证券代码：524360 证券简称：25 国证 Y3 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（第三期）发行结果公告 根据《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（第三期）发行公告》，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（第三期）（以下简称"本期债券"）的发行规模为不超过 债券发行价格为每张 100 元，采取网下面向专业投资者询价配售的方式发行。 本期债券发行时间自 2025 年 7 月 10 日至 2025 年 7 月 11 日，共 2 个交易日。 最终发行规模 40 亿元，票面利率 2.04%，全场认购 1.76 倍。 经核查，经核查，发行人关联方南方基金管理股份有限公司认购本期债券 董事、监事、高级管理人员、持股比例超过 5%的股东及其他关联方未参与本期 债券认购。本期债券承销商及其关联方未参与本期债券认购。 认购本期债券的投资者均符合《公司债券发行与交易管理办法》《深圳证券 交易所公司债券上市规则（2023 年修订）》《深圳证券交易所债券市场投资者 适当性管理办法（2023 年修订）》及《关于进一步规范债券发 ...

Group 1 - Guosen Securities announced the extension of the book-building time for its perpetual subordinated bonds (third phase) aimed at professional investors, originally scheduled for July 9, 2025, due to significant market fluctuations [1] - The issuance scale of this bond is not to exceed 20 billion yuan, with approval from the China Securities Regulatory Commission [1] - The extension of the book-building time may reflect market demand for perpetual subordinated bonds or fluctuations in interest rate expectations, necessitating further observation of the issuance results and market reactions [1] Group 2 - Perpetual subordinated bonds have no fixed maturity date and can be counted as equity, typically used to supplement the capital of financial institutions [1] - The purpose of this issuance is to optimize the capital structure and enhance risk resistance capabilities of Guosen Securities [1] - Market participants believe that extending the book-building time may be to fully gather investor intentions and ensure a smooth issuance process [1]

国信证券股份有限公司 签署时间 ：二〇 二五年 七月 本公司及其董事、监事、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 （第三期） 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 住所：深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层 得中国证券监督管理委员会证监许可2025628 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（第三期）"（以下简称"本期债券"）为本次债券项下第三期， 发行规模为不超过人民币 40 亿元（含 40 亿元），债券简称"25 国证 Y3"。 及专业投资者中的个人投资者不得参与发行认购。本期债券上市后将被实施投资者适当 性管理，仅限专业机构投资者参与交易，普通投资者及专业投资者中的个 ...

Group 1 - The core point of the announcement is the details regarding the interest payment for the perpetual subordinated bonds issued by GF Securities, which will take place on June 30, 2025 [1][2] - The bonds, referred to as "22 GF Y1," have a coupon rate of 3.75%, resulting in an interest payment of RMB 37.50 per bond (face value of RMB 1,000) before tax [2][3] - The actual interest received by individual and securities investment fund bondholders after tax will be RMB 30.00 per bond, while non-resident enterprises will receive the full RMB 37.50 [2][3] Group 2 - The interest payment will be made to bondholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 27, 2025 [2][3] - The company will entrust the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, to facilitate the interest payment process [3] - Tax obligations for individual bondholders include a personal income tax rate of 20% on the interest earned, which will be withheld at the time of payment [3][4] Group 3 - Non-resident enterprises, including QFII and RQFII, will be exempt from corporate income tax on the interest earned from these bonds during the specified period from November 7, 2018, to December 31, 2025 [4][5] - Other bondholders are responsible for their own tax payments on the interest earned [5]

长江证券股份有限公司公司债券 长江证券股份有限公司 （住所：湖北省武汉市江汉区淮海路 88 号） 十一、与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应对措施及相应成 一、受托管理的公司债券概况 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、证券交 易所公司债券上市规则（以下简称"上市规则"）或证券交易所公司债券挂牌规 则（以下简称"挂牌规则"）、发行人与中信建投证券股份有限公司（以下简称 "中信建投证券"或"受托管理人"）签订的债券受托管理协议（以下简称"受 托管理协议"）及其它相关信息披露文件以及长江证券股份有限公司（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 人中信建投证券编制。中信建投证券编制本报告所引用的财务数据，引自经中审 众环会计师事务所（特殊普通合伙）审计的 2024 年年度审计报告（众环审字（2025） 第三方专业机构出具的专业意见以及长江证券股份有限公司提供的资料或说明， ...

Core Viewpoint - Guosen Securities Co., Ltd. is set to publicly issue perpetual subordinated bonds (Phase II) aimed at professional investors, which will be listed on the Shenzhen Stock Exchange starting June 19, 2025 [1] Group 1: Bond Details - The bond is named "Guosen Securities Co., Ltd. 2025 Perpetual Subordinated Bonds (Phase II)" [1] - The bond code is 524302, and it has a credit rating of AAA/AAA from United Ratings [2] - The total issuance amount is 30 billion yuan [2] - The bond has a fixed interest rate of 2.11% and will pay interest annually unless the issuer exercises the right to defer interest payments [2] - The issuance period is from June 11 to June 12, 2025, with the interest commencement date on June 12, 2025 [2] - The bond will have a re-pricing cycle of every 5 years, with the issuer having the option to extend the bond term at the end of each cycle [2] - The bond's issuance price is set at 100 yuan per bond [2]

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 2）社融结构：5 月单月新增社融 2.29 万亿，同比多增 2271 亿： A.对实体经济发放的人民币贷款增加 5960 亿，同比少增 2237 亿； B.新口径下企业债券融资净增加 1496 亿，同比多增 1211 亿，5 月公司债 发行利率在 4 月较低水平上进一步下行，企业发债意愿有所提高； C.表外融资方面，信托贷款净增加 173 亿，委托贷款净减少 167 亿，分别 同比少增 51 亿和同比多减 158 亿； D.政府债券净增加 1.46 万亿，同比多增 2367 亿，年内政府债券发行进度 明显加快，成为拉动社融增长的主要因素； E.未贴现银行汇票减少 1162 亿，同比少减 169 亿。 银行 本周聚焦—5 月社融数据：政府债支撑社融，新发放贷款利率保持不变 一、5 月社融数据 1、社融结构拆分 1）社融增速：2025 年 5 月新口径下社融增速 8.7%，较上月持平，剔除 政府债券后的社融增速 6.0%，较上月持平。 2、信贷、存款增长情况 1）贷款：5 月新增人民币贷款 6200 亿元，同比少增 3300 ...

Group 1 - The core point of the news is the approval by the China Securities Regulatory Commission (CSRC) for the change of the major shareholder of Changjiang Securities Co., Ltd. [2][3] - After the equity change, Changjiang Industrial Group will hold 962,535,293 shares, accounting for 17.41% of the total shares of the issuer [3] - The total voting rights controlled by Changjiang Industrial Group and its concerted actors will amount to 1,560,622,096 shares, representing 28.22% of the total shares [3] Group 2 - The change in major shareholder will not lead to a situation where the company has no controlling shareholder or actual controller [3] - The change is not expected to have a significant adverse impact on the issuer's daily management, production operations, or debt repayment capacity [3] - CITIC Securities, as the trustee manager, will closely monitor the issuer's repayment of principal and interest on the existing bonds and other significant matters affecting bondholders [3]

Core Viewpoint - The announcement from Changjiang Securities Co., Ltd. indicates that the company has triggered a mandatory interest payment event for its perpetual subordinated bonds due to the approval of cash dividends to ordinary shareholders at the 2024 annual general meeting [1][2]. Group 1 - The company has publicly issued perpetual subordinated bonds (23 Changjiang Y1, 24 Changjiang Y1, 25 Changjiang Y1) with terms that stipulate mandatory interest payments if certain events occur, including the distribution of dividends to ordinary shareholders [1]. - On May 20, 2025, the company held its 2024 annual general meeting and approved a proposal for profit distribution, which includes cash dividends to shareholders, thus triggering the mandatory interest payment event [1]. - The company reassures that the triggering of this event will not have a significant impact on its daily management, financial condition, or debt repayment capability [2]. Group 2 - The company plans to reasonably arrange funds to ensure timely and full interest payments on the perpetual subordinated bonds despite the triggered event [2].

Core Viewpoint - Guosen Securities Co., Ltd. is set to issue perpetual subordinated bonds with a total face value of up to 20 billion yuan, having received approval from the China Securities Regulatory Commission [1] Group 1: Bond Issuance Details - The company plans to issue the first phase of perpetual subordinated bonds aimed at professional investors, with a maximum issuance scale of 3 billion yuan [1] - The interest rate for the bonds has been set at 2.20% after consultations with professional institutional investors, within an inquiry range of 1.60% to 2.60% [1] - The bonds will have a repricing cycle of 5 years, with the issuer having the option to extend the term or redeem the bonds at the end of each cycle [1] Group 2: Issuance Schedule - The bonds are scheduled for offline issuance to professional institutional investors on May 16 and May 19, 2025 [2] - Detailed subscription methods will be published on the Shenzhen Stock Exchange and the Giant Tide Information Network on May 14, 2025 [2]