长城证券股份有限公司 2025 年度第十三期短期融资券发行结果公告 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 2025 年度第十三期短期融资券已于 2025 年 9 月 25 日发行完毕，相关发行情况如下： 证券代码：002939 证券简称：长城证券 公告编号：2025-077 | 债券名称 | | 长城证券股份有限公司 | | | 2025 | 年度第十三期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 长城证券 | | CP013 | 债券代码 | 072510238 | | | 债券期限 | 天 197 | | | | 计息方式 | 利随本清 | | | 发行日 | 年 2025 | 月 9 | 24 | 日 | | | | | 起息日 | 年 2025 | 月 9 | 25 | 日 | 兑付日 | 年 月 2026 4 | 日 | | 计划发行总额 票面利率 | 10 1.75% | 亿元人民币 | | | 实际发行总额 ...

Group 1: Company Positioning and Strategy - The company positions itself as a differentiated player in the brokerage industry, focusing on "wealth management" and "investment banking" as strategic pillars, aiming to serve the real economy and residents' wealth management [2] - The company emphasizes a "non-directional transformation" and "equity-debt rebalancing," maintaining a focus on investment opportunities in the equity market with a "high dividend+" strategy [2][3] Group 2: Investment Strategies and Asset Management - The company plans to build a "pyramid-type" asset portfolio to achieve stable returns that exceed market performance, utilizing flexible strategies to manage risks and optimize asset allocation [3] - The company’s affiliate, Invesco Great Wall, has maintained a strong reputation in active equity investment due to its stable governance structure and ability to leverage both domestic policy insights and international resources [3] Group 3: Wealth Management Transformation - The company is actively advancing its wealth management business by establishing a digital framework centered on "digital clients, digital employees, digital products, and digital advisory," focusing on creating a comprehensive advisory product ecosystem [3] - The company aims to build a multi-layered financial product matrix, with a strategic focus on ETF distribution and customized institutional wealth management products, particularly the "Wealth Great Wall · Private 50" product series [3]

Core Viewpoint - The People's Bank of China (PBOC) is continuing to implement a moderately loose monetary policy by injecting liquidity into the banking system through a series of operations, including a 600 billion yuan Medium-term Lending Facility (MLF) operation, marking the seventh consecutive month of increased MLF issuance [1][3]. Group 1: MLF Operations - On September 25, the PBOC announced a 600 billion yuan MLF operation with a one-year term, resulting in a net injection of 300 billion yuan for the month after 300 billion yuan of MLF matured [1]. - The MLF operations have transitioned to a bidding mechanism that allows institutions to prepare for liquidity needs in advance, enhancing market-based pricing capabilities [4]. - The PBOC has maintained a consistent approach to MLF operations since March, focusing on liquidity provision rather than policy adjustments [3][4]. Group 2: Market Impact and Coordination - The combined liquidity injection from MLF and reverse repos in September reached 600 billion yuan, maintaining the same level as August, indicating a stable monetary policy stance [3]. - The ongoing liquidity support is seen as beneficial for the smooth issuance of government bonds, reflecting a coordinated approach between fiscal and monetary policies [3]. - Recent increases in mid-to-long-term market interest rates due to a strong stock market have prompted the PBOC to enhance liquidity injections to stabilize market expectations [3]. Group 3: Future Expectations - Analysts anticipate that the PBOC may further utilize quantitative monetary policy tools in the fourth quarter, including MLF and reverse repos, to continue injecting liquidity into the market [4]. - There is a growing market demand for the PBOC to resume government bond trading operations, which could provide more flexible and effective liquidity support compared to monthly reverse repo operations [4].

Group 1 - The core viewpoint of the report indicates that 2024-2025 may represent a bottoming period for profitability in the solar energy storage industry, with performance differentiation among companies signaling potential investment opportunities [1] - The demand for solar energy installations globally is driven by grid parity and energy transition, while the supply side is experiencing losses from old capacities and delays in new projects due to intense competition [1] - The report highlights that each round of demand-driven production increases serves as a critical validation point for the evolution of the industry cycle, with inverters leading the recovery due to higher competitive barriers [1] Group 2 - In August 2025, China's total export value of solar cell modules reached $2.921 billion, a year-on-year increase of 19.8% and a month-on-month increase of 31.4%, with an estimated export volume of 40.42 GW [1] - The export of solar battery modules to Europe in August was 11.61 GW, showing a year-on-year increase of 39.41% and a month-on-month increase of 23.84%, marking two consecutive months of positive growth [1] - Emerging markets are flourishing, with exports of battery modules outside Europe reaching 28.81 GW, a year-on-year increase of 67.77% and a month-on-month increase of 36.54% [1] Group 3 - In August 2025, the total export value of inverters from China was $878 million, with a year-on-year increase of 1.93% but a month-on-month decrease of 3.63% [2] - The export scale of inverters reached 3.8461 million units in August, reflecting a year-on-year decrease of 27.26% and a month-on-month decrease of 16.39% [2] - The report notes that while overseas distribution channels are adjusting, high-priced household and commercial energy storage products remain in demand, particularly in provinces like Zhejiang and Jiangsu [2]

Group 1 - In August, the total electricity consumption reached 10,154 billion kWh, representing a year-on-year growth of 5.0% [1] - By sector, the first industry consumed 164 billion kWh (up 9.7%), the second industry consumed 5,981 billion kWh (up 5.0%), the third industry consumed 2,046 billion kWh (up 7.2%), and urban and rural residential electricity consumption was 1,963 billion kWh (up 2.4%) [1] - The electricity supply-demand tension highlights the peak value of coal power, with expectations for a slight increase in electricity prices due to ongoing market reforms [1] Group 2 - Long-term demand-side supply assurance and peak regulation needs for thermal power are expected to persist, while coal prices are trending down, keeping industry profit margins reasonable [2] - The introduction of new energy policies is anticipated to stabilize expected returns, improve existing projects, increase new capacity, and enhance industry concentration [2]

Group 1 - The core point of the article is that Great Wall Securities has successfully issued its 12th short-term financing bond for the year 2025 on September 22, 2025 [2]

证券代码：002939 证券简称：长城证券 公告编号：2025-076 长城证券股份有限公司 2025 年度第十二期短期融资券发行结果公告 长城证券股份有限公司 2025 年度第十二期短期融资券已于 2025 年 9 月 22 日发行完毕，相关发行情况如下： | 债券名称 | | 长城证券股份有限公司 | | 2025 | 年度第十二期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 长城证券 25 | | CP012 | 债券代码 | 072510230 | | | 债券期限 | 天 186 | | | 计息方式 | 利随本清 | | | 发行日 | 年 2025 | 月 9 | 日 19 | | | | | 起息日 | 年 2025 | 月 9 | 日 22 | 兑付日 | 年 月 2026 3 | 日 27 | | 计划发行总额 | 10 | 亿元人民币 | | 实际发行总额 | 10 亿元人民币 | | | 票面利率 | 1.70% | | | 发行价格 | 100 元/百元面值 | | 本期发行短期融资券的相关文件已在中国货 ...

| 证券代码：002939 | 证券简称：长城证券 | | | 公告编号：2025-075 | | --- | --- | --- | --- | --- | | 债券代码：149642 | 债券简称：21 | 长城 | 08 | | 长城证券股份有限公司 2021 年面向专业投资者公开发行公司债券（第五期） （品种二）2025 年付息公告 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。 特别提示： 长城证券股份有限公司 2021 年面向专业投资者公开发行公司债券（第五期） （品种二）（债券简称：21 长城 08，债券代码：149642，以下简称本期债券）将 于 2025 年 9 月 24 日支付 2024 年 9 月 24 日至 2025 年 9 月 23 日期间的利息，债 权登记日为 2025 年 9 月 23 日。 根据《长城证券股份有限公司 2021 年面向专业投资者公开发行公司债券（第 五期）募集说明书》和《长城证券股份有限公司 2021 年面向专业投资者公开发 行公司债券（第五期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期 ...

Group 1 - The core point of the announcement is that Huaxia Fund Management Co., Ltd. has appointed Industrial Securities Co., Ltd. as the liquidity service provider for the Hong Kong Stock Connect Technology ETF Fund (159101) starting from September 22, 2025 [1] - The announcement also states that from September 22, 2025, Changcheng Securities Co., Ltd. will serve as the designated securities company for subscription and redemption of certain Shenzhen Stock Exchange ETFs managed by Huaxia Fund [2] - Investors will be able to handle subscription and redemption services for the relevant funds at Changcheng Securities starting from the specified date, with the specific processes and rules subject to the regulations of each sales institution [2] Group 2 - Investors can contact the company's customer service or visit the company's website for more information regarding the funds [3] - The designated securities company for subscription and redemption can be queried through the company's website [4] - The announcement is officially made by Huaxia Fund Management Co., Ltd. on September 22, 2025 [5]

Core Viewpoint - Changcheng Securities has filed a lawsuit against Shenzhen Sanjiu Weitai Co., Ltd. for a "shareholder qualification confirmation dispute," despite the latter being a "revoked" company and no longer in operation [2][3][5]. Group 1: Lawsuit Details - The lawsuit requests three main points: 1) confirmation of Changcheng Securities as a shareholder holding 900,000 shares; 2) issuance of share certificates and registration of Changcheng Securities in the shareholder registry; 3) the defendant to bear the costs of the case [3][4]. - The court has emphasized that due to the company's revoked status, it is using public announcement methods to deliver legal documents [3][4]. Group 2: Company Background - Shenzhen Sanjiu Weitai was established in 1993 and is a manufacturer of chemical pharmaceutical raw materials [2][6]. - Prior to its revocation, Shenzhen Sanjiu Weitai had four shareholders, including Shenzhen Jiusheng Biological Products Factory (now revoked), Huaxia Securities Co., Ltd., Shenzhen Sanjiu Pharmaceutical Co., Ltd., and other social legal entities [6][8]. Group 3: Historical Context - The company was previously controlled by Sanjiu Enterprise Group, which underwent debt restructuring in the early 2000s, leading to significant changes in ownership and structure [8][9]. - After the restructuring, Sanjiu Enterprise Group was merged into China Resources and became a wholly-owned subsidiary, while its listed company was renamed to "China Resources Sanjiu" [8][9].