Core Viewpoint - The announcement from Changjiang Securities indicates that its major shareholder, New Liyi Group, will conduct a stock pledge repurchase transaction involving approximately 411.67 million shares, which represents 7.44% of the total share capital of Changjiang Securities [1][2][4]. Summary by Relevant Sections Stock Pledge Details - New Liyi Group will pledge approximately 289.68 million shares to Minqiong Limited, accounting for 35.18% of its holdings and 5.24% of Changjiang Securities' total shares [1][2]. - Another pledge involves approximately 121.99 million shares to Zhuang Bin Limited, representing 14.81% of its holdings and 2.20% of the total shares of Changjiang Securities [1][2]. - The total pledged shares amount to approximately 411.67 million, which is about 50% of New Liyi Group's holdings in Changjiang Securities [4][5]. Shareholder Information - As of November 10, New Liyi Group holds 823.33 million shares in Changjiang Securities, which is 14.89% of the total share capital [4][5]. - The market value of the pledged shares is approximately 3.68 billion yuan, based on the closing price of 8.93 yuan per share on the announcement date [5]. Historical Context - New Liyi Group became the largest shareholder of Changjiang Securities in April 2015 by acquiring a 14.72% stake for 10 billion yuan [7]. - Following a capital increase in 2015, New Liyi Group's stake was diluted as state-owned shareholders entered the company [7]. - As of March 29, 2024, the largest shareholder position shifted to Changjiang Industrial Group, with New Liyi Group becoming the second-largest shareholder [7]. Financial Performance - For the first three quarters of 2025, Changjiang Securities reported total revenue of 8.49 billion yuan, a year-on-year increase of 76.66%, and a net profit attributable to shareholders of 3.37 billion yuan, up 135.20% [8]. - In the third quarter alone, the company achieved revenue of 378.17 million yuan, reflecting a 94.04% increase year-on-year, and a net profit of 1.64 billion yuan, which is a 152.76% increase [8].

Core Points - Changjiang Securities announced that its major shareholder, New Liyi Group, will conduct a stock pledge repurchase transaction involving 411,666,100 shares [1] Group 1 - The transaction involves a portion of shares held by New Liyi Group, which owns more than 5% of Changjiang Securities [1] - The number of shares involved in the pledge is significant, indicating a potential shift in shareholder strategy [1] - The announcement was made on the evening of November 12 [1]

证券代码：000783 证券简称：长江证券 公告编号：2025-069 债券代码：524535 债券简称：25 长江 08 长江证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第四期） 票面利率公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 长江证券股份有限公司（以下简称"发行人"）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。 长江证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第四期）（以 下简称"本期债券"）发行规模为不超过 30.00 亿元（含）。 2025 年 11 月 12 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 1.45%-2.45%。根据网下向专业机构投资者询价结 果，经发行人和主承销商充分协商和审慎判断，最终确定本期债券票面利率为 1.93%。 特此公告。 （本页以下无正文） （此页无正文，为《长江证券股份有限公司2025年面向专业投资者公开发行公司 债券（第四期）票面利率公告》之盖章页） 发行人：长江证券 ...

长江证券股份有限公司（以下简称"发行人"）面向专业机构投资者公开发 行（不超过）人民币 200 亿元（含 200 亿元）的公司债券已于 2025 年 9 月 24 日获得中国证券监督管理委员会注册批复《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）。 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公司债券（第 四期）发行公告》，发行人和簿记管理人定于 2025 年 11 月 12 日 15：00-18：00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档结果确定本期债 券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经发行人、簿记管理人及其他簿记参与 方协商一致，现将簿记建档结束时间由 2025 年 11 月 12 日 18：00 延长至 2025 年 11 月 12 日 19：00。特此公告。 （以下无正文） 关于延长"长江证券股份有限公司 2025 年面向专业投资者非公开发 行短期公司债券（第一期）"簿记建档时间的公告 (本页无正文,为中信建投证券股份有限公司《关于延长"长江证券股份有限公 司 2025 年面向专业投 ...

Core Viewpoint - Yangguang Electric's performance in the first three quarters of 2025 shows significant growth, with a net profit of 11.881 billion yuan, representing a year-on-year increase of 56.34% [1]. Financial Performance - The net profit for Q3 2025 reached 4.147 billion yuan, marking a year-on-year growth of 57.04% and a quarter-on-quarter increase of 6.1% [1]. - The overall performance aligns with expectations, indicating strong operational stability [1]. Growth Prospects - The company is positioned to benefit from the emerging trend of data center energy storage in the U.S., with existing orders already in place, suggesting potential for significant profit increases [1]. - Yangguang Electric is optimistic about its AIDC power products, with ongoing collaborations with leading domestic cloud service providers, aiming for product launches and small-scale deliveries by 2026, which could create a third growth curve [1]. - The traditional energy storage business is experiencing a strong alpha and high beta resonance, with explosive growth in non-U.S. overseas markets, particularly in the U.S., where shipment volumes are expected to exceed expectations [1]. Future Projections - The company is projected to achieve a net profit of 19 billion yuan in 2026, corresponding to a price-to-earnings ratio of 21 times, with potential for further upward revisions in performance estimates [1]. - The investment rating remains "Buy," reflecting confidence in the company's growth trajectory [1].

Market Overview - The securities sector experienced a decline of 0.77% on November 12, with Xiangcai Co. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable gainers included Changcheng Securities, which rose by 1.42% to a closing price of 10.68, and Tuitai Haidao, which increased by 0.87% to 19.80 [1] - Xiangcai Co. saw the largest decline, dropping 8.12% to 11.65, followed by Tusheng Securities, which fell 4.47% to 18.39 [2] Trading Volume and Value - Changcheng Securities had a trading volume of 631,600 shares, with a transaction value of 678 million yuan [1] - Xiangcai Co. recorded a trading volume of 1,324,800 shares, with a transaction value of 154.5 million yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 3.159 billion yuan from institutional investors, while retail investors saw a net inflow of 1.746 billion yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors on that day [2] Detailed Capital Flow for Selected Stocks - Changcheng Securities had a net outflow of 59.0186 million yuan from institutional investors, while retail investors contributed a net inflow of 71.0545 million yuan [3] - Guotai Junan Securities experienced a net inflow of 41.7866 million yuan from institutional investors, indicating a positive sentiment towards this stock [3]

Core Viewpoint - The announcement from Changjiang Securities indicates that a major shareholder, New Liyi Group, will conduct a stock pledge repurchase transaction involving a significant portion of its shares, which may impact the company's stock liquidity and investor sentiment [1] Group 1: Shareholder Actions - New Liyi Group will pledge a total of 412 million shares, representing 49.99% of its holdings and 7.44% of the company's total share capital [1] - As of November 10, New Liyi Group and its concerted parties have cumulatively pledged 412 million shares, accounting for 38.62% of their total holdings and 7.44% of the company's total share capital [1] Group 2: Pledge Details - The pledge is intended for investment cooperation, with the pledgees being Minqiong Limited and Zhuang Bin Limited [1]

长江证券股份有限公司（以下简称"公司"）收到持有公司 5% 以上股份的股东新理益集团有限公司（以下简称"新理益集团"）通 知，新理益集团将持有的本公司部分股份进行股票质押式回购交易， 具体事项如下： 证券代码：000783 证券简称：长江证券 公告编号：2025-068 长江证券股份有限公司 关于持股 5%以上股东进行股票质押式回购交易 的公告 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。 长江证券股份有限公司董事会 二、股东股份累计质押情况 二〇二五年十一月十三日 截至 2025 年 11 月 10 日，新理益集团及其一致行动人所持质押 2 1 股东 名称 是否为控股 股东或第一 大股东及其 一致行动人 本次质押数 量 占其所 持股份 比例 占公 司总 股本 比例 是否 为限 售股 是否 为补 充质 押 质押 起始日 质押 到期日 质权人 质押用 途 新理益 集团有 限公司 否 289,677,597 35.18% 5.24% 否 否 2025 年 11 月 10 日 办理解 除质押 登记手 续之日 止 旻穹有限 其他 （投资 合作） 新理益 集团有 限公 ...

Core Viewpoint - Changjiang Securities experienced a stock price decline of 2.10% on November 12, with a current price of 8.85 CNY per share and a total market capitalization of 48.941 billion CNY [1] Financial Performance - For the period from January to September 2025, Changjiang Securities reported a net profit attributable to shareholders of 3.373 billion CNY, representing a year-on-year increase of 135.20% [2] - The company has cumulatively distributed dividends of 13.677 billion CNY since its A-share listing, with 2.157 billion CNY distributed over the past three years [3] Stock Market Activity - As of November 12, the stock has increased by 32.68% year-to-date, with a 1.72% increase over the last five trading days, 3.15% over the last twenty days, and 14.94% over the last sixty days [1] - The stock's trading volume on November 12 was 624 million CNY, with a turnover rate of 1.26% [1] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 1.97% to 160,000, while the average number of circulating shares per person increased by 2.01% to 34,571 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai CSI All-Index Securities Company ETF, with significant changes in their holdings [3] Business Segmentation - The main business segments of Changjiang Securities include brokerage and securities financial services (60.03%), proprietary trading (21.94%), alternative investments and private equity management (9.27%), investment banking (3.97%), asset management (3.23%), other businesses (0.99%), and overseas operations (0.55%) [1] Industry Classification - Changjiang Securities is classified under the non-bank financial sector, specifically in the securities industry, and is associated with various concept sectors such as fund participation, Xiong'an New Area, low price-to-earnings ratio, MSCI China, and futures concepts [2]

Core Viewpoint - Shenzhen Jinxinnong Technology Co., Ltd. is actively engaging with institutional investors to discuss its business operations, particularly in pig farming costs, cooperative breeding, feed sector, and new business developments [1] Group 1: Pig Farming Costs - The company reported that the cost of selling commodity pigs in October was 13.26 yuan per kilogram, with a target to reduce this to 12.5 yuan per kilogram next year [2] - For self-breeding and self-raising operations, the company aims to lower the cost of weaned piglets from approximately 300 yuan per head to below 270 yuan per head next year, indicating significant cost optimization potential [2] Group 2: Cooperative Breeding Business - The cooperative breeding model, which involves a "company + farmer" approach, showed a cost of 12.91 yuan per kilogram for commodity pigs in October, outperforming self-breeding operations [3] - Currently, there are about 250,000 pigs in stock under this model, which is gradually entering the market [3] - The company benefits from a regional pricing advantage in Guangdong, where pig prices are relatively higher compared to other regions [3] Group 3: Feed Business - The feed business remains profitable, with a sales target of 1.1 million tons for this year, and the company is striving to exceed this target [4] - The current production capacity utilization is around 50%, with a focus on poultry feed, particularly for ducks and geese, mainly distributed in Anhui and Heilongjiang provinces [4] - The company has established a subsidiary in Xinjiang to develop the ruminant feed market, which is expected to contribute additional revenue next year [4] Group 4: Impact of African Swine Fever and New Business Ventures - The company reported that the African Swine Fever outbreak from Vietnam has been controlled, affecting only one farm this year [5] - In terms of strategic development, the company has restructured its organization to promote new feed and business directions, including the establishment of Shenzhen Xingwei Intelligent Robot Co., Ltd. and its subsidiary in Beijing for robot research and development [5] - The new robot business is still in the early stages, with no significant impact on the current year's financial performance expected [5] - The company has implemented a substantial employee stock incentive plan to align employee interests with company goals [5]