长江证券承销保荐有限公司 关于深圳市崧盛电子股份有限公司 首次公开发行股票并在创业板上市及向不特定对象发行可转换 公司债券并在创业板上市之保荐工作总结报告书 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 深圳市崧盛电子股份有限公司（以下简称"崧盛股份"、"发行人"或"公司"） 首次公开发行股票并在创业板上市的保荐机构，持续督导期为自 2021 年 6 月 7 日至 2024 年 12 月 31 日；作为崧盛股份向不特定对象发行可转换公司债券并在 创业板上市的保荐机构，持续督导期为自 2022 年 10 月 24 日至 2024 年 12 月 31 日。目前公司对崧盛股份的上述持续督导期限已届满。截至 2024 年 12 月 31 日， 公司首次公开发行股票募集资金已全部使用完毕，公司向不特定对象发行可转换 公司债券募集资金尚未使用完毕。现根据《证券发行上市保荐业务管理办法》 《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证 券交易所上市公司自律监管指引第 13 号——保荐业务》等相关法规和规范性文 件的要求，保荐机构出具本保荐工作总结报告书，并就公司剩余募 ...

长江证券承销保荐有限公司 关于湖北凯龙化工集团股份有限公司 定期现场检查报告 保荐人名称：长江证券承销保荐有限公司 被保荐公司简称：凯龙股份 保荐代表人姓名：仝金栓 联系电话：021-65779433 保荐代表人姓名：王婷婷 联系电话：021-65779433 现场检查人员姓名：仝金栓 现场检查对应期间：2024 年度 现场检查时间：2025 年 5 月 7 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： ? 查阅公司章程及各项公司治理制度； ? 查阅公司的三会会议文件； ? 查看上市公司的主要生产、经营、管理场所； ? 核查上市公司"五独立"情况。 √ 及会议内容等要件是否齐备，会议资料是否保存完整 √ 业务规则履行职责 √ 程序和信息披露义务 √ 程序和信息披露义务 （二）内部控制 现场检查手段： ? 查阅公司《内部审计制度》 ； ? 查阅内部审计部门和审计委员会的人员构成情况； ? 查阅审计委员会会议文件； ? 查阅公司内部审计部门出具的相关报告； ? 查阅公司对外投资相关管理制度。 √ 计部门 √ 门提交的工作计划和报告等 √ 进度、质量及发现的重大问题等 √ 计工 ...

Policy Measures - On May 7, 2025, the central bank announced ten monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity[2] - The LPR (Loan Prime Rate) was reduced by 10 basis points, while the interest rate for first-time homebuyers on five-year loans decreased from 2.85% to 2.6%[4] - A targeted reserve requirement ratio of 0% was introduced for auto finance and financial leasing companies, marking a historical first in China[6] Structural Tools - The central bank introduced structural monetary tools with a total of at least 1.1 trillion yuan in low-cost loans, targeting sectors such as technology innovation and small enterprises[7] - The interest rates for various structural monetary tools were lowered by 25 basis points, including the re-lending rate for agricultural support, which decreased from 1.75% to 1.5%[4] - An additional 3,000 billion yuan was allocated for technology innovation and technical transformation re-lending, increasing the total from 5,000 billion yuan to 8,000 billion yuan[5] Market Impact - The central bank's proactive measures are expected to cushion "Chinese assets" against external shocks and uncertainties, with a focus on maintaining economic stability amid international trade tensions[8] - The anticipated fiscal stimulus is expected to further support market stability and growth, with a coordinated approach to monetary and fiscal policies[9] - The report expresses optimism for both equity and bond markets, citing regulatory support for asset prices and market expectations[9]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [36]. Core Insights - The report highlights significant growth in the brokerage sector, with a 83% year-on-year increase in net profit for the first quarter of 2025, totaling 52.2 billion yuan across 42 listed brokerages. Key business segments such as brokerage and proprietary trading saw substantial growth, with average daily trading volume increasing by 70.2% year-on-year to 1.52 trillion yuan [4][4]. - In the insurance sector, the report notes a continuation of high growth in new business value (NBV) and a significant improvement in the combined ratio (COR). The first quarter of 2025 saw notable profit increases for major insurers, with China Life and China Property & Casualty Insurance reporting year-on-year profit growth of 39.5% and 43.4%, respectively [4][4]. - The report emphasizes the positive outlook for both sectors driven by regulatory support and market demand, suggesting that the capital market's long-term logic remains unchanged [4][4]. Market Overview - The non-bank financial index experienced a decline of 1% last week, with the brokerage and insurance indices also showing declines of 0.7% and 1.64%, respectively. The average daily trading volume in the market decreased by 5.5% week-on-week to 1.3027 trillion yuan [4][8]. - The report provides detailed market data, including a slight decrease in margin trading balances and stock pledge market values, indicating a cautious market sentiment [4][18]. Sector Performance - The brokerage sector's first-quarter performance was characterized by strong growth in various business lines, with brokerage and proprietary trading revenues increasing by 49% and 45% year-on-year, respectively. Investment banking activities showed marginal improvement despite a decline in IPO volumes [4][4]. - In the insurance sector, the report highlights the expansion of long-term stock investment trials and the positive impact of reduced disaster claims on property insurance companies, leading to improved financial performance [4][4]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high asset returns, and return on equity (ROE) improvements, recommending investment in large, financially robust brokerages [4][4]. - In the insurance sector, the report advises attention to large comprehensive insurers with competitive advantages, particularly in light of new regulatory frameworks aimed at high-quality development [4][4].

Group 1: Core Insights - The current asset revaluation in China is driven by global investors reassessing the value of Chinese assets, particularly in the technology sector, due to the rise of Chinese technological capabilities and improved macroeconomic expectations [2][3] - The shift from "story-driven" to "performance-driven" in the AI sector indicates a transformation in market logic, where companies that can convert R&D investments into cash flow will emerge as winners in the revaluation wave [1][2] Group 2: Key Drivers of Revaluation - The advancement of AI technology, exemplified by breakthroughs like DeepSeek, is a primary driver of the current asset revaluation, enhancing confidence in China's technological strength and altering global AI industry dynamics [4][5] - The revaluation process is supported by improved economic fundamentals, anticipated policy adjustments, and favorable market behaviors, with expectations of steady economic recovery and new consumption patterns bolstering asset values [4][5] Group 3: Investment Opportunities - In addition to technology stocks, the energy metals sector presents significant investment opportunities, as China leads the global manufacturing chain in new energy, with key metals like lithium, nickel, cobalt, and rare earths becoming increasingly strategic [7][8] - The current market conditions suggest that energy metal companies may experience enhanced valuation due to their critical role in the new energy supply chain and the expected increase in demand from electric vehicles and energy storage [7][8] Group 4: Market Valuation and Attractiveness - Despite recent valuation recoveries in A-shares and Hong Kong stocks, particularly in the tech sector, Chinese assets remain attractive compared to global markets, with structural opportunities evident in the valuation metrics of leading tech companies [9] - The valuation levels of Chinese stocks, while improved, still present opportunities for investors seeking value in the context of global tech trends, with a focus on the potential for continued growth driven by technological innovation [9][10]

Core Viewpoint - The "insurance + futures" project for apple farmers in Yan'an, Shaanxi Province, aims to provide stable income and risk protection against natural disasters and market fluctuations, significantly benefiting local farmers [1][3][4]. Group 1: Project Overview - The "insurance + futures" project allows apple farmers to pay around 100 yuan per mu for insurance, providing them with risk coverage for apple prices [1][5]. - The project was initiated in response to severe weather events, such as the 2016 hailstorm that devastated local apple crops, leading to significant financial losses for farmers [2][8]. - The project involves collaboration among futures companies, insurance companies, farmers, and apple enterprises, creating a comprehensive risk management system [3][4]. Group 2: Financial Structure - Farmers only bear about 20% of the costs, with the remaining 80% funded by various organizations, including local governments and futures exchanges [5][9]. - Longjiang Futures invests approximately 1 million yuan annually in the apple assistance project, demonstrating a strong commitment to supporting local agriculture [4][5]. Group 3: Benefits to Farmers - Farmers now have access to real-time market prices through a mobile app, empowering them to negotiate better prices with buyers [3][7]. - The project has led to increased financial stability for farmers, as they can receive compensation if their income falls below the agreed target due to price drops or poor harvests [4][6]. Group 4: Benefits to Apple Enterprises - Apple enterprises also benefit from the project by securing price guarantees through options contracts, allowing them to manage costs effectively [6][7]. - The collaboration between apple enterprises and farmers has deepened, with enterprises providing additional support such as low-cost agricultural inputs and unified purchasing agreements [7][8]. Group 5: Historical Context and Future Prospects - The "insurance + futures" model was first proposed in 2016 and has since expanded, with significant financial contributions from various stakeholders to support the project [8][9]. - The project aligns with national agricultural policies aimed at enhancing farmers' income and improving rural vitality, indicating a sustainable future for such initiatives [10].

Group 1 - The article discusses a fraudulent scheme that lures investors with false stock recommendations, claiming high returns such as "doubling in a week" or "80% monthly returns" [1][3] - The fraudsters utilize social media and online platforms to disseminate these enticing offers, exploiting investors' desire for high returns [3][4] - The scheme involves a scripted operation process that includes building trust through impersonation and fake credentials [4][5] Group 2 - Once trust is established, the fraudsters direct investors to fake trading platforms, which appear legitimate, and charge high fees under various pretenses [5][6] - The fraudsters create a false sense of profit by displaying fake earnings on the platform, but when investors attempt to withdraw funds, they encounter numerous obstacles [6][7] - As more investors realize they have been scammed, they report to the police, leading to the dismantling of the fraud ring, although many investors suffer significant losses [7][8] Group 3 - The exposure of this scam serves as a warning to investors to remain vigilant and skeptical of online stock recommendations [8]

Core Insights - The performance of listed securities firms in Q1 2025 shows significant growth, with over 70% of firms reporting increases in both revenue and net profit, indicating a potential new upward cycle for the securities industry [2][3] Group 1: Financial Performance - Total revenue for 42 listed securities firms reached 125.93 billion yuan, a year-on-year increase of 27.6%, while net profit attributable to shareholders was 52.18 billion yuan, up 83.48% [3] - CITIC Securities led the revenue rankings with 17.76 billion yuan, followed by the merged Guotai Junan and Haitong Securities at 11.77 billion yuan, and Huatai Securities at 8.23 billion yuan [3] - Over 70% of firms reported revenue growth, with Guolian Minsheng Securities showing the highest increase at 800.98% [3][4] Group 2: Profitability - More than 80% of securities firms experienced year-on-year net profit growth, with Northeast Securities showing the most significant increase at 859.84% [4] - Guotai Junan Securities achieved a net profit of 12.24 billion yuan, surpassing CITIC Securities, making it the only firm to exceed 10 billion yuan in net profit for the quarter [3][4] Group 3: Revenue Structure - Proprietary trading and brokerage services accounted for nearly 65% of total revenue, with net income from proprietary trading and brokerage services increasing by 51.02% and 48.70%, respectively [5] - 17 firms reported brokerage service net income growth exceeding 50%, with Guolian Minsheng Securities leading at 333.69% [5] Group 4: Market Conditions - The A-share market saw a significant increase in trading volume and new account openings, with 7.47 million new accounts opened in Q1 2025, a 31.7% increase from the previous year [6] - The average daily trading volume reached 1.7 trillion yuan, a 70% year-on-year increase, indicating a robust market environment [6] Group 5: Future Outlook - Analysts expect the securities industry to maintain a high level of prosperity in 2025, driven by high trading volumes and a recovering capital market [7] - The industry is anticipated to enter a new upward cycle, supported by ongoing policy initiatives and improving market sentiment [7]

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

上市券商 2024 年报悉数披露完毕，年报中披露的交易单元席位租赁收入，直观综合反映券商服务各类 机构客户交易的能力。统计数据显示， 2024 年度行业 TOP 5 中，中信证券以 12.05 亿元连续两年蝉联 榜首；中信建投以 7.64 亿元继续位列第二名；国泰君安（不含海通证券）以 7.33 亿元跻身前三，比 2023 年提升三个位次；广发证券、长江证券分别以 7.32 亿元、 7.22 亿元位列第四名和第五名，但较去 年排名均下降一位。 2024年度证券公司席位租赁佣金收入排名 | 证券公司 | 2024年 | 排名 | 2023年 | 排名 | 变动 | | --- | --- | --- | --- | --- | --- | | | (万元) | | (万元) | | | | 中信证券 | 120,465.46 | 1 | 154,849.62 | 1 | | | 中信建投 | 76.370.91 | 2 | 112,603.70 | 2 | | | 国泰君安 | 73.283.97 | 3 | 85,657.78 | 6 | 1 3 | | 广发证券 | 73.225.22 | ব | 90,2 ...