Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - The company has undergone a change in accounting policy regarding standard warehouse receipts, which will not significantly impact its financial indicators such as revenue, net profit, and net assets [11][12][14]. Financial Data - The third-quarter financial report has not been audited [3][10]. - The company confirms that there are no adjustments or restatements required for previous accounting data [3]. - Non-recurring gains and losses are applicable, with specific tax-exempt amounts to be reported [4][5]. Shareholder Information - Longjiang Industrial Investment Group has become the largest shareholder after acquiring 862,535,293 shares, totaling 17.41% of the company's shares [7]. - The total shares held by Longjiang Industrial and its concerted actors amount to 28.22% of the total shares [7]. Accounting Policy Change - The change in accounting policy is due to new regulations from the Ministry of Finance regarding the treatment of standard warehouse receipts as financial instruments [12][14]. - The new policy will be effective from January 1, 2025, and will be applied retrospectively without significant impact on the financial statements [12][14].

Group 1 - SF Holding (SZ 002352) announced that on October 30, 2025, it will accept investor research from Changjiang Securities and others, with CFO He Jie addressing investor questions [1] - For the first half of 2025, SF Holding's revenue composition was 97.73% from express logistics and 2.27% from other non-logistics businesses [1] - As of the report date, SF Holding's market capitalization was 206.3 billion yuan [1]

Core Viewpoint - Changjiang Securities (000783.SZ) reported significant growth in its financial performance for the first three quarters of 2025, indicating strong operational efficiency and market positioning [1] Financial Performance - The company's operating revenue for the first three quarters reached 8.486 billion yuan, representing a year-on-year increase of 76.66% [1] - Net profit attributable to shareholders was 3.373 billion yuan, showing a year-on-year growth of 135.20% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.401 billion yuan, reflecting a year-on-year increase of 142.04% [1] - Basic earnings per share stood at 0.58 yuan [1]

Macro Dynamics - The National Financial Regulatory Administration encourages pilot wealth management companies to issue long-term pension wealth management products with a term of over 10 years or a minimum holding period of over 5 years [2] Financial Institutions - Changjiang Securities reported a net profit increase of 135.20% year-on-year for the first three quarters, with a net profit of 33.73 billion yuan [6] - Everbright Securities achieved a net profit growth of 34.55% year-on-year for the first three quarters, with a net profit of 26.78 billion yuan [7] - China Life's net profit increased by 92% year-on-year in the third quarter, reaching 126.87 billion yuan [8] - New China Life reported a net profit increase of 58.9% year-on-year for the first three quarters, totaling 328.57 billion yuan [9] Market Data - The ChiNext Index fell nearly 2%, with 4,100 stocks in the market declining [10] - The total margin balance in the two markets increased by 112.99 billion yuan [11] - The Hong Kong Hang Seng Index closed down 0.24%, with notable gains in lithium battery stocks [12] Company Dynamics - Luzhou Laojiao reported a net profit decrease of 13.07% year-on-year in the third quarter, totaling 30.99 billion yuan [13][14] - Zhongji Xuchuang's net profit increased by 125% year-on-year in the third quarter, reaching 31.37 billion yuan [15] - BYD's net profit decreased by 7.55% year-on-year for the first three quarters, totaling 233.33 billion yuan [16] - Longi Green Energy reported a net loss of 34.03 billion yuan for the first three quarters due to intense competition in the photovoltaic industry [17] - Shanshan Co. achieved a net profit increase of 1122% year-on-year for the first three quarters, totaling 2.84 billion yuan [18] - New Hope's net profit decreased by 99.63% year-on-year in the third quarter, totaling 512.55 million yuan [19] - SAIC Motor reported a net profit increase of 645% year-on-year in the third quarter, reaching 20.83 billion yuan [21] - Moore Threads received approval for its IPO registration, marking a rapid process from application to approval [22]

Group 1 - The core viewpoint of the article highlights the significant growth in both revenue and net profit for Changjiang Securities in the third quarter report [1] Group 2 - The total operating revenue for the first three quarters reached 8.486 billion yuan, representing a year-on-year increase of 76.66% [1] - The net profit attributable to shareholders of the listed company was 3.37 billion yuan, showing a year-on-year growth of 135.2% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.4 billion yuan, reflecting a year-on-year increase of 142.04% [1]

证券代码：000783 证券简称：长江证券 公告编号：2025-065 长江证券股份有限公司 本次会计政策变更前，公司执行财政部发布的《企业会计准则— —基本准则》和各项具体会计准则、应用指南、解释公告以及其他相 关规定。 本次会计政策变更后，公司执行标准仓单实施问答有关规定，其 他未变更部分仍执行财政部发布的《企业会计准则——基本准则》和 各项具体会计准则、应用指南、解释公告以及其他相关规定。 关于会计政策变更的公告 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。 特别提示： 本次会计政策变更未对公司营业收入、净利润、净资产等财务指 标产生重大影响。 一、会计政策变更概述 （一）变更原因 财政部于2025年7月发布标准仓单交易相关会计处理实施问答 （以下简称"标准仓单实施问答"），规定企业在期货交易场所通过 频繁签订买卖标准仓单的合同以赚取差价、不提取标准仓单对应的商 品实物的，应当将其签订的买卖标准仓单的合同视同金融工具，并按 照《企业会计准则第22号——金融工具确认和计量》的规定进行会计 处理。企业按照前述合同约定取得标准仓单后短期内再将其出售的， 不应 ...

Core Viewpoint - Changjiang Securities (000783.SZ) reported significant growth in its Q3 2025 financial results, driven by increased investment income and brokerage fees [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 3.782 billion yuan, representing a year-on-year increase of 94.04% [1] - The net profit attributable to shareholders for Q3 2025 was 1.636 billion yuan, showing a year-on-year growth of 152.76% [1] - For the first three quarters of 2025, the total operating revenue reached 8.486 billion yuan, up 76.66% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 3.373 billion yuan, reflecting a year-on-year increase of 135.20% [1] Key Growth Drivers - The substantial growth in performance is primarily attributed to a significant increase in investment income, particularly from stocks, bonds, and derivative financial instruments [1] - The growth in net income from brokerage services also contributed to the overall improvement in profitability [1]

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。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 长江证券股份有限公司 2025 年第三季度报告 证券代码：000783 证券简称：长江证券 公告编号：2025-064 长江证券股份有限公司 2025 年第三季度报告 | 项目 | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业总收入（元） | 3,781,702,580.23 | 94.04% | 8,486,456,252.21 | 76.66% | | 归属于上市公司股东的净利润 （元） | 1,635,679,019.87 | 152.76% | ...

Core Points - Changjiang Securities experienced a stock price decline of 2.04% on October 30, trading at 8.63 CNY per share with a total market capitalization of 47.725 billion CNY [1] - The company has seen a year-to-date stock price increase of 29.39%, with recent gains of 3.48% over the last five trading days, 8.28% over the last twenty days, and 15.22% over the last sixty days [1] - As of June 30, 2025, Changjiang Securities reported a net profit of 1.737 billion CNY, representing a year-on-year growth of 120.76% [2] Financial Performance - The main revenue sources for 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] - The company has distributed a total of 13.677 billion CNY in dividends since its A-share listing, with 2.157 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Changjiang Securities was 163,200, a decrease of 7.33% from the previous period, while the average number of circulating shares per person increased by 7.92% to 33,888 shares [2] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 130 million shares, an increase of 32.8918 million shares from the previous period [3]