Core Viewpoint - Nanjing Julong Technology Co., Ltd. has issued convertible bonds to unspecified investors, raising a total of RMB 218.5 million, with the bonds set to trade on the Shenzhen Stock Exchange starting August 17, 2023 [3][4][18] Group 1: Issuance Details - The company issued 2,185,000 convertible bonds at a face value of RMB 100 each, with a total issuance amount of RMB 21,850 million [3][4] - The bonds have a maturity period of six years, from July 26, 2023, to July 25, 2029, with an annual interest rate that increases progressively from 0.3% in the first year to 3.0% in the sixth year [4][5] - The net proceeds from the bond issuance, after deducting issuance costs of RMB 6,745,683.94, will be used for specific projects, including the construction of production lines for special engineering plastics and carbon fiber composite materials [15][16] Group 2: Bond Terms and Conditions - The initial conversion price for the bonds is set at RMB 18.27 per share, which will be adjusted to RMB 18.02 per share following the company's 2024 annual equity distribution [6][18] - The bondholders will receive interest annually, and the interest calculation is based on the bond's face value and the applicable interest rate for that year [5][10] - The company has outlined conditions under which the conversion price may be adjusted, including stock dividends and capital increases [7][8] Group 3: Rights and Obligations of Bondholders - Bondholders have the right to receive interest, convert their bonds into shares, and exercise a buyback option under certain conditions [13][14] - The company is obligated to adhere to the terms outlined in the bond issuance documents and to ensure timely payment of interest and principal [14] - In the event of significant changes to the use of raised funds, bondholders may have the right to sell their bonds back to the company [12][15]

Group 1: Economic Indicators - The domestic CPI has remained around 0 since April 2023, with June CPI showing a year-on-year increase of 0.1% after four consecutive months of decline [1] - The June PPI decreased by 3.6% year-on-year, marking the 33rd consecutive month in negative territory, with production materials and living materials both showing significant declines [2][3] - The decline in prices is attributed to factors such as the deep adjustment in the real estate market, pessimistic income expectations, and overcapacity in emerging industries like new energy and photovoltaics [3] Group 2: Policy Recommendations - To address the low price environment, it is essential to implement more proactive macroeconomic policies, including effective fiscal and monetary measures [3] - The report suggests expanding government-led investment demand, focusing on new infrastructure and urban renewal, and utilizing special government bonds to stimulate the economy [3][5] - There is a need to enhance consumer demand by increasing residents' income, particularly for low- and middle-income groups, and stabilizing property and stock market incomes [5] Group 3: Market Outlook - The report indicates that the upcoming policy window in July is expected to bring more favorable policies, which may boost market risk appetite [6][7] - The market is currently lacking a clear mainline, but sectors such as technology growth (semiconductors, AI, consumer electronics) and new consumption industries are highlighted as having upward potential [8] - The focus on long-term investments from insurance funds is expected to increase, as new policies are set to encourage stable and value-oriented investments [7]

Core Viewpoint - The company plans to adjust the use of part of its idle raised funds and self-owned funds for cash management to enhance fund utilization efficiency and increase shareholder returns while ensuring that it does not affect the construction of fundraising investment projects and daily operational funding needs [1][2]. Summary by Sections 1. Cash Management Adjustment - The company intends to use up to RMB 1 billion (including oversubscription funds) of temporarily idle raised funds and RMB 500 million of self-owned funds for cash management [2]. - The cash management will be implemented after approval at the 2024 annual general meeting and will be valid until the 2025 annual general meeting [2]. 2. Investment Purpose and Products - The investment aims to ensure the preservation and appreciation of cash while safeguarding shareholder interests [1]. - The company will invest in low-risk financial products with high safety and liquidity, with a maximum investment period of 12 months [1][3]. 3. Risk Control Measures - The company will take measures to control investment risks, including timely actions if risks affecting fund safety are identified [3]. - Investments will be made in products issued by financially secure institutions, and professional audits will be conducted [3]. 4. Impact on Company Operations - The cash management will not affect the normal operations of the company or the construction of fundraising investment projects, thereby improving fund utilization efficiency and generating investment returns [4][5]. 5. Approval Process - The board of directors and the supervisory board have approved the adjustment of the cash management scope, which will be submitted for shareholder approval [5]. - The sponsor institution has confirmed that the adjustment complies with relevant laws and regulations and does not adversely affect the fundraising projects [5].

Group 1 - The company, Changcheng Securities Co., Ltd., will pay interest on its publicly issued corporate bonds (third phase) on July 16, 2025, for the period from July 16, 2024, to July 15, 2025 [1][2] - The bond has a nominal interest rate of 2.29%, with each unit (face value of 1,000 yuan) receiving an interest payment of 22.90 yuan (including tax) [2][3] - After tax deductions, individual and securities investment fund bondholders will receive 18.32 yuan per unit, while non-resident enterprises will receive the full 22.90 yuan [2][4] Group 2 - The bondholders eligible for interest payments are those registered as of the close of trading on July 15, 2025 [3][4] - The company will entrust China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, to handle the interest payment process [3][4] - Tax obligations for individual bondholders include a 20% personal income tax on interest income, which will be withheld at the time of payment [4][5]

证券代码：002939 证券简称：长城证券 公告编号：2025-048 长城证券股份有限公司 2024 年年度权益分派实施公告 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）2024 年年度权益分派方案已经 2025 年 6 月 25 日召开的公司 2024 年度股东大会审议通过。公司 2024 年度利润分配 方案为：以公司总股本 4,034,426,956 股为基数，向全体股东每 10 股派发现金红 利 0.92 元（含税），合计派发 371,167,279.95 元（实际派发现金红利总额与拟分 配现金总额略有差异系尾数四舍五入所致），不送红股，不以资本公积转增股本。 现将权益分派事宜公告如下： 一、权益分派方案 公司 2024 年年度权益分派方案为：以公司现有总股本 4,034,426,956 股为基 数，向全体股东每 10 股派发现金红利 0.92 元（含税；扣税后，通过深股通持有 股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券投资 基金每 10 股派 0.828 元；持有首发后限售 ...

从业绩驱动因素来看，自营投资业务成为核心引擎。9 家券商中，有8家在公告中提及自营投资业务收入或相关内容，例 如，国信证券在报告中提到"自营投资业务收入及经纪业务手续费净收入等主要业务收入相比上年同期有较大幅度增长"， 国金证券也提及"报告期内财富管理业务、自营投资业务业绩同比增长"。 这一表现与上半年 A 股市场行情密切相关——今年上半年沪深两市日均成交量达1.35万亿元，较2024年同期放量近30%， 交投活跃度显著提升。受益于权益类资产价格普遍上涨，券商自营业务通过持仓增值、交易获利等方式实现收益增长，凸 显出其 "靠天吃饭"、与市场成交量高度关联的特点。 A股中报行情陆续展开，首批9家券商率先交出上半年"成绩单"，业绩集体报喜。其中，国信证券以47.8亿元至55.3亿元的 预计归母净利润领跑，同比增幅达52%至76%；国联民生和华西证券的预计归母净利润同比增幅更是超1000%，国金证券、 华林证券等多家券商的同比增幅也均超100%，展现出强劲的增长态势。 | | | 部分上市券商2025年半年度业绩预告 | | | | --- | --- | --- | --- | --- | | 券商简称 | | ...

证券代码：002939 证券简称：长城证券 公告编号：2025-048 长城证券股份有限公司 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）2024 年年度权益分派方案已经 2025 年 6 月 25 日召开的公司 2024 年度股东大会审议通过。公司 2024 年度利润分配 方案为：以公司总股本 4,034,426,956 股为基数，向全体股东每 10 股派发现金红 利 0.92 元（含税），合计派发 371,167,279.95 元（实际派发现金红利总额与拟分 配现金总额略有差异系尾数四舍五入所致），不送红股，不以资本公积转增股本。 现将权益分派事宜公告如下： 一、权益分派方案 公司 2024 年年度权益分派方案为：以公司现有总股本 4,034,426,956 股为基 数，向全体股东每 10 股派发现金红利 0.92 元（含税；扣税后，通过深股通持有 股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券投资 基金每 10 股派 0.828 元；持有首发后限售股、股权激励限售股及无限售流通股 ...

| 证券代码：002939 | 证券简称：长城证券 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 债券代码：148811 | 债券简称：24 | 长城 | 05 | | 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（第三期） （品种一）2025 年付息公告 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。 特别提示： 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（第三期） （品种一）（债券简称：24 长城 05，债券代码：148811，以下简称本期债券）将 于 2025 年 7 月 16 日支付 2024 年 7 月 16 日至 2025 年 7 月 15 日期间的利息，债 权登记日为 2025 年 7 月 15 日。 根据《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（第 三期）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 行公司债券（第三期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期 ...

| 证券代码：002939 | 证券简称：长城证券 | | | 公告编号：2025-047 | | --- | --- | --- | --- | --- | | 债券代码：148812 | 债券简称：24 | 长城 | 06 | | 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（第三期） （品种二）2025 年付息公告 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。 特别提示： 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（第三期） （品种二）（债券简称：24 长城 06，债券代码：148812，以下简称本期债券）将 于 2025 年 7 月 16 日支付 2024 年 7 月 16 日至 2025 年 7 月 15 日期间的利息，债 权登记日为 2025 年 7 月 15 日。 根据《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（第 三期）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 行公司债券（第三期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期 ...

Core Viewpoint - The A-share brokerage sector is experiencing a significant surge in both performance and stock prices, with many firms reporting substantial profit increases for the first half of 2025, indicating a positive outlook for the industry [1][6]. Performance Summary - As of mid-July, 11 A-share listed brokerages have released their mid-year performance forecasts, all indicating profit growth. Notably, Guolian Minsheng and Huaxi Securities are expected to see net profit increases exceeding 1000% [1][3]. - The leading firm, Guoxin Securities, anticipates a net profit between 47.8 billion to 55.3 billion yuan, with four other brokerages expecting profits over 10 billion yuan [3][4]. Profit Growth Details - Huaxi Securities and Guolian Minsheng are projected to have net profit growth rates of 1353.9% and 1183%, respectively. This growth is attributed to strategic market opportunities and the integration of financial services [4][5]. - Other brokerages, such as Huitong Securities and Guojin Securities, also expect significant profit increases, with several firms forecasting growth rates above 100% [5][6]. Market Performance - The brokerage sector's stock prices have surged, with Guolian Minsheng's stock rising by 25% on July 14, reflecting investor confidence in the sector's performance [6][7]. - The overall market sentiment is positive, with analysts predicting continued growth in the brokerage sector due to increased trading activity and new investor participation [7][8]. Future Outlook - Analysts are optimistic about the brokerage industry's growth potential in the second half of 2025, driven by favorable market conditions and increased investor confidence [6][8]. - The significant rise in new investor accounts in the A-share market suggests a recovery in market activity, which could further enhance brokerage performance [6][8].