中国经济网北京9月30日讯南京证券（601990）(601990.SH)昨日晚间发布公告称，公司于2025年9月29 日收到上海证券交易所出具的《关于南京证券股份有限公司向特定对象发行股票的交易所审核意见》， 认为公司向特定对象发行股票申请符合发行条件、上市条件和信息披露要求。 南京证券称，公司本次向特定对象发行股票事项尚需经中国证监会同意注册后方可实施，最终能否获得 中国证监会同意注册的决定及时间尚存在不确定性。公司将根据进展情况及时履行信息披露义务。 南京证券6月27日发布的《向特定对象发行A股股票募集说明书(修订稿)》显示，公司本次向特定对象发 行A股股票募集资金总额不超过50.00亿元(含本数)，扣除发行费用后拟全部用于补充公司资本金，具体 拟用于以下方面：用于投资银行业务，提升赋能和服务实体经济能力；用于财富管理业务，完善财富管 理服务和产品体系，增强财富管理综合服务能力；用于购买国债、地方政府债、企业债等证券，助力社 会经济增长，服务实体经济发展；用于资产管理业务，提升资产管理业务主动管理能力，满足客户理财 投资需求；增加对另类子公司和私募子公司的投入，用于股权投资、科创板和创业板跟投；用于信息技 ...

2025年09月27日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2025 年第三十五期) A 股两融余额创新高, 券商业务规模扩容 市场表现: 本期(2025.9.22-2025.9.26)非银(申万)指数-0.09%,行业排 9/31,券商Ⅱ指 数-0.18%,保险II指数+0.46%; 上证综指+0.87%，深证成指+1.06%，创业板指+1.96%。 个股涨跌幅排名前五位：湘财股份（+16.87%）、国盛金控（+8.46%）、越秀资 本（+4.47%）、广发证券（+3.01%）、江苏金租（+2.71%）; 行业走势图 30% 10% 00% -10% -2006 个股涨跌幅排名后五位：建元信托（-5.59%）、渤海租赁（-5.42%）、天风证券 (-4.60%）、太平洋（-4.50%）、中银证券（-4.42%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下降 0.18%,跑输沪深 300 指数 1.25pct,跑输上证综 指数 0.39pct。当前券商板块 PB 估值为 1.42 倍，位于 2020 年 40 分位点附近，处 于历史低位。 本周,两 ...

本报讯 （记者丁蓉）2025年8月26日，国务院发布《关于深入实施"人工智能+"行动的意见》（以下简称《意见》），提出 以科技、产业、消费、民生、治理、全球合作等领域为重点，深入实施"人工智能+"行动，涌现一批新基础设施、新技术体 系、新产业生态、新就业岗位等，加快培育发展新质生产力，使全体人民共享人工智能发展成果，更好服务中国式现代化建 设。《意见》制定了产业未来10年三个阶段发展目标。 "一是对于模型原创能力不足问题，《意见》提出'支持多路径技术探索和模型基础架构创新''积极推动理论创新、技术创 新、工程创新协同发展'，把加强模型的创新作为提升基础能力的首要任务。同时，《意见》还提到人工智能开源社区建设， 强调汇聚社会各界资源对提升模型开发能力的重要性，支持企业、高校、科研机构等探索普惠高效的开源应用新模式，在国内 创造良好的开发生态。二是对于数据资源问题，《意见》提出'推动公共财政资助项目形成的版权内容依法合规开放'，旨在通 过开发公共数据资源，解决行业数据不足的问题，并提高公共数据的利用率。针对企业、个人等其他数据，鼓励探索通过成本 补偿、收益分成等方式来获取使用。《意见》也指出，要'培育壮大数据处理 ...

受访人士向21世纪经济报道记者指出，当前，地方国资接盘券商股权虽成主流，但是优质资产需匹配优质资源。目前券商行业已从量的扩张转 向质的提升，券商股东有可能会重新评估券商牌照的战略价值，而不是进行简单的资产划转。 图片来源：视觉中国 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 又一家中小券商的股权转让"中途夭折"。 9月24日，红塔证券公告称，云南省投资控股集团有限公司（以下简称"云投集团"）与云南云投资本运营有限公司（以下简称"云投资本"）协 商一致，双方决定解除此前签署的《关于红塔证券股份有限公司股份转让协议》，并终止非公开协议股份转让交易及相关后续工作。 目前，云投集团持有红塔证券8.17亿股份，占后者总股本的17.33%。按照此前的股份转让协议，云投集团拟将所持红塔证券股份全部转让给云 投资本。 回顾来看，2023年7月17日，云投集团发出关于筹划持有红塔证券股份变动的函，其拟将所持红塔证券股份8.17亿股（占公司总股本比例为 17.33%）变动至下属企业云投资本（云投集团持有云投资本73%的股权）。 2023年8月9日，云投集团及云投资本签订《关于红塔证券股份有限公司之股 ...

图源：红塔证券官网 终止转让 云投集团推进转让红塔证券股份一事已有两年时间。 回顾来看，2023年7月17日，云投集团发出关于筹划持有红塔证券股份变动的函，其拟将所持红塔证券股份8.17亿股（占公司总 股本比例为17.33%）变动至下属企业云投资本（云投集团持有云投资本73%的股权）。 云投集团终止向云投资本转让红塔证券（601236）17.33%股份 又一家中小券商的股权转让"中途腰斩"。 9月24日，红塔证券公告称，云南省投资控股集团有限公司（以下简称"云投集团"）与云南云投资本运营有限公司（以下简 称"云投资本"）协商一致，双方决定解除此前签署的《关于红塔证券股份有限公司股份转让协议》，并终止非公开协议股份转 让交易及相关后续工作。 目前，云投集团持有红塔证券8.17亿股份，占后者总股本的17.33%。按照此前的股份转让协议，云投集团拟将所持红塔证券股 份全部转让给云投资本。 受访人士向21世纪经济报道记者指出，当前，地方国资接盘券商股权虽成主流，但是优质资产需匹配优质资源。目前券商行业 已从量的扩张转向质的提升，券商股东有可能会重新评估券商牌照的战略价值，而不是进行简单资的产划转。 2023年8月9日 ...

Group 1 - Zhejiang Securities has raised the upper limit of its financing business scale from 40 billion to 50 billion yuan, reflecting increased confidence in margin trading demand in the market [1] - The A-share margin trading balance has exceeded 2.4 trillion yuan, indicating active market trading and supporting overall market liquidity [1] - Other securities firms may follow suit in adjusting their financing business scales, potentially leading to an expansion opportunity in the securities industry [1] Group 2 - Hongta Securities' major shareholder, Yunnan Investment Holding Group, has terminated its plan to transfer 17.33% of its shares, indicating a cautious approach to equity structure among state-owned capital [2] - This decision is expected to maintain the stability of the company's equity and support the continuity of management strategies [2] - The current financial regulatory environment suggests that state-owned financial institutions may be more cautious regarding equity changes, leading to a reassessment of market expectations for financial state-owned enterprise reforms [2] Group 3 - Several public funds have participated in a new share issuance of an innovative drug company, highlighting institutional recognition of the long-term value in the innovative drug sector [3] - Notable fund managers have made significant investments, which may boost market confidence in related companies and attract more capital [3] - This trend could lead to a valuation recovery in the innovative drug sector and enhance investor enthusiasm for allocating resources in the pharmaceutical innovation field [3] Group 4 - Multiple fund companies have significantly reduced the subscription limits for QDII products, reflecting strong overseas investment demand but tight quotas [4][5] - This move will directly impact the scale expansion of related products and may constrain QDII products tracking US and European markets [5] - The overseas asset allocation sector may face liquidity challenges in the short term, prompting funds to shift towards alternative investment options [5]

Core Viewpoint - The share transfer agreement between Yuntou Group and Yuntou Capital for Hongta Securities has been terminated after two years of planning, with no substantial transfer having occurred [2][4]. Group 1: Share Transfer Termination - On September 24, Hongta Securities announced the termination of the share transfer agreement, which was a mutual decision between the parties involved [2][4]. - The transfer involved 817 million shares, accounting for 17.33% of the total share capital of Hongta Securities, which was intended to optimize state-owned capital [6]. - The termination of the agreement will not affect the company's control, governance structure, or daily operations, nor will it negatively impact its financial performance [4][6]. Group 2: Management Changes - On September 22, Hongta Securities announced an open recruitment for four senior management positions, indicating a potential restructuring of the management team [8][9]. - The recruitment includes positions for Vice President, Chief Information Officer (CIO), and Board Secretary, with specific qualifications required for each role [8]. - This recruitment follows the earlier appointment of new executives in June, suggesting a significant management overhaul [9]. Group 3: Financial Performance - In 2024, Hongta Securities reported a revenue of 2.022 billion yuan, a year-on-year increase of 68.36%, and a net profit of 764 million yuan, up 144.66% [9]. - For the first half of 2025, the company achieved a revenue of 1.189 billion yuan, reflecting a 15.69% growth, and a net profit of 671 million yuan, which is a 49.25% increase [9]. - Despite the positive revenue growth, the company faces challenges as its core business relies heavily on proprietary trading, with asset management and investment banking activities declining [9].

Core Viewpoint - The share transfer agreement between Hongta Securities and Yuntou Group has been terminated after two years of planning, with no substantial transfer having occurred, thus not affecting the company's control or financial status [2][6]. Group 1: Share Transfer Termination - Yuntou Group, a major shareholder of Hongta Securities, decided to terminate the share transfer agreement with Yuntou Capital on September 23, 2025, after mutual agreement [2]. - The termination of the agreement does not impact the company's control, governance structure, or daily operations, nor does it adversely affect its financial performance [6]. - Yuntou Group had planned to transfer 817 million shares (17.33% of total shares) to its subsidiary Yuntou Capital as part of an internal asset adjustment strategy [7]. Group 2: Management Changes - On September 22, 2023, Hongta Securities announced an open recruitment for four senior management positions, indicating a significant management reshuffle [8]. - The recruitment includes positions for Vice President, Chief Information Officer (CIO), and Board Secretary, with specific experience and age requirements [8]. - Despite recent appointments in June 2023, the new recruitment suggests further changes in the management team [9]. Group 3: Financial Performance - In 2024, Hongta Securities reported a revenue of 2.022 billion yuan, a year-on-year increase of 68.36%, and a net profit of 764 million yuan, up 144.66% [9]. - For the first half of 2025, the company achieved a revenue of 1.189 billion yuan, reflecting a 15.69% year-on-year growth, with a net profit of 671 million yuan, a 49.25% increase [10]. - The company's main business relies heavily on proprietary trading, while asset management and investment banking sectors have shown a declining trend [10].

Core Viewpoint - Yunnan Yun Investment Group has decided to terminate the share transfer agreement with Yun Investment Capital, which was planned for two years, without any substantial transfer occurring [1][3]. Group 1: Share Transfer Agreement - The decision to terminate the agreement was reached through mutual consultation and has not undergone review by the China Securities Regulatory Commission, nor has the transfer been completed [3]. - The termination of the share transfer will not affect the company's control, governance structure, or daily operations, nor will it have a negative impact on the company's operating performance and financial status [3]. - Yun Investment Group, as the largest state-owned capital investment company in Yunnan Province, plays a crucial role in key project construction and holds significant stakes in various important enterprises [4]. Group 2: Management Changes - Red Tower Securities announced a public recruitment for four senior management positions, indicating a significant management overhaul [5][6]. - The recruitment includes positions for Vice President, Chief Information Officer (CIO), and Board Secretary, with specific qualifications required for each role [6]. - The company has shown strong financial performance, with a revenue of 2.022 billion yuan in 2024, a year-on-year increase of 68.36%, and a net profit of 764 million yuan, up 144.66% [8].

Group 1 - The core point of the article is that Hongta Securities announced the termination of a share transfer agreement involving a significant stake held by its major shareholder, Yunnan Investment Holding Group Co., Ltd. [2] - Yunnan Investment Holding Group intended to transfer 817,238,839 shares, representing 17.33% of the total share capital of Hongta Securities, to its subsidiary, Yunnan Yuntou Capital Operation Co., Ltd. [2] - The share transfer agreement was signed on August 9, 2023, but was later terminated on September 23, 2025, following mutual agreement between Yunnan Investment Holding Group and Yunnan Yuntou Capital [2]