Summary of Key Points Core Viewpoint - Changcheng Securities (002939) has shown a positive market performance with a closing price of 12.54 yuan, reflecting a 5.47% increase from the previous trading day, and a total market capitalization of 50.592 billion yuan as of September 17, 2025 [1]. Group 1: Stock Performance - The stock opened at 11.85 yuan, reached a high of 12.75 yuan, and a low of 11.81 yuan during the trading session [1]. - The trading volume for the day was 25.59 billion yuan, with a turnover rate of 5.74% [1]. Group 2: Financial Announcement - On March 12, 2025, the company issued the fifth phase of short-term financing bonds for the year 2025, with an issuance amount of 1 billion yuan and a coupon rate of 2.08% [1]. - The bonds have a maturity period of 188 days, with the repayment date set for September 16, 2025 [1]. - The total amount of principal and interest paid on the bonds was 1,010,713,424.66 yuan, which was successfully completed on the repayment date [1].

Market Overview - The Shanghai Composite Index rose by 0.37% on September 17, with 20 out of 28 sectors experiencing gains, led by the power equipment and automotive sectors, which increased by 2.55% and 2.05% respectively [1] - The non-bank financial sector saw a rise of 0.55%, while the agriculture, forestry, animal husbandry, and fishery sectors, along with retail trade, faced declines of 1.02% and 0.98% respectively [1] Non-Bank Financial Sector Analysis - The non-bank financial sector experienced a net outflow of 5.229 billion yuan in capital, with 83 stocks in the sector; 69 stocks rose, and 3 hit the daily limit up, while 13 stocks declined [1] - Among the stocks with net inflows, 36 saw capital inflows exceeding 100 million yuan, with Dongfang Caifu leading at 745 million yuan, followed by Zhongliang Capital and Great Wall Securities with inflows of 571 million yuan and 225 million yuan respectively [1] - The stocks with the highest net outflows included Citic Securities, Guotai Junan, and China Ping An, with outflows of 2.701 billion yuan, 1.228 billion yuan, and 747 million yuan respectively [1] Key Stocks in Non-Bank Financial Sector - Citic Securities: -0.99% change, turnover rate of 2.48%, net outflow of 2.701 billion yuan [1] - Guotai Junan: -0.99% change, turnover rate of 1.49%, net outflow of 1.228 billion yuan [1] - China Ping An: -0.09% change, turnover rate of 0.64%, net outflow of 747 million yuan [1] - Dongfang Securities: +0.38% change, turnover rate of 2.79%, net outflow of 558 million yuan [1] Capital Flow Summary - The non-bank financial sector's capital flow indicates a mixed performance, with significant inflows into certain stocks while others faced substantial outflows, reflecting investor sentiment and market dynamics [1][2]

证券代码：002939 证券简称：长城证券 公告编号：2025-074 长城证券股份有限公司 关于 2025 年度第五期短期融资券兑付完成的公告 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（以下简称公司）于 2025 年 3 月 12 日发行了公司 2025 年度第五期短期融资券，发行金额为人民币 10 亿元，票面利率为 2.08%， 发行期限为 188 天，兑付日为 2025 年 9 月 16 日。 2025 年 9 月 16 日，公司兑付了 2025 年度第五期短期融资券本息共计人民 币 1,010,713,424.66 元。 特此公告。 长城证券股份有限公司董事会 2025 年 9 月 18 日 ...

Core Viewpoint - Changcheng Securities Co., Ltd. announced the issuance of its fifth short-term financing bond for the year 2025, with a total amount of RMB 1,010,713,424.66 due for repayment on a specified date in 2025 [1] Group 1 - The issuance amount of the short-term financing bond is unspecified in the announcement [1] - The coupon rate for the bond is set at 2.08% [1] - The repayment date for the principal and interest of the bond is designated for a specific date in 2025 [1]

Group 1 - The stock of Guiding Compass has increased by over 10%, reaching a historical high [1] - Huijin Co., COFCO Capital, and Shouchuang Securities have hit the daily limit up [1] - Other companies such as Great Wall Securities, Shaanxi Guotou, Xinda Securities, and Guotou Capital have also seen significant gains [1]

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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ...