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更名公告 2025 年 9 月 24 日，根据中国证监会"证监许可〔2025〕2145 号"文件同意 了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（以下简称 "本次债券"）的发行申请。 本次债券申报时命名为"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"，鉴于本次债券采用分期发行的方式，按照公司债券命名惯例， 征得主管部门同意，本次发行人拟发行的规模不超过人民币 40 亿元的公司债券 名称确定为"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）"（以下简称"本期债券"）。 本期债券名称变更不改变原签订的与本次公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文 件包括但不限于：《关于长江证券股份有限公司 2025 年面向专业投资者公开发行 公司债券之承销协议》及其补充协议、《国浩律师（上海）事务所关于长江证券 股份有限公司 2025 年面向专业投资者公开发行公司债券之法律意见书》等文件。 特此说明。 （以下无正文） 1 2025 ...

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 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具的评级报告遵 循了真实、 ...

股票简称：长江证券 股票代码：000783 （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 联席主承销商 联席主承销商、债券受托管理人 联席主承销商 （北京市朝阳区安立路66号4 号楼） 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） 2025年面向专业投资者公开发行公司债券（第三期） 发行公告 牵头主承销商、簿记管理人 （深圳市前海深港合作区南山街 道桂湾五路128号前海深港基金 小镇B7栋401） （中国（上海）自由贸易 试验区世纪大道1198号28 层） 签署日期：二〇二五年十月二十日 发行人及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 内容真实、准确和完整。 重要事项提示 1.长江证券股份有限公司（以下简称"发行人"或"公司"）已于 2025 年 9 月 24 日获得中国证券监督管理委员会"证监许可〔2025〕2145 号"文注册公开发行面 值不超过 200 亿元（含）的公司债券（以下简称"本次债券"）。 本次债券采取分期发行的方式，本期债券为本次债券批文项下第一次发行。 2.本期债券发行规模为不超过人民币 40.00 亿元（含），品种一简称为"25 长 江 ...

Core Insights - Wuhan's Jianghan District has become a financial hub in Central China, focusing on serving the real economy and supporting technological innovation, aligning with national financial strategies [1][2][4] - The district hosts nearly 600 financial institutions, with significant growth in financial value added and tax revenue, indicating a robust financial ecosystem [1][4] - The introduction of customized services and support for enterprises has led to the successful establishment of major financial technology firms, such as Hang Seng Electronics [2][5] Financial Ecosystem Development - Jianghan District has attracted various financial institutions, including 93 headquarters of provincial and municipal financial organizations, contributing to a financial value added growth rate of approximately 5.3% in the first half of 2025 [1] - The district's financial tax revenue increased by 9.23% year-on-year from January to September 2025, outpacing the growth of financial value added [1] - Wuhan Financial Street Management Committee has implemented a "7×24 hours online" service model to facilitate the establishment of financial technology companies [2] Corporate Growth and Innovation - Hang Seng Electronics has established its second national headquarters in Wuhan, achieving over 300 million yuan in revenue and expanding its workforce to over 700 employees within a year [2] - The company aims to reach a total revenue of 500 million yuan and a workforce of 1,200 by 2026, positioning itself as a comprehensive financial technology hub [2] - Wuhan Jin控 has become the first municipal state-owned enterprise in the city to surpass 100 billion yuan in revenue, establishing multiple subsidiaries focused on various sectors, including artificial intelligence and new materials [4] Financial Services and Support - The district has developed a "1+2+3" technology financial service ecosystem, enhancing access to financing for technology enterprises through innovative assessment models and credit systems [7] - Over 4 billion yuan in financing has been facilitated for small and micro enterprises, with various financial products introduced to support their growth [7][8] - The establishment of the "Hubei Capital Market Cultivation Base" aims to support the incubation and financing of technology enterprises, enhancing collaboration between startups and investment institutions [10] Future Outlook - Jianghan District plans to continue enhancing its financial ecosystem by focusing on precise investment attraction, technological empowerment, and enterprise services [10] - The district aims to become a fertile ground for enterprise growth and a highland for business development, contributing significantly to Wuhan's financial strength [10]

Group 1 - The three major indices opened lower, with the CSI All Share Securities Companies Index down 0.76% as of the report time, while individual stocks like Zhongyuan Securities rose over 1% and Guosen Securities, Tianfeng Securities fell over 3% [1] - The Broker ETF (159842) also saw a decline of 0.68%, with a trading volume exceeding 15 million yuan and a premium rate of 0.05%, indicating frequent premium trading at the beginning of the session [1] - In terms of capital flow, the Broker ETF (159842) recorded net inflows for 9 out of the last 10 trading days, accumulating over 1.1 billion yuan [1] Group 2 - Several securities firms are distributing a new round of mid-term dividends, with Huaxin Securities announcing a total dividend of 41.3751 million yuan on October 21 [1] - From October 22 to 28, eight securities firms including GF Securities and Dongfang Securities are set to distribute a total of 5.2 billion yuan in mid-term dividends, contributing to a total of over 18 billion yuan in mid-term dividends planned by 29 securities firms this year [1] - According to Founder Securities, the recovery trend of the brokerage sector's fundamentals is clear in a high trading environment, with a divergence between performance growth and valuation, indicating ample room for valuation adjustments [2]

Market Overview - On October 21, the securities sector rose by 0.89% compared to the previous trading day, with Tianfeng Securities leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Tianfeng Securities (601162) closed at 5.38, with a gain of 5.70% and a trading volume of 9.26 million shares, amounting to a turnover of 5.017 billion [1] - Guosheng Financial Holdings (002670) closed at 21.94, up 3.10%, with a trading volume of 1.0592 million shares [1] - Changjiang Securities (000783) closed at 8.45, increasing by 2.67%, with a trading volume of 1.5026 million shares [1] - Dongfang Fortune (300059) closed at 25.36, up 1.36%, with a trading volume of 2.9742 million shares, resulting in a turnover of 7.531 billion [1] Capital Flow Analysis - The net inflow of main funds in the securities sector was 1.436 billion, while retail funds experienced a net outflow of 0.607 billion [2][3] - Tianfeng Securities saw a net inflow of 1.18 billion from main funds, but a net outflow of 0.655 billion from retail investors [3] - Dongfang Fortune had a net inflow of 294 million from main funds, with retail investors experiencing a net outflow of 130 million [3]

"五要五不"中国特色金融文化为证券行业走深走实"合规、诚信、专业、稳健"行业文化提供了根本遵循 与行动指南。长江证券（000783）以合规文化建设为支点之一，通过"五抓五促五有"，促进合规执业成 为全体长江人的价值追求、行为习惯与形象气质。 抓党建引领，促对标看齐有担当。公司坚持党建与合规"双融双促"，2024年，聚焦"基础更牢固、形式 更新颖、载体更丰富、效果更显著"，通过找准工作协同融合点、深耕队伍建设整合点、做精课题研究 结合点，不断提高政治站位，加强责任担当。一是坚持党建联动与合规协同相融合，实现纵深发展。为 加强合规理念触达，形成党建聚心、自驱聚能、协同聚力的示范效应，公司法律合规部党支部与华南片 区广东、广西、深圳党支部，及人力资源部党支部开展联合党建活动，通过理论联学、组织联建、难题 联解、工作联动，将党建联建共建引向深入，凝聚攻坚合力，有效实现同心协力、合作共赢。二是坚持 下沉基层与队伍建设相整合，实现"一臂之遥。"针对分支机构、子公司合规管理内容多元、环境多样、 情况多变的特征，公司法律合规部党支部推动合规工作从"声边"到"身边"，每季度走进分支机构、子公 司一线，开展合规人员交流，先后走访 ...

Core Viewpoint - Changjiang Securities experienced a 5.1% increase in stock price, reaching 8.65 CNY per share, with a trading volume of 790 million CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 47.835 billion CNY [1] Group 1: Company Overview - Changjiang Securities Co., Ltd. is located in Wuhan, Hubei Province, and was established on July 24, 1997, with its listing date on July 31, 1997 [1] - The company's main business includes securities brokerage, proprietary trading, underwriting, and entrusted asset management [1] - The revenue composition of the main business is as follows: 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 business 0.55% [1] Group 2: Fund Holdings - According to data, one fund under ICBC Credit Suisse Asset Management holds a significant position in Changjiang Securities [2] - The fund, ICBC CSI 500 Six-Month Holding Index Enhanced A (014133), held 262,300 shares in the second quarter, accounting for 1.09% of the fund's net asset value, making it the second-largest holding [2] - The estimated floating profit from this position is approximately 110,200 CNY [2] Group 3: Fund Performance - The ICBC CSI 500 Six-Month Holding Index Enhanced A (014133) was established on December 14, 2021, with a current scale of 104 million CNY [2] - Year-to-date, the fund has achieved a return of 27.35%, ranking 1633 out of 4218 in its category; over the past year, it has returned 29.91%, ranking 1443 out of 3868; and since inception, it has returned 11.83% [2]

Core Viewpoint - The financial sector continues to rise, with securities, insurance, and diversified financials leading the gains, indicating a positive market sentiment towards these industries [1] Group 1: Sector Performance - The securities sector has shown significant growth, with Tianfeng Securities increasing by over 7% [1] - Other companies in the financial sector, such as Changjiang Securities, China Life Insurance, and China Pacific Insurance, also experienced upward movement [1] Group 2: Notable Stocks - Ruida Futures and Luxin Venture Capital reached their daily limit up, reflecting strong investor interest [1]

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 市场策略丨点评报告 [Table_Title] 1020 港股日评：中美释放贸易缓和信号，港股 修复 报告要点 [Table_Summary] 2025 年 10 月 20 日，港股市场大市成交额达到 2391.6 亿港元，南向资金净卖出 26.70 亿港 元。港股主要指数普遍上涨，从宏观来看主要是因为：10 月 18 日上午，中美经贸中方牵头人、 国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行视频通话，双 方就双边经贸关系中的重要问题进行了坦诚、深入、建设性的交流，同意尽快举行新一轮中美 经贸磋商。市场预期中美经贸关系将缓和，这有效缓解了市场对贸易摩擦升级的担忧叠加市场 押注美联储 10 月议息会议将降息 25bp，外部流动性宽松预期增强，带动港股市场上涨。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 [Table_Title 1020 港股日评：中美释放贸易缓和信号，港股 2] 修复 [Table_Su ...