Group 1 - The report outlines the bond management situation of Changjiang Securities Co., Ltd., including the issuance and management of perpetual subordinated bonds [1][2] - As of the end of 2024, the company has issued two bonds: 23 Changjiang Y1 and 24 Changjiang Y1, with issuance scales of 2.5 billion and 2 billion respectively [2][3] - The initial coupon rates for these bonds are 4.59% and 3.10%, with annual interest payments unless the issuer opts for deferred interest payments [3][4] Group 2 - The report indicates that the issuer's total assets as of the end of 2024 are approximately 171.77 billion, showing a slight increase of 0.61% from the previous year [7] - The total liabilities decreased by 2.57% to approximately 132.46 billion, while total equity increased by 13.05% to approximately 39.31 billion [7][8] - The issuer's net profit for 2024 is reported at approximately 1.84 billion, reflecting a 19.19% increase compared to the previous year [7][8] Group 3 - The report highlights that the issuer has maintained stable cash flow and profitability, with an EBITDA interest coverage ratio of 2.37, up 32.40% from the previous year [8] - The issuer has a debt issuance approval scale of 17.5 billion, indicating potential for future financing [8][9] - The report confirms that the issuer's bond repayment plans and guarantees have not undergone significant changes during the reporting period [9][10] Group 4 - The report details that the issuer has successfully completed interest payments for the previous year on March 25, 2024, without any defaults [11][12] - The issuer has established a special account for managing raised funds, ensuring compliance with the intended use of funds [8][9] - The report states that there were no significant changes in the issuer's credit enhancement mechanisms or repayment capabilities during the reporting period [9][12]

长江证券股份有限公司公司债券 2024 年度受托管理事务报告 长江证券股份有限公司 （住所：湖北省武汉市江汉区淮海路 88 号） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 1 | 一、受托管理的公司债券概况 3 | | --- | | 二、公司债券受托管理人履职情况 4 | | 三、发行人 2024 年度经营和财务状况 5 | | 四、发行人募集资金使用及专项账户运作情况 5 | | 五、发行人偿债意愿和能力分析 7 | | 六、内外部增信机制、偿债保障措施执行情况及有效性分析 8 | | 七、债券的本息偿付情况 8 | | 八、募集说明书中约定的其他义务 10 | | 九、债券持有人会议召开的情况 10 | | 十、发行人出现重大事项的情况 10 | | 十一、与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应对措施及相应成 | | 效 10 | 一、受托管理的公司债券概况 截至 2024 年（以下简称"报告期"）末，长江证券股份有限公司发行且截 至本报告出具日仍存续的由中信建投证券担任受托管理人的债券包括：23 长江 Y1、24 长江 Y1（以下简称"各期债券"） ...

| 债券代码： | 债券简称： | 债券代码： | 债券简称： | | --- | --- | --- | --- | | 149607 | 21 长江 03 | 148522 | 23 长江 05 | | 149781 | 22 01 长江 | 148523 | 23 06 长江 | | 149919 | 22 C1 长江 | 148597 | 24 01 长江 | | 149977 | 22 长江 02 | 148813 | 24 长江 02 | | 148031 | 22 长江 03 | 148919 | 24 长江 03 | | 148032 | 22 04 长江 | 148948 | 24 04 长江 | | 148171 | 23 长江 C1 | 148949 | 24 长江 05 | | 148184 | 23 长江 02 | 148996 | 24 长江 06 | | 148326 | 23 03 长江 | 148997 | 24 07 长江 | | 148489 | 23 长江 04 | 524206 | 25 长江 01 | 长江证券股份有限公司 （湖北省武汉市江汉区淮海路 88 号） 长 ...

根据万家基金管理有限公司（以下简称"本公司"）与长江证券股份有限公司（以下简称"长江证券"）签 订的销售协议，本公司自2025年7月7日起新增长江证券办理万家稳宁债券型证券投资基金（简称：万家 稳宁债券；基金代码：A类：023477，C类：023478）的销售业务。万家稳宁债券自2025年7月7日至 2025年7月25日通过基金管理人指定的销售机构公开发售，投资者可在长江证券办理万家稳宁债券的开 户及认购业务，待基金成立后也可办理申购、赎回及定投等其他业务，具体费率以长江证券公告为准， 具体办理程序请遵循长江证券的相关规定。 投资者可以通过以下途径咨询有关详情： 1、长江证券股份有限公司 客服电话：95579 或4008-888-999 网址：www.95579.com 2、万家基金管理有限公司 特此公告。 客服电话： 400-888-0800 客服传真：021-38909778 网址： www.wjasset.com 风险提示：敬请投资者于投资前认真阅读各基金的《基金合同》和《招募说明书》等法律文件，基金管 理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不承诺基金投资最低收益、也不保证基 金投资一 ...

Group 1 - The A-share market opened lower but rebounded significantly, with the brokerage sector experiencing a substantial increase, particularly stocks like Xiangcai Co. and Guosheng Jin控 rising over 10% [1] - The introduction of the "Science and Technology Innovation Board Growth Layer" reform is expected to create more business opportunities for brokerages, potentially easing IPO regulations on the Science and Technology Innovation Board, which is favorable for investment banking and related services [1] - The brokerage ETF (159842) tracks leading companies in the brokerage industry, and its performance is closely tied to market conditions, indicating high elasticity as market sentiment improves [1] Group 2 - Zhongyuan Securities forecasts that by the second half of 2025, retail brokerage, proprietary trading, and margin financing will be the main drivers of industry growth, with proprietary trading revenue expected to reach a near ten-year high in 2024 [2] - Interest net income showed a significant rebound in Q1 2025, with expectations of reversing a three-year decline throughout the year, indicating potential stability in earnings [2] - Given the current low valuation levels, if the capital market becomes more active, the brokerage sector has the potential to challenge average valuations, presenting medium to long-term investment value [2]

Group 1 - The core viewpoint is that the securities sector is experiencing a strong performance, with the National Securities Leader Index rising by 2.31% and several key stocks, including China Galaxy and Dongfang Caifu, showing significant gains [1][2] - The Securities ETF Leader has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 146 million yuan, totaling 474 million yuan, averaging 78.92 million yuan per day [1] - Multiple securities firms are actively issuing technology innovation bonds, with a total approved issuance limit of up to 93.8 billion yuan from five firms, including CITIC Securities and Guotai Junan Securities [1] Group 2 - Open Source Securities highlights that the valuation of the brokerage sector and institutional holdings are at low levels, with macro-level measures supporting the stock market, leading to a positive outlook for the sector [2] - The three main lines of opportunity identified are retail brokerages with performance elasticity, financial technology targets, and the Hong Kong Stock Exchange benefiting from the expansion and increased activity of IPOs [2] - As of May 30, 2025, the top ten weighted stocks in the National Securities Leader Index account for 80.15% of the index, with key players including Dongfang Caifu and CITIC Securities [2]

Core Insights - The Hong Kong dividend assets have strengthened this year, primarily benefiting from defensive allocation needs after a relative decline in risk appetite. As growth stocks continue to narrow, these defensive assets with stable absolute return capabilities have become a consensus among both domestic and foreign investors [1][3] - Insurance capital has frequently targeted Hong Kong dividend assets this year, driven by the positioning of insurance OCI accounts and a domestic asset shortage. Additionally, the relatively smaller market capitalization of Hong Kong banks compared to A-shares makes them more susceptible to triggering the takeover mechanism [1][4] - The pricing logic of Hong Kong dividend assets is influenced by multiple factors, including foreign investor preferences, changes in global risk-free interest rates, and liquidity discounts relative to A-shares [1][6] - The significant contraction of the AH premium this year has limited its impact on Hong Kong dividend assets in the medium to long term, as the majority of allocation funds come from long-term investors like insurance and social security, which have strong dividend capabilities and high long-term value [1][8] - There is a potential for a filling rights market after the ex-dividend date for high-dividend stocks in both Hong Kong and A-shares, with statistical data indicating that many stocks may see this filling rights market occur around July and August [1][9] Industry Outlook - The second half of the year is a turning point for insurance OCI allocation and accounting standard shifts, with expected incremental insurance funds favoring high-dividend stocks in both A-shares and Hong Kong, providing support for the Hong Kong dividend market [2][11] - As of June 17, the Hang Seng High Dividend Low Volatility Index has increased by 20.91% since the low on April 8, indicating strong performance in Hong Kong's high-dividend assets, especially in contrast to the pullback of the A-share dividend index [3] - The total cash dividend for Hong Kong stocks in 2024 is projected to reach HKD 1.38 trillion, with a year-on-year growth rate exceeding 10%. The dividend payout ratio is close to 40%, and the average dividend yield is expected to reach 4%, showing improvements compared to 2023 [5] - The pricing of Hong Kong dividend assets is also affected by the ability to short sell, which allows for more efficient pricing compared to A-shares, where liquidity is generally lower, leading to potential undervaluation of many Hong Kong stocks [6][8] - In a potential interest rate cut scenario by the Federal Reserve, Hong Kong dividend assets may benefit from a more favorable liquidity environment, increasing foreign capital interest [7]

Group 1 - The company emphasizes resource expansion as a long-term development strategy, with significant investments in geological research and exploration activities, resulting in new tin resources of 17,600 tons and copper resources of 34,800 tons discovered in 2024 [2] - The company holds tungsten oxide resources of 77,800 tons and has received a quota of 688 tons for tungsten mining in 2025, which will be organized according to provincial regulations [3] - Global tin supply remains tight due to slow recovery in Southeast Asian tin-producing countries and temporary shutdowns in African countries, leading to a decline in domestic refined tin production and inventory [4] Group 2 - The company is implementing cost control measures through lean management and optimizing the entire production process to enhance operational efficiency amid low smelting processing fees [5] - The company is progressing with its share repurchase plan, which was approved by the board and will be submitted for shareholder approval [6] - The company has established a value management system to enhance performance and shareholder returns through increased cash dividends and share buybacks [7] Group 3 - In Q1 2025, the company reported a main revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, and a net profit attributable to shareholders of 499 million yuan, up 53.09% [8] - The company has seen a net outflow of 323 million yuan in financing over the past three months, with a decrease in financing balance, while the short-selling balance has increased [9]

（本页无正文，为《长江证券股份有限公司 2025 年面向专业投资者 公开发行科技创新公司债券（第一期）在深圳证券交易所上市的公告》 发行人：长江证券股份有限公司 年 月 日 19 之盖章页） 2025 年面向专业投资者公开发行科技创新公司债券（第一期） 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，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（第一期）符合深圳证券交易所债券 上市条件，将于 2025 年 6 月 20 日起在深圳证券交易所上市，并面向专业投资者 中的机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交 和协商成交。债券相关要素如下： | 债券名称 | 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（第一期） | | | | | | | | | | 债券简称 | 25 长江 K1 | | | | | | | | | | 债券代码 | 524 ...

Group 1 - The core point of the news is the approval by the China Securities Regulatory Commission (CSRC) for the change of the major shareholder of Changjiang Securities Co., Ltd. [2][3] - After the equity change, Changjiang Industrial Group will hold 962,535,293 shares, accounting for 17.41% of the total shares of the issuer [3] - The total voting rights controlled by Changjiang Industrial Group and its concerted actors will amount to 1,560,622,096 shares, representing 28.22% of the total shares [3] Group 2 - The change in major shareholder will not lead to a situation where the company has no controlling shareholder or actual controller [3] - The change is not expected to have a significant adverse impact on the issuer's daily management, production operations, or debt repayment capacity [3] - CITIC Securities, as the trustee manager, will closely monitor the issuer's repayment of principal and interest on the existing bonds and other significant matters affecting bondholders [3]