答：2025 年上半年，公司积极把握市场机遇，科学合理制定经营 策略，财富管理、自营投资业务稳定增长，投资银行、资产管理业务 同比快速回升，各业务条线协调发展，推动公司整体业绩稳步提升。 公司坚持"聚焦主责主业发展产业券商"和"建设专业能力打造 一流综合型投资银行"的"产业券商+一流投行"战略发展总体思路， 凭借央企控股券商的天然优势，持续打造产业金融专业能力，充分发 挥产业金融的重要作用，全力构建产业金融新生态、催发服务实体新 效能，助推产业链供应链优化升级，赋能科技成果转化，助力新兴产 业与未来产业培育。 4.公司科技赋能的投入与业务实际赋能改善情况如何？ 证券代码：002939 证券简称：长城证券 长城证券股份有限公司 2025 年 8 月 18 日投资者关系活动记录表 编号：2025-010 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 其他 | | | 广发证券非银金融分析师 严漪澜 公司副总裁、董事会秘书（代行总裁、财务负责人职责） 周钟山 | | 活动参 ...

证券代码：002939 证券简称：长城证券 长城证券股份有限公司 2.2024 年公司获得银行间市场非金融企业债务融资工具主承销商资 格，请问公司主要的业务规划是什么？ 答：公司在 2024 年取得非金融企业债务融资工具主承销业务资格 后，于 2025 年 3 月再获非金融企业债务融资工具独立主承销业务资格， 进一步夯实了债券市场服务能力。依托这一资质升级，公司更加深度 地整合交易所与银行间市场资源，将原有交易所市场发行人资源顺利 延伸至银行间市场，实现双市场协同贯通。 3.公司打造科创金融港新型产融服务平台，请问目前开展情况如何，主 要服务模式是什么？ 答：公司立足新时代格局，在"双碳"背景下，构建了"科创金 融港"一链一圈产业金融新模式。科创金融港聚焦中国华能产业资源， 面向产业核心技术和补链、稳链、延长链需求，结合公司自身发展情 况，坚持开发和维护产业链中小科创企业群体，以客户需求为中心， 开发和维护生态伙伴，充分发挥桥梁和纽带作用，通过产业赋能助力 金融业务转化，取得了一系列新突破，实现技术赋能、管理赋能和市 场赋能，有效促进"科技-产业-金融"良性循环。目前公司科创金融港 储备华能产业链企业 432 ...

Core Insights - The report indicates that by the end of 2024, the total asset scale of 24 automotive finance companies in China will exceed 855.13 billion yuan, maintaining a high level of performance [1] - Retail financing balance is projected to be 690.02 billion yuan, with significant growth in loans for new energy vehicles and used cars, reflecting strong support for the consumption of new energy vehicles and the used car market [1] Industry Overview - The automotive finance industry is expected to benefit from ongoing economic improvement and policy support, with production and sales of vehicles projected to surpass 30 million units, showcasing resilience and vitality [1] - The rise of new energy vehicles, breakthroughs in intelligent technology, and diversified consumer demand are reshaping the automotive industry landscape [1] Financial Performance - As of the end of 2024, the average liquidity ratio of the industry is expected to reach 195.90%, with an average capital adequacy ratio of 26.96% and an average non-performing loan ratio of 0.65%, indicating a stable financial environment [2] - Automotive finance companies are focusing on innovation and specialization in financial services to enhance their competitive edge in a challenging market [2] Strategic Initiatives - Companies are enhancing their digital transformation efforts to improve operational efficiency and management precision, while also adhering to regulatory requirements [2][3] - There is a strong emphasis on developing targeted financial products in collaboration with manufacturers, creating a seamless online financial service experience, and improving brand influence through new media [3] Social Responsibility - Automotive finance companies are actively engaging in social responsibility initiatives, including support for small and micro enterprises, and various charitable activities aimed at promoting sustainable development [3] Future Outlook - The automotive finance industry is expected to continue its self-upgrading and innovation, exploring a uniquely Chinese path in automotive finance to support high-quality development in the automotive sector [3]

Core Viewpoint - The resignation of Li Xiang as the president and financial officer of Great Wall Securities has led to the appointment of Zhou Zhongshan as the acting president and financial officer, raising significant industry attention regarding leadership changes and strategic direction [1] Group 1: Leadership Transition - Zhou Zhongshan, born in January 1974, has a rich career history, starting from grassroots positions to becoming a core executive, showcasing a model of career progression within the company [1] - Zhou has held various roles since joining Great Wall Securities in 1998, including vice president and board secretary, culminating in his current acting role as president [1] Group 2: Strategic Initiatives - As the strategic execution director, Zhou has demonstrated exceptional capabilities in leading the company's "14th Five-Year Plan," focusing on "science and technology finance, green finance, and industrial finance," aligning with national financial directives [2] - Zhou has initiated the establishment of the "Group and Strategic Client Department," successfully integrating resources and enhancing the company's collaborative effects within the industry [2] Group 3: Business Innovation and Risk Management - Zhou has actively driven the transformation of investment banking and wealth management, positioning investment banking as a "specialized driver" and expanding into green bonds and the North Exchange market [2] - During the downturn of small-cap stocks in 2024, Zhou implemented dynamic risk control measures, ensuring the stability of proprietary business operations [3] Group 4: Organizational Optimization - Zhou has led organizational changes, including the elimination of redundant departments and the establishment of a new "Brand and Public Relations Department," enhancing governance efficiency [3] - He has also promoted a younger executive team, injecting innovation into the company's leadership structure [3] Group 5: Financial Performance and Industry Insight - The company is projected to see a net profit increase of 85%-95% in the first half of 2025, with wealth management and proprietary investment being key growth drivers [4] - Zhou's insights into industry trends emphasize the need for securities firms to focus on "financial services for the real economy," aligning with regulatory guidance [4] Group 6: Future Outlook - As Zhou takes on the role of acting president, he is expected to balance strategic continuity with innovation, leveraging his extensive experience to enhance organizational efficiency and strategic execution [5] - Zhou's career trajectory reflects a blend of strategic design, business innovation, and resource integration, positioning him to address challenges in the brokerage industry [5]

Core Viewpoint - The chief economist of China National Petroleum Corporation (CNPC), Wang Zengye, emphasizes that industrial financial institutions can promote the green and low-carbon transformation of the energy industry by investing around their traditional main businesses under the "dual carbon" goals [2][3]. Group 1: Industrial Financial Support for Energy Transition - The rapid development of new energy vehicles is impacting the traditional oil sales market, prompting CNPC to adapt to the new energy industry trends to maintain its leading position [3]. - Wang Zengye suggests that entities participating in financial institutions can create a feedback loop to support their main businesses, thus driving the group's green and low-carbon transformation [3]. - CNPC's financial arm, Zhongyou Capital, is focusing on the energy and chemical industry chain, leveraging its full licensing capabilities to provide financial products and services [3]. - Zhongyou Capital plans to invest 655 million yuan in controllable nuclear fusion projects, indicating a proactive approach to future energy developments [3]. Group 2: Challenges in Global Energy Landscape - Geopolitical conflicts, economic slowdown, and climate change are pushing the energy industry into a high-risk phase, with energy prices experiencing significant volatility [5]. - The global energy trade flow is shifting from a counterclockwise to a clockwise direction, with the EU's sanctions on Russian energy exports leading to increased exports from Russia to the Asia-Pacific region [5]. - The U.S. is significantly increasing its LNG and refined oil exports to Europe, indicating a shift from global economic efficiency to regional cooperation in energy trade [5]. Group 3: Economic Impact on Energy Demand - U.S. tariff policies are affecting global trade and dragging down global oil demand growth, with international oil prices expected to drop to a range of $60 to $70 per barrel by 2025 [6]. - The International Monetary Fund predicts a decline in global economic growth to 2.8% in 2025, which will contribute to weak energy consumption [6]. Group 4: China's Energy Security - Despite high dependence on imports for oil and gas, China's overall energy self-sufficiency remains above 80%, supported by coal self-sufficiency and the utilization of clean energy sources [7]. - In 2024, China's dependence on foreign oil and gas is projected to reach 71.9% and 43.6%, respectively, highlighting the risks associated with maritime transport routes [7].

Group 1 - The core viewpoint of the articles emphasizes the need for traditional energy companies to overcome multiple challenges such as technological iteration, capital investment, and industrial collaboration in the context of a global shift towards green and low-carbon energy [1][2] - China National Petroleum Corporation (CNPC) is accelerating its transformation into a comprehensive energy and chemical company focusing on "oil, gas, heat, electricity, hydrogen" and "refining, chemical materials" [1] - The collaboration between China Petroleum Capital Co., Ltd. and Kunlun Capital Co., Ltd. aims to create an integrated ecosystem of "industry + investment + finance" to inject new momentum into the green and high-quality development of the energy and chemical industry [1][3] Group 2 - Wang Zengye, Chief Economist of China Petroleum Capital, stated that the energy sector has complex financial needs due to its large scale and intricate scientific nature, requiring a variety of financing channels and tools for systematic transformation [2][3] - The focus of industrial finance should be on efficiently integrating resources and adding value to support the energy and chemical industry ecosystem [2] - The companies are actively building an integrated ecosystem centered on "industrial demand" to enhance collaboration between CNPC and invested enterprises, as well as between the enterprises themselves [3][4] Group 3 - Kunlun Capital is adopting a "fund + direct investment" dual-driven model, focusing on investments in emerging industries such as renewable energy, new materials, and high-end intelligent manufacturing [4] - The company is exploring new paths for industry development through selective investment in mature projects for technology transfer, closely aligned with its core business [4] - China Petroleum Capital aims to leverage its comprehensive financial licenses and nationwide service network to provide tailored, competitive "one-stop" financial services for industrial units and invested enterprises [4]

Core Viewpoint - Jiujiang Bank showcased its innovative practices in industrial finance at the 2025 China International Financial Expo, emphasizing its role as a pioneer in integrating financial services with industrial development [2][3][4] Group 1: Event Overview - The 2025 China International Financial Expo opened on June 18 at the Shanghai World Expo Exhibition and Convention Center, with Jiujiang Bank being the only invited financial institution from Jiangxi Province [2] - The event featured a forum on "Supply Chain Finance Empowering Local Characteristic Industries," where Jiujiang Bank's president delivered a keynote speech on the role of small and medium-sized banks in building a new ecosystem of industrial finance [2][3] Group 2: Jiujiang Bank's Innovations - Jiujiang Bank presented its theme "Industrial Finance Coexistence, Smart Future," highlighting its comprehensive service platform based on industrial internet and its innovative practices in empowering industrial upgrades [3] - The bank's industrial finance business reached a scale of 59.8 billion yuan by the end of May 2025, serving nearly 5,000 enterprises, while its self-developed comprehensive service platform had a transaction scale exceeding 200 billion yuan, benefiting around 3,000 enterprises [3] Group 3: Strategic Goals - Jiujiang Bank aims to build a first-class industrial internet platform, focusing on regional industrial transformation and upgrading, and promoting high-level collaboration among finance, technology, and industry [3][4] - The bank's mission is to transform from a traditional "fund provider" to an "industrial co-builder," supporting regional economic high-quality development through financial innovation and industrial growth [3]

Group 1: Company Strategy and Goals - During the "14th Five-Year Plan" period, the company focused on creating a specialized first-class securities firm in the power and energy sectors, guided by Xi Jinping's thoughts and the spirit of the 20th National Congress [1] - The company aims to enhance its core competitiveness and establish a new ecosystem for industrial finance, emphasizing the importance of serving the real economy [2] Group 2: Industry Trends and Mergers - Since the 2023 Central Financial Work Conference, regulatory support for mergers and acquisitions (M&A) has increased, making it a crucial strategy for securities firms to enhance competitiveness [3] - The trend of M&A is expected to reshape the industry landscape, with leading firms innovating through group operations and M&A to strengthen their positions [3] Group 3: Investment and Financial Performance - In Q1 2025, the company reported a significant increase in investment income and fair value changes, attributed to optimized asset allocation and market timing strategies [5] - The company successfully captured structural opportunities in the equity market while managing risks in the bond market, leading to substantial year-on-year investment returns [5] Group 4: Future Development and Internationalization - The company plans to develop two fund companies to align with national strategic areas such as technology innovation and green development, aiming to enhance its market position and product offerings [4] - The focus will be on creating comprehensive solutions that meet the long-term capital market needs, thereby supporting high-quality market development [4]

Core Viewpoint - The article emphasizes the importance of financial innovation in bridging the value chain between the industrial and consumer sectors to drive high-quality economic development in China, especially during the current phase of economic transformation and structural adjustment [2][23]. Group 1: Current Economic Challenges - China's economy is facing multiple pressures, including the need for industrial transformation, structural employment issues, and insufficient consumer confidence, which are hindering the release of domestic consumption potential [2][3]. - Enterprises are under significant operational pressure due to rising costs and weak market demand, leading to declining profit margins, particularly in traditional manufacturing sectors [3]. - The employment market is experiencing structural challenges, with traditional jobs disappearing faster than new opportunities in emerging industries can be created, resulting in a mismatch in labor supply and demand [3]. Group 2: Consumer Income and Confidence - There is a noticeable downward pressure on household income, with wage growth slowing significantly, particularly for frontline employees in manufacturing and services [4]. - Fluctuations in financial markets have adversely affected property income, leading to a substantial impact on overall disposable income and consumer purchasing power [4]. - Consumer confidence remains low due to uncertainties in economic expectations and employment prospects, resulting in a tendency towards risk-averse savings and a decline in consumption willingness [4]. Group 3: Role of Commercial Banks - Commercial banks are encouraged to develop a collaborative mechanism between industrial finance and consumer finance to support the transformation of the real economy and stimulate market demand [5]. - By providing financial support to advanced manufacturing and strategic emerging industries, banks can enhance supply quality and create a virtuous cycle of "industrial upgrading creating supply—employment stability ensuring income—consumer finance releasing demand" [5][7]. - The integration of financial services into consumption scenarios and the provision of robust wealth management services are essential for stabilizing employment and increasing residents' income [5][8]. Group 4: Value of Industrial Finance - The value of industrial finance in expanding domestic demand and boosting consumption is multi-faceted, impacting supply-side optimization, demand-side enhancement, employment stability, and income growth [7]. - Supporting technological upgrades and product innovation through industrial finance can significantly improve the quality and efficiency of the supply system, thereby meeting the demands of consumption upgrades [7][10]. - Financial support for private enterprises, which are key to job creation, directly influences income levels and consumer capacity, enhancing overall consumption willingness [8]. Group 5: Practical Measures for Banks - Banks should focus on strategic emerging industries and advanced manufacturing by offering specialized loans and innovative financing products to support the development of products aligned with consumption upgrade trends [13][16]. - By designing differentiated financial products that cater to consumer scenarios and small business growth, banks can stimulate terminal consumption markets and create a positive cycle from "employment increase" to "consumption stimulation" [17][19]. - Wealth management services should be integrated with consumer finance to enhance residents' financial income and optimize consumption rights, thereby fostering a positive cycle from "income growth" to "consumption upgrade" [20][22].

Core Insights - The "Bay Area Industry Financial Leadership Talent Study Program" has been launched to cultivate industry financial leaders in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The program is a collaboration between the Capital Market Academy and several authoritative institutions, aiming to create a comprehensive learning and exchange platform for financial elites, venture capital partners, and corporate executives [1] Group 1: Program Details - The program offers 50 elite seats with a tuition fee of 36,000 yuan for a 12-day core curriculum plus off-site study [1] - The Capital Market Academy, co-established by the China Securities Regulatory Commission and the Shenzhen Municipal Government, has successfully trained nearly 200 financial executives and industry elites since 2019 [1] Group 2: Course Features - The program features a top-tier faculty from various sectors, creating a practical mentor system that integrates industry, finance, and technology [2] - Notable experts and industry leaders, including Tang Jie and Chen Wei, will provide cutting-edge knowledge and personalized advice to participants [2] - The curriculum emphasizes interactive learning and practical application, encouraging collaboration among participants to address real-world challenges [2] Group 3: Alumni Network - The program leverages a network of 200 alumni to establish a regular communication mechanism, facilitating project financing, technology matching, and talent recruitment [2] - Regular events such as themed salons and project matching meetings will be organized to support participants in expanding their networks and enhancing practical skills [2]