住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层 2025 年 7 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》及《长城证券股份有限公司 2021 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 2022 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 2023 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之受托管理协议》（以下简称"《债券受托管理协议》"）等 相关规定、公开信息披露文件以及长城证券股份有限公司（以下简称"发行人" 或"公司"）出具的相关说明文件和提供的相关资料等，由债券受托管理人国信 证券股份有限公司（以下简称"国信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为国信证券所作的 承诺或声明。 | 债券简称：21 | 长城 | 08 | 债券代码：149642 | 债券简称：23 | 长城 | 10 | 债券代码：148 ...

Group 1 - The company completed the issuance of its 2025 seventh short-term financing bond on July 22, 2025 [2] - The relevant documents for the bond issuance have been published on the China Money website and the Shanghai Clearing House website [2] - The company guarantees that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1][4] Group 2 - The company issued its 2025 first short-term financing bond on January 15, 2025, with an issuance amount of RMB 1 billion and a coupon rate of 1.73% [4] - The bond had a maturity period of 188 days, with the repayment date set for July 22, 2025 [4] - On July 22, 2025, the company repaid the principal and interest of the first short-term financing bond, totaling RMB 1,008,910,684.93 [5]

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 1 月 15 日发行了公司 2025 年度第一期短期融资券，发行金额为人民币 10 亿元，票面利率为 1.73%， 发行期限为 188 天，兑付日为 2025 年 7 月 22 日。 证券代码：002939 证券简称：长城证券 公告编号：2025-052 长城证券股份有限公司 关于 2025 年度第一期短期融资券兑付完成的公告 长城证券股份有限公司董事会 2025 年 7 月 24 日 2025 年 7 月 22 日，公司兑付了 2025 年度第一期短期融资券本息共计人民 币 1,008,910,684.93 元。 特此公告。 ...

长城证券股份有限公司 2025 年度第七期短期融资券已于 2025 年 7 月 22 日 发行完毕，相关发行情况如下： | 债券名称 | | 长城证券股份有限公司 | | 年度第七期短期融资券 2025 | | | --- | --- | --- | --- | --- | --- | | 债券简称 | 长城证券 25 | | CP007 | 债券代码 | 072510134 | | 债券期限 | 天 94 | | | 计息方式 | 利随本清 | | 发行日 | 2025 年 7 | 月 | 21 日 | | | | 起息日 | 2025 年 7 | 月 | 22 日 | 兑付日 | 2025 年 10 月 24 日 | | 计划发行总额 | 10 亿元人民币 | | | 实际发行总额 | 10 亿元人民币 | | 票面利率 | 1.54% | | | 发行价格 | 100 元/百元面值 | 本期发行短期融资券的相关文件已在中国货币网(www.chinamoney.com.cn)、 上海清算所网站(www.shclearing.com.cn)刊登。 特此公告。 证券代码：002939 证券简称：长城证券 公告 ...

在同业评价方面，评审委员会由券商研究所、独立财富管理机构、媒体等高级管理人员组成，其中领导力 评估模型包括前瞻力、控制力、创新力、合规性、影响力五大维度，评审委员对领军人物领导力能力进行 打分（打分维度为1-10分），最终综合所有评分并进行百分制换算，最终得出同业评价总得分。 专题：上市券商领军人物领导力TOP榜 新浪财经首届上市券商领军人物领导力TOP榜结果出炉。本届"上市券商领军人物领导力TOP榜"以50家上 市券商为参评对象，根据2024年度营收规模进行排序，将参评券商划分为综合性券商（1-10名）、行业特 色发展券商（11-20名）、成长发展券商（21-50名）三个组别。明确组别后，综合考虑2024年度业绩表 现、同业评价、网络声量等多维度数据，对各组券商进行评分与排名。 据同业评价数据显示，长城证券李翔同业评价总得分为80.82分，上市券商行业总排名第28名，其中合规性 维度得分最高，达87.59分（百分制），影响力维度得分较低，为74.04分（百分制）。 其中前瞻力维度评比中，行业排名为第31名，评审委员最低打分为4分； 控制力维度评比中，行业排名为第30名，评审委员最低打分为4分； 创新力维度评 ...

Core Insights - The first Leadership TOP List for listed securities firms by Sina Finance has been released, with Li Xiang, President of Great Wall Securities, ranking 13th among growth-oriented securities firms [1] - The list aims to recognize the outstanding contributions and far-reaching influence of leaders in the securities industry, based on a comprehensive evaluation system that includes industry data, peer evaluations, and online presence [1] Industry Data Evaluation - Great Wall Securities received a score of 66.02 in industry data evaluation, ranking 43rd among 50 listed securities firms and 21st among 28 participating industry-specific firms [15] - Key financial metrics include: - Revenue growth rate: 0.73% - Net profit growth rate: 9.82% - Return on Assets (ROA): 1.33% - Return on Equity (ROE): 5.39% - Total assets growth rate: 6.58% - Net assets growth rate: 4.92% - Brokerage business profit margin: 51.81%, ranking 48th in the industry - Investment banking business profit margin: 39.47%, ranking 15th in the industry - Proprietary trading return: 3.75%, ranking 16th in the industry - Asset management business profit margin: 21.46%, ranking 37th in the industry [6] Peer Evaluation - Great Wall Securities achieved a score of 80.82 in peer evaluation, ranking 28th among 50 listed securities firms and 9th among 28 participating industry-specific firms [15] - Evaluation criteria included foresight, control, innovation, influence, and compliance, with scores of 77.47, 84.72, 80.27, 87.59, and 74.04 respectively [7] Online Presence Evaluation - The firm scored 96.44 in online presence evaluation, ranking 6th among 50 listed securities firms and 5th among 28 participating industry-specific firms [15] - This evaluation reflects the online influence of the securities company and its leaders over the past year, including metrics such as Weibo presence and media coverage [11]

Group 1 - Wahaha is facing family disputes, impacting sales and market confidence according to a distributor's statement [19] - The actual controller's father of Dongfang Caifang plans to transfer approximately 158.8 million shares, reducing his stake to 0.20% [20] - The new leadership at Huatai Fund marks the beginning of the "Lu Weiming era," with the company managing over 1.2 trillion yuan in assets [24] Group 2 - The resignation of the chairman of Zhejiang Merchants Bank indicates a turning point for the bank's "financial benevolence" strategy [25] - Long-standing executives from Wenta Technology have resigned, signaling a strategic shift towards semiconductors [27] - Ding Luming, a veteran analyst from CITIC Construction Investment, is transitioning to the private equity sector after a decade in research [29]

Group 1: Management Changes - Li Xiang has resigned as the President and CFO of Changcheng Securities due to personal reasons, and will not hold any positions in the company or its subsidiaries after his resignation [2][3] - Zhou Zhongshan, the Vice President and Board Secretary, has been appointed to temporarily assume the roles of President and CFO until a new appointment is made [2][3] - Both Li Xiang and Zhou Zhongshan are considered "veteran" figures in the company, having been with Changcheng Securities for nearly 30 years [2][3] Group 2: Financial Performance - In 2024, Changcheng Securities achieved total operating revenue of 4.02 billion yuan, a year-on-year increase of 0.73%, and a net profit attributable to shareholders of 1.58 billion yuan, up 9.82% year-on-year [4] - The company expects a significant increase in net profit for the first half of 2025, projecting a year-on-year growth of 85% to 95%, amounting to approximately 1.335 billion to 1.407 billion yuan [4] - The growth in performance is attributed to the company's strategic market opportunities, stable growth in wealth management and proprietary investment, and a rapid recovery in investment banking and asset management [4] Group 3: Shareholder Activity - In April 2024, the controlling shareholder, Huaneng Capital, announced plans to increase its stake in Changcheng Securities by 50 million to 100 million yuan through centralized bidding [5] - As of July 9, 2025, Huaneng Capital had accumulated 6.3709 million shares, representing 0.16% of the total share capital, with a total investment of approximately 50.17 million yuan [5]

Group 1 - The core point of the news is the resignation of Li Xiang as the president of Great Wall Securities due to personal reasons, with Zhou Zhongshan appointed as acting president until a new president is hired [1][3] - Li Xiang has been with Great Wall Securities since its establishment in 1995, making him a veteran in the securities industry [3] - Zhou Zhongshan, the acting president, has a rich background within the company, having held various positions and is expected to continue driving the company's strategic execution and development [3] Group 2 - Great Wall Securities has shown steady and rapid growth in recent years, achieving its best performance in the last three years according to the 2024 annual report [3] - The company forecasts a net profit attributable to shareholders between 1.335 billion and 1.407 billion yuan for the first half of 2025, representing a year-on-year increase of 85% to 95% [3] - The company attributes its performance growth to effective market strategies, stable growth in wealth management and proprietary investment, and a quick recovery in investment banking and asset management [3][4] Group 3 - The trend of younger executive teams in the securities industry is evident, with Great Wall Securities appointing three new vice presidents born in the 1970s [5] - The transition from "post-60s" to "post-70s" and "post-80s" executives is becoming a dominant trend in the industry, with several firms like Guotou Securities and Fangzheng Securities undergoing similar changes [6]

Core Viewpoint - The resignation of Li Xiang as the president and financial officer of Great Wall Securities has led to the appointment of Zhou Zhongshan as the acting president and financial officer, raising significant industry attention regarding leadership changes and strategic direction [1] Group 1: Leadership Transition - Zhou Zhongshan, born in January 1974, has a rich career history, starting from grassroots positions to becoming a core executive, showcasing a model of career progression within the company [1] - Zhou has held various roles since joining Great Wall Securities in 1998, including vice president and board secretary, culminating in his current acting role as president [1] Group 2: Strategic Initiatives - As the strategic execution director, Zhou has demonstrated exceptional capabilities in leading the company's "14th Five-Year Plan," focusing on "science and technology finance, green finance, and industrial finance," aligning with national financial directives [2] - Zhou has initiated the establishment of the "Group and Strategic Client Department," successfully integrating resources and enhancing the company's collaborative effects within the industry [2] Group 3: Business Innovation and Risk Management - Zhou has actively driven the transformation of investment banking and wealth management, positioning investment banking as a "specialized driver" and expanding into green bonds and the North Exchange market [2] - During the downturn of small-cap stocks in 2024, Zhou implemented dynamic risk control measures, ensuring the stability of proprietary business operations [3] Group 4: Organizational Optimization - Zhou has led organizational changes, including the elimination of redundant departments and the establishment of a new "Brand and Public Relations Department," enhancing governance efficiency [3] - He has also promoted a younger executive team, injecting innovation into the company's leadership structure [3] Group 5: Financial Performance and Industry Insight - The company is projected to see a net profit increase of 85%-95% in the first half of 2025, with wealth management and proprietary investment being key growth drivers [4] - Zhou's insights into industry trends emphasize the need for securities firms to focus on "financial services for the real economy," aligning with regulatory guidance [4] Group 6: Future Outlook - As Zhou takes on the role of acting president, he is expected to balance strategic continuity with innovation, leveraging his extensive experience to enhance organizational efficiency and strategic execution [5] - Zhou's career trajectory reflects a blend of strategic design, business innovation, and resource integration, positioning him to address challenges in the brokerage industry [5]