Core Viewpoint - Changcheng Securities announced the convening of its 16th meeting of the third board of directors on December 29, 2025, to review and approve multiple proposals, including the revision of company-related proposals [2] Group 1 - The meeting was held on December 29, 2025 [2] - The board reviewed and approved several proposals [2] - One of the key proposals involved the revision of company-related matters [2]

Group 1 - The core viewpoint of the article is that Changcheng Securities held a board meeting to discuss the revision of the decision-making plan, reflecting ongoing governance and strategic adjustments within the company [1] - For the first half of 2025, the revenue composition of Changcheng Securities is as follows: securities brokerage business accounted for 55.03%, wealth management business for 42.03%, investment banking business for 4.91%, asset management business for 1.19%, and other businesses had a negative contribution of -3.16% [1] - As of the report date, the market capitalization of Changcheng Securities is 41.6 billion yuan [1] Group 2 - The article also highlights a significant development in the Chinese semiconductor industry, mentioning the emergence of new chips that can support AI training and embodied intelligence, produced using mature processes of 28 nanometers and above [1]

证券代码：002939 证券简称：长城证券 公告编号：2025-097 长城证券股份有限公司 第三届董事会第十六次会议决议公告 （二）《关于修订公司<总裁工作细则>的议案》 表决情况：同意 14 票，反对 0 票，弃权 0 票。 （三）《关于修订公司<董事会秘书工作细则>的议案》 表决情况：同意 14 票，反对 0 票，弃权 0 票。 （四）《关于修订公司<投资者关系管理办法>的议案》 本公司及公司全体董事会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。 长城证券股份有限公司（以下简称公司）于 2025 年 12 月 19 日发出第三届 董事会第十六次会议书面通知。本次会议由董事长王军先生召集并主持，于 2025 年 12 月 29 日在公司总部 18 楼 1 号会议室以现场结合视频方式召开，应出席董 事 14 名，实际出席董事 14 名，独立董事陈红珊女士因工作原因委托独立董事周 凤翱先生代为参会并行使表决权；公司部分高级管理人员列席本次会议。本次会 议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 一、本次会议审议并通过了以下议案： （一） ...

长城证券股份有限公司 投资者关系管理办法 2025 年 12 月 第一章 总则 第一条 为规范长城证券股份有限公司（以下简称公司）投资者关系管理工 作，加强公司与投资者之间的有效沟通，促进公司完善治理，提高公司质量，切 实保护投资者特别是中小投资者合法权益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司投资者关系管理工作指引》《深圳证券交易所 股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等法律、行政法规、规范性文件和《长城证券股份有限公司章程》 （以下简称《公司章程》）的有关规定，结合公司实际情况，制定本办法。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 第三条 公司投资者关系管理的基本原则是： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律规则、公司内 部规章制度， ...

Core Viewpoint - The securities sector is experiencing a weak performance despite the overall market showing signs of strength, with the top ETF for securities facing a decline in price and trading volume [1][3][9]. Group 1: Market Performance - On December 29, the Shanghai Composite Index aimed for a nine-day winning streak, while the securities sector showed volatility, with the top securities ETF (512000) dropping by 0.85% and a half-day trading volume exceeding 700 million yuan [1][7]. - The performance of individual stocks within the securities sector was mixed, with notable gains in Citic Securities, Great Wall Securities, and Huashan Securities [1][7]. Group 2: Sector Analysis - The securities sector has not followed the upward trend of other equity indices, maintaining a relatively weak performance due to both industry fundamentals and market factors [8][9]. - Looking ahead to 2026, the capital market is expected to remain strong, with the securities industry continuing its upward cycle, although the average valuation of the securities sector has limited room for further decline [9]. Group 3: Investment Strategy - Zhongyuan Securities suggests that if the valuation of the securities sector drops to 1.3 times P/B, it would present a good opportunity for re-entry, emphasizing the importance of monitoring policy and market conditions [9]. - Founder Securities indicates that the current slow bull market is still in its early stages, with expectations for improved profitability in the securities sector in 2026, despite the sector's recent underperformance [9]. - The securities ETF (512000) and its linked funds are highlighted as efficient investment tools that track the CSI All Share Securities Index, encompassing 49 listed securities companies [9].

截至2025年12月25日收盘，长城证券(002939)报收于10.23元，上涨0.69%，换手率0.77%，成交量27.73 万手，成交额2.84亿元。 董秘最新回复 投资者： 贵公司什么时候发2025年业绩年报预告？ 董秘： 您好，如公司预计2025年经营业绩和财务状况出现《深圳证券交易所上市公司自律监管指南第1 号——业务办理：4.1定期报告披露相关事宜》所规定的应当披露业绩预告的情形，公司将严格按照监 管规定履行业绩预告信息披露义务。感谢您的关注。 投资者： 公司业绩今年达到上市以来新高，可股价迟迟突破不了新高，公司有没有具体维护公司市值 做大做强的措施？ 董秘： 您好，公司将继续坚持"聚焦主责主业发展产业券商"和"建设专业能力打造一流综合型投资银 行"的"产业券商+一流投行"战略发展总体思路，凭借央企控股券商的天然优势，持续打造产业金融专业 能力，充分发挥产业金融的重要作用，全力构建产业金融新生态、催发服务实体新效能，助推产业链供 应链优化升级，赋能科技成果转化，助力新兴产业与未来产业培育。感谢您的关注。 投资者： 打造金融强国 ，证监会鼓励券商之间吸收合并，打造世界级投资机构，公司目前在行业内实 ...

站在2025年岁末，回顾中国经济这一年的表现，即便面临总需求偏弱、房地产磨底等多重挑战，其展现 出的强大"韧性"依然超出了市场预期。这种韧性不仅源于对欧洲和东南亚出口的持续增长、制造业全产 业链优势的稳固，更源于上市公司业绩的转暖与内部结构调整带来的内生动力。长城证券首席经济学家 汪毅在近日接受《每日经济新闻》记者采访时指出，中国经济已通过结构优化和创新驱动实现了新的动 能转换，并非依赖传统增长模式。 展望2026年，"十五五"规划的开局之年，中国经济正迎来意义深远的转折点。汪毅认为，我们很可能正 在跨越两个重要周期的拐点：信用扩张逻辑正从债务驱动转向有效投资支撑，房地产支柱作用减弱，而 硬科技、绿色制造等新引擎正加速接棒。随着工业品需求回暖带动企业盈利修复，2026年的资本市场将 告别"被动防御"，迈向"主动进攻"。在明确产业趋势的前提下，聚焦国家战略主赛道，优选具备技术壁 垒、市场份额提升能力与真实业绩兑现的优质标的，将成为新一年的核心投资主线。 在消费端，汪毅认为不可忽视其修复潜力。通过"投资于人"、完善社会保障等措施激发内需，是实现经 济可持续发展的关键。政策在防风险与稳增长之间将更注重平衡，以适度宽 ...

Core Viewpoint - In 2025, the company emphasizes its commitment to serving the real economy and implements the group's requirements for deepening the integration of industry and finance, achieving significant results through innovative financial models and a focus on the energy sector [1][3]. Group 1: Market Expansion and Collaboration - The company has effectively engaged in the competitive electricity market by implementing a service approach characterized by active integration and professional support, resulting in the recommendation of nearly 200 quality electricity users to the group, with an estimated electricity volume exceeding 80 billion kilowatt-hours [2][4]. Group 2: Innovation and Growth - Following its establishment as a model for collaborative electricity sales in 2024, the company achieved a comprehensive breakthrough in 2025, successfully executing over 70 electricity sales contracts across 13 provinces, with total signed electricity volume surpassing 7 billion kilowatt-hours and an average contract size of nearly 10 million kilowatt-hours [5][6]. Group 3: Recognition and Future Commitment - The company's achievements in integrating industry and finance have received widespread recognition within the group, with various regional companies expressing gratitude for its contributions. This acknowledgment serves as both a validation of past successes and motivation for future endeavors, as the company aims to enhance its financial services to support the group's high-quality development and contribute to national energy strategies [6][7].

Group 1 - The core viewpoint of the news is that Ruiling Co., Ltd. (SZ 300154) is actively engaging with investors, indicating a focus on transparency and communication regarding its business operations [1] - As of the latest report, Ruiling Co., Ltd. has a market capitalization of 4.3 billion yuan [3] - The company's revenue composition for the year 2024 is heavily weighted towards industrial operations, which account for 98.42% of total revenue, while other business segments contribute only 1.58% [2]

汪毅认为，本次中央经济工作会议的政策总基调在"稳中求进"的基础上增添了"提质增效"的取向。对于 明年的经济工作，本次会议仍然以"稳"字当头，但是更加强调"增强政策前瞻性针对性协同性，持续扩 大内需、优化供给，做优增量、盘活存量"。 近日，中国证券业协会组织召开新一届首席经济学家（发展战略）专业委员会全体会议暨2025年第四季 度证券基金行业首席经济学家例会。长城证券首席经济学家、产业金融研究院副院长汪毅入选新一届首 席经济学家（发展战略）专业委员会并担任委员。 近期观点 长城证券首席经济学家汪毅表示，2025年中央经济工作会议对2026年八大重点任务的部署，突出体现了 从"短期稳增长"向"长期建机制"的战略升级： 政策重心不依赖大规模刺激，而是聚焦制度性改革与结构性优化，强调"内需主导""创新驱动"和"安全 底线"三位一体；突出问题精准施策，如激发民间投资、清理拖欠账款、严控地方隐性债务；同时强化 法治保障（如统一大市场条例）、系统协同（城乡、产业、开放联动）和多元安全（经济、民生、生 态、人口），彰显以高质量制度供给激活内生动力、夯实"十五五"开局的发展新逻辑。 长城证券首席经济学家汪毅表示，2025年中央 ...