去年12月，长江证券在高管换届选举中，对时任副总裁的肖剑做出另有任用的安排，此次任命意味着其新的履职方向正式 落定。 据知情人士透露，刘元瑞卸任长信基金董事长后，仍将以长江证券总裁的身份，分管长信基金及同属长江证券旗下的长江 证券（上海）资产管理有限公司。 业内人士分析认为，此次人事调整可视为长江证券强化资产管理业务战略布局的重要一步。由总裁直管资管板块，并派驻 熟悉上海金融市场、具备高管经验的老将出任子公司董事长，体现出长江证券对提升资管业务能级的重视，以及在该领域 持续发力的决心。 又一家公募基金迎来换帅。 3月21日，长信基金管理有限责任公司（以下简称"长信基金"）发布公告，宣布任命肖剑为新任董事长，原董事长刘元瑞 因工作调整离任，但仍将继续担任公司董事。公告称，本次调整属于公司正常的人事变动。 | 基金管理人名称 | 长信基金管理有限责任公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管 | | | 理办法》、《公开募集证券投资基金信息披露管理办法》等 | | 高管变更类型 | 新任基金管理人董事长、离任基金管理人董事长 | | 新任高级 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 通胀交易有望结束，债市修复行情或即将启动 报告要点 [Table_Summary] 债市"输入性通胀定价"走向尾声的第一个信号，或是油价与长端利率"跷跷板"开始失灵。 从定量结果看，我们构建的 30 年期国债收益率定价模型显示，在其他变量保持不变的情况， 假设 3 月 PPI 同比增速在原油价格上涨带来的成本输入推动下快速转正至 0%附近，对应的 30Y 国债拟合收益率仅小幅抬升至 2.34%附近。当前交易性机构持有的超长债筹码较少，30Y 国债收益率继续连续多日上行的空间或较为有限。30 年国债以及地方债进一步调整后，或也会 进入配置盘的合意配置区间。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 马玮健 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 通胀交易有望结束，债市修复行情或即将启动 [Table_Summary2] 事件 ...

本次活动网上报名时间为2026年3月18日—4月20日。我们的评选旨在响应基金业中长期评价导向，践行长期投资理念，本届评选也 继续侧重中长期考察。 过去十年，中国证券私募基金行业经历了从无序扩张到规范发展的深刻蜕变。在多轮市场的洗礼中，行业头部化、专业化特征愈发 凸显。"金长江"奖评选也由最初的60多家管理人参与，扩张到如今400多家机构共聚，成为了国内历史悠久、备受认可的私募业权威 奖项之一。 这十年的磨砺，不仅铸就了奖项的口碑丰碑，更见证了一批批优秀私募机构的茁壮成长。步入第十一届，本届评选在延续专业评价 体系的基础上，特别强调引导行业树立"耐心资本"意识，旨在更好地服务实体经济与国家战略。 2025年，是私募行业发展的"大年"，一方面私募基金规模强势反弹并屡创新高，行业总规模突破22万亿元大关；另一个方面，行业 重回"双百时代"，百亿规模私募阵营快速壮大，行业头部化和出清进程加速推进。 截至2026年1月末，私募基金管理规模达22.44万亿元，较去年同期增长2.52万亿元，行业高质量发展的根基日益夯实。随着《私募证 券投资基金运作指引》、《程序化交易管理实施细则》等一系列政策的全面落地，私募行业正在机遇 ...

证券代码：000783 证券简称：长江证券 公告编号：2026-015 债券代码：148221 债券简称：23 长江 Y1 长江证券股份有限公司 2023 年面向专业投资者公开发行 永续次级债券（第一期）2026 年付息公告 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。 特别提示： ●债券简称及代码：23 长江 Y1（148221） ●计息期间：2025 年 3 月 24 日至 2026 年 3 月 23 日 ●债权登记日：2026 年 3 月 23 日 ●债券付息日：2026 年 3 月 24 日 长江证券股份有限公司（以下简称"发行人"或"本公司"）发 行的长江证券股份有限公司 2023 年面向专业投资者公开发行永续次 级债券（第一期）（以下简称"本期债券"）将于 2026 年 3 月 24 日 支付 2025 年 3 月 24 日至 2026 年 3 月 23 日期间的利息。为保证本次 付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1 3、债券简称及代码：23 长江 Y1（148221）。 4、发行总额：人民币 25.00 亿元。 ...

Core Viewpoint - The article discusses the recent developments regarding the market-making qualifications for securities firms at the Beijing Stock Exchange (BSE), highlighting the regulatory feedback from the China Securities Regulatory Commission (CSRC) and the ongoing efforts of various brokerages to expand their market-making capabilities [1][6]. Group 1: Regulatory Feedback - The CSRC provided feedback to Changjiang Securities, requesting updates on their authorization plan for market-making business at BSE, specifically regarding differentiated approval limits [2] - The CSRC also asked for clarification on what constitutes "major projects" in the decision-making process for market-making activities [2] - For Shanxi Securities, the CSRC requested details on staffing arrangements for market-making roles and the number of personnel in senior and assistant research positions [4] Group 2: Market-Making Business Expansion - Currently, there are 21 market makers at BSE, including major firms like CITIC Securities and smaller firms such as Guoyuan Securities [5] - The top five firms by the number of market-making activities are Guojin Securities (62), CITIC Securities (59), Galaxy Securities (53), Guotou Securities (53), and Industrial Securities (29) [5] - The CSRC has lowered the entry barriers for market-making qualifications at BSE to enhance market liquidity and attract more firms, with over 20 firms expected to qualify under the new criteria [6] Group 3: Future Plans of Securities Firms - Zhongtai Securities plans to use part of its funds from a private placement to support its market-making business, emphasizing its commitment to expanding in both the STAR Market and BSE [7] - Hongta Securities is actively applying for market-making qualifications at BSE and has passed initial assessments, indicating a strong intent to participate in this market [7] - Galaxy Securities is focusing on enhancing its market-making capabilities across various platforms, including BSE, to contribute to market liquidity and support technological innovation [7]

永续次级债券（第一期）2026 年付息公告 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。 证券代码：000783 证券简称：长江证券 公告编号：2026-014 债券代码：148659 债券简称：24 长江 Y1 长江证券股份有限公司 2024 年面向专业投资者公开发行 ●债权登记日：2026 年 3 月 20 日 ●债券付息日：2026 年 3 月 23 日（2026 年 3 月 21 日为休息日， 故顺延至下一个交易日） 长江证券股份有限公司（以下简称"发行人"或"本公司"）发 行的长江证券股份有限公司 2024 年面向专业投资者公开发行永续次 级债券（第一期）（以下简称"本期债券"）将于 2026 年 3 月 23 日 支付 2025 年 3 月 21 日至 2026 年 3 月 20 日期间的利息。为保证本次 付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、发行人：长江证券股份有限公司。 2、债券名称：长江证券股份有限公司 2024 年面向专业投资者公 特别提示： ●债券简称及代码：24 长江 Y1（148659） ●计息期间： ...

- The report highlights the significant performance of the telecommunications sector, which has maintained a horizontal state despite the overall market adjustments[7] - The oil and gas sector showed a noticeable increase this week, influenced by the fluctuating geopolitical situation between the US and Iran[7] - The metal materials and mining sector experienced a significant pullback this week, confirming the double-top pattern previously indicated[7] - The computer sector saw a decline, with a maximum increase of 147.78% from February 6, 2024, to January 14, 2026[7] - The defense and military industry also experienced a notable decrease, with a maximum increase of 172.87% from February 5, 2024, to January 12, 2026[7] - The report suggests that the construction engineering sector has shown a breakout state this week, driven by the concept of computing and electricity collaboration[29] - The AI sector, particularly external AI leaders, may see a catalytic rise next week with the upcoming NVIDIA GTC 2026 event[41] - The telecommunications equipment sector is expected to rise in sync, driven by the technical need to reverse the February decline and reach new highs[44]

司债券（第一期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，长江证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）符合深圳证券交易所债券上市条件， 将于 2026 年 3 月 11 日起在深圳证券交易所上市，并面向专业投资者中的机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | 长江证券股份有限公司 年面向专业投资者公开发行公司 2026 债券（第一期） | | --- | --- | | 债券简称 26 | 长江 | | | 01 | | 债券代码 | 524679 | | 信用评级 | 主体 AAA/无债项评级 | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） 25 | | | 债券期限 3 | 年 | | 票面年利率（％） | 1.89 | | 利率形式 | 固定利率 | | 付息频率 | 按年付息 | | 发行日 | 2026 年 3 月 3 日-2026 年 3 月 4 日 | | 起息日 | 年 月 日 2026 3 4 | | 上市日 | 2026 年 3 月 ...

Investment Rating - The report maintains a "Positive" investment rating for the industrial AI sector [2]. Core Insights - The report emphasizes that 2026 is expected to be a pivotal year for the application of AI in industrial settings, driven by advancements in large language models (LLMs) and their integration into various industrial scenarios [8][34]. - The industrial AI landscape is characterized by significant growth potential due to the vast size of the industrial sector, low current penetration rates of AI technologies, and the increasing complexity of industrial tasks that AI can address [12][15][28]. Summary by Sections 1. Why is Industrial AI Promising? - The industrial sector in China is projected to reach an added value of 40.5 trillion yuan in 2024, accounting for approximately 30% of GDP, indicating that even small increases in AI penetration can yield substantial value [12]. - The current penetration rate of industrial software in China is low compared to the size of its manufacturing sector, suggesting a significant growth opportunity as the software adoption continues to rise [12]. - The aging workforce and labor shortages in major manufacturing countries create a pressing need for automation and AI solutions, with clear ROI metrics such as improved yield rates and reduced downtime [15][18]. 2. Key Industrial AI Scenarios to Watch - The report identifies three key areas for industrial AI applications: enhanced reasoning capabilities through time-series data mining, improved multi-modal understanding in simulation design, and advanced agent capabilities for end-to-end operations [38][57][99]. - The TPT (Time-series Pre-trained Transformer) model is highlighted as a significant advancement in the industrial AI space, particularly for continuous process industries, demonstrating strong capabilities in predictive maintenance and operational optimization [57][85]. 3. Investment Outlook - The global industrial AI market is expected to grow rapidly, with projections indicating a market size of approximately $89.53 billion by 2032, reflecting a compound annual growth rate (CAGR) of 46% [35]. - The report outlines a favorable policy environment supporting the integration of AI in manufacturing, with multiple initiatives aimed at enhancing AI capabilities and adoption in industrial settings [34][36]. - The report anticipates that as AI technologies mature and become more reliable, the adoption rate in various industrial applications will accelerate, leading to broader market penetration and increased investment opportunities [34][36].

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The Middle East region has a significant demand for military imports from China, driven by geopolitical conflicts and resource needs [11][12]. - China's military trade products in the Middle East have comparative advantages, including transparency in export principles and the absence of political conditions [38][41]. - The trend is shifting from purchasing individual military equipment to acquiring complete systems, indicating a deepening strategic cooperation between Middle Eastern countries and China [26][28]. Summary by Sections 1. Demand for Military Imports in the Middle East - The Middle East is a geopolitical hotspot, with ongoing conflicts and resource competition driving military import needs [11]. - The region accounts for approximately 27% of global military imports, with China holding a mere 1.2% market share [12]. 2. Types of Military Equipment Needed - Key military products imported from China include armed drones, air defense systems, and fire support systems [25]. - Countries like Saudi Arabia and the UAE are primary customers, focusing on advanced military technologies [24][25]. 3. Comparative Advantages of Chinese Military Products - China's military exports are characterized by transparency and fewer political conditions compared to Western countries [38]. - The recent success of Chinese military technology in real combat scenarios enhances its attractiveness in the international market [34].