更名公告 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 2025年2月27日，中国证券监督管理委员会以证监许可〔2025〕371号文同 意长城证券股份有限公司面向专业投资者公开发行公司债券。 由于债券分期发行，按照公司债券命名惯例，征得主管部门同意，本期债 券名称由"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"变 更为 "长城证券股份有限公司2025年面向专业投资者公开发行科技创新公司债 券（第一期）"，债券简称"25长证K1"。 本期债券名称变更不改变原签订的与本期公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律 文件包括但不限于：《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》《长城证券股份有限公司2024年面向专业投资者公 开发行公司债券持有人会议规则》。 特此说明。 （以下无正文） 司债券更名公告》之盖章页） 发行人：长城证券股份有限公司 年 月 日 主承销商：国信证券股份有限公司 年 月 日 （此页无正文，为《长城证券股份有限公司 2024 年面向专业投资者公开发行公 （此页无正文，为 ...

长城证券股份有限公司 （住所：广东省深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 本公司将及时、公平地履行信息披露义务，本公司及其全体董事、监事、高 级管理人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述和 重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 本公司承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。债 券发行的利率或者价格应当以询价、协议定价等方式确定，本公司不会操纵发行 定价、暗箱操作，不以代持、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，不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，不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，不 实施其他违反公平竞争、破坏市场秩序等行为。 本公司如有董事、监事、高级管理人员、持股比例超过 5%的股东及其他关 联方参与本期债券认购，本公司将在发行结果公告中就相关认购情况进行披露。 2025 年面向专业投资者公开发行科技创新公司 债券（第一期） ...

Core Viewpoint - The company aims to enhance its position in the financial services sector by focusing on "green finance, technology innovation finance, and industrial finance," leveraging its strengths in the power and energy sectors to create a "Technology Innovation Finance Port" [2] Group 1: Business Strategy and Focus - The company will continue to implement a strategy of "industry brokerage + first-class investment banking," emphasizing both heavy and light capital businesses [2] - Wealth management will focus on solidifying the customer base and transforming through financial products and advisory services [2] - Investment banking will stimulate equity business vitality through refinancing and mergers and acquisitions, while expanding bond business scale [2] Group 2: Competitive Advantages - The company has a comprehensive business platform with over 100 branches across key cities, ensuring a balanced regional layout [2] - It is strategically positioned in the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its resource advantages and brand influence [2] - The company has a strong reputation built over nearly 30 years, supported by a complete set of business licenses and effective risk control [2] Group 3: Financial Performance - In Q1 2025, the company reported a main revenue of 1.277 billion yuan, a year-on-year increase of 41.02%, and a net profit of 605 million yuan, up 71.56% [6] - The company’s debt ratio stands at 75.26%, with investment income reported at 814 million yuan [6] Group 4: Future Outlook and Catalysts - The company is focused on providing high-quality investment banking services for asset securitization, particularly in the green finance and carbon neutrality sectors [3] - The self-operated investment strategy emphasizes low-volatility, high-dividend assets, and aims for a balanced asset allocation to achieve stable returns [4] Group 5: Shareholder Assessment and Collaboration - The company is evaluated on comprehensive indicators including operational performance, safety compliance, and functional services, with a focus on revenue, profit, and return on equity [5] - Key areas of service for 2025 include bond issuance, equity financing, and consulting for new industries [5]

Group 1: Company Strategy and Development - The company focuses on "green finance, technology innovation finance, and industrial finance" as part of its strategic development, leveraging its major shareholder's strengths in the power and energy sectors [1] - The next phase will emphasize the "industrial brokerage + top-tier investment banking" strategy, enhancing both capital-intensive and light capital businesses [1] - Wealth management will be transformed through financial products and advisory services, while investment banking will stimulate equity business vitality through refinancing and mergers [1] Group 2: Competitive Advantages and Market Position - The company has over 100 branches across economically developed regions, ensuring a balanced and reasonable regional layout [2] - It aims to enhance its brand influence and competitive edge by focusing on the power and energy sectors, supported by a comprehensive business platform and diverse business structure [2] - The company is advancing its "digital brokerage" initiatives and maintaining strong risk control and compliance, which underpins its sustainable development [2] Group 3: Investment and Asset Management - The company prioritizes low-volatility, high-dividend assets as a foundation for profitability, employing a flexible and balanced self-management strategy [3] - It is adjusting its self-managed asset allocation to optimize structure and capitalize on market opportunities, including potential structural opportunities in the New Third Board and Beijing Stock Exchange [3] - The goal is to build a "pyramid-type" asset portfolio that adapts to market conditions and funding attributes, aiming for stable returns that exceed market performance [3] Group 4: Performance Metrics and Future Collaborations - The company is evaluated on comprehensive indicators including operational performance, safety compliance, and functional services, with a focus on absolute values and industry benchmarks [4] - In 2025, key tasks will include bond issuance, equity financing, consulting, and research on new industry technology achievements [4]

Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting high profitability and valuation discrepancies under favorable market conditions [8]. Core Insights - In Q1 2025, the brokerage sector's net profit attributable to shareholders increased by 83% year-on-year and 19% quarter-on-quarter, driven by strong performance in brokerage and proprietary trading [3][14]. - The report emphasizes the growth in light capital business, particularly in retail brokerage, while investment banking faced challenges with IPOs but saw significant growth in refinancing [4][8]. - The investment business is identified as a key driver for the substantial year-on-year growth in performance, with a notable improvement in investment yield and a reduction in funding costs contributing to net interest income growth [5][8]. Summary by Sections 1. Overview - The brokerage sector experienced double-digit asset expansion and significant year-on-year profit growth, with improved operational efficiency [10][11]. 2. Light Capital Business - Retail brokerage business thrived, with brokerage income rising to 32.7 billion yuan, a 49% increase year-on-year, while investment banking income grew by 5% to 6.7 billion yuan [4][12]. 3. Capital Business - Investment income surged by 44% to 59.1 billion yuan, with proprietary trading income reaching 48.7 billion yuan, a 45% increase year-on-year [8][14]. 4. Investment Analysis and Valuation - The report recommends focusing on companies with strong merger and acquisition potential and those with high earnings elasticity, such as China Galaxy and CICC [8][19].

Core Viewpoint - Six securities firms reported strong growth in both revenue and net profit for Q1 2025, indicating a robust performance in the industry [2][4][7]. Group 1: Financial Performance - CICC achieved revenue of 5.721 billion yuan, a year-on-year increase of 47.69%, and a net profit of 2.042 billion yuan, up 64.85% [3][4]. - China Merchants Securities reported revenue of 4.713 billion yuan, a 9.64% increase, and a net profit of 2.308 billion yuan, up 6.97% [3][5]. - Changjiang Securities saw significant growth with revenue of 2.514 billion yuan, an 88.81% increase, and a net profit of 980 million yuan, up 143.76% [3][5]. - Guoyuan Securities reported revenue of 1.519 billion yuan, a 38.37% increase, and a net profit of 641 million yuan, up 38.40% [3][6]. - Huazhong Securities achieved revenue of 1.431 billion yuan, a 72.02% increase, and a net profit of 525 million yuan, up 87.79% [3][5]. - Great Wall Securities reported revenue of 1.277 billion yuan, a 41.02% increase, and a net profit of 605 million yuan, up 71.56% [3][5]. Group 2: Industry Trends - The growth in performance is attributed to increased brokerage and investment banking activities, supported by a rise in new A-share accounts [7][9]. - In March 2025, new A-share accounts reached 3.0655 million, a 26.67% increase compared to March 2024 [7]. - The total number of new accounts for Q1 2025 was 7.4714 million, a 31.74% increase year-on-year [7][8]. - Analysts believe that the capital market's recovery since September 2024 has led to increased trading activity, contributing to the strong performance of securities firms [9].

Core Viewpoint - Securities firms are increasingly engaging in the underwriting of non-financial corporate debt financing tools in the interbank bond market, with several firms obtaining independent underwriting qualifications and successfully executing their first deals [1][2]. Group 1: Independent Underwriting Qualifications - Multiple securities firms, including Dongwu Securities and Changcheng Securities, have been approved to independently underwrite non-financial corporate debt financing tools [2][3]. - As of March, Dongwu Securities received approval from the China Interbank Market Dealers Association to conduct independent underwriting [2]. - Changcheng Securities announced its qualification for independent underwriting and has initiated 107 projects, issuing 70 bonds in 2024 [2]. Group 2: Conditions for Independent Underwriting - Non-financial corporate debt financing tools are securities issued by non-financial enterprises in the interbank bond market, with various types including short-term financing bonds and medium-term notes [3]. - Underwriting firms are categorized into underwriters, general underwriters, and independent underwriters, with increasing qualification requirements [3]. - A well-known securities firm was warned for conducting underwriting activities without the necessary qualifications [3]. Group 3: Successful First Deals - Several securities firms have successfully executed their first deals in the independent underwriting space, including Chengtong Securities and Huazhong Securities [4][5]. - Chengtong Securities participated in the successful issuance of super short-term financing bonds for Overseas Chinese Town Group, marking its entry into the interbank market [5]. - Changcheng Securities successfully issued its first independent medium-term note, indicating a significant breakthrough in its debt financing tool capabilities [6].

Core Viewpoint - The speech by Wang Yi, Chief Economist of Great Wall Securities, emphasizes the need to enhance consumer spending through improved income distribution, social security systems, and stabilization of the real estate and capital markets [2][4]. Group 1: Consumer Market Insights - The "old-for-new" policy has been significantly strengthened this year, leading to a notable increase in consumer spending [3]. - In the first quarter, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, which is 1.1 percentage points faster than the overall growth rate for 2024 [3]. - Retail sales of green and smart products have surged, with significant growth in categories such as communication equipment (26.9%), cultural and office supplies (21.7%), home appliances (19.3%), and furniture (18.1%) [3]. Group 2: Recommendations for Sustained Growth - To boost consumption, it is essential to improve the social security system, as the current low consumption ratio and high savings rate are linked to inadequate social security coverage [4]. - Optimizing the income redistribution mechanism is crucial, as the current income distribution shows a low share for households, which contributes to insufficient domestic demand [4]. - The supply side should also be developed to promote consumption, including new consumption models such as the ice and snow economy, silver economy, and cruise economy [4]. Group 3: Real Estate Market Stability - The stability of the real estate market is critical as it holds a significant portion of residents' wealth, and various measures have been implemented to stabilize the market [5]. - In March, 24 out of 70 major cities saw an increase in new residential property prices, indicating a recovery trend [5]. - Wang Yi suggests lifting certain purchase restrictions in major cities and lowering interest rates to enhance market confidence [6]. Group 4: A-Share Market Outlook - The A-share market is currently at a historical low valuation, presenting opportunities for growth [7]. - Future market performance will depend on trends in industries like artificial intelligence and the effectiveness of domestic demand stimulation [7].

长城证券股份有限公司董事会 2025 年 4 月 27 日 根据《上市公司独立董事管理办法》《证券基金经营机构董事、监事、高级 管理人员及从业人员监督管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》和公司《独立董事工作制度》的 规定，公司在任独立董事吕益民先生、周凤翱先生、陈红珊女士和林斌先生对自 身独立性情况进行了自查，并向公司董事会提交了《2024 年度独立董事独立性 自查情况表》（以下简称《自查情况表》）。公司董事会根据《自查情况表》，对四 位在任独立董事的独立性情况进行了评估，并出具如下专项意见： 经评估，公司在任独立董事吕益民先生、周凤翱先生、陈红珊女士和林斌先 生在 2024 年度严格按照法律、行政法规、中国证监会规定、深圳证券交易所业 务规则、《公司章程》和公司《独立董事工作制度》的规定，独立履行职责，不 受公司及其主要股东、实际控制人等单位或者个人的影响，不存在违反《上市公 司独立董事管理办法》《证券基金经营机构董事、监事、高级管理人员及从业人 员监督管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》《公司章程》和 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-024 第三届监事会第五次会议决议公告 本议案尚须提交公司股东大会审议。 本公司及公司全体监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。 （二）《关于公司 2024 年年度报告的议案》 公司监事会就公司 2024 年年度报告出具如下审核意见： 长城证券股份有限公司（以下简称公司）于 2025 年 4 月 15 日发出第三届监 事会第五次会议书面通知。本次会议由监事会主席王寅先生召集并主持，于 2025 年 4 月 27 日在公司总部 18 楼 1 号会议室以现场结合视频方式召开，应出席监事 5 名，实际出席监事 5 名，公司监事会主席王寅先生，监事顾文君女士，职工监 事苗伟民先生、何美才先生现场出席本次会议，监事蔡飞先生以视频方式出席本 次会议；总裁李翔先生，副总裁、董事会秘书周钟山先生及副总裁、合规总监、 首席风险官赵昕倩女士列席本次会议。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。 一、本次会议审议并通过了以下议案： （一）《关于公司 2024 年度监事会工作报 ...