 2024, with significant growth in revenue and net profit, while maintaining a leading position in the securities industry amidst a favorable market environment [3][18][25]. Company Overview - In 2024, the company achieved operating revenue of 20.167 billion yuan and net profit of 8.217 billion yuan, representing year-on-year increases of 16.46% and 27.84% respectively [18][25]. - The company has maintained a strong market position, with total assets reaching 501.506 billion yuan and net assets of 118.692 billion yuan by the end of 2024, reflecting growth of 8.33% and 7.45% compared to the previous year [18][25]. Industry Performance - The securities industry experienced a significant increase in trading volume, with total trading volume in the Shanghai and Shenzhen markets reaching 254.8 trillion yuan, a year-on-year increase of 20.1% [3]. - The industry saw a rise in operating income to 451.169 billion yuan and net profit to 167.257 billion yuan, with increases of 11.15% and 21.35% respectively compared to the previous year [3]. Business Segments - Wealth management and institutional business generated operating revenue of 8.810 billion yuan, up 17.97% year-on-year, reflecting the company's focus on providing comprehensive financial services [27]. - The investment and trading business reported operating revenue of 9.002 billion yuan, a substantial increase of 68.86% year-on-year, indicating strong performance in trading activities [53]. Competitive Advantages - The company benefits from a strong shareholder base, with over 80% of shares held by state-owned enterprises, providing a stable foundation for growth [9]. - The company has established a robust digital financial ecosystem, leveraging technology to enhance service delivery and operational efficiency [12][13]. Future Outlook - The company aims to continue enhancing its service capabilities and expanding its market presence, particularly in the context of ongoing reforms in the capital market and the growing demand for diversified financial services [21][31].