近日，新浪财经首届上市券商领军人物领导力TOP榜结果出炉，中原证券总经理李昭欣荣获成长发展券商 第26名。 "上市券商领军人物领导力TOP榜"由新浪财经发起，旨在表彰各大券商领军人物的卓越贡献与深远影响 力。该榜单盘点最近一个完整年度的券商领袖管理成就，以行业数据、同业评价、网络声量多维度综合评 价体系为基础，以创造经济与社会价值为核心标准，表彰杰出领袖，助力金融行业持续健康发展。 个人简介 李昭欣 1969年出生，管理学硕士，正高级会计师、注册会计师、注册税务师、经济师。 曾任职于河南省司法厅所属单位、河南省国资委。2017年11月至今任中原证券党委委员，2018年1月至 2024年1月任中原证券总会计师，2018年1月至2024年6月任中原证券财务负责人，2022年4月至2023年12月 任中原证券执行委员会副主任，2022年1月至今任中原证券执行委员会委员，2022年4月至今任中原证券总 经理，2023年12月任中原证券党委副书记、执行委员会主任。目前兼任中国证券业协会财务会计专业委员 会委员、上海证券交易所理事会政策咨询委员会委员。 TOP榜评比全景图 经纪业务利润率:69.47%,上市券商行业排名: ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -10% -4% 1% 7% 13% 18% 24% 30% 2024.07 2024.11 2025.03 2025.07 上证指数 深证成指 | 国内市场表现 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数名称 | | | 涨跌幅(%) | 昨日收盘价 | | | | | | | 上证指数 | | 3,559.79 | 0.72 | | | | | | | | 深证成指 | | 11,007.49 | 0.86 | | | | | | | | 创业板指 | | | | 2,022.77 -0.47 | | | | | | | 沪深 | | | | | 300 4,085.61 0.67 | | | | | | 上证 50 | | 2,443.97 | -0.52 | | | | | | | | 科创 | 50 | | | | ...

联系人： 李智 电话： 0371-65585629 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 证券基建行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：煤炭有色行业领涨 A 股小幅上 行》 2025-07-18 《市场分析：成长行业走强 A 股震荡上行》 2025-07-17 《市场分析：汽车电力行业领涨 A 股震荡整 固》 2025-07-16 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 07 月 21 日 投资要点： ◼ A 股市场综述 周一（07 月 21 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3555 点附近遭遇阻力，午后股指维持震 荡，尾盘再度上扬，盘中工程建设、水泥建材、电网设备以及证券 等行业表现较好；银行、保险、教育以及互联网服务等行业表现较 弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周一 小幅上扬，创业板成分指数全天表现与主板市场基本同步。 ◼ ...

开源证券表示，当下新"国九条"、央行等金融部委组合拳稳股市的长效影响延续，个人投资者和中长期 资金仍在持续流入，交易活跃度中枢抬升进一步验证了投资逻辑。与此同时，券商港股业务和投行业务 也在逐步改善，当下板块估值仍在低位，机构欠配显著，未来将继续关注业绩预告、稳定币主题以及基 准回补等因素的催化。 7月21日早盘，券商迅速冲高，A股顶流券商ETF（512000）直线拉升，场内价格现涨1．25%，开盘半 小时实时成交额达3．5亿元，交投活跃。 | 分野 多日 1分 5分 · | F9 盘的盘后 叠加 九砖 画线 工具 @ 0 » | | | | | # METF O | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1.134 | 512000 石布ETF] 09:58 价 1.133 涨跌 0.0140.25% 均价 1.124 ... | 11193 | 1.133 +0.014 +1.25% | | | Common o | | | | | | SSE CNY 9:58:14 交易中 | | | | 通用了口干 | | 1.127 | | 0. ...

Core Viewpoint - The recent interest from major institutions like E Fund and Barclays in Zhongzhou Securities has drawn significant market attention, highlighting the potential growth prospects of the brokerage sector [1][2]. Group 1: Institutional Investment - On July 11, Barclays purchased approximately 125 million shares of Zhongzhou Securities, achieving a holding ratio of 12.46% [2]. - E Fund acquired 5.27% of Zhongzhou Securities, increasing its total shares to 62.96 million [2]. - The stock price of Zhongzhou Securities surged over 75% on the same day, closing with a gain of 47.48% [1]. Group 2: Market Context - The surge in brokerage stocks on July 11 was linked to news regarding stablecoins [2]. - The brokerage sector has seen a strong performance, with major firms reporting significant profit growth, indicating a robust equity market [4]. Group 3: Future Outlook - Analysts suggest that the brokerage sector is undervalued and underweighted, with H-shares showing more advantages compared to A-shares [4]. - The price disparity between A-shares and H-shares indicates potential investment opportunities, with current premiums for A-shares over H-shares being substantial [4][5].

H股的中原证券竟遭遇两大机构抢筹。 中原证券是河南省内规模最大券商，今年上半年，中原证券刚完成换帅。对于新任董事长而言，找到业务突破方向，带领中原证券"二次创业"、扭转业绩下滑成为 重要目标。今年一季度，中原证券营业收入为4.01亿元，同比下降37.7%；归母净利润为1.03亿元，同比下降21.3%。截至7月17日，中州证券报2.8港元/股，总市值 130亿港元，A股中原证券报4.39元/股，总市值203.8亿元。 近日，港交所披露，来自河南的中州证券（01375，即中原证券的H股）备受机构青睐，该公司同时被公募巨头易方达基金和英国第三大银行（以资产计）巴克莱银 行（Barclays PLC）举牌，持股比例均超过了5%。 两大顶流机构举牌 还记得7月11日，港股券商集体飙升，中州证券一度暴涨75%吗？这背后的买家浮出水面。 整体而言，巴克莱银行好仓持股远远大于淡仓持股，净好仓持股中州证券1.22亿股，代表看好该公司，持股比例仅次于中州证券大股东河南投资集团有限公司。 与此同时，除了上述英国第三大银行巴克莱银行，公募巨头易方达基金也买成了中州证券持股5%以上大股东。 7月15日港交所披露，易方达基金也在7月11 ...

Group 1: A-share IPO Market Overview - The number of new A-share IPOs in the first half of 2025 is expected to be 40, a year-on-year increase of 33.3%, but only 16.3% of the 245 IPOs in the first half of 2021 [1] - The total fundraising amount for A-share IPOs in the first half of 2025 is projected to be 32.75 billion yuan, which is only 15.5% of the 210.96 billion yuan raised in the same period of 2021 [1] - The current IPO issuance remains at a low level, with the absolute number of IPOs in 2025 being the lowest in five years [1] Group 2: Changes in Investment Banking Focus - Many securities firms are shifting towards enhancing comprehensive financial service capabilities and transforming into comprehensive financial service providers [3] - Companies like CITIC Securities and CICC are focusing on serving key clients related to national strategic initiatives and expanding their coverage of quality enterprises [3] - The trend in investment banking emphasizes the importance of professional capability enhancement and risk prevention [3] Group 3: Small and Medium-sized Securities Firms - Smaller securities firms are focusing on niche businesses that align with local industry needs, such as expanding debt business in specific regions [4] - There is a noticeable shift in the A-share IPO landscape, with regulatory support for technology companies and a reduction in the number of companies waiting for IPO approval [4][5] Group 4: Hong Kong IPO Market Dynamics - The Hong Kong IPO market is experiencing a significant recovery, with 42 IPOs in the first half of 2025 raising approximately 106.7 billion HKD, a year-on-year increase of about 708% [5] - The Hong Kong Stock Exchange has introduced reforms to attract more mainland companies to list, including allowing unprofitable tech companies to go public [5][6] - The competitive landscape for IPO sponsorship in Hong Kong is shifting, with Chinese securities firms gaining a stronger position [6] Group 5: Cross-border Capital Operations - Securities firms are actively expanding their cross-border capital operations, focusing on Hong Kong equity financing and overseas debt markets [6] - Companies are enhancing their cross-border service capabilities by collaborating with foreign institutions and developing cross-border business talent [6] - The anticipated increase in A-share companies listing in Hong Kong is expected to boost the revenue of leading investment banks in the region [6]

Market Overview - On July 17, the A-share market opened lower but rose slightly, with the Shanghai Composite Index facing resistance around 3507 points[2] - The Shanghai Composite Index closed at 3516.83 points, up 0.37%, while the Shenzhen Component Index rose 1.43% to 10,873.62 points[6] - Total trading volume for both markets reached 15,605 billion yuan, above the median of the past three years[3] Sector Performance - Strong sectors included electronic components, software development, communication equipment, and aerospace, while banking, insurance, precious metals, and real estate underperformed[3] - Over 70% of stocks in the two markets rose, with notable gains in aerospace, biopharmaceuticals, and electronic components[6] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.44 times and 39.44 times, respectively, aligning with the median levels of the past three years[3] - The report suggests that current valuations are suitable for medium to long-term investments[3] Economic Indicators - China's economy continues to show moderate recovery, driven by consumption and investment[3] - June's Consumer Price Index (CPI) rose by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 3.6%[3] Investment Strategy - The report recommends a balanced strategy to optimize portfolio structure amid market fluctuations, focusing on growth stocks with reasonable valuations and strong mid-year performance expectations[3] - Short-term investment opportunities are highlighted in software development, communication equipment, electronic components, and aerospace sectors[3]

Core Viewpoint - The securities sector is experiencing significant profit growth, with multiple firms reporting substantial increases in net profit for the first half of the year, indicating a bullish market trend [1][2]. Group 1: Profit Forecasts - Guojin Securities projects a net profit of 1.092 billion to 1.137 billion yuan for the first half of 2025, representing a year-on-year increase of 140% to 150% [1]. - Great Wall Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan for the same period, reflecting a growth of 85% to 95% year-on-year [1]. - Huaxi Securities expects a net profit of 445 million to 575 million yuan, with a staggering year-on-year growth of 1025.19% to 1353.9% [1]. - Guolian Minsheng forecasts a net profit of 1.129 billion yuan, marking an increase of approximately 1183% compared to the previous year [1]. Group 2: Market Performance - Over 10 securities firms have issued positive half-year performance forecasts, indicating a strong recovery in the market [1]. - The securities index saw a significant rise of 2.47% on July 11, ranking second among concept sectors [2]. - Notable stocks such as Bank of China Securities have experienced consecutive trading limit increases, leading the sector's performance this month [2]. Group 3: Factors Driving Growth - The growth in performance is attributed to a recovering market, with the A-share market showing a trend of upward fluctuations and increased activity [1]. - Companies are enhancing their financial service capabilities through the integration of technology and finance, which has led to substantial growth in securities investment, wealth management, and investment banking [2]. - The favorable policies regarding public fund distribution, mergers and acquisitions, and events related to virtual assets are expected to further boost the securities index in the second half of the year [2].

Regulatory Changes - The Ministry of Finance has issued a notification to guide insurance funds towards long-term stable investments, adjusting the weight of net asset return rate indicators to 30% for the annual indicator, 50% for the three-year indicator, and 20% for the five-year indicator [1][2] - The capital preservation and appreciation rate indicator has also been modified to include a similar weighting structure [1][2] Market Impact - The new regulations are expected to encourage insurance funds to focus more on long-term returns and increase investments in A-shares, thereby enhancing the role of long-term institutional investors and promoting high-quality development of the capital market [2] - As of the end of 2024, the balance of commercial insurance funds in China is projected to be approximately 33 trillion yuan, with only about 11% currently invested in A-shares, indicating significant room to reach the 25% policy cap [3] Entrepreneurial Board Developments - The Shenzhen Stock Exchange has revised the compilation plan for the ChiNext Composite Index, introducing a monthly delisting mechanism for stocks under risk warning, which is expected to improve sample stock quality and index investability [4] - The ChiNext Composite Index has seen a cumulative increase of 55% since the "924 market" last year, with a 10% rise this year, indicating its high yield and elasticity [4] A-share Market Dynamics - The A-share market experienced a high trading volume of 1.74 trillion yuan, the highest in three months, despite a pullback in major indices [6] - The decline in bank stocks is attributed to large funds actively cooling down the market, while brokerage stocks have surged, indicating a potential shift in market leadership [6][11] Fund Flow Trends - Recent trends show that brokerage stocks like Dongfang Caifu and Zhongyin Securities have attracted significant inflows, with Dongfang Caifu leading with a net inflow of 1.473 billion yuan this week [11]