近日，信达证券发布公告称，公司董事会于7月31日收到公司董事、总经理祝瑞敏女士的书面辞职报 告。因工作调整原因，祝瑞敏申请辞去董事、总经理职务。 根据公告，信达证券于8月1日召开董事会会议，公司董事会一致同意授权副总经理、财务总监、董事会 秘书张毅先生代行总经理职责，直至董事会聘任新任总经理为止。 2007年4月，祝瑞敏任职于东兴证券，到2012年离职为止，她历任东兴证券财务部总经理、助理总经理 和副总经理的职务。而后，祝瑞敏于2012年4月加入中国银河证券并任职首席财务官，期间，中国银河 证券于2017年成功上市。 祝瑞敏 来源：重庆市渝中区融媒体中心 2019年，祝瑞敏加入信达证券，任党委副书记，随后又担任公司总经理；自 2020 年 11 月起，担任信达 证券党委书记。 祝瑞敏任职期间，信达证券于2023年2月成功登陆上交所，跻身上市券商之列。而值得注意的是，信达 证券上市半年后的2023年8月27日，证监会正式提出，"根据近期市场情况，阶段性收紧IPO节奏，促进 投融资两端的动态平衡"。自"827"新政以来，至今暂无券商成功IPO，信达证券的上市可谓赶上了政策 变动前的"末班车"。 | | | | | ...

Group 1 - The core viewpoint of the report is that the company, Ninebot (689009.SH), is rated as a "buy" due to its strong performance and optimistic outlook for the electric two-wheeler market [2] - The company has released its semi-annual report for 2025, highlighting significant growth in electric two-wheelers and a positive annual forecast [2] - The latest flagship model of the robotic lawn mower has received a favorable response, and the company is deepening its penetration in overseas channels [2] - Scale effects and product capabilities are enhancing the company's profitability, with continuous improvement in operational efficiency [2]

Group 1 - The core conclusion indicates that adjustments in the US stock market may influence the A-share market, particularly when A-shares are at bull market peaks [2][8] - Historical data since 2000 shows that during four significant adjustments in the US market (2000-2002, 2008, Q1 2020, 2022), A-shares transitioned from bull to bear markets, except for Q1 2020 when A-shares were less affected [3][9] - The report suggests that the current A-share market is in the early to mid-stage of a bull market, with valuations in a reasonable range, which may mitigate the impact of US market fluctuations [3][9] Group 2 - The correlation between Japanese and US stock markets has been high, but there have been two significant periods of divergence lasting about ten years, during which the US market experienced substantial declines while the Japanese market rose [3][15] - The report posits that due to significant valuation differences between A-shares and US stocks, there is a considerable probability that the two markets may gradually decouple [17][18] - The report highlights that since 2021, foreign ownership of A-shares has been declining, and there has been no significant return of foreign capital to A-shares since the bull market began in September 2024, suggesting limited impact from US market volatility [18][20] Group 3 - The report anticipates a potential main upward trend in the A-share market driven by policy and capital, with expectations of increased resident capital inflow as the market stabilizes [21][23] - It suggests a shift in investment strategy from a "barbell" approach to a more flexible strategy, focusing on sectors with elastic performance such as non-bank financials and AI applications [25][26] - The report recommends increasing allocations in sectors like non-bank financials, media, and metals, while also considering cyclical stocks that may show elastic performance in the coming months [26][27]

同日，董事会成员结构也发生变化。公司公告推选林志忠、张毅为公司第六届董事会非独立董事候选 人。祝瑞敏离任后，信达证券董事会现有成员6名（含3名独董）。拟新任董事林志忠背景引人关注，其 长期任职于公司股东方中国信达体系，曾任中国信达福建省分公司、上海市分公司党委书记、总经理等 职，现任中国信达旗下中国金谷国际信托有限责任公司党委书记、董事长。 此次总经理变动并非近期唯一的高层调整。就在7月1日，信达证券公告研究开发中心总经理程远升任公 司副总经理。程远拥有17年证券行业经验，兼具买方与卖方背景，曾任职东兴基金、华泰证券等。 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！ 信达证券（601059.SH）管理层迎来重要调整。公司8月1日公告称，因工作调整，祝瑞敏辞去公司董 事、总经理职务。公司及董事会对她在任期间为公司发展作出的贡献表示衷心感谢。 为保障公司经营管理的连续性，信达证券第六届董事会第十四次会议审议通过议案，一致同意授权现任 副总经理、财务总监、董事会秘书张毅代行总经理职责，授权期限自董事会审议通过之日起至聘任新任 总经理之日止。 责任编辑：杨赐 ...

祝瑞敏今年55岁，她担任信达证券总经理近6年时间。在加入信达证券之前，祝瑞敏曾在中国银河证券、东兴 证券等现中央汇金系券商担任高管。 8月1日，信达证券发布公告称，因工作调整，祝瑞敏申请辞去董事、总经理职务，董事会一致授权副总经 理、财务总监、董事会秘书张毅代行总经理。 资深金融女将辞职 祝瑞敏在信达证券担任总经理一职将近6年，按照原定计划，她应于2026年11月结束任期。据信达证券公告， 她此次提前离职，系因工作调整原因。公告中还对祝瑞敏在任职期间为公司业务经营发展做出的贡献表达了致 谢。 祝瑞敏今年55岁，为博士研究生学历。在担任信达证券总经理的同时，她还兼任旗下子公司信达澳亚基金的董 事长。信达澳亚基金为中外合资，信达证券持有54%股权，East Topco Limited持股比例46%。 根据中证协从业人员信息，祝瑞敏在证券行业至少已有21年从业经历。在加入信达证券之前，她曾在东兴证 券、中国银河证券任职。公开信息显示，她曾担任中国银河证券的执委会委员、首席财务官7年之久。更早之 前，她在东兴证券担任副总经理等职。 随着今年中国信达等三大AMC公司股权划转至中央汇金，信达证券、东兴证券成为中央汇金旗下 ...

- The SKEW index has reached historical highs, signaling elevated tail risk concerns. Specifically, the SKEW values for major indices are as follows: CSI 1000 SKEW at 110.41, CSI 500 SKEW at 99.92, SSE 50 SKEW at 101.43, and CSI 300 SKEW at 106.06[4][73][78] - The Cinda-VIX index reflects market expectations of future volatility. As of August 1, 2025, the 30-day VIX values for major indices are: SSE 50 VIX at 19.16, CSI 300 VIX at 19.22, CSI 500 VIX at 23.22, and CSI 1000 VIX at 22.76[4][64][66] - The SKEW index measures implied volatility skew across different strike prices, capturing market sentiment regarding tail risks. A SKEW value above 100 indicates heightened concerns about potential market downturns, often associated with increased demand for out-of-the-money put options[73][78] - The Cinda-VIX index incorporates term structures to reflect volatility expectations across different time horizons, providing insights into investor sentiment for various periods[64][66][70] - The CSI 500 futures contract (IC) adjusted annualized basis spread declined to -10.33%, while the CSI 1000 futures contract (IM) adjusted annualized basis spread fell to -11.85%[22][39][46] - The CSI 500 futures contract (IC) hedging strategy achieved weekly returns of 0.55%, while the CSI 1000 futures contract (IM) hedging strategy delivered weekly returns of 0.32%[4][49][60] - The CSI 500 futures contract (IC) hedging strategy's annualized return ranged from -2.80% to -1.04%, with volatility between 3.84% and 4.63%, and maximum drawdown from -8.65% to -7.97%[49][50][52] - The CSI 1000 futures contract (IM) hedging strategy's annualized return ranged from -6.03% to -3.84%, with volatility between 4.73% and 5.57%, and maximum drawdown from -14.00% to -11.11%[60][61][62]

Group 1 - The resignation of Zhu Ruimin as the General Manager of Cinda Securities was announced on August 1, with Zhang Yi, the Deputy General Manager and CFO, taking over the role temporarily [2] - Zhu Ruimin joined Cinda Securities in April 2019 and was appointed General Manager in September 2019, with his term originally set to end on November 6, 2026 [2] - Under Zhu's leadership, Cinda Securities successfully listed on the Shanghai Stock Exchange on February 1, 2023, becoming a publicly traded brokerage [2] Group 2 - Cinda Securities experienced significant profit growth during Zhu Ruimin's tenure, with net profit increasing from 198 million yuan in 2019 to 1.543 billion yuan in 2023, representing over a sevenfold increase [3] - Operating revenue also saw substantial growth, rising from 2.223 billion yuan in 2019 to 3.483 billion yuan in 2023, with a notable increase of 1.26 billion yuan over four years [3] - The company's ranking improved from 47th in 2019 to 37th in 2024, consistently maintaining a position within the top 40 in the industry since 2021 [3] Group 3 - Zhu Ruimin's departure coincides with a change in the controlling shareholder of Cinda Securities, as the Ministry of Finance plans to transfer its shares to Central Huijin Investment [4] - Following the share transfer, Central Huijin will become the controlling shareholder of Cinda Securities [4] - The future career path of Zhu Ruimin remains a point of interest [4]

Core Viewpoint - The A-share market is showing signs of a potential bull market, with the Shanghai Composite Index recently surpassing the 3600-point mark and experiencing a three-month upward trend in monthly K-line, alongside increasing trading volumes [1] Valuation Analysis - According to Xinda Securities, if A-share valuations align with U.S. stock valuations, the Shanghai Composite Index could have an upside potential of 83%, with the current P/E ratio at 15.6 times compared to the S&P 500's 28.5 times as of July 25, 2025 [2] - Xinda Securities notes that A-share ROE is weaker than that of U.S. stocks, suggesting that A-share valuations may only reach U.S. levels during a phase of bull market bubble [4] - The historical performance of P/B and P/E ratios indicates that the A-share market has significant upside potential, with a 39% increase possible if P/B reaches the 2021 peak of 3.10 times and a 140% increase if it reaches the 2015 peak of 5.35 times [4][8] Market Capitalization and Economic Indicators - The A-share market's market capitalization to GDP ratio is currently at 0.71, significantly lower than Japan's 1.66 and the U.S.'s 2.64, indicating a potential upside of approximately 134% if it reaches Japan's level and 272% if it reaches the U.S. level [9] - Xinda Securities highlights that A-share total market value and circulation market value relative to household deposits are at low levels, suggesting substantial room for valuation recovery [11] Structural Bull Market Outlook - The market is expected to experience a "structural bull market," where index increases do not necessarily equate to widespread gains among individual stocks. Key factors include supportive policies, improved corporate earnings, and increased risk appetite among investors [12][13] - Investors are advised to focus on core investment themes, avoid chasing marginal stocks, and implement strict stop-loss measures to mitigate risks during this potential bull market [14]

Core Viewpoint - The resignation of Zhu Ruimin as General Manager of Xinda Securities due to personal reasons, with Zhang Yi, the Deputy General Manager and CFO, taking over the responsibilities temporarily [1] Group 1: Zhu Ruimin's Background and Tenure - Zhu Ruimin, aged 55, has a PhD and extensive experience in the Chinese securities industry, having worked at notable firms such as Dongxing Securities and China Galaxy Securities [3] - She held significant positions within Xinda's financial institutions, including Executive Director and Chairman of Xinda International, and Chairman of Xinda Securities (Hong Kong) [3] - Zhu's leadership was recognized when she was appointed as General Manager in September 2019, and she also became Chairman of Xinda Australia in December 2019 [3] Group 2: Company Performance Under Zhu Ruimin - Zhu led Xinda Securities through a successful IPO, achieving listing on the Shanghai Stock Exchange in February 2023 [4] - The company's revenue saw a significant increase from 16.59 billion in 2019 to 31.62 billion in 2020, nearly doubling [6] - However, from 2022 to 2024, revenue growth stagnated between 32 billion and 34 billion, indicating challenges in business expansion and market competition [6] - Despite revenue stagnation, net profit grew from 0.7 billion in 2018 to 14.67 billion in 2023, showcasing effective cost management [6][8] Group 3: Cost Management and Employee Compensation - Xinda Securities implemented effective cost control strategies, reducing operating costs from 23.43 billion in 2021 to 17.52 billion in 2024, a decrease of 25.2% [8] - Management expenses also saw a significant reduction, dropping from 23.12 billion in 2021 to 16.82 billion in 2024, a cumulative decline of over 27% [8] - Zhu's annual salary remained fixed at 1.5 million from 2022 to 2024, while the average employee salary decreased from 583,900 in 2021 to 394,000 in 2022, reflecting a decline of over 35% [10][11] Group 4: Business Challenges - The brokerage business, a traditional strength, saw net commission income decline from 1.056 billion in 2021 to 853 million in 2024, a drop of 19.2% [13] - Investment banking revenue plummeted from 471 million in 2021 to 127 million in 2024, a cumulative decline of over 73% [13] - Asset management revenue halved in 2024, dropping to 586 million from 1.066 billion in 2023, with its revenue share falling from 30.6% to 17.8% [15] Group 5: Transition of Leadership - Following Zhu Ruimin's resignation, Zhang Yi, aged 47, took over as acting General Manager, bringing a wealth of experience from various roles within the Xinda system and other notable companies [15]

【导读】信达证券总经理祝瑞敏辞职 中国基金报记者 莫琳 8月1日晚间，信达证券发布公告称，总经理祝瑞敏辞职。这离她原定任期到任期还有一年多的时间。 记者致电信达证券，办公室相关人员并未透露祝瑞敏下一站的去向。 林志忠现任中国金谷国际信托有限责任公司党委书记、董事长、董事。林志忠此前曾任职于中国建设银 行股份有限公司，中国信达资产管理股份有限公司（以下简称中国信达）总部、湖南省分公司、深圳市 分公司等。 任职5年 公告显示，信达证券于2025年7月31日收到董事、总经理祝瑞敏女士的书面辞职报告，因工作调整原 因，祝瑞敏女士申请辞去董事、总经理职务，辞职自书面辞职报告送达董事会时生效。公司及董事会对 祝瑞敏女士在任职期间为公司业务经营发展做出的贡献表示衷心感谢。 副总经理张毅 代行总经理职责 公告显示，为保证公司经营、管理工作的正常开展，信达证券董事会一致同意授权副总经理、财务总 监、董事会秘书张毅代行总经理职责，授权期限自本次董事会审议通过之日起至董事会聘任新任总经理 之日止。 公开资料显示，张毅出生于1978年12月，本科学历，曾任职于中国国际金融股份有限公司、北京中科金 财科技股份有限公司、上海百川金智智能 ...