Core Viewpoint - The article discusses the transformation of China's private equity industry from quantity expansion to quality improvement, highlighting the launch of the "Golden Yangtze" private equity empowerment plan by Changjiang Securities, Industrial Bank, and Securities Times to support this transition [1][2]. Group 1: Market Overview - In 2024, the total scale of private equity funds in China fell below 20 trillion yuan, with the number of billion-yuan private equity firms dropping to 80 at one point, marking a challenging period for the industry [4]. - The "924" market rally helped some outstanding private equity firms recover quickly, with some even reaching historical net value highs, although significant redemptions posed challenges for many [5]. - By August 2025, the number of active private equity fund managers reached 19,614, managing 137,922 funds with a total scale of 20.73 trillion yuan, marking a recovery in the industry [5]. Group 2: Performance Metrics - In the first eight months of the previous year, private equity funds reported an average return of -7.84%, with stock strategies performing poorly at -11.39% [5]. - In contrast, by September 30, 2025, 91.48% of the 9,363 private equity funds had positive returns, with an average return rate of 25.00%, significantly outperforming the Shanghai and Shenzhen 300 Index [5]. Group 3: Industry Trends - The private equity industry is experiencing accelerated headquartering, with funds and resources increasingly directed towards high-quality private equity firms [6]. - The number of billion-yuan private equity firms has rebounded to 101, with quantitative firms now making up 43% of this group, indicating a shift in industry dynamics [6]. Group 4: Empowerment Plan Details - The "Golden Yangtze" private equity empowerment plan has attracted participation from 873 excellent managers and nearly 3,000 products, reflecting a strong demand for a professional and systematic empowerment platform [7]. - The plan provides comprehensive support across funding, research, trading services, and brand promotion, aiming to assist private equity firms in sustainable development [7][8]. - Research support includes macro strategies, industry research, and in-depth stock analysis, enhancing managers' investment decision-making capabilities [8]. Group 5: Performance of Empowerment Plan - The first phase of the "Golden Yangtze" empowerment plan (September 2024 - September 2025) reported an average return of 29% across all strategy groups, with the index enhancement strategy leading at 47.7% [9]. - The quantitative stock selection strategy and subjective long strategy followed closely with average returns of 45.2% and 36.2%, respectively, while over 96% of stock strategies were profitable [9].

公司债券（第三期）发行结果公告 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（以下简称"发行人"）发行不超过 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。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（第三期） 发行公告》，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 （第三期）（以下简称"本期债券"）发行规模为不超过 40.00 亿元（含），发 行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式。 本期债券发行时间为 2025 年 10 月 24 日至 2025 年 10 月 27 日，具体发行 情况如下： 最终本期债券品种一"25 长江 06"发行规模为 25 亿元，票面利率为 1.99%， 认购倍数为 1.7；品种二"25 长江 07"发行规模为 15 亿元，票面利率为 2.18%， 认购倍数为 2.7。 发行人的董事、监事、高级管理人员、持股比例超过 5%的股东及其他关联 方未参与本期债券认购。 证券代码：000783 ...

Market Performance - On October 27, the securities sector rose by 1.17%, with Dongxing Securities leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Stock Performance - Dongxing Securities (601198) closed at 12.74, up 6.61% with a trading volume of 1.86 million shares and a turnover of 2.356 billion [1] - Xiangcai Shares (600095) closed at 13.12, up 5.55% with a trading volume of 1.6562 million shares and a turnover of 2.193 billion [1] - Other notable performers include: - Industrial Securities (601377) at 6.74, up 3.06% [1] - Huatai Securities (601688) at 22.45, up 2.98% [1] - XD Xinda Securities (601059) at 20.03, up 2.72% [1] Capital Flow Analysis - The securities sector experienced a net outflow of 1.848 billion from institutional investors, while retail investors saw a net inflow of 0.886 billion [2] - Notable capital flows include: - Huatai Securities (601688) with a net inflow of 0.323 billion from institutional investors [3] - Guangfa Securities (000776) with a net inflow of 0.275 billion from institutional investors [3] - Xiangxi Shares (600095) with a net inflow of 0.241 billion from institutional investors [3]

Core Viewpoint - Changjiang Securities has shown a significant increase in stock price and trading volume, indicating strong market interest and positive financial performance [1][2]. Group 1: Stock Performance - As of October 27, Changjiang Securities' stock price rose by 2.01% to 8.62 CNY per share, with a trading volume of 759 million CNY and a turnover rate of 1.61%, resulting in a total market capitalization of 47.669 billion CNY [1]. - Year-to-date, the stock price has increased by 29.24%, with a 4.74% rise over the last five trading days, 8.84% over the last 20 days, and 12.68% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Changjiang Securities reported a net profit of 1.737 billion CNY, representing a year-on-year growth of 120.76% [2]. - The company has cumulatively distributed 13.677 billion CNY in dividends since its A-share listing, with 2.157 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 163,200, 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 compared to the previous period [3].

Core Insights - The "Breaking Waves in Hong Kong, Wisdom in Central China" IPO training conference was held in Wuhan, focusing on supporting companies in Central China to list on the Hong Kong stock market [1] - Hubei province has nearly 1,400 companies prepared for listing, with three companies already listed this year and several others under review [1] - The Hong Kong stock market is currently active, providing valuable opportunities for mainland companies to go public [1] Group 1 - Hubei's Listing Work Guidance Center is implementing the "Yellow Crane Soaring Plan" to provide comprehensive support for companies seeking to list in Hong Kong [1] - Securities Times emphasizes its role as a bridge to help companies connect with international capital markets [1] - Long江证券 reported that 66 new stocks have been listed in Hong Kong in the first three quarters of 2025, raising more than double the total amount raised in the previous year [1] Group 2 - Long证国际 analyzed financial requirements and common issues for companies in Hubei seeking to list in Hong Kong, recommending early planning and robust internal controls [2] - The three-dimensional model of "industry value, barrier value, and growth value" was proposed to assist companies in effectively communicating their investment logic [2] - Legal compliance issues for Hong Kong listings were discussed, including key legal considerations and strategies for addressing them [2][3] Group 3 - Tax considerations for companies listing in Hong Kong were highlighted, including tax optimization in structure design and compliance suggestions for typical tax risks [3]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the suggestions for the 15th Five-Year Plan, emphasizing high-quality development and technological self-reliance as primary goals for the upcoming decade [1] Group 1: Economic Growth and Development Goals - The average GDP growth rate needs to be maintained above 4.5% over the next decade to achieve the goal of reaching the per capita GDP level of moderately developed countries by 2035 [2] - The focus has shifted from "economic development" and "reform and opening up" to "high-quality development" and "technological self-reliance," indicating a greater emphasis on the quality and technological content of economic growth [2] - The plan includes a commitment to maintaining a reasonable proportion of the manufacturing sector and constructing a modern industrial system centered on advanced manufacturing [2][8] Group 2: Policy Directions and Strategic Focus - The report outlines 12 major deployments, with a strong emphasis on supporting the real economy, enhancing service sector development, and building modern infrastructure [4] - The focus on supply-side reforms will prioritize "productivity + innovation," while demand-side policies will concentrate on "consumption + inclusiveness" [6] - The report highlights the importance of stabilizing employment, enterprises, markets, and expectations as part of maintaining economic fundamentals [7] Group 3: Market Outlook and Investment Opportunities - The Chinese stock market is expected to continue its upward trend, driven by the transformation of the economy and ongoing capital market reforms [3] - New emerging technologies are identified as a key investment theme, with cyclical financial sectors also seen as potential outperformers [3] - The emphasis on high-quality economic development and the need for a robust manufacturing base suggest that policies supporting advanced manufacturing and technology sectors will be prioritized [4][8]

Core Insights - The event "China Capital Market Investment Opportunities and Investor Protection Exchange Conference" was successfully held at Huazhong University of Science and Technology, attracting over 120 international students and finance majors, with online viewership exceeding 800,000 [1] - The conference aimed to enhance investor education and self-protection awareness, showcasing the vast investment prospects of the Chinese capital market and its improving investor protection mechanisms [4][6] Group 1: Event Overview - The event focused on the theme of "Investment Opportunities in the Chinese Capital Market and Investor Protection," leveraging Huazhong University as an international exchange platform [6] - Participants included representatives from the Hubei Securities Regulatory Bureau, Huazhong University, Hubei Securities and Futures Industry Association, and Changjiang Securities [1] Group 2: Presentations and Insights - A presentation by Huma, a postdoctoral researcher from Pakistan, detailed the structure and regulatory framework of Pakistan's financial market, including current trends and government reforms [8] - Justus Friedrich Junker, a master's student from Germany, discussed the linkage between Germany's pension system and capital markets, offering suggestions to address pension shortfalls [9] - Wu Xiao, Chief Investment Advisor at Changjiang Securities, analyzed macroeconomic data and global asset flows to highlight the resilience of the Chinese economy and the investment value of its capital market [11] - Xu Wei, Deputy General Manager of the Legal Compliance Department at Changjiang Securities, explained the rationale for investor protection and the regulatory framework that supports it, including legislation and enforcement [12] Group 3: Objectives and Outcomes - The event aimed to break down language barriers through simultaneous translation, facilitating the sharing of domestic and international financial market developments [14] - It sought to enhance participants' understanding of global financial market conditions and the prospects of China's capital market, ultimately improving investors' self-protection awareness and capabilities [14]

Core Viewpoint - Changjiang Securities has shown a significant increase in stock price and profitability, indicating strong performance in the financial sector [1][2]. Group 1: Stock Performance - As of October 24, Changjiang Securities' stock price increased by 2.04%, reaching 8.51 CNY per share, with a total market capitalization of 47.061 billion CNY [1]. - Year-to-date, the stock price has risen by 27.59%, with a 3.65% increase over the last five trading days, 6.37% over the last twenty days, and 12.27% over the last sixty days [1]. Group 2: Financial Metrics - For the first half of 2025, Changjiang Securities reported a net profit of 1.737 billion CNY, representing a year-on-year growth of 120.76% [2]. - The company has distributed a total of 13.677 billion CNY in dividends since its A-share listing, with 2.157 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 163,200, 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 compared to the previous period [3].

证券代码：000783 证券简称：长江证券 公告编号：2025-061 2025-3604 （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公 司债券（第三期）票面利率公告》之盖章页） 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（第三期）（以 下简称"本期债券"）发行规模为不超过 40.00 亿元（含）。 2025 年 10 月 23 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，本期债券品种一利率询价区间为 1.45%-2.45%，品种二利率询价区 间为 1.65%-2.65%。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，最终确定本期债券品种一票面利率为 1.99%，品种二票面 利率为 2.18%。 发行人将按上述票面利率于 2025 年 10 月 24 日至 2025 年 10 月 27 日面向 专业机构投资者网下发行本期债券。具体认购方法请参考 2025 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-060 债券代码：148948 债券简称：24 长江 04 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（第四期）（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内容的真实、准确和完整， 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 04（148948） ●债权登记日：2025 年 10 月 24 日 ●最后交易日：2025 年 10 月 24 日 ●本息兑付日：2025 年 10 月 27 日（2025 年 10 月 26 日为休息日， 故顺延至下一个交易日） ●债券摘牌日：2025 年 10 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 2024 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 10 月 27 日支付 2024 年 10 月 21 日至 2025 年 10 月 25 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 ...