Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, driven by the announcement of a merger plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which is expected to create a new entity with substantial assets and profits [1] Group 1: Market Performance - Brokerage stocks experienced a broad increase, with notable gains including a nearly 6% rise for Shouchao Securities and over 3% for Dongfang Securities and Shenwan Hongyuan [1] - The total asset scale of the merged entity is projected to reach 1,009.58 billion yuan, with a net profit attributable to shareholders of 9.52 billion yuan [1] Group 2: Merger Details - The merger between CICC, Dongxing Securities, and Xinda Securities is planned to be executed through a share swap [1] - Post-merger, the new company is expected to rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [1] - The net profit attributable to shareholders will position the new entity sixth in the industry, behind CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [1]

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, with notable increases in shares such as Shouchao Securities and Dongfang Securities, following the announcement of a merger plan involving CICC, Dongxing Securities, and Xinda Securities [1][2]. Group 1: Market Performance - Shouchao Securities experienced a rise of nearly 6%, while Dongfang Securities and Shenwan Hongyuan both increased by over 3% [1]. - Other brokerage stocks like China Galaxy, Industrial Securities, and Founder Securities saw gains exceeding 2% [1]. - The total market capitalization of Shouchao Securities is 57.7 billion, with a year-to-date decline of 3.58% [2]. Group 2: Merger Announcement - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, which is expected to create a new company with total assets of approximately 1,009.58 billion [1][2]. - The projected net profit attributable to the parent company after the merger is estimated at 9.52 billion, with net assets expected to reach 171.5 billion [2]. - Post-merger, the new entity will rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [2].

Group 1: Mergers and Acquisitions - CICC plans to merge with Dongxing Securities and Xinda Securities through a share swap, potentially creating another trillion-yuan asset brokerage [1][2] - The combined assets of the three firms are expected to exceed 1 trillion yuan, marking a significant consolidation in the brokerage industry [1][2] - This merger is seen as a crucial step in the integration of brokerages under the Central Huijin system, attracting considerable industry attention [1][2] Group 2: Management Changes - Shouchao Securities announced the appointment of Zhang Tao as chairman and Jiang Qingfeng as general manager following the retirement of Bi Jinsong [3] - Zhang Tao's extensive experience in leading roles at major brokerages like Huatai and Dongxing is expected to enhance Shouchao's competitiveness in investment banking and asset management [3] - The leadership change may accelerate reform and strategic optimization within the company, reflecting a broader trend of consolidation and specialization in the brokerage sector [3] Group 3: Regulatory Changes - The Shanghai Stock Exchange has revised its self-regulatory rules for index funds, streamlining the approval process and eliminating preliminary requirements [4] - The changes aim to enhance the efficiency of ETF issuance, benefiting fund companies by reducing operational costs and encouraging product innovation [4] - This regulatory adjustment is anticipated to boost market liquidity and support the high-quality development of China's capital markets [4] Group 4: Market Trends - Over 10,000 new private equity funds have been registered this year, with stock strategies dominating the issuance market [5][6] - Significant inflows into equity ETFs have been observed, with net subscriptions reaching 484.69 billion yuan in November alone, indicating a strong appetite for equity investments [5][6] - The trend of reallocating household assets towards equity markets is expected to continue, providing support for the long-term performance of A-shares [5][6]

Core Viewpoint - The announcement of leadership changes at Shouchao Securities marks a significant transition, with the retirement of Chairman Bi Jinsong and the appointment of Zhang Tao as the new Chairman, indicating a strategic shift in the company's direction and management [1][2]. Group 1: Leadership Changes - Bi Jinsong has retired due to age, having served in various roles since joining the company in 2007, including Chairman since April 2024 [1]. - Zhang Tao, previously the General Manager, has been appointed as the new Chairman and will also serve as the Chairman of the Board's Strategic Committee [1][2]. - Liu Huibin has been appointed as the new Vice Chairman, bringing extensive legal and compliance management experience to the role [3]. Group 2: Company Growth and Strategy - Under Bi Jinsong's leadership, Shouchao Securities grew its revenue from less than 1 billion to over 2 billion, culminating in its A-share listing in December 2022 [1]. - Zhang Tao's experience in investment banking is expected to strengthen the company's relatively weak investment banking segment, focusing on a "technology investment bank" strategy targeting specialized small and medium enterprises [2]. - The asset management business remains a key strength for Shouchao Securities, with 842 active asset management products and a net asset value of 165.44 billion, reflecting a 14.99% increase from the previous year [2].

Group 1 - The second board meeting of the company was held on November 19, 2025, with all 11 directors present, including 7 in person and 4 via video [2][4] - Zhang Tao was elected as the chairman of the second board, replacing Bi Jinsong, with his term lasting until the end of the current board's term [3][29] - Liu Huibin was elected as the vice chairman of the second board, with his term also lasting until the end of the current board's term [5][14] - Jiang Qingfeng was appointed as the general manager, succeeding Zhang Tao, with his term starting immediately [7][22] Group 2 - The board approved the adjustment of the specialized committee members, with Zhang Tao joining the remuneration and nomination committee and becoming the chairman of the strategic committee [10][12] - Jiang Qingfeng was also added to the strategic committee and the risk control committee [11][17] - Bi Jinsong resigned due to retirement, confirming no disagreements with the board and ensuring a smooth transition [27][28] Group 3 - Zhang Tao's background includes extensive experience in investment banking and leadership roles in various financial institutions [32] - Liu Huibin has a legal background and has held several significant positions in compliance and legal affairs [16] - Jiang Qingfeng has a strong history in asset management and has held multiple leadership roles within the company [24]

Core Viewpoint - The announcement of leadership changes at Shouchao Securities marks a significant transition, with the retirement of Chairman Bi Jinsong and the appointment of Zhang Tao as the new Chairman, indicating a strategic shift in the company's direction and management focus [2][3]. Group 1: Leadership Changes - Bi Jinsong has retired from his positions as Chairman and Director of Shouchao Securities after 19 years, having joined the company in January 2007 and serving in various leadership roles [2]. - Zhang Tao, who was appointed as Chairman, previously served as the General Manager and has extensive experience in investment banking, having worked at Huatai Securities and Dongxing Securities [3]. - Liu Huibin has been appointed as the new Vice Chairman, bringing legal and compliance expertise to the board [4]. Group 2: Company Growth and Strategy - Under Bi Jinsong's leadership, Shouchao Securities grew its revenue from less than 1 billion to over 2 billion, and successfully listed on the A-share market in December 2022 [2]. - Zhang Tao aims to strengthen the investment banking segment, which has been relatively weak, by focusing on "technology investment banking" and targeting specialized "little giant" enterprises [3]. - The asset management business remains a key strength for Shouchao Securities, with 842 active asset management products and a net asset value of 165.44 billion, reflecting a 14.99% increase from the previous year [3].

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月19日丨首创证券(601136.SH)公布，公司董事会收到公司总经理张涛先生递交的书面辞 职报告。因工作安排调整，张涛先生申请辞去公司总经理职务，仍继续担任公司党委书记、董事长、董 事会战略委员会主任委员、董事会薪酬与提名委员会委员等职务，自辞职报告送达公司董事会之日起生 效。 为保证公司良好的治理结构，保障公司经营管理，公司于2025年11月19日召开第二届董事会第十九 次会议，审议通过了《关于聘任蒋青峰先生为公司总经理的议案》，同意聘任蒋青峰先生为公司总经 理，任期自本次董事会审议通过之日起至本届董事会任期届满时止；张涛先生不再担任公司总经理。 ...

刘惠斌当选副董事长 原董事长毕劲松到龄退休 毕劲松于2007年1月加入首创证券，至今已辛勤耕耘十九载。期间，他先后担任公司副总经理、总经 理、董事及党委书记等重要职务，并于2024年4月当选董事长，至2025年11月退休。首创证券在公告中 对毕劲松任职期间为公司发展所做的杰出贡献致以诚挚的敬意和衷心的感谢。 首创证券表示，毕劲松以其深厚的金融素养和专业的领导才能，开拓进取、守正创新，积极把握资本市 场改革发展机遇，推动公司实现固定收益投资交易、资产管理等核心业务战略布局，不断完善公司治理 体系，持续提升规范运作水平与治理能效，成功推动公司实现上海证券交易所主板上市，资本实力、综 合竞争力和品牌影响力显著提升，为公司高质量发展奠定了坚实基础。 原总经理张涛履新董事长 首创证券原总经理张涛，接替毕劲松履新董事长、董事会战略委员会主任委员等职务，同时继续兼任公 司党委书记。作为一名深耕证券行业多年的老将，张涛曾任华泰证券股份有限公司总裁办公室总裁秘 书、投资银行一部业务经理、福州办事处副主任、上海总部投资银行业务部副总经理（主持工作）、深 圳总部副总经理（主持工作）、深圳彩田路营业部总经理、董事会秘书兼总裁助理兼董 ...

（文章来源：证券日报） 证券日报网讯 11月19日晚间，首创证券发布公告称，近日，公司董事会收到公司总经理张涛先生递交 的书面辞职报告。因工作安排调整，张涛先生申请辞去公司总经理职务，仍继续担任公司党委书记、董 事长、董事会战略委员会主任委员、董事会薪酬与提名委员会委员等职务，自辞职报告送达公司董事会 之日起生效。公司于2025年11月19日召开第二届董事会第十九次会议，审议通过了《关于聘任蒋青峰先 生为公司总经理的议案》，同意聘任蒋青峰先生为公司总经理，任期自本次董事会审议通过之日起至本 届董事会任期届满时止。 ...

11月19日晚间，首创证券宣布完成新一轮高层交接：原董事长毕劲松到龄退休，张涛正式接任董事长职务，刘惠斌出任副董事长，蒋青峰当选为总经理。 临近年末，券业迎来一波密集的高层人事变动。据上证报记者不完全统计，10月以来已有超过10家券商出现核心管理层调整。其中，西部证券、浙商证券 等券商相继完成"换帅"，一批具备跨机构、跨行业背景的年轻高管走到台前，折射出券商行业从高速扩张向高质量发展的战略转型。 张涛接棒首创证券董事长 首创证券公告内容显示，公司董事会收到公司董事长毕劲松递交的书面辞职报告。因到龄退休，毕劲松提前申请辞去公司董事长、董事职务及董事会下设 专门委员会相应职务，辞去上述职务后不再担任公司任何职务。 "85后"蒋青峰出任总经理，也是此次人事调整的一大亮点。资料显示，蒋青峰，1986年出生，职业经历涵盖安邦保险集团、安邦资产管理、世纪证券等机 构，随后担任首创证券资产管理事业部资产管理二部总经理、资产管理事业部副总裁、资产管理事业部常务副总裁，公司资产管理事业部总裁，公司总经 理助理，公司副总经理等职务。 在管理层平稳交接的同时，首创证券的业务拓展与资本战略也在同步推进。业绩方面，公司前三季度实现营收 ...