Core Viewpoint - The report maintains the AAA/stable rating for Great Wall Securities Co., Ltd. based on its strong backing from its actual controller, China Huaneng Group, and its diversified business lines, while also highlighting challenges from increasing market competition and regulatory pressures [3][4][5]. Financial Overview - Total assets are projected to grow from 1,002.45 billion in 2022 to 1,232.56 billion in 2024 [6]. - Shareholder equity is expected to increase from 280.81 billion in 2022 to 304.90 billion in 2024 [6]. - Net profit is forecasted to rise from 9.14 billion in 2022 to 15.93 billion in 2024 [6]. - The average capital return rate is projected to be 5.35% in 2024 [8]. Business Segments Wealth Management - Wealth management remains a significant revenue source, with a focus on client-centric services and a slight decrease in revenue due to intensified competition [14][15]. - The company has established a comprehensive wealth management ecosystem, enhancing its product distribution capabilities [14][15]. Investment Banking - The investment banking segment has seen a significant decline in equity underwriting, while bond underwriting has increased by 55.87% to 464.85 billion in 2024 [19][20]. - The company has successfully entered the public REITs market, completing its first issuance [19]. Asset Management - The asset management business has maintained stable revenue, with a total asset management scale of 614.50 billion [24]. - The company has launched multiple asset securitization products, totaling 68.16 billion in issuance [22][23]. Securities Investment and Trading - The securities investment segment has shown a substantial increase in total investment returns, reaching 27.89 billion in 2024 [25][26]. - The company has adjusted its investment strategy to focus on high-quality assets, with a significant portion of its investments in AAA-rated bonds [26]. Industry Outlook - The Chinese economy is expected to maintain a stable growth trajectory, supported by policy measures and increasing domestic demand [9]. - The securities industry is projected to experience a trend of consolidation, with larger firms gaining advantages over smaller ones due to regulatory pressures and market dynamics [9][10].

长城证券股份有限公司 2025 年度 公开发行公司债券跟踪评级报告 编号：信评委函字[2025]跟踪 1457 号 长城证券股份有限公司 2025 年度公开发行公司债券跟踪评级报告 声 明 项目负责人：赵婷婷 ttzhao@ccxi.com.cn 项目组成员：贾天玮 twjia@ccxi.com.cn 评级总监： 电话：(010)66428877 传真：(010)66426100 3 随着国内证券行业加速对外开放、放宽混业经营的限制以及越来越多的券商通过上市、收购兼并的方式增强自 身实力，公司面临来自境内外券商、商业银行等金融机构的竞争 宏观经济稳中趋缓和证券市场的波动性对公司盈利能力和盈利稳定性构成一定压力 监管趋严、业务创新及国际化的拓展对公司内部控制、风险管理水平和合规运营能力提出更高要求 中诚信国际信用评级有限责任公司 2025 年 6 月 26 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原 ...

Core Viewpoint - The company, MaiFus (02556.HK), is entering a new growth cycle driven by AI, with a forecasted explosive growth in performance by 2025 according to a report from Changcheng Securities, which has initiated coverage with a "Buy" rating [1][2] Group 1: Market Position and Growth Potential - MaiFus holds a leading position in the marketing and sales SaaS sector, maintaining the largest market share and being recognized as the top AI SaaS influential company for seven consecutive years [1] - The digitalization level of Chinese enterprises has significant room for improvement, with IT spending as a percentage of GDP notably lower than the global average, presenting a vast development opportunity for the SaaS industry [1] - The marketing and sales SaaS segment is experiencing rapid growth as enterprises are willing to pay for solutions that directly generate customers and revenue [1] Group 2: Financial Performance and Projections - In 2024, MaiFus achieved a revenue of 840 million yuan, reflecting a year-on-year growth of 19.9% [2] - The company is expected to see a revenue increase of over 50% in 2025, alongside a significant enhancement in profitability, driven by the strong growth of its AI+SaaS core business and the new AI Agent engine [2] Group 3: Product Development and Innovation - MaiFus has deeply integrated AI technology into its entire SaaS service chain, leading to collaborative growth across multiple business segments [2] - The launch of the Tforce marketing model in May 2024 and the strategic product AI-Agentforce intelligent platform positions the company with a leading advantage in the AI Agent field, opening up substantial growth opportunities [2]

Group 1 - The core viewpoint of the report is that the company Mifusi (02556) is expected to achieve revenue of 2.358 billion, 3.026 billion, and 3.717 billion yuan from 2025 to 2027, with adjusted net profit of 102 million, 214 million, and 305 million yuan respectively, indicating a strong growth trajectory [1] - The current price-to-sales (PS) ratios are projected to be 4.46, 3.47, and 2.83 for the years 2025, 2026, and 2027 respectively, suggesting potential valuation attractiveness [1] Group 2 - The digitalization level of enterprises in China is relatively low, with significant growth potential in the marketing and sales SaaS market, which is expected to reach 155.6 billion yuan by 2027, growing at a compound annual growth rate (CAGR) of 28.6% from 2022 to 2027 [2] - The marketing and sales SaaS market size is projected to grow from 20.6 billion yuan in 2022 to 74.5 billion yuan in 2027, with a CAGR of 29.3%, indicating strong demand for these solutions [2] Group 3 - Mifusi is a leading domestic marketing and sales SaaS provider, having launched two flagship products, T Cloud and Zhenke, which cater to SMB and KA clients, respectively, and have served over 200,000 enterprises across various industries [3] - The company holds a 2.6% market share, making it the largest provider of marketing and sales SaaS solutions in China as of 2022 [3] Group 4 - Mifusi is actively integrating AI capabilities into its offerings, having launched the Tforce marketing model and AI-Agentforce intelligent platform, which enhance its next-generation AI+SaaS solutions [4] - Over 90% of the products provided to clients include AI modules, indicating a commitment to continuous product capability upgrades [4]

Core Viewpoint - The legal opinion letter confirms the legality and validity of the procedures, qualifications, and voting results of the 2024 Annual General Meeting of Changcheng Securities Co., Ltd. [1][18] Meeting Procedures - The meeting was convened by the company's board of directors and announced through public channels including Securities Times and China Securities Journal [5][6] - The meeting combined on-site and online voting, held on June 25, 2025, with specific voting times outlined [6][7] Qualifications of Participants - A total of 374 shareholders participated, representing 2,809,340,469 shares, which is 69.6342% of the total voting shares [6][7] - The qualifications of the attendees were verified against legal requirements and company regulations [6][18] Voting Procedures and Results - All proposed resolutions were reviewed and voted on, with the following results: - For the first resolution: 2,808,257,148 votes in favor (99.9614%), 878,321 against (0.0313%), and 205,000 abstentions (0.0073%) [7] - For the second resolution: 2,808,105,248 votes in favor (99.9560%), 888,221 against (0.0316%), and 347,000 abstentions (0.0124%) [8] - For the third resolution: 2,808,296,148 votes in favor (99.9628%), 987,021 against (0.0351%), and 57,300 abstentions (0.0020%) [9] - The voting results for small investors were also reported, showing a high approval rate [12][16] Conclusion - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results are in compliance with relevant laws and regulations [18]

Company Overview - The company, Great Wall Securities Co., Ltd., maintains a long-term credit rating of AAA, with several bonds rated AA+ and a stable outlook [1][5][6] - As a comprehensive listed securities company in China, it has a strong shareholder background and complete business qualifications, with operations across major domestic regions [6][19] - The company has a robust capital adequacy, with net capital of 25.165 billion yuan as of March 2025, and maintains a good liquidity position [6][10] Financial Performance - In 2024, the company experienced stable revenue with a slight increase in net profit, indicating strong profitability [6][19] - The total assets reached 125.838 billion yuan by March 2025, reflecting growth in the company's financial base [10][19] - The company's revenue structure shows that wealth management remains the primary source of income, while investment banking and asset management have seen fluctuations [19][24] Business Segments - Wealth management business generated 22.76 billion yuan in revenue in 2024, maintaining stability compared to the previous year [24] - The securities investment and trading business saw a significant increase in trading volume, with a 27.47% year-on-year growth in transaction amounts [24][26] - Investment banking revenue has decreased due to intensified market competition and regulatory changes affecting IPOs [19][24] Industry Context - The securities industry is experiencing heightened activity, with core business revenues from brokerage, credit, and proprietary trading performing well [17][18] - Regulatory scrutiny remains stringent, necessitating enhanced compliance and risk management capabilities among securities firms [18][19] - The industry is characterized by significant competition and consolidation, with larger firms benefiting from stronger capital and technological advantages [18][19]

证券代码：002939 证券简称：长城证券 公告编号：2025-042 长城证券股份有限公司 关于 2024 年度第十一期短期融资券兑付完成的公告 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。 长城证券股份有限公司（以下简称公司）于 2024 年 12 月 6 日发行了公司 2024 年度第十一期短期融资券，发行金额为人民币 10 亿元，票面利率为 1.73%， 发行期限为 200 天，兑付日为 2025 年 6 月 24 日。 2025 年 6 月 24 日，公司兑付了 2024 年度第十一期短期融资券本息共计人 民币 1,009,479,452.05 元。 特此公告。 长城证券股份有限公司董事会 2025 年 6 月 26 日 ...

深圳市福田区中心五路 18 号星河中心大厦 19 层 电话：0755-23993388 传真：0755-86186205 邮编：518048 北京国枫（深圳）律师事务所 关于长城证券股份有限公司 2024 年度股东大会的 法律意见书 国枫律股字[2025]C0076 号 致：长城证券股份有限公司（贵公司） 北京国枫（深圳）律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2024 年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股东会 规则》）、《律师事务所从事证券法律业务管理办法》（以下简称《证券法律业务管理办法》）、 《律师事务所证券法律业务执业规则（试行）》（以下简称《证券法律业务执业规则》）等 相关法律、行政法规、规章、规范性文件及《长城证券股份有限公司章程》（以下简称 《公司章程》）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资 格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-043 长城证券股份有限公司 2024 年度股东大会决议公告 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。 ★特别提示： 1.本次股东大会未出现否决议案； 2.本次股东大会未变更以往股东大会已通过的决议； 3.第 8 项议案涉及关联交易，且需逐项表决，投票表决时关联股东已回避表 决，亦未接受其他股东的委托进行投票。 一、会议召开情况 1.会议时间 （1）现场会议召开时间：2025 年 6 月 25 日 14:30 （2）网络投票时间：2025 年 6 月 25 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 25 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统进行网络投票的时 间为 2025 年 6 月 25 日 9:15-15:00 期间的任意时间。 5.会议主持人：公司董事长王军先生通过视频方式主持 6.本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 二、会议出席情况 （一） ...

长城证券股份有限公司 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕5266 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 相关债券进行跟踪分析和评估，确定维持长城证券股份有限公司主 体长期信用等级为 AAA，维持"21 长城 08""22 长城 02""22 长城 03""23 长城 09""23 长城 10""23 长城 11""23 长城 12""24 长城 01""24 长城 02""24 长城 03""24 长城 04""24 长城 05""24 长城 06"和"25 长证 K1"的信用等级为 AAA，维持"24 长城 C1""24 长城 C2""24 长城 C3""25 长城 C1"和"25 长城 C2"的信用等级 为 AA+，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： 二〇二五年六月二十五日 跟踪评级报告 | 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 ...