证券代码：000783 证券简称：长江证券 公告编号：2025-088 长江证券股份有限公司 2025 年面向专业投资者公开发行科技创新 公司债券（第二期）票面利率公告 本公司及其董事、监事、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。 长江证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 200 亿元公司债券已获得中国证券监督管理委员会证监许可〔2025〕2145 号文注册。 根据《长江证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债 券（第二期）发行公告》，长江证券股份有限公司 2025 年面向专业投资者公开 发行科技创新公司债券（第二期）（以下简称"本期债券"）发行规模为不超过 10 亿元。 2025 年 11 月 26 日，发行人和主承销商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 1.60%-2.60%。根据网下向专业机构投资者询价结 果，经发行人与主承销商在利率询价区间内协商一致确定，最终确定本期债券票 面利率为 2.15%。 发行人将按上述票面利率于 2025 年 11 月 27 日至 11 月 2 ...

行情的级别与走向 长江证券研究所金融工程研究小组 research.95579.com 2 2025-11-26 %% %% %% %% research.95579.com 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% 算法说明 区间最大涨幅：该时间段内从最低点到最高点曾经涨过的最大幅度 第一轮牛市：2005年6月6日至2007年10月16日 数据及算法说明 数据说明 若无特别说明，本文所用数据时间段均为2005至2025年11月14日 %% research.95579.com 3 第二轮牛市：2012年12月4日至2015年6月3日 第三轮牛市：2018年10月19日至2021年7月21日 本轮牛市：2024年2月5日至2025年11月14日 剔除检测服务行业 以一轮周线级别的行情的起点和终点定义牛熊市 全面牛市 vs 结构性牛市：不在不均，而在寡 通常认为前两轮为全面牛市，第三轮为结构性牛市 表1：四轮牛市中长江一级行业区间最大涨幅 | 名称 | 第一轮区间最大涨幅 | ...

关于延长长江证券股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（第二期） 簿记建档时间的公告 长江证券股份有限公司（以下简称"发行人"）已获中国证券监督管理委 员会出具的《关于同意长江证券股份有限公司向专业投资者公开发行公司债券 注册的批复》（证监许可〔2025〕2145 号），发行规模为不超过（含）200 亿元。 长江证券股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第 二期）（以下简称"本期债券"）发行规模为不超过人民币 10 亿元（含 10 亿元）。 根据《长江证券股份有限公司 2025 年面向专业投资者公开发行科技创新 公司债券（第二期）发行公告》，发行人及簿记管理人于 2025 年 11 月 26 日 15： 00-18：00 以簿记建档的方式向专业机构投资者进行利率询价，并根据簿记建档 结果在预设的利率区间内确定本期债券的最终票面利率。 (此页无正文,为《关于延长长江证券股份有限公司 2025年面向专业投资者公 开发行科技创新公司债券（第二期）簿记建档时间的公告》之盖章页) 长江旺 2025年11 H2DH (此页无正文,为《关于延长长江证券股份有限公司 2 ...

Core Viewpoint - Enjie Co., Ltd. reported a revenue of 3.78 billion yuan for Q3 2025, reflecting a year-on-year increase of 40.98% and a quarter-on-quarter increase of 24.59%, while net profit attributable to shareholders was 0.07 billion yuan, with a non-recurring net profit of 0.1 billion yuan, showing a quarter-on-quarter recovery but a year-on-year decline [1] Group 1 - The company expects continued positive growth in shipments for Q4 2025, with new production bases and line upgrades in 2026 likely to enhance efficiency and align with industry growth rates [1] - Price increases for customers with negative gross margins and mid-to-low tier clients are anticipated, which, combined with favorable demand conditions, active overseas customer expansion, and optimized shipment structure, may further improve profitability [1] - The profitability outlook for dry-process separators is being revised, and the aluminum-plastic film segment is expected to gradually reduce losses as shipment volumes increase [1] Group 2 - The company is actively developing new products such as lithium sulfide, sulfide electrolytes, and ion-conducting membranes, with positive customer progress opening up potential for profitability [1]

Core Insights - The report from Changjiang Securities highlights that Guoxuan High-Tech achieved a net profit attributable to shareholders of 2.167 billion yuan in Q3 2025, representing a year-on-year increase of 1,434.42% and a quarter-on-quarter increase of 714.52% [1] Product and Technology Developments - The company has accelerated the launch of new products and businesses, notably introducing the G-Yuan quasi-solid-state battery with an energy density of 300 Wh/kg [1] - The "Jinshi" all-solid-state battery's first experimental line has been completed, marking a significant technological breakthrough [1] - In the lithium iron phosphate sector, the company released the world's first LMFP ultra-fast charging cell "Qichen 2nd generation cell," achieving an energy density of 240 Wh/kg and utilizing 5C fast charging technology [1] - For commercial vehicles, the company unveiled the "G-Line Super Heavy Truck Standard Box," which has a single package capacity of 116 kWh and achieves 3,000 cycles with "zero degradation" [1] - In the energy storage sector, the company launched the "Qianyuan Smart Storage 20MWh Energy Storage Battery System" [1] Market Outlook - The company is upgrading its product and customer structure in the domestic power market, enhancing market share and profitability through partnerships with B-class vehicle customers [1] - The company is actively promoting capacity layout in overseas markets, with future growth expected from bases in the United States, Czech Republic, and Morocco [1] - The report maintains a positive recommendation for the company [1]

Core Viewpoint - The recent announcements from various securities firms indicate a significant trend in share buybacks as a strategy to enhance company value and protect shareholder interests, with a total expenditure exceeding 2.4 billion yuan this year [1][2]. Group 1: Share Buyback Activities - Hongta Securities reported a share buyback of 9.1951 million shares from November 1 to November 21, 2025, totaling 79.9872 million yuan [2]. - As of November 21, 2025, Hongta Securities has repurchased a total of 13.6433 million shares, representing 0.2892% of its total share capital, with a total expenditure of 119.9969 million yuan [2]. - A total of 9 listed securities firms, including Hongta Securities, have repurchased 228 million shares this year, spending over 2.4 billion yuan, compared to only 4 firms repurchasing less than 30 million shares for under 200 million yuan in the same period last year [2]. Group 2: Market Value Management - Industry experts believe that the current low valuation of the securities sector necessitates share buybacks to instill confidence and stabilize stock prices, making buybacks a common tool for market value management [4]. - Several securities firms, including Guoyuan Securities and Huaxi Securities, have emphasized the importance of market value management and plan to continue adhering to regulatory requirements while enhancing performance [4]. - Zhongtai Securities has implemented a market value management system, outlining various strategies such as mergers and acquisitions, employee stock ownership plans, and share buybacks to reflect the company's intrinsic quality and long-term potential [4]. Group 3: Communication and Investor Relations - Changjiang Securities highlighted the importance of maintaining value through consistent cash dividends and improving information disclosure quality to enhance investor relations and protect long-term investment value [5].

Core Viewpoint - The company, Jiangbolong, is positioned as a leading independent storage device manufacturer, with significant growth in revenue and profit, and is actively expanding its market presence through strategic partnerships and product development. Group 1: Company Position and Supply Chain - The company is the second largest independent storage device manufacturer globally and the largest in China, which facilitates long-term direct cooperation with major global storage wafer suppliers through long-term supply agreements [2] - The company has established long-term supply agreements and commercial cooperation memorandums with storage wafer manufacturers to ensure a stable supply of storage wafers [2] Group 2: Product Development and Market Growth - As of the end of Q3 2025, the company has deployed over 100 million self-developed main control chips, which are expected to see rapid growth in application scale [3] - The company’s enterprise storage products have been integrated into the supply chains of leading internet companies, with a significant growth trend in enterprise storage business, ranking third in total capacity among Chinese enterprise-level ST SSDs as of H1 2025 [4] - The company’s UFS4.1 products, equipped with self-developed main control chips, outperform comparable market products in terms of process, read/write speed, and stability, gaining recognition from major clients [5] Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 16.734 billion yuan, a year-on-year increase of 26.12%, and a net profit of 713 million yuan, up 27.95% year-on-year [6] - In Q3 2025 alone, the company achieved a main revenue of 6.539 billion yuan, a year-on-year increase of 54.6%, and a net profit of 698 million yuan, reflecting a significant increase of 1994.42% year-on-year [6] Group 4: Analyst Ratings and Predictions - In the last 90 days, 9 institutions have rated the stock, with 7 buy ratings and 2 hold ratings, indicating positive market sentiment [7] - The average target price set by institutions over the past 90 days is 311.8 yuan [7]

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： 证券代码：000783 证券简称：长江证券 公告编号：2025-087 债券代码：148522 债券简称：23 长江 05 长江证券股份有限公司 2023 年面向专业投资者公开发行公 司债券（第四期）（品种一）2025 年本息兑付及摘牌公告 ●债券简称及代码：23 长江 05（148522） 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 2023 年面向专业投资者公 开发行公司债券（第四期）（品种一） 。 3、债券简称及代码：23 长江 05（148522）。 ●债权登记日：2025 年 11 月 26 日 ●最后交易日：2025 年 11 月 26 日 ●本息兑付日：2025 年 11 月 27 日 ●债券摘牌日：2025 年 11 月 27 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公司债 券（第四期）（品种一）（以下简称"本期债券"）将于 2025 年 11 月 27 日支付 2024 年 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-086 债券代码：148523 债券简称：23 长江 06 长江证券股份有限公司 2023 年面向专业投资者公开发行公 司债券（第四期）（品种二）2025 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 06（148523） ●计息期限：2024 年 11 月 27 日至 2025 年 11 月 26 日 ●债权登记日：2025 年 11 月 26 日 ●债券付息日：2025 年 11 月 27 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公司债 券（第四期）（品种二）（以下简称"本期债券"）将于 2025 年 11 月 27 日支付 2024 年 11 月 27 日至 2025 年 11 月 26 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 202 ...

资金面上看，两市主力资金全天净流入132.15亿元，今日有19个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.14%，全天净流入资金50.00亿元，其次是通信行业，日涨幅为 3.54%，净流入资金为48.81亿元。 | 600927 | 永安期货 | 0.21 | 0.26 | -4.84 | | --- | --- | --- | --- | --- | | 600918 | 中泰证券 | -0.15 | 0.45 | 129.60 | | 603300 | 海南华铁 | 1.36 | 3.48 | 145.44 | | 600061 | 国投资本 | 0.27 | 0.40 | 172.63 | | 000567 | 海德股份 | 4.16 | 2.01 | 183.43 | | 002961 | 瑞达期货 | 1.04 | 1.55 | 248.90 | | 600369 | 西南证券 | 0.00 | 0.50 | 251.25 | | 300773 | 拉卡拉 | 1.91 | 2.26 | 379.20 | | 600999 | 招商证券 | 0.18 | 0.41 | ...