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 ...

（以下无正文） 1 2O25-2O65 2023 年面向专业投资者公开发行公司债券更名公告 2023 年 10 月 16 日，根据中国证监会"证监许可〔2023〕2330 号"文件同 意了长江证券股份有限公司 2023 年面向专业投资者公开发行公司债券（以下简 称"本次债券"）的发行申请。 本次债券申报时命名为"长江证券股份有限公司 2023 年面向专业投资者公 开发行公司债券"，鉴于本次债券采用分期发行的方式，按照公司债券命名惯例， 征得主管部门同意，本次发行人拟发行的规模不超过人民币 15 亿元的公司债券 名称确定为"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）"（以下简称"本期债券"）。 本期债券名称变更不改变原签订的与本次公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文 件包括但不限于：《关于长江证券股份有限公司 2023 年面向专业投资者公开发行 公司债券之承销协议》及其补充协议、《国浩律师（上海）事务所关于长江证券 股份有限公司 2023 年面向专业投资者公开发行公司债券之法律意见书》等文件。 特此说明。 长江证券 ...

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： 长江证券股份有限公司 主承销商： 中信证券股份有限公司 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公告 内容真实、准确和完整。 重要事项提示 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 二〇二五年七月一日 1.长江证券股份有限公司（以下简称"发行人"或"公司"）已于 2023 年 10 月 16 日获得中国证券监督管理委员会"证监许可〔2023〕2330 号"文注册公开发 行面值不超过 200 亿元（含）的公司债券（以下简称"本次债券"）。 本次债券采取分期发行的方式，本期债券为本次债券批文项下第十次发行。 2.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"）的债券简称为"25 长江 03"，债券代码为 524355， 发行规模为不超过人民币 15.00 亿元（含），每张面值为 100 元，发行价格为人 民币 100 元/张。发行人和主承销商将根据簿记系统申购情况决定实际发行规模。 3.根据《证券法》等相关规 ...

2025-2065 股票简称:长江证券 股票代码:000783 CHANGJTNC 长江证券SECURITIES 长江证券股份有限公司 (住所湖北省或汉市江汉区确海路88号) 2025年面向专业投资者公开发行公司债券(第二期) 募集说明书 | 发行人: | 长江证券股份有限公司 | | --- | --- | | 牵头主承销商: | 中信证券股份有限公司 | | 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: | 2OO亿元 | | 发行金额 | 不超过15亿元(含) | | 增信措施情况: | | | 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 | 牵头主承销商、簿记管理人 中信证券 cimCsECuREs (广东省深圳市福田区中心三路8号卓越时代广场(二期)北座) 联席主承销商 联席主承销商、债券受托管理人 联席主承销商 中信建投证券 CHINA SECURITIES 华泰联合证券 NUiATA UNTEO 8ECumTTiEs 点红证在 ...

| 债券简称： 25 长江 K1 | 债券代码： 524310.SZ | | --- | --- | | 25 长江 01 | 524206.SZ | | 24 长江 07 | 148997.SZ | | 24 长江 06 | 148996.SZ | | 24 长江 05 | 148949.SZ | | 24 长江 04 | 148948.SZ | | 24 长江 03 | 148919.SZ | | 24 长江 02 | 148813.SZ | | 24 长江 01 | 148597.SZ | | 23 长江 06 | 148523.SZ | | 23 长江 05 | 148522.SZ | | 23 长江 04 | 148489.SZ | | 23 长江 03 | 148326.SZ | | 23 长江 02 | 148184.SZ | | 23 长江 C1 | 148171.SZ | | 22 长江 04 | 148032.SZ | | 22 长江 03 | 148031.SZ | | 22 长江 02 | 149977.SZ | | 21 长江 03 | 149607.SZ | 华泰联合证券有限责任公 ...

关于 长江证券股份有限公司 债券信用评级上调的 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》，长江证券股份有限公司（以下简称"发行人"或"公司"）就存续公 司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"）及 其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等，由 受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托管 理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资料 或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 中信建投证券作为长江证券股份有限公司2023年面向专业投资者公开发行 永续次级债券（第一期）、长江证券股份有限公司2024年面向专业投资者公开发 行永续次级债券（第一期）、长江证券股份有限公司2025年面向专业投资者公开 发行永续次级债券（第一期）的受托管理人，根据《公司债券发行与交易管理办 法》 ...

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].