证券代码：000783 证券简称：长江证券 公告编号：2025-042 债券代码：149977 债券简称：22 长江 02 长江证券股份有限公司 2022 年面向专业投资者公开发行公 司债券（第二期）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：22 长江 02（149977） ●债权登记日：2025 年 7 月 10 日 ●最后交易日：2025 年 7 月 10 日 ●本息兑付日：2025 年 7 月 11 日 ●债券摘牌日：2025 年 7 月 11 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 2022 年面向专业投资者公开发行公司债 券（第二期）（以下简称"本期债券"）将于 2025 年 7 月 11 日支付 2024 年 7 月 11 日至 2025 年 7 月 10 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，现将有关事宜公告如下： 一、本期债券基本情况 1 1、发行人：长江证券股份有限公司。 2、债券名称：长江证券股份有 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-043 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（第二期）发行结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 长江证券股份有限公司（以下简称"发行人"）公开发行不超过 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〔2023〕2330 号"文注册。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（第二期） 发行公告》，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 （第二期）（以下简称"本期债券"）发行规模为不超过 15.00 亿元（含），发行价 格为每张 100 元，采取网下面向专业机构投资者询价配售的方式。 本期债券发行时间为 2025 年 7 月 8 日至 2025 年 7 月 9 日，具体发行情况 如下： 最终本期债券发行规模为 15 亿元，票面利率为 1.70%，认购倍数为 4.25。 1 2025-2065 ( 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（ ...

Core Insights - The first "Top Leadership Ranking of Listed Securities Firms" has been released, evaluating 50 listed securities firms based on their revenue scale for 2024, categorizing them into three groups: comprehensive securities firms, industry-specific development firms, and growth development firms [1][5] - The evaluation considers multiple dimensions including performance, peer evaluation, and online presence, with a scoring model that includes foresight, control, innovation, compliance, and influence [1][10] Group 1: Leadership Evaluation - Liu Yuanrui from Changjiang Securities scored 87.88 in peer evaluation, ranking 12th in the industry, with the highest score in compliance at 90.34 and the lowest in innovation at 83.42 [1][4] - In the foresight dimension, Liu ranked 14th in the industry with a minimum score of 6; in control, he ranked 11th with a minimum score of 7; in innovation, he ranked 21st with a minimum score of 4; in compliance, he ranked 12th with a minimum score of 6; and in influence, he also ranked 12th with a minimum score of 6 [2][10] Group 2: Company Profile - Liu Yuanrui, born in 1982, holds a master's degree in management and has held various positions within Changjiang Securities, including analyst, vice president, and president [4][6] - He has been in his current role since December 2017 and is also a member of the company's strategic and ESG committee and risk management committee [4][6] Group 3: Financial Performance - Changjiang Securities reported a revenue growth rate of -1.46% and a net profit growth rate of 18.52% [9] - The return on assets (ROA) was 1.07%, and the return on equity (ROE) was 4.97% [9] - Total asset growth rate was 0.61%, while net asset growth rate was 13.09% [9] - Brokerage business profit margin was 80.17%, ranking 6th in the industry; investment banking business profit margin was -20.42%, ranking 36th; proprietary business yield was 0.96%, ranking 50th; and asset management business profit margin was 38.59%, ranking 21st [9]

Group 1 - Liu Yuanrui, General Manager of Changjiang Securities, ranked 5th in the "Top Leaders in Listed Securities Firms" list, which recognizes outstanding contributions and influence in the industry [1][13] - The ranking is based on a comprehensive evaluation system that includes industry data, peer evaluations, and online presence, focusing on creating economic and social value [1][13] - The evaluation model includes various dimensions such as foresight, influence, control, innovation, and compliance, with specific weightings assigned to each [4][6][7] Group 2 - In terms of industry data evaluation, Changjiang Securities scored 71.35, ranking 28th among 50 listed securities firms and 6th among 9 participating firms in the industry [13] - The peer evaluation score was 87.23, placing Changjiang Securities 12th among 50 listed firms and 3rd among the 9 industry-specific firms [13] - The online presence evaluation yielded a score of 79.58, ranking 28th among 50 listed firms and 5th among the 9 industry-specific firms [13]

Core Viewpoint - The "2025 Jin Changjiang Private Equity Fund Development Forum" marks a significant milestone in the development of China's capital market, celebrating ten years of progress in the private equity industry, which has shifted focus from quantity growth to quality enhancement [1][2] Group 1: Industry Transformation - The private equity industry has undergone a transformation driven by regulatory guidance, market innovation, and proactive changes, emphasizing high-quality development [1] - Investment strategies have diversified, with quantitative and subjective strategies coexisting, and new production capabilities in digital economy and artificial intelligence becoming focal points [1] - The private equity sector plays a crucial role as a "stabilizer" and "accelerator" in the capital market, aiding capital formation, serving the real economy, meeting wealth management needs, and improving market pricing efficiency [1] Group 2: Longjiang Securities' Role - Longjiang Securities has empowered the growth of private equity institutions by leveraging its full-license professional advantages and integrating resources across the entire business chain [2] - The company has established a "research and investment community" to enhance investment tools and trading strategies, allowing for precise market and industry insights [2] - Longjiang Securities has created a multi-layered, full-cycle funding service system in collaboration with strategic partners, utilizing a data-driven approach to optimize private equity operations and risk control [2]

证券代码：000783 证券简称：长江证券 公告编号：2025-041 （以下无正文） 1 2025-2065 （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（第二期）票面利率公告》之盖章页） 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（第二期）票面利率公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 长江证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 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〔2023〕2330 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（第二期） （以下简称"本期债券"）发行规模为不超过 15.00 亿元（含）。 2025 年 7 月 7 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，本期债券利率询价区间为 1.30%-2.30%。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，最终确定本期债券票面利 率为 1.70%。 发行人将按上述票面利率于 2025 年 7 月 ...

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（第二期）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〔2023〕2330 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 二期）发行公告》，发行人及簿记管理人原定于 2025 年 7 月 7 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、簿记管理人及其他簿记 参与方协商一致，现将簿记建档结束时间由 2025 年 7 月 7 日 18:00 延长至 2025 年 7 月 7 日 19:00。 1 2025-2065 （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（第二期）簿记建档时间的公告》之盖章页） 发行人: 日 . （本页无正文，为《关于延长长江证券股份有限公司 2025 年 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Changjiang Securities Co., Ltd. at AAA, indicating strong financial health and stability in the company's operations [1][4][5]. Company Overview - Changjiang Securities is a medium-sized listed securities company with a high industry position and a comprehensive risk management system [4][5]. - As of March 2025, the company has a registered capital of 5.53 billion yuan and operates 298 branches nationwide, maintaining a leading position in the industry [4][11]. Financial Performance - In 2024, the company's operating income slightly decreased year-on-year, while net profit significantly increased, demonstrating strong profitability [4][5]. - As of the end of 2024, the company's total assets amounted to 1717.72 billion yuan, with net capital at 25.74 billion yuan, indicating robust capital strength [8][11]. Rating Outlook - The rating outlook is stable, with expectations for business growth and enhanced competitive strength as the capital market continues to develop [5][6]. - Potential factors for rating upgrades are not applicable, while significant losses or major compliance issues could lead to downgrades [5]. Competitive Advantages - The company has strong capital strength, with a net capital ratio of 72.94% as of the end of 2024, positioning it well within the industry [8]. - The company ranks well in various business segments, with brokerage income ranked 19th, fund distribution commission income ranked 3rd, and asset management income ranked 31st in the industry [5][8]. Shareholder Changes - The company has received approval from the China Securities Regulatory Commission for a major shareholder change, which is expected to enhance its resource access and market competitiveness [6][11].

Core Viewpoint - Changjiang Securities Co., Ltd. is set to issue corporate bonds aimed at professional investors, with a total issuance scale not exceeding RMB 15 billion, underlining the company's strategy to manage its financial obligations and enhance liquidity [3][11][13]. Group 1: Bond Issuance Details - The bond issuance is named "25 Changjiang 03" with a code of 524355, and it will be issued at a par value of RMB 100 per bond [3][11]. - The bond has a maturity of three years, with the interest payment scheduled annually [12][11]. - The final interest rate will be determined through a book-building process, with a pre-set range of 1.30% to 2.30% [15][21]. Group 2: Financial Metrics - The company's latest net asset value stands at RMB 1631.13 million, with an asset-liability ratio of 74.67% [3][11]. - The average distributable profit over the last three years is RMB 163.11 million, indicating stable profitability [3][11]. Group 3: Investor Participation - Only professional institutional investors are eligible to participate in the bond subscription, with a minimum subscription amount of RMB 10 million [5][20]. - The bond will not be rated, and it is subject to investor suitability management, meaning individual investors cannot participate [3][4]. Group 4: Use of Proceeds - The funds raised from this bond issuance will be used primarily to repay maturing corporate bonds, reflecting the company's focus on managing its debt obligations [13][11]. Group 5: Underwriting and Management - The lead underwriter for this bond issuance is CITIC Securities Co., Ltd., with joint underwriters including CITIC Jiantou Securities Co., Ltd. and Huatai United Securities Co., Ltd. [14][9]. - The bond will be managed through a book-building system, ensuring a transparent and efficient allocation process [5][19].

Group 1 - The report emphasizes a barbell strategy focusing on dividends and micro-cap stocks, which is expected to continue outperforming in a macro environment characterized by low interest rates and ample liquidity. The long-term strategic allocation center for dividends and micro-cap stocks is around 70:30, effectively reducing drawdowns and enhancing returns [2][6][49]. - In the first half of 2025, the report identifies strong trend sectors that have not yet overheated, suggesting attention towards city commercial banks in the dividend sector, retail pharmacy and chemical pharmaceuticals in the healthcare sector, and other agricultural processing, express delivery, and specialized retail markets in the consumer sector [7][54]. Group 2 - The report notes that the broad market indices, such as the CSI 300 and CSI 500, have been in a prolonged sideways movement with low volatility, while thematic rotations have accelerated. Key themes include AI technology breakthroughs, gold price fluctuations due to tariff disturbances, and the performance of new consumption leaders driven by globalization [4][20]. - The report highlights that active equity funds have outperformed passive index funds, with active equity funds yielding approximately 5.5% compared to 2.6% for passive index funds as of June 18, 2025. The report also notes significant inflows into money market funds and mixed bond funds, reflecting a shift towards lower-risk investments in a declining interest rate environment [5][24][29].