证券代码：002939 证券简称：长城证券 公告编号：2025-036 长城证券股份有限公司 关于召开 2024 年度股东大会的通知 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。 根据长城证券股份有限公司（以下简称公司）第三届董事会第十次会议决议， 决定召开公司 2024 年度股东大会（以下简称本次会议），现将本次会议有关事 项通知如下： 一、召开会议基本情况 （一）股东大会届次：2024 年度股东大会 （二）股东大会的召集人：本次会议由公司董事会召集，经公司第三届董事 会第十次会议决议召开。 （三）会议召开的合法、合规性：本次会议召开符合相关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则及《公司章程》的规定。 （四）会议召开的日期、时间： 系统 http://wltp.cninfo.com.cn。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 9:15-15:0 ...

Group 1: Xiaomi Group Performance - Xiaomi Group reported a revenue of 111.29 billion yuan for Q1 2025, a year-on-year increase of 47.4% [1] - The gross profit reached 25.41 billion yuan, up 50.96% year-on-year [1] - Shareholder profit attributable to the company was 10.92 billion yuan, reflecting a significant increase of 161.22% year-on-year [1] - The average selling price of Xiaomi's smart electric vehicles was 238,301 yuan, with 75,869 units of the Xiaomi SU 7 series delivered [1] - Revenue from smart home appliances grew by 113.8% year-on-year, with air conditioner shipments exceeding 1.1 million units, and washing machine shipments surpassing 740,000 units, both achieving over 65% growth [1] Group 2: User Growth - Global monthly active users reached 718.8 million in March 2025, a year-on-year growth of 9.2% [2] - Monthly active users in mainland China reached 181.1 million, marking a 12.9% increase year-on-year [2] Group 3: HYBE and Tencent Transaction - HYBE sold all its shares in SM Entertainment to Tencent for approximately 12.9 billion yuan [8] - Following this transaction, Tencent Music Entertainment Group will become the second-largest shareholder of SM Entertainment, just behind Kakao [8] Group 4: Kuaishou Financial Results - Kuaishou reported a revenue of 32.61 billion yuan for Q1 2025, a year-on-year increase of 10.9% [14] - The adjusted net profit was 4.58 billion yuan, reflecting a growth of 4.4% year-on-year [14] - The company's AI product, Keling AI, generated over 150 million yuan in revenue during Q1 2025 [15] Group 5: Regulatory Approvals - Rongchang Bio received approval from the National Medical Products Administration for its drug Tai Tasi Pu (brand name: Tai Ai) for treating generalized myasthenia gravis in China [16] - Junshi Biosciences received approval for its monoclonal antibody injection for new indications, becoming the first domestically approved PCSK9-targeted drug for patients intolerant to statins [17]

Group 1 - State-owned enterprises are required to gradually adjust and optimize their equity structure based on functional positioning, and to clarify their main responsibilities and industries to prevent blind and disorderly diversification [1] - The chief China equity strategist at Goldman Sachs indicates that the potential resilience of the RMB supports an overweight stance on the Chinese stock market, with expectations of a moderate improvement in corporate earnings outlook and an increase in foreign capital inflow into the Chinese stock market [1] - The third round of the fourth batch of central ecological and environmental protection inspections has been fully launched, with eight inspection teams conducting inspections in five provinces and regions, and also targeting three central enterprises [1] Group 2 - Longi Green Energy's CEO Li Zhenguo has resigned from his position as general manager and legal representative [2] - Zhongyida has stated that if there are further significant anomalies in the company's stock trading, it will apply for a suspension of trading for verification [2] - Suzhou Longjie has seen its TTM price-to-earnings ratio slightly above the industry median level [2]

文件要求，有关省(区)、集团公司在督察进驻过程中，要严格按照"严肃、精准、有效"的原则，实事求 是，通过必要的问责切实传导压力、落实责任，建立长效机制。同时，要严格贯彻落实中央有关文件精 神，防止和纠正以问责代替整改以及乱问责、滥问责、简单化问责等问题。对发现问责出现上述问题 的，督察组将会及时予以提醒，情节比较严重的，还将按有关程序报告中央纪委国家监委机关。 文件明确，中央生态环境保护督察是督察组与有关省(区)、集团公司共同承担的一项重要政治任务，需 要双方以高度的政治责任感共同推进，完整、准确、全面贯彻新发展理念，加快构建新发展格局，着力 推动高质量发展。要坚决贯彻落实中央八项规定及其实施细则精神，坚决贯彻落实党中央整治形式主义 为基层减负有关要求，严格按照有关要求安排督察接待和督察保障工作，能从简的一律从简，能简化的 一律简化，不搞迎来送往、层层陪同，切实减轻基层负担。要按照《生态环境保护督察工作条例》要 求，加强对督察组及其成员执行督察纪律情况的监督。有关省(区)、集团公司要督促所辖地市(州、 盟)、有关部门和单位如实反映问题，提供真实情况，推进整改落实，加强信息公开，共同营造督察工 作良好氛围。 新 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - On May 7, 2025, at the State Council Information Office press conference, Chairman Wu Qing and Governor Pan Gongsheng successively pointed out the development of science - and - technology innovation bonds. This was the third mention of science - and - technology innovation bonds in important meetings this year, highlighting the continuous policy support. With policy support, science - and - technology innovation bonds are expected to further expand to support the development of innovative enterprises, and the market may need to re - evaluate their investment value [4]. - Science - and - technology innovation bonds refer to bonds issued by enterprises in the science - and - technology innovation field with funds mainly used for science - and - technology innovation. They mainly include science - and - technology innovation notes and science - and - technology innovation corporate bonds. The core contents of the "Notice on Further Supporting the Issuance of Science - and - Technology Innovation Bonds to Serve New - quality Productivity" include expanding the issuer scope, introducing incremental funds such as social security funds and pensions, and optimizing the issuance and trading systems [4]. - Since their launch, the issuance scale of science - and - technology innovation bonds has been continuously increasing, with state - owned enterprises and central enterprises as the main issuers. As of May 19, 2025, the issuance amounts of industrial bonds, financial bonds, and urban investment bonds among science - and - technology innovation bonds this year were 453.6 billion yuan, 140 billion yuan, and 28.9 billion yuan respectively. In addition, 24 equity investment institutions have registered to issue science - and - technology innovation bonds, with an expected total scale of 15.5 billion yuan [4]. - The outstanding science - and - technology innovation bonds are mainly of medium - to - high grades and have a maturity of less than 3 years, and are mostly distributed in traditional industries such as building decoration and coal. Most industries' science - and - technology innovation bonds have a certain premium compared with ordinary bonds in the same industry, with higher premiums in industries such as food and beverage and pharmaceutical biology. The positive premium of science - and - technology innovation bonds is mainly related to the use of bond funds. They support high - risk science - and - technology innovation projects, so they have a premium compared with ordinary bonds [5]. - The main value of science - and - technology innovation bonds is to contribute increments to the bond market, thus alleviating the asset shortage problem to some extent. From January to May 20, 2025, the issuance of science - and - technology innovation bonds totaled 622.5 billion yuan, a year - on - year increase of 61%. The annual issuance is expected to be close to 1.9 trillion yuan. In terms of price, the average spread between science - and - technology innovation bonds and ordinary bonds issued by the same entity in the past month was close to 10bp. It is recommended to explore the premium investment opportunities of science - and - technology innovation bonds [5]. - Future points of attention for science - and - technology innovation bonds include the increase in issuance volume, the introduction of investment assessment, and the expansion of fund products [6]. Group 3: Summary According to the Directory What is a Science - and - Technology Innovation Bond? - Policy changes: Since 2017, the Shanghai and Shenzhen Stock Exchanges have actively carried out pilot projects on dual - innovation bonds. In 2022, the official launch of science - and - technology innovation bonds was marked. In 2025, multiple policies were introduced to support the issuance of science - and - technology innovation bonds, and it is expected to expand under continuous policy optimization [10]. - Concept and variety analysis: Science - and - technology innovation bonds mainly include science - and - technology innovation notes and science - and - technology innovation corporate bonds. They have differences in issuer identification and use of raised funds. Science - and - technology innovation notes are listed on the inter - bank market, while science - and - technology innovation corporate bonds are listed on the exchange [12][14]. - Contribution to small and medium - sized private enterprises: The launch of science - and - technology innovation bonds aims to guide funds to the science - and - technology innovation field, change the current issuance pattern dominated by large state - owned enterprises and upstream industry enterprises, and help private enterprises and small and medium - sized science - and - technology innovation enterprises finance through the bond market [15]. Primary Market: The Supply of Science - and - Technology Innovation Bonds has Increased Significantly - Expansion of issuance scale: Since their launch, the issuance scale of science - and - technology innovation bonds has been continuously increasing. From 2022 to 2024, the issuance scales were 243.5 billion yuan, 743.5 billion yuan, and 1.1783 trillion yuan respectively, with an average annual compound growth rate of 120%. As of May 20, 2025, the total issuance scale was 2.7877 trillion yuan [22]. - Recent strong demand: Recently, policy support for science - and - technology innovation bonds has been strong, and market subscription enthusiasm has increased. In May, the average subscription multiple of science - and - technology innovation bonds increased by 1.4 times compared with April, indicating a significant increase in investors' allocation demand [24]. - Supply from the perspective of issuer type: Science - and - technology innovation bonds are mainly issued by state - owned enterprises and central enterprises, accounting for 46% and 43% respectively. Industrial issuers account for 92% of the issuance scale, while urban investment issuers account for only 8% [28]. - Supply from the industry perspective: The issuers of science - and - technology innovation bonds are mostly from traditional industries. The building decoration industry has the largest issuance scale, followed by public utilities, coal, and non - ferrous metals. The issuance scale of science - and - technology industries such as communication, electronics, and computer needs to be improved. The urban investment platforms with high issuance amounts are industrial investment platforms [34]. Secondary Market: Seize the Investment Opportunities of Premium Science - and - Technology Innovation Bonds - Reasons for institutional purchases: Institutions' core motivations for allocating science - and - technology innovation bonds include coupon advantages, the expectation of regulatory optimization of investment - end assessment, and the potentially lower default risk compared with ordinary corporate credit bonds [41]. - Characteristics of outstanding bonds: There are currently 1,782 outstanding science - and - technology innovation bonds with a total amount of 1.7907 trillion yuan. They are mainly of medium - to - high grades, with AA - grade and above accounting for 94%. The remaining maturity is mainly less than 3 years, accounting for 65% [44]. - Valuation distribution: The outstanding industrial science - and - technology innovation bonds total 1.5684 trillion yuan, mainly distributed in industries such as building decoration, coal, and public utilities. High - valuation science - and - technology innovation bonds are mainly in industries such as basic chemicals, power equipment, and pharmaceutical biology. The outstanding urban investment science - and - technology innovation bonds total 181.2 billion yuan. Jiangxi, Sichuan, and Hubei have the largest outstanding scales. Chongqing, Shandong, and Shaanxi have relatively high valuations [53]. - Premium analysis: Most industries' science - and - technology innovation bonds have a certain premium compared with ordinary bonds in the same industry. The premiums of the food and beverage, pharmaceutical biology, and communication industries are all above 30bp, while the valuations of science - and - technology innovation bonds in the media, automobile, and computer industries are significantly lower than those of ordinary bonds. Among urban investment provinces, Jilin's urban investment science - and - technology innovation bonds have an obvious premium compared with those of the same province [55]. - Reasons for the positive premium: Compared with other labeled bonds, the positive premium of science - and - technology innovation bonds is mainly related to the use of bond funds. Science - and - technology innovation bonds are mainly used to support science - and - technology innovation projects with high uncertainty, so investors require a credit risk premium, resulting in a higher valuation than ordinary bonds issued by the same entity [60].

Core Viewpoint - China Huaneng Group and its listed subsidiaries have demonstrated strong financial performance, with significant dividends and a focus on renewable energy as a new profit growth engine [1][3][4]. Financial Performance - The three listed companies have cumulatively distributed dividends of 104.1 billion yuan since their listings, with an average dividend payout ratio exceeding 56% [1]. - Cumulative financing amounts to approximately 45 billion yuan, with dividends significantly surpassing financing, highlighting the companies' long-term return capabilities for investors [1]. - The net profit of the three listed companies increased from 18.1 billion yuan to 20.8 billion yuan over the past two years, with a steady rise in return on equity [3][4]. Renewable Energy Growth - Huaneng International's renewable energy business has seen substantial growth, with pre-tax profits projected to reach 8 billion yuan and 9.5 billion yuan in 2023 and 2024, respectively, accounting for over 50% of total profits [1][6]. - Huaneng Hydropower's installed renewable energy capacity surged from 235,000 kilowatts in early 2021 to 3.7027 million kilowatts, with a 127.04% year-on-year increase in renewable energy generation in 2024 [3][6]. - Inner Mongolia Huadian has increased its renewable energy project share to 25% of total installed capacity, up 14 percentage points since the beginning of the 14th Five-Year Plan [3]. Strategic Development - The company aims to enhance market competitiveness and internal value through effective market management strategies, including improved information disclosure and share buybacks [4][6]. - The focus is on developing strategic emerging industries and future industries, with an expected increase in electricity's share of total energy consumption from 30% this year to 35% by 2030 [6][9]. - The company plans to maintain a balanced development approach, emphasizing green and low-carbon growth while advancing renewable energy, hydropower, and nuclear power projects [8][9].

业绩说明会上，中国华能董事长、党组书记温枢刚表示，上市公司是中国华能极为重要的发展平台，华 能国际、华能水电和内蒙华电三家上市公司都在能源电力行业深耕多年，在资本市场有着丰厚的积 累。"中国华能一直以来都大力支持控股上市公司不断做大做强，持续关注控股上市公司的股东回报、 市值管理，优化上市公司资本布局。" 温枢刚强调。 新能源布局显成效 "在新能源投资机会上，作为控股股东，我们全力支持上市公司向好发展，同时也尊重上市公司的独立 性，支持他们发挥各自优势挖掘投资机会。"中国华能总会计师王益华表示，华能国际、内蒙华电依托 现有电源布局，着力推动火电和新能源项目实现"火风光互补"，华能水电着重开发水电站流域内新能源 项目以实现"水风光一体化"。 王益华强调，我国风光新能源项目可开发资源丰富，全集团核准备案、开工建设新能源规模逐年上升， 目前公司新能源装机突破1亿千瓦，目前新能源的开发建设速度足以支持上市公司的长期快速发展。 5月16日，中国华能集团有限公司（下称"中国华能"）携控股的华能国际（600011）、华能水电 （600025）、内蒙华电（600863）三家沪市上市公司在上海证券交易所召开集体业绩说明会。 华 ...

5月16日，中国华能集团有限公司(简称"中国华能")携控股华能国际（600011）电力股份有限公司(简 称"华能国际")、华能澜沧江水电股份有限公司(简称"华能水电（600025）")、内蒙古蒙电华能热电股份 有限公司(简称"内蒙华电（600863）")三家沪市上市公司在上海证券交易所召开集体业绩说明会。 作为内蒙古自治区首家上市公司，近年来，内蒙华电依托"煤电一体化+新能源转型"双轮驱动战略，构 建了涵盖火电、煤炭、新能源的业务布局。 内蒙华电董事长高原介绍称，截至2024年底，公司火电总装机容量1，140万千瓦，煤炭产能1500万吨/ 年，新能源运营装机容量188万千瓦，在建新能源项目204万千瓦。从经营业绩来说，公司毛利率整体呈 现上升趋势，即从2020年的14.56%上升至2025年一季度的25.04%。 会上，中国华能董事长、党组书记温枢刚强调，未来，中国华能将更加注重提高上市公司发展质量，进 一步明确各上市公司专注领域，优化产业布局，提升运营质量，增强价值创造能力；推动上市公司建立 健全常态化回报机制，促进各上市公司提高分红比例和频次，吸引战略资本、长期资本、耐心资本成为 上市公司股东，不断增强投 ...

特朗普：在与普京会面前"什么都不会发生" 当地时间15日，美国总统特朗普表示，在俄罗斯总统普京与其会面之前，什么都不会发生。据克里姆林 宫网站14日发布的消息，俄罗斯总统普京确定俄乌谈判俄方代表团名单。普京本人不在名单之列，这表 明普京已决定不会出席此次谈判。媒体15日援引一位美国政府官员的消息报道称，特朗普也不会前往土 耳其参加此次会谈。 【观国内】 第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 国家卫健委通报肖某引发舆情事件调查处置情况 15日，国家卫健委通报关于肖某引发舆情事件调查处置进展情况。其中，肖某行为严重违反医师职业道 德和医学伦理规范，被吊销医师执业证书、给予五年以上禁止从事医疗卫生服务的处罚；董某莹存在入 学资格造假、抄袭剽窃学术不端行为，其毕业证书、学位证书、医师资格证书、医师执业证书已被撤 销。 商务部：中方敦促美方尽快停止232关税措施 5月15日下午，商务部召开例行新闻发布会。商务部新闻发言人何咏前表示，关于美方针对进口汽车、 钢铝232关税和美方对进口药品发起232调查，中方认为，美方做法是典型的单边主义和保护主义行径， 不仅损害他国权益、破坏以规则为基础 ...

Group 1 - The Ministry of Commerce urges the US to stop the 232 tariff measures, stating that such actions are unilateral and protectionist, harming the interests of other countries and disrupting the multilateral trade system [3] - The Ministry of Commerce responds to the US's export control measures against Huawei's Ascend chips, indicating that these actions severely damage the legitimate rights of Chinese companies and threaten the stability of the global semiconductor supply chain [3] - The Ministry of Commerce addresses the issue of rare earth export controls, stating that there is no further information available at this time, but will provide updates as necessary [4] Group 2 - The Supreme Court and the China Securities Regulatory Commission (CSRC) emphasize the need to combat false information and protect market order, stating that those who harm others' rights through false narratives will face legal consequences [9] - The CSRC announces new regulations requiring that funds raised by listed companies must be used specifically for their main business and not for permanent working capital or repaying bank loans [12] - The CSRC will strictly regulate changes in the use of raised funds and ensure that controlling shareholders do not occupy these funds, with penalties for unauthorized changes [13] Group 3 - The China Chemical Corporation's subsidiary is involved in a lawsuit regarding false statements related to securities, with claims for damages amounting to 5.147 billion yuan [14] - China Minmetals Corporation reports a 24.9% year-on-year decrease in new contract amounts for the first four months of 2025, with overseas contracts also declining by 7.7% [15] - The real estate industry is experiencing a contraction, with the top 30 real estate companies reporting a slight revenue decline of 0.083% year-on-year, with only 11 companies showing growth [27]