Core Viewpoint - Tianfeng Securities has shown a significant recovery in its business performance despite facing legal challenges, with notable increases in revenue and net profit in the third quarter of 2025 [2][3]. Financial Performance - In Q3 2025, Tianfeng Securities achieved operating revenue of 890 million yuan, a year-on-year increase of 43.94%, and a net profit attributable to shareholders of 122 million yuan, marking a return to profitability [2]. - For the first three quarters of 2025, the company reported total operating revenue of 2.112 billion yuan, up 57.53% year-on-year, and a net profit of 153 million yuan, also indicating a turnaround from losses [2]. - The increase in revenue is primarily attributed to higher net income from fees and commissions, as well as increased investment income [2][3]. Business Strategy and Development - Since the acquisition by Hubei Hongtai Group, Tianfeng Securities aims to achieve "six new" goals, focusing on governance, structural layout, operational mechanisms, corporate spirit, performance, and social image [2]. - The company has initiated a "second entrepreneurship" strategy this year, enhancing its investment banking capabilities and completing a bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bond underwriting and 13th in overall bond underwriting [3]. - Tianfeng Securities is actively engaging with various cities to provide comprehensive services through a "six-in-one menu" approach, which includes industry planning, forums, fund establishment, and financing services [3]. Market Analysis - Analysts note that the improvement in market conditions and trading activity since 2025 has driven growth in brokerage and investment performance among listed securities firms [3]. - The valuation of the brokerage sector remains at historical lows, and with ongoing positive policy signals, the sector's investment value is becoming increasingly apparent [3].

Core Insights - Tianfeng Securities has shown a significant recovery in its business performance despite facing legal notifications, with a notable increase in revenue and profitability in Q3 2025 [1][2] Financial Performance - In Q3 2025, the company achieved an operating income of 890 million yuan, representing a year-on-year increase of 43.94% [1] - The net profit attributable to shareholders was 122 million yuan, marking a turnaround from losses [1] - For the first three quarters, total operating income reached 2.112 billion yuan, up 57.53% year-on-year, with a net profit of 153 million yuan, also a turnaround from losses [1] Revenue Drivers - The increase in operating income is primarily attributed to higher net income from fees and commissions, as well as increased investment income [1][2] - The net income from fees and commissions for the first three quarters was 1.670 billion yuan, a year-on-year growth of 19.92%, while investment income surged to 1.266 billion yuan, up 82.33% [2] Strategic Initiatives - Since the acquisition by Hubei Hongtai Group, Tianfeng Securities aims to establish a new governance structure and enhance its operational mechanisms, focusing on high-quality development [1] - The company is actively pursuing a "second entrepreneurship" strategy, enhancing its investment banking capabilities and aiming to become a leading investment bank [2] - Tianfeng Securities has completed a bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bond underwriting and 13th in overall bond underwriting [2] Market Context - The overall market conditions and trading activity have improved since 2025, contributing to the growth in brokerage and investment performance among listed securities firms [2] - The valuation of the brokerage sector remains at historical lows, with ongoing positive policy signals enhancing the sector's investment appeal [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：每财网） 天风证券被中国证监会立案调查，"当代系"非经营性资金占用事宜影响至今。 文/每日财报 张恒 在监管工作函中，上交所还询问天风证券2022年业绩亏损问题。当期，天风证券其他业务亏损17.29 亿元，较2021年同期亏损增加7.42亿元，其中负债融 资成本较2021年同期增加5.15亿元。 天风证券收到中国证监会下发的立案通知书。11月28日晚，天风证券披露公告显示，公司因涉嫌信息披露违法违规、违法提供融资，根据相关法律法规， 中国证监会决定对公司立案。 公告未提及具体违规事宜，但是市场消息普遍认为，此次立案跟2022年财报提及的原大股东"当代系"资金占用事项有关。2020年及2021年，当代集团及其 关联方非经营性占用天风证券的资金，合计超过20亿元。 2022年度，天风证券的业绩创上市以来最大亏损，净利润巨亏逾15亿元。其各大业务的收入全面出现下滑，其中自营业务收入骤降为亏损重要因素。 《每日财报》注意到，"当代系"退出后，宏泰集团入主天风证券，后者业绩增长得到一定程度恢复。今年前三季度，天风证券营收与净利润均大幅增长， 其中净利润同比翻倍。 ...

地方国资对上市公司控制权的收购热情高涨，成为资本市场关注的焦点。 近年来，湖北国资在A股市场上的"扫货"节奏持续加快。截至目前，湖北省国资委通过省属国企控股、 并购等方式实际控制的上市公司数量已达15家。 于11月28日晚公告变更实际控制人的超卓航科表示，公司当前股权结构及现有业务体量难以支撑行业快 速扩张的战略需求，交投资本是湖北交投集团全资子公司，产业资源优势明显，能够为公司未来投融 资、并购重组等事项提供强有力的专业和资金支持，能为公司的长远发展提供有力支撑。 湖北交投集团作为湖北省属大型国企，已控股两家上市公司楚天高速（600035.SZ）和微创光电 （920198.BJ）。控股超卓航科后，旗下上市公司达到3家。 第一财经梳理公开资料发现，湖北国资不仅深耕化工、能源、交通等传统优势领域，还重点布局半导 体、新能源、航空航天等新兴赛道。比如双环科技聚焦现代化工，楚天高速深耕高速公路运营，形成区 域产业"压舱石"。同时依托湖北磷矿等资源禀赋，推动凯龙股份从民爆向新能源材料转型，双环科技打 造"盐-碱-磷"协同产业链，实现传统产业的升级与延伸。 在战略性新兴产业方面，台基股份发力车规级IGBT芯片研发，奥特 ...

地方国资对上市公司控制权的收购热情高涨，成为资本市场关注的焦点。 近年来，湖北国资在A股市场上的"扫货"节奏持续加快。截至目前，湖北省国资委通过省属国企控股、 并购等方式实际控制的上市公司数量已达15家。 12月2日晚间，杭州上市公司君亭酒店（301073.SZ）公告称，湖北文旅以每股25.71元，总价款14.99亿 元受让公司股东吴启元、从波、施晨宁持有的公司5832万股股份，占公司股份总数的29.99%。交易完 成后，君亭酒店控股股东变更为湖北文旅，实际控制人变更为湖北省国资委。 湖北交投集团作为湖北省属大型国企，已控股两家上市公司楚天高速（600035.SZ）和微创光电 （920198.BJ）。控股超卓航科后，旗下上市公司达到3家。 第一财经梳理公开资料发现，湖北国资不仅深耕化工、能源、交通等传统优势领域，还重点布局半导 体、新能源、航空航天等新兴赛道。比如双环科技聚焦现代化工，楚天高速深耕高速公路运营，形成区 域产业"压舱石"。同时依托湖北磷矿等资源禀赋，推动凯龙股份从民爆向新能源材料转型，双环科技打 造"盐-碱-磷"协同产业链，实现传统产业的升级与延伸。 在战略性新兴产业方面，台基股份发力车规级IG ...

Core Insights - Tianfeng Securities reported a significant increase in revenue and net profit for Q3 2025, achieving an operating income of 890 million yuan, a year-on-year growth of 43.94%, and a net profit attributable to shareholders of 122 million yuan, marking a turnaround from losses [1] - For the first three quarters of 2025, the company recorded a total operating income of 2.112 billion yuan, up 57.53% year-on-year, and a net profit of 153 million yuan, also indicating a recovery from previous losses [1] - The increase in revenue is attributed to higher net income from fees and commissions, as well as increased investment income [1] Business Development - Tianfeng Securities has initiated a "second entrepreneurship" strategy this year, focusing on enhancing its investment banking services, with a total bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bonds and 13th in company bonds [2] - The company is actively engaging with various cities to implement a comprehensive service model that includes industry planning, forums, fund establishment, and financing services [2] - The proprietary business team aims to become a profit center by optimizing asset allocation through in-depth research on macroeconomic conditions and market trends [2] Financial Performance - The net income from fees and commissions for the first three quarters reached 1.67 billion yuan, reflecting a year-on-year increase of 19.92%, while investment income surged to 1.266 billion yuan, up 82.33% [2] - Market analysts note that the improvement in market conditions and trading activity since 2025 has driven the overall performance growth of listed securities firms [2] - The valuation of the brokerage sector remains at historical lows, with ongoing positive policy signals enhancing the sector's investment appeal [2]

| 债券名称 | 濮阳开州投资集团有限公司2025年面向专业投资者非公开发行公司债券 | | --- | --- | | 品种 | 私蔓 | | 拟发行金额(单位:亿元) | 8 | | 发行人 | 濮阳开州投资集团有限公司 | | 承销商/管理人 | 天风证券股份有限公司 | | 交易所确认文件文号 | 下班函〔2025〕3929号 | | 项目状态 | 通过 | | 更新日期 | 2025-12-03 | | 受理日期 | 2025-09-09 | 责编:陶纪燕 | 审核:李震 | 监审:古筝 【大河财立方消息】12月3日，濮阳开州投资集团有限公司2025年面向专业投资者非公开发行公司债券获上交所通过。该债券拟 发行金额8亿元，承销商/管理人为天风证券。2025年6月30日，经中证鹏元综合评定，发行人主体信用评级为AA，评级展望稳 定。 ...

Market Overview - On December 2, the securities sector declined by 0.94%, with Shouchuang Securities leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Notable declines included Shouchuang Securities at 20.31, down 2.59%, and Dongfang Caifu at 22.61, down 2.08% [2] - Other significant losers included Tianfeng Securities at 4.38, down 1.79%, and Dongfang Securities at 10.28, down 1.63% [2] Trading Volume and Value - The trading volume for Shouchuang Securities was 207,200 shares, with a transaction value of 424 million [2] - Dongfang Caifu had a trading volume of 2,342,700 shares, with a transaction value of 532.6 million [2] Capital Flow Analysis - The securities sector experienced a net outflow of 2.475 billion from major funds, while retail investors saw a net inflow of 1.652 billion [2][3] - The data indicates that speculative funds had a net inflow of 824 million [2][3] Individual Stock Capital Flow - Notable net inflows included Guosen Securities with 561,930 and Changjiang Securities with 248,640 [3] - Conversely, significant net outflows were observed in Huachuang Yuxin with -1,222,700 and Zhongyuan Securities with -536,480 [3]

天风证券指出，AI资本支出竞赛持续，半导体产业资本开支仍在进一步上行，AI带动芯片需求持续增 长，对应的洁净室配套工程需求增加。 ...

Industry - The real estate sector is experiencing a downward sales trend, but the rate of decline is expected to narrow compared to 2024, with leading companies benefiting from continuous new product supply and concentration advantages [1][3] - The decline in housing prices has led to a contraction in residents' wealth perception, contributing to a defensive mindset among consumers that is likely to persist into 2025 [2] - The "good housing" concept is creating new development opportunities within the industry, potentially transforming development logic, competitive dimensions, and value chains [2] Company - The sales of real estate companies have not escaped the downward trend, but leading firms are expected to leverage their brand, management operations, and land reserve structures to achieve performance rebounds [3] - Signs of market risk appetite gradually recovering, such as the thawing of dollar bonds and accelerated restructuring, indicate an improving financing environment [3] - A significant number of leading companies may achieve early performance rebounds due to their first-mover advantages in brand and operational management [3] Valuation - The sector is still facing challenges from weak fundamentals and a lack of long-term growth narratives, but its low valuation and low holding characteristics provide a hedge against risks [4] - The sector is expected to have a high safety margin and recovery space as pessimistic expectations continue to be adjusted [4] - There is an optimistic outlook for structural trading opportunities within the sector [4]