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 | ...

Core Viewpoint - Hunan Yuneng's net profit attributable to shareholders for Q3 2025 reached 340 million yuan, representing a year-on-year increase of 235.31% and a quarter-on-quarter increase of 61.26% [1] Financial Performance - The company is expected to continue increasing production, maintaining a positive outlook for profitability [1] - The improvement in operational trends is supported by a higher proportion of new products, which is anticipated to enhance processing fees as downstream demand rises [1] - Overall supply and demand dynamics are expected to reach a turning point due to better-than-expected demand, which may drive price increases and further enhance profitability [1] Production Capacity - The company's phosphate mine has commenced production, with capacity utilization gradually increasing, which is expected to provide some profit elasticity [1] - Considering the anticipated price increases and integrated layout, the company is projected to achieve a net profit of approximately 3 billion yuan in 2026, corresponding to a PE ratio of 18X [1]

Core Insights - The policy documents promote the development of integrated renewable energy, introducing multiple measures closely related to energy IT infrastructure [1] - There is an expected increase in IT investment for grid infrastructure due to the enhanced requirements for digitalization and intelligence in the power grid [1] - The support for aggregated operating entities to participate in market transactions is anticipated to drive the maturity of new business models such as virtual power plants [1] Group 1: Policy Measures - The measures include promoting the multi-field integration development of distributed renewable energy [1] - Improving the accuracy of renewable energy power generation forecasting and the regulation capabilities of systems [1] - Advancing the large-scale development of virtual power plants [1] Group 2: Market Implications - The demand for energy IT solutions is expected to increase as a result of these policy measures [1] - The software ETF (515230) tracks the software index (H30202), which selects securities from IT companies involved in application software, system software development, and related services [1] - The software index focuses on the information technology sector, characterized by high growth and innovation [1]

格隆汇11月25日｜长江证券研报指出，亿纬锂能2025Q3实现归母净利润12.11亿元，同比增长15.13%， 环比增长140.16%；拆分来看，公司前三季度动力电池出货34.59GWh，同比增长66.98%；储能电池出 货48.41GWh，同比增长35.51%，整体出货高于行业增速，市场份额有所提升。公司对后续经营趋势展 望积极，储能方面，2025Q4有望看到价格调整落地带来盈利能力提升，后续储能大电芯基地爬坡趋稳 后也有望贡献盈利；海外方面，马来西亚基地储能年底逐步爬坡，有望形成溢价贡献超额盈利；大圆柱 电池国内产能将以配套海外客户为主。总体上看，亿纬锂能将持续受益于结构改善和电池供给趋紧，结 构方面主要看大圆柱海外客户和马来西亚储能基地的放量，盈利端基于2026年锂电行业需求高增、供给 平稳释放，存在紧缺和价格抬升的可能性。预计公司2025、2026年归母净利润45、80亿元，对应2026年 PE 为18X，继续推荐。 ...

Investment Rating - The industry investment rating is "In line with the market" [52] Core Insights - The brokerage sector index experienced a range-bound fluctuation in October 2025, with a decline of 0.73%, underperforming the CSI 300 index by 0.73 percentage points [4][7] - The average P/B ratio for the brokerage sector fluctuated between 1.510 and 1.580 times, closing at 1.510 times at the end of October [11] - The overall operating performance of listed brokerages is expected to decline in November 2025, with a forecasted drop to mid-low levels for the year [47][48] Summary by Sections 1. October 2025 Brokerage Sector Review - The brokerage index maintained a range-bound fluctuation with a significant reduction in volatility, closing down 0.73% for the month [4][7] - A total of 42 listed brokerages saw 17 increase in stock prices, with notable gains from Dongxing Securities (10.08%) and Changjiang Securities (6.27%) [8] - The average P/B ratio for the sector was 1.510 times, indicating a slight decrease from previous months [11] 2. Key Market Factors Affecting October 2025 Performance - Increased volatility in equity markets and a rebound in fixed income markets led to a decline in proprietary trading performance [6] - The average daily trading volume in October was 21,640 billion, down 10.5% month-on-month [25] - The margin financing balance reached a historical high of 24,864 billion, reflecting a stable outlook among investors [32] 3. November 2025 Performance Outlook - Proprietary trading is expected to face pressure due to a comprehensive market correction, with a forecasted decline in monthly investment returns [40][43] - The brokerage sector is anticipated to see a slight recovery in brokerage business due to an increase in trading days, despite a decrease in average daily trading volume [44] - The investment banking sector is expected to remain stable, with equity financing slightly declining and debt financing rebounding [46] 4. Investment Recommendations - The brokerage sector index has shown signs of further downward adjustment, with a significant gap from the average valuation since 2016 [48] - It is recommended to focus on leading brokerages with strong wealth management capabilities and those with valuations significantly below the sector average [50]

长江证券股份有限公司 2025 年跟踪评级报告 www.lhratings.com 1 联合〔2025〕4232 号 联合资信评估股份有限公司通过对长江证券股份有限公司及其 相关债券的信用状况进行跟踪分析和评估，确定维持长江证券股份 有限公司主体长期信用等级为 AAA，维持"21 长江 03""22 长江 02""22 长江 03""22 长江 04""23 长江 02""23 长江 03""23 长江 04""23 长江 05""23 长江 06""24 长江 01""24 长江 02""24 长江 03""25 长江 01"信用等级为 AAA，上调"23 长江 C1""23 长江 Y1""24 长江 Y1""25 长江 Y1"信用等级为 AAA，评级展望为稳 定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十七日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出 ...