Core Viewpoint - Longcheng Securities is experiencing a leadership transition with the resignation of President Li Xiang, who has been with the company since its inception in 1995, and the appointment of Vice President Zhou Zhongshan as acting president. This change is not expected to disrupt the company's normal operations [2]. Group 1: Leadership Transition - Li Xiang resigned from his position as president of Longcheng Securities for personal reasons, and Zhou Zhongshan, a well-experienced internal candidate, will take over his responsibilities temporarily [2]. - Zhou Zhongshan, born in January 1974 and holding a doctorate, has a comprehensive background within Longcheng Securities, having served in various roles since joining in 1998 [2]. Group 2: Company Performance - Longcheng 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 growth is attributed to the company's strategic market positioning, with stable growth in wealth management and proprietary investment, as well as a rapid recovery in investment banking and asset management [3]. Group 3: Industry Trends - The trend of younger leadership in the securities industry is evident, with Longcheng Securities appointing three new vice presidents from the 1970s generation, primarily promoted from within the company [3][4]. - The transition from older executives born in the 1960s to younger leaders from the 1970s and 1980s is becoming a common phenomenon across the securities industry, as seen in other firms like Guotou Securities and Fangzheng Securities [4].

长城证券股份有限公司 关于公司总裁、财务负责人辞职暨指定副总裁 代行总裁、财务负责人职责的公告 证券代码：002939 证券简称：长城证券 公告编号：2025-049 根据有关法律法规及《公司章程》的规定，李翔先生的辞职自辞职报告送达 公司董事会时生效，其辞职不会影响公司正常经营。截至本公告披露日李翔先生 未持有公司股份。 公司于 2025 年 7 月 18 日召开第三届董事会第十一次会议，审议通过《关于 指定公司副总裁代行总裁、财务负责人职责的议案》，在聘任新的总裁、财务负 责人之前，董事会指定副总裁、董事会秘书周钟山先生代行总裁、财务负责人的 职责。周钟山先生简历详见公司与本公告同日披露的《第三届董事会第十一次会 议决议公告》。 特此公告。 长城证券股份有限公司董事会 2025 年 7 月 19 日 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）董事会于 2025 年 7 月 17 日收到公 司总裁、财务负责人李翔先生的书面辞职报告，李翔先生因个人原因申请辞去公 司总裁、财务负责人职务，辞任后不在公司及公司控股子公 ...

《关于公司总裁、财务负责人辞职暨指定副总裁代行总裁、财务负责人职责 的公告》于同日在《中国证券报》《上海证券报》《证券时报》《证券日报》和 巨潮资讯网（www.cninfo.com.cn）披露。周钟山先生简历详见附件。 证券代码：002939 证券简称：长城证券 公告编号：2025-050 长城证券股份有限公司 第三届董事会第十一次会议决议公告 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 2025 年 7 月 17 日发出第三届董 事会第十一次会议书面通知。本次会议由董事长王军先生召集，经全体董事一致 同意，豁免会议通知期，于 2025 年 7 月 18 日以通讯方式召开，应出席董事 12 名，实际出席董事 12 名。本次会议的召集、召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 本次会议审议并通过了《关于指定公司副总裁代行总裁、财务负责人职责的 议案》。 表决情况：同意 12 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬考核与提名委员会审议通过。 特此公告。 长城证券股份 ...

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 ...