2月14日晚间，中国信达、东方资产、长城资产、中证金融公司相继发布公告称，股东拟将其持有的部 分股份划转至中央汇金。划转完成之后，中央汇金将控股这四家重要金融机构。 每经记者｜王砚丹 每经编辑｜赵云 果然大涨！ 6月6日盘后，证监会发布消息，核准中央汇金投资有限责任公司（下称：中央汇金）成为长城国瑞、东 兴证券、信达证券、东兴基金、信达澳亚基金、长城期货、东兴期货、信达期货等8家公司实际控制 人。信达证券、东兴证券等公司也相继发布相关公告。 市场关注焦点在于：在成为上述8家公司实际控制人后，中央汇金将手握七张券商牌照，未来将如何整 合券商资源？对板块又有哪些影响？ 6月9日，券商板块走强，尤其是"汇金系"券商一马当先。信达证券涨停、东兴证券大涨近5%。中国银 河、中金公司等跟涨。这似乎在提示，投资者对上述消息持乐观态度。 本次进展落地后，板块表现优于2月 中央汇金手中券商牌照将增加至7张，其实不算"新闻"，市场对此一直有预期。 值得一提的是，除了并购重组预期外，近期不少市场人士还指出，券商板块较低的估值，以及上市券商 积极回购回报投资者的行为，也有望成为未来行情催化剂。 东吴证券指出，根据已披露业绩情况，截至 ...

6月9日，大金融板块震荡走强，其中信达证券开盘直接冲击涨停板，虽有短暂开板，但全天保持高位"触板"走势。其它个股，东兴证券、中国银河、光大 证券等券商股也集体上扬。 | 代码 | 名称 | 张唱 | 涨跌 | 现价 | | --- | --- | --- | --- | --- | | 601059 | 信达证券 | 49.81% | +1.43 | 16.01 | | 601198 | 东兴证券 | +4.52% | +0.47 | 10.86 | | 600009 | 湘财股份 | +3.42% | 40.28 | 8.47 | | 300059 | 东方财富 | +2.68% | +0.56 | 21.45 | | 601881 | 中国银河 | +2.47% | +0.40 | 16.58 | | 601788 | 光大证券 | +2.30% | 40.40 | 17.82 | | 601136 首创证券 | | +1.84% | +0.34 | 19.32 | | 600030 中信证券 | | +1.73% | | +0.46 26.44 | 期货板块更为狂热，永安期货、瑞达期货、南华期货三只个股 ...

Core Viewpoint - The securities sector is experiencing a significant rebound, driven by active stock buybacks and favorable policies, leading to increased investor confidence and market activity [4][5][6]. Industry Summary - The Shanghai Composite Index has recovered above 3400 points, with the Securities ETF leading the charge, showing a 1.83% increase and trading volume exceeding 40 million yuan [1]. - The CSI Securities Company Index rose by 1.85%, with notable individual stock performances, including a 10.01% increase for Xinda Securities and a 7.03% rise for Dongxing Securities [3]. - Several brokerages have initiated share buybacks, with six firms having repurchased 129 million shares for a total of 13.1 billion yuan as of June 5 [4]. - The upcoming Lujiazui Forum on June 18-19 is expected to announce significant financial policies aimed at promoting stable development in the capital markets, which could directly benefit the securities sector [4][6]. Company Summary - The active buyback trend among brokerages is seen as a positive signal to the market, enhancing investor confidence and aligning with regulatory encouragement for companies to optimize their capital structures [5][6]. - The securities industry is expected to benefit from improved liquidity conditions and favorable policies, with optimistic projections for earnings growth in 2025, including a potential 37.7% year-on-year increase in net profit for the first half of 2025 [6].

Group 1 - The core viewpoint of the news highlights the strong performance of the brokerage sector, with the CSI All Share Securities Company Index rising by 1.77% as of June 9, 2025, and individual stocks like Xinda Securities increasing by 10.01% [1] - The brokerage ETF (159842) has seen a recent increase of 1.78%, with a latest price of 1.03 yuan, and a cumulative rise of 2.22% over the past week [1] - The trading volume for the brokerage ETF reached 48.78 million yuan, with a turnover rate of 2.77% during the session [1] Group 2 - The latest scale of the brokerage ETF has reached 1.736 billion yuan [2] - The trend of stock buybacks and "quality improvement and efficiency enhancement" actions in the brokerage industry reflects a focus on long-term value and aligns with regulatory efforts to promote high-quality development in the capital market [2] - The encouragement of industry consolidation by regulators is expected to enhance the investment attractiveness of the brokerage sector, with mergers and acquisitions serving as effective means for external growth and improving overall competitiveness [2]

中航证券表示，证监会核准8家券商及子公司变更实际控制人为中央汇金，标志着行业整合进一步推 进。此外，多家券商如国金证券、国泰海通、东方证券等披露股份回购进展，其中部分采用"注销式回 购"方式，以减少注册资本、提升每股收益，增强股东回报。政策层面，"并购六条"正式落地，鼓励券 商通过并购重组提升行业集中度和资源配置效率。同时，新"国九条"引导上市公司回购股份，推动资本 市场高质量发展。券商一季度业绩超预期，叠加政策组合拳，市场信心持续修复，板块投资吸引力有望 增强。 中信证券认为，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下 行政化并购与市场化并购主线，重点关注两方面，一是同属同一实控人的证券机构，二是后续市场化并 购可能性较高的证券公司。 券商板块9日盘中发力拉升，截至发稿，信达证券涨停，东兴证券涨超6%，中国银河、湘财股份、东方 财富等涨逾2%。 据证监会网站消息，长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基 金管理有限公司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达 期货有限公司的变更实际控制人申请文件已获核准， ...

Group 1 - Multiple important domestic data will be released this week, including May CPI, PPI, M2 money supply, social financing, and import-export data [1][2] - The U.S. will release May CPI and PPI data, which are critical for assessing inflation trends [1][2] - Significant events include He Lifeng's visit to the UK and the opening of Apple's Worldwide Developers Conference [1][2] Group 2 - A total of 41 stocks will face lock-up expiration this week, with a total unlock volume of 2.054 billion shares, amounting to a market value of 44.123 billion yuan [3][4] - The top three companies by unlock market value are: Dameng Data (10.752 billion yuan), Huahai Qingke (10.4 billion yuan), and YN Technology (3.059 billion yuan) [3][4] Group 3 - He Lifeng will visit the UK and hold the first meeting of the China-U.S. economic and trade consultation mechanism [5] - The Ministry of Commerce addressed concerns regarding China's export control measures on rare earths, emphasizing compliance and communication with other countries [5] - The People's Bank of China has increased its gold reserves for the seventh consecutive month, reaching 73.83 million ounces by the end of May [5] Group 4 - As of the end of May, China's foreign exchange reserves stood at 328.53 billion USD, reflecting a slight increase of 36 million USD from the previous month [6][7] - The Shanghai Stock Exchange is promoting increased dividend payouts by listed companies to enhance investment value [7] - Central Huijin has become the actual controller of multiple securities and fund management companies [7] Group 5 - The Ministry of Industry and Information Technology is implementing an "AI + Manufacturing" initiative to deepen the application of AI in the industrial sector [7] - The U.S. State Department has resumed processing student visas for international students planning to attend Harvard University [8] Group 6 - Two new stocks will be issued this week: Huazhi Jie on the Shanghai main board and Xinhenghui on the ChiNext [9][10] - The subscription limits and prices for these new stocks have been set, with Huazhi Jie priced at 19.88 yuan [10] Group 7 - Various securities firms are optimistic about sectors such as new consumption, banking, and insurance, indicating strong short-term demand and long-term investment value [11][12] - The focus on technology and high-end manufacturing sectors is expected to continue, particularly in defense and semiconductor industries [12][13] - The market is anticipated to experience a rotation of themes, with potential opportunities in new consumption, innovative pharmaceuticals, and AI technologies [13]

Group 1 - US stock market saw collective gains last Friday, with Dow Jones up 1.05%, Nasdaq up 1.2%, and S&P 500 up 1.03% [1] - Tesla closed up 3.82%, Google A up 3.25%, Amazon up 2.72%, and other major tech companies like Meta Platforms, Apple, and Nvidia also saw increases [1] - Circle, the first stablecoin stock, surged 29.4% on its second day of trading [2] Group 2 - The US government has suspended licenses for nuclear equipment suppliers to sell products to Chinese power plants [3] - The US State Department has instructed consulates to resume processing international student visas for Harvard University [4] Group 3 - Meta is reportedly in talks with AI startup Scale AI for a potential investment exceeding $10 billion [6] - Boeing has restarted aircraft deliveries to China [7] Group 4 - The Chinese government is reviewing export license applications for rare earth materials, with increasing demand from industries like robotics and electric vehicles [12] - Following the implementation of export controls on rare earths, prices have surged, and the domestic and international price gap is expected to narrow as export licenses are gradually issued [13] Group 5 - The AI sector is experiencing significant advancements, with domestic AI models expected to see rapid development and increased demand, leading to a surge in capital expenditures from cloud giants [15]

Core Viewpoint - The A-share IPO market has shown signs of recovery in 2025 after a prolonged downturn in 2024, with both the number of IPOs and the amount raised increasing compared to the previous year [2][3][6]. A-share IPO Market Recovery - In 2025, the A-share equity financing market has maintained a steady issuance pace, with a total fundraising of 214.83 billion yuan, representing a year-on-year increase of 53.1% [3]. - As of June 8, 2025, 45 A-share companies have been sponsored for IPOs, marking a 12.5% increase from the previous year, with total fundraising amounting to 33.655 billion yuan, up approximately 19% [3]. - The provinces with the highest number of IPOs include Zhejiang and Jiangsu, each with 10 IPOs, and Guangdong with 9 [3]. Leading Brokers in A-share IPOs - The top three brokers in A-share IPO underwriting for 2025 are CITIC Securities, Huatai United Securities, and CITIC Jin Investment, with underwriting amounts of 7.918 billion yuan, 3.034 billion yuan, and 2.674 billion yuan, respectively [4]. - A total of 23 brokers have participated in A-share IPOs this year, with four brokers exceeding 200 million yuan in underwriting income [4]. Hong Kong IPO Market Surge - The Hong Kong IPO market has experienced a significant increase, with a year-on-year growth of over 700% in fundraising during the first five months of 2025 [2][7]. - Analysts expect that the robust performance of the Hong Kong IPO market will contribute positively to the investment banking revenues of brokers [6][7]. - UBS anticipates that the Hong Kong IPO market's surge is driven by multiple factors, including policy optimization and changes in global economic conditions [7]. Participation of Chinese Brokers in Hong Kong IPOs - In the first five months of 2025, over half of the IPO underwriting in Hong Kong was conducted by Chinese brokers, with notable participation from CICC, Huatai International, and CITIC Securities [8]. - CICC has sponsored 8 companies, while Huatai International and other brokers have also shown significant involvement in the Hong Kong IPO market [8].

Group 1 - The core viewpoint of the articles indicates a recovery in the A-share IPO market in 2025, following a low period in 2024, which is expected to positively impact the performance of brokerage firms in the investment banking sector [1][5] - In the A-share market, the total fundraising through IPOs, private placements, and convertible bonds reached 214.83 billion yuan, a year-on-year increase of 53.1% [2] - As of June 8, 2025, 45 A-share IPOs were sponsored by brokers, marking a 12.5% increase year-on-year, with total fundraising amounting to 33.655 billion yuan, up 19% year-on-year [2] Group 2 - The leading brokers in A-share IPO underwriting include "二中一华" (CITIC Securities, Huatai United Securities, and CITIC JianTou), with CITIC JianTou leading in underwriting amount at 7.918 billion yuan [3] - The largest IPOs in the A-share market this year were sponsored by CITIC JianTou, raising 4.066 billion yuan and 3.740 billion yuan respectively [4] - The Hong Kong IPO market has seen significant growth, with a total fundraising of 77.36 billion HKD in the first five months, a year-on-year increase of 707.2% [6] Group 3 - Analysts expect a significant recovery in brokerage investment banking performance in the first half of 2025, driven by the improvement in A-share IPOs and the booming Hong Kong IPO market [5] - The Hong Kong IPO market is projected to have around 80 new listings in 2025, raising approximately 130 to 150 billion HKD [6] - More than half of the underwriting institutions in the Hong Kong IPO market are Chinese brokers, with notable participation from firms like CICC and Huatai International [6]

Core Viewpoint - Central Huijin has officially become the actual controller of eight companies, holding seven brokerage licenses, which strengthens its position in the financial sector and raises expectations for potential consolidation among brokerages [1][6]. Group 1: Central Huijin's Control and Licenses - The China Securities Regulatory Commission (CSRC) has approved Central Huijin to become the actual controller of eight companies, including Changcheng Guorui Securities and Dongxing Securities [1][2]. - With the addition of these eight companies, Central Huijin now controls a total of seven brokerage licenses, including those of Galaxy Securities, China International Capital Corporation (CICC), and others [1][5]. Group 2: Financial Asset Management Companies (AMCs) - In February, the Ministry of Finance transferred the equity of three major AMCs—China Cinda, China Great Wall, and China Orient—to Central Huijin, making it the controlling shareholder of these companies [1][5]. - This transfer aims to enhance the risk management capabilities of state-owned financial institutions as part of national institutional reforms [1][5]. Group 3: Financial Performance and Market Position - As of 2024, the total assets of major brokerages under Central Huijin include Galaxy Securities at 737.47 billion, Shenyin Wanguo at 697.60 billion, and CICC at 674.72 billion, among others, with the total asset scale of the brokerage sector approaching 3.2 trillion [5][6]. - The combined net profit of the seven brokerages reached 34.18 billion, with Galaxy Securities contributing 10.13 billion and CICC 7.22 billion, indicating a strong financial performance [6]. - Central Huijin's scale and profitability position it as a dominant player in the brokerage industry, with total assets nearly double that of CITIC Securities and net profits 1.6 times higher [6]. Group 4: Market Expectations for Consolidation - The increase in brokerage licenses under Central Huijin has heightened market expectations for potential mergers among brokerages, including speculation about mergers involving CICC, Galaxy Securities, and several AMC-affiliated brokerages [6].