北京商报讯（记者 刘宇阳）2月3日，国信证券发布2025年前三季度分红派息实施公告。公告表示，拟 以2025年9月30日总股本102.42亿股为基数，向公司全体普通股股东每10股派送现金红利1元（含税）， 共派送现金红利10.24亿元，剩余尚未分配的利润转入下一期间。本次分红派息的股权登记日为2026年2 月10日，除权除息日为2026年2月11日。 ...

一、股东会审议通过的利润分配方案情况 经股东会审议通过的 2025 年前三季度利润分配方案为：以 2025 年 9 月 30 日总股本 10,241,743,060 股为基数，向公司全体普通股股东每 10 股派送现金红 利 1 元（含税），共派送现金红利 1,024,174,306 元，剩余尚未分配的利润转入 下一期间。本次现金分红总额占 2025 年前三季度合并报表中归属于母公司股东 净利润的比例为 11.21%。若公司股本总额在分配方案披露至实施期间发生变动， 公司将按照股东会审议确定的现金分红总额固定不变的原则，相应调整计算分配 比例。 自公司 2025 年前三季度利润分配方案披露至实施期间，公司股本总额未发 生变化。本次实施的利润分配方案与股东会审议通过的分配方案及其调整原则一 致。本次实施的利润分配方案距离股东会审议通过的时间未超过两个月。 证券代码：002736 证券简称：国信证券 公告编号：2026-006 国信证券股份有限公司 2025 年前三季度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 国信证券股份有限公司（以下简称" ...

国信证券公告，2025年前三季度利润分配方案为：以2025年9月30日总股本102.42亿股为基数，向公司 全体普通股股东每10股派送现金红利1元（含税），共派送现金红利10.24亿元，剩余尚未分配的利润转 入下一期间。本次现金分红总额占2025年前三季度合并报表中归属于母公司股东净利润的比例为 11.21%。 ...

国信证券股份有限公司 2026 年面向专业投资者公开发行永续次级债券 （第一期） 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 4．经联合资信评估股份有限公司综合评定，发行人的主体信用等级为 AAA，评级 展望为稳定，本期债券信用等级为 AAA。 5.截至 2025 年 9 月末，发行人合并口径未经审计的所有者权益合计为 1,273.70 亿 元，其中归属于上市公司股东的净资产为 1,271.54 亿元，发行人合并口径资产负债率（扣 除代理买卖证券款及代理承销证券款，下文同）为 71.23%，母公司口径资产负债率为 69.84%。 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：二〇二六年一月 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 ...

| 本次债券注册规模 | 200 亿元 | | --- | --- | | 本期债券发行规模 | 不超过 40 亿元(含 40 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 AA. | | 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 2026 年面向专业投资者公开发行永续次级债券（第一期）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 ...

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 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。 由于跨年及债券分期发行，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 2026 年面向专业投资者公开发行永续次 级债券（第一期）"，债券简称"26 国证 Y1"。 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。 (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 ) 司 日 2 - 3/4 (此页无正文，为《国信证券股份 ...

国信证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期） 信用评级报告 | | | www.lhratings.com 1 联合〔2026〕634 号 联合资信评估股份有限公司通过对国信证券股份有限公司及其 拟面向专业投资者公开发行的 2026 年永续次级债券（第一期）的信 用状况进行综合分析和评估，确定国信证券股份有限公司主体长期 信用等级为 AAA，国信证券股份有限公司 2026 年面向专业投资者 公开发行永续次级债券（第一期）信用等级为 AAA，评级展望为稳 定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二六年一月二十七日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之 日的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联 合资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评 级对象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级 报告遵循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条 件影响，本报告在资料信息获取、评级方法与模型、未来事项预测评估等 方面存在局限性。 二、本报告系联合资 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

Core Viewpoint - The report from Guosen Securities indicates that while current gold price fluctuations have a short-term emotional impact on the sector, the fundamental effects are expected to remain stable due to a shift in industry growth logic towards brand building, process innovation, and cultural narrative capabilities, leading to "α returns" [1] Group 1: Market Dynamics - Historical reference to the 2013 gold price correction suggests that it led to a surge in investment purchases, which may support further short-term performance growth for companies focused on investment gold business [1] - The jewelry sector is entering a consumption peak season at year-end, with overall valuations in the sector at low levels, indicating that short-term gold price fluctuations have not affected the growth logic of core leading companies [1] Group 2: Company Performance - Companies with price advantage and strong operational capabilities in Hong Kong and Macau, as well as leading firms with good product design or differentiated capabilities, are expected to continue strengthening their business advantages and achieve sustained high growth [1] - Companies with a high proportion of investment gold business and those offering fixed-price products are likely to maintain stable growth [1] Group 3: Recommendations - Recommended companies include Caibai Co., Luk Fook Holdings, Laopuhuangjin, Chow Tai Fook, and Chaohongji, which are positioned to benefit from the current market dynamics [1]

Group 1 - The tumor gene testing industry is experiencing rapid development, with significant international transactions and domestic regulatory reforms since Q4 2025 [1] - Leading U.S. tumor gene testing companies have shown strong stock price growth, with Natera, Exact Science, Guardant, and Grail achieving annual stock price increases of 52%, 78%, 221%, and 464% respectively [1] - The tumor gene testing sector maintains high growth potential, covering early screening, auxiliary diagnosis, companion diagnosis, efficacy monitoring, and recurrence prediction in precision treatment [1] Group 2 - Exact Sciences is a leading company in colorectal cancer screening, with a revenue guidance of $3.22 to $3.235 billion for 2025, representing a growth of 16.7% to 17.2% [2] - The accessible market for colorectal cancer screening in the U.S. is approximately 120 million individuals aged 45-85, with about 70 million already screened [2] - Future growth drivers for Exact Sciences include rescreening, addressing care gaps, pricing increases for Cologuard Plus, targeting younger demographics, and a strong commercialization strategy [2] Group 3 - Natera is a leader in minimal residual disease (MRD) testing, with projected revenue of approximately $2.3 billion for 2025 [3] - The core MRD product, Signatera, achieved over 200,000 samples in Q3 2025, marking a 54% year-over-year increase [3] - Natera's Signatera is one of the most scientifically validated MRD testing products, supported by over 125 peer-reviewed publications across more than 30 tumor types [3] Group 4 - The tumor gene testing industry is in a growth phase, with significant international transactions and domestic regulatory innovations [4] - Key domestic players include Adicon Biotech, which presented innovative lung cancer MRD products, and BGI Genomics, which is expanding into various cancer early screening and monitoring scenarios [4] - Mirxes-B launched China's first early screening product for gastric cancer, while Burning Rock Medical's Lungwei has achieved excellent results in multiple cancer MRD clinical trials [4]