每经AI快讯，9月29日，券商板块震荡走强，国盛金控涨超7%，信达证券、广发证券、东吴证券等个股 跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - Xinda Securities has shown a mixed performance in stock price and financial metrics, with a notable increase in net profit year-on-year, while also experiencing fluctuations in stock price over different time frames [1][2]. Financial Performance - As of June 30, 2025, Xinda Securities reported a net profit of 1.024 billion yuan, representing a year-on-year growth of 66.78% [2]. - The company has distributed a total of 499 million yuan in dividends since its A-share listing [3]. Stock Performance - On September 29, 2023, Xinda Securities' stock price increased by 2.01%, reaching 18.74 yuan per share, with a total market capitalization of 60.774 billion yuan [1]. - Year-to-date, the stock price has risen by 25.33%, but it has seen a decline of 2.45% over the last five trading days and 3.70% over the last twenty days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 83,400, up by 8.57% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 7.90% to 8,294 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings for some [3]. Business Segments - Xinda Securities' main business segments include securities and futures brokerage (45.72%), proprietary trading (19.68%), asset management (17.80%), other businesses (12.08%), and investment banking (4.73%) [1]. Industry Classification - The company is classified under the non-bank financial sector, specifically in the securities industry [1]. - It is associated with concepts such as state-owned enterprise reform, futures, and margin trading [1].

点评：2025券商分类评价结果出炉，A类公司占比近半，AA级达14家，行业整体质量提升。回购与现 金分红指标延续，将引导券商更注重股东回报，特别是高分红率公司或吸引长期资金关注。此举将推动 证券行业优化治理结构，提升投资者信心，对资本市场健康发展形成积极支撑，有利于价值投资理念深 化。 NO.2 中国信达任命新总裁，信达证券同日更换董事长 ｜2025年9月29日 星期一｜ NO.1 2025券商分类评价结果出炉：回购与现金分红指标延续 证监会近日向证券公司通报了2025年分类评价结果，全行业参评公司共107家（母子公司合并评价）， 其中评价结果为A类的公司53家，B类公司43家，C类公司11家，A类公司中，AA级公司14家。备受市 场关注的是，上市证券公司回购股份、现金分红等专项指标在本年度评价工作中得以延续。统计数据显 示，2024年度共有8家券商实施了股份回购计划，涉及回购数量与金额各有差异，其中东方财富以显著 优势成为年度回购"主力军"。统计数据显示，2024年度共有44家券商披露了现金分红相关数据，其中37 家券商的现金分红率超过30%，10家券商的现金分红率超过50%，3家券商的现金分红率超过80% ...

21世纪经济报道 记者 崔文静 信达证券迎来新任掌门。 根据其日前公告，林志忠已正式接替艾久超，成为信达证券新任董事长。原董事长艾久超因工作安排调 整提前离任，并不再担任信达证券任何职务。 此次"换帅"是信达证券近期高层密集变动的最新一环。就在不到两个月前，公司总经理祝瑞敏也已辞 职。这番核心管理层的大调整，有个关键背景：今年9月，信达证券的控股股东已正式变更为中央汇 金，信达证券由此开启新的发展阶段。 在新的股权结构和领导班子的带领下，信达证券的未来发展引人关注。 根据信达证券日前公告，其董事长换任，林志忠接替艾久超成为信达证券新任掌门人。 原董事长艾久超今年58岁，出任信达证券掌门人接近五年，任期原本将于2026年11月结束，此次提前离 任是因工作安排调整。辞任后，艾久超不再担任信达证券任何职务。 不过，艾久超在信达证券控股股东中国信达仍然担任要职，包括中国信达董事会秘书等。 接任者林志忠同样长期任职于中国信达体系内。加入信达证券以前，他是中国信达旗下另一子公司中国 金谷国际信托的党委书记、董事长。更早之前，林志忠曾在中国信达总部、湖南省分公司、深圳市分公 司等多地任职，具体包括中国信达福建省分公司党委书 ...

Core Viewpoint - The recent leadership change at Xinda Securities, with Lin Zhizhong appointed as chairman, reflects the company's strategic integration and resource optimization following the transfer of equity to Central Huijin [2][5]. Group 1: Leadership Change - Lin Zhizhong, aged 56, has extensive experience in the financial sector, having held various significant positions within the China Xinda system, including roles at China Construction Bank and Xinda Asset Management [6]. - Lin's rapid transition from chairman of Jin Gu Trust to chairman of Xinda Securities within six months highlights his capability and the company's confidence in his leadership [6]. - His career is closely tied to the development of China Xinda, covering multiple financial sectors such as banking, asset management, and trust, making him a suitable candidate for leading Xinda Securities [6]. Group 2: Jin Gu Trust Performance - Under Lin's leadership, Jin Gu Trust reported a revenue of 1.411 billion yuan and a profit of 742 million yuan in 2024 [7]. - In the first half of 2025, Jin Gu Trust continued its strong performance with a profit of 602 million yuan, ranking in the top 10 among 52 trust companies [8]. - As of June 30, 2024, Jin Gu Trust managed assets totaling 322.9 billion yuan, reflecting a 74% increase from the beginning of the year [9]. Group 3: Strategic Development Initiatives - Jin Gu Trust has focused on five key areas for transformation: technology finance, green finance, inclusive finance, pension finance, and digital finance, achieving significant results in these domains [11]. - The company successfully issued the first carbon-neutral bond in the waste incineration sector in the Beijing-Tianjin-Hebei region as part of its green finance initiatives [12]. - Jin Gu Trust has also innovated in inclusive finance by winning a bid for a rural revitalization project in Fujian, showcasing its unique advantages in trust services [12]. Group 4: Unique Competitive Advantages - Jin Gu Trust has developed a differentiated competitive advantage by aligning closely with the group's core business of managing non-performing assets [14]. - In 2024, the company successfully established a bankruptcy restructuring trust service with a scale of 13 billion yuan, further solidifying its market position [14]. - The company has actively assisted small and medium-sized banks in resolving non-performing asset risks, setting up a 5.5 billion yuan property rights trust [15].

9月26日晚间，中国信达（1359.HK）和信达证券（601059.SH）先后披露重要人事变动。 来源：中国信达 2016年，宋卫刚离开中国证券投资者保护基金，加入中国银河系统，此后9年也一直在中国银河系统内 任职。而中国银河背后同样有财政部的身影。公开资料显示，中国银河控股方中国银河金融控股是中国 第一家国有"金融控股"公司，由财政部和中央汇金共同发起设立，其中中央汇金出资比例为69.07%。 在中国银河金融控股，宋卫刚曾任党委委员、副总经理、总经理等职。在此期间，他还曾任银河基金管 理有限责任公司党委书记、董事长和中国银河证券股份有限公司董事等职。 根据公告，中国信达总裁正式变更，中国银河金融控股有限责任公司原党委副书记、执行董事、总经理 宋卫刚出任中国信达总裁。同日，中国信达旗下券商信达证券也发布公告称，因工作安排调整，董事长 艾久超提前离任，同时，选举林志忠接任董事长职务。 值得注意的是，在高层人事变更的背后，是中国信达的重要股权变动。9月初，中国信达、中国东方资 产和中国长城资产三家金融资产管理公司（AMC）正式完成股权划转，财政部持有的股份全部无偿划 转至中央汇金。 中国信达总裁已空缺两月 银河金 ...

Monetary Policy Insights - The central bank's OMO net injection was CNY 640.6 billion, and MLF net injection was CNY 300 billion during the week of September 22-26, 2025[7] - The average DR001 in September remained below 1.4%, indicating stable liquidity despite the central bank's net withdrawal actions[28] - The central bank's Q3 monetary policy meeting maintained a positive tone, emphasizing the need to implement existing policies effectively[29] Market Behavior and Trends - The interbank market's cross-quarter progress reached 50.4%, exceeding the 20-24 year average by 7.7 percentage points, reflecting heightened risk aversion among institutions[20] - The average daily transaction volume of pledged repos increased to CNY 7.27 trillion, despite a notable drop on Friday[15] - Non-bank institutions showed a mixed trend in rigid financing, with a decrease in insurance and other products, while money market funds saw a significant increase[15] Government Debt and Financing - The net financing scale of government bonds in September was CNY 1.21 trillion, a decrease of approximately CNY 120 billion compared to August[4] - Upcoming government bond payments are expected to rise from CNY 910 billion to CNY 1.927 trillion, primarily concentrated on Monday[4] - The issuance plan for local government bonds in Q4 is projected at CNY 7.1 trillion, with a focus on new special bonds[4]

Core Insights - The current implementation of the "anti-involution" policy focuses on capacity regulation and price guidance, which may lead to a dual turning point in the market [1][3] - The "anti-involution" policy is expected to promote a downward turning point in excess capacity and an upward turning point in the Producer Price Index (PPI) as the process of resolving excess capacity accelerates [1][3] Policy Development - The "anti-involution" policy began with the Central Political Bureau meeting in July 2024, which first proposed preventing "involution-style" vicious competition, and has since evolved into specific corrective actions by December 2024 [2] - The policy has become a frequent topic in high-level meetings this year, with related measures being implemented, including the construction of a unified market and ten industry stabilization plans [2] Industry-Specific Measures - Different industries may adopt varying approaches to "anti-involution," but the overarching focus remains on capacity regulation and price guidance [2] - The main strategies include controlling new capacity, eliminating outdated capacity, and encouraging mergers and acquisitions, all aimed at regulating capacity and guiding prices [2] Market Implications - The successful implementation of the "anti-involution" policy, supported by effective demand expansion measures, is expected to provide bullish support for the capital market [1][3]

（原标题：中国信达总裁、信达证券董事长，同日变更！） 9月26日，中国信达资产管理股份有限公司（以下简称中国信达）的总裁正式变更，中国银河金融控股 有限责任公司原党委副书记、执行董事、总经理宋卫刚出任中国信达总裁。 同日，信达证券公告称，因工作安排调整，董事长艾久超提前离任，同时，选举林志忠接任董事长职 务。林志忠原为中国信达子公司中国金谷国际信托董事长，于今年8月"空降"至信达证券担任非独立董 事。8月初，信达证券总经理祝瑞敏亦因工作调整提前离任。 中国信达总裁人选正式落定 9月初，中国信达、中国东方资产和中国长城资产三家金融资产管理公司（AMC）正式完成股权划转， 财政部持有的股份全部无偿划转至中央汇金。 自从三大AMC被纳入中投系版图，高层间的人事变动颇受市场关注。今年7月，中国信达原总裁梁强赴 中国东方资产，担任执行董事、董事长职务。如今中国信达空缺的总裁一职，将由宋卫刚接任。 履历显示，宋卫刚于1975年出生，大学毕业后长期在财政部任职。1998年8月至2014年4月，历任财政部 办公厅财务处、信息处科员、副主任科员，部长办公室副处级、正处级秘书，财政部经济建设司调研 员、处长、副司长级干部。 同日 ...

9月26日，中国信达资产管理股份有限公司（以下简称中国信达）的总裁正式变更，中国银河金融控股有限 责任公司原党委副书记、执行董事、总经理宋卫刚出任中国信达总裁。 同日，信达证券公告称，因工作安排调整，董事长艾久超提前离任，同时，选举林志忠接任董事长职务。林志 忠原为中国信达子公司中国金谷国际信托董事长，于今年8月"空降"至信达证券担任非独立董事。8月初，信达 证券总经理祝瑞敏亦因工作调整提前离任。 中国信达总裁人选正式落定 9月初，中国信达、中国东方资产和中国长城资产三家金融资产管理公司（AMC）正式完成股权划转，财政部 持有的股份全部无偿划转至中央汇金。 自从三大AMC被纳入中投系版图，高层间的人事变动颇受市场关注。今年7月，中国信达原总裁梁强赴中国东 方资产，担任执行董事、董事长职务。 如今中国信达空缺的总裁一职，将由宋卫刚接任。 履历显示，宋卫刚于1975年出生，大学毕业后长期在财政部任职。1998年8月至2014年4月，历任财政部办公厅 财务处、信息处科员、副主任科员，部长办公室副处级、正处级秘书，财政部经济建设司调研员、处长、副司 长级干部。 2014年4月至2016年10月，宋卫刚赴中国证券投资者 ...