Core Viewpoint - The company aims to break through the traditional investment banking model by focusing on "regional deep cultivation" and "specialized track" strategies, moving away from the "big and comprehensive" approach [1] Group 1: Strategic Focus - The company emphasizes the importance of a solid "base camp" for sustainable performance, which is crucial for the development of investment banking [1] - The "three investment linkage" mechanism is highlighted as a core advantage, consisting of research, investment banking, and investment roles [1] - Research serves as a blueprint, with the company's research institute consistently ranking at the top of the industry [1] Group 2: Regional Strategy - The company follows the principle of "combining national strategy with its own advantages," focusing on three key areas: deepening its presence in Hubei, expanding in the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area, and consolidating its market in the Sichuan-Chongqing region [2] - The company has maintained the top IPO ranking in Hubei for several consecutive years [2] Group 3: Industry Strategy - The company adopts a differentiated competition strategy, focusing on niche markets such as military industry, Taiwanese enterprises, and chemicals, avoiding highly competitive markets [2] - The company aims to establish "circle barriers" and "reputation moats" in specific sectors [2] Group 4: Role in Economic Service - The company positions itself as a "promoter" of local platform companies' industrial transformation, providing comprehensive service solutions [2] - It acts as a "planner" for listed companies' market value management, particularly in the field of mergers and acquisitions [2] - The company serves as a "guide" for the capitalization of innovative enterprises, emphasizing long-term partnerships from the early stages of business development [3] Group 5: Development Challenges - The company's deep cultivation strategy has evolved from inefficient initial outreach to leveraging external channels for enterprise selection, although market conversion remains a challenge [3] - The company is now in its 3.0 development phase, focusing on "leading enterprises in the industrial chain" to significantly enhance project precision [3]

Core Viewpoint - The company aims to transform its investment banking approach by abandoning the "big and comprehensive" model in favor of a boutique investment banking strategy focused on "regional deep cultivation" and "specialized tracks" [1] Group 1: Investment Banking Strategy - The company emphasizes the importance of a solid "base camp" for sustainable performance amid long cycles and profitability pressures in investment banking [1] - The "three investment linkage" mechanism is identified as a core advantage, comprising research, investment banking, and investment roles [1] - Research serves as a blueprint, with the company's research institute consistently ranking among the top in the industry [1] - Investment banking is responsible for implementation, particularly in serving small and medium-sized enterprises [1] - Investment acts as a strong guarantee, providing crucial capital support through entities like Changjiang Capital [1] Group 2: Regional Focus - The company follows the principle of "combining national strategy with its own advantages" in regional selection [2] - It focuses on deepening its presence in Hubei, where it has maintained the top IPO ranking for several consecutive years [2] - The company aims to capture opportunities in the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area, which are key sources for innovative enterprises [2] - It seeks to consolidate its market position in the Sichuan-Chongqing area, where it has established a good reputation and business foundation [2] Group 3: Industry Focus - The company adopts a differentiated competition strategy in its investment banking business, focusing on niche markets such as military, Taiwanese enterprises, and chemicals [2] - It aims to build "circle barriers" and "reputation moats" in specific sectors, avoiding highly competitive markets [2] Group 4: Role in Economic Service - The company positions itself as a long-term partner for clients, playing three key roles: a promoter of local platform company transformation, a planner for listed company value management, and a guide for the capitalization of innovative enterprises [2][3] - It provides comprehensive service models like "equity-debt linkage" to support local government platform transformations [2] - The company has developed a merger and acquisition information database to facilitate transaction matching and offers diversified financing support [2] Group 5: Development Stages - The company's deep cultivation strategy has evolved from inefficient "street visits" to leveraging external channels like government and banks for enterprise selection [3] - The current development phase (3.0) focuses on "leading enterprises in the industrial chain" to significantly enhance project precision [3]

Core Viewpoint - The 2025 Analyst Conference highlighted the potential for a bull market in A-shares as global capital flows into the market, despite the current low expectations and holdings in the construction and building materials sector [1][6]. Group 1: Market Dynamics - The market is currently focused on the demand side of the real estate downturn, but significant changes are occurring on the supply side, including improvements in competitive dynamics and increased concentration among leading companies [3][8]. - The supply-side clearing has enhanced the operating environment and pricing power of surviving companies, laying the groundwork for the next phase of development [4][8]. Group 2: Emerging Industry Trends - The "going out" trend is noteworthy, as China's manufacturing sector still holds significant management advantages over overseas counterparts. Africa and South America present vast market opportunities, with some leading companies already achieving good performance abroad, yet current market valuations remain low, indicating potential for revaluation [5][9]. - The rise of the "stock" market is also significant. Excluding rural areas, urban China has a stock housing area of approximately 30-40 billion square meters. With a 30-year renovation cycle, this generates over 1 billion square meters of stock renewal demand annually, while new construction is around 500 million square meters per year. This substantial potential for stock renewal could effectively offset the downturn in new construction, suggesting that the overall adjustment in the real estate market is nearing its bottom [5][9].

Core Insights - The 2025 Analyst Conference highlighted two emerging industry trends: the "going global" wave and the rise of the "stock" market [1][4] Group 1: "Going Global" Wave - China's manufacturing sector still possesses significant management advantages compared to overseas counterparts, with vast opportunities in markets like Africa and South America [3][6] - A number of leading companies have already achieved good performance in overseas markets, but current market pricing remains "very cheap," indicating potential for cognitive disparity and value reassessment [3][6] Group 2: Rise of the "Stock" Market - Addressing concerns over the shrinking new housing market, it was noted that the existing urban housing stock in China amounts to approximately 300 to 400 billion square meters [3][6] - With a 30-year renovation cycle, there will naturally be an annual demand for over 1 billion square meters of stock updates, while current new construction is about 50 million square meters per year [3][6] - The significant potential for stock updates is expected to effectively compensate for the downturn in new construction, suggesting that the overall adjustment in the real estate market is "close to the bottom" [3][6] Group 3: Long-term Growth Outlook - The two trends of "going global" and "stock" market rise provide long-term growth pathways beyond cyclical fluctuations in the Chinese economy [3][6] - The true investment wisdom lies in identifying the real, ongoing demand that is temporarily obscured by market conditions, rather than chasing short-term fluctuations [3][6] - Driven by globalization and urban renewal, a more resilient and sustainable industrial landscape is gradually becoming clearer, with the process of value reassessment potentially already underway [3][6]

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 ...