Group 1 - The core viewpoint of the news is the significant increase in the stock price of Great Wall Securities, which rose by 5.05% to 12.49 CNY per share, with a trading volume of 1.423 billion CNY and a turnover rate of 3.22%, leading to a total market capitalization of 50.39 billion CNY [1] - Great Wall Securities, established on May 2, 1996, and listed on October 26, 2018, is headquartered in Shenzhen, Guangdong Province. The company provides a wide range of financial products and services to individual, institutional, and corporate clients, and engages in proprietary investment and trading [1] - The revenue composition of Great Wall Securities is as follows: 55.03% from securities investment and trading, 42.03% from wealth management, 4.91% from investment banking, and 1.19% from asset management [1] Group 2 - From the perspective of fund holdings, one fund under GF Fund has a significant position in Great Wall Securities. The GF CSI 500 Index Enhanced A (009608) held 200,800 shares in the second quarter, accounting for 1.12% of the fund's net value, making it the fourth-largest holding [2] - The GF CSI 500 Index Enhanced A (009608) was established on October 15, 2020, with a latest scale of 109 million CNY. Year-to-date, it has achieved a return of 26.98%, ranking 1812 out of 4222 in its category; over the past year, it has returned 61.32%, ranking 1555 out of 3804; and since inception, it has returned 27.46% [2] Group 3 - The fund manager of GF CSI 500 Index Enhanced A (009608) is Zhao Jie, who has been in the position for 7 years and 83 days. The total asset size of the fund is 1.693 billion CNY, with the best return during his tenure being 65.04% and the worst return being -27.07% [3]

Core Viewpoint - The performance of the brokerage sector in China shows significant recovery, with listed brokerages reporting increased revenues and profits in the first half of 2025, driven by favorable market conditions and improved operational efficiency [2][3]. Group 1: Market Performance - As of September 17, 2025, the CSI All Share Securities Company Index rose by 0.01%, with notable increases in stocks such as First Capital Securities (up 4.30%) and Great Wall Securities (up 1.68%) [1]. - The brokerage ETF (512000) has seen a trading volume of 1.04 billion yuan, with a turnover rate of 0.3% during the session [1]. - Over the past month, the average daily trading volume of the brokerage ETF reached 1.864 billion yuan, ranking it among the top two comparable funds [1]. Group 2: Financial Metrics - In the first half of 2025, 42 listed brokerages reported a total revenue of 251.87 billion yuan and a net profit attributable to shareholders of 104.02 billion yuan, reflecting year-on-year growth of 11.37% and 65.08%, respectively [2]. - Notably, some brokerages like Huaxi Securities and Guolian Minsheng achieved over 1000% growth in net profit compared to the previous year [2]. - As of June 30, 2025, 26 listed brokerages had net capital exceeding 20 billion yuan, with major players like Guotai Junan, CITIC Securities, and China Galaxy surpassing 100 billion yuan in net capital [2]. Group 3: Investment Trends - The brokerage sector is expected to continue its positive trend due to several supportive factors, including a shift towards cost reduction and efficiency improvement, which may lead to a sustained increase in return on equity (ROE) [2]. - The market has maintained high trading activity since July, with active leverage funds and a significant recovery in the Hong Kong IPO market, which is likely to boost brokerage ROE [2]. - The brokerage ETF is designed to track the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in top-tier brokerages [5].

南京证券股份有限公司关于长城证券股份有限公司 2025 年第三次临时受托管理事务报告 发行人 长城证券股份有限公司 债券简称：24 长城 C1 债券代码：148973.SZ 债券简称：24 长城 C2 债券代码：524073.SZ 债券简称：24 长城 C3 债券代码：524074.SZ 债券简称：25 长城 C1 债券代码：524089.SZ 债券简称：25 长城 C2 债券代码：524090.SZ （住所：广东省深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 受托管理人 （住所：南京市江东中路 389 号） 2025 年 9 月 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《长城证券股份有限公司 2024 年面向专业投资者公开发行次级公司债 券（第一期）募集说明书》《长城证券股份有限公司 2024 年面向专业投资者公 开发行次级公司债券（第二期）募集说明书》《长城证券股份有限公司 2025 年 面向专业投资者公开发行次级公司债券（第一期）募集说明书》和《长城证券股 份有限公司 2024 年面向专业投资者公开发行次级公司债券之受托管理协议》等 ...

| 债券简称：21 | 长城 | 08 | 债券代码：149642 | 债券简称：23 | 长城 | 11 | 债券代码：148552 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称：22 | 长城 | 02 | 债券代码：149774 | 债券简称：23 | 长城 | 12 | 债券代码：148553 | | 债券简称：22 | 长城 | 03 | 债券代码：149802 | 债券简称：24 | 长城 | 01 | 债券代码：148736 | | 债券简称：22 | 长城 | 05 | 债券代码：148149 | 债券简称：24 | 长城 | 02 | 债券代码：148737 | | 债券简称：23 | 长城 | 02 | 债券代码：148207 | 债券简称：24 | 长城 | 03 | 债券代码：148780 | | 债券简称：23 | 长城 | 03 | 债券代码：148243 | 债券简称：24 | 长城 | 04 | 债券代码：148781 | | 债券简称：23 | 长城 | 04 | 债券代码：148244 | 债券简称：2 ...

长城证券股份有限公司 （以下无正文） 公司债券（第二期）在深圳证券交易所上市的公告》之盖章页 长城证券股份有限公司 年 月 日 本页无正文，为《长城证券股份有限公司 2025 年面向专业投资者公开发行 2025 年面向专业投资者公开发行公司债券（第二期）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，长城证券股份有限公司 2025 年 面向专业投资者公开发行公司债券（第二期）符合深圳证券交易所债券上市条件， 将于 2025 年 9 月 17 日起在深圳证券交易所上市，并面向专业投资者中的机构投 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 | 长城证券股份有限公司 | | | | | 2025 | 年面向专 | | | | | 长城证券股份有限公司 | | | | 2025 | 年面向专 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...

Market Overview - On September 16, the securities sector experienced a slight decline of 0.02%, with Guotai Junan leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Notable gainers included: - Shouchao Securities (601136) with a closing price of 22.55, up 6.27% and a trading volume of 1.0521 million shares, totaling 2.376 billion yuan [1] - Pacific Securities (660109) closed at 5.11, up 3.86% with a trading volume of 8.0596 million shares, totaling 4.071 billion yuan [1] - Great Wall Securities (002939) closed at 11.89, up 2.50% with a trading volume of 1.3189 million shares, totaling 1.573 billion yuan [1] - Notable decliners included: - Guotai Junan (601211) closed at 19.17, down 1.79% with a trading volume of 1.4302 million shares, totaling 2.758 billion yuan [2] - Guosen Securities (002736) closed at 13.70, down 1.79% with a trading volume of 516,300 shares, totaling 711 million yuan [2] - Dongfang Securities (600958) closed at 10.60, down 1.67% with a trading volume of 2.1958 million shares, totaling 2.341 billion yuan [2] Capital Flow Analysis - The securities sector saw a net outflow of 3.24 billion yuan from institutional investors, while retail investors experienced a net inflow of 1.636 billion yuan [2] - The capital flow for individual stocks showed: - Dongfang Caifu (300059) had a net inflow of 387 million yuan from institutional investors, but a net outflow of 342.7 million yuan from retail investors [3] - Shouchao Securities (601136) had a net inflow of 345 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3] - Pacific Securities (660109) recorded a net inflow of 157 million yuan from institutional investors, but outflows from retail investors [3]

Group 1 - The A-share market has seen a strong performance in brokerage stocks, with notable increases in share prices [1] - Specifically, Shouchuang Securities has risen over 7%, Pacific Securities has increased over 4%, and Great Wall Securities has gained over 2% [1]

东吴证券表示，证券行业转型有望带来新的业务增长点。受益于市场回暖、政策环境友好，券商经纪业 务、投行业务、资本中介业务等均受益。 国金证券指出，券商板块上半年业绩同比显著改善，高盈利与低估值的显著错配凸显配置性价比，建议 关注估值显著低于平均水平的头部优质券商。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 消息面上，据智通财经，券商2025年半年度业绩说明会密集召开，行业关注焦点渐次明晰。从已召开的 24家券商业绩说明会内容来看，市场关注焦点集中于业绩表现、自营业务、并购重组、再融资、业务转 型、经营效率及国际业务等七大维度。 9月16日，A股三大指数集体高开，证券板块走势平稳。热门ETF中，券商ETF（159842）截至发稿小幅 飘红，上涨0.08%。成分股中，长城证券涨近2%，国盛金控、华林证券、国联民生、东兴证券、浙商 证券等多股飘红。 资金流向方面，Wind数据显示，券商ETF（159842）已连续14个交 ...

（文章来源：证券日报） 证券日报网讯长城证券9月12日在互动平台回答投资者提问时表示，截至2025年9月10日，公司股东总人 数为159，186人。 ...

Group 1 - The company, Great Wall Securities, reported that as of September 10, 2025, the total number of shareholders is 159,186 [1]