Group 1: Industry Overview - The non-ferrous metals industry maintains a "stronger than market" rating due to geopolitical tensions and supply chain security concerns driving the strategic status of metals [1] - The global base metals market is undergoing a structural reshaping of supply and demand dynamics, with strong and sustained demand from green industries such as electric vehicles, photovoltaics, and wind power [1] - Supply constraints are becoming more rigid due to long-term investment shortages, declining resource grades, and extended project production cycles [1] Group 2: Aluminum Market - The operating capacity of the electrolytic aluminum industry increased by 0.5 million tons, reaching 44.25 million tons, with industry profitability exceeding 6,000 RMB per ton [2] - High aluminum prices are suppressing demand, leading to an increase in domestic aluminum ingot inventory by 39,000 tons [2] Group 3: Alumina Market - The alumina market continues to experience inventory accumulation, with weekly operating capacity at 96.25 million tons, an increase of 40 tons [3] - Inventory levels are at historical highs, with a weekly increase of 75,000 tons, and profit margins are negative, with losses expanding to -186 RMB per ton based on domestic ore prices [3] Group 4: Copper Market - Copper prices are rising due to geopolitical tensions and production cuts at mines, with the copper concentrate processing fee declining to -46.53 USD per ton [4] - The operating rate of major copper rod enterprises increased to 57.47%, while global copper inventory rose to 1.0874 million tons, an increase of 77,800 tons week-on-week [4] Group 5: Zinc Market - The zinc market shows weak consumption with visible inventory accumulation, as the galvanizing operating rate recorded 53.48%, a decrease of 0.91% [5] - Domestic zinc ingot inventory remains stable at 118,400 tons, while LME inventory is at 106,500 tons, showing minimal change [5]

Group 1 - The A-share market showed mixed performance on January 19, with the Shanghai Composite Index closing at 4114 points after fluctuating throughout the day, indicating intense market competition between bulls and bears [1] - Recent market movements suggest a slowdown in the upward trend, which is considered a normal consolidation after excessive short-term trading, despite regulatory measures aimed at curbing speculation [1] - The overall macro policy remains accommodative, with the central bank recently implementing structural interest rate cuts, maintaining ample market liquidity and a steady trend of new capital entering the market [1] Group 2 - Following significant market fluctuations last week, short-term risks have been somewhat alleviated, and the A-share market stabilized on Monday, with total market turnover exceeding 300 billion yuan [2] - The market is expected to shift towards a performance-driven trend as it enters the earnings forecast period, with sectors and stocks that have seen excessive gains likely to face continued pressure [2] - The recent policy shift towards cooling "volatile market conditions" and focusing on "counter-cyclical adjustments" is anticipated to lay a solid foundation for stable index performance in the future [2]

Core Viewpoint - The continuous decline in the number of shareholders in various companies indicates a trend of increasing concentration of shares, with 102 companies experiencing a decrease for more than three consecutive periods, and some like Dazhongnan and Far East Transmission seeing declines for up to 12 periods [1][2]. Shareholder Trends - A total of 787 companies reported their latest shareholder numbers as of January 10, with significant declines noted in companies such as Dazhongnan (106,534 shareholders, down 29.73%) and Far East Transmission (64,541 shareholders, down 19.46%) [1]. - Companies with the largest recent declines in shareholder numbers include Hengshuai Co. (down 16.65%), Farantak (down 9.92%), and Furong Technology (down 7.34%) [1][3]. Market Performance - Among the companies with declining shareholder numbers, 57 saw their stock prices increase, while 43 experienced declines. Notable gainers include Hengshuai Co. (up 52.85%), Zhiguang Electric (up 44.75%), and Zhongyuan Neipei (up 33.24%) [2]. - 36 companies outperformed the Shanghai Composite Index, with Hengshuai Co. achieving a relative return of 47.37% compared to the index [2]. Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder numbers include basic chemicals (13 companies), electric equipment (10 companies), and electronics (8 companies) [2]. Institutional Activity - In the past month, 13 companies with declining shareholder numbers were subject to institutional research, with frequent inquiries directed at Xingfa Group, Jintian Co., and Hengxin Life, each receiving two rounds of institutional research [2]. - The companies with the most institutional participation include Xingfa Group (107 institutions), Caixun Co. (76 institutions), and Jintian Co. (23 institutions) [2]. Performance Forecasts - One company has released its preliminary earnings report for 2025, with Shaanxi Guotou A showing a net profit increase of 5.70%. Three companies have issued earnings forecasts, with the highest projected net profit growth being for Quan Feng Automobile, expected to be -315 million yuan, representing a year-on-year increase of 39.04% [3].

日前，长城证券发布了重要的人士变动涉及总裁以及董事会秘书的变更情况。 据公告内容显示，长城证券董事会聘任周钟山为公司总裁、财务负责人，同时解聘其公司副总裁、董事 会秘书职务。 此外，因周钟山职务调整后不再担任董事会秘书，长城证券董事会聘任阮惠仙为新任董事会秘书。 周钟山是一名长城证券的资深老兵。1998年2月，周钟山正式加入长城证券，以此计算，至今已有28年 光景。 在加入长城证券后，周钟山先在地方分支机构历练成长，后加入总部任职高管。其间，周钟山历任南昌 营业部总经理、南昌分公司（筹）负责人、江西分公司总经理等分支机构负责人，后在长城证券总部历 任经纪业务总部总经理、规划发展部总经理、公司战略执行总监、副总裁、董事会秘书等职务。 本次升任总裁后，周钟山同时担任多个要职，包括公司总裁、党委副书记、财务负责人，兼任长证国际 金融有限公司董事局副主席、长城基金管理有限公司董事。 事实上，周钟山出任总裁一职早有迹象。2025年7月，长城证券发布公告称，收到前总裁、财务负责人 李翔的书面辞职报告。因个人原因，李翔上述职务。在李翔从长城证券离开后，周钟山开始代行总裁、 财务负责人的职责，至今已有半年。 阮惠仙同样是长城 ...

公告资料显示，周钟山，1974年1月出生，现年52岁，中国籍，无境外永久居留权，博士，经济师，中 共党员。现任长城证券总裁、党委副书记、财务负责人，兼任长证国际金融有限公司董事局副主席、长 城基金管理有限公司董事。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 长城证券股份有限公司（下称"长城证券"，002939）官宣新总裁。 1月17日晚间，长城证券发布《关于聘任公司总裁、财务负责人及变更董事会秘书的公告》称，公司董 事会聘任周钟山为公司总裁、财务负责人，任期自本次董事会会议审议通过之日起至本届董事会换届之 日止，同时解聘其公司副总裁、董事会秘书职务。 周钟山曾任职于中国工商银行上海市分行，1998年2月加入长城证券，截至目前已在长城证券任职近28 年。历任长城证券南昌营业部总经理、南昌分公司（筹）负责人、江西分公司总经理、经纪业务总部总 经理、规划发展部总经理、公司战略执行总监、副总裁、董事会秘书等职务，曾兼任深圳市长城长富投 资管理有限公司董事、长证国际金融有限公司董事。 正式出任总裁职务前，周钟山已代任总裁职务半年。 2025年7月17日，长城证券董事会收到前总裁、财务负责 ...

Group 1: Leadership Changes - Zhou Zhongshan has officially been appointed as the President and CFO of Changcheng Securities after serving as acting president for six months [1][2] - Zhou has a long tenure at Changcheng Securities, having joined in 1998 and held various management positions [1] - The new board secretary, Ruan Huixian, has also been promoted from within the company, having worked there since 2003 [1] Group 2: Financial Performance - For the first three quarters of 2025, Changcheng Securities reported total revenue of 4.121 billion yuan, a year-on-year increase of 44.61%, and a net profit attributable to shareholders of 1.931 billion yuan, up 75.83% [5][6] - The increase in revenue and profit is attributed to higher financial asset returns and increased brokerage fees and commissions [6] - Investment income's contribution to total revenue has risen significantly, reaching 69.42% in 2024, compared to 44.84% in 2022 [7][9] Group 3: Regulatory Issues - Changcheng Securities has faced scrutiny due to financial fraud issues related to companies it sponsored, including Yuebo Power and Te Fa Information, leading to penalties [4] - Yuebo Power was delisted in July 2024 after being found to have significant reporting inaccuracies, resulting in fines totaling 950 million yuan for the company and its executives [4] - Te Fa Information was also penalized for inflating profits by 191 million yuan from 2015 to 2019, with fines totaling approximately 23.5 million yuan [4] Group 4: Business Focus and Strategy - Changcheng Securities is focusing on the energy sector, leveraging its parent company, China Huaneng Group, to develop a comprehensive investment banking model centered on the dual carbon industry chain and innovative financial services [5] - The company has shifted its investment banking strategy to emphasize mergers and acquisitions, refinancing, and business in the Beijing Stock Exchange, especially after experiencing a lack of IPO underwriting success in 2024 and 2025 [9][10]

Group 1 - Guolian Minsheng expects a net profit attributable to shareholders of 2.008 billion yuan for 2025, representing a year-on-year increase of approximately 406% [1] - The significant profit increase is primarily due to the acquisition of Minsheng Securities and its consolidation into the financial statements, along with strong growth in securities investment, brokerage, and wealth management businesses [1] - The integration of Minsheng Securities exemplifies a "collaborative empowerment" model, which may enhance the competitive landscape of the brokerage industry and boost market confidence in the non-bank financial sector [1] Group 2 - Zhou Zhongshan has been appointed as the president and financial officer of Great Wall Securities, indicating a stable transition in management [2] - Zhou's extensive experience within the company is expected to optimize business operations and enhance market confidence in the company's future development [2] - The internal promotion trend within the brokerage sector supports long-term stability in the industry, contributing to the healthy functioning of the capital market [2] Group 3 - Several equity funds have initiated subscription limits to manage rapid growth in scale and maintain operational stability amid increasing market enthusiasm [3] - This limitation on large subscriptions is seen as a way to optimize the timing of market entry for new funds, enhancing the holding experience for investors during the market recovery [3] - The orderly inflow of funds is anticipated to support the spring market rally, reflecting a rational expectation from institutions regarding future market performance [3]

Group 1 - The new president of Changcheng Securities, Zhou Zhongshan, has been appointed after serving as acting president for six months, indicating a strategic leadership change within the company [1][2] - Zhou has 28 years of experience at Changcheng Securities, covering various business sectors, and is expected to drive the company's strategic and operational reforms [2][3] - The company has adopted a dual-focus strategy of "industrial brokerage + first-class investment banking," which has garnered industry attention, especially with the recent leadership appointments [1][4] Group 2 - In 2025, Changcheng Securities reported a revenue of 4.121 billion yuan, ranking 25th among 45 listed brokerages, and a net profit of 1.942 billion yuan, placing 20th in the industry [1] - The trend of younger executives in the securities industry is evident, with over 50 changes in chairpersons and general managers in 2025, marking a significant shift in management dynamics [3] - The China Securities Regulatory Commission emphasizes that first-class investment banks are not exclusive to top firms, encouraging smaller institutions to develop niche markets and specialized services [4][5] Group 3 - Changcheng Securities has achieved a total profit of 2.286 billion yuan in the first three quarters of 2025, reflecting an 83% year-on-year increase, with a net profit of 1.931 billion yuan, up 75.83% [5]

来源：粤股8 长城证券股份有限公司（以下简称公司）于 2026 年 1 月 16 日召开第三届董事会第十八次会议，审议通 过《关于聘任公司总裁及相关职务调整的议案》《关于聘任公司财务负责人的议案》《关于聘任公司董 事会秘书的议案》，具体情况如下： 一、聘任公司总裁、财务负责人 公司董事会聘任周钟山先生为公司总裁、财务负责人，任期自本次董事会会议审议通过之日起至本届董 事会换届之日止，同时解聘其公司副总裁、董事会秘书职务。公司将按照《证券法》及相关监管要求为 周钟山先生办理证券公司高级管理人员任职备案手续。周钟山先生简历详见附件 1。 二、变更公司董事会秘书 因职务调整，周钟山先生不再担任公司董事会秘书。公司董事会聘任阮惠仙女士为公司董事会秘书，任 期自本次董事会会议审议通过之日起至本届董事会换届之日止。公司将按照《证券法》及相关监管要求 为阮惠仙女士办理证券公司高级管理人员任职备案手续。阮惠仙女士简历及联系方式详见附件 2。 阮惠仙女士已取得深圳证券交易所颁发的董事会秘书培训证明，熟悉证券法律法规和规则，具备履行董 事会秘书职责所需的工作经验和专业知识，具有良好的职业道德和个人品德，其任职资格符合《深圳证 券 ...

1月16日晚间，根据长城证券（002939）最新公告，公司董事会聘任周钟山为总裁、财务负责人，同时 解聘其副总裁、董事会秘书职务。公司董秘空缺由阮惠仙填补。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：野火财经 周钟山代理长城证券股份有限公司总裁半年后，终于转正。 时间退回到2025年7月，李翔担任总裁职务6年4个月后卸任，公司董事会决定由副总裁周钟山代理职 务，至转正，刚好有半年时间。他也成为长城证券自2015年以来第三任总裁。值得注意的是，李翔也曾 任代总裁5个月时间。 周钟山，1974年1月出生，是博士、经济师；曾任职于工商银行上海市分行，1998年2月加入公司，历任 南昌营业部总经理、南昌分公司（筹）负责人、江西分公司总经理、经纪业务总部总经理、规划发展部 总经理、公司战略执行总监。 2024年4月，周钟山担任副总裁，6月兼任董秘；2025年7月代理总裁时还代理财务负责人职务，并兼任 长城长富投资董事、长证国际金融董事；在出任总裁兼财务负责人的同时，还兼任长证国际金融董事局 副主席、长城基金董事。 新任董秘阮惠仙，1982年10月出生，是硕士，高级会计师，全球特许管 ...