Quantitative Models and Construction Methods - **Model Name**: Dividend Selection Strategy **Model Construction Idea**: This strategy focuses on selecting high-quality dividend stocks by leveraging a top-down approach to identify industry and thematic core factors, aiming to refine stock-picking logic and enhance the precision of identifying potential targets within specific sectors[13][15] **Model Construction Process**: The model utilizes a fundamental factor library to screen for effective stock-picking factors. It emphasizes a combination of "stability" and "growth" styles, represented by two portfolios: the "Central SOE High Dividend 30 Portfolio" and the "Balanced Dividend 50 Portfolio"[15] **Model Evaluation**: The strategy demonstrates a significant excess return year-to-date, outperforming the benchmark by approximately 4.00%, and ranks around the 48th percentile among all dividend-related fund products[22] - **Model Name**: Industry High Success Rate Strategy **Model Construction Idea**: This strategy aims to track market hotspots and select individual stocks within high-performing industries, providing alternative perspectives for investment decisions[6][13] **Model Construction Process**: The strategy identifies industries with high success rates and selects stocks with strong thematic alignment and growth potential. It is part of the actively managed quantitative product suite launched since July 2023[6][13] Model Backtesting Results - **Dividend Selection Strategy**: - Excess return relative to the CSI Dividend Total Return Index: approximately 4.00% year-to-date[22] - Percentile ranking among dividend-related fund products: ~48%[22] - **Industry High Success Rate Strategy**: - No specific backtesting results provided in the report Quantitative Factors and Construction Methods - **Factor Name**: Dividend Quality Factor **Factor Construction Idea**: This factor emphasizes the quality of dividend-paying stocks, focusing on metrics that indicate financial stability and consistent dividend payouts[7][19] **Factor Construction Process**: The factor is derived from the CSI Dividend Quality Index, which achieved a weekly return of approximately 0.88%, outperforming pure dividend assets[7][19] **Factor Evaluation**: The factor demonstrates superior performance compared to other dividend-related indices, highlighting its effectiveness in capturing high-quality dividend stocks[7][19] Factor Backtesting Results - **Dividend Quality Factor**: - Weekly return: ~0.88%[7][19] - Outperformance relative to the CSI Dividend Index: +1.98%[19]

Group 1 - Securities firms have conducted a total of 3,845 research activities involving 644 listed companies since September 21, with a focus on industries such as industrial machinery and electronic components [1][2] - The most frequently researched company is Lanke Technology, which has been surveyed by 54 securities firms, followed by Juguang Technology with 40 surveys [1] - Leading securities firms include CITIC Securities and Guotai Junan, each conducting 175 surveys, while Changjiang Securities has conducted 135 surveys [1] Group 2 - Among the 644 listed companies, 76 are in the industrial machinery sector, and 42 are in the electronic components sector, indicating a preference for these industries [2] - As of September 19, 288 of the surveyed stocks have seen price increases this month, with 24 stocks rising over 30%, led by World with a 76.94% increase [2] Group 3 - Key issues of interest in the surveys include companies' overseas expansion strategies, with Juguang Technology actively integrating its acquisitions in Switzerland and Singapore [3] - Companies like Kaiying Network reported a 59.57% year-on-year increase in overseas revenue in the first half of the year, focusing on enhancing their product matrix for international markets [3] - Analysts predict that a number of Chinese companies will emerge as influential players in international markets, potentially leading to greater valuation premiums for leading domestic firms [3]

证券之星消息，截至2025年9月19日收盘，长江证券(000783)报收于7.92元，下跌1.0%，换手率0.98%， 成交量54.3万手，成交额4.32亿元。 9月19日的资金流向数据方面，主力资金净流出3449.87万元，占总成交额7.99%，游资资金净流出 604.69万元，占总成交额1.4%，散户资金净流入4054.56万元，占总成交额9.4%。 | 指标 | 长江证券 | 证券行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 437.98亿元 | 736.01亿元 | 25 49 | | 净资产 | 405.24亿元 | 596.98亿元 | 20 49 | | 净利润 | 17.37亿元 | 21.81亿元 | 14 49 | | 市盈率(动) | 12.61 | 48.63 | 6 49 | | 市净率 | 1.27 | 1.75 | 22 49 | | 毛利率 | 0% | 0.49% | 42 49 | | 净利率 | 36.98% | 39.76% | 23 49 | | ROE | 4.76% | 3.32% | 11 49 | 长江证券20 ...

Core Viewpoint - Guangzhou Zhiguang Electric Co., Ltd. recently hosted a research event attended by 18 institutions, including Changjiang Securities and Invesco Great Wall, focusing on the company's independent energy storage power stations and their operational performance [1] Group 1: Research Event Details - The research event included specific object research and on-site visits, held on September 17 and 19, 2025, at the independent energy storage power station in Qingyuan City [1] - Participating institutions included Changjiang Securities, Invesco Great Wall, and several other funds and investment companies [1] - Company representatives included Board Secretary Xiong Tan and relevant personnel from the Qingyuan power station [1] Group 2: Independent Energy Storage Power Station Overview - Zhiguang Electric has established independent energy storage power stations in Qingyuan and Meizhou, with the first phase in Qingyuan (200MW/400MWh) operational since 2024 [1] - The second phase (100MW/200MWh) and third phase (200MW/400MWh) in Qingyuan, along with the first phase in Meizhou (100MW/200MWh), are in the final testing stages, aiming for commissioning within the year [1] - The power stations utilize Zhiguang's cascade high-voltage direct-connected energy storage system, which offers high energy conversion efficiency, low maintenance costs, and strong grid connection capabilities [1] Group 3: Revenue Composition and Influencing Factors - The primary revenue source for the Qingyuan independent energy storage power station is from secondary AGC frequency modulation auxiliary services, with future projects expected to follow this model [1] - Factors influencing revenue include site selection, energy storage system performance, and operational capabilities, with system performance (K value) being the most critical for frequency modulation revenue [1] - The company's self-developed 3S system (PCS, BMS, EMS) enhances overall performance, while product reliability and energy efficiency are also vital [1] Group 4: Operational Costs and Efficiency - Major operational costs consist of energy loss (electricity costs) and labor costs, in addition to asset depreciation [1] - The Qingyuan independent energy storage power station employs high-voltage cascade technology, achieving a comprehensive efficiency of 89.8% at the 220kV point, with simplified operations and approximately 10 personnel for maintenance and operations [1] Group 5: Market Outlook - The company is optimistic about the development of independent energy storage power stations and aims to expand its business into other provinces and cities, leveraging its advantages in energy storage equipment manufacturing, system integration, and operational experience [1]

证券代码：000783 证券简称：长江证券 长江证券股份有限公司投资者关系活动记录表 稳健拓展与核心竞争力的持续提升。三是深化转型发展。财富管理推动产品、 服务和模式创新，AI+HI 赋能投顾服务和产品配置体系，向综合金融服务模 式全面升级。强化基金与股权投资的牵引作用，坚持"金融+产业"，向产业培 育和产业链展业转型。二级市场投资优化大类资产配置，提升多元盈利能力， 创造稳健可持续收益。资管业务转型主动管理，夯实产品、投研、渠道建设， 实现高质量发展。擦亮品牌创特色，投行业务聚焦重点产业和重点区域，强 化市场口碑。研究业务继续保持领先，增强战略智库功能，拓展新客户、新 服务"第二曲线"。四是优化管理机制，激发内生活力。持续完善治理结构， 确保权责明晰、运转协调。建立健全长证特色"国资+市场化"管理模式，充分 激发"两种机制"优势活力，保持市场竞争力、人才吸引力和整体经营效率。 同时，公司将充分结合公司发展战略、行业趋势和自身情况，研究提升综合 竞争力、实现高质量发展的其他路径。感谢您的关注！ 2、领导，您好！公司 2025 年上半年营收和归母净利润大幅增长，其中 自营收入同比增长 668.35%是重要拉动因 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [4] Core Viewpoints - The securities industry index increased by 0.65% last week, underperforming the Shanghai and Shenzhen 300 index, which rose by 1.38%. Most stocks in the securities sector showed strong performance, with 34 stocks rising and 16 falling [2][9] - As of last Friday's close, the price-to-earnings (PE) ratio for the securities industry secondary index was 20.79, indicating a relatively reasonable valuation since January 2022, with notable elasticity in the sector [3][23] Summary by Sections Market Review - The Shanghai and Shenzhen 300 index experienced a weekly change of 1.38%, while the securities industry index saw a change of 0.65%. Within the sector, 34 stocks increased in value, and 16 stocks decreased [2][9] - The top five performing stocks were Changjiang Securities, Guohai Securities, Pacific Securities, Guosheng Financial Holdings, and Bank of China Securities [10] - The bottom five performing stocks were Guolian Minsheng, CITIC Securities, Great Wall Securities, Industrial Securities, and China International Capital Corporation [11] Weekly Investment Strategy - The securities industry index's increase of 0.65% last week was weaker than the overall market performance. However, the majority of stocks in the sector showed strong upward movement. The PE ratio of 20.79 suggests a reasonable valuation, with significant elasticity remaining in the sector [3][23]

Core Viewpoint - The bond issuance by securities firms has significantly accelerated since July, with a total issuance of 1.14 trillion yuan in 2023, surpassing the previous year's total of 693.7 billion yuan, indicating strong capital replenishment needs in the industry [2][10]. Group 1: Bond Issuance Trends - In September alone, at least four securities firms announced new short-term financing bond issuances, totaling over 8 billion yuan, contributing to a cumulative issuance of over 110 billion yuan in the first half of September [1][9]. - The total bond issuance by securities firms from July 1 to September 17 reached approximately 543.8 billion yuan, accounting for about 47% of the annual total [2]. - As of September 17, 2023, 71 securities firms have issued bonds, with a total issuance of 1.14 trillion yuan, reflecting a year-on-year increase of approximately 64.7% [10]. Group 2: Types of Bonds and Their Purposes - Securities company bonds remain the mainstay, with 415 bonds issued totaling over 750 billion yuan, while short-term financing bonds accounted for nearly 370 billion yuan [11]. - The average coupon rate for the issued bonds is 1.89%, with a general downward trend in interest rates compared to the previous year [13][14]. - The primary purposes of the raised funds include liquidity support and refinancing existing debts, with some firms committing to limit the use of funds for capital-consuming businesses [21][24]. Group 3: Market Dynamics and Future Outlook - The increase in bond issuance is driven by a recovery in the A-share market, which has led to a rise in margin trading balances from approximately 1.85 trillion yuan at the end of June to about 2.26 trillion yuan at the end of August, marking a 22.2% increase [9]. - The current low-interest-rate environment makes bond financing more attractive compared to equity financing, providing larger funding support while avoiding equity dilution [25]. - If the A-share market remains active, the trend of bond issuance by securities firms is expected to continue in the near future [25].

Core Viewpoint - As of September 18, 2025, Changjiang Securities (000783) closed at 8.0 yuan, down 3.15%, with a trading volume of 1.2023 million hands and a transaction value of 973 million yuan [1] Group 1: Stock Performance and Trading Data - On September 18, 2025, the net outflow of main funds was 167 million yuan, accounting for 17.12% of the total transaction value, while retail investors saw a net inflow of 100 million yuan, representing 10.29% of the total transaction value [1] - Over the past five days, the stock has experienced fluctuations in trading volume and price, with notable changes in net fund flows from different investor categories [1] Group 2: Financial Metrics and Industry Ranking - Changjiang Securities has a total market value of 44.241 billion yuan, ranking 25th in the industry, with a net asset value of 40.524 billion yuan, also ranking 20th [2] - The company reported a net profit of 1.737 billion yuan for the first half of 2025, a year-on-year increase of 120.76%, with a significant rise in main operating income to 4.705 billion yuan, up 64.79% year-on-year [2] - The company's return on equity (ROE) stands at 4.76%, ranking 11th in the industry, while its price-to-earnings ratio (P/E) is 12.74, ranking 6th [2] Group 3: Business Overview - Changjiang Securities provides a comprehensive range of financial services, including brokerage, investment banking, asset management, and alternative investments [2][3] - The company is actively expanding its overseas business through Changzheng International, offering various financial services to clients [3]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1] Core Viewpoints - The non-bank financial industry has shown significant performance over the past year, with a focus on the growth of equity and fund distribution [2][4] - The recent release of the "Classification Evaluation Regulations for Futures Companies" by the CSRC aims to enhance regulatory effectiveness and promote risk management within the industry [4][11] - The report highlights the growth in the scale of equity product distribution, with significant increases in various fund categories compared to the end of 2024 [5][12] Summary by Relevant Sections Investment Suggestions - The report emphasizes the importance of the newly released regulations for futures companies, which include improvements in the scoring mechanism and the optimization of the evaluation system to enhance service to the real economy [11][25] Market Review - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.52% and the CSI 300 Index by 1.38% during the week [13] - The non-bank financial index saw a slight increase of 0.28%, ranking 24th among 31 primary industries [13] Key Industry Data Tracking 1) Market Performance and Scale - The total trading volume in A-shares reached 11.63 trillion yuan, with an average daily trading volume of 2.33 trillion yuan, reflecting a decrease of 10.63% compared to the previous period [13][18] 2) Credit Business - As of September 12, the market had 3,017.37 billion shares pledged, accounting for 3.69% of the total equity, with a margin balance of 2.34 trillion yuan, showing a 2.33% increase [18] 3) Fund Issuance - In August 2025, new fund issuance reached 1,020.22 billion units, with a notable increase in equity fund issuance [18] 4) Investment Banking Business - The equity underwriting scale in August 2025 was 234.77 billion yuan, with IPOs amounting to 40.93 billion yuan [18] 5) Bond Market - The total price index of bonds has decreased by 1.94% since the beginning of the year, with the 10-year government bond yield rising by 25.93 basis points [18] Regulatory Policies and Industry Dynamics - The report discusses the CSRC's new regulations for futures companies, which aim to refine risk management and enhance the overall competitiveness of the industry [4][25] Key Announcements from Listed Companies - Notable transactions include the completion of the acquisition of Guorong Securities by Western Securities and the establishment of a new investment partnership by Zhongyuan Securities [27]

该机构表示，向前看，美联储货币政策决策关注点已由通胀转为就业。进入四季度后，就业市场的下行 风险较为确定，10月大概率再降息1次；至12月，美联储或将视就业表现决定是否继续降息。 长江证券研报认为，9月美联储降息25BP并无意外，与此前市场普遍预期的一致：当前就业的走弱，以 及通胀的温和让美联储风险平衡转向就业，选择适度降息以应对就业下行风险。 该机构认为，声明公布后，由于此前市场对降息的预期较为充分，外加鲍威尔表态也偏中性，强调"本 次为风险管理式降息，未来政策路径仍取决于数据"，市场呈现"利好出尽"行情：美元指数、10年期美 债收益率短线下行后反弹回升，美股短暂上涨后震荡走弱。 北京时间9月18日凌晨，美联储宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间，符合 市场预期。这也是美联储自去年12月以来，时隔9个月再度降息。 上证报中国证券网讯（卢伊 记者 徐蔚）北京时间9月18日凌晨，美联储宣布将联邦基金利率目标区间下 调25个基点到4.00%至4.25%之间，符合市场预期。这也是美联储自去年12月以来，时隔9个月再度降 息。 ...