21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道20年前，老北京证券因严重亏损被重组，后来在 其基础上发展出如今的瑞银证券。 20年后，2025年7月，新的北京证券诞生了！ 北京市国有资产经营有限责任公司（以下简称"北京国资公司"）通过收购瑞银证券、方正证券旗下瑞信 证券股权，成为瑞信证券持股85.01%的控股股东，并将瑞信证券更名为北京证券。 至此，北京证券时隔20年正式回归，这也是国资回归的标志性事件之一。 随着北京证券融入北京国资公司怀抱，北京国资体系券商达到5家。除了北京证券，还有北京首都创业 集团有限公司（以下简称"首创集团"）持股56.77%的首创证券，北京国有资本运营管理有限公司（以下 简称"北京国管"）控股的第一创业，北京金融控股集团有限公司（以下简称"北京金控"）旗下的中信建 投，以及西城国资间接持股21.88%的金融街证券（原恒泰证券）。 从券业整合的角度来看，根据受访券商资深人士分析，5家券商中首创证券与第一创业合并的可能性最 大，此前二者曾拥有共同大股东。 此次新纳入北京国资体系的北京证券，从股权层面具有较大的合并可能，但其当下需要解决的首要问题 是净利润扭亏为盈。如若合并，需 ...

目前网传消息并不统一，各家情况也不一样，而由于公司内部投行，研究所，经纪条线，奖金分化很 大，有些是没有奖金。 券商们的年终奖发放之路可谓坎坷。 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！ 文/新浪财经上海站 时行工作室 金融民工望年终奖，如旱苗盼雨却波折不断。 在金融行业的江湖里，年终奖一直是从业者们心心念念的大事，它不仅是对一年辛勤工作的犒赏，更像 是一场年度大考后的成绩单，承载着期望与梦想。然而，今年的情况却格外扑朔迷离。 当我们向中信建投证券的营业部员工求证后，得到的答案让人有些失落。对方表示，年终奖方案已出， 却并非人人有份，经纪业务线的员工大多只能眼巴巴看着，只有营业部总经理和分公司的副总和经理能 从中分得一杯羹，而且职级工资档的升降级也还未落地。 往年年初便会发放的年终奖，今年却如石沉大海，直到半年过去，多数人还在苦苦等待。 不过，7月16日一丝曙光出现了。 注册地位于金融街的某AMC券商总部终于发放了年终奖，这本是件值得高兴的事，可当员工们看到年 终奖的数额时，笑容瞬间僵在了脸上。 2024年的年终奖仅发了0.9个月，不少应届生的年终奖甚至不足1万元，而且这已经是 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2025年 面 向 專 業 投 資 者 公 開 發 行 短 期 公 司 債 券（第 二 期）發 行 結 果 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025年7月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、閆 小 ...

Core Viewpoint - The Xiamen Securities Regulatory Bureau has disclosed three administrative penalty decisions related to securities professionals engaging in illegal trading activities, highlighting a broader crackdown on such violations across the industry in 2024 [1][4]. Group 1: Administrative Penalties - Three individuals from Longcheng Guorui Securities and Jinyuan Tongyi Securities were penalized for illegal trading activities, with penalties including fines and confiscation of illegal gains [2][4]. - Zheng Han, born in 1973, incurred a total transaction amount of 5.7667 million yuan with a loss of 48,600 yuan, resulting in a fine of 40,000 yuan due to no illegal gains [2][3]. - Chen Zhongbin, born in 1986, had a transaction amount of 1.9246 million yuan with a profit of 4,069.91 yuan, leading to confiscation of the profit and a fine of 40,000 yuan [2][3]. - Wang Jian, born in 1995, had a transaction amount of 9.7917 million yuan with a profit of 5,579.29 yuan, also facing confiscation of the profit and a fine of 40,000 yuan [2][3]. Group 2: Regulatory Actions - In 2024, the regulatory authorities intensified their crackdown on illegal trading by securities professionals, with 59 cases of violations being addressed across the industry [4]. - A total of 10 administrative penalties were issued in the first half of 2025, involving various securities firms including Zhongshan Securities, Guodu Securities, and others [4]. - The penalties affected not only regular employees but also department heads and senior management, indicating a comprehensive approach to enforcement [4]. Group 3: Specific Cases - Yang Jiangquan, a former executive at Guodu Securities, was fined 150,000 yuan for holding and selling shares of Chengda Biological, resulting in a loss of 1.309 million yuan [5].

Core Viewpoint - The North Exchange (北交所) has shown significant growth in the first half of 2025, with the North 50 Index rising by 39.45%, positioning it among the top global stock indices. The outlook for the second half remains cautiously optimistic, with a focus on dividend, consumption, and innovation as key investment themes [1][6]. Market Performance and Drivers - The North Exchange's strong performance in the first half of 2025 was primarily driven by policy benefits, followed by liquidity improvements and valuation recovery. However, the market is currently experiencing a degree of valuation bubble that needs to be addressed through earnings growth [2][5]. - The market is expected to maintain a high level of volatility and correlation with domestic markets, influenced by the characteristics of small and innovative companies listed on the North Exchange [4][5]. Investment Opportunities - The North Exchange is positioned for continued growth, focusing on supporting innovative small and medium enterprises, particularly in advanced manufacturing and modern services. This aligns with national strategies to foster strategic emerging industries [3][6]. - Investment strategies should balance defensive and offensive positions, with dividends serving as a shield and domestic demand and innovation as the spear. The emphasis on stabilizing growth policies and enhancing domestic consumption is expected to create opportunities in cyclical core assets [7]. Future Outlook - The North Exchange is anticipated to continue its robust development, with significant potential for expansion and improvement in company quality. The market is likely to see increased attention from institutional investors, which could lead to substantial growth [3][4]. - Future reforms and measures, such as high-quality expansion of companies and the introduction of specialized indices, are expected to attract more market interest and investment [3][4].

Core Insights - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting the performance of various securities firms in different categories of bonds [1][3]. Green Bonds - In the first half of 2025, 40 securities firms acted as lead underwriters for green bonds, managing a total of 71 bonds/products with a combined amount of 594.44 billion yuan. Among them, 19 asset securitization products accounted for 255.94 billion yuan [3]. - CITIC Construction Investment ranked first in green bond underwriting with an amount of 129.92 billion yuan, being the only firm to exceed 100 billion yuan. CITIC Securities and Guotai Junan followed in second and third places with 67.40 billion yuan and 62.72 billion yuan, respectively [3]. Technology Innovation Bonds - A total of 68 securities firms underwrote 380 technology innovation bonds in the first half of 2025, with a total amount of 3813.91 billion yuan, representing a year-on-year growth of 56.48% [4]. - The top three firms in terms of the number of underwritten bonds were CITIC Securities (46.73), CITIC Construction Investment (38.63), and Guotai Junan (34.67) [5][6]. Low-Carbon Transition Bonds - In the low-carbon transition bond category, 17 securities firms underwrote 14 bonds with a total amount of 83.5 billion yuan in the first half of 2025 [8]. - Caixin Securities led in the number of underwritten bonds, while Guotai Junan and Guoxin Securities tied for the highest underwriting amount at 10 billion yuan each [8]. Rural Revitalization Bonds - For rural revitalization bonds, 30 securities firms managed 37 bonds/products with a total amount of 266.24 billion yuan in the first half of 2025 [11]. - CITIC Securities ranked first in both the number of underwritten bonds (3.25) and the underwriting amount (35.98 billion yuan) [11][12]. Support for Small and Micro Enterprises Bonds - In the small and micro enterprise support bond category, 32 securities firms underwrote 30 bonds with a total amount of 118.2 billion yuan [13]. - Wenkang Securities led with an underwriting amount of 11 billion yuan, followed by Changjiang Securities with 10 billion yuan [13][15].

Core Viewpoint - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting significant growth in green bonds and technology innovation bonds, with various securities firms showing differentiated strengths in different categories [1][3]. Green Bonds - In the first half of 2025, 40 securities firms acted as main underwriters for green bonds, managing a total of 71 bonds/products with a combined amount of 594.44 billion yuan. Among these, 19 were asset-backed securities totaling 255.94 billion yuan [3][4]. - CITIC Construction Investment led the green bond underwriting with an amount of 129.92 billion yuan, making it the only firm to exceed 100 billion yuan. CITIC Securities and Guotai Junan followed with 67.40 billion yuan and 62.72 billion yuan, respectively [3][5]. Technology Innovation Bonds - A total of 68 securities firms underwrote 380 technology innovation bonds in the first half of 2025, with a total amount of 3813.91 billion yuan, representing a year-on-year growth of 56.48% [7]. - The top three firms in terms of the number of underwritten bonds were CITIC Securities (46.73), CITIC Construction Investment (38.63), and Guotai Haitong (34.67) [7][9]. Low-Carbon Transition Bonds - In the low-carbon transition bond category, 17 firms underwrote 14 bonds with a total amount of 83.5 billion yuan in the first half of 2025. Financial Securities led in the number of underwritten bonds [11]. - Guotai Haitong and Guoxin Securities both had underwriting amounts of 10 billion yuan, ranking first in this category [11]. Rural Revitalization Bonds - For rural revitalization bonds, 30 firms underwrote 37 bonds/products with a total amount of 266.24 billion yuan. CITIC Securities ranked first in both the number of underwritten bonds (3.25) and the amount (35.98 billion yuan) [15][16]. Support for Small and Micro Enterprises - In the small and micro enterprise support bond category, 32 firms underwrote 30 bonds with a total amount of 118.2 billion yuan. Wukuang Securities led with an underwriting amount of 11 billion yuan [18].

Core Viewpoint - The announcement of a share reduction plan by major shareholder Harbin Institute of Technology Education Development Foundation indicates potential liquidity changes for New Light Optoelectronics, which has been experiencing continuous losses over the past three years [1] Financial Performance - New Light Optoelectronics reported a net profit attributable to shareholders of -67.96 million in 2024, a decrease of 73.51% compared to -39.17 million in 2023 [2] - The company has recorded net losses for three consecutive years: -24.67 million in 2022, -39.17 million in 2023, and -67.96 million in 2024 [1][2] - The net profit excluding non-recurring gains and losses was -82.37 million in 2024, down 30.16% from -63.28 million in 2023 [2] - Operating cash flow was -6.57 million in 2024, a significant decline from 0.68 million in 2023 [2] Shareholder Actions - The Harbin Institute of Technology Education Development Foundation plans to reduce its holdings by up to 1% through centralized bidding and up to 2% through block trading within three months after the announcement [1] - The foundation holds 5,820,000 shares, representing 5.82% of the total share capital, all of which are tradable shares obtained through donation [1] Company Background - New Light Optoelectronics was listed on the Sci-Tech Innovation Board on July 22, 2019, with an initial public offering of 25 million shares at a price of 38.09 yuan per share [4] - The total amount raised during the IPO was 9.52 billion, with a net amount of 8.65 billion after expenses [5] - The company primarily engages in the manufacturing of computer, communication, and other electronic equipment [5]

Group 1: Market Trends - The paper sector continues its upward trend, with Nine Dragons Paper (02689.HK) leading the gains, rising over 9% after announcing a price increase of 30 CNY/ton for corrugated paper and recycled cardboard starting August 1, reflecting an optimized supply-demand structure in the industry [1] - The brokerage sector saw collective strength, with major Chinese brokerages like Dongfang Securities (03958.HK) and Zhongyuan Securities (01375.HK) rising over 6% and 5% respectively, indicating significant capital inflow into the sector [1] - Urban Beauty (02298.HK) surged 13% as its online GMV for 2024 is projected to reach 1.57 billion CNY, marking a 100% year-on-year increase, showcasing the effectiveness of its new retail transformation [1] Group 2: Company Performance - China Duty Free Group (01880.HK) soared 17% after Macquarie's report indicated a narrowing year-on-year revenue decline from 19.5% in Q4 2024 to 11% in Q1 2025, with a stable gross margin of 33% [1] - The gaming sector experienced a broad increase, with companies like 澳博控股 (00880.HK) and 银河娱乐 (00027.HK) rising over 3%, supported by UBS data showing Macau's average daily gaming revenue in July at 683 million MOP, a 14% year-on-year increase [2] - 雍禾医疗 (02279.HK) saw a 13% increase after forming a strategic partnership with Meituan Health to build a medical-grade hair health service system [2] Group 3: Real Estate and Financing - The Hong Kong real estate sector collectively strengthened, with Country Garden (02007.HK) leading with nearly a 10% rise, driven by improved financing conditions as indicated by the People's Bank of China's report showing a recovery in real estate loan growth [3] - Meilan Airport (0357.HK) rose 10% as CITIC Securities highlighted the significance of Hainan's trade opening, which is expected to benefit the local tourism industry [3] Group 4: Gold Sector Decline - The gold sector faced pressure, with companies like 潼关黄金 (00340.HK) and 大唐黄金 (08331.HK) dropping over 4%, attributed to a decline in spot gold prices below 3,380 USD/oz, driven by reduced safe-haven appeal due to easing trade tensions [4] Group 5: US Market Highlights - Futu Holdings (FUTU.US) rose 2.82% after announcing a long-term strategic partnership with Huaxia Fund to promote the integration of traditional finance and blockchain technology [5] - Japanese automotive stocks surged, with Toyota (TM.US) and Honda (HMC.US) rising over 13% following news of a trade agreement reducing tariffs on Japanese cars [6] - Nuclear power stocks in the US saw significant gains, with Oklo Inc (OKLO.US) rising 9.21%, reflecting a growing interest in nuclear energy [5]

扬州天富龙集团股份有限公司 为便于投资者了解发行人的有关情况和本次发行的相关安排，发行人和保荐人 （主承销商）将就本次发行举行网上路演，敬请广大投资者关注。 上证路演中心：http://roadshow.sseinfo.com 中信建投证券股份有限公司（以下简称"保荐人（主承销商）"）担任本次发行 的保荐人（主承销商）。发行人和保荐人（主承销商）将通过网下初步询价确定发 行价格，网下不再进行累计投标询价。 本次拟公开发行新股 4,001.00 万股，占发行后发行人总股本的 10.00%。本次 发行全部为公开发行新股，不设老股转让。 本次发行初始战略配售数量为 400.10 万股，占发行总规模的 10.00%，最终战 略配售数量与初始战略配售数量的差额将首先回拨至网下发行。战略配售回拨机制 启动前，网下初始发行数量为 2,520.65 万股，占扣除初始战略配售数量后本次公开 发行数量的 70.00%，网上初始发行数量为 1,080.25 万股，占扣除初始战略配售数 量后本次公开发行数量的 30.00%。网上及网下最终发行数量将根据回拨情况确定。 首次公开发行股票并在主板上市 网上路演公告 保荐人（主承销商）：中 ...