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） 发行公告 发行人 1 本公司及其全体董事、监事、高级管理人员或履行同等职责的人员保证公告 内容真实、准确和完整。 重 要 提 示 1、长城证券股份有限公司（以下简称"发行人"、"本公司"或"公司"）已 于 2025 年 2 月 27 日获得中国证券监督管理委员会证监许可〔2025〕371 号文注 册公开发行面值不超过 120 亿元的公司债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，"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）"（以下简称"本期债券"）为本次债券项 下的第三期发行，本期债券发行规模为不超过人民币 20 亿元（含 20 亿元）。 主承销商、债券受托管理人 签署时间：二〇二五年九月 2、本期债券分为两个品种，品种一简称为"25 长城 03"，债券代码为 524424， 品种二简称为"25 长城 04"，债券代码为 524425。本期债券发行规模为不超过人 民币 20 亿元（含 20 亿元），每张面值为 100 元，发行数量不超过 2,000 万张， 发行价格为人民币 1 ...

特此公告 联合资信评估股份有限公司 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） 信用评级报告 www.lhratings.com 1 联合〔2025〕9135 号 联合资信评估股份有限公司通过对长城证券股份有限公司及其 拟面向专业投资者公开发行的 2025 年公司债券（第二期）的信用状 况进行综合分析和评估，确定长城证券股份有限公司主体长期信用 等级为 AAA，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）信用等级为 AAA，评级展望为稳定。 评级总监： 二〇二五年九月二日 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资 信履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性 不作任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合 资信不对专业机构出具的专业意见承担任何责任。 四、本次信用评级结果仅适用于本次（期）债券，有效期为本次（期） 债券的存续期；根据跟踪评级的结论，在有效期内评级结果有可能发生变 化。联合资信保留对评级结果予以调整、更新、终止与撤销的权利。 五、本报告所含评级结论和相关分析不构成任何投资或 ...

长城证券股份有限公司2024年面向专业投资者公开发行公司债券 更名公告 2025年2月27日，中国证券监督管理委员会以证监许可〔2025〕371号文同 意长城证券股份有限公司面向专业投资者公开发行公司债券。 由于债券分期发行，按照公司债券命名惯例，征得主管部门同意，本期债 券名称由"长城证券股份有限公司2024年面向专业投资者公开发行公司债券"变 更为 "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）"，分品种发行，品种一全称为"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）（品种一）"，债券简称"25长城03"；品 种二全称为"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）（品种二）"，债券简称"25长城04"。 本期债券名称变更不改变原签订的与本期公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律 文件包括但不限于：《长城证券股份有限公司2024年面向专业投资者公开发行 公司债券之受托管理协议》《长城证券股份有限公司2024年面向专业投资者公 开发行公司债券持有人会议规则》。 特此 ...

长城证券股份有限公司 （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） 2025 年面向专业投资者公开发行公司债券（第 二期）募集说明书 发行人： 长城证券股份有限公司 主承销商： 国信证券股份有限公司 受托管理人： 国信证券股份有限公司 发行金额 不超过 20 亿元（含 20 亿元） 增信措施情况： 本期债券无担保 信用评级结果： 发行人主体信用等级 AAA，本期债券信用等级 AAA 信用评级机构： 联合资信评估股份有限公司 本公司承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。债 券发行的利率或者价格应当以询价、协议定价等方式确定，本公司不会操纵发行 定价、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他相关利益主体 输送利益，不直接或通过其他利益相关方向参与认购的投资者提供财务资助、变 相返费，不出于利益交换的目的通过关联金融机构相互持有彼此发行的债券，不 实施其他违反公平竞争、破坏市场秩序等行为。 本公司如有董事、监事、高级管理人员、持股比例超过 5%的股东及其他关 联方参与本期债券认购，本公司将在发行结果公告中就相关认购情况进行披露。 中国证券监督 ...

保荐代表人： 长城证券股份有限公司 关于国科恒泰（北京）医疗科技股份有限公司 保荐人名称：长城证券股份有限公司 被保荐公司简称：国科恒泰 保荐代表人姓名：张涛 联系电话：0755-83516222 保荐代表人姓名：李宛真 联系电话：0755-83516222 一、保荐工作概述 项目 工作内容 （1）是否及时审阅公司信息披露文件 是 （2）未及时审阅公司信息披露文件的次数 0次 （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 是 管理制度、内控制度、内部审计制度、关联交易 制度） （2）公司是否有效执行相关规章制度 是 （1）查询公司募集资金专户次数 每月一次 （2）公司募集资金项目进展是否与信息披露文件 是 一致 （1）列席公司股东会次数 未现场列席，已审阅会议文件 （2）列席公司董事会次数 未现场列席，已审阅会议文件 （1）现场检查次数 年度持续督导定期现场检查 （2）现场检查报告是否按照本所规定报送 是 （3）现场检查发现的主要问题及整改情况 无 （1）发表专项意见次数 4次 （2）发表非同意意见所涉问题及结论意见 无 （1）向本所报告的次数 0次 （2）报告事项 ...

Group 1 - The company is under the sponsorship of Changcheng Securities Co., Ltd. for its ongoing supervision and tracking report for the first half of 2025 [1] - The company has not failed to review any information disclosure documents, with zero instances of late reviews [1] - The company has established and effectively executed relevant regulations, including those to prevent related parties from occupying company resources [1] Group 2 - The company plans to use up to RMB 100 million (including the principal) of idle raised funds to temporarily supplement working capital for its main business activities [1] - The company will ensure that the temporary use of funds will be returned to the designated account within 12 months [1] - The actual controller and its concerted actors hold 48.80% of the company's shares after the recent share reduction, which will not lead to a change in control or significantly impact the company's governance structure [2] Group 3 - The company has disclosed its share reduction plan and has fulfilled its information disclosure obligations [2] - There are no reported issues or measures taken by the sponsor regarding the company's compliance with commitments [3]

Group 1: PMI Overview - The US manufacturing PMI for August 2025 rose to 48.7%, up from 48.0% in the previous month, marking a slight recovery but remaining in contraction territory for six consecutive months[2] - The output index has accelerated its contraction, dropping to a level below the expansion threshold, indicating significant declines in production contributions[5] - The new orders index, after six months of contraction, returned to the expansion zone, suggesting a potential recovery in market demand[5] Group 2: Economic Implications - The contradiction between recovering market demand and contracting production highlights the impact of tariffs on business operations, leading to reduced finished goods inventory[5] - If the Federal Reserve lowers interest rates, it could stimulate consumer demand and encourage businesses to replenish inventories, potentially boosting the PMI[2] - Despite the slight increase in PMI, the overall manufacturing sector continues to show weakness throughout the year, with high interest rates suppressing investment demand[2] Group 3: Employment and Inventory Trends - The employment index increased by 0.4 percentage points to 43.8%, remaining below the expansion threshold for seven months, indicating a weak labor market[24] - The raw materials inventory index rose by 0.5 percentage points to 49.4%, while raw material prices decreased by 1.1 percentage points to 63.7%, suggesting easing cost pressures but persistent inflation concerns[21] - The divergence between the new orders index and the output index reflects insufficient consumer momentum, with businesses adopting cautious inventory management strategies[16]

Group 1 - Baidu's stock price closed at $98, up 1.88%, reaching a nearly six-month high [1] - Longzhong Securities has given Baidu a "buy" rating, recognizing its active exploration of AI search commercialization and the rapid growth of its smart cloud and autonomous driving businesses [1] - Baidu AI search is the only Chinese search engine to enter the global top ten in the AI application list released by A16Z [3] Group 2 - Longzhong Securities believes that in Q2, Baidu is gradually exploring AI search commercialization, including the development of more flexible and native advertising formats that seamlessly integrate into user experience [3] - AI search has the potential to cover long-tail queries and non-commercial scenarios that traditional search struggles to monetize, which is expected to enhance monetization efficiency in the long term [3]

Core Viewpoint - The A-share listed securities firms have shown positive growth in asset management business revenue in the first half of 2025, with a focus on both fixed income and equity investments, indicating a trend of "stronger firms becoming stronger" [1][2]. Group 1: Revenue Growth and Performance - Nearly 20 A-share listed securities firms reported positive year-on-year growth in asset management revenue in the first half of 2025, with notable firms including CITIC Securities, GF Securities, and Guotai Junan [2]. - CITIC Securities led the sector with total asset management revenue of 6.017 billion yuan, followed by GF Securities and Guotai Junan, each exceeding 3 billion yuan [2]. - Huatai Securities achieved the highest revenue growth rate at 6487.85%, while Guotai Junan and Changcheng Securities reported growth rates of 44.77% and 38.01%, respectively [2]. Group 2: Asset Management Scale and Investment Focus - CITIC Securities had an asset management scale of 1.556 trillion yuan, the only firm surpassing the trillion yuan mark, while Guotai Junan, Huatai Securities, and China International Capital Corporation also exceeded 600 billion yuan [2]. - The bond market remains the primary focus for securities firms' asset management, with bond funds accounting for 79.06% of the total asset management products, which had a net value of 1.134875 trillion yuan as of June 2025, reflecting a 7.53% increase since the beginning of the year [2]. Group 3: Diversification and Future Strategies - Securities firms are increasing their investments in non-traditional fixed income assets such as ABS and REITs, with notable issuances including 2 REITs projects totaling 1.206 billion yuan by Changcheng Asset Management [3]. - Many listed securities firms are actively expanding their equity product offerings, with Huazhang Asset Management focusing on equity investment transformation and launching new products to enhance market coverage [3]. - Enhancing active management capabilities and diversifying investment strategies are key focuses for many A-share listed securities firms moving forward, with plans to develop multi-asset and multi-strategy product lines [4]. Group 4: Regulatory and Market Trends - The low interest rate environment has made fixed income investments less attractive, pushing firms to seek public fund management qualifications to expand their investment avenues [5]. - Several firms, including China Merchants Securities and GF Securities, have applied for public fund management licenses, which are seen as crucial for future business development and growth opportunities [5].

Group 1: Company Overview and Strategy - The company focuses on differentiated development through industrial finance, particularly in the context of the "dual carbon" initiative, establishing a new "one chain, one circle" industrial finance model [2][4] - The "Science and Technology Innovation Financial Port" is built on a self-controllable technology industrial chain, aiming to create an "industrial finance value chain" and a "science and technology innovation financial ecosystem" [2][4] Group 2: Financial Performance - In the first half of 2025, the company achieved a record total revenue of 2.859 billion CNY, a year-on-year increase of 44.24% [5] - The net profit attributable to shareholders reached 1.385 billion CNY, up 91.92% year-on-year, with basic earnings per share of 0.34 CNY, reflecting an 88.89% increase [5] Group 3: Collaboration and Resource Utilization - The company collaborates with major shareholders like China Huaneng, focusing on five key areas: debt management, equity financing, capital market operations, high-quality development, and new industry development [4] - The company has established a "1+N" service model to enhance service capabilities and deepen collaboration with strategic clients [4] Group 4: Investment Strategy - The company is exploring business transformation in its fixed income sector due to low bond market yields, enhancing asset allocation strategies and diversifying bond strategies [5][6] - In equity investments, the company adopts a "high dividend +" strategy, focusing on low-volatility high-dividend assets as a profit foundation [6]