"五要五不"中国特色金融文化为证券行业走深走实"合规、诚信、专业、稳健"行业文化提供了根本遵循 与行动指南。长江证券（000783）以合规文化建设为支点之一，通过"五抓五促五有"，促进合规执业成 为全体长江人的价值追求、行为习惯与形象气质。 抓党建引领，促对标看齐有担当。公司坚持党建与合规"双融双促"，2024年，聚焦"基础更牢固、形式 更新颖、载体更丰富、效果更显著"，通过找准工作协同融合点、深耕队伍建设整合点、做精课题研究 结合点，不断提高政治站位，加强责任担当。一是坚持党建联动与合规协同相融合，实现纵深发展。为 加强合规理念触达，形成党建聚心、自驱聚能、协同聚力的示范效应，公司法律合规部党支部与华南片 区广东、广西、深圳党支部，及人力资源部党支部开展联合党建活动，通过理论联学、组织联建、难题 联解、工作联动，将党建联建共建引向深入，凝聚攻坚合力，有效实现同心协力、合作共赢。二是坚持 下沉基层与队伍建设相整合，实现"一臂之遥。"针对分支机构、子公司合规管理内容多元、环境多样、 情况多变的特征，公司法律合规部党支部推动合规工作从"声边"到"身边"，每季度走进分支机构、子公 司一线，开展合规人员交流，先后走访 ...

Core Viewpoint - Changjiang Securities experienced a 5.1% increase in stock price, reaching 8.65 CNY per share, with a trading volume of 790 million CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 47.835 billion CNY [1] Group 1: Company Overview - Changjiang Securities Co., Ltd. is located in Wuhan, Hubei Province, and was established on July 24, 1997, with its listing date on July 31, 1997 [1] - The company's main business includes securities brokerage, proprietary trading, underwriting, and entrusted asset management [1] - The revenue composition of the main business is as follows: brokerage and securities financial services 60.03%, proprietary trading 21.94%, alternative investments and private equity management 9.27%, investment banking 3.97%, asset management 3.23%, other businesses 0.99%, and overseas business 0.55% [1] Group 2: Fund Holdings - According to data, one fund under ICBC Credit Suisse Asset Management holds a significant position in Changjiang Securities [2] - The fund, ICBC CSI 500 Six-Month Holding Index Enhanced A (014133), held 262,300 shares in the second quarter, accounting for 1.09% of the fund's net asset value, making it the second-largest holding [2] - The estimated floating profit from this position is approximately 110,200 CNY [2] Group 3: Fund Performance - The ICBC CSI 500 Six-Month Holding Index Enhanced A (014133) was established on December 14, 2021, with a current scale of 104 million CNY [2] - Year-to-date, the fund has achieved a return of 27.35%, ranking 1633 out of 4218 in its category; over the past year, it has returned 29.91%, ranking 1443 out of 3868; and since inception, it has returned 11.83% [2]

Core Viewpoint - The financial sector continues to rise, with securities, insurance, and diversified financials leading the gains, indicating a positive market sentiment towards these industries [1] Group 1: Sector Performance - The securities sector has shown significant growth, with Tianfeng Securities increasing by over 7% [1] - Other companies in the financial sector, such as Changjiang Securities, China Life Insurance, and China Pacific Insurance, also experienced upward movement [1] Group 2: Notable Stocks - Ruida Futures and Luxin Venture Capital reached their daily limit up, reflecting strong investor interest [1]

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 市场策略丨点评报告 [Table_Title] 1020 港股日评：中美释放贸易缓和信号，港股 修复 报告要点 [Table_Summary] 2025 年 10 月 20 日，港股市场大市成交额达到 2391.6 亿港元，南向资金净卖出 26.70 亿港 元。港股主要指数普遍上涨，从宏观来看主要是因为：10 月 18 日上午，中美经贸中方牵头人、 国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔举行视频通话，双 方就双边经贸关系中的重要问题进行了坦诚、深入、建设性的交流，同意尽快举行新一轮中美 经贸磋商。市场预期中美经贸关系将缓和，这有效缓解了市场对贸易摩擦升级的担忧叠加市场 押注美联储 10 月议息会议将降息 25bp，外部流动性宽松预期增强，带动港股市场上涨。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 [Table_Title 1020 港股日评：中美释放贸易缓和信号，港股 2] 修复 [Table_Su ...

- The report does not contain any quantitative models or factors related to financial engineering or quantitative analysis[1][2][3]

证券代码：000783 证券简称：长江证券 公告编号：2025-059 债券代码：148949 债券简称：24 长江 05 长江证券股份有限公司 2024 年面向专业投资者公开发行公 司债券（第四期）（品种二）2025 年付息公告 特别提示： ●债券简称及代码：24 长江 05（148949） ●债权登记日：2025 年 10 月 20 日 ●债券付息日：2025 年 10 月 21 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 2024 年面向专业投资者公开发行公司债 券（第四期）（品种二）（以下简称"本期债券"）将于 2025 年 10 月 21 日支付 2024 年 10 月 21 日至 2025 年 10 月 20 日期间的利息。 为保证本次付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、发行人：长江证券股份有限公司。 2、债券名称：长江证券股份有限公司 2024 年面向专业投资者公 开发行公司债券（第四期）（品种二）。 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。 8、付息日：2025 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The overall performance of the bond market in Q4 2025 is expected to be better than that in Q3. It is recommended to actively allocate when the yield of the active 10 - year treasury bond is above 1.75%, and the yield of the active 10 - year treasury bond in Q4 is expected to decline to around 1.7% [10][36]. 3. Summary by Relevant Catalogs 3.1 Can the fundamentals price the bond market? - The bond market is sensitive to fundamentals. The decline in bond yields is a marginal change that requires continuous marginal weakening of fundamentals. Although the current economic growth rate is still at a relatively low level, there was no obvious weakening in the first three quarters of 2025, making it difficult to bring marginal long - buying power to the bond market [10][16]. - The bond yield decline space was significantly overdrawn in Q4 2024. From 2018 - 2023, the average annual decline of the 10 - year treasury bond yield was only about 20bps, while in 2024, it declined by 88bps, the highest since 2015. Especially after the monetary policy proposed "moderate easing" on December 9, 2024, the bond yield declined significantly, overdrawn the bond market space in 2025 [10][16]. - The pricing influence of fundamentals on the bond market is expected to gradually increase in Q4. Due to the base effect, the year - on - year GDP growth rate in Q4 is expected to slow down to around 4.5% from about 5% in Q3, and the adjustment of the bond market in Q3 has basically repaired the previous overdrawn phenomenon [19]. 3.2 How does the bond market react to repeated trade frictions? - Before the end of October, trade frictions will suppress market risk sentiment and increase the valuation of safe - haven assets, providing a favorable environment for the bond market. It will take until the end of October to early November to prove whether it is a "TACO transaction" [10][24]. - Sino - US trade frictions benefit the bond market through the equity market and the expectation of monetary easing. The equity market is a high - odds variable for the bond market. If the equity market adjusts, it will benefit the bond market. External shocks to the capital market increase the probability of further monetary easing, as shown by the "double - cut" in May after the trade friction in April this year [10][25]. 3.3 What if the Q4 fund sales fee rate new regulations are implemented? - The redemption disturbance caused by the sales fee rate is different from traditional disturbances. The full inclusion of the fund redemption fee in the fund property will not lead to the overall loss of investors, so it will not cause a systematic upward shift in the bond market curve [10][32]. - The redemption feedback caused by the change in the fund sales fee rate does not involve the re - pricing of stocks and bonds. After banks redeem short - term bond funds, funds can flow back to the bond market through money market funds and bond ETFs in a short time. Therefore, the adjustment range and time of the bond market caused by the redemption feedback are expected to be less than before [10][35].

Core Insights - The current trade friction between the US and China is expected to have a lesser impact compared to April, with a smaller scope and lower degree of surprise, indicating a more resilient market [1] - The US plans to implement a new fee policy on Chinese shipping companies and restrict funding for Chinese biotech firms, while China will impose export controls on rare earth materials and additional port fees on US vessels [1] - Trump's announcement of a 100% tariff on Chinese goods is seen as having a limited unexpected impact, with room for negotiation remaining [1] Group 1: Market Impact - Short-term pressure on major asset classes is anticipated due to tariff impacts, but long-term trends remain unchanged [1] - The market has developed a certain level of policy adaptability since the trade war began in 2018, which is expected to mitigate volatility compared to previous tariff announcements [1] - A potential stabilization and technical rebound in the market may occur as policy uncertainties are digested, with a possibility of returning to negotiations [1] Group 2: Hong Kong Market - The impact of tariff escalation on the Hong Kong stock market is expected to be limited, with potential for increased allocation opportunities during any pullbacks [2] - The current valuation of Hong Kong's major indices is slightly higher than in April, but the structural exposure to US exports is limited due to the composition of key sectors [2] - The semiconductor and software service industries in China may benefit from US export controls on critical software, aligning with the trend towards self-sufficiency [2] Group 3: Long-term Trends - Long-term impacts of tariffs are expected to diminish, allowing major assets to revert to their fundamental drivers, with a focus on technology sectors such as AI, cloud computing, and semiconductors driving US stock market growth [1] - The US dollar index and USD/CNY exchange rate may face pressure due to rising expectations of Fed rate cuts, while gold prices are likely to continue an upward trend amid central bank purchases and geopolitical tensions [1]

Group 1 - The "Hubei Province Xianning Changzheng High-tech Industry Investment Fund" has completed registration with the China Fund Industry Association, marking the official operation of the first regional mother fund in the province following the introduction of the "Hubei Province Reconstruction of Government-guided Fund System Work Plan" [2] - The fund has a total scale of 3 billion yuan, with contributions from Xianning High-tech Investment Group and Changjiang Securities' Changjiang Growth Capital, showcasing a strong collaboration between government and enterprises [2] - The fund aims to follow a model of "government guidance + professional management + market operation" to effectively link fiscal funds with social capital and support industrial development [2] Group 2 - The fund is aligned with Xianning's "5+4" modern industrial system, focusing on key and emerging industries such as health, electronic information, green energy, and new materials, employing a "direct investment + sub-fund" dual-track strategy [3] - The direct investment segment has already reached a 200 million yuan investment intention with five companies, while the sub-fund segment has signed a 2 billion yuan cooperation agreement with institutions like Jiuzhou Science Investment and Shenzhen Capital Group [3] - The fund is working to establish a "city-county-district" three-level capital linkage system [3]

Group 1 - The core viewpoint of the news is that RuiLing Co., Ltd. (SZ 300154) is actively engaging with investors and has reported its revenue composition for 2024, indicating a strong focus on industrial operations [1][2] - RuiLing's revenue for the year 2024 is composed of 98.42% from industrial activities and 1.58% from other businesses, highlighting its primary business focus [1] - As of the latest report, RuiLing's market capitalization stands at 3.8 billion yuan [2]