Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company's performance continues to show a recovery trend, with proprietary wealth management contributing significantly to growth. Asset management business has slightly declined, while investment banking has faced pressure. Long-term, the company is expected to leverage business synergies in wealth management and accelerated institutionalization for growth [2][10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.4 billion and net profit attributable to shareholders of 1.33 billion, representing year-on-year increases of 0.2% and 41.2% respectively. The weighted average return on equity rose by 0.66 percentage points to 2.31%. The operating leverage, excluding client funds, decreased by 5.6% to 3.37 times [5][10]. Business Segments - For the first half of 2025, the company's revenue from brokerage, investment banking, asset management, interest income, and proprietary trading were 1.24 billion, 220 million, 70 million, 820 million, and 1.77 billion respectively, with year-on-year changes of +34.2%, -16.6%, -1.7%, +38.1%, and +48.6%. The growth trend in performance is evident, with proprietary wealth management being the main contributor [10]. Wealth Management and Proprietary Investment - The average daily trading volume in the two markets was 1.39 trillion, up 61% year-on-year. The brokerage business revenue increased to 1.24 billion, up 34.2% year-on-year. The company continues to deepen its wealth management efforts, with significant growth in client numbers and assets under management. Proprietary income reached 1.77 billion, up 48.6% year-on-year, with a slight decline in financial investment scale [10]. Asset Management and Investment Banking - The asset management business revenue was 70 million, down 1.7% year-on-year, while the investment banking revenue was 220 million, down 16.6% year-on-year. The company’s global fund management scale exceeded 700 billion, up 8% year-on-year, with a record high in entrusted asset scale [10]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 2.38 billion and 2.65 billion for 2025 and 2026, corresponding to price-to-earnings ratios of 24.7 and 22.2 times, and price-to-book ratios of 1.01 and 1.00 times respectively. The long-term growth potential is viewed positively due to market recovery and strategic business synergies [10].

Group 1 - The A-share market has experienced a pullback for two consecutive days, with the Shanghai Composite Index falling over 1% and the ChiNext Index rising by 0.95% on September 3, indicating mixed market sentiment [1][4] - The leading securities ETF (560090) has seen a decline of 3.07% but recorded a premium of 1.03% at the end of the trading day, suggesting strong buying interest despite the overall market weakness [1][4] - Over the past three days, there has been a net inflow of over 160 million yuan into the securities ETF, indicating continued investor interest in the sector [1][4] Group 2 - The majority of the index components for the leading securities ETF have experienced declines, with notable drops in stocks such as Dongfang Caifu (down over 4%) and CITIC Securities (down over 3%) [3] - The securities industry has shown resilience, with a reported revenue of 251.036 billion yuan in the first half of the year, reflecting a year-on-year growth of 23.47%, and a net profit of 112.28 billion yuan, up 40.37% [4][6] - The outlook for the second half of 2025 suggests that the securities industry may further demonstrate performance elasticity, supported by high trading volumes and normalized equity financing [6]

非银金融/证券Ⅱ 兴业证券（601377.SH） 业绩改善，经纪与自营投资收益同比高增 2025 年 09 月 03 日 投资评级：买入（维持） | 日期 | 2025/9/2 | | --- | --- | | 当前股价(元) | 6.64 | | 一年最高最低(元) | 7.50/5.03 | | 总市值(亿元) | 573.43 | | 流通市值(亿元) | 573.43 | | 总股本(亿股) | 86.36 | | 流通股本(亿股) | 86.36 | | 近 3 个月换手率(%) | 91.22 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-09 2025-01 2025-05 2025-09 兴业证券 沪深300 相关研究报告 《零售业务能力提升，自营投资收益 高弹性—兴业证券 2024 年报及 2025 一季报点评》-2025.4.29 《客户保证金高增，自营投资收益率 回升—兴业证券 2024 三季报点评》 -2024.11.4 《手续费业务同比承压，二季度自营 投资环比高增—兴业证券 2024中报点 评》-2024.9.3 ——兴业证券 2025 ...

Core Viewpoint - The stock price of Industrial Securities has experienced fluctuations, with a recent decline of 2.11% on September 3, 2023, reflecting a net capital outflow and varying trading volumes [1][2]. Company Overview - Industrial Securities, established on May 19, 2000, and listed on October 13, 2010, is headquartered in Fuzhou, Fujian Province. The company operates in wealth management, institutional services, proprietary investment, and overseas business [2]. - The revenue composition of Industrial Securities includes: institutional services (28.85%), proprietary investment (25.27%), securities and futures brokerage (25.20%), asset management (20.68%), other services (13.30%), and overseas business (3.90%) [2]. Stock Performance - Year-to-date, the stock price has increased by 5.52%, but it has seen a decline of 4.83% over the last five trading days. Over the past 20 days, the stock has risen by 0.46%, and over the last 60 days, it has increased by 2.04% [2]. - As of September 3, 2023, the stock price was reported at 6.50 CNY per share, with a total market capitalization of 561.34 billion CNY [1]. Financial Performance - For the first half of 2025, Industrial Securities reported a net profit of 1.33 billion CNY, marking a year-on-year growth of 41.24%. However, the operating revenue was reported as 0.00 CNY [2]. - The company has distributed a total of 10.69 billion CNY in dividends since its A-share listing, with 4.66 billion CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders was 219,800, a decrease of 1.27% from the previous period. The average number of circulating shares per shareholder increased by 1.29% to 39,288 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 326 million shares, an increase of 64.25 million shares from the previous period [3].

Core Viewpoint - The A-share and Hong Kong stock markets are experiencing a rare "alternating leadership" trend in 2024, breaking the traditional correlation model, with a significant influx of southbound capital reshaping the pricing logic of the Hong Kong market [1][2]. Group 1: Market Dynamics - The southbound capital inflow is gradually reconstructing the pricing logic of the Hong Kong stock market, moving from an "offshore market dominated by foreign capital" to a more "onshore" structure led by domestic capital [2][3]. - In the first quarter of 2024, the Hong Kong stock market began a reversal trend, with the Hang Seng Index's quarterly increase outpacing major A-share indices, continuing this lead until the "924" market [2][3]. - By mid-2025, the Hong Kong market is expected to outperform the A-share market, with sectors like the internet, new consumption, and innovative pharmaceuticals showing structural performance [2][3]. Group 2: Capital Structure and Investment Trends - The influx of southbound capital is driven by improved market conditions and the listing of quality companies in Hong Kong, enhancing market vitality [3][4]. - As of December 31, 2024, the circulation market value of the consumer, technology, and healthcare sectors in the Hong Kong market reached HKD 169,052 million, accounting for 49.0% of the total market value, which increased to 52.3% by August 25, 2025 [3]. - The investment style of southbound capital is shifting towards growth, with significant inflows into non-essential consumption and information technology sectors, which together attracted 70% of the southbound capital [4][5]. Group 3: Valuation and Market Sentiment - The current valuation of the Hong Kong stock market presents a significant cost-performance advantage, with the Hang Seng Index's valuation notably lower than that of major global indices like the S&P 500 and Nikkei 225 [7]. - The market is expected to see a recovery in valuations, especially if the Federal Reserve lowers interest rates, which would reduce short-selling pressure on Hong Kong stocks [7]. - The basic expectations for the Hong Kong market are improving, with recent regulatory changes aimed at curbing unhealthy competition in the internet sector, potentially leading to better performance for major internet companies [7][8]. Group 4: Investment Opportunities - The Hong Kong market is currently in a key window of multiple positive factors, suggesting a potential new upward trend in the fourth quarter of 2025 [8]. - Key investment themes include technology, consumption, dividends, and innovative pharmaceuticals, with a focus on companies that can sustain growth and market share [8][9]. - Specific sectors to watch include domestic computing chips, semiconductor equipment, and applications benefiting from digital transformation, as well as high-dividend sectors like finance and utilities [9][10].

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！ 证券代码：601377 证券简称：兴业证券 公告编号：临2025-035 兴业证券股份有限公司 2025年第一次临时股东会决议公告 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。 （一）股东会召开的时间：2025年9月2日 （二）股东会召开的地点：福建省福州市鼓楼区湖东路268号兴业证券大厦9楼会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会采取现场投票与网络投票相结合的表决方式，符合《公司法》等法律、法规及《公司章程》 的有关规定。本次股东会由公司董事会召集，董事长苏军良先生主持本次会议。 （五）公司董事和董事会秘书的出席情况 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 1.公司在任董事10人，出席9人，董事叶远航先生因公务原因未能出席； 2.董事会秘书出席会议，部分高级管理人员列席会议。 二、议案审议情况 ...

Core Viewpoint - The acquisition of Longyan Kaolin Co., Ltd. by Longyan Investment Development Group Co., Ltd. is structured through the transfer of state-owned assets, allowing the acquirer to indirectly control 49.55% of the listed company’s shares without the need to issue a public offer [1][2]. Group 1: Transaction Overview - The acquirer will obtain shares from three state-owned entities: 51.04% from Longyan Investment Development Group, 39% from Longyan Cultural Tourism Huijin Development Group, and 20% from Longyan Transportation Development Group [1][2]. - The acquisition complies with regulations allowing exemption from public offer requirements due to government approval for the transfer of state-owned assets [2]. Group 2: Compliance and Governance - The financial advisor confirms that the acquirer and the listed company have fulfilled their reporting and disclosure obligations during the acquisition process [3][4]. - The governance structures of the listed company, including the shareholders' meeting, board of directors, and supervisory board, have operated independently without violations of corporate governance regulations [3][4]. Group 3: Commitments and Future Plans - The acquirer has committed to maintaining the independence of the listed company in terms of personnel, assets, finance, and operations, ensuring no adverse impact on its operational capabilities [5][6]. - There are no plans for significant changes to the listed company's main business, assets, or management structure within the next 12 months following the acquisition [8][9][10]. Group 4: Ongoing Obligations - The financial advisor has verified that the acquirer has not violated any commitments regarding avoiding competition, reducing related party transactions, or other obligations outlined in the acquisition agreement [6][7][11]. - The acquirer has no plans for major adjustments to the listed company's dividend policy or employee hiring practices in the near future [10][11].

证券日报网讯 9月2日晚间，兴业证券发布公告称，公司2025年第一次临时股东会审议通过了《关于选 举独立董事的议案》。 （文章来源：证券日报） ...

国浩律师（上海）事务所 关于兴业证券股份有限公司 国浩律师（上海）事务所 股东会法律意见书 致：兴业证券股份有限公司 兴业证券股份有限公司（以下简称"公司"）2025 年第一次临时股东会（以下 简称"本次股东会"）于 2025 年 9 月 2 日召开，国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派律师（以下简称"本所律师"）出席会议，并依据 《中华人民共和国证券法》《中华人民共和国公司法》、中国证券监督管理委员会 《上市公司股东会规则》和《兴业证券股份有限公司章程》（以下简称"《公司章 程》"）出具本法律意见书。 本所律师已经按照有关法律、法规、规范性文件和《公司章程》的规定对公司 本次股东会召集、召开程序是否合法以及是否符合《公司章程》、出席或列席会议 人员的资格、召集人资格的合法有效性和股东会表决程序、表决结果的合法有效性 发表法律意见。法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意 承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规、规范性文件的规定而出具。 本所律师同意将本法律意见书作为公司 2025 年第一次 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-035 兴业证券股份有限公司 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。 重要内容提示： （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 总数的比例（%） （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会采取现场投票与网络投票相结合的表决方式，符合《公司法》等 法律、法规及《公司章程》的有关规定。本次股东会由公司董事会召集，董事长 苏军良先生主持本次会议。 （五）公司董事和董事会秘书的出席情况 ? 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 9 月 2 日 （二）股东会召开的地点：福建省福州市鼓楼区湖东路 268 号兴业证券大厦 9 楼会议室 二、议案审议情况 （一）非累积投票议案 审议结果：通过 表决情况： 董事的议案 兴业证券股份有限公司董事会 （三）关于议案表决的有关情况说明 本次股东会审议议案获得通过，议案不涉及特别决议以及关联股东需回避表 决的 ...