长江证券承销保荐有限公司 关于 西域旅游开发股份有限公司 详式权益变动报告书 之 财务顾问 二〇二五年五月 财务顾问声明 长江证券承销保荐有限公司（以下简称"长江保荐"、"财务顾问"）接 受委托，担任新疆文化旅游投资集团有限公司（以下简称"新疆文旅投"、" 信息披露义务人"）收购西域旅游开发股份有限公司（以下简称"西域旅游"、 "上市公司"）的财务顾问。 天池控股将持有的上市公司36,642,000股股票（占公司总股本的23.64%）对应 的表决权独家、无偿、不可撤销、排他且唯一地委托给新疆文旅投行使，并保 证其为排他的唯一受托人（以下简称"本次权益变动"）。 本次权益变动前，信息披露义务人新疆文旅投未通过直接或间接方式持有 上市公司股份。 本次权益变动后，新疆文旅投通过表决权委托享有23.64%的股份对应的表 决权，成为西域旅游的控股股东，西域旅游的实际控制人将由阜康市国资局变 更为新疆国资委。 新疆文旅投已取得自治区国资委印发的《关于对新疆文化旅游投资集团有限公 司通过表决权委托方式取得西域旅游开发股份有限公司实际控制权有关事宜的 批复》（新国资产权【2024】379号），具体批复内容如下： "1、同意你 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-031 长江证券股份有限公司关于 召开 2024 年年度股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据长江证券股份有限公司（以下简称"公司"）第十届董事会 第十八次会议决议，公司定于 2025 年 5 月 20 日召开 2024 年年度股 东大会，公司董事会已于 2025 年 4 月 29 日在巨潮资讯网 （www.cninfo.com.cn）刊登了《长江证券股份有限公司关于召开 2024 年年度股东大会通知》，现将会议有关事项提示公告如下： 一、召开会议的基本情况 （一）股东大会届次 2024 年年度股东大会。 （二）股东大会的召集人 1 长江证券股份有限公司董事会。公司第十届董事会第十八次会议 已审议通过关于召开本次会议的议案。 （三）会议召开的合法、合规性 统和互联网投票系统（网址：http://wltp.cninfo.com.cn）。通过交易系 统进行网络投票的时间为 2025 年 5 月 20 日（星期二）9:15-9:25， 9:30-11:30，13:00 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Core Viewpoint - The company, BoShijie, is a high-tech enterprise specializing in the research, development, and sales of IoT intelligent products, with significant growth expected from overseas expansion and new product offerings [1][2]. Group 1: Company Overview - BoShijie is recognized as a "specialized and innovative" small giant enterprise, focusing on core technologies such as communication, positioning, and AI [2]. - The company achieved a revenue of 1.402 billion yuan in 2024, a year-on-year increase of 24.85%, and a net profit of 176 million yuan, up 0.81% from the previous year [2]. - In Q1 2025, the company reported a revenue of 348 million yuan, representing a 40.28% increase year-on-year, with a net profit of 40 million yuan, an increase of 14.42% [2]. Group 2: Future Growth Drivers - Future revenue growth will primarily come from three areas: overseas expansion, new product solutions, and technological advancements [3]. - The company’s overseas sales revenue reached 327 million yuan in 2024, a staggering increase of 399.37% compared to 2023 [3]. - The diversification of product offerings is evident, with other smart hardware generating 142 million yuan in revenue in 2024, a growth of 21.70% from 2023 [3]. Group 3: International Market Strategy - The company is actively pursuing overseas markets, with significant sales in regions such as Africa and ongoing efforts for product certification and promotion in Europe and the United States [4]. - The smart sleep management system is primarily sold in the European and American markets [4]. Group 4: Profit and Revenue Discrepancy - The discrepancy between profit and revenue growth in Q1 2025 is attributed to changes in product structure affecting gross margins and increased costs associated with overseas market expansion [5]. - The company plans to enhance internal control and optimize resource allocation to achieve synchronized growth in profit and revenue as business scales [5].

智通财经APP获悉，日前，长江证券发布燃气行业2024年报及2025年一季报研究报告。报告中指出，虽 然受天然气需求偏弱影响，燃气板块2024年及2025年一季度业绩表现偏弱，但城市燃气依然具备一定的 α投资价值。港股城市燃气公司一直相对稳定的分红派息，股息回报率较为可观，且中长期而言具备优 于水电的成长性。其中，天伦燃气(01600)逆势提升分红派息比例，以6.00%的高股息率强势领跑，远超 行业平均5%的水平，凸显公司强劲的现金流实力和回馈股东的坚定承诺，成为当下防御性配置的优质 之选。 长江证券提到，2024 年底天然气表观消费量增速显著放缓，主因系暖冬因素压制天然气需求。2025年 一季度，暖冬影响延续，天然气需求疲软，一季度我国天然气表观消费量1057.50 亿立方米，同比减少 2.2%。虽然当前来看天然气需求增长存在一定压力，但地区差异化的表现同样值得关注，随着国家持 续推进东南沿海产业向中西部转移，中西部地区的天然气消费量增速将会得到一定支撑。 长江证券认为，港股城市燃气公司一直相对稳定的分红派息，股息回报率较为可观，且中长期而言具备 优于水电的成长性。从港股板块整体表现来看，2024 年港股燃 ...

Core Viewpoint - The introduction of a "sale coordinator" role in the issuance of the Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is a rare occurrence in the fund issuance process, indicating potential adjustments in response to new market conditions [1][3][5]. Group 1: Role of Sale Coordinator - The sale coordinator is responsible for managing the flow of funds during the fund subscription period, ensuring that the funds are collected and allocated to the fund custodian account [2][4]. - This role is uncommon in the issuance of ETFs and almost non-existent in non-ETF fund issuances, suggesting a unique approach taken by the fund company [1][6]. - The addition of a second sale coordinator, Zhongtai Securities, alongside Changjiang Securities, reflects a possible adaptation to recent developments in the ETF market [6][8]. Group 2: Fund Issuance Process - The Southern Shanghai Stock Exchange Science and Technology Innovation Board Growth ETF is open for subscription from May 6 to May 16, with both online and offline cash subscription options available [3]. - The issuance process involves multiple parties, including the fund company, distribution agencies, and custodians, with brokers typically acting as distribution agents [3][4]. - The introduction of the sale coordinator may enhance the efficiency of the fund issuance process, aligning with the broader goal of high-quality development in the public fund industry [9][10]. Group 3: Regulatory Context - The recent regulatory framework emphasizes the importance of fund issuance as a critical component of high-quality development, with specific measures aimed at optimizing the registration process for equity funds [9][10]. - The new measures aim to enhance the scale and proportion of equity investments, reflecting a shift towards prioritizing investor interests in fund operations [10].

Core Viewpoint - The report summarizes the sponsorship work of Changjiang Securities for the initial public offering (IPO) and convertible bond issuance of Shenzhen Songsheng Electronics Co., Ltd., highlighting the completion of the IPO fundraising and ongoing supervision of the remaining convertible bond funds [1][7]. Group 1: Sponsorship Overview - Changjiang Securities acted as the sponsor for Shenzhen Songsheng Electronics' IPO and convertible bond issuance, with the supervision period for the IPO from June 7, 2021, to December 31, 2024, and for the convertible bonds from October 24, 2022, to December 31, 2024 [1]. - As of December 31, 2024, all funds raised from the IPO have been fully utilized, while the funds from the convertible bond issuance are still pending usage [1][7]. Group 2: Responsibilities and Compliance - The sponsor conducted due diligence, prepared application documents, and actively cooperated with the Shenzhen Stock Exchange during the review process, ensuring compliance with relevant laws and regulations [3][4]. - During the ongoing supervision phase, the sponsor monitored the use of raised funds, ensuring adherence to regulatory requirements and the absence of unauthorized changes in fund usage [5][7]. Group 3: Issuer's Cooperation - The issuer provided timely and accurate information and documentation to the sponsor, facilitating the due diligence and recommendation processes [6]. - The issuer complied with legal requirements for information disclosure and cooperated with the sponsor's supervision activities, ensuring smooth communication and documentation provision [6]. Group 4: Fund Management and Usage - The issuer and the sponsor established a fund supervision agreement and management system, confirming that the usage of raised funds complied with regulatory requirements and did not involve any unauthorized changes or violations [7]. - The report indicates that there are no significant violations in the use of raised funds, and the issuer has maintained proper documentation and disclosure practices [7].

长江证券承销保荐有限公司 关于湖北凯龙化工集团股份有限公司 定期现场检查报告 保荐人名称：长江证券承销保荐有限公司 被保荐公司简称：凯龙股份 保荐代表人姓名：仝金栓 联系电话：021-65779433 保荐代表人姓名：王婷婷 联系电话：021-65779433 现场检查人员姓名：仝金栓 现场检查对应期间：2024 年度 现场检查时间：2025 年 5 月 7 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： ? 查阅公司章程及各项公司治理制度； ? 查阅公司的三会会议文件； ? 查看上市公司的主要生产、经营、管理场所； ? 核查上市公司"五独立"情况。 √ 及会议内容等要件是否齐备，会议资料是否保存完整 √ 业务规则履行职责 √ 程序和信息披露义务 √ 程序和信息披露义务 （二）内部控制 现场检查手段： ? 查阅公司《内部审计制度》 ； ? 查阅内部审计部门和审计委员会的人员构成情况； ? 查阅审计委员会会议文件； ? 查阅公司内部审计部门出具的相关报告； ? 查阅公司对外投资相关管理制度。 √ 计部门 √ 门提交的工作计划和报告等 √ 进度、质量及发现的重大问题等 √ 计工 ...

Policy Measures - On May 7, 2025, the central bank announced ten monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity[2] - The LPR (Loan Prime Rate) was reduced by 10 basis points, while the interest rate for first-time homebuyers on five-year loans decreased from 2.85% to 2.6%[4] - A targeted reserve requirement ratio of 0% was introduced for auto finance and financial leasing companies, marking a historical first in China[6] Structural Tools - The central bank introduced structural monetary tools with a total of at least 1.1 trillion yuan in low-cost loans, targeting sectors such as technology innovation and small enterprises[7] - The interest rates for various structural monetary tools were lowered by 25 basis points, including the re-lending rate for agricultural support, which decreased from 1.75% to 1.5%[4] - An additional 3,000 billion yuan was allocated for technology innovation and technical transformation re-lending, increasing the total from 5,000 billion yuan to 8,000 billion yuan[5] Market Impact - The central bank's proactive measures are expected to cushion "Chinese assets" against external shocks and uncertainties, with a focus on maintaining economic stability amid international trade tensions[8] - The anticipated fiscal stimulus is expected to further support market stability and growth, with a coordinated approach to monetary and fiscal policies[9] - The report expresses optimism for both equity and bond markets, citing regulatory support for asset prices and market expectations[9]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [36]. Core Insights - The report highlights significant growth in the brokerage sector, with a 83% year-on-year increase in net profit for the first quarter of 2025, totaling 52.2 billion yuan across 42 listed brokerages. Key business segments such as brokerage and proprietary trading saw substantial growth, with average daily trading volume increasing by 70.2% year-on-year to 1.52 trillion yuan [4][4]. - In the insurance sector, the report notes a continuation of high growth in new business value (NBV) and a significant improvement in the combined ratio (COR). The first quarter of 2025 saw notable profit increases for major insurers, with China Life and China Property & Casualty Insurance reporting year-on-year profit growth of 39.5% and 43.4%, respectively [4][4]. - The report emphasizes the positive outlook for both sectors driven by regulatory support and market demand, suggesting that the capital market's long-term logic remains unchanged [4][4]. Market Overview - The non-bank financial index experienced a decline of 1% last week, with the brokerage and insurance indices also showing declines of 0.7% and 1.64%, respectively. The average daily trading volume in the market decreased by 5.5% week-on-week to 1.3027 trillion yuan [4][8]. - The report provides detailed market data, including a slight decrease in margin trading balances and stock pledge market values, indicating a cautious market sentiment [4][18]. Sector Performance - The brokerage sector's first-quarter performance was characterized by strong growth in various business lines, with brokerage and proprietary trading revenues increasing by 49% and 45% year-on-year, respectively. Investment banking activities showed marginal improvement despite a decline in IPO volumes [4][4]. - In the insurance sector, the report highlights the expansion of long-term stock investment trials and the positive impact of reduced disaster claims on property insurance companies, leading to improved financial performance [4][4]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high asset returns, and return on equity (ROE) improvements, recommending investment in large, financially robust brokerages [4][4]. - In the insurance sector, the report advises attention to large comprehensive insurers with competitive advantages, particularly in light of new regulatory frameworks aimed at high-quality development [4][4].