Investment Rating - The industry investment rating is "Positive" and maintained [12]. Core Insights - Recent high-premium land parcels are a result of risk aversion among real estate companies, demand for quality housing, and the lifting of price caps, with irrational components being minimal. The risk-reward ratio for early entrants is significantly better than for latecomers, highlighting alpha characteristics. During periods of export pressure, industry policies often have room for relaxation, suggesting at least temporary excess returns and structural opportunities in the sector, although sustainability requires additional conditions [2][9]. Summary by Sections High-Premium Land Supply and Demand Logic - The land market is increasingly polarized, with high-premium transactions in core areas contrasting with a lack of activity in non-core areas. In Q1 2025, core city land markets continued to heat up, with record-breaking floor prices, such as a 71% premium in Hangzhou and a 115% premium in another area shortly thereafter. This trend is starkly different from the cold market in non-core areas and lower-tier cities, where only a few core cities have seen significant increases in transaction volume and premium rates [6][7]. Investment Risks and Potential Returns of High-Premium Land - The recent enthusiasm for land auctions in core areas shows minimal irrationality, with most competitive products still possessing logical foundations. The primary test moving forward will be high-end purchasing power. High premiums reflect changes in bidding logic, with current projects driven more by land quality than speculative price increases. Areas with concentrated land offerings are experiencing fierce competition, and early bidders face greater uncertainty but also better profit margins compared to later bidders. Overall, the quality of high-premium land parcels in Q1 2025 is generally good, with estimated break-even prices mostly below comparable product prices, provided market enthusiasm and high-end demand do not collapse quickly [8][9]. Investment Recommendations - The report suggests focusing on high-quality real estate companies with core assets, those with strong product capabilities, local leaders benefiting from debt reduction, and companies with stable cash flows. The current market environment presents structural opportunities, although the sustainability of these returns will depend on further developments [2][9].

2025 年面向专业投资者公开发行公司债券（第一期）（品种一） 在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，长江证券股份有限公司 2025 年 面向专业投资者公开发行公司债券（第一期）（品种一）符合深圳证券交易所债 券上市条件，将于 2025 年 4 月 16 日起在深圳证券交易所上市，面向专业机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | 长江证券股份有限公司 2025 年面向专业投资者公开发行公司 | | --- | --- | | | 债券（第一期）（品种一） | | 债券简称 | 25 长江 01 | | 债券代码 | 524206 | | 信用评级 | 主体评级 AAA，债项评级 AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 20 | | 债券期限 | 2 年 | | 票面年利率（%） | 1.97 | | 利率形式 | 固定利率 | | 付息频率 | 每年付息 | | 发行日 | 2025 年 4 月 3 日-2025 年 4 月 7 日 | | 起息日 | 202 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-021 长江证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第一期） 发行结果公告 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。 长江证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 200 亿元（含）公司债券已获得中国证券监督管理委员会证监许可〔2023〕2330 号文 同意注册。根据《长江证券股份有限公司 2025 年面向专业投资者公开发行公司 债券（第一期）发行公告》，长江证券股份有限公司 2025 年面向专业投资者公开 发行公司债券（第一期）（以下简称"本期债券"，本期债券品种一代码为"524206"， 债券简称为"25 长江 01"，品种二代码为"524207"，债券简称为"25 长江 02"） 发行规模不超 35 亿元（含），发行价格为每张 100 元，采取网下面向专业机构投 资者询价配售的方式发行。 本期债券发行时间为 2025 年 4 月 3 日-4 月 7 日，品种一实际发行规模为 20 亿元，票面利率为 1.97%，认购倍数为 3.4 倍；品种二未实际 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - Since March, regulatory authorities have introduced a series of policies to support consumer finance, including plans to launch fiscal interest subsidies, increase consumer loan limits, and introduce consumer loan relief policies, aiming to boost consumption recovery through credit policies [2][6] - Historically, credit directions emphasized by policies have generally achieved high growth, with a forecast that consumer loan growth will rebound to 7.0% by 2025 [2][21] - Current retail loan risks have not yet established a turning point, necessitating attention to the progress of economic recovery and improvement in household income [2][10] Summary by Sections Policy Measures - Regulatory measures since March include increasing consumer loan limits and providing fiscal interest subsidies to alleviate current expenditure pressures [15] - The focus on consumer finance aims to enhance credit supply and optimize management, encouraging banks to increase personal consumer loan issuance while managing risks [15] Historical Context - Historical trends show that policy-driven credit support in sectors like manufacturing and small enterprises has led to sustained growth cycles, with large banks playing a key role in policy transmission [6][7] Consumer Loan Trends - Consumer loan growth has slowed during the current economic and real estate downturn, with growth rates dropping to 4.1% in 2022 and rebounding to 9.4% in 2023, but expected to decline to 6.2% in 2024 [8][9] - The demand for non-housing consumer loans remains sluggish, with a net decrease of 161.6 billion yuan in early 2025 [9] Future Outlook - Measures such as extending loan terms and increasing credit limits are expected to drive consumer loan growth, with a forecast of 7.0% growth in 2025 [9][21] - However, genuine consumption recovery requires improvements in household income expectations, alleviation of employment pressures, and enhancement of social welfare systems [9] Competitive Landscape - The competitive landscape is expected to evolve, with state-owned banks and city commercial banks likely to lead in growth due to increased lending efforts and low-interest products [10] - Regulatory emphasis on protecting net interest margins and risk pricing principles will ensure that consumer loan rates remain above 3.0% [10] Asset Quality - Retail loan risks are anticipated to rise due to household income pressures, with increasing non-performing loan rates across various products [10][27] - Short-term measures to extend loan terms and provide relief are seen as ways to mitigate asset quality fluctuations, but the overall risk trend remains a concern [10]

股权变动之际，正如外界预期，湖北省国资代表的刘正斌出任长江证券董事长。 长江证券官宣，董事会选举刘正斌为公司董事长。1972出生的刘正斌曾任湖北省发改委副主任，去年7月出任长江证券党委书记， 今年3月初在前任董事长辞职后，代为履行董事长职务。 股权变更稳步推进 湖北省国资代表刘正斌就任董事长 4月3日晚间，长江证券发布《长江证券股份有限公司第十届董事会第十七次会议决议公告》，于当日召开第十届董事会第十七次会 议，选举刘正斌为公司第十届董事会董事长。 公告履历显示，刘正斌，男，1972年出生，中共党员，法学学士。现任公司党委书记、董事长。曾任湖北省促进中部地区崛起工作 办公室副主任（正处级），湖北省发改委国民经济综合处处长、资源节约和环境保护处处长、综合交通处处长，湖北省铁路建设领 导小组办公室主任（副厅长级），湖北省发改委党组成员、副主任。 刘正斌出任董事长的背后，是长江证券的股东变更在不断推进。2024年3月29日，长江证券发布公告，长江产业集团与湖北能源及 三峡资本签署《股份转让协议》，长江产业集团拟通过协议转让方式受让湖北能源及三峡资本持有长江证券全部股份。 2024年5月15日，长江证券发布公告，国务 ...

前董事长金才玖辞职一个月后，长江证券（000783.SZ）新任董事长刘正斌正式履职。 就股权转让的进展来看，今年3月15日，长江证券公告，证监会就该公司变更主要股东行政许可申请予 以受理。 长江证券是根植于湖北的中部地区券商。有业内人士称，湖北省国资对其地方国资股权结构的加强，以 及迎来具有湖北政府工作经验的新任董事长，有望为长江证券服务湖北地方经济发展、促进加快中部崛 起支点建设带来新动能。 根据业绩快报，2024年，长江证券实现营业收入为67.97亿元，同比下降1.44%；净利润18.39亿元，同 比增长18.81%。截至2024年末，该公司总资产1717.89亿元，净资产392.04亿元，分别较年初增长0.62% 和13.1%。 （文章来源：第一财经） 2024年3月29日晚间，长江证券公告称，湖北国资旗下长江产业投资集团有限公司（下称"长江产业集 团"）拟受让湖北能源（000883.SZ）和三峡资本控股有限责任公司 （下称"三峡资本"）所持长江证券 15.6%的股份。同日，长江产业集团与长江证券部分股东签署一致行动协议。 此次股权转让完成后，湖北能源、三峡资本不再持有长江证券股权，长江产业集团及其一致 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-020 《关于选举刘正斌同志为公司董事长的议案》 根据《公司法》和《公司章程》的规定，会议选举刘正斌同志 为公司第十届董事会董事长，其任职期限与第十届董事会任期一 致。公司将根据中国证监会《证券基金经营机构董事、监事、高级 管理人员及从业人员监督管理办法》和《监管规则适用指引——机 构类第 4 号》的规定，办理刘正斌同志董事长任职资格备案手续。 刘正斌同志简历详见本公告附件。 本议案表决结果如下：与会董事以同意票11票，反对票0票，弃 权票0票，审议通过了本议案。 三、备查文件 长江证券股份有限公司 第十届董事会第十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 十七次会议通知于2025年3月28日以邮件形式送达各位董事。 章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 本次董事会会议审议通过了如下议案： ，湖北省发改委国民经济综合处处长、资源节约和环境保护处 处长、综合交通处处长，湖北省铁路建设领导小组办公室主任（副厅 长级） ，湖北省发改委 ...

Core Viewpoint - The appointment of Liu Zhengbin as the new chairman of Changjiang Securities is expected to enhance the company's strategic continuity and internal governance efficiency, while also strengthening its role in supporting the economic development of Hubei province [2][4]. Group 1: Leadership Transition - Liu Zhengbin has officially taken over as chairman of Changjiang Securities, having previously served as the party secretary and acting chairman [2][3]. - His prior experience includes roles in the Hubei provincial government, which may provide valuable insights for the company's strategic direction [4][6]. Group 2: Shareholder Structure - The state-owned assets in Changjiang Securities are increasing, with Hubei State-owned Changjiang Industrial Investment Group acquiring a significant stake, which will enhance its influence as the largest shareholder [4]. - Following the acquisition, the total state-owned shareholding in Changjiang Securities is expected to reach 28.22% [4]. Group 3: Business Performance - Changjiang Securities reported a revenue of 6.797 billion yuan and a net profit of 1.839 billion yuan for 2024, marking a year-on-year growth of 18.81% [8]. - The company has maintained a leading position in research services within the industry, contributing to its overall performance and reputation [8].

| 长江证券承销保荐有限公司 | | | | | --- | --- | --- | --- | | 关于安徽英力电子科技股份有限公司 | | | | | 保荐人名称：长江证券承销保荐有限公司 | | 被保荐公司简称：英力股份 | | | 保荐代表人姓名：张文海 | 联系电话：010-57065268 | | | | 保荐代表人姓名：李海波 | 联系电话：010-57065268 | | | | 一、保荐工作概述 | | | | | 项目 工作内容 | | | | | （1）是否及时审阅公司信息披露文件 | | 是 | | | （2）未及时审阅公司信息披露文件的次数 | | 0次 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | | | 于防止关联方占用公司资源的制度、募集资金管理 | | | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | | | （2）公司是否有效执行相关规章制度 | | 是 | | | （1）查询公司募集资金专户次数 | | 12 | | | （2）公司募集资金项目进展是否与信息披露文件 | | | | | 是 | | | | | 一致 | | ...