Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved Changjiang Industry Investment Group Co., Ltd. to become the major shareholder of Changjiang Securities, marking a significant shift in the ownership structure of the company [2][4]. Shareholder Change - Changjiang Industry Investment Group has acquired 863 million shares of Changjiang Securities, representing 15.60% of the total shares, making it the largest shareholder [4][6]. - Following the approval, Changjiang Securities is required to complete the share transfer procedures within 30 working days and report the payment proof to the local CSRC within 5 working days [4]. Previous Announcements - In March 2024, Changjiang Securities announced that the share transfer matter had been officially accepted by the CSRC, with the agreement to transfer shares from Hubei Energy and Three Gorges Capital [5][6]. - After the completion of the share transfer, Hubei Energy and Three Gorges Capital will no longer hold shares in Changjiang Securities, while Changjiang Industry and its concerted parties will control 1.562 billion shares, accounting for 28.22% of the voting rights [6]. Management Changes - Liu Zhengbin has been elected as the chairman of Changjiang Securities, with his official appointment occurring in September 2024 [7]. - The transition in leadership is closely linked to the ongoing changes in the company's shareholder structure [7]. Financial Performance - In the first quarter of 2025, Changjiang Securities reported a revenue of 2.514 billion yuan, an increase of 88.81% year-on-year, and a net profit of 980 million yuan, up 143.76% year-on-year [7]. - As of the end of 2024, the total assets of Changjiang Securities amounted to 171.772 billion yuan, reflecting a slight increase of 0.61% from the beginning of the year [8]. Strategic Focus - For 2025, Changjiang Securities aims to enhance its wealth management transformation, strengthen its research capabilities, and expand its client base while focusing on asset management and strategic emerging industries [8].

证券代码：000783 证券简称：长江证券 公告编号：2025-036 关于本次权益变动事项，公司分别于 2024 年 3 月 30 日、2024 年 4 月 3 日、2024 年 5 月 15 日、2025 年 3 月 15 日在巨潮资讯网上 披露了《关于公司股东签署股份转让协议、一致行动协议暨第一大股 东变更的提示性公告》《公司详式权益变动报告书》《公司简式权益变 1 动报告书》《关于股东权益变动进展情况的公告》和《关于变更主要 股东行政许可申请获得中国证监会受理的公告》，具体内容详见公告。 公司将严格按照有关法律法规的要求履行信息披露义务，及时对 该事项的相关进展进行公告，敬请广大投资者理性投资，注意投资风 险。 长江证券股份有限公司 关于变更主要股东获得中国证监会核准批复的公告 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。 近日，长江证券股份有限公司（以下简称"公司"或"长江证券"） 收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关 于核准长江证券股份有限公司变更主要股东的批复》（证监许可〔2025〕 1176 号）。中国证监会核准长江 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Changjiang Industry Investment Group Co., Ltd. to become the major shareholder of Changjiang Securities Co., Ltd. [1] - Changjiang Industry will legally acquire 862,535,293 shares of Changjiang Securities, which accounts for 15.60% of the total shares of the company [1]

Group 1 - The company has announced its 2024 annual equity distribution plan, which was approved at the shareholders' meeting on May 20, 2025 [1] - The total cash dividend distribution amounts to 829,510,942.20 yuan, based on the company's total share capital of 5,530,072,948 shares [1] - The distribution plan specifies a cash dividend of 1.50 yuan per 10 shares for all shareholders, with different tax treatments for various categories of investors [1][2] Group 2 - The record date for the equity distribution is set for June 11, 2025, and the ex-dividend date is June 12, 2025 [2] - The distribution will be made directly to the accounts of shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [2] - The company assumes all legal responsibilities for any insufficient cash dividend distribution during the application period [2]

1、公司 2024 年年度股东大会审议通过的利润分配方案具体内容 为：以实施权益分派股权登记日的公司总股本为基数，向全体股东每 10 股派发现金红利 1.50 元（含税），不转增，不送红股。按照公司 最新总股本 5,530,072,948 股计算，分配现金红利 829,510,942.20 元。 证券代码：000783 证券简称：长江证券 公告编号：2025-035 长江证券股份有限公司 2024 年年度权益分派实施公告 2、公司 2024 年度利润分配方案披露至实施期间，公司股本总额 未发生变化；在实施权益分派的股权登记日前公司总股本发生变动的， 拟维持分配比例不变，相应调整分配总额。 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。 长江证券股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益分派方案已获 2025 年 5 月 20 日召开的 2024 年年度股东 大会审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 本公司 2024 年年度权益分派方案为：以公司现有总股本 1 5,530,072,948 股为基数，向全 ...

Group 1 - The core viewpoint of the strategy meetings is a positive outlook for the A-share market in the second half of the year, with a focus on the ongoing valuation recovery of Chinese assets and a preference for technology sectors [1][2][3] - Analysts from Huatai Securities emphasize the importance of China's economic development strategy in response to prolonged trade conflicts, which is expected to enhance consumer income and spending [2][3] - The consensus among various securities firms is that the A-share market is likely to outperform overseas markets, driven by a "transformation bull" market characterized by policy measures aimed at stabilizing asset prices and boosting demand [3][4] Group 2 - The technology sector is highlighted as a key investment focus, with analysts suggesting a "barbell" strategy combining dividend and growth stocks, while also considering opportunities in the consumer sector [5][6] - Citic Securities identifies three long-term trends: the enhancement of China's independent technological capabilities, the European focus on self-reliance in defense and resources, and the acceleration of domestic demand through improved social security [6] - The Hong Kong stock market is expected to benefit from the AI narrative, with analysts noting that the technology sector in Hong Kong is well-positioned to capitalize on the ongoing industrial transformation driven by AI advancements [7][8]

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].

Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - The computer sector experienced a slight rebound, increasing by 1.79%, ranking 6th among primary industries in the Yangtze River region, with a trading volume share of 8.85% [2][4][11]. - The Hong Kong Legislative Council passed the "Stablecoin Bill," establishing a comprehensive regulatory framework for stablecoins, expected to take effect within 2025 [6][40][55]. - The report highlights investment opportunities in companies with issuance qualifications, those with technological accumulation in blockchain, and firms holding relevant licenses [6][57]. Summary by Sections Market Performance - The computer sector saw a minor rebound last week, with the Shanghai Composite Index closing at 3347.49 points, a slight decrease of 0.03% [11]. - The trading volume in the computer sector accounted for 8.85% of the total market [4][11]. Key Developments - China Construction Bank announced a procurement project for domestic servers, with a total value exceeding 4.4 billion yuan, indicating a strong push for domestic innovation in the financial sector [18][20]. - The DeepSeek R1 model underwent a minor upgrade, significantly enhancing its reasoning capabilities, with accuracy in tests improving from 70% to 87.5% [24][28]. Investment Opportunities - The report emphasizes the potential of stablecoins following Hong Kong's legislative advancements, suggesting a focus on companies involved in stablecoin issuance and blockchain technology [6][40][57]. - The "Data Elements X" initiative is gaining traction, with significant developments in data utilization across various sectors, indicating a growing market for data-related investments [35][39].

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The Hong Kong Legislative Council has officially passed the "Stablecoin Ordinance," establishing a comprehensive regulatory framework for stablecoins, expected to take effect within 2025 [7][43][61]. - The computer sector experienced a slight rebound, increasing by 1.79%, ranking 6th among primary industries in the Yangtze River region, with a trading volume share of 8.85% [2][5][12]. - The report highlights investment opportunities in companies with issuance qualifications, those with technological accumulation in blockchain, and firms holding relevant licenses [7][61]. Summary by Sections Market Performance - The computer sector saw a minor rebound last week, with the Shanghai Composite Index closing at 3347.49 points, a slight decrease of 0.03% [5][12]. - The sector's trading volume accounted for 8.85% of the total market, indicating active participation in stablecoin-related concepts [2][5]. Key Developments - China Construction Bank announced a procurement project for domestic servers, with a total value exceeding 4.4 billion yuan, indicating a strong push for domestic innovation in the financial sector [19][21]. - The DeepSeek R1 model underwent a minor upgrade, significantly enhancing its reasoning capabilities, with accuracy in tests rising from 70% to 87.5% [26][29]. - The National Data Bureau held a press conference on the "Data Element X" initiative, showcasing the growing enthusiasm for data utilization and its potential economic impact [35][38]. Investment Recommendations - The report emphasizes the importance of stablecoins and suggests focusing on companies that are eligible to issue stablecoins, those with blockchain technology expertise, and firms with relevant licenses [7][61]. - It also recommends monitoring the developments in the domestic server procurement by financial institutions, which may accelerate the adoption of domestic technology solutions [25][34].

Group 1 - The announcement states that from June 4, 2025, Guoxin Jiali Fund will begin selling certain funds managed by the company [1][2] - The applicable fund range is subject to compliance with the fund contract, prospectus, and related business announcements [4] - Investors can consult details through various channels, including the websites and customer service numbers of both Guoxin Jiali Fund and the company [5][6] Group 2 - The company has signed sales agreements with multiple securities firms and fund sales companies, which will also start selling its funds from June 4, 2025 [2][3] - A comprehensive list of sales institutions includes major securities firms and fund sales companies, indicating a broad distribution network [3][10] - The announcement emphasizes that the specific dates, processes, and fee discount activities for fund sales will be determined by the sales institutions [4]