不曾想，东兴证券尚未明显离职迹象，但信达证券的分析师则是走了一波又一波。就分析师来说，金石 杂谈统计wind数据发现，25年Q3信达证券尚有74名分析师，但截至目前只有56名分析师（3个月左右的 离职率24%）；而东兴证券Q3有32名分析师，如今只有26名。 | HYTY B | | | | | | | | | | ি | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | O Top20 ○ 相邻20 | ● 全部 | | | 成号 | 假商 | 从业人员总数 | 一般正确不责 | 经纪业务营销 | 投资主办人 | 分析师 | 投资顾问 | 证确经纪Y | 保存代表人 | 真临 | | 39 | 民生证券 | 2,640 | 1,544 | .. | 10 | 96 | 449 | 236 | 305 | - | | 40 | 香格证券 | 2,606 | 1,824 | 1 | 10 | ଚିତ୍ର | 517 | ୍ରିଲ | 70 | = | | 41 | 信达证券 | 2,567 ...

商讯杂志 编辑|叶愔 2025年11月25日，信达证券固定收益首席分析师李一爽及其团队成员朱金保、张弛同时从信达证券离 职。随后在12月2日和3日，朱金保和张弛相继加入华福证券。 李一爽是固定收益领域的知名分析师，拥有复旦大学经济学硕士学位和9年宏观债券研究经验。他带领 的团队曾获得2024年12月新浪财经金麒麟分析师菁英分析师第一名。 同日，交通运输行业首席分析师匡培钦离职并加入国海证券。随后在2026年1月5日，其团队成员秦梦鸽 和陈依晗也离开信达证券，并于1月14日加入国海证券，完成了交运团队的整体迁徙。 金融工程团队也出现类似情况。信达证券研究所副所长、金融工程与金融产品研究中心负责人及首席分 析师于明明于2025年12月26日加入东吴证券。 近日，证券从业系统已查询不到周金铭、崔诗笛、孙石、吴彦锦等四名于明明原团队成员的信息，预计 已随于明明共同赴任东吴证券。 市场传闻称，中金公司可能合并包括信达证券在内的两家AMC系券商。2025年2月，财政部将所持中国 信达等资产股权划转至中央汇金，而中金公司大股东同样是中央汇金，这为合并传闻增添了可能性。 而这一传闻引发了在职员工对未来职业发展的担忧。 与此同 ...

Core Viewpoint - The report from Cinda Securities highlights that GaoNeng Environment is entering the mining sector and plans to list in Hong Kong, marking a significant step for the resource recycling leader [1] Group 1: Company Developments - The company announced plans to acquire 45.2% stakes in three mining companies, gaining exploration rights for four gold mines, which will extend its solid waste and hazardous waste resource utilization industry chain [1] - GaoNeng Environment is expected to deepen its involvement in the metal resource sector and create business synergies with upstream mining operations [1] Group 2: Business Growth and Profitability - The release of production capacity and the extension of the industry chain are anticipated to drive organic growth in the company's resource recycling business [1] - With the current upward trend in metal prices, the profit margins for the company's products are expected to improve significantly [1] Group 3: International Expansion - The company is planning an H-share listing to advance its internationalization strategy [1] - As the production capacity of its resource recycling subsidiaries is gradually being released, combined with rising metal prices, the profitability of the resource recycling business is likely to enhance further [1] Group 4: Investment Rating - The initial coverage of the company has been given a "Buy" investment rating [1]

格隆汇2月5日｜信达证券研报指出，齐鲁银行资产规模稳步扩容，迈上8000亿新台阶。截至2025年末， 齐鲁银行资产总额达8043.81亿元，同比增长16.65%，年内新增超1100亿元。此外，加大对新兴行业、 制造业、民营小微等重点领域的金融服务，实现规模稳步增长。"量"、"价"齐升，净息差同步提升 2BP；拨备提升、不良率下降，风险抵御能力增强。公司扩表动能较强，积极拓宽下沉市场，深耕县 域，息差逆势回暖，不良指标持续改善，资产质量稳健向好，分红比例有望持续提升。维持齐鲁银 行"增持"评级。 ...

（来源：五道口江湖） 2月3日，证券从业系统已经查不到信达证券首席分析师胡琎心的信息。胡琎心，曾经是西部证券电新行 业联席首席分析师！8月22日，她正式加入信达证券。她具备多年新能源产业工作经验，多年电新行业 卖方研究经验。对风电、电力设备、光伏有着较为深入研究，对风电行业有深刻理解。善于把握市场机 会，挖掘潜力个股，提供有价值的服务。 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！ 不过从8月22日，到现在，还不到半年时间。 ...

证券日报网讯 2月4日，信达证券（601059）在互动平台回答投资者提问时表示，公司目前没有应披露 未披露信息，更多公司信息，敬请关注公司公告。 ...

（编辑 姚尧） 证券日报网讯 2月4日，信达证券在互动平台回答投资者提问时表示，二级市场股价的波动情况受到多 种因素的影响。公司将继续稳健经营、规范运作，不断提高公司核心竞争力和盈利水平，致力于为股东 创造长期价值。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its regulatory scrutiny on brokerage firms, maintaining a high-pressure stance against illegal activities in the capital market, with a focus on ensuring long-term healthy development [1]. Group 1: Regulatory Actions - In January, 14 brokerage firms and their branches received regulatory penalties, primarily related to margin trading, brokerage, and investment banking violations [1]. - Jianghai Securities, Financial Street Securities, and Xinda Securities were among the firms that received the most penalties [1]. - The regulatory crackdown is seen as beneficial for the long-term health of the capital market [1]. Group 2: Specific Violations - Brokerage firms faced the highest number of penalties in the brokerage business sector, with Jianghai Securities' Harbin Hongjun Street branch receiving warnings for inadequate compliance in client follow-up and management issues [2]. - Jianghai Securities was also penalized for third-party involvement in investor solicitation and for employing unqualified personnel in securities-related roles [2]. - Other firms like Hualin Securities and Zheshang Securities were penalized for issues related to complaint handling and compliance in transaction audits, respectively [3]. Group 3: Margin Trading and Investment Banking Violations - Margin trading violations have drawn regulatory attention, with Xinda Securities' Wenzhou branch penalized for insufficient control measures and failure to monitor abnormal trading behaviors [4]. - Jinyuan Unified Securities was the only firm penalized for investment banking violations, failing to fulfill its supervisory duties regarding a client’s compliance and information disclosure [4]. - The Shanghai Stock Exchange issued warnings to sponsors from China International Capital Corporation for inadequate due diligence in an IPO project [5]. Group 4: Overall Regulatory Environment - The regulatory environment for the securities industry has become increasingly stringent, with over 300 penalties issued last year affecting nearly 80 brokerage firms, particularly in the brokerage business sector [5].

Group 1 - The Beijing Financial Regulatory Bureau recently disclosed administrative penalties, revealing that China Cinda Asset Management Co., Ltd. Beijing Branch was fined 1.1 million yuan due to inadequate due diligence, improper risk assessment, and errors in risk-weighted asset calculations [1] - China Cinda has previously faced penalties for similar violations, including a fine of 400,000 yuan in January for inadequate due diligence and post-management practices by its Henan Branch [1] - As a national asset management company listed on the Hong Kong Stock Exchange since December 2013, China Cinda's core business includes distressed asset management and financial services, with distressed asset management being the primary focus [1] Group 2 - China Cinda manages several subsidiaries involved in distressed asset management and financial services, including Nanyang Commercial Bank, Cinda Securities, and Jingu Trust [1] - As of the end of 2024, China Cinda reported total assets of 1.64 trillion yuan [1]

Core Viewpoint - The report from Cinda Securities indicates that Hars will see gradual improvement in profitability, driven by internal growth, external expansion, and accelerated brand development [1] Financial Performance - The company expects its net profit attributable to shareholders to be between 0.55 billion and 0.81 billion yuan for 2025, representing a year-on-year decline of 80.9% to 71.5% [1] - The median net profit for Q4 is projected to be approximately -0.32 billion yuan [1] Revenue and Cost Factors - Q4 revenue may face slight pressure due to high base effects, contributing to a decline in profitability [1] - The decrease in profitability is primarily attributed to exchange rate fluctuations, high initial costs of overseas production capacity, and insufficient amortization of fixed costs during the ramp-up period, with initial costs being over 20% higher than domestic levels [1] Future Outlook - The industry is expected to remain in a favorable cycle, with the company positioned as a core global supplier [1] - Orders for 2026 are anticipated to be optimistic, and as overseas production capacity ramps up, profitability is expected to improve gradually [1] - The company's brand has significant growth potential, which could become an important incremental revenue source [1] - The rating is maintained at "Buy" [1]