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

Core Viewpoint - Changcheng Securities has experienced a decline in the number of shareholders for the second consecutive period, indicating potential challenges in investor confidence and market performance [2]. Financial Performance - For the first half of the year, Changcheng Securities reported a total operating revenue of 2.859 billion yuan, representing a year-on-year increase of 44.24% [2]. - The net profit for the same period reached 1.385 billion yuan, showing a significant year-on-year growth of 91.92% [2]. - The basic earnings per share were reported at 0.3400 yuan, with a weighted average return on equity of 4.50% [2]. Shareholder Dynamics - As of September 10, the number of shareholders for Changcheng Securities was 159,186, which is a decrease of 15,897 from the previous period (August 31), reflecting a month-on-month decline of 9.08% [2]. - The stock price closed at 11.57 yuan, down by 1.45%, with an overall decline of 5.40% since the concentration of shares began [2]. - The stock experienced three days of increases and seven days of decreases during the reporting period [2].

Group 1 - The core viewpoint of the report is that Alibaba maintains a "buy" rating, with projected revenues of 1.06 trillion, 1.18 trillion, and 1.30 trillion yuan for FY2026-FY2028, and adjusted net profits of 125.6 billion, 159.9 billion, and 190.3 billion yuan respectively, corresponding to PE ratios of 19.9, 15.6, and 13.1 times [1] - Alibaba's synergy between instant retail and its main e-commerce platform is significant, further enhancing its "big consumption platform" strategy, while its cloud business is expected to benefit from AI applications and the commercialization of AIAgent [1] - Gaode Map, a subsidiary of Alibaba, launched the "Gaode Street Ranking," the world's first ranking based on user behavior, to support offline dining and service consumption, covering over 300 cities in China [1] Group 2 - Following the launch of Taobao Flash Sale on April 30, Alibaba further expanded its offline business with the Gaode "Street Ranking," which has synergies with both offline and delivery services [2] - The complexity of offline consumption scenarios is lower than that of delivery services, leading to greater profit margins, and Gaode Map's recent upgrade includes AI features that analyze user behavior data [2] - Gaode Map's average daily active users (DAU) reached 186 million by July 2025, six times that of Dianping, indicating strong traffic advantages, and the platform aims to become a "super app" in the domestic map sector [2]

Group 1 - The core viewpoint of the reports is that Alibaba maintains a "buy" rating, with projected revenues of 1.06/1.18/1.30 trillion yuan and adjusted net profits of 125.6/159.9/190.3 billion yuan for FY2026-FY2028, corresponding to PE ratios of 19.9/15.6/13.1 times [1] - Alibaba's synergy between instant retail and its main e-commerce platform is significant, further enhancing its "big consumption platform" strategy, while its cloud business is expected to benefit from AI applications and the commercialization of AIAgent [1] - Gaode Map, a subsidiary of Alibaba, launched the "Gaode Street Ranking," the world's first ranking based on user behavior, to support offline dining and service consumption, covering over 300 cities in China [1] Group 2 - Following the launch of Taobao Flash Sale, Alibaba has further expanded its offline business with the introduction of Gaode's "Street Ranking," which is expected to create synergies with its home delivery services [2] - The complexity of offline consumption scenarios is lower than that of delivery services, which reduces fulfillment and delivery costs, thus increasing profit margins [2] - Gaode Map's average DAU reached 186 million by July 2025, six times that of Dianping, indicating a strong traffic advantage, and it aims to become a "super app" in the domestic market by integrating various services [2]

Core Viewpoint - Changcheng Securities announced the election of Xu Mingbo as the employee director of the company's third board of directors during the recent employee representative meeting [1] Company Summary - The company held its seventh sixth employee representative meeting [1] - Xu Mingbo has been elected as the employee director and has completed the pre-appointment publicity [1]

Group 1 - The company, Changcheng Securities, announced that its third board meeting will be held on September 11, 2025, via telecommunication [1] - The meeting will review the proposal regarding the election of members for the Risk Control and Compliance Committee of the third board [1]

长城证券股份有限公司 股东会网络投票实施细则 2025 年 9 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）股东会网络投票事 宜，保护投资者的合法权益，根据《上市公司股东会规则》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司股东会网络投票实施细则》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，制定本细则。 第二条 本细则适用于公司利用深圳证券交易所（以下简称深交所）股东会 网络投票系统向公司股东提供股东会网络投票服务。 第三条 本细则所称股东会网络投票系统（以下简称网络投票系统）是指深 交所利用网络与通信技术，为公司股东行使股东会表决权提供服务的信息技术 系统。 网 络 投 票 系 统 包 括 深 交 所 交 易 系 统 、 互 联 网 投 票 系 统 （ 网 址 ： http://wltp.cninfo.com.cn）。 第六条 深交所授权信息公司接受公司委托，提供股东会网络投票服务。公 司通过深交所网络投票系统为股东提供网络投票服务的，应当与信息公司签订 服务协议。 第七条 对于审计委员会或者股东自行召集的股东会，董事会不予配合的， 召集人可以持召集 ...

长城证券股份有限公司 董事会议事规则 2025 年 9 月 长城证券股份有限公司董事会议事规则 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）董事会的职责权限、 会议规则和工作机制，确保董事会落实股东会决议、提高工作效率、科学决策并 依法行使职权，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司章程指引》等有关法律、行政法规、部门规章、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》）的规定， 制定本规则。 第二章 董事会的职权、授权与机构设置 第二条 董事会发挥定战略、作决策、防风险的重要作用，行使下列职权： （一）召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注册资本、发行债券或者其他证券及上市方案； （六）拟订公司重大收购、公司因《公司章程》第二十八条第一款第一项、 第二项规定的情形收购本公司股份或者合并、分立、分拆所属子公司上市、解散 及变更公司形式的方案； （七）决定公司因《公司章程》第二十八条第一款第三项、 ...

长城证券股份有限公司 股东会议事规则 2025 年 9 月 长城证券股份有限公司股东会议事规则 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）股东会的职责权限、 会议规则和运作机制，保证股东会依法行使职权，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》《上市公司股东会规则》 等有关法律、行政法规、部门规章、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》）的规定，制定本规则。 第二条 公司股东会由全体股东组成。公司应当严格按照法律、行政法规、 《公司章程》及本规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 公司应当完善股东会运作机制，平等对待全体股东，保障股东依法享有的知 情权、查询权、分配权、质询权、建议权、股东会召集权、提案权、提名权、表 决权等权利，积极为股东行使权利提供便利，切实保障股东特别是中小股东的合 法权益。 第二章 股东会的职权与授权 第三条 股东会是公司的权力机构，依法行使下列职权： （一）选举和更换非由职工 ...

长城证券股份有限公司 第一条 为健全长城证券股份有限公司（以下简称"公司"）考核与薪酬管 理体系，完善董事考核与薪酬管理机制，保障公司董事依法履行职权，根据《中 华人民共和国公司法》《中华人民共和国证券法》《证券公司治理准则》《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、 法规、规章、规范性文件及《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，特制定本制度。 第二条 本制度适用人员为《公司章程》《证券公司治理准则》《上市公司 治理准则》规定的公司董事。根据产生方式和工作性质不同，结合公司实际，董 事分为独立董事和非独立董事。 第三条 董事兼任公司其他职务的，除按照本制度进行履职考核、薪酬管理 外，还需根据其实际履职情况依照公司有关制度进行考核与薪酬管理。 第二章 组织架构 第四条 公司股东会负责审议董事考核与薪酬管理制度。 第五条 公司董事的履职考核由董事会薪酬考核与提名委员会组织实施。 第六条 公司董事的薪酬标准及发放方式由董事会提出方案，报公司股东会 决定。 董事考核与薪酬管理制度 2025 年 9 月 第一章 总则 第七条 董事会应就董事的履职考核及 ...