国庆假期临近，券商的罚单却未止步。在9月23日至9月26日的短短四天时间内， 三家券商被 地方证监局点名，分别为中信建投、中信证券与财通证券 。尽管所处地域与违规事由各不相 同，密集出现的监管措施仍反映出当前机构合规执行中的薄弱环节。 其中， 中信建投因持续督导未尽责而受罚 。其督导的新三板挂牌公司阳光中科，在2023年9 月至2024年4月期间多个车间陆续停产，却未按规定披露该重大经营变化。作为主办券商，中 信建投在知悉情况后未督促企业履行信披义务，暴露出持续督导环节的松懈。 2016年，阳光中科在新三板挂牌；2017年其曾计划在创业板上市，但在2018年因"上市计划调 整"主动终止；2022年，阳光中科与中信建投签署辅导协议，聘请中信建投作为其北交所IPO 的辅导机构。同时，中信建投成为阳光中科新一任主办券商。不过，这一上市计划也于2023年 6月宣告终止。 北交所IPO之行虽已于2023年6月终止，但阳光中科仍是新三板挂牌企业，具有信披义务；而 中信建投也依然是其主办券商，具有督促阳光中科及时信披的职责。 中信证券则因（山东）济南分公司存在"无证销售基金"等问题收到警示函 。尽管此类违规在 行业中并不鲜 ...

9月30日，泽璟制药涨5.05%，截至发稿，报113.68元/股，成交3.18亿元，换手率1.08%，总市值300.92 亿元。 资料显示，苏州泽璟生物制药股份有限公司位于江苏省昆山市玉山镇晨丰路262号，成立日期2009年3月 18日，上市日期2020年1月23日，公司主营业务涉及化学新药及生物新药的研发、生产及销售。主营业 务收入构成为：药品99.97%，医药中间体及原辅料0.02%，资产租赁0.00%。 从基金十大重仓股角度 中信建投医改A（002408）成立日期2016年4月6日，最新规模6.03亿。今年以来收益38.89%，同类排名 2213/8167；近一年收益35.8%，同类排名3357/8010；成立以来收益104.14%。 中信建投医改A（002408）基金经理为谢玮。 截至发稿，谢玮累计任职时间7年120天，现任基金资产总规模19.87亿元，任职期间最佳基金回报 102.02%， 任职期间最差基金回报-21.82%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人 ...

21世纪经济报道记者 崔文静 国庆假期临近，券商的罚单却未止步。在9月23日至9月26日的短短四天时间内，三家券商被地方证监局 点名，分别为中信建投、中信证券与财通证券。尽管所处地域与违规事由各不相同，密集出现的监管措 施仍反映出当前机构合规执行中的薄弱环节。 其中，中信建投因持续督导未尽责而受罚。其督导的新三板挂牌公司阳光中科，在2023年9月至2024年4 月期间多个车间陆续停产，却未按规定披露该重大经营变化。作为主办券商，中信建投在知悉情况后未 督促企业履行信披义务，暴露出持续督导环节的松懈。 中信证券则因（山东）济南分公司存在"无证销售基金"等问题收到警示函。尽管此类违规在行业中并不 鲜见，仍反映出部分营业机构在业绩压力与合规底线间的失衡——在持证人员有限的情况下，默许未获 资格的员工参与销售，暴露出执行层面有规未依、有责未守的现实困境。 财通证券因境外子公司管控不足被指出三大问题，涉及决策跟踪、风控机制及董事任职资格等方面。其 境外平台财通香港通过多家持牌子公司在港展业，复杂的架构对母公司的穿透管理提出更高要求。此类 境外风控罚单虽不常见，却揭示出部分券商在跨境业务扩张中管理能力未能同步跟进的隐忧。 ...

近年来，我国公募基金行业驶入发展快车道，资产管理规模突破30万亿元大关，投资者数量超8亿人， 已逐步成长为资本市场不可或缺的重要机构力量。在服务实体经济发展、促进共同富裕实现、维护金融 市场稳定等核心领域，公募基金所承载的使命愈发关键。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 （一）主动权益投研迈入高质量发展新阶段 公募基金行业作为连接资产端与负债端的关键桥梁，不仅在优化资金配置、推动产融结合方面发挥着重 要作用，也肩负着为广大投资者实现财富增值、促进社会共同富裕的使命。但随着行业规模迅速扩张， 一些问题也逐渐暴露，例如短期博弈盛行、投资者实际盈利体验不佳等，这些都制约了行业服务实体经 济的质效，也反映出投研体系建设仍存在短板。 《推动公募基金高质量发展行动方案》正式发布后，一系列改革举措及配套规则陆续落地，引导和推动 公募基金行业迈入高质量发展新阶段，以主动权益投研为例，将强化长周期考核、聚焦长期回报等纳入 核心改革方向，明确长期主义核心逻辑。面对新形势、新要求，北京证监局深刻把握新时代资本市场的 功能定位，充分发挥首都金融资源集聚优势，稳步推进各项改革举措落地，督促首都公募基金行业构 ...

中信建投表示，河北、甘肃、宁夏、山东、内蒙等多省推出容量电价、容量补偿政策，为储能提供了有 力的保底收益。同时，新能源进入市场促进各省峰谷价差显著拉大，如山东、山西等省新能源装机容量 增长，导致今年以来峰谷价差明显提高。容量电价、容量补偿政策结合市场化峰谷套利，多省储能项目 可实现良好的经济性，尤其以内蒙为明显。同时，我们测算光伏项目通过自发配储将电力转移至高电价 时段上网，将具备明显的经济性，消纳困难的地区自发配储有望成为趋势。全球储能需求在新能源渗透 率提升、储能系统成本价格下降双重驱动因素下同步爆发，国内外储能需求实现共振，带动板块进入新 周期。 ...

Investment Rating - The report maintains a "Market Perform" rating for the securities industry relative to the CSI 300 index [2] Core Insights - The securities industry achieved its best half-year operating performance since 2016 in the first half of 2025, with revenue increasing by 23.47% year-on-year and net profit rising by 40.37% [9][15] - The report highlights significant improvements across various business segments, particularly in proprietary trading and brokerage services, driven by a recovery in the equity market and increased market activity [9][21] Summary by Sections 1. Industry Performance - In the first half of 2025, the securities industry generated total revenue of CNY 2,510.36 billion, a year-on-year increase of 23.47%, and net profit of CNY 1,122.80 billion, up 40.37% [15][16] - The performance of listed securities firms showed notable improvement, with 42 firms reporting a combined revenue of CNY 2,518.66 billion, a 30.58% increase year-on-year, and a net profit of CNY 1,040.17 billion, up 65.08% [16][21] - The industry experienced a slight decline in leverage, with an average leverage ratio of 3.29 times, while the weighted average return on equity (ROE) increased to 3.53%, up 0.85 percentage points year-on-year [23][24] 2. Business Segment Analysis - Proprietary trading revenue reached a new high, accounting for 39.9% of total income, while brokerage revenue increased to 28.7% [32][33] - The brokerage business saw a significant year-on-year growth of 47.0%, while proprietary trading revenue grew by 21.3% [33][34] - Investment banking activities showed marginal improvement, with equity financing volumes rebounding significantly and debt financing continuing to expand [9][21] 3. Market Conditions and Future Outlook - The report indicates a favorable policy environment aimed at enhancing the attractiveness and inclusivity of the domestic capital market, which is expected to support continued growth in the securities industry [9][30] - The average price-to-book (P/B) ratio for the brokerage sector is projected to fluctuate between 1.40 and 1.60 in the fourth quarter of 2025, suggesting limited downside potential for the sector [9][30] - The report recommends focusing on leading firms with strong wealth management capabilities and deep engagement in equity investments, particularly those with valuations significantly below the sector average [9][30]

Core Viewpoint - Citic Group's announcement regarding the recruitment of domestic university graduates for 2025 has attracted significant market attention [1]. Group 1: Recruitment Overview - Citic Group plans to recruit graduates from top universities, with a focus on prestigious institutions such as Tsinghua University and Peking University [4]. - A total of 15 graduates were hired by Citic Group, with 6 from Tsinghua University and 4 from Peking University, highlighting a strong preference for finance-related backgrounds [4]. - The recruitment data indicates a clear trend towards "top universities + finance disciplines" [4]. Group 2: Comparison with Subsidiaries - Citic Financial Asset Management Co., Ltd. hired 7 graduates, with only 1 from Peking University, while Central University of Finance and Economics and Renmin University of China each had 2 hires [5]. - Citic Securities Co., Ltd. hired 8 graduates, with no representation from Tsinghua or Peking University, focusing instead on graduates from Central University of Finance and Economics [6].

Core Viewpoint - The Hong Kong stock market is experiencing a strong recovery, driven by a surge in IPO activities and international investment interest, with significant contributions from Chinese securities firms [1][4][11]. Group 1: Market Performance - As of August 2025, the total financing amount for new stock issuances reached HKD 134.5 billion, a nearly sixfold increase compared to the same period in 2024, significantly outpacing global IPO financing growth [1]. - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, representing a year-on-year increase of 118% [4]. - The IPO fundraising amount in the first half of 2025 was HKD 109.4 billion, a staggering 716% increase year-on-year, making it the leading capital market globally [4]. Group 2: Performance of Chinese Securities Firms - The international business revenue of 15 A-share listed securities firms reached CNY 20.12 billion in the first half of 2025, a year-on-year increase of 3.35% [7]. - Among these firms, CITIC Securities led the industry with an international business revenue of CNY 6.91 billion, a growth of 13.57% year-on-year [7]. - CICC maintained its position as the top underwriter for Hong Kong IPOs, with a market share of 35% and an underwriting scale of USD 3.9 billion [4]. Group 3: Strategic Developments - Chinese securities firms are increasingly positioning Hong Kong as a strategic high ground for international business, with major firms like CICC and CITIC Securities actively hosting global investor conferences [3][11]. - The Hong Kong market is seen as a critical bridge for Chinese companies to access international capital, with a significant portion of IPOs being driven by domestic firms seeking to expand globally [2][12]. - The Hong Kong government is implementing policies to enhance the financial market environment, including simplifying the licensing process for foreign firms, which is expected to lower entry barriers for smaller securities firms [14]. Group 4: Future Outlook - The ongoing global economic integration and financial reforms in emerging markets are creating favorable conditions for the overseas expansion of Chinese securities firms [19]. - The demand for cross-border services is expected to grow as Chinese companies continue to seek international financing and as global investors look to allocate more capital to Chinese assets [19].

汇聚财富善意，共赴成长之约。 9月27日下午，由中信建投证券、广州市慈善会、证券时报联合主办的"柏年向善·爱蕾童行"活动在广州举办。这是首只公益型类固收产品——"柏年向善"首次捐赠 的圆满落地，更是中信建投证券践行"金融向善"，构建商业价值与社会价值共荣生态的一次创新实践。 据了解，在"柏年向善"项目之外，中信建投将持续邀请爱心捐赠人加入"爱蕾行动"，助力实现公益和金融的双向奔赴！ 延续"春天之约" 2月28日，为了满足企业家财富管理与社会价值实现的双向需求，中信建投证券从"社"的维度出发，联合广州市慈善会联合推出了首只公益型类固收产品——"柏年 向善"（首期）。3月28日，中信建投证券与证券时报正式发起成立"向善联盟"，旨在搭建资本、专业机构与公益平台的三方协作机制。 "柏年向善"产品采用"理财收益+慈善捐赠"的模式，将客户的个人财富规划与社会责任无缝链接。客户在获得专业运作管理、实现财富创造、税务抵扣的同时，还能 通过产品设计，将部分收益捐赠给慈善机构，为困难儿童送去希望。 在"柏年向善"（首期）产品稳健运行半年、如期履约进行捐赠之际，中信建投证券、广州市慈善会、证券时报联合举办了"柏年向善·爱蕾童行"活 ...

中国经济网北京9月29日讯 汇宇制药(688553.SH)今日收报21.45元，跌幅3.81%。目前该股处于破 发状态。 2021年10月26日，汇宇制药在上交所科创板上市，公开发行股票6360.00万股，发行价格为38.87 元/股，保荐机构、主承销商为中信建投证券，保荐代表人为杨泉、田斌，联席主承销商为国都证券。 上市当日，汇宇制药盘中最高报42.59元，创上市以来股价最高点。 汇宇制药发行募集资金总额为24.72亿元，扣除发行费用后，募集资金净额为23.61亿元。汇宇制 药最终募集资金净额比原计划多4.53亿元。汇宇制药于2021年10月18日披露的招股书显示，公司拟募 集资金19.07亿元，分别用于汇宇欧盟标准注射剂产业化基地(二期)项目、汇宇创新药物研究院建设项 目、补充流动资金。 汇宇制药发行费用合计1.11亿元，其中中信建投证券、国都证券获得承销费9887.48万元。 2021年至2023年，公司营业收入分别为18.24亿元、14.93亿元、9.27亿元，归属于上市公司股东 的净利润分别为4.46亿元、2.49亿元、1.40亿元，归属于上市公司股东的扣除非经常性损益的净利润分 别为4.10亿元、 ...