Group 1 - The core viewpoint is that lithium carbonate, rare earths, and special steel exhibit strong explosive potential, with China Hongqiao (01378) showing resilience and steady growth amidst economic fluctuations since 2019, achieving a maximum increase of 577% and a nearly sixfold rise over six years, with a projected ROE of approximately 26% for 2024 [1] - Resource investment cycles are long, and various overseas disruptions have elevated resource quality, resulting in ROE that is double that of the manufacturing sector [1] - The core supply of electrolytic aluminum relies on electricity, with aluminum emerging as a new consumption metal driven by real estate economic spillover, indicating robust demand growth potential for the aluminum sector [1] Group 2 - The aluminum sector is characterized as a scarce resource with a potential turning point for dividend value, supported by strong cash flow, balance sheet recovery, and reduced capital expenditures [2] - Global aluminum demand is projected to grow at a CAGR of 4.7% from 1955 to 2024, driven by various sectors including renewable energy and industrial upgrades, despite short-term disruptions from the photovoltaic sector [2] - Supply bottlenecks in aluminum are primarily due to electricity constraints, with overseas projects facing higher investment costs and slower construction, leading to a projected 2% growth in global electrolytic aluminum supply [2] Group 3 - In terms of stock selection, companies with stable operations and high dividend yields are favored, including China Hongqiao, Tianshan Aluminum (002532), Zhongfu Industrial (600595), and Nanshan Aluminum (600219), which maintain cautious spending during high-profit phases [3]

Core Insights - The China Securities Association conducted a special data survey on the performance of securities firms in promoting financial "five major articles" for 2025, revealing the ranking of firms in terms of personal pension product distribution [1] Summary by Category Securities Firms Ranking - The ranking of securities firms based on the scale of personal pension product distribution (in ten thousand yuan) is as follows: - China International Capital Corporation: 248,276 - Galaxy Securities: 180,620 - GF Securities: 171,836 - China Merchants Securities: 139,135 - Guosen Securities: 137,794 - Industrial Securities: 114,222 - Guotai Junan Securities: 71,553 - CITIC Securities: 53,185 - Huatai Securities: 40,565 - Ping An Securities: 34,479 - Shenwan Hongyuan Securities: 25,942 - Dongfang Securities: 21,668 - Zhongtai Securities: 21,320 - CITIC Jianan Securities: 13,698 - Changjiang Securities: 9,807 - Dongfang Fortune Securities: 4,552 - Guotou Securities: 2,649 - Everbright Securities: 2,315 [1]

Group 1: Market Overview - The bond market continued its warm trend on July 3, with short-term bonds remaining strong and long-term bonds showing slight consolidation [1][2] - The main contracts for government bond futures mostly closed higher, with the 30-year contract down 0.02% at 121.130, while the 10-year contract remained flat at 109.105 [2] - The interbank short-term bond yields decreased by approximately 0.5 basis points, while long-term bonds remained stable [1][5] Group 2: Fund Flows - The central bank conducted a net withdrawal of 452.1 billion yuan in the open market on July 3, with a slight decline in funding rates at the beginning of the month [1][5] - The Shibor short-term rates collectively decreased, with the overnight rate down 5.0 basis points to 1.315%, marking a new low since December 2024 [5] Group 3: Institutional Insights - CITIC Securities noted that the traditional "loan-based" profit model of Chinese banks is facing restructuring due to slowing economic growth and tightening credit demand, leading to increased bond purchases by smaller banks [7] - Changjiang Fixed Income suggested that the central bank's liquidity support is expected to continue, but the space for further easing may be limited as interbank bond market leverage rises above 108% [7] - CITIC Jiantou recommended viewing convertible bonds as tools to capture upward momentum in the equity market, while cautioning that their valuation is currently high [6]

Core Viewpoint - Changjiang Securities has faced regulatory scrutiny and management changes amid compliance issues and performance fluctuations in its various business segments [1][3][4]. Regulatory Issues - In June 2024, Hubei Securities Regulatory Bureau issued a warning letter to Changjiang Securities for incomplete record-keeping in its securities investment advisory business, indicating inadequate compliance management [1]. - Earlier in March 2024, the China Securities Regulatory Commission mandated corrective actions due to deficiencies in quality control and non-standard project fees in the investment banking sector [3]. Management Changes - Changjiang Securities announced a significant change in its ownership structure, with Changjiang Industry Group set to acquire all shares held by Hubei Energy and Three Gorges Capital, potentially making it the largest shareholder with a 28.22% stake [3]. - Liu Zhengbin was elected as the new chairman of the board on April 3, 2024, bringing extensive experience from various governmental roles in Hubei [4]. Financial Performance - For the year 2024, Changjiang Securities reported total revenue of 6.797 billion yuan, a slight decline of 1.44% year-on-year, while net profit attributable to shareholders increased by 18.81% to 1.839 billion yuan [4]. - The company’s total assets reached 171.789 billion yuan by the end of 2024 [4]. Business Segment Performance - In 2024, net income from various business segments was reported as follows: brokerage at 2.881 billion yuan, investment banking at 349 million yuan, asset management at 287 million yuan, proprietary trading at 708 million yuan, and credit business at 2.024 billion yuan [4]. - The investment banking segment has seen a decline in net income from 844 million yuan in 2021 to 349 million yuan in 2024, reflecting the impact of tightened IPO and refinancing policies [5]. - The proprietary trading segment experienced significant volatility, with net income fluctuating from 1.357 billion yuan in 2021 to 708 million yuan in 2024 [5].

Group 1 - The core viewpoint of the article is that Changjiang Securities Co., Ltd. has received an administrative warning from the Hubei Securities Regulatory Bureau due to incomplete record-keeping in its securities investment advisory business, which violates relevant regulations [1] - The Hubei Securities Regulatory Bureau's decision reflects inadequate compliance management in Changjiang Securities' investment advisory operations, indicating a breach of the Compliance Management Measures for Securities Companies and Securities Investment Fund Management Companies [1] - Changjiang Securities is required to learn from this incident and prevent similar occurrences in the future, as mandated by the regulatory authority [1] Group 2 - Changjiang Securities has the right to appeal the supervisory measures within 60 days or file a lawsuit within 6 months, but the enforcement of the measures will not be suspended during this period [2]

Group 1 - The "QM Agent solution" developed by Ronglian Cloud and Changjiang Securities has won the "2025 AI Agent Best Practice Case Award" from a well-known consulting firm, recognizing their innovative practices in the intelligent quality inspection field [1] - Changjiang Securities, as the sixth listed brokerage in China, has been at the forefront of financial innovation since its establishment in 1991, building a comprehensive financial service system across the country [3] - The "AI Agent" solution integrates large model semantic quality inspection with small model rule engines, achieving an impressive accuracy rate of 96% in customer service quality inspection, significantly exceeding the industry average [3] Group 2 - The system not only accurately identifies deviations in service scripts and potential risks but also provides a visual quality inspection analysis dashboard and closed-loop management processes, enhancing operational efficiency and customer experience [3] - In the future, Ronglian Cloud will continue to collaborate with Changjiang Securities to expand digital intelligence capabilities and focus on high-value application scenarios, contributing to the development of a smart financial system [4]

Group 1 - The "2025 Jin Changjiang Private Equity Fund Development Forum" was held in Wuhan, revealing the 10th "Jin Changjiang" award for private equity funds and launching the "2015-2025 China Jin Changjiang Private Equity Fund Development White Paper" [2] - The event aims to identify outstanding managers in the Chinese private equity fund industry and support high-quality development through expert insights [2] - A total of 315 institutions registered for this year's "Jin Changjiang" award, including 42 institutions with over 10 billion yuan in assets under management [2] Group 2 - The white paper outlines the progress of high-quality development in China's private equity fund industry over the past decade, with the total management scale reaching 20.27 trillion yuan by the end of May 2025 [4] - The number of private equity firms with over 10 billion yuan in assets has surpassed 80, accounting for over 60% of the total management scale, indicating a significant trend towards industry consolidation [4] - Private equity funds are playing a crucial role in supporting the real economy and promoting technological innovation, particularly through early-stage investments in technology [4] Group 3 - Liu Zhengbin, Chairman of Changjiang Securities, emphasized the transition of the private equity industry from quantity growth to quality enhancement, with diverse investment strategies and a focus on digital economy and artificial intelligence [6] - The private equity sector is increasingly important in capital formation, serving the real economy, meeting wealth management needs, and improving market pricing efficiency [6]

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 联合资信评估股份有限公司 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 ...

| 债券代码：148171.SZ | 债券简称：23 | 长江 | C1 | | --- | --- | --- | --- | | 债券代码：148221.SZ | 债券简称：23 | 长江 | Y1 | | 债券代码：148659.SZ | 债券简称：24 | 长江 | Y1 | | 债券代码：524103.SZ | 债券简称：25 | 长江 | Y1 | 长江证券股份有限公司关于债券信用评级上调的公告 (一)评级机构名称 联合资信评估股份有限公司(以下简称"联合资信")。 (二)调整对象 本次调整的对象为长江证券股份有限公司(以下简称"公司")发 行的"23 长江 C1""23 长江 Y1""24 长江 Y1""25 长江 Y1"的 债券信用等级。 (三)调整前后的评级结果 1、调整前 2024 年 6 月 19 日，联合资信出具了《长江证券股份有限公司 2024 年跟踪评级报告》(联合〔2024〕3615 号)，报告显示"23 长江 C1" "23 长江 Y1""24 长江 Y1"的债券信用等级为 AA+，维持评级展 望为稳定。 2024 年 12 月 30 日，联合资信出具了《长江证券股份有限公司 ...

6月26日，由证券时报社主办、长江证券协办的"2025金长江私募基金发展论坛"在武汉隆重举行，第十届中国私募基金金长江奖同步揭晓。来自监管 部门、全国各地的私募界人士共400多人出席当天论坛。 此次论坛主题是"'拾'不我待，把握未来"，契合当下经济和行业态势。多位私募大咖在论坛上分享真知灼见，在现场碰撞出激烈的思想火花。 今年是金长江论坛举办的第十年，在十周年之际，证券时报正式发布金长江品牌标识，论坛还特别推出《2015-2025中国金长江私募基金发展白皮书》，客观记录过 去十年私募行业波澜壮阔的发展历程，通过对话、专访、观察等方式，展现证券私募在各条业务线上的生存状态。 证券时报社党委书记、社长兼总编辑程国慧在致辞中表示，当前，全球经济格局加速演变，中国金融业围绕"五篇大文章"战略布局加速变革，私募行业也进入深度 转型期。从行业发展趋势看，合规化、专业化、科技化与全球化正成为新的发展方向。 2015 日码查看专题页 中国基金业协会数据显示，截至今年4月末，我国存续私募基金管理人总数为19891家，管理总规模为20.22万亿元。其中，私募证券投资基金管理人7827家，管理规 模5.51万亿元。对比10年前的2 ...