Group 1 - The core viewpoint of the news is that China Chengxin International has assigned a "AAA" rating to the first phase of the public issuance of technology innovation corporate bonds by China Merchants Securities Co., Ltd. for professional investors [1] - China Chengxin International recognizes the strong industry position, high brand recognition, diversified financing channels, and improved profitability of China Merchants Securities, supported by its actual controller, China Merchants Group [1] - The report also highlights the increasing market competition and the risks associated with the company's innovation and international expansion efforts [1] Group 2 - China Merchants Securities was established on August 1, 1993, with an initial registered capital of 25 million yuan, and has undergone multiple capital increases and restructuring [2] - The company was renamed in 2002 and listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange in 2009 and 2016, respectively, with its registered capital increasing to 8.697 billion yuan as of the end of 2024 [2] - China Merchants Group indirectly holds 44.17% of the company's shares, maintaining its status as the actual controller [2] Group 3 - China Chengxin International believes that the credit level of China Merchants Securities will remain stable over the next 12 to 18 months [3]