截至目前，长江产业集团直接持有长江证券股份比例升至17.41%，长江产业集团及其一致行动人合计 持股比例为28.22%，是长江证券第一大股东。 在股权转让期间，长江证券的管理层面也发生了变化。2024年7月，刘正斌就已出任长江证券党委书 记。今年3月初，前任董事长金才玖因工作调整辞职后，刘正斌开始代为履行职务，一个月后正式当 选。 12月9日，长江证券发布多份公告，宣布完成董事会及管理层换届选举。公告显示，刘正斌连任公司第 十一届董事会董事长，陈佳出任副董事长，总裁一职由刘元瑞继续担任。 新一届董事会由刘正斌、陈佳、刘元瑞、李俊喜、陈华军、黄雪强、陈文彬、赵海涛八名非独立董事， 以及朱启贵、徐信忠、李新天、全怡、代昀昊五名独立董事构成。 与前届董事会相比，此次换届新增李俊喜、陈华军以及赵海涛三位湖北国资背景的董事。连同刘正斌在 内，湖北国资在长江证券的董事席位增至4个。 公开资料显示，刘正斌曾任湖北省发改委，李俊喜、陈华军曾分别任职于湖北银行人力资源部、湖北省 仙桃市政府；赵海涛现任湖北宏泰集团党委委员、副总经理，曾任长江产业投资私募基金党委书记、董 事长。 而这一变动也是湖北国资受让原股东三峡集团持有长江证 ...

12月9日，长江证券股份有限公司（000783.SZ，下称"长江证券"）发布公告称，选举刘正斌、陈佳、刘元瑞、李俊喜、陈华军、黄雪强、陈文彬、赵海涛为 第十一届董事会非独立董事，朱启贵、徐信忠、李新天、全怡、代昀昊为第十一届董事会独立董事，选举粟钹轶为职工代表董事。 同时，长江证券选举刘正斌先生为第十一届董事会董事长，选举陈佳为第十一届董事会副董事长；聘任刘元瑞为总裁，聘任陈水元为副总裁兼财务总监，周 纯为副总裁兼合规总监、首席风险官、董事会秘书，陈进为副总裁，王承军为副总裁，潘进为首席信息官，李庚为副总裁，黄太进为总审计师，任职期限自 本次董事会审议通过之日起至第十一届董事会届满之日止。 公开资料显示，长江证券前身为1991年3月成立的湖北证券公司，2007年12月在深圳证券交易所上市，是经中国证监会核准的全国性全牌照综合类证券公 司，主营业务包括证券代理买卖、证券自营、承销、资产管理等。 财务数据显示，2025年前三季度，长江证券实现营业收入84.86亿元，同比增长76.66%；实现归母净利润33.73亿元，同比增长135.20%；实现扣非归母净利 润34.01亿元，同比增长142.04%。截至2025年 ...

Core Viewpoint - Changjiang Securities has completed the election of its board of directors and management team, with Liu Zhengbin re-elected as chairman and Chen Jia appointed as vice chairman [1][5]. Board Composition - The new board consists of 8 non-independent directors: Liu Zhengbin, Chen Jia, Liu Yuanrui, Li Junxi, Chen Huajun, Huang Xueqiang, Chen Wenbin, and Zhao Haitao [6][7]. - There are 5 independent directors: Zhu Qigui, Xu Xinzong, Li Xintian, Quan Yi, and Dai Yunhao, along with one employee representative director, Su Baiyi [7]. Changes in Representation - The most significant change in the board is the increase in representatives from Hubei State-owned Assets, with three new members: Li Junxi, Chen Huajun, and Zhao Haitao, forming a four-member team representing state assets [7][8]. Management Appointments - Liu Yuanrui continues as the president of Changjiang Securities, overseeing daily operations. Other key appointments include Chen Shuiyuan as vice president and CFO, Zhou Chun as vice president and chief compliance officer, and several others in various executive roles [8][9]. Company Background - Changjiang Securities, originally Hubei Securities, was established in 1991 and became the sixth listed brokerage in China in 2007. The company has undergone multiple changes in ownership [9]. Shareholding Changes - In March 2024, Hubei State-owned Changjiang Industrial Investment Group acquired 863 million shares from Hubei Energy and Three Gorges Capital, making it the largest shareholder with approximately 17.41% of total shares [9]. Financial Performance - For the first three quarters of 2025, Changjiang Securities reported revenue of 8.486 billion yuan, a year-on-year increase of 76.66%, and a net profit of 3.373 billion yuan, up 135.20% [9]. Market Performance - On December 9, 2025, Changjiang Securities' stock price fell by 1.45% to 8.16 yuan, with a total market capitalization of 45.1 billion yuan. The stock has risen nearly 20% year-to-date [10].

Core Viewpoint - Changjiang Securities has completed a board and management reshuffle, with the addition of three representatives from Hubei state-owned assets, indicating a transition following the acquisition of shares from the original shareholder, Three Gorges Group [1][2][3] Group 1: Board Restructuring - Liu Zhengbin has been re-elected as the chairman of the board, while Chen Jia has been elected as the vice chairman [2] - The new board includes Liu Zhengbin, Chen Jia, Liu Yuanrui, Li Junxi, Chen Huajun, Huang Xueqiang, Chen Wenbin, and Zhao Haitao as non-independent directors, with Zhu Qigui, Xu Xinzong, Li Xintian, Quan Yi, and Dai Yunhao as independent directors [1][2] - The inclusion of Hubei state-owned representatives in the board is a normal transition following the change in major shareholders [1] Group 2: Management Changes - Liu Yuanrui continues as the president of Changjiang Securities, with several other executives being adjusted or newly appointed, including Chen Shuiyuan as vice president and CFO, and Zhou Chun as vice president and chief risk officer [2][3] - The management reshuffle is part of a regular internal governance measure, aimed at optimizing functional divisions while maintaining stability in the management team [3] - The company has seen steady performance since the state-owned assets became the largest shareholder, suggesting potential for enhanced service capabilities in various business lines [3]

Group 1 - Guo Xun Securities has recommended Gu Xiangqing as the general manager of Wanhe Securities, marking the first executive appointment since Guo Xun became the major shareholder of Wanhe [1] - Gu Xiangqing has over 20 years of experience in brokerage business and has held various management positions, indicating her capability to enhance Wanhe Securities' brokerage operations [1] - This personnel change signals an acceleration in the integration process and may lead to a new round of consolidation among small and medium-sized brokerages in the industry [1] Group 2 - Changjiang Securities has completed a board reshuffle, adding three representatives from Hubei state-owned assets, which reflects the deepening involvement of local state capital in corporate governance [2] - The new board composition is expected to strengthen regional resource collaboration and promote business integration with the local economy, potentially providing long-term support for the stock price [2] - The strategic positioning of state-owned brokerages may attract market attention and lead to subtle adjustments in the industry landscape [2] Group 3 - Regulatory authorities have issued guidelines requiring fund company executives to invest a portion of their performance compensation in their own managed public products, with 136 public fund companies having initiated self-purchases totaling over 4 billion yuan this year [3] - This self-purchase trend is seen as a confidence booster for the market, enhancing investor trust in actively managed equity products and promoting the long-term healthy development of the asset management industry [3] - The self-purchase behavior is expected to improve brand image and product attractiveness for fund companies, injecting new capital expectations into the market [3] Group 4 - Over 200 announcements regarding premium risks for cross-border ETFs have been issued by 14 public fund institutions in December, indicating a significant influx of short-term capital leading to price deviations from net asset values [4][5] - Specific ETFs, such as the Southern S&P 500 ETF, have shown premium rates exceeding 3%, with some reaching as high as 5.58%, raising concerns about potential market volatility [4][5] - The ongoing premium phenomenon may divert funds from A-shares, particularly impacting financial and consumer sectors, while the eventual risk release could stabilize market sentiment and encourage rational capital allocation [4][5]

Core Viewpoint - Changjiang Securities has undergone a board and management restructuring, with the introduction of new representatives from Hubei state-owned assets, following the transfer of shares from the original shareholder, China Three Gorges Corporation [1][2]. Group 1: Board and Management Changes - Liu Zhengbin continues as Chairman, with new appointments including Liu Yuanrui as President and several other executives in key positions [1][2][3]. - The board now includes representatives from Hubei state-owned assets, reflecting the recent changes in shareholding structure [1][2]. - The restructuring is part of normal internal governance measures in compliance with relevant regulations [3]. Group 2: Performance Highlights - In the first three quarters of 2025, Changjiang Securities reported total operating revenue of 8.49 billion yuan, ranking 15th among listed brokerages, with a year-on-year increase of 6 positions [4]. - The net profit attributable to shareholders reached 3.37 billion yuan, ranking 13th, with a year-on-year improvement of 4 positions [4]. - The weighted average return on net assets was 9.23%, an increase of 5.21 percentage points, marking the first position among listed brokerages, with a significant rise of 19 positions year-on-year [4]. Group 3: Strategic Initiatives - Changjiang Securities has established a 10 billion yuan humanoid robot fund, the first of its kind in the securities industry, aimed at boosting the development of the robotics sector in Hubei [5]. - The company is enhancing its service capabilities in supporting the high-quality development of the local economy through a synergistic approach in research, investment, and investment banking [5].

Core Viewpoint - The recent restructuring of the board and management team at Changjiang Securities reflects a normal internal governance measure following the acquisition of shares by Hubei state-owned assets, leading to improved performance indicators in 2025 [1][2][3]. Group 1: Board and Management Restructuring - The new board members include Liu Zhengbin, Chen Jia, Liu Yuanrui, Li Junxi, Chen Huajun, and Zhao Haitao, with Liu Zhengbin continuing as chairman [1][2]. - The board now includes representatives from Hubei state-owned assets, following their acquisition of shares from the former major shareholder, China Three Gorges Corporation [1][2]. - Liu Yuanrui remains as the president, while other management positions have been adjusted to optimize functions and introduce new talent [3]. Group 2: Performance Metrics - In the first three quarters of 2025, Changjiang Securities reported total operating revenue of 8.49 billion yuan, ranking 15th among listed brokerages, an improvement of six positions year-on-year [4][5]. - The net profit attributable to shareholders reached 3.37 billion yuan, ranking 13th, with a year-on-year increase of four positions [5]. - The weighted average return on equity for the same period was 9.23%, an increase of 5.21 percentage points, marking the first position among listed brokerages, with a significant improvement of 19 positions [5]. Group 3: Strategic Initiatives - Changjiang Securities has emphasized its role in supporting the real economy, particularly through the establishment of a 10 billion yuan humanoid robot fund, the first of its kind in the securities industry [5]. - The company aims to leverage its strengths in research, wealth management, investment, and banking to enhance its service quality for high-quality economic development [5].

Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

Meeting Details - The second extraordinary general meeting of shareholders was held on December 9, 2025, at 14:30 [2] - The meeting took place at Changjiang Securities Building, 88 Huaihai Road, Jianghan District, Wuhan [3] - The meeting was conducted through a combination of on-site voting and online voting [4] Attendance - A total of 614 shareholders and authorized representatives attended the meeting, representing 2,965,110,368 shares, which is 53.6179% of the total voting shares [8] - Among them, 7 attended the meeting in person, representing 1,509,898,315 shares (27.3034%), while 607 participated via online voting, representing 1,455,212,053 shares (26.3145%) [8] Proposals and Voting Results - The following proposals were approved during the meeting: - **Amendment to the Articles of Association**: Passed with 2,882,844,146 shares in favor (97.2255%) [10][11] - **Amendment to the Board Performance Evaluation and Compensation Management System**: Passed with 2,944,582,185 shares in favor (99.3077%) [12] - **Adjustment of the Credit Business Total Scale Limit**: Passed with 2,945,939,585 shares in favor (99.3535%) [14] - **2025 Semi-Annual Risk Control Indicators Report**: Passed with 2,945,733,685 shares in favor (99.3465%) [15] - **Election of Non-Independent Directors**: All sub-proposals were approved with significant majority votes [16][18][20] Legal Opinions - The meeting's procedures, qualifications of attendees, voting processes, and results were confirmed to comply with relevant laws, regulations, and the company's articles of association [23] Documentation - The resolutions passed at the meeting will be documented and made available for review, including the legal opinions provided by the law firm [24]

Fund Overview - The fund is named Penghua CSI All Index Food Exchange-Traded Fund (ETF) with an initial share value of RMB 1.00 [12][19] - The maximum fundraising scale during the subscription period is RMB 2 billion, excluding interest and subscription fees [3][28] - The subscription period is from December 15, 2025, to December 25, 2025, with both online and offline cash subscription options available [16][39] Subscription Details - Investors must have a Shanghai Securities Account to subscribe, which can be an A-share account or a fund account [30][31] - For online cash subscriptions, each single account must subscribe for at least 1,000 shares or multiples thereof [9][13] - For offline cash subscriptions, the minimum subscription is 1,000 shares through sales agents, or at least 50,000 shares when subscribing directly through the fund manager [9][13] Fund Management and Custody - The fund is managed by Penghua Fund Management Co., Ltd., and the custodian is Suzhou Bank Co., Ltd. [1][47] - The fund's registration has been approved by the China Securities Regulatory Commission (CSRC) [1] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [2][15] Fund Operation - The fund operates as an open-ended exchange-traded fund, primarily investing in securities and futures markets [14][10] - The fund's contract will become effective if the total subscription reaches at least 200 million shares, with a minimum of 200 investors [16][43] Subscription Fees and Interest Handling - Subscription fees will be charged at the time of subscription and are not included in the fund's assets [20] - Interest generated from subscription funds during the fundraising period will be allocated to investors' shares for offline subscriptions, while for online subscriptions, it will be included in the fund's assets [21][41]