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"） ...

| 债券代码： | 债券简称： | 债券代码： | 债券简称： | | --- | --- | --- | --- | | 149607 | 21 长江 03 | 148522 | 23 长江 05 | | 149781 | 22 01 长江 | 148523 | 23 06 长江 | | 149919 | 22 C1 长江 | 148597 | 24 01 长江 | | 149977 | 22 长江 02 | 148813 | 24 长江 02 | | 148031 | 22 长江 03 | 148919 | 24 长江 03 | | 148032 | 22 04 长江 | 148948 | 24 04 长江 | | 148171 | 23 长江 C1 | 148949 | 24 长江 05 | | 148184 | 23 长江 02 | 148996 | 24 长江 06 | | 148326 | 23 03 长江 | 148997 | 24 07 长江 | | 148489 | 23 长江 04 | 524206 | 25 长江 01 | 长江证券股份有限公司 （湖北省武汉市江汉区淮海路 88 号） 长 ...

Group 1 - The company has signed a sales agreement with Changjiang Securities to start selling the Wanjia Stable Ning Bond Fund from July 7, 2025 [1] - The fund will be publicly offered from July 7 to July 25, 2025, through designated sales institutions [1] - Investors can open accounts and subscribe to the fund through Changjiang Securities, and can also perform other operations like redemption and regular investment after the fund is established [1] Group 2 - The company announced an adjustment of the main liquidity service provider for certain funds, effective June 23, 2025 [3] - The Wanjia CSI Semiconductor Materials and Equipment Theme ETF will have Guotai Haitong Securities as its new general liquidity service provider [3]

Group 1 - The A-share market opened lower but rebounded significantly, with the brokerage sector experiencing a substantial increase, particularly stocks like Xiangcai Co. and Guosheng Jin控 rising over 10% [1] - The introduction of the "Science and Technology Innovation Board Growth Layer" reform is expected to create more business opportunities for brokerages, potentially easing IPO regulations on the Science and Technology Innovation Board, which is favorable for investment banking and related services [1] - The brokerage ETF (159842) tracks leading companies in the brokerage industry, and its performance is closely tied to market conditions, indicating high elasticity as market sentiment improves [1] Group 2 - Zhongyuan Securities forecasts that by the second half of 2025, retail brokerage, proprietary trading, and margin financing will be the main drivers of industry growth, with proprietary trading revenue expected to reach a near ten-year high in 2024 [2] - Interest net income showed a significant rebound in Q1 2025, with expectations of reversing a three-year decline throughout the year, indicating potential stability in earnings [2] - Given the current low valuation levels, if the capital market becomes more active, the brokerage sector has the potential to challenge average valuations, presenting medium to long-term investment value [2]

Group 1 - The core viewpoint is that the securities sector is experiencing a strong performance, with the National Securities Leader Index rising by 2.31% and several key stocks, including China Galaxy and Dongfang Caifu, showing significant gains [1][2] - The Securities ETF Leader has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 146 million yuan, totaling 474 million yuan, averaging 78.92 million yuan per day [1] - Multiple securities firms are actively issuing technology innovation bonds, with a total approved issuance limit of up to 93.8 billion yuan from five firms, including CITIC Securities and Guotai Junan Securities [1] Group 2 - Open Source Securities highlights that the valuation of the brokerage sector and institutional holdings are at low levels, with macro-level measures supporting the stock market, leading to a positive outlook for the sector [2] - The three main lines of opportunity identified are retail brokerages with performance elasticity, financial technology targets, and the Hong Kong Stock Exchange benefiting from the expansion and increased activity of IPOs [2] - As of May 30, 2025, the top ten weighted stocks in the National Securities Leader Index account for 80.15% of the index, with key players including Dongfang Caifu and CITIC Securities [2]

Group 1: Insurance Shareholding Trends - In 2025, insurance companies made a total of 19 shareholding announcements, involving 16 companies, with 13 of these being Hong Kong stocks[1] - Out of the 19 announcements, 9 were related to bank stocks, with 7 specifically targeting Hong Kong banks[4] - As of the end of Q1 2025, the market value of bank shares held by insurance companies was approximately CNY 265.78 billion[5] Group 2: Investment Concentration in Banking Sector - Among the top 7 banks in the Hang Seng Financial Index, insurance institutions held a combined market value exceeding CNY 560 billion, accounting for over 58% of the total market value excluding general corporations[6] - The total market value of insurance companies' stock holdings was around CNY 2.8 trillion, with the aforementioned 7 bank stocks representing about 20% of this total[6] - The market value of bank shares held by insurance companies reached CNY 116.94 billion, with over half of this amount in bank stocks[26]