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 ...

（以下无正文） 1 (本页无正文,为《关于延长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）簿记建档时间的公告》之盖章页 ) 关于延长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）簿记建档时间的公告 长江证券股份有限公司（以下简称"发行人"或"公司"）面向专业机构投 资者公开发行面值不超过 200 亿元的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"文同意注册。 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》，发行人及簿记管理人原定于 2025 年 10 月 23 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档结果在预设的利 率区间内确定本期债券的最终票面利率。 因簿记建档当日债券市场变化较为剧烈，经发行人、簿记管理人、主承销商 及全体投资人协商一致，现将簿记建档结束时间由 2025 年 10 月 23 日 18:00 延 长至 2025 年 10 月 23 日 19:00。 特此公告。 （本页无正文，为《关于延长长江证券股份有限公司 2 ...

Core Viewpoint - The China Securities 500 Growth ETF (159606) experienced a decline of 0.80% as of the midday close on October 23, with a trading volume of 2.9846 million yuan [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (159606) closed at 1.114 yuan, with a year-to-date return of 12.32% since its inception on December 17, 2021 [1] - The ETF has shown a negative return of -0.69% over the past month [1] Group 2: Major Holdings Performance - Major holdings in the ETF include Dongwu Securities, which fell by 0.11%, and Kaiying Network, which decreased by 0.99% [1] - Other notable declines include Huagong Technology down 4.73%, Hengxuan Technology down 2.41%, and Huitai Medical down 1.59% [1] - Conversely, Tianshan Aluminum saw an increase of 3.17%, and Shunluo Electronics rose by 3.21% [1]

- The report discusses the seasonal characteristics of the A-share market in Q4, highlighting a tendency for slight upward movement driven by year-end policy signals and marginal improvements in the funding environment[65][66][55] - Large-cap stocks, represented by the CSI 300 index, typically outperform small-cap stocks in Q4 due to their defensive attributes and institutional fund reallocation preferences. Historical data shows a CSI 300 win rate of 61% and median return of 1.63%, compared to the CSI 1000's win rate of 39% and median return of -1.60%[19][20][27] - Micro-cap stocks exhibit strong resilience in Q4, with a win rate of 78% and median return of 7.35%. This performance is attributed to factors such as liquidity preferences post-holiday and supportive policies for small and micro enterprises[29][30][33] - Growth and dividend styles show distinct characteristics in Q4. Growth stocks often face volatility due to profit-taking and valuation rebalancing, while dividend stocks demonstrate stability with a win rate of 56% and median return of 0.87%[35][38][40] - Industry rankings experience significant shifts in Q4, with most leading industries from the first three quarters dropping in rank, while new leaders emerge due to policy catalysts or valuation adjustments. Stable industries typically benefit from consistent policy support, solid fundamentals, and uninterrupted fund allocation[44][48][50]

| 发行人: | 长江证券股份有限公司 | | --- | --- | | 牵头主承销商: | 中精证券股份有限公司 | | 联席主承销商: | 中信建投证券股份有限公司、华泰联合证券有限责任公 司、长江证券承销保荐有限公司 | | 受托管理人: | 华泰联合证券有限责任公司 | | 注册金额: | 200 亿元 | | 发行金额 | 不超过 40 亿元(含) | | 增信措施情况: | 无 | | 信用评级结果: | 主体评级 AAA | | 信用评级机构: | 联合资信评估股份有限公司 | 二十 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）募集说明书 声 明 发行人将及时、公平地履行信息披露义务。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募集说明书信息披露的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。主承销商已对募集说明书进行了核查， 确认不存在虚假记载、误导性陈述和重大遗漏，并对其真实性、准确性和完整性 承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。债 券发行的利率或者价格应当以询价、协议定价等方式确定 ...