长城证券股份有限公司 2025 年上半年风险控制指标报告 2025 年上半年，长城证券股份有限公司（以下简称公司）严格落实《证券 公司风险控制指标管理办法》《证券公司全面风险管理规范》等法规及自律规则 要求，动态监控净资本和流动性等风险控制指标，认真开展敏感性分析和压力测 试工作，确保净资本和流动性等各项风险控制指标持续符合规定标准。 一、报告期内风险控制指标的具体情况和达标情况 三、净资本补足机制建立情况 公司建立了净资本补足机制，当净资本和流动性等风险控制指标达到监管预 警标准时，立即启动内部应急机制，采取措施补足净资本或优化业务结构化解风 险。 长城证券股份有限公司 2025 年 8 月 22 日 （二）公司风险控制指标达标情况 在报告期内，本公司以净资本和流动性指标为核心的各项风险控制指标持续 符合监管标准，没有发生触及监管标准的情况。 二、报告期内风险控制指标动态监控情况 根据《证券公司风险控制指标管理办法》《证券公司风险控制指标计算标准 规定》《证券公司风险控制指标动态监控系统指引》《证券公司流动性风险管理指 引》等规定，公司制定了《风险控制指标管理办法》《流动性风险管理办法》《风 险控制指标动态 ...

长城证券股份有限公司 2025 年半年度报告摘要 证券代码：002939 证券简称：长城证券 公告编号：2025-063 长城证券股份有限公司 2025 年半年度报告摘要 □ 适用 √ 不适用 公司2024年度股东大会已审议通过《关于提请股东大会授权董事会决定公司2025年中期利润分配方案的议案》，为积极 贯彻落实关于推动上市公司一年多次分红的监管要求，切实增强投资者获得感，公司将在符合利润分配前提条件的情况下， 进行2025年中期利润分配，具体方案另行公告。 董事会决议通过的本报告期优先股利润分配预案 □ 适用 √ 不适用 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当到证监 会指定媒体仔细阅读半年度报告全文。 本报告经公司第三届董事会第十二次会议审议通过。本公司全体董事均亲自出席董事会会议，未有董事对本报告提出异 议。 非标准审计意见提示 □ 适用 √ 不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 二、公司基本情况 （一）公司简介 | 股票简称 | 长城证券 | 股票代码 | 002939 | | --- | --- | -- ...

长城证券股份有限公司 2025年半年度报告 证券代码：002939 证券简称：长城证券 长城证券股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 公司的业务、财务状况和经营业绩可能在多方面受中国及相关业务所在地区的整体经济及市场状况的 影响。公司所处的证券行业具有较强的周期性，根据对宏观经济形势、行业发展状况及公司经营情况 的分析，未来存在公司经营业绩随着我国证券市场周期性变化而大幅波动的风险。此外，公司在经营 活动中还面临市场风险、信用风险、流动性风险、操作风险、合规风险等。请投资者认真阅读本报告 "第三节 管理层讨论与分析"相关内容，并特别注意上述风险因素。 七、公司 2024 年度股东大会已审议通过《关于提请股东大会授权董事会决定公司 2025 年中期利润分配 方案的议案》，为积极贯彻落实关于推动上市公司一年多次分红的监管要求，切实增强投资者获得感， 公司将在符合利润分配前提条件的情况下，进行 2025 年中期利润分配，具体方案另行公告。 1 一、公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的 ...

长城证券：上半年净利润13.8亿元，同比增长91.92%。 ...

Core Viewpoint - The second "Golden Kylin Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management, with various competitions including stock simulation trading and public fund simulation allocation [1]. Group 1: Stock Simulation Trading - The top performer in the stock simulation trading for the week of August 18 to August 24 is Huang Rui from Nanjing Securities, achieving a weekly return of 18.73% [2]. - Lin Yanyu from China Merchants Securities ranks second with a return of 17.90%, while Chen Bingyin from Guosheng Securities comes in third with a return of 16.21% [2]. Group 2: ETF Simulation Trading - In the ETF simulation trading group, Zhang Yefeng from Guotai Haitong Securities leads with a weekly return of 15.68%, followed by Hong Xiaowei from Founder Securities with 15.62%, and Sheng Shaopeng from Everbright Securities with 13.54% [3][4]. Group 3: Public Fund Simulation Allocation - The top performer in the public fund simulation allocation is Hong Xiaowei from Founder Securities with a return of 14.18%, closely followed by Wu Dayao from Guoyuan Securities at 14.15%, and Zhang Kun from GF Securities at 13.38% [6]. - Zhang Yefeng from Guotai Haitong Securities also participated in this category, achieving a return of 10.05% [6]. Group 4: Social IP Service Evaluation - In the social IP service evaluation, Lin Doucan from Huayuan Securities, Li Hui from Western Securities, and Wang Hantang from Huaan Securities are the top three performers [6].

Core Viewpoint - The A-share market is experiencing a significant uptrend, with the Shanghai Composite Index breaking through the 3800-point mark, leading to increased competition among brokerage firms focusing on service quality rather than just price wars [1][2]. Investor Behavior - Investor activity has noticeably increased, with new account openings and trading volumes rising by approximately 20% compared to previous months. Daily stock fund trading volume increased by 20% in July compared to June, and by another 12% in the first half of August compared to July [2]. Online Service Enhancements - Brokerages are prioritizing online services, leveraging AI technology to enhance service efficiency. For instance, Guangfa Securities upgraded its app to provide 24/7 proactive "chat-style" services, improving information access for investors [3][4]. Technology Integration - National Securities introduced an "MBTI investment style assessment" during a promotional event, using AI tools to match users with suitable investment options based on their preferences, thereby reducing decision-making costs [4]. Offline Service Improvements - Despite the rise of online services, offline interactions remain crucial, especially for older investors who require in-person assistance. Brokerages are increasing staff to manage the growing demand for services such as account openings and risk assessments [7][9]. Market Adaptation - The current bull market has prompted brokerages to enhance their service offerings, utilizing both online and offline channels to meet the diverse needs of investors. This includes timely information dissemination and personalized investment advice [8][9]. Competitive Landscape - The competition among brokerages is shifting towards service quality, with firms that can effectively understand and meet investor needs likely to succeed in the evolving market environment [9].

Core Viewpoint - The report from Changcheng Securities highlights the emergence of new momentum driven by AI and the ongoing push for domestic chip substitution, focusing on companies within the AI industry chain and identifying undervalued leaders and turnaround firms. Group 1: HBM Overview - HBM has broken through the traditional memory wall, with the rise of 3D stacked DRAM from HBM1 to HBM3E, increasing capacity from 1GB to 36GB and bandwidth from 128GB/s to 1.2TB/s [1] - CSP (Cloud Service Providers) are increasing capital expenditures, leading to a surge in AI server deployments and HBM configuration upgrades, driving high demand for HBM [1] - HBM demand is expected to grow significantly, with total bit demand projected to increase by 89% in 2025 and 67% in 2026, with AI servers expected to account for over 15% of shipments by 2025 [1] Group 2: HBM Supply Dynamics - HBM manufacturers are accelerating capacity expansion and upgrading production lines to higher generations, with a competitive landscape dominated by SK Hynix, Samsung, and Micron [2] - The market share of HBM manufacturers is expected to shift from 5:3:2 to 5:2:3 by 2025 and 2026, with HBM3E expected to dominate the market [2] - Total bit supply for HBM is projected to increase by 84% in 2025 and 47% in 2026, with significant capacity expansion from major manufacturers [2] Group 3: HBM Pricing and Future Trends - The supply-demand ratio for HBM is expected to reach 45% in 2025 and 27% in 2026, indicating a narrowing supply gap [2] - HBM average selling prices (ASP) are projected to reach $1.76 and $1.84 per Gb in 2025 and 2026, respectively, driven by high-end product iterations [2] - The next generation HBM4 is anticipated to be realized in 2026, with advancements in cooling and bonding technologies to meet future demands [2] Group 4: Storage Trends in the AI Era - The demand for storage is expected to rise due to the increasing data volume driven by AI applications, with DRAM and NAND prices likely to continue their upward trend [3] - The supply-demand ratio for DRAM is projected to reach 97.9% in 2025, while NAND Flash is expected to reach 98.3%, indicating potential price increases [3] - The anticipated quarterly price increases for DRAM and NAND Flash in Q3 2025 are estimated at 15-20% and 5-10%, respectively, continuing the upward trend [3]

1、国新办将举行介绍"十四五"时期市场监管高质量发展成就新闻发布会 8月22日上午10时，国新办将举行"高质量完成'十四五'规划"系列主题新闻发布会，国家市场监督管理总局局长罗文介绍"十四五"时期市场监管高质量发展成 就，并答记者问。 2、2025中国算力大会将举行 8月22日至24日，2025中国算力大会将举行。大会设置"算力中国.创新成果"展示，全方位展示算力领域政策体系、核心硬件、基础设施、关键技术和服务能 力等最新成果。 3、331.44亿元市值限售股今日解禁 8月22日，共有4家公司限售股解禁，合计解禁量为4.44亿股，按最新收盘价计算，合计解禁市值为331.44亿元。 从解禁量来看，3家公司解禁股数超千万股。联影医疗、长城证券、盈方微解禁量居前，解禁股数分别为2.31亿股、1.15亿股、9452.02万股。从解禁市值来 看，3家公司解禁股数超亿元。联影医疗、长城证券、盈方微解禁市值居前，解禁市值分别为308.89亿元、13.75亿元、8.02亿元。 4、23家公司披露回购进展 今日看点 8月22日重点关注的财经要闻与资本市场大事： 8月22日，23家公司共发布25个股票回购相关进展。其中，9家公司 ...

格隆汇8月22日｜Wind数据显示，周五（8月22日），共有4家公司限售股解禁，合计解禁量为4.44亿 股，按最新收盘价计算，合计解禁市值为331.44亿元。从解禁量来看，3家公司解禁股数超千万股。联 影医疗、长城证券、盈方微解禁量居前，解禁股数分别为2.31亿股、1.15亿股、9452.02万股。从解禁市 值来看，3家公司解禁股数超亿元。联影医疗、长城证券、盈方微解禁市值居前，解禁市值分别为 308.89亿元、13.75亿元、8.02亿元。从解禁股数占总股本比例来看，2家公司解禁比例超10%。联影医 疗、盈方微、长城证券解禁比例居前，解禁比例分别为28.01%、11.26%、2.85%。 ...

从解禁市值来看，联影医疗、长城证券、盈方微解禁市值居前，解禁市值分别为308.89亿元、13.75亿 元、8.02亿元。 从解禁股数占总股本比例来看，2家公司解禁比例超10%。联影医疗、盈方微、长城证券解禁比例居 前，解禁比例分别为28.01%、11.26%、2.85%。 每经AI快讯，Wind数据显示，周五（8月22日），共有4家公司限售股解禁，合计解禁量为4.44亿股，按 最新收盘价计算，合计解禁市值为331.44亿元。 （文章来源：每日经济新闻） 从解禁量来看，联影医疗、长城证券、盈方微解禁量居前，解禁股数分别为2.31亿股、1.15亿股、 9452.02万股。 ...