证券代码：524600.SZ 证券简称：25东北C7 东北证券股份有限公司 2025年面向专业投资者公开发行次级债券（第七期） 发行结果公告 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。 东北证券股份有限公司（以下简称"发行人"）公开发行不超过人民币80 亿元的次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1731号注 册。根据《东北证券股份有限公司2025年面向专业投资者公开发行次级债券（第 七期）发行公告》，东北证券股份有限公司2025年面向专业投资者公开发行次级 债券（第七期）（以下简称"本期债券"）发行规模为不超过人民币8亿元（含8 亿元），发行价格为每张100元，采取网下面向专业机构投资者询价配售的方式 发行。 本期债券发行时间自2025年12月17日至2025年12月18日，具体发行情况如 下： 1、网下发行 本期债券网下预设的发行数量占本期债券发行规模的比例为100%，即不超 过8亿元（含8亿元）；最终网下实际发行数量为6.20亿元，占本期债券计划发行 总规模的77.50%。本期债券的票面 ...

Core Viewpoint - The securities sector experienced a decline on December 18, with related indices showing a drop of 0.8% as of the report time [1]. Market Performance - The broker index opened at 11,415.07 and closed at 11,321.83, reflecting a decrease of 90.82 points or 0.80% [2]. - The trading volume reached 13 billion, with a turnover of 8.6 billion [2]. - The highest price recorded was 11,426.34, while the lowest was 11,306.22 [2]. Individual Stock Movements - China International Capital Corporation (CICC) and Xinda Securities saw their gains narrow to below 5%, after initially opening at the daily limit and nearly 7% higher, respectively [2]. - Dongxing Securities led the gainers with a price of 14.44, reflecting a rise of 9.98% [3]. - Xinda Securities and CICC reported increases of 4.89% and 4.84%, respectively [3]. - On the downside, Zhongyin Securities fell over 4%, with other firms like CITIC Securities, Huatai Securities, and China Galaxy also experiencing declines [4].

Group 1 - The pace of cash dividends among listed securities firms has accelerated significantly as the year-end approaches, with multiple firms announcing dividend plans in mid-December [1] - Specific announcements include Changcheng Securities planning to distribute a cash dividend of 0.76 yuan per 10 shares, totaling 307 million yuan, with a payment date of December 19 [1] - Other firms like Xingye Securities and Shouchuang Securities have also announced substantial cash dividends, contributing to a total expected payout of over 1 billion yuan from at least five firms in the last two weeks [1] Group 2 - The total cash dividends distributed by listed securities firms in 2023 has approached 55 billion yuan, with 13 firms, including Guotai Junan and Huatai Securities, each distributing over 1 billion yuan [2] - Guotai Junan leads with a dividend payout of approximately 7.5 billion yuan, while Huatai Securities,招商证券, and 中信证券 have also exceeded 4 billion yuan in dividends [2] Group 3 - As of December 16, 2023, 35 listed securities firms have announced dividend plans for 2025, with a total proposed payout exceeding 21.8 billion yuan, led by 中信证券 with nearly 4.3 billion yuan [4] - The announced dividends for 2025 include significant amounts from firms such as Guotai Haitong and Huatai Securities, with several firms also planning mid-term dividends [5][6]

Core Insights - Huada Jiutian maintains the leading market share in the EDA software sector, which is essential for various stages of integrated circuit design and manufacturing [1] - EDA tools are critical components of the integrated circuit industry chain, serving as a strategic foundation [1] - The company's EDA software products and services cover multiple areas, including analog circuit design, memory circuit design, RF circuit design, digital circuit design, flat panel display circuit design, wafer manufacturing, advanced packaging design, and 3DIC design [1] - The analog circuit design EDA tool system is globally leading [1] - As a technology-driven enterprise, the company consistently invests a high proportion of its revenue in R&D [1] - Future plans include increased investment and acquisition efforts [1] - The company is positioned as a leading player in the EDA software market, with significant advantages in market share, technological accumulation, downstream applications, and industry layout [1] - The outlook for the company is positive, with expectations of continued benefits from the rising prosperity of the integrated circuit industry chain, leading to a "buy" rating [1]

Core Viewpoint - The internal conflict between two chief analysts at Northeast Securities highlights the competitive nature of the industry, particularly in the context of declining commission revenues and the struggle for coverage rights over key stocks [1][2]. Group 1: Analyst Dispute - Northeast Securities' electronic industry chief analyst Li Jiu and computer industry chief analyst Zhao Yuyang engaged in a 34-minute argument over coverage rights for Haiguang Information, with Li asserting that the stock should be covered by the electronic group [1]. - Li accused Zhao of overstepping boundaries by covering multiple areas traditionally under the electronic group's purview, claiming it negatively impacted the performance of junior analysts [1]. - Zhao defended his position by stating that Haiguang Information is a valid target for computer coverage and that his research is relevant to the computer industry [1]. Group 2: Industry Context - The brokerage industry is experiencing a downturn, with a reported 25% median year-on-year decline in commission income for the first half of 2025, while Northeast Securities saw a 56.12% drop in its commission income, totaling only 0.51 billion yuan [2]. - Northeast Securities ranks 26th in the industry with a commission seat share of just 1.15%, indicating a significant struggle for market share amid shrinking revenues [2]. - The internal competition for coverage rights is intensified by the need to focus resources on more profitable areas, leading to disputes over popular stocks [2].

东北证券股份有限公司2025年面向专业投资者公开发行次级债券（第七期） （以下简称"本期债券"）发行规模为不超过人民币8亿元（含8亿元）。 证券代码：524600.SZ 证券简称：25东北C7 东北证券股份有限公司2025年面向专业投资者公开发行次级债 券（第七期）票面利率公告 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 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。 东北证券股份有限公司（以下简称"发行人"）公开发行不超过人民币80 亿元的次级公司债券已获得中国证券监督管理委员会"证监许可〔2024〕1731 号"注册。 东北证券股份有限公司 年 月 日 债券（第七期）票面利率公告》之盖章页） 年 月 日 2025 12 16 （本页无正文，为《东北证券股份有限公司2025年面向专业投资者公开发行次级 2025年12月16日（T-1日）15:00—19:00，发行人和主承销商长城证券股份有 限公司在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.90%-2.90%。根据网下向专业机构投资者询价结果，经发行人和主承销商充分 协商和审慎判断，最 ...

根据簿记建档当日市场情况，经发行人和簿记管理人协商一致，将簿记建档 结束时间由 2025 年 12 月 16 日 17:00 延长至 2025 年 12 月 16 日 19:00。 特此公告。 关于延长东北证券股份有限公司 2025 年面向专业投资者公 开发行次级债券（第七期）簿记建档时间的公告 东北证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面 值余额不超过 80 亿元的次级债券已获得中国证券监督管理委员会（证监许可 〔2024〕1731 号）注册同意。 东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第七期） （以下简称"本期债券"）发行规模为不超过人民币 8 亿元（含 8 亿元）。 根据《东北证券股份有限公司 2025 年面向专业投资者公开发行次级债券（第 七期）发行公告》，发行人和主承销商原定于 2025 年 12 月 16 日（T-1 日）15:00 至 17:00 以簿记建档的方式向网下专业机构投资者进行利率询价，并根据簿记建 档结果确定本期债券的最终票面利率。 发行人：东北证券股份有限公司 年 月 日 2025 12 16 （本页无正文，为《关于延长东北证券股份 ...

日前，东北证券研究所TMT组长李玖与计算机首席分析师赵宇阳深夜争执的截图，在业内广泛传播， 两人围绕海光信息（688041，市值4718.41亿元）、国盾量子（688027，市值519.24亿元）等标的的覆盖 权展开交锋。 李玖认为，赵宇阳跨界覆盖了过多电子组的股票，这样既不专业，也会影响其他分析师，要求赵宇阳取 消覆盖一些热门标的。而赵宇阳则不以为然，认为李玖这么做是向他所在的电子组倾斜，作为TMT组 长，他不应该这样没有格局，计算机分析师也有学习其他相关行业的权利。 两人争执不下，从业务边界之争升级到"有你没我，有我没你"的决绝态度，将卖方研究行业长期存在 的"抢标的"问题再次暴露在公众视野中。 为争夺标的覆盖权，两名首席起争执 协会官网信息显示，赵宇阳今年5月加盟东北证券，此前曾任职于西部证券、华西证券等机构。据慧博 智能终端，自今年9月以来，其发布的多篇研报确实覆盖了不少传统计算机领域之外的上市公司，包括 液冷、铜箔、电子布等与电子行业相关的标的，这也成为此次冲突的直接诱因。而李玖作为电子行业首 席及TMT组长，既要维护电子组分析师的利益，又要协调跨领域研究的边界，在资源分配与团队平衡 中陷入两难，最 ...

本文来自微信公众号：每日经济新闻，编辑：许绍航肖芮冬杜恒峰，作者：每经记者 日前，东北证券研究所TMT组长李玖与计算机首席分析师赵宇阳深夜争执的截图，在业内广泛传播，两人围绕 海光信息（688041，市值4718.41亿元） 、 国盾量子（688027，市值519.24亿元）等标的的覆盖权展开交锋。 李玖认为，赵宇阳跨界覆盖了过多电子组的股票，这样既不专业，也会影响其他分析师，要求赵宇阳取消覆盖一些热门标的。而赵宇阳则不以为然，认为 李玖这么做是向他所在的电子组倾斜，作为TMT组长，他不应该这样没有格局，计算机分析师也有学习其他相关行业的权利。 两人争执不下，从业务边界之争升级到"有你没我，有我没你"的决绝态度，将卖方研究行业长期存在的"抢标的"问题再次暴露在公众视野中。 为争夺标的覆盖权，两名首席起争执 这场冲突的导火索源于赵宇阳近期的研报覆盖范围。根据相关微信截图，李玖要求赵宇阳取消对 海光信息 的覆盖，声称该标的应由电子组负责，同时指 出赵宇阳跨界覆盖了GPU、PCB、液冷、铜箔、散热、光学等多个本属电子组的领域。 "已经影响到电子组下面小分析师的蛋糕。"作为TMT组长，李玖认为赵宇阳的"无边界"覆盖导 ...

Core Viewpoint - The competition among brokerage firms' chief analysts over coverage rights for popular stocks like Haiguang Information and GuoDun Quantum has sparked significant discussion within the financial community [1][2]. Group 1: Analyst Dispute - The dispute originated from a request by Li Jiu, the electronic chief analyst at Northeast Securities, to transfer coverage of Haiguang Information from the computer group back to the electronic group [2][3]. - Li Jiu's messages indicated a desire to also cancel coverage of GuoDun Quantum, leading to a heated exchange with Zhao Yuyang, the computer chief analyst, who argued that Haiguang Information falls within the computer group's coverage scope [2][5]. - The conversation escalated, with both analysts expressing their views on the boundaries of their respective research areas, ultimately concluding with a statement of "cooperation ending" [5][6]. Group 2: Context of the Dispute - Both analysts belong to the TMT (Technology, Media, and Telecommunications) sector, and there had previously been an agreement on coverage boundaries, which this dispute has now challenged [7]. - The stocks in question, Haiguang Information and GuoDun Quantum, are significant in size and have attracted more attention, leading to new conflicts over coverage rights [7]. - The incident reflects broader issues within the sell-side research teams regarding resource allocation and competition for popular sectors, highlighting a common workplace dynamic of resource contention [9]. Group 3: Industry Implications - The ongoing competition among chief analysts for coverage rights is not unique to Northeast Securities, as similar incidents have occurred in the past, indicating a trend within the brokerage industry [8]. - The case of Haiguang Information illustrates the complexities of categorizing stocks within the semiconductor and computing sectors, as both electronic and computer teams claim relevance [9]. - The financial industry is experiencing increased pressure on commission rates, leading to intensified competition and potential misallocation of resources among research teams [9].