"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行，长江证券副总裁、长江保荐 董事长王承军在分论坛"中国证券业投资银行高峰论坛"上发表主题演讲，分享了该公司投行的破局之道 ——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。王承军认为，稳健的业绩 为投行发展提供了坚实基础，而"三投联动"机制形成了核心优势。 首先，研究发挥"绘蓝图"的作用。作为行业金字招牌，长江研究所连续多年稳居行业前列。其次，投行 承担"抓落实"的责任。作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色。 最后，投资扮演"强保障"的角色。通过长江资本等主体开展一级市场投资，为投行客户提供了关键的资 本支持，成为项目落地的重要助推器。 在行业选择上，王承军强调，公司投行业务坚持差异化竞争，致力于在特定赛道建立"圈子壁垒"和"口 碑护城河"。"我们避开竞争激烈的红海市场，转而聚焦军工、台资企业、化工等具有潜力的细分领域进 行深耕细作。" 王承军表示，在服务实体经济的实践中，长江证券致力于成为客户长期发展的深度 ...

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行，长江证券（000783）副总 裁、长江保荐董事长王承军在分论坛"中国证券业投资银行高峰论坛"上发表主题演讲，分享了该公司投 行的破局之道——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。王承军认为，稳健的业绩 为投行发展提供了坚实基础，而"三投联动"机制形成了核心优势。 首先，研究发挥"绘蓝图"的作用。作为行业金字招牌，长江研究所连续多年稳居行业前列。其次，投行 承担"抓落实"的责任。作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色。 最后，投资扮演"强保障"的角色。通过长江资本等主体开展一级市场投资，为投行客户提供了关键的资 本支持，成为项目落地的重要助推器。 王承军表示，这三者形成了"研究指引、投行落地、投资赋能"的闭环，为前沿战略的实施提供了强大的 内部协同保障。 在清晰的根基之上，长江证券选择了"有所为、有所不为"的聚焦战略，围绕区域和行业两个维度进行深 度布局。 在区域选择方面，王承军表示，公司遵循"结合国家 ...

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越 周期的投资真谛。长江证券建材分析师范超出席会议并发表获奖感言。他在发言中指出，"万物皆周 期"，当前建筑建材行业无论是预期还是持仓都已处于"冰点"，但已能看到一些公司正逐步走出独立行 情。 范超分析，市场普遍关注需求端的地产下行周期，却可能忽略了供给端正在发生的深刻变化。一些竞争 格局上的改善，集中度的提升以及头部企业的商业模式的变化，都在顺应产业趋势悄然演进。 范超认为"在当下这个时点，这些经历风雨生存下来的'老登企业'，特别是其中的优质公司，应该被重 新关注。"范超认为，供给侧出清带来的集中度提升，使得幸存企业的经营环境和定价能力得到改善。 这种行业内部的质变，正为下一阶段的发展奠定基础。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越 周期的投资真谛。长江证券建材分析师范超出席会议并发表获奖感言。 ...

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 第一是"出海"浪潮。范超指出，我国制造业在诸多领域的管理能力相比海外仍具明显优势。"非洲是一 个巨大的市场，非洲之外还有南美，出海整个的空间是非常大的。"范超透露，已有一批先行企业在海 外市场取得了较好业绩，但当前资本市场对此的定价仍然"非常便宜"，存在认知差与价值重估的潜力。 第二是"存量"市场的崛起。 针对市场对新房市场萎缩的普遍忧虑，范超提供了新的视角：不考虑农 村，仅中国城镇现有的存量住房面积就达三四百亿平方米。以30年为翻新周期计算，每年将自然产生超 过十亿平方米的存量更新需求。"而现在，每年新开工面积约为5亿平方米。"他分析认为，存量更新的 巨大潜力，有望有效弥补新建市场下行带来的缺口，意味着房地产市场总量的调整"已经接近底部"。 "出海"与"存量"两大趋势，分别从空间与时间维度，为中国经济打开了周期波动之外的长期增长航道。 正如范超所言，"万物皆周期"，真正的投资智慧不在于追逐短期起伏，而在于发现那些被市场暂时遮蔽 的、持续涌动的真实需求。在全球化拓展与城市更新焕新的双重引擎驱动下，一幅更具韧性、更可持续 的产业图景 ...

Core Viewpoint - The Shenzhen-Hong Kong Stock Connect Non-Bank Index (983053) closed at 7020.28 points on December 1, experiencing a decline of 0.35% with a trading volume of 20.159 billion yuan and a turnover rate of 0.54% [1] Group 1: Index Performance - On the same day, 34 constituent stocks rose, with Changjiang Securities leading with a 2.27% increase, while 20 stocks fell, with Haide Shares leading the decline at 9.97% [1] - The top ten constituent stocks of the Shenzhen-Hong Kong Stock Connect Non-Bank Index are detailed, with AIA Group holding the highest weight at 15.43% and a latest price of 73.16 yuan, despite a slight decrease of 0.12% [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks ranges from 1.609 billion yuan for Guangfa Securities to 7,684.63 billion yuan for AIA Group, indicating significant variations in company sizes within the index [1] Group 3: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 1.288 billion yuan, while retail investors saw a net inflow of 1.046 billion yuan, indicating differing investor behaviors [1] - Detailed capital flow data shows that Bohai Leasing had a net inflow of 36.79 million yuan from main funds, while Changjiang Securities experienced a net outflow of 13.50 million yuan [2]

Core Viewpoint - In the current stringent IPO review environment and intense industry competition, small and medium-sized securities firms must find their survival and development space by abandoning the "big and comprehensive" model and firmly pursuing a boutique investment banking path focused on "regional deep cultivation" and "specialized tracks" [1] Group 1: Internal Collaboration and Performance - The company reported a revenue of 8.6 billion and a net profit of 3.4 billion in the first three quarters, which provides a solid foundation for investment banking development [3] - The "three investment linkage" mechanism creates a core advantage, with research acting as a "blueprint," investment banking responsible for "implementation," and investment providing "strong support" [6][5] - The research department serves as a strategic compass for internal business development and an idea bank for external clients [4] Group 2: Focused Strategy and Market Positioning - The company adopts a focused strategy of "doing what it can and not doing what it cannot," concentrating on regional and industry dimensions for deep layout [7] - The company emphasizes deep cultivation in Hubei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, while also consolidating its presence in the Sichuan-Chongqing market [7] - In industry selection, the company aims for differentiated competition, focusing on potential niche areas such as military industry, Taiwanese enterprises, and chemicals, while also planning to invest in optical electronics and humanoid robotics [7][8] Group 3: Value Co-Creation and Long-Term Partnerships - The company aims to be a long-term partner for clients, acting as a "promoter" for local platform companies' industrial transformation, a "planner" for listed companies' market value management, and a "guide" for the capitalization of innovative enterprises [9] - The company has developed a comprehensive service model to provide one-stop transformation solutions for local government platforms [9] - The company has upgraded its approach from inefficient "street visits" to focusing on "leading enterprises in the industrial chain," significantly improving project accuracy [10]

Group 1 - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards Ceremony took place on November 28, gathering over 300 authoritative scholars, public and private fund leaders, listed company chairpersons, top fund managers, and chief analysts in Shanghai to discuss future opportunities in the Chinese capital market [1] - The Longjiang Securities research team led by Wu Bohua was awarded the first place in the Best Analyst category for the New Energy Vehicles and Components industry at the 7th Sina Finance Golden Unicorn Awards [1] Group 2 - The weekly perspective from Longjiang Securities on power equipment and new energy highlights the ongoing high growth logic of lithium storage and emphasizes the performance catalysts in the wind power sector [2] - The report covers various aspects of the photovoltaic industry, including price changes in the supply chain, progress in silicon material mergers and acquisitions, energy consumption standards, and advancements in new technologies such as slurry and BC [2] - In the energy storage segment, the report discusses high-frequency production and bidding, price changes, the introduction of domestic policies related to the 14th Five-Year Plan, and the impact of US-China tariffs and trade policies [2] - The lithium battery section focuses on solid-state research trends, weekly changes in new energy vehicle sales, and expectations for price increases across the supply chain [2] - The wind power analysis includes attention to the 14th Five-Year Plan, deep-sea progress, domestic and international offshore wind construction, and the recovery of wind turbine profitability [3] - The power equipment analysis emphasizes the further approval of ultra-high voltage projects, large engineering project plans and bidding situations, and data on imports and exports [3] - New directions of interest include developments in the humanoid robot supply chain, domestic chip catalysts, advancements in AIDC technology, and the development of AI applications [3]

Market Overview - On December 1, the securities sector rose by 0.44% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Guolian Minsheng (601456) closed at 10.54, with a gain of 3.03% and a trading volume of 720,300 shares, amounting to a transaction value of 760 million [1] - Other notable gainers included: - Zhuhai Dream Travel (601211) at 19.62, up 2.40% [1] - Changjiang Securities (000783) at 8.12, up 2.27% [1] - Conversely, Tianfeng Securities (601162) saw a significant decline of 7.66%, closing at 4.46 with a trading volume of 6,572,300 shares [2] - Dongfang Caifu (300059) decreased by 1.32%, closing at 23.09 with a transaction value of 7.102 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.852 billion from institutional investors, while retail investors saw a net inflow of 1.846 billion [2] - Notable capital flows included: - Guolian Minsheng had a net inflow of 25.68 million from institutional investors, but a net outflow of 52.52 million from retail investors [3] - Xinyang Securities (601377) had a net inflow of 14.65 million from institutional investors, with retail investors contributing a net inflow of 363.22 million [3]

Core Viewpoint - The 2025 Analyst Conference and the 7th Sina Finance "Golden Unicorn" Best Analyst Awards highlighted the achievements of the Changjiang Securities research team, which has established itself as a leader in the petrochemical sector through consistent performance over seven years [1][2]. Group 1: Awards and Recognition - The 7th Sina Finance "Golden Unicorn" Best Analyst Awards took place on November 28, 2023, in Shanghai, gathering over 300 industry leaders to discuss future opportunities in the Chinese capital market [1]. - Changjiang Securities' research team won the title of "Best Analyst in the Petrochemical Industry" for the seventh consecutive time, led by Chief Analyst Ma Tai and Co-Chief Analyst Wei Kai [1][2]. - The team has achieved a total of five first-place finishes in the awards over seven editions, showcasing a clear growth trajectory from sixth place in the inaugural event to becoming a dominant force in the industry [2]. Group 2: Team Composition and Performance - The core members of the award-winning team include Ma Tai, Wei Kai, Hou Yanfei, Wang Ming, Wang Lingfeng, Li Yumo, Wang Cheng, and Sun Guoming [1]. - The team has consistently improved its ranking, moving from sixth place in the first edition to second place in the second edition, and then achieving first place from the third edition onward [2]. - The Changjiang Securities research team's sustained efforts and strategic focus have solidified its reputation and market position in the petrochemical sector [2].

证券代码：000783 证券简称：长江证券 公告编号：2025-090 债券代码：148996 债券简称：24 长江 06 长江证券股份有限公司 2024 年面向专业投资者公开发行公 司债券（第五期）（品种一）2025 年本息兑付及摘牌公告 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：24 长江 06（148996） ●债权登记日：2025 年 12 月 2 日 ●最后交易日：2025 年 12 月 2 日 ●本息兑付日：2025 年 12 月 3 日 ●债券摘牌日：2025 年 12 月 3 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公司债 券（第五期）（品种一）（以下简称"本期债券"）将于 2025 年 12 月 3 日支付 2024 年 11 月 8 日至 2025 年 12 月 2 日期间的利息及本期 债券的本金。为保证本次本息兑付工作的顺利进行，现将有关事宜公 告如下： 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 开 ...