Core Viewpoint - China General Nuclear Power Corporation (CGN) reported a net profit attributable to shareholders of 8.576 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.14% [1] - The third quarter net profit was 2.624 billion yuan, down 8.81% year-on-year [1] - The decline in market-based electricity prices has impacted performance, despite stable growth in power generation [1] Company Performance - The company maintains a leading position in the domestic nuclear power industry with superior unit scale and operational capabilities [1] - The decline in market-based electricity prices in key regions like Guangdong and Guangxi has temporarily pressured short-term performance [1] - The market-based electricity price in Guangdong has seen a narrowing decline, while Guangxi experienced a slight decrease due to an increase in spot market proportion [1] Industry Outlook - The downward space for electricity prices is considered limited, with marginally positive trends in Guangdong's electricity pricing policy for 2026 [1] - The nuclear power industry has clear growth expectations, supported by high utilization hours, reasonable electricity prices, and a long-term decline in depreciation and financial costs [1] - The overall scale and profits of the industry are expected to continue growing [1] Future Growth Path - The company is progressing steadily with ongoing projects and asset injections, indicating a clear long-term growth trajectory [1] - The rating for the company is maintained at "Buy" [1]

| 债券名称 | 长城证券股份有限公司 2025 年面向 长城证券股份有限公司 2025 年面向 | | --- | --- | | | 专业投资者公开发行次级公司债券 专业投资者公开发行次级公司债券 | | | （第二期）（品种一） （第二期）（品种二） | | 债券简称 | 25 长城 C3 25 长城 C4 | | 债券代码 | 524518.SZ 524519.SZ | | 信用评级 | AAA/AA+ AAA/AA+ | | 评级机构 | 联合资信评估股份有限公司 联合资信评估股份有限公司 | | 发行总额（亿 | 10 10 | | 元） | | | 债券期限 | 2 年 3 年 | | 票面年利率 | 1.98 2.10 | | （％） | | | 利率形式 | 固定利率 固定利率 | | 付息频率 | 每年付息一次 每年付息一次 | | 发行日 | 年 年 2025 年 11 月 6 日-2025 11 月 7 日 2025 年 11 月 6 日-2025 11 月 7 日 | | 起息日 | 2025 年 11 月 7 日 2025 年 11 月 7 日 | | 上市日 | 2025 年 1 ...

Group 1 - The A-share market opened lower on November 12, with the securities sector also experiencing a slight decline [1] - The broker ETF (159842) saw a decrease of 0.51% with a trading volume exceeding 11 million yuan, while some constituent stocks like Changcheng Securities and Guotai Haitong performed positively [1] - The broker ETF has recorded net inflows for three consecutive days, accumulating over 210 million yuan in net inflows over the past five trading days [1] Group 2 - According to Shenwan Hongyuan Securities, the balance of margin trading is expected to rise due to the maintained moderately loose monetary policy and increased equity allocation by long-term funds [2] - Guotai Haitong Securities noted that the focus on brokers is returning to sustainable fundamentals, with future relative returns depending more on profit quality and ROE recovery [2] - Investment opportunities are suggested in stocks with improving ROE and still at low valuation levels, particularly those benefiting from better proprietary performance and recovery in wealth management and investment banking [2]

Group 1: Company Overview and Strategic Goals - The company adheres to Xi Jinping's thought on socialism with Chinese characteristics, focusing on the "14th Five-Year Plan" completion and the establishment of a new industrial financial model [2][3] - The vision is to create a leading securities company specialized in the power and energy sectors, emphasizing safety, leadership, and service [2][3] Group 2: Future Development Goals - The company aims to continue its "industry securities + first-class investment bank" strategy, leveraging its advantages as a state-owned enterprise to enhance its industrial financial capabilities [3] - The focus will be on optimizing and upgrading the supply chain, facilitating the transformation of technological achievements, and nurturing emerging and future industries [3] Group 3: Performance and Investor Relations - The company has a comprehensive assessment framework from the State-owned Assets Supervision and Administration Commission (SASAC), including operational performance and market value management [3] - For the mid-year dividend, the company plans to distribute a cash dividend of 0.76 yuan per share, totaling approximately 307 million yuan, which is double the amount from the previous year, reflecting a commitment to shareholder returns [3]

Group 1 - Tianfu Communication (300394) closed at 165.58 yuan, with a decline of 8.01% [1] - Changcheng Securities analysts Hou Bin and Yao Jiuhua released a report on November 10, stating that Tianfu Communication's performance maintained growth in the first three quarters and continued to advance its overseas factory construction [1] - The report maintains a "buy" rating for Tianfu Communication [1]

Core Insights - The 2025 Securities Industry High-Quality Development Conference and the Golden Bull Award Ceremony were held in Xiamen, showcasing achievements in the securities industry [1] - Changcheng Securities received multiple awards, including "Golden Bull Growth Securities Company" and "Golden Bull Growth Wealth Management Team" [1] - Changcheng Securities Asset Management Company won the "One-Year Mixed Bond Type (Level 1) Golden Bull Asset Management Plan" award [1] Company Performance - Changcheng Securities reported significant growth in its overall performance for the first three quarters of 2025, achieving operating revenue of 4.121 billion yuan, a year-on-year increase of 44.61% [2] - The company's net profit attributable to shareholders reached 1.931 billion yuan, reflecting a year-on-year growth of 75.83% [2] - The company emphasizes its commitment to enhancing financial services for the real economy and aims to build a new ecosystem for industrial finance [2] Strategic Focus - As a centrally controlled listed securities firm in the energy sector, Changcheng Securities aims to deepen the integration of finance and industry, focusing on the electricity and energy sectors to create differentiated core competitiveness [2] - The company plans to continue its strategic focus on "safety, leadership, and service," enhancing its resource endowment and upgrading its wealth management business [2] - Changcheng Securities is committed to contributing to the high-quality development of the capital market [2]

证券代码：524518.SZ 证券简称：25 长城 C3 证券代码：524519.SZ 证券简称：25 长城 C4 长城证券股份有限公司 2025 年面向专业投资者公开发行次级公司债券（第二期） 发行结果公告 2、本期债券发行过程中，发行人未在发行环节直接或者间接认购自己发行 的债券。 本期债券发行的利率以询价方式确定，发行人不存在操纵发行定价、暗箱操 作的行为，发行人不存在以代持、信托等方式谋取不正当利益或向其他相关利益 主体输送利益的情况，发行人不存在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、变相返费的情况，发行人不存在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的情况，发行人不存在其他违反公平竞争、 破坏市场秩序等行为。发行人的控股股东、实际控制人不存在组织、指使发行人 实施前款行为的情况。 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并对 公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 长城证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行不超 过人民币 50 亿元的次级公司债券已获得中国证券监督管理委员会证监许可 【2024】974 号 ...

长城证券股份有限公司 关于参加 2025 年度深圳辖区上市公司投资者网上集体接待 证券代码：002939 证券简称：长城证券 公告编号：2025-085 日活动暨举行 2025 年第三季度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，长城证券股份有限公司（以下简称公司） 将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公司协会与深圳 市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司投资者网上集体 接待日"活动，并同步举行公司 2025 年第三季度业绩说明会，现将相关事项公 告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）15:40-17:00。届时， 公司董事长王军先生，副总裁、董事会秘书（代行总裁、财务负责人职责）周钟 山先生，独立董事、审计委员会主任委员林斌先生，财务总监阮惠仙女士将在线 就投 ...

Market Performance - On November 6, the securities sector rose by 1.29%, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Northeast Securities (000686) closed at 9.60, with a gain of 6.79% and a trading volume of 1.5123 million shares [1] - Huatai Securities (601688) closed at 22.46, up 5.64%, with a trading volume of 1.7308 million shares and a transaction value of 3.839 billion [1] - Other notable performers include: - GF Securities (000776) at 23.15, up 4.19% [1] - Guosen Securities (002736) at 14.26, up 3.78% [1] - Changjiang Securities (000783) at 8.97, up 3.10% [1] Capital Flow - The securities sector saw a net inflow of 1.499 billion in institutional funds, while retail investors experienced a net outflow of 0.526 billion [2] - Speculative funds had a net outflow of 0.973 billion [2]

Group 1: Research Basic Information - The research object is Great Wall Securities, belonging to the securities industry, and the reception time is November 5, 2025. The reception staff includes Molly, the head of the company's brand and public relations department, and Xu Yang, an investor relations management officer in the company's board office [17] Group 2: Detailed Research Institutions - The reception object is other institutions, and the relevant personnel are investors invited by the 2026 annual strategy meeting of Kaiyuan Securities [20] Group 3: Main Content Information 1. Third - quarter performance growth drivers - In the first three quarters of 2025, the company's overall performance increased significantly compared with the same period last year. Operating revenue reached 4.121 billion yuan, a year - on - year increase of 44.61%; total profit was 2.286 billion yuan, a year - on - year increase of 83%; net profit attributable to shareholders of listed companies was 1.931 billion yuan, a year - on - year increase of 75.83%; basic earnings per share was 0.48 yuan per share, a year - on - year increase of 77.88%. The stable growth of wealth management and proprietary investment businesses, and the rapid recovery of investment banking and asset management businesses have promoted the overall performance [24] 2. Fourth - quarter business development - Benefiting from the accurate grasp of market opportunities and the coordinated efforts of various business lines, the company's performance in the first three quarters increased significantly year - on - year. In the fourth quarter, the company will continue to adhere to the strategic direction, focus on the main responsibilities and businesses, and maintain the good development momentum of each business line [24] 3. Development strategy for the 15th Five - Year Plan - The company will continue to adhere to the general idea of the "industrial securities firm + first - class investment bank" strategic development, consolidate the basic market of heavy - capital businesses, and vigorously develop light - capital businesses. It emphasizes "safety" and "leadership" and provides comprehensive financial services for customers throughout their life cycles [24][25] 4. Customer acquisition channels and improvement of effective customer numbers in brokerage business - As of the end of October, the company's newly added customers this year increased significantly year - on - year. The company uses market conditions to develop new customers, strengthens customer segmentation management and the integration of research, investment, and advisory services. The wealth management business adheres to the "customer - centered" concept and uses the "three integrations" as the starting point [26]