长城证券（002939）发布研报称，当前中国锂电企业在全球动力电池产业的规模生产能力和高端技术领 先优势都较为明显，保持长期稳定增长的发展的趋势可期。一方面是因为我国国内有足够大的新能源车 市场需求，另一方面是较为完善的供应链支持有利于企业在合理的利润空间前提下参与全球竞争。此次 从国家层面提高行业安全性标准有利于强化头部集中效应，助力优质企业提升经营质量。 长城证券主要观点如下： 事件 3月28日，工信部组织制定的强制性国家标准《电动汽车用动力蓄电池安全要求》(gb38031—2025)由国 家市场监督管理总局、国家标准化管理委员会批准发布，将于2026年7月1日起开始实施。 新要求对多项动力电池的关键技术指标标准均进行了修订，将安全性放在此次国标规则提高的重中之重 国家重点推出新能源车动力电池相关安全政策，旨在提高行业生产经营质量。根据乘联会公布数据， 2025年4月初步推算本月狭义乘用车零售总市场规模175万辆左右，同比去年增长14.4%，环比上 月-9.8%，新能源零售预计可达90万，渗透率51.4%。然而4月月中整体车市折扣率约为23.7%，侧面反 映新能源车价格竞争仍较为激烈，各家车企的降本增效工 ...

Group 1 - The issuance of technology innovation bonds (科创债) by 12 securities firms has reached a total scale of 17.7 billion yuan, aimed at funding strategic emerging industries such as integrated circuits, artificial intelligence, and renewable energy [1] - The expansion of the bond issuance is expected to enhance the confidence in the technology innovation sector and attract capital inflows into related industries [1] - Overall, the issuance of technology innovation bonds is beneficial for optimizing the capital market structure and injecting new vitality into the stock market [1] Group 2 - The scale of newly issued public funds has surpassed 340 billion yuan this year, with equity funds accounting for over 50% of the total, indicating a growing demand for equity assets [2] - Leading institutions such as Fortune Fund, Huaxia Fund, and E Fund have shown significant issuance scales, reflecting investor trust in top-tier fund managers [2] - This trend is likely to promote the development of equity funds and enhance market activity [2] Group 3 - In April 2025, the number of new A-share accounts reached 1.92 million, showing a significant year-on-year increase of 30.6% compared to April 2024 [3] - Despite a slight decline from the previous month, the new account openings indicate a high level of market participation and a recovery in investor confidence [3] - The increase in new accounts may positively impact the brokerage sector and enhance stock market liquidity [3] Group 4 - In the past six months, four vice presidents have left Cinda Australia Fund, including a prominent fund manager, reflecting intensified competition and performance pressure in the public fund industry [4][5] - Over 60% of the active equity products from Cinda Australia Fund have reported negative returns over the past three years, suggesting a need for strategy adjustments [5] - The personnel changes may temporarily affect investor confidence, but the ongoing industry reshuffling is expected to promote healthier development and improve overall management standards [5]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, expanding the range of issuers to include financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1][2] Group 1: Issuance Plans - Major financial institutions such as the China Development Bank plan to issue up to 200 billion yuan in technology innovation bonds, while Industrial and Commercial Bank of China aims for a base issuance of 100 billion yuan, with a potential excess of 100 billion yuan [2] - Securities firms have also announced plans, with a total proposed issuance of up to 177 billion yuan, including firms like CITIC Securities and Huatai Securities [2] - A total of 36 companies have announced plans to issue technology innovation bonds, with a combined issuance scale of 21 billion yuan as of May 8 [1] Group 2: Funding Utilization - The funds raised from technology innovation bonds will primarily support the development of technology innovation businesses, including investments in national technology innovation demonstration enterprises and manufacturing champions [4] - Some securities firms plan to allocate a portion of the raised funds for market-making and underwriting services related to technology innovation [4] Group 3: Market Impact - The inclusion of financial institutions as issuers of technology innovation bonds is expected to expand the market and enhance the synergy between debt, equity, and loan funding for technology innovation [3][6] - The issuance of technology innovation bonds is projected to exceed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 59% [5] - The average issuance rate for 5-year AAA-rated technology innovation bonds is expected to remain lower than that of ordinary corporate bonds, indicating a favorable financing environment for technology companies [5]

Core Viewpoint - Great Wall Securities (002939) announced the issuance of technology innovation corporate bonds aimed at professional investors, with a total issuance scale not exceeding RMB 500 million, including the full amount [1] Group 1: Bond Issuance Details - The bond issuance is scheduled for 2025, with the bond referred to as "25长证K1" and the bond code being 524270 [1] - The price of the bond is set at RMB 100 per unit, with a maximum issuance quantity of 5 million units [1] - The coupon rate inquiry range is between 1.4% and 2.4% [1] Group 2: Credit Ratings - The bond has been rated AAA by the joint credit rating agency, indicating a strong credit quality [1] - The issuer also holds an AAA rating for its overall creditworthiness, with a stable rating outlook [1]

长城证券股份有限公司 2025 年面向专业投资者公开发行 科技创新公司债券（第一期） 信用评级报告 www.lhratings.com 1 联合〔2025〕2448 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 年科技创新公司债券（第一期） 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 资者公开发行科技创新公司债券（第一期）信用等级为 AAA，评级 展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年四月十八日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资 ...

长城证券股份有限公司 2025 年面向专业投资者公开发行科技创新 公司债券（第一期） 发行公告 发行人 主承销商、债券受托管理人 签署时间：二〇二五年五月 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科技创新公司债券（第一期）"（以下简称"本期债券"）为本 次债券项下的第一期发行，本期债券发行规模为不超过人民币 5 亿元（含 5 亿 元）。 2、本期债券简称为"25 长证 K1"，债券代码为 524270。本期债券发行规模 为人民币 5 亿元，每张面值为 100 元，发行数量不超过 500 万张，发行价格为人 民币 100 元/张。 3、根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资 者发行，普通投 ...

更名公告 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 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科技创新公司债 券（第一期）"，债券简称"25长证K1"。 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》。 特此说明。 （以下无正文） 司债券更名公告》之盖章页） 发行人：长城证券股份有限公司 年 月 日 主承销商：国信证券股份有限公司 年 月 日 （此页无正文，为《长城证券股份有限公司 2024 年面向专业投资者公开发行公 （此页无正文，为 ...

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） 本公司将及时、公平地履行信息披露义务，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募集说明书信息披露的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述和 重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 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。 2025 年面向专业投资者公开发行科技创新公司 债券（第一期） ...

Core Viewpoint - The company aims to enhance its position in the financial services sector by focusing on "green finance, technology innovation finance, and industrial finance," leveraging its strengths in the power and energy sectors to create a "Technology Innovation Finance Port" [2] Group 1: Business Strategy and Focus - The company will continue to implement a strategy of "industry brokerage + first-class investment banking," emphasizing both heavy and light capital businesses [2] - Wealth management will focus on solidifying the customer base and transforming through financial products and advisory services [2] - Investment banking will stimulate equity business vitality through refinancing and mergers and acquisitions, while expanding bond business scale [2] Group 2: Competitive Advantages - The company has a comprehensive business platform with over 100 branches across key cities, ensuring a balanced regional layout [2] - It is strategically positioned in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its resource advantages and brand influence [2] - The company has a strong reputation built over nearly 30 years, supported by a complete set of business licenses and effective risk control [2] Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 1.277 billion yuan, a year-on-year increase of 41.02%, and a net profit of 605 million yuan, up 71.56% [6] - The company’s debt ratio stands at 75.26%, with investment income reported at 814 million yuan [6] Group 4: Future Outlook and Catalysts - The company is focused on providing high-quality investment banking services for asset securitization, particularly in the green finance and carbon neutrality sectors [3] - The self-operated investment strategy emphasizes low-volatility, high-dividend assets, and aims for a balanced asset allocation to achieve stable returns [4] Group 5: Shareholder Assessment and Collaboration - The company is evaluated on comprehensive indicators including operational performance, safety compliance, and functional services, with a focus on revenue, profit, and return on equity [5] - Key areas of service for 2025 include bond issuance, equity financing, and consulting for new industries [5]

Group 1: Company Strategy and Development - The company focuses on "green finance, technology innovation finance, and industrial finance" as part of its strategic development, leveraging its major shareholder's strengths in the power and energy sectors [1] - The next phase will emphasize the "industrial brokerage + top-tier investment banking" strategy, enhancing both capital-intensive and light capital businesses [1] - Wealth management will be transformed through financial products and advisory services, while investment banking will stimulate equity business vitality through refinancing and mergers [1] Group 2: Competitive Advantages and Market Position - The company has over 100 branches across economically developed regions, ensuring a balanced and reasonable regional layout [2] - It aims to enhance its brand influence and competitive edge by focusing on the power and energy sectors, supported by a comprehensive business platform and diverse business structure [2] - The company is advancing its "digital brokerage" initiatives and maintaining strong risk control and compliance, which underpins its sustainable development [2] Group 3: Investment and Asset Management - The company prioritizes low-volatility, high-dividend assets as a foundation for profitability, employing a flexible and balanced self-management strategy [3] - It is adjusting its self-managed asset allocation to optimize structure and capitalize on market opportunities, including potential structural opportunities in the New Third Board and Beijing Stock Exchange [3] - The goal is to build a "pyramid-type" asset portfolio that adapts to market conditions and funding attributes, aiming for stable returns that exceed market performance [3] Group 4: Performance Metrics and Future Collaborations - The company is evaluated on comprehensive indicators including operational performance, safety compliance, and functional services, with a focus on absolute values and industry benchmarks [4] - In 2025, key tasks will include bond issuance, equity financing, consulting, and research on new industry technology achievements [4]