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、误导性陈述或者重大遗漏。 证券代码：000783 证券简称：长江证券 公告编号：2025-056 长江证券股份有限公司 关于召开 2025 年半年度网上业绩说明会的公告 投资者问题征集二维码： 1 特此公告 长江证券股份有限公司董事会 长江证券股份有限公司（以下简称"公司"）2025年半年度报告 已于2025年8月30日披露，为便于广大投资者进一步了解公司2025年 半年度业绩和经营情况，公司定于2025年9月19日（星期五） 15:00-17:00举办2025年半年度网上业绩说明会。本次业绩说明会将采 用网络远程的方式举行，投资者可登录全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次半年度业绩说明会。 投资者可于2025年9月18日（星期四）17:00前，通过扫描以下二 维码提交相关问题。公司将在本次业绩说明会上对投资者普遍关注的 问题进行回答。 出席本次网上业绩说明会的人员有：公司董事长刘正斌，总裁刘 元瑞，独立董事史占中、余振、潘红波、张跃文，副总裁兼财务总监 陈水元，副总裁兼董事会秘书周纯。 敬请广 ...

Group 1 - The core viewpoint of the news highlights the upcoming quarterly dividend distribution of the China Securities Dividend ETF (515080), which will distribute 0.15 yuan per ten shares, representing a dividend ratio of 0.95% [1] - This marks the 14th dividend distribution since the ETF's inception, with a cumulative dividend amount of 3.65 yuan per ten shares [1] - Over the past five years, the annual dividend ratios for the ETF have been 4.53%, 4.14%, 4.19%, 4.78%, and 4.66% respectively [1] Group 2 - Recent market conditions have shown a shrinking trading volume, with some funds returning to high-dividend stocks, as evidenced by a net inflow of over 134 million yuan into the ETF over four consecutive days [1] - As of September 12, the relative return difference of the China Securities Dividend Total Return Index compared to the Wind All A Index over 40 days was -12.25%, indicating a low performance level for the year [1] - Long-term investment opportunities may arise as the ETF has underperformed compared to the Wind All A Index, suggesting potential for strategic positioning [1] Group 3 - Longjiang Securities' analysis indicates that the proportion of stocks and funds held by insurance companies has fluctuated between 12% and 13% over the past three years, suggesting significant room for growth [2] - This policy could lead to an annual influx of several hundred billion yuan into the A-share market from insurance companies [2] - The expectation of lower volatility and higher dividends in dividend assets may attract more incremental capital inflows, especially with the anticipated decline in risk-free interest rates [2]

Core Insights - The A-share market experienced slight fluctuations with a divergence among the three major indices, as funds shifted towards lower-priced sectors, accelerating market theme rotations [4][7][8] - The Shanghai Composite Index fell by 0.26%, while the Shenzhen Component Index rose by 0.63%, and the ChiNext Index increased by 1.51% [4][7] - The total market turnover reached 2.30 trillion yuan, with 1,913 stocks rising across the market [4][7] Market Performance - The performance of major indices on September 15, 2025, showed a mixed trend, with the Shanghai Composite Index down by 0.26%, the Shenzhen Component Index up by 0.63%, and the ChiNext Index up by 1.51% [4][7] - In terms of industry performance, sectors such as Power and New Energy Equipment (+2.22%), Agricultural Products (+1.70%), and Automotive (+1.60%) saw gains, while Telecommunications (-1.67%), Defense and Military (-0.98%), and Banking (-0.91%) faced declines [4][7] Market Drivers - The market's slight fluctuations were driven by funds moving towards lower-priced sectors, with significant activity in the electric vehicle and battery sectors following the release of a plan to promote V2G (Vehicle-to-Grid) applications [4][7] - The medical industry continued to see catalysts, with CRO (Contract Research Organization) stocks rising during the session [4][7] Future Outlook - The report maintains a bullish outlook on the Chinese stock market, emphasizing the importance of "liquidity" in 2025 and expecting a bullish trend based on historical bull market experiences from 1999, 2014, and 2019 [4][7] - Short-term focus should be on sectors with improving revenue growth and gross margins, such as fiberglass and cement, while also considering technology growth areas like lithium batteries and military [4][7] Long-term Perspective - In the technology growth sector, continued optimism is noted for AI computing, innovative pharmaceuticals in Hong Kong, and military applications, with an increased focus on relatively low-priced AI applications and deep-sea technology [4][7] - Attention should also be given to sectors benefiting from the "anti-involution" trend, including metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming [4][7]

Core Insights - The core viewpoint of the report indicates that Wuliangye's net profit attributable to shareholders for the first half of 2025 is projected to be 19.492 billion yuan, reflecting a year-on-year increase of 2.28% [1] - The report highlights a notable decline in net profit for Q2 2025, which is expected to be 4.632 billion yuan, showing a year-on-year decrease of 7.58% [1] Revenue Performance - The company's revenue growth in the first half of 2025 is described as relatively stable, with significant sales growth in the series liquor segment [1] - The top five distributors contributed a total sales revenue of 30.061 billion yuan in H1 2025, compared to 10.698 billion yuan in the same period last year, indicating substantial growth [1] Regional Analysis - Revenue performance varies by region, with the eastern region showing stronger results, while the southern and northern regions experienced slower growth compared to the overall company performance [1] - The number of distributors in the eastern and northern regions saw a slight decrease, with a year-on-year reduction of 19 and 5 distributors respectively, while the southern region gained 4 new distributors [1] Future Outlook - The company plans to align its revenue growth target for 2025 with macroeconomic indicators [1] - Earnings per share (EPS) for 2025 and 2026 are projected to be 8.36 yuan and 8.83 yuan respectively, with corresponding price-to-earnings (PE) ratios of 15 and 14 times, maintaining a "buy" rating [1]

Core Viewpoint - As of September 12, 2025, Changjiang Securities (000783) closed at 8.4 yuan, down 0.83%, with a trading volume of 814,000 hands and a transaction value of 688 million yuan. The net outflow of main funds was 83.64 million yuan, accounting for 8.67% of the total transaction value, while retail investors saw a net inflow of 93.89 million yuan, accounting for 9.73% of the total transaction value [1][2]. Fund Flow Summary - On September 12, 2025, the stock experienced a net outflow of main funds amounting to 83.64 million yuan, representing 8.67% of the total transaction value. Retail investors had a net inflow of 93.89 million yuan, which is 9.73% of the total transaction value [1][2]. - Over the past five days, the stock's performance showed fluctuations, with a notable increase in retail investor inflow on September 12, contrasting with significant outflows from main and speculative funds on previous days [2]. Company Performance Metrics - Changjiang Securities has a total market value of 46.231 billion yuan, which is below the industry average of 76.395 billion yuan, ranking 24th out of 49 in the industry [3]. - The company reported a net profit of 1.737 billion yuan for the first half of 2025, reflecting a year-on-year increase of 120.76%, with a significant rise in revenue to 4.705 billion yuan, up 64.79% year-on-year [3]. - The second quarter of 2025 saw a single-quarter net profit of 757 million yuan, up 96.75% year-on-year, indicating strong growth in profitability [3]. Business Overview - Changjiang Securities provides a comprehensive range of financial services, including brokerage, wealth management, research, and capital intermediary services. The company also engages in proprietary trading and investment banking services, such as underwriting and financial advisory for mergers and acquisitions [3][4]. - The company is actively expanding its overseas business through Changjian International, offering brokerage, investment banking, asset management, and futures services to international clients [4].

Group 1 - In the first half of 2025, 42 listed securities firms achieved a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31% [1] - The net profit attributable to shareholders reached 104 billion yuan, representing a year-on-year growth of 65% [1] - Longjiang Securities reported a significant increase in self-operated business revenue, which grew by 550.46% to 1.032 billion yuan [6][7] Group 2 - Longjiang Securities' liquidity coverage ratio was the lowest among the 42 firms at 135.75%, down from 171% at the end of 2024 [5][6] - The highest net capital was held by Guotai Junan at 194.128 billion yuan, while Hualin Securities had the lowest at 5.098 billion yuan [4] - The highest capital leverage ratio was recorded by Pacific Securities at 68.24%, while the lowest was by CICC at 12.65% [4][9] Group 3 - Longjiang Securities' investment banking revenue increased by 45.13% to 187 million yuan, but it reported a negative operating profit of -0.09 million yuan [8] - CICC achieved a revenue of 12.828 billion yuan, a year-on-year increase of 43.96%, ranking sixth among the listed firms [9] - The overall performance of securities firms is closely tied to market conditions, with a high proportion of revenue coming from brokerage and self-operated businesses [6][8]

Market Overview - A-shares experienced a strong rally with the Shanghai Composite Index closing up 1.65% at 3875.31 points, and the ChiNext Index surged over 5%, surpassing the 3000-point mark, doubling from its low in September last year [1] - The total market turnover reached approximately 2.46 trillion yuan, with over 4200 stocks rising [1] Technology Sector - The technology sector saw a significant surge, particularly in the semiconductor and AI industry chains, with stocks like Haiguang Information and Tengjing Technology hitting the daily limit [1][3] - Oracle's stock price soared 36% to $328.33, marking its largest single-day gain since 1992, and its market value increased by $244 billion [2] - OpenAI signed a contract with Oracle to purchase $300 billion worth of computing power over five years, indicating strong demand in AI data centers despite concerns about potential market bubbles [2] AI Industry Chain - The AI industry chain is expected to maintain high growth, driven by increased investments in computing infrastructure by overseas cloud providers and accelerated AI deployment by domestic operators [3] - The high demand for AI-related hardware is anticipated to continue, with projections for revenue and profit growth in the sector through 2025 [3] Brokerage Sector - The brokerage sector saw a strong performance, with an overall increase of 3.11%, and all 50 constituent stocks rising [5] - Notable individual stock performances included Guohai Securities hitting the daily limit and Changjiang Securities rising nearly 7% [5] - Market sentiment is improving, leading to increased trading activity and providing stable support for brokerage firms' performance in the second half of the year [5][6] Pharmaceutical Sector - The pharmaceutical sector faced a downturn, particularly in the CRO and innovative drug segments, with major stocks like BeiGene and Hengrui Medicine declining [7] - Despite the recent adjustments, institutions remain optimistic about the innovative drug sector, citing strong growth potential driven by policy support and increased innovation [8] - The CXO sector is also showing signs of improvement, with recommendations to focus on leading companies in the ADC field [8]

Group 1 - The A-share market experienced a strong rebound today, with all three major indices rising, led by the ChiNext Index and the Sci-Tech 50 Index, and market turnover exceeding 2.4 trillion [2][6] - The Shanghai Composite Index rose by 1.65%, the Shenzhen Component Index increased by 3.36%, the ChiNext Index surged by 5.15%, the SSE 50 rose by 1.48%, the CSI 300 increased by 2.31%, the Sci-Tech 50 rose by 5.32%, and the CSI 1000 increased by 2.35%, with total market turnover around 2.46 trillion [2][8] - In terms of industry performance, telecommunications (+7.26%), electronics (+5.83%), and computers (+3.68%) led the gains, while healthcare (+0.24%), home decoration and leisure (+0.27%), and transportation (+0.28%) lagged behind [8][6] Group 2 - The market drivers included a collective surge in the three major indices, with increased trading volume compared to the previous day, indicating a return to high points, particularly in AI computing hardware stocks [8][13] - The report maintains a bullish outlook on the Chinese stock market, expecting a "slow bull" trend in 2025, supported by ample micro liquidity and a gradual recovery in fundamentals [8][14] - Short-term focus should be on sectors with recent revenue growth and improving gross margins, including fiberglass, cement, fine chemicals, and other materials, while also considering technology growth sectors like lithium batteries and military industry [8][14] Group 3 - From a mid-term perspective, the market's strength may require further alignment of macro policies and technological industry logic, with emerging tech sectors creating new demand through advancements [14][13] - Long-term fundamentals are crucial for market trends, with expectations for a stable real estate market and the effects of "anti-involution" policies supporting a sustained bull market [14][15] - Key sectors to watch include AI computing, innovative pharmaceuticals, and military technology, with a focus on relatively low positions in AI applications and internet sectors [14][15]

Core Insights - The Hong Kong stock market experienced a total trading volume of HKD 325.21 billion on September 11, 2025, with net inflows from southbound funds amounting to HKD 18.989 billion. The three major indices in Hong Kong showed a downward trend, reflecting overall market weakness [1][5]. - The AI computing sector saw a significant boost due to better-than-expected earnings from overseas AI giants, which provided positive guidance for future AI-related revenues. This led to a strong performance in related stocks, significantly driving the Wind Hong Kong Semiconductor Index to become the leading sector in the market [5]. - The automotive industry in China reported production and sales exceeding 20 million units from January to August 2025, with new energy vehicle production and sales growing over 36% year-on-year. This surge is expected to enhance demand for rare earth permanent magnets and other related materials, contributing to a strong performance in the Wind Hong Kong Nonferrous Metals Index [5]. Market Performance - On September 11, 2025, the Hang Seng Index fell by 0.43% to 26,086.32, the Hang Seng Tech Index decreased by 0.24% to 5,888.77, and the Hang Seng China Enterprises Index dropped by 0.73% to 9,260.25. In contrast, the Hang Seng High Dividend Yield Index rose by 0.27% [4][10]. - In the A-share market, the Shanghai Composite Index increased by 1.65%, the CSI 300 rose by 2.31%, and the Wind All A Index gained 2.26% [4][10]. Sector Analysis - Among the primary sectors in the Hong Kong stock market, Nonferrous Metals (+2.82%), Agriculture, Forestry, Animal Husbandry, and Fishery (+1.84%), and Machinery (+1.72%) led the gains, while Pharmaceuticals (-2.95%), Oil and Petrochemicals (-2.34%), and Steel (-2.23%) faced declines [4][10]. - Concept indices such as the Foxconn Index (+11.79%), Chip Replacement Index (+5.35%), and Unisplendour System Index (+5.12%) showed strong performance, while the CRO Index (-4.05%), Innovative Drug Index (-3.73%), and Antitumor Index (-3.52%) lagged behind [4][10].

Market Overview - A-shares experienced a strong rally on September 11, with the Shanghai Composite Index rising over 1.5% and the ChiNext Index surging over 5%, breaking the 3000-point barrier, doubling from last year's low [1] - The total trading volume in the Shanghai and Shenzhen markets reached 24.649 billion yuan, an increase of over 4.6 billion yuan compared to the previous day [1] Sector Performance - Nearly 100 stocks hit the daily limit, with over 4200 stocks in the green, particularly in the semiconductor and AI sectors, which saw significant gains [2] - The brokerage sector also saw strong performance, with Guohai Securities hitting the limit and Changjiang Securities rising nearly 7% [7] AI Industry Chain - AI-related stocks experienced a collective surge, with companies like Haiguang Information and Tengjing Technology hitting the daily limit, and Industrial Fulian achieving consecutive limit-ups [3][4] - Oracle's impressive earnings report and stock performance have sparked enthusiasm for investments in the AI industry chain [4][5] Brokerage Sector Insights - The brokerage sector showed strong upward movement, with several firms reporting significant gains, indicating a recovery in market sentiment and trading activity [7][9] - Citic Securities projected that the average daily trading volume in A-shares will reach 1.61 trillion yuan in the first half of 2025, reflecting a year-on-year increase of 62.5% [9] Pharmaceutical Sector Trends - The innovative drug sector in Hong Kong faced a significant downturn, with major companies like Hansoh Pharmaceutical and BeiGene experiencing substantial declines [10] - Concerns over potential regulatory changes in the U.S. regarding Chinese pharmaceuticals have contributed to market volatility in this sector [10][11]