这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Group 1 - Lenovo Group's FY2025 performance is strong, with all three major business lines showing significant growth, maintaining a "buy" rating [1][2] - The IDG segment achieved revenue of 364.7 billion yuan, a year-on-year increase of 13%, with a profit margin of 7.2%. Non-PC business revenue accounted for 47% of total revenue, growing by 5 percentage points [1] - The smartphone business saw a record revenue increase of 27%, with significant growth in the Asia-Pacific region (179% year-on-year) and Europe, the Middle East, and Africa (32% year-on-year) [1] Group 2 - The ISG segment reported revenue of 104.8 billion yuan, a 63% year-on-year increase, marking a return to profitability for two consecutive quarters. Cloud infrastructure revenue exceeded $10 billion, growing by 92% [2] - The SSG segment achieved revenue of 61 billion yuan, a 13% year-on-year increase, with a high operating profit margin of 21.1%. The share of solutions and "as-a-service" offerings increased to 58%, up 4 percentage points [2] Group 3 - Lenovo's strategic focus on AIPC aligns with global trends, and the company has robust experience in managing tariff and geopolitical risks. The launch of the Tianxi personal super intelligent assistant enhances AIPC's capabilities [3] - With the expected acceleration of AIPC penetration and increasing AI server orders, Lenovo is projected to achieve net profits of $1.665 billion, $1.916 billion, and $2.214 billion for FY2026-FY2028, maintaining a "buy" rating [3]

Core Viewpoint - Lenovo Group (00992) reported impressive performance for FY2025 and Q4, with all three major business segments showing significant growth, maintaining a "Buy" rating from Changjiang Securities [1] Business Line Summary - **IDG Business Growth**: - FY2025 IDG segment revenue reached 364.7 billion yuan, a 13% year-on-year increase; operating profit margin at 7.2% - PC revenue for FY2024 grew by 11%, with market share rising to 23.7%, surpassing the second competitor by 3.6 percentage points - Non-PC business revenue accounted for 47% of total revenue, up 5 percentage points year-on-year, with smartphone revenue increasing by 27%, particularly strong in the Asia-Pacific region (up 179%) and Europe-Middle East-Africa (up 32) [2] - **ISG Business Profitability**: - FY2025 ISG segment revenue reached 104.8 billion yuan, a 63% year-on-year increase, marking a historical high and achieving profitability for two consecutive quarters - Cloud infrastructure revenue exceeded 10 billion USD, growing by 92%, with significant breakthroughs in both domestic and international markets; enterprise infrastructure revenue increased by 20% [2] - **SSG Business Solutions**: - FY2025 SSG segment revenue was 61 billion yuan, a 13% year-on-year increase, with an operating profit margin of 21.1% - Solutions and "as-a-service" offerings accounted for 58% of revenue, up 4 percentage points year-on-year [2] Strategic Outlook - The trend towards AIPC (AI Personal Computing) is seen as a major opportunity, with Lenovo's global presence mitigating tariff impacts - The launch of the Tianxi personal super-intelligent assistant at the Lenovo Innovation Technology Conference on May 8 further emphasizes the company's commitment to AIPC - Anticipated growth in AI server orders and AIPC penetration in the second half of the year supports a positive outlook, with projected net profits of 1.665 billion USD, 1.916 billion USD, and 2.214 billion USD for FY2026-FY2028 [2]

Core Viewpoint - Changjiang Securities has received approval from the China Securities Regulatory Commission for the change of its major shareholder to Changjiang Industrial Investment Group, which will become the largest shareholder with a 17.41% stake after acquiring 862,535,293 shares [1][2] Group 1: Shareholder Changes - Changjiang Industrial Investment Group will hold 962,535,293 shares, representing 17.41% of the total shares of Changjiang Securities after the transfer [1] - The total voting rights controlled by Changjiang Industrial Group and its concerted actors will reach 1,560,622,096 shares, accounting for 28.22% of the total shares [1][3] - The transfer reflects the recognition of the intrinsic value of Changjiang Securities by Hubei state-owned assets and confidence in its future development [3] Group 2: Management Changes - Key management personnel at Changjiang Securities will be adjusted alongside the shareholder change, with Liu Zhengbin appointed as the new Party Secretary and later as the Chairman of the Board [3] Group 3: Financial Performance - Changjiang Securities has shown steady growth in performance, with a net profit of 1.835 billion yuan in 2024, an increase of 18.52% year-on-year, and a significant rise of 143.76% in the first quarter of 2025, reaching 979 million yuan [4] - The company aims to enhance its core capabilities and improve management standards following the completion of the major shareholder change [4]

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 在很多投资者眼中，基金托管通常只意味着购买基金时费率明细中的一行小字。但实际上，托管人承担着资产 保管、资金结算、估值核算、投资监督等重要职责，成为防范行业风险，保护投资者利益的重要防线，在私募 行业更是如此。 从2013年的初登舞台，到如今的万亿市场，券商私募托管业务以蓬勃之势闯入赛局，凭借强大的综合服务体系 打破商业银行的先发优势，如今更是伴着"扶优限劣"行业浪潮，以更加专业化市场化的服务，助推行业生态步 入行稳致远的正向循环。 从草莽到高质量发展 "券商私募托管业务的发展，与私募法规体系的更新完善密切相关。"招商证券告诉证券时报·券商中国记者。 作为首批获得托管业务资质的券商，招商证券已连续11年保持基金托管产品数量第一，开创了券商私募托管业 务诸多先河。在 ...

尘埃落定。 6月6日晚间，长江证券公告，该公司收到证监会出具的《关于核准长江证券股份有限公司变更主要股东的批 复》。 6月6日晚间 ，长江证券股权变更迎来实质性进展，获得证监会核准批复。根据批复内容，证监会核准长江产 业集团成为长江证券主要股东，对长江产业集团受让占公司股份总数的15.6%的股权无异议。 待此次权益变动完成后，长江产业集团将直接持有长江证券约9.63亿股股份，占长江证券股份总数的17.41%； 长江产业集团的一致行动人合计持有长江证券约5.98亿股股份，占长江证券股份总数的10.82%；因此，长江产 业集团及其一致行动人合计支配长江证券约15.61亿股股份表决权，占长江证券股份总数的28.22%。此次权益 变动完成后，长江产业集团将成为长江证券的第一大股东，不会导致公司无控股股东、无实际控制人的情况发 生变化。 根据批复内容，证监会核准长江产业投资集团有限公司（简称"长江产业集团"）成为公司主要股东，对长江产 业集团受让公司约8.63亿股股份（占公司股份总数15.6%）无异议。据悉，此次权益变动完成后，长江产业集 团将成为长江证券的第一大股东。 实际上，长江证券此次股权获批在预期之内。去年3月 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Changjiang Industry Investment Group Co., Ltd. to become the major shareholder of Changjiang Securities, marking a significant shift in the ownership structure of the company [2][4]. Shareholder Change - Changjiang Industry Investment Group has acquired 863 million shares of Changjiang Securities, representing 15.60% of the total shares, making it the largest shareholder [4][6]. - Following the approval, Changjiang Securities is required to complete the share transfer procedures within 30 working days and report the payment proof to the local CSRC within 5 working days [4]. Previous Announcements - In March 2024, Changjiang Securities announced that the share transfer matter had been officially accepted by the CSRC, with the agreement to transfer shares from Hubei Energy and Three Gorges Capital [5][6]. - After the completion of the share transfer, Hubei Energy and Three Gorges Capital will no longer hold shares in Changjiang Securities, while Changjiang Industry and its concerted parties will control 1.562 billion shares, accounting for 28.22% of the voting rights [6]. Management Changes - Liu Zhengbin has been elected as the chairman of Changjiang Securities, with his official appointment occurring in September 2024 [7]. - The transition in leadership is closely linked to the ongoing changes in the company's shareholder structure [7]. Financial Performance - In the first quarter of 2025, Changjiang Securities reported a revenue of 2.514 billion yuan, an increase of 88.81% year-on-year, and a net profit of 980 million yuan, up 143.76% year-on-year [7]. - As of the end of 2024, the total assets of Changjiang Securities amounted to 171.772 billion yuan, reflecting a slight increase of 0.61% from the beginning of the year [8]. Strategic Focus - For 2025, Changjiang Securities aims to enhance its wealth management transformation, strengthen its research capabilities, and expand its client base while focusing on asset management and strategic emerging industries [8].

丨证券研究报告丨 %% %% %% %% 行业研究丨专题报告丨房地产 [Table_Title] 现房销售的海南经验 报告要点 [Table_Summary] 海南 2020 年 3 月首推"现房销售"，至今已超过 5 年，是观察现房销售影响的一个参照系。得 益于库存充足和市场上行，现房制度对海南市场的短期影响相对可控；微观层面，执行现房销 售使得开盘周期延长一年甚至以上，明显降低资金周转效率；尽管现房销售拖累周转速度，但 通过地价让利和其他配套支持，项目在利润率层面获得补偿。边际角度，高地价、严预售的城 市受影响更小，以及具备融资和产品优势的房企更具备抵抗力。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 research.95579.com 1 [Table_Title2] 现房销售的海南经验 [Table_Summary2] 海南执行现房销售已超过五年 海南 2018 年 4 月实施"全域限购"，2020 年 3 月首推"现房销售"。海南房地产市场在 2010 年 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-036 关于本次权益变动事项，公司分别于 2024 年 3 月 30 日、2024 年 4 月 3 日、2024 年 5 月 15 日、2025 年 3 月 15 日在巨潮资讯网上 披露了《关于公司股东签署股份转让协议、一致行动协议暨第一大股 东变更的提示性公告》《公司详式权益变动报告书》《公司简式权益变 1 动报告书》《关于股东权益变动进展情况的公告》和《关于变更主要 股东行政许可申请获得中国证监会受理的公告》，具体内容详见公告。 公司将严格按照有关法律法规的要求履行信息披露义务，及时对 该事项的相关进展进行公告，敬请广大投资者理性投资，注意投资风 险。 长江证券股份有限公司 关于变更主要股东获得中国证监会核准批复的公告 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。 近日，长江证券股份有限公司（以下简称"公司"或"长江证券"） 收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关 于核准长江证券股份有限公司变更主要股东的批复》（证监许可〔2025〕 1176 号）。中国证监会核准长江 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Changjiang Industry Investment Group Co., Ltd. to become the major shareholder of Changjiang Securities Co., Ltd. [1] - Changjiang Industry will legally acquire 862,535,293 shares of Changjiang Securities, which accounts for 15.60% of the total shares of the company [1]