| 债券简称：21 | 长城01 | 债券代码：149356 | 债券简称：23 | 长城04 | 债券代码：148244 | | --- | --- | --- | --- | --- | --- | | 债券简称：21 | 长城02 | 债券代码：149482 | 债券简称：23 | 长城05 | 债券代码：148289 | | 债券简称：21 | 长城04 | 债券代码：149524 | 债券简称：23 | 长城06 | 债券代码：148290 | | 债券简称：21 | 长城06 | 债券代码：149571 | 债券简称：23 | 长城07 | 债券代码：148319 | | 债券简称：21 | 长城07 | 债券代码：149641 | 债券简称：23 | 长城08 | 债券代码：148320 | | 债券简称：21 | 长城08 | 债券代码：149642 | 债券简称：23 | 长城09 | 债券代码：148509 | | 债券简称：21长城C1 | | 债券代码：115122 | 债券简称：23 | 长城10 | 债券代码：148510 | | 债券简称：22 | 长城01 | 债券代码：149 ...

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Group 1 - The report highlights that the A-share market experienced fluctuations driven by "geopolitical risks and policy games," with the Shanghai Composite Index declining by 0.52%, the Shenzhen Component Index by 1.16%, and the ChiNext Index by 1.66% during the week of June 16-20, 2025 [1][8] - The report notes that the recent Lujiazui Financial Forum emphasized two main themes: optimizing the cross-border payment system and improving the financing environment for technology enterprises, maintaining a "small steps, quick runs" approach without announcing any overly unexpected policies [1][9] - The report indicates that the U.S. Federal Reserve maintained its hawkish stance during the June FOMC meeting, keeping the benchmark interest rate unchanged at 4.25%-4.50% and signaling the need for more data to confirm inflation's return to the 2% target before considering rate cuts [1][9] Group 2 - The report discusses the current U.S. economic situation, indicating a "quasi-stagflation" environment characterized by weakened growth momentum and persistent inflation, with the GDP growth forecast for 2025 lowered to 1.4% and core PCE inflation expectations raised to 3.1% [2][17] - It highlights the increasing fiscal burden due to high interest rates and rising import costs from tariff policies, which exacerbate inflation without effectively increasing fiscal revenue, potentially leading to a long-term scenario of low growth and high inflation in the U.S. economy [2][17] - The report suggests that in the context of China's stable macro policy, sector allocation should focus on industry profit certainty to cope with external shocks and increased market volatility, with a particular emphasis on supporting the technology sector [3][18] Group 3 - The report identifies fire power generation as a sector to watch, citing its dual logic of high dividend defense and profit improvement expectations, with coal prices continuing to decline and summer peak electricity demand increasing [3][18] - It discusses stablecoins as a potential tool to maintain the strength of the U.S. dollar, with the global promotion of stablecoins indirectly expanding dollar demand, while China is building an offshore RMB stablecoin ecosystem to promote RMB internationalization [4][19] - The report notes that the Hang Seng Technology Index is currently in a "top and bottom" oscillation pattern, with leading companies benefiting from both consumption stimulus policies and technology self-reliance strategies, making it a sector of strong interest [4][19]

2025 年 6 月 21 日 证券代码：002939 证券简称：长城证券 公告编号：2025-041 长城证券股份有限公司 关于 2024 年度第十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 2024 年 11 月 15 日发行了公司 2024 年度第十期短期融资券，发行金额为人民币 10 亿元，票面利率为 1.89%， 发行期限为 216 天，兑付日为 2025 年 6 月 19 日。 2025 年 6 月 19 日，公司兑付了 2024 年度第十期短期融资券本息共计人民 币 1,011,184,657.53 元。 长城证券股份有限公司董事会 特此公告。 ...

Core Viewpoint - The report outlines the differentiated dividend distribution plan of Youlide Technology (China) Co., Ltd., confirming compliance with relevant laws and regulations, and indicating that the plan does not harm the interests of the company and its shareholders [5]. Group 1: Reasons for Differentiated Dividend - The differentiated dividend is due to the company's decision to adjust the total cash dividend amount for the 2024 fiscal year, as announced on May 17, 2025 [1]. - The company has completed the registration of an additional 499,051 shares, increasing the total share capital from 111,281,997 shares to 111,781,048 shares [1]. Group 2: Dividend Distribution Plan - The company plans to distribute a cash dividend of 10.00 yuan (including tax) for every 10 shares held, resulting in a total cash dividend distribution of 111,036,148 yuan (including tax) [2]. - The actual number of shares participating in the profit distribution is 111,036,148 shares after excluding 744,900 shares held in the repurchase account [2]. Group 3: Calculation Basis for Dividend Distribution - The reference price for ex-dividend trading is calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [3]. - With a closing price of 34.20 yuan on May 21, 2025, the calculated cash dividend per share is approximately 1.0 yuan, resulting in an ex-dividend reference price of 33.20 yuan per share [3][4]. - The impact of the differentiated dividend on the ex-dividend reference price is negligible, remaining below 1% [4]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution, Changcheng Securities, confirms that the differentiated dividend distribution complies with the Company Law, Securities Law, and other relevant regulations, ensuring no harm to the interests of the company and its shareholders [5].

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 公司债券（第一期）在深圳证券交易所上市的公告》之盖章页 2025 年面向专业投资者公开发行公司债券（第一期）在深 圳证券交易所上市的公告 长城证券股份有限公司 年 月 日 长城证券股份有限公司 （以下无正文） 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（第一期）符合深圳证券交易所债券上市条件， 将于 2025 年 6 月 18 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 年面向专业投资者公开发行公司债券（第 | | --- | --- | --- | --- | --- | --- | | | 一期）（品种一） | | | | | | 债券简称 | 长城 25 01 | | | | | | 债券代码 | 524306 | | | | | | 信用评级 | AAA/AAA | | | | | | 评级机构 | ...

| 证券代码：002939 | 证券简称：长城证券 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：148781 | 债券简称：24 长城 04 | | 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（第二期） （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（第二期） （品种二）（债券简称：24 长城 04，债券代码：148781，以下简称本期债券）将 于 2025 年 6 月 19 日支付 2024 年 6 月 19 日至 2025 年 6 月 18 日期间的利息，债 权登记日为 2025 年 6 月 18 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 二期）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（第二期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期限内，每年付息一次，为确保付息工作的顺利 ...

| 证券代码：002939 | 证券简称：长城证券 | 公告编号：2025-039 | | --- | --- | --- | | 债券代码：148780 | 债券简称：24 长城 03 | | 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（第二期） （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（第二期） （品种一）（债券简称：24 长城 03，债券代码：148780，以下简称本期债券）将 于 2025 年 6 月 19 日支付 2024 年 6 月 19 日至 2025 年 6 月 18 日期间的利息，债 权登记日为 2025 年 6 月 18 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 二期）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（第二期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期限内，每年付息一次，为确保付息工作的顺利 ...

Core Insights - The report focuses on the LiDAR industry, highlighting its dual-driven development in advanced intelligent driving and robotics sectors [1] Downstream Market Applications - Sensor fusion trend: LiDAR collaborates with cameras and millimeter-wave radars to compensate for the shortcomings of pure vision solutions, achieving a target tracking accuracy of 75% compared to 56% for pure vision in 2023 [1][42] - Market size: The global automotive LiDAR market is projected to reach $5.26 billion in 2023 and $3.632 billion by 2029 [2] - Robotics sector: 2025 is anticipated to be the commercial year for humanoid robots, with companies like Tesla planning to produce 5,000 units of Optimus [2] - Market potential: In 2023, robotics accounted for 68.2% of LiDAR applications, with the Chinese robotics LiDAR market expected to reach 28 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 67.9% [2] Industry Development Drivers - Cost reduction: Leading manufacturers are lowering costs through self-developed SoC chips and optical integration, with prices for mainstream automotive LiDAR models expected to drop from 350,000-400,000 yuan in 2023 to 300,000-350,000 yuan in 2024 [5] - Increased vehicle integration: L3 level requires one front-facing and 2-3 blind-spot radars, while L4 may require up to 10 units, driving demand growth [5] - Policy and technology support: National and local policies are promoting intelligent driving development, with L3 and above levels creating urgent demand for LiDAR [5] - Market share: By 2024, Chinese manufacturers are expected to lead the global market, with Hesai Technology (33%), RoboSense (24%), Huawei (19%), and TuSimple collectively holding 88% [5] Competitive Landscape and Manufacturer Dynamics - Hesai Technology: Projected revenue of 530 million yuan in Q1 2025 (+46.3%), with an expected annual delivery of 1.2 to 1.5 million units, including nearly 200,000 units for robotics [3] - RoboSense: Q1 2025 robot product sales reached 11,900 units (+183.3%), launching the MX LiDAR to break the $200 price barrier [3] Future Trends - The dual-driven development of intelligent driving and robotics is expected to push the Chinese LiDAR market to 43.18 billion yuan by 2026, with chip and solid-state technologies further driving cost reductions [12]

证券代码：002939 证券简称：长城证券 公告编号：2025-037 债券代码：148319 债券简称：23 长城 07 （债券简称：23 长城 07，债券代码：148319，以下简称本期债券）将 （品种一） 于 2025 年 6 月 16 日（2025 年 6 月 15 日为周日，顺延至其后第一个交易日）支 付 2024 年 6 月 15 日至 2025 年 6 月 14 日期间的利息，债权登记日为 2025 年 6 月 13 日。 长城证券股份有限公司 （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 2023 年面向专业投资者公开发行公司债券（第四期） 根据《长城证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第 四期）募集说明书》和《长城证券股份有限公司 2023 年面向专业投资者公开发 行公司债券（第四期）在深圳证券交易所上市的公告》有关条款的规定，在本期 债券的计息期限内，每年付息一次，为确保付息工作的顺利进行，现将有关事宜 公告如下： 一、本期债券基本情况 债券（ ...