Financial Performance - Total operating revenue for 2024 reached ¥4,020,172,277.70, a 0.73% increase from ¥3,991,223,756.79 in 2023[38] - Net profit attributable to shareholders increased by 9.82% to ¥1,579,705,498.18 in 2024 from ¥1,438,472,745.34 in 2023[38] - Basic earnings per share rose by 8.33% to ¥0.39 in 2024 compared to ¥0.36 in 2023[38] - Total assets as of the end of 2024 amounted to ¥123,255,771,604.91, reflecting a 6.58% increase from ¥115,642,457,784.90 in 2023[38] - Total liabilities increased by 7.15% to ¥92,766,165,420.93 in 2024 from ¥86,573,129,564.84 in 2023[38] - The weighted average return on equity improved to 5.38% in 2024, up 0.26 percentage points from 5.12% in 2023[38] - The company reported a significant cash flow from operating activities of ¥13,270,056,144.64 in 2024, a recovery from negative cash flow in the previous year[38] - Net profit for 2024 was ¥1,499,056,041.37, reflecting a growth of 12.44% from ¥1,333,197,662.34 in 2023[39] - Basic earnings per share increased to ¥0.37, up 12.12% from ¥0.33 in the previous year[39] Capital Structure and Shareholder Information - The company plans to distribute a cash dividend of 0.92 RMB per 10 shares to all shareholders, totaling approximately 3.71 billion RMB based on the total share capital of 4,034,426,956 shares[4] - The company’s registered capital stands at 4.03 billion RMB, reflecting its financial stability and capacity for growth[13] - The registered capital of the company increased from 206,700 million to 279,306.4815 million on November 30, 2015[30] - The company completed its initial public offering on October 26, 2018, with 310,340,536 shares listed on the Shenzhen Stock Exchange, raising the registered capital to 310,340.5351 million[30] - The company conducted a non-public offering of 931,021,605 shares on August 22, 2022, increasing the registered capital to 403,442.6956 million[30] - The company has not experienced any changes in its controlling shareholders since its establishment[17] Business Operations and Services - The company has expanded its securities business scope to include securities brokerage, investment consulting, financial advisory related to securities transactions, underwriting and sponsorship, proprietary trading, margin financing and securities lending, public securities investment fund sales, and fund custody services[17] - The company holds various qualifications for brokerage services, including membership in both the Shanghai and Shenzhen Stock Exchanges, and has been authorized for margin financing and securities lending by the China Securities Regulatory Commission[19] - The company holds various qualifications for investment banking, asset management, and OTC business, approved by relevant regulatory bodies[22][24][26] - The company has multiple subsidiaries with qualifications in private equity fund management and securities business[27][28] - The company operates a total of 111 securities business departments across various regions[36] - The company has established 16 domestic branches with no overseas branches as of the end of 2024[33] Risk Management - The company acknowledges potential risks including market risk, credit risk, liquidity risk, operational risk, and compliance risk, which may significantly impact its business and financial performance[4] - The company maintains a strong risk control and compliance framework, ensuring stable operations and high-quality development[60] - The liquidity risk management framework includes setting liquidity risk limits and conducting regular assessments to ensure sufficient cash flow under normal and stressed conditions[126] - The company plans to enhance its operational risk management by refining business processes and implementing a closed-loop management mechanism[128] Strategic Initiatives and Future Plans - The company plans to enhance its investment banking services focusing on strategic emerging industries and high-tech sectors to support new quality productivity[50] - The launch of "Cross-border Wealth Management Connect 2.0" is expected to strengthen the company's international expansion efforts[50] - The company aims to strengthen its investment banking business by focusing on regional and industry-specific strategies in 2025[67] - The company plans to enhance its digital transformation and optimize its wealth management platform in 2025[65] - The company is committed to integrating financial services with real economy needs, emphasizing responsibility and value[119] Governance and Compliance - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, and a supervisory board, ensuring clear responsibilities and coordination[134] - The company actively considers independent directors' opinions on significant matters affecting minority shareholders[135] - The board of directors consists of 12 members, including 8 non-independent directors and 4 independent directors, with a term of 3 years for each director[138] - The company has established 7 specialized committees to enhance decision-making professionalism and compliance[146] - The company disclosed a total of 191 announcements during the reporting period, ensuring transparency and compliance with information disclosure regulations[149] Management Changes - The company reported a resignation letter from Wang Zhangwei on August 23, 2024, due to work adjustments, and he officially left the board on November 15, 2024[159] - Ma Boyin also submitted his resignation on August 23, 2024, and officially left the supervisory board on November 15, 2024[160] - Wu Lixin resigned as the board secretary on April 9, 2024, and will continue to serve as chairman in several subsidiaries[160] - The company is expanding its leadership team with new appointments, including two vice chairpersons and several new directors elected on June 28, 2024[163] - The company is focusing on strategic adjustments in its management structure to enhance operational efficiency[162] Investor Relations - The company engaged with investors through 89 inquiries on the "Interactive Easy" platform and provided responses via a dedicated consultation phone and email[132] - The company emphasized its commitment to high-quality development and investor value sharing in its future outlook[133] - The company held its annual general meeting with an investor participation rate of 69.6456% on June 26, 2024[157]

Financial Performance - Total operating revenue for Q1 2025 reached ¥1,277,113,603.75, an increase of 41.02% compared to ¥905,601,837.50 in the same period last year[4] - Net profit attributable to shareholders was ¥605,272,462.39, reflecting a significant growth of 71.56% from ¥352,803,504.74 year-on-year[4] - Basic earnings per share increased by 66.67% to ¥0.15 from ¥0.09 in the previous year[4] - Operating profit increased to ¥724,440,702.87, representing an 87% rise from ¥387,326,958.33 in the prior period[24] - The company reported a net interest income of ¥36,842,032.95, a turnaround from a net loss of ¥2,830,324.81 in the previous period[24] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 5.78% to ¥4,471,517,415.44, down from ¥4,745,653,437.00[4] - Cash and cash equivalents at the end of the period totaled ¥31,544,014,337.85, compared to ¥23,414,984,882.90 at the end of the previous period, marking a 34.7% increase[28] - The company reported a net increase in cash and cash equivalents of ¥1,725,821,633.61 during the period, compared to an increase of ¥767,547,750.74 in the previous period[28] - The company's liquidity coverage ratio improved to 320.34% from 307.96%, indicating better liquidity management[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥125,838,265,609.58, a 2.10% increase from ¥123,255,771,604.91 at the end of the previous year[4] - Total liabilities increased to ¥94,704,179,883.05 from ¥92,766,165,420.93, a rise of 2.09%[23] - The net capital to net asset ratio stood at 83.85%, up from 81.81%, showing a stronger capital position[15] Shareholder Information - Shareholders' equity attributable to the parent company rose by 2.14% to ¥30,638,050,893.47 from ¥29,996,719,416.38[4] - The total number of ordinary shareholders at the end of the reporting period was 83,207[11] - The company reported a total equity attributable to shareholders of ¥30,638,050,893.47, an increase from ¥29,996,719,416.38[23] Growth Drivers and Future Plans - The increase in revenue and net profit was primarily driven by higher income from financial assets, brokerage services, and investment banking fees[9] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[30] Non-Recurring Items and Expenses - The company reported non-recurring gains of ¥1,209,108.93, primarily from government subsidies and the reversal of impairment provisions[7] - The total expenses for the current period were ¥552,672,900.88, up from ¥518,274,879.17 in the previous period, reflecting a 6.6% increase[24] Risk Management - Risk coverage ratio improved to 326.68% from 281.46%, indicating enhanced risk management capabilities[15]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月15日，近期全球市场"股债汇"三杀！美国不得不低头了？ 新浪证券连线长城证券首席经济学家汪毅 为投资者解析关税对垒下的投资逻辑与机会。>>视频直播 汪毅认为，当前博弈本质是"国际秩序主导权争夺"。相较于美国的胁迫式外交，中国通过提前布局周边 关系、主动提供合作方案，展现出更强的战略准备与诚意。尽管小国受制于现实压力可能摇摆，但中国 在争取欧盟等大型经济体、巩固区域合作等方面已抢占先机。长期来看，产业链自主性与内部市场规模 将成为破局关键。接下来的关键在于观察这两个经济体之间的多层博弈：金融市场博弈、与其他国家的 谈判博弈，以及各自经济韧性的博弈。 他表示，美债的崩盘将是特朗普政府最致命的压力点。美债市场的崩盘不仅会影响到美国政府的融资能 力， 而且还会对全球的金融市场造成冲击。 如果控制不好， 衰退预期将升级为大萧条预期，容易引发 信用危机。 局势一旦蔓延， 美元资产的信用就会崩溃。 美债无人购买， 借新还旧的剧本也无法继续进 行。 汪毅指出，他对今年往后的内需非常有信心。外部刺激逼迫我们进行改革，如果没有外部刺激，内部改 革可能还 ...

汪毅认为，当前博弈本质是"国际秩序主导权争夺"。相较于美国的胁迫式外交，中国通过提前布局周边 关系、主动提供合作方案，展现出更强的战略准备与诚意。尽管小国受制于现实压力可能摇摆，但中国 在争取欧盟等大型经济体、巩固区域合作等方面已抢占先机。长期来看，产业链自主性与内部市场规模 将成为破局关键。接下来的关键在于观察这两个经济体之间的多层博弈：金融市场博弈、与其他国家的 谈判博弈，以及各自经济韧性的博弈。 他表示，美债的崩盘将是特朗普政府最致命的压力点。美债市场的崩盘不仅会影响到美国政府的融资能 力， 而且还会对全球的金融市场造成冲击。 如果控制不好， 衰退预期将升级为大萧条预期，容易引发 信用危机。 局势一旦蔓延， 美元资产的信用就会崩溃。 美债无人购买， 借新还旧的剧本也无法继续进 行。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月15日，近期全球市场"股债汇"三杀！美国不得不低头了？ 新浪证券连线长城证券首席经济学家汪毅 为投资者解析关税对垒下的投资逻辑与机会。>>视频直播 长城证券汪毅：美国仅靠自身力量重建制造业是不现实的 或只是构建排他小圈子的借口 汪毅指出，关税政策是 ...

汪毅指出，从长期角度来讲，我个人更倾向于认为中国和美国脱钩的趋势是比较确定的。而且我们的政 府领导人很早就意识到了这一点，主动提出从外循环向双循环的转型。从现在来看，高层的意识是非常 及时和前瞻的，也有一系列应对方案。所以从去年的经济工作会议到今年两会，都把促消费作为第一条 重点。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月15日，近期全球市场"股债汇"三杀！美国不得不低头了？ 新浪证券连线长城证券首席经济学家汪毅 为投资者解析关税对垒下的投资逻辑与机会。>>视频直播 第四，说到消费，其实除了我们传统意义上的消费之外，当我们的收入达到一定程度之后，还有一种类 型的消费——服务消费，其实也有很大的潜力。比如在医疗、教育、养老、托育等领域，这些其实都是 薄弱环节。可以看看能不能在这些方面推出更多政策，甚至是一些从投资端的供给政策。"国外也有类 似案例。在过去若干年里，服务消费支出大幅增长，这也是居民在健康、文化和金融等领域消费升级的 需求。这是一种自发需求，如果在政策扶持下，它会增长得更快。" 汪毅强调对于消费的影响和对内循环的支持，还有几个方面非常重要： 第一个是惠民生、扩消 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月15日，近期全球市场"股债汇"三杀！美国不得不低头了？ 新浪证券连线长城证券首席经济学家汪毅 为投资者解析关税对垒下的投资逻辑与机会。>>视频直播 汪毅指出，关税对垒后续演变仍存在不确定性。他分析称，世界是一个渐变的过程，具备自我纠错与调 节能力，最终会达成新的平衡。世界格局的重塑往往难以被普通人即时感知。例如，回顾布雷顿森林体 系崩溃前后，像日本等国家在其强盛时期突然遭遇问题，当时普通人难以察觉；2008年全球金融危机 时，需求锐减的情况在年底突然显现，但此前很多人并无明确感知。此次情况类似，外贸企业面临压 力，最新关税后的出口数据尚未体现，需进一步观察。去年，进出口对中国经济贡献显著，尤其在三四 季度。这是第一个方面。第二个方面，美国加征关税后可能陷入滞胀，即通胀上升、经济增长停滞，物 价上涨而收入不增。不过，美国发动贸易战的底气在于美元的世界货币地位，这是其优势所在。 对中国而言，若关税战持续僵持，国内将继续推进去产能。美国大概率不会放松关税，即使特朗普态度 摇摆，但从长期看，关税可能仍会存在。中国多余产能产品若无法进入美国市 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月15日，近期全球市场"股债汇"三杀！美国不得不低头了？ 新浪证券连线长城证券首席经济学家汪毅 为投资者解析关税对垒下的投资逻辑与机会。>>视频直播 汪毅指出，关税政策是否能够重塑美国制造业的竞争力，短期内难以做出明确判断。他认为，美国制造 业的复苏将是一个漫长的过程，堪称一项浩大工程，绝非特朗普四年任期内能够完成的任务。 从制造业本身来看，美国存在先天缺陷。其人口不足，尤其是低端劳动力匮乏。在人均收入达到三四万 美元的当下，大多数美国人更倾向于让孩子高中毕业后继续深造，读大学、读研究生，成为白领，而非 直接进入工厂当工人。这背后反映出一种社会心态："由奢入俭难，由俭入奢易"，当生活水平达到一定 高度后，人们很难再接受相对艰苦的蓝领工作。 此外，未来还存在一个不确定因素——人工智能和人形机器人的发展。如果这些技术不断进步并广泛应 用，科技力量将逐步取代人工劳动，制造业回流的需求将进一步降低。从经济角度看，制造业本身是一 个利润微薄的行业。即使美国大规模重建制造体系，也难以获得高额利润。相反，加征关税会提高制造 业成本，削弱产品在国际市 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 长城证券首席经济学家 执业编号 S1070512120003 直播时间: 4月15日 10: 30 第三种形式，本质上讲的关税战，它是一个贸易战的变种，同样是现代战争的一种形式。虽然说它不会 对生命或者食物形成破坏，但对于世界商贸运转体系的副作用还是比较惊人的。既然是战斗，不经思 考、盲目自信的思想是肯定要不得的。这里有个案例，就是三年前俄罗斯跟乌克兰的战争一开始，大家 都以为很快就能结束。 汪毅强调，因为前面已经提到了热战、冷战、金融战，现在轮到贸易战。不管怎么样，它都是一种战争 的行为形式。我们必须在战略上蔑视敌人，但在战术上一定要重视敌人。所以这个事情一定要认真研 究、积极应对。从第一次贸易战到现在已经过去了七年的时间，我相信中国政府在这七年里也一直在研 究、在考量，因为这是我们避不开的问题。当我们成为全球GDP第二大的国家的时候，前面都有案例， 包括苏联的案例，包括日本的案例，都有这些不可避免的与全球第一的摩擦和竞争。所以，我相信，在 这件事情上，我们会有一定的积累和经验，也会有一定的战略储备。 6 微博 "股债汇" 三杀! 美 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-022 长城证券股份有限公司 2025 年度第六期短期融资券发行结果公告 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 2025 年度第六期短期融资券已于 2025 年 4 月 11 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 | | 2025 年度第六期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 长城证券 | | CP006 | 债券代码 | 072510064 | | 债券期限 | 天 167 | | | | 计息方式 | 利随本清 | | 发行日 | 2025 | 年 4 | 月 | 日 10 | | | | 起息日 | 2025 | 年 4 | 月 | 日 11 | 兑付日 | 年 月 日 2025 9 25 | | 计划发行总额 | 10 | 亿元人民币 | | | 实际发行总额 | 亿元人民币 10 | | 票面利率 | 1.77 ...

| 证券代码：002939 | 证券简称：长城证券 | | | 公告编号：2025-020 | | --- | --- | --- | --- | --- | | 债券代码：148244 | 债券简称：23 | 长城 | 04 | | 长城证券股份有限公司 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（第二期） （品种二）（债券简称：23 长城 04，债券代码：148244，以下简称本期债券）将 于 2025 年 4 月 14 日（2025 年 4 月 12 日为周六，顺延至其后第一个交易日）支 付 2024 年 4 月 12 日至 2025 年 4 月 11 日期间的利息，债权登记日为 2025 年 4 月 11 日。 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 二期）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进行，现将有关事宜 公告如下： 一、本期债券基本情况 1.债券名称：长城证券股份有限 ...