证券代码：000783 证券简称：长江证券 公告编号：2025-096 4、本次会议由董事长刘正斌主持。 5、本次董事会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。 长江证券股份有限公司 第十一届董事会第二次会议决议公告 本公司及董事会全体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。 一、董事会会议召开情况 1、根据《公司董事会议事规则》规定，经出席会议的全体董事 书面同意，公司第十一届董事会第二次会议以豁免提前三个工作日发 出通知的方式召开，会议通知于 2025 年 12 月 9 日以邮件形式送达各 位董事。 2、本次董事会会议于 2025 年 12 月 9 日在武汉以现场方式召开。 3、本次董事会会议应出席董事 14 人，13 位董事亲自出席会议 并行使表决权，副董事长陈佳因工作原因无法亲自出席会议，授权董 事陈文彬代为行使表决权并签署相关文件。 二、董事会会议审议情况 本次董事会会议审议通过了如下议案： （一）《关于聘任公司总裁的议案》 根据《上市公司治理准则》《证券基金经营机构董事、监事、高 1 级管理人员及从业人员监督管理办法》和《 ...

湖北得伟君尚律师事务所 关于 长江证券股份有限公司 2025 年第二次临时股东会 法律意见书 湖北得伟君尚律师事务所 DEWELL & PARTNERS 武汉市江汉区建设大道 588 号卓尔国际中心 20-21 层 湖北得伟君尚律师事务所 关于长江证券股份有限公司 2025 年第二次临时股东会的 法 律 意 见 书 得伟君尚长证律意（2025）第 003 号 致：长江证券股份有限公司 根据《中华人民共和国公司法》、《中华人民共和国证券法》和中国证券监 督管理委员会发布的《上市公司股东会规则》等法律法规、部门规章和规范性文 件，以及《长江证券股份有限公司章程》（简称《公司章程》）、《长江证券股 份有限公司股东大会议事规则》（简称《议事规则》）的规定，湖北得伟君尚律 师事务所（简称"本所"）接受长江证券股份有限公司（简称"公司"）委托， 指派陈婷律师、熊昕律师（简称"本所律师"）出席公司 2025 年第二次临时股 东会。 为出具本法律意见书，本所律师对公司本次股东会所涉及的有关事项进行了 审查，查阅了相关会议文件，并对有关问题进行了必要的核查与验证。本所律师 已得到公司如下保证：公司已经提供和披露了本所律师认为为 ...

Group 1 - The core viewpoint of the article highlights that since 2025, the valuation reshaping of innovative drugs in the secondary market has widened the A/H listing channels for pharmaceutical companies, facilitating the exit channels for primary biopharmaceutical investments and financing, leading to a positive cycle in China's biopharmaceutical investment ecosystem [1] - In Q3 2025, the investment and financing amount in China's biopharmaceutical sector reached $1.76 billion, marking a new high since Q4 2022, while in November 2025, the amount was $420 million, indicating a stable performance [1] - The biopharmaceutical ETF (512290) tracks the CS Biomedicine Index (930726), which selects listed companies involved in biotechnology, pharmaceuticals, and medical devices from the Shanghai and Shenzhen markets to reflect the overall performance of biopharmaceutical-related securities [1] Group 2 - The CS Biomedicine Index focuses on innovation and development within the biopharmaceutical industry, with constituent stocks primarily consisting of companies that possess strong competitiveness in research, production, and sales, thereby showcasing the market dynamics and development trends of China's biopharmaceutical industry [1]

Core Viewpoint - The brokerage sector experienced a strong rebound driven by favorable policy announcements, with significant gains in major securities ETFs and constituent stocks [1][3]. Group 1: Market Performance - As of 10:06 on December 8, the leading securities ETF (560090) surged over 2%, reaching a peak increase of over 3%, marking a potential three-day rally [1]. - All constituent stocks of the securities ETF saw substantial increases, with notable performances including a limit-up for Industrial Securities and over 4% gains for Huatai Securities [3]. Group 2: Regulatory Developments - On December 6, regulatory leaders delivered a speech emphasizing the need to accelerate the development of first-class investment banks and institutions, mentioning the relaxation of restrictions for quality institutions and differentiated regulation for small and foreign brokerages [5]. - The recent adjustments in regulations are expected to enhance the capital space and leverage limits for brokerages, potentially leading to improved return on equity (ROE) for quality firms [6]. Group 3: Insurance Capital Market Involvement - On December 5, a new notification was issued to adjust risk factors related to insurance companies, which is anticipated to improve their solvency ratios and encourage long-term investments in the market [7]. - Analysts predict that the adjustments will lead to an influx of insurance capital into the market, with estimates suggesting that up to 1,086 billion yuan could be allocated to the stock market if insurance companies increase their equity investments [8][9].

Group 1 - The article discusses the potential impact of the Federal Reserve's interest rate cuts and the upcoming Central Economic Work Conference on the macroeconomic landscape [2][4] - It highlights the expected changes in dollar liquidity and the reasons behind the recent strength of the Renminbi [4][5] - The article emphasizes the anticipated shift in global liquidity favoring AH shares and the revaluation of Renminbi assets, alongside the potential for a bull-bear transition in the US stock market [7][8] Group 2 - The analysis includes projections for the agricultural product market, questioning whether a global upcycle is beginning and identifying trading opportunities in grains, oils, cotton, sugar, and live pigs [10] - It estimates that the reallocation of household assets could bring approximately 5.4 to 12.0 trillion yuan of incremental funds to the A-share market by 2030 [12] - The potential incremental funds from insurance capital entering the A-share market are projected to be around 6.0 to 9.6 trillion yuan by 2026 [13]

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 谁来接长债？ 报告要点 [Table_Summary] 近期债市中短端抗跌，但超长端利差再次走阔。当前债市的困局在于财政的拉久期节奏，和央 行买长债的节奏并不一致，当前债市缺少长债的买入力量。后续债市如何恢复超长端的供求平 衡？我们认为主要有以下三种路径，并对每种路径进行了验证及测算：1）央行开始明显买入长 久期国债；2）长债利率继续调整后，财政系统在面临长端融资成本攀升的时候，会理性选择缩 短发行久期；3）大行进一步得到注资，或缓解利率敏感性监管指标压力，让大行有空间继续买 入长久期债券。在这一矛盾缓解之前，我们预计中短端相对抗跌，而超长端可能继续震荡偏弱。 分析师及联系人 [Table_Author] 赵增辉 马月 马玮健 SAC：S0490524080003 SAC：S0490525080001 SFC：BVN394 %% %% research.95579.com 1 [Table_Title2] 谁来接长债？ [Table_Summary2] 近期债市中短端抗跌，而超长端利差再走阔 近期债市中短端抗跌，但超长端利差再次走阔，主因超长端 ...

Core Insights - The 21st Century Economic Report held its annual securities industry conference and the 2025 Fifth Golden Analyst Awards in Guangzhou, recognizing 25 institutions for their achievements in research and analysis [1] Group 1: Awards and Participants - The awards attracted participation from over 30 institutions, including prominent firms like GF Securities, Changjiang Securities, Guotai Junan, and Tianfeng Securities [1] - A total of 33 industry analyst awards and 8 special awards were established, covering traditional sectors such as banking and real estate, as well as emerging fields like robotics and innovative pharmaceuticals [1] Group 2: Performance of Institutions - Changjiang Securities, Guotai Junan, and GF Securities were the top performers, winning 23, 23, and 22 awards respectively, with GF Securities leading in nine sectors including strategy research and real estate [2] - Other notable institutions such as Dongwu Securities, Shenwan Hongyuan, and Industrial Securities also performed well, each securing over 10 awards [2] Group 3: Special Awards - Over 20 institutions received honors in the institutional category, with GF Securities, Changjiang Securities, Guotai Junan, and CITIC Securities each winning three institutional awards [3] - In the personal awards category, 10 chief economists were recognized as "Best Chief Economist for High-Quality Development 2025," while 25 analysts were awarded "2025 Growth Analyst" titles [3]

Core Insights - The launch of the Donghu Center marks a new phase for the Yangtze Industrial Group's listed companies, emphasizing a strategy of cluster synergy and ecological empowerment [1][2] Group 1: Strategic Development - The Donghu Center serves as a headquarters for listed companies in Wuhan, acting as a hub for capital, technology, and market connections, and is positioned as a strategic point for the central China region [2] - The center's establishment is part of a strategic layout that integrates ecological and technological innovation, aiming to combine industrial momentum with ecological advantages [2][4] Group 2: Comprehensive Empowerment Platform - The Donghu Center is designed as a comprehensive platform with a focus on "one base and three centers," which includes a Wuhan base, a central sales center, a results display center, and a roadshow release center [3] - This platform aims to consolidate resources, enhance brand image, and facilitate a shift from isolated efforts to collective strategies among listed companies [3] Group 3: Innovation and Industry Integration - The event featured presentations from eight listed companies showcasing their achievements in technology-driven high-quality development across various sectors, including biomedicine and new energy materials [4] - The Donghu Center will facilitate the integration of innovation, industry, finance, and talent, contributing to the establishment of Wuhan as a nationally influential technology innovation center [4]

Core Points - The 2025 Fifth "21st Century Gold Medal Analyst" awards were announced, covering 33 industry analyst awards and 8 special awards, reflecting trends in traditional and emerging sectors like banking, non-bank finance, real estate, robotics, and innovative pharmaceuticals [1] - The special awards recognize institutions and individuals for their significant contributions in areas such as financial research, think tank studies, ESG research, overseas research, and influential brokerage research [1] Industry Awards - The awards included categories for various sectors, with notable winners such as: - **Banking**: First place went to GF Securities, followed by Zheshang Securities and Dongwu Securities [3][5] - **Strategy Research**: First place awarded to GF Securities, with Guotai Junan Securities and Tianfeng Securities following [3] - **Fixed Income**: Top honors went to Huachuang Securities, with Caitong Securities and Industrial Securities in the next positions [4] - **Real Estate and Construction**: GF Securities ranked first, followed by Shenwan Hongyuan and Changjiang Securities [8] Special Awards - The special awards recognized: - **Best Research Institution for Financial Articles**: Shenwan Hongyuan Research [16] - **Best Think Tank Research Institution**: Guotai Junan Securities Research Institute [17] - **Best ESG Research Institution**: Nanhua Futures Research Institute [17] - **Best Overseas Research Institution**: CITIC Securities Research Development Department [17] Individual Awards - Individual awards included: - **Influential Brokerage Research Institute Director**: Long River Securities [16] - **Best Chief Economist for High-Quality Development**: Li Xunlei from Zhongtai Securities [15] - **Growth Analyst**: Multiple analysts from various firms recognized [15]

Core Viewpoint - The Hang Seng Stock Connect Financial R (HKD) Index (483026) closed at 10,527.47 points, up 1.15%, with a trading volume of 51.949 billion HKD and a turnover rate of 0.43% on December 5 [1] Group 1: Index Performance - The index saw 65 constituent stocks rise, with Ruida Futures leading at a 10.01% increase, while 22 stocks declined, with Electric Power Investment and Financing leading at a 3.86% decrease [1] - The top ten constituent stocks by weight include HSBC Holdings (15.53%), China Construction Bank (11.08%), and AIA Group (8.37%) [1] Group 2: Market Capitalization - The total market capitalization of the top ten stocks includes HSBC Holdings at 1,733.079 billion HKD, China Construction Bank at 1,897.727 billion HKD, and Industrial and Commercial Bank of China at 2,050.886 billion HKD [1] Group 3: Capital Flow - The net inflow of main funds into the index's constituent stocks totaled 1.556 billion HKD, while speculative funds saw a net outflow of 488 million HKD, and retail investors experienced a net outflow of 1.068 billion HKD [3] - Notable net inflows include Dongfang Wealth at 532 million HKD and Guotai Junan Securities at 132 million HKD, while significant outflows were observed in Guangfa Securities and Changjiang Securities [3]