证券代码：601198 证券简称：东兴证券 公告编号：2025-023 东兴证券股份有限公司 2025 年度第一期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1、中国货币网（https://www.chinamoney.com.cn/）； 2、上海清算所网站（https://www.shclearing.com.cn/）。 特此公告。 东兴证券股份有限公司 董事会 2025 年 6 月 12 日 1 东兴证券股份有限公司2025年度第一期短期融资券已于2025年6月11日发行 完毕，相关发行情况如下： | 债券名称 | | | | 东兴证券股份有限公司 | 2025 | 年度第一期短期融资券 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 东兴证券 | | CP001 | 债券代码 | 072510101 | | | | | | 发行日 | 年 2025 | 6 | ...

Group 1 - The core viewpoint is that the recent equity adjustments in "Huijin" brokerages are expected to drive a new wave of mergers and acquisitions in the securities industry, focusing on administrative and market-based mergers under the same controlling entity [1][3]. - As of June 11, broker stocks showed strong performance, with notable increases in shares such as Xinda Securities (+7.83%) and Industrial Securities (+5.07%) [2][1]. - The China Securities Regulatory Commission has approved Central Huijin Investment Co., Ltd. as the actual controller of several brokerages, including Changcheng Guorui Securities and Dongxing Securities, which has reignited market expectations for mergers [2][1]. Group 2 - Analysts believe that regulatory encouragement for industry consolidation, along with policies aimed at high-quality development, positions mergers and acquisitions as effective means for brokers to achieve external growth and enhance overall industry competitiveness [3]. - The focus is on two main areas: brokerages under the same controlling entity and those with high potential for market-based mergers, indicating a promising outlook for the brokerage and financial technology sectors [3]. - Positive policy signals since the beginning of the year, including interest rate cuts, are expected to support liquidity and boost market confidence, with a forecast for sustained high trading activity through 2025 [3].

Group 1 - The core viewpoint of the articles indicates a strong rebound in the stock market, particularly in the securities sector, with the Shanghai Composite Index rising nearly 1% and surpassing 3400 points [1] - The CSI Securities Company Index (399975) experienced a robust increase of 2.98%, with notable individual stocks such as Xinda Securities hitting the daily limit, and others like Industrial Securities and Dongxing Securities rising by 8.78% and 6.20% respectively [1] - The trading volume in the market has remained above 1 trillion for 33 consecutive trading days, recently exceeding 1.45 trillion, indicating active trading that is expected to stimulate the performance of brokerage firms [2] Group 2 - Several brokerage firms, including Guotai Junan, Dongfang Securities, and Guojin Securities, have announced ongoing share repurchase plans, reflecting confidence in the long-term prospects of the capital market [3] - Analysts from Zhonghang Securities suggest that the attractiveness of the brokerage sector is likely to increase with the implementation of repurchase plans and optimized dividend policies, which will help restore market confidence [4] - Minsheng Securities anticipates that the market's trading heat will remain high in 2025, driven by positive policy signals and sustained inflows of medium to long-term capital, with a focus on performance recovery and mergers and acquisitions as key industry themes [4]

Group 1 - The A-share market showed strength on June 11, with the ChiNext Index rising over 1.00%, the Shanghai Composite Index up 0.31%, and the Shenzhen Component Index increasing by 0.65% [1] - Nearly 3,200 stocks in the Shanghai, Shenzhen, and Beijing markets rose, with the brokerage sector experiencing a collective surge [1] - The Securities ETF (159841) opened with a 2.89% increase within the first half hour, with a trading volume exceeding 130 million yuan, indicating active trading [1] Group 2 - According to Minsheng Securities, the positive policy tone since the beginning of the year, including interest rate cuts, is expected to support liquidity, with sustained inflows of medium to long-term funds boosting market confidence [2] - Shanxi Securities noted that as capital market reforms deepen, the guiding details of the "Five Major Articles" in finance will gradually be implemented, clarifying the development path for the industry [2] - As of June 6, the average price-to-book ratio for the securities industry was 1.33x, positioned at the 38.20% percentile since 2018, indicating certain investment value [2]

A股证券板块持续走强，信达证券直线封板，兴业证券涨近8%，东兴证券涨近6%，锦龙股份、中国银 河、东方财富、第一创业等跟涨。 ...

券商股异动拉升，信达证券（601059）涨超7%，兴业证券（601377）涨超6%，中国银河（601881）、 东兴证券（601198）、锦龙股份（000712）、第一创业（002797）等跟涨。 ...

智通财经6月11日电，券商股盘中拉升，信达证券、兴业证券双双涨超6%，中国银河、东兴证券、锦龙 股份、东方财富、湘财股份等跟涨。 券商股震荡拉升 信达证券、兴业证券双双涨超6% ...

A股证券板块震荡上升，兴业证券涨超5%，中国银河涨超3%，信达证券、锦龙股份、中金公司、东兴 证券等跟涨。 ...

Core Viewpoint - The central government is taking control of eight asset management companies (AMCs) to streamline their operations and focus on core responsibilities, particularly in bad asset disposal and capital market exit mechanisms [2][6][10]. Group 1: AMC Restructuring - Eight companies are now under the control of Central Huijin, marking a significant restructuring of AMCs [3][5]. - The restructuring involves the divestment of non-core assets, with a focus on enhancing the core business of bad asset disposal [6][9]. - Post-restructuring, the proportion of bad asset disposal business is expected to rise to over 75%, while investment banking activities will drop below 15% [6][7]. Group 2: Focus Areas of AMCs - The restructured AMCs will concentrate on three main areas: resolving local government hidden debts, managing risks of small financial institutions, and assisting troubled real estate companies [8][10]. Group 3: Central Huijin's Role - Central Huijin aims to build a "bad asset disposal + capital market exit" system by integrating resources from brokerages, AMCs, and banks [10][16]. - The integration of eight brokerages under Central Huijin enhances its control and positions it as a significant player in the capital market [22][28]. Group 4: Brokerage Landscape - The total asset scale of the eight brokerages exceeds 3.2 trillion yuan, significantly surpassing any single competitor [22]. - The brokerages cover a wide range of services, including high-end investment banking and cross-border business, enhancing their market competitiveness [23][24]. - Central Huijin's control over these brokerages allows for better capital support and business collaboration, further strengthening their risk management capabilities [23][28].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Central Huijin to become the actual controller of eight financial institutions under three major Asset Management Companies (AMCs), including three brokerages and two funds [1] - Central Huijin now controls a total of eight brokerages and six fund companies, enhancing its influence in the financial sector [1] - This move is expected to strengthen market expectations regarding business integration and development, potentially impacting stock prices and investor confidence in the financial industry [1] Group 2 - Gai Wenguo has officially taken the position of Compliance Director at China Bank Securities, which may positively influence the company's internal governance and risk control [2] - The appointment of a new compliance leader could lead to increased investor focus on the execution of compliance measures at China Bank Securities [2] Group 3 - The number of newly registered private securities investment funds has increased by over 45% compared to the same period last year, indicating a significant recovery in the private placement market [3] - Both new and existing funds are actively seeking opportunities, with a notable increase in the average positions of long-biased private equity funds [3] - The recovery in the private equity market is expected to inject vitality into the stock market, particularly benefiting the technology sector as value reassessment continues [3]