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 ...

Core Viewpoint - The private equity industry, valued at 20 trillion yuan, is undergoing a rapid reshuffle, with a significant number of small and medium-sized firms being eliminated, leading to a concentration of assets among larger institutions [2][3][4]. Group 1: Industry Overview - As of April 2025, the private equity fund industry has reached a management scale of 20.22 trillion yuan, marking a return to this threshold after a year, driven by improved issuance and performance recovery [3]. - The number of private fund managers has been declining, with 568 firms deregistered in 2025 alone, and the total number of private securities investment fund managers at 7,827 [3][4]. - The concentration of assets is increasing, with the top five managers holding 14% of the total assets and the top ten holding 20.42% [3]. Group 2: Competitive Landscape - The private equity sector is experiencing heightened competition and a high elimination rate, with a clear trend towards concentration and a strong head effect [4]. - The number of billion-yuan private equity firms has reached 87, with 40 employing subjective strategies and 39 using quantitative strategies [3]. Group 3: New Initiatives - Longjiang Securities, in collaboration with Industrial Bank and Securities Times, has launched the "Golden Yangtze" private equity empowerment plan to support long-term investments and enhance the quality of private equity firms [4][5]. - The empowerment plan aims to create a positive cycle between long-term capital, quality managers, and market value, focusing on efficient connections to long-term funds and comprehensive support for research and trading [5]. Group 4: Empowerment Mechanisms - The empowerment plan includes various support mechanisms such as priority for private fund distribution, access to a billion-yuan funding platform, research services, tailored trading solutions, and promotional services [8][10][12][13][14]. - The evaluation mechanism for the empowerment plan has been optimized to include both quantitative and qualitative assessments across multiple dimensions, including investment performance and risk control [8].

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 ...

Core Viewpoint - The overall outlook for the electric power equipment and new energy sectors remains positive, driven by domestic and international demand synergy, with expectations for continued growth in lithium batteries, wind power, energy storage, and electric power equipment [1][2]. New Energy and Electric Power Equipment - The renewable energy generation capacity in China is expected to reach a historical high in 2024, accounting for over 60% of the global new renewable energy capacity additions, with an anticipated increase of over 300 million kilowatts in wind and solar power installations this year [1]. - By 2024, cumulative wind power capacity in China is projected to reach 520 million kilowatts, while cumulative solar power capacity is expected to hit 890 million kilowatts, marking significant project completions in high-altitude solar and "fishing-light complementary" projects [1]. Lithium Battery Sector - The domestic sales of new energy passenger vehicles continue to show high growth, with a stable profitability outlook for the lithium battery sector, indicating long-term investment opportunities [2]. - The lithium battery industry has experienced a downward adjustment over the past two years, with profitability at historical lows by the end of 2024. However, demand growth is expected to reach 25% to 30% in 2025, driven by increased penetration of new energy vehicles and rising demand in emerging markets [2]. Wind Power Industry - The domestic offshore wind power installation is expected to see high demand from 2025 to 2026, with significant growth anticipated in overseas offshore wind installations in 2026 [2]. - As of early 2023, new offshore wind projects in China have added approximately 5.65 GW, a year-on-year increase of 23%, indicating a robust market for offshore wind power [2]. Energy Storage Sector - The energy storage industry is benefiting from declining costs and improved business models, leading to enhanced economic viability at the end-user level, with global demand expected to continue explosive growth in 2024 [3]. - The sector is transitioning from a low penetration phase to a rapid growth phase, with expectations for high growth in both domestic and overseas markets [3]. Photovoltaic Industry - The photovoltaic sector is showing signs of recovery, with a clear bottoming out in both market sentiment and fundamentals, and potential acceleration in industry clearing due to policy support or technological advancements, with a key turning point to be observed by the end of 2025 [3]. Electric Power Equipment Industry - Despite short-term volatility influenced by export trade conditions, the overall investment in China's power grid remains on an upward trend, with downstream demand showing certainty, presenting opportunities in the digitalization of the electric power sector [3].

Group 1 - The report outlines the bond management situation of Changjiang Securities Co., Ltd., including the issuance and management of perpetual subordinated bonds [1][2] - As of the end of 2024, the company has issued two bonds: 23 Changjiang Y1 and 24 Changjiang Y1, with issuance scales of 2.5 billion and 2 billion respectively [2][3] - The initial coupon rates for these bonds are 4.59% and 3.10%, with annual interest payments unless the issuer opts for deferred interest payments [3][4] Group 2 - The report indicates that the issuer's total assets as of the end of 2024 are approximately 171.77 billion, showing a slight increase of 0.61% from the previous year [7] - The total liabilities decreased by 2.57% to approximately 132.46 billion, while total equity increased by 13.05% to approximately 39.31 billion [7][8] - The issuer's net profit for 2024 is reported at approximately 1.84 billion, reflecting a 19.19% increase compared to the previous year [7][8] Group 3 - The report highlights that the issuer has maintained stable cash flow and profitability, with an EBITDA interest coverage ratio of 2.37, up 32.40% from the previous year [8] - The issuer has a debt issuance approval scale of 17.5 billion, indicating potential for future financing [8][9] - The report confirms that the issuer's bond repayment plans and guarantees have not undergone significant changes during the reporting period [9][10] Group 4 - The report details that the issuer has successfully completed interest payments for the previous year on March 25, 2024, without any defaults [11][12] - The issuer has established a special account for managing raised funds, ensuring compliance with the intended use of funds [8][9] - The report states that there were no significant changes in the issuer's credit enhancement mechanisms or repayment capabilities during the reporting period [9][12]

长江证券股份有限公司公司债券 2024 年度受托管理事务报告 长江证券股份有限公司 （住所：湖北省武汉市江汉区淮海路 88 号） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 1 | 一、受托管理的公司债券概况 3 | | --- | | 二、公司债券受托管理人履职情况 4 | | 三、发行人 2024 年度经营和财务状况 5 | | 四、发行人募集资金使用及专项账户运作情况 5 | | 五、发行人偿债意愿和能力分析 7 | | 六、内外部增信机制、偿债保障措施执行情况及有效性分析 8 | | 七、债券的本息偿付情况 8 | | 八、募集说明书中约定的其他义务 10 | | 九、债券持有人会议召开的情况 10 | | 十、发行人出现重大事项的情况 10 | | 十一、与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应对措施及相应成 | | 效 10 | 一、受托管理的公司债券概况 截至 2024 年（以下简称"报告期"）末，长江证券股份有限公司发行且截 至本报告出具日仍存续的由中信建投证券担任受托管理人的债券包括：23 长江 Y1、24 长江 Y1（以下简称"各期债券"） ...