南方财经12月8日电，金融股继续走强，兴业证券拉升封板，瑞达期货2连板，东北证券、中银证券、华 泰证券、赢时胜、创识科技等继续冲高。 ...

南方财经12月8日电，券商板块高开，兴业证券涨近4%，国信证券涨近3%。消息面上，近日，中国证 监会主席吴清在参加中国证券业协会第八次会员大会时表示，要加快打造一流投资银行和投资机构。证 监会将对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制，对中小券商、外 资券商在分类评价、业务准入等方面探索实施差异化监管，对于少数问题券商要依法从严监管，违法的 从严惩治。 ...

近日，券商股再度崛起护航大盘触底反弹，市场的情绪又一次被点燃。 同花顺iFinD数据显示，12月5日，A股上演普涨行情，板块主力资金净流入排行中，证券行业流入资金 30.06亿元，位居第一；中小券商表现抢眼，中银证券涨停，兴业证券，东方财富、东北证券等涨幅均 超过4%。 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表重要讲 话，肯定行业多方面成绩，监管定调逐步趋暖。 三十三度资本基金经理程靓在接受《华夏时报》记者采访时表示，此次券商股的强势表现是"政策催化 +估值洼地+资金回流"共同作用下的估值修复。 政策端，摩根士丹利看好中国平安、中信证券唱多保险股，带动非银金融板块情绪升温，券商顺势跟 涨。同时，中金系券商整合进程推进，行业集中度提升预期强化了板块信心。 估值层面，截至11月底，券商板块整体PB仅1.2倍，处于近5年20%分位的历史低位，而2025年前三季度 42家上市券商归母净利润同比大增65.08%，头部券商ROE达15%，中小券商净利润增速更是超300%， 业绩高增与估值低迷的背离催生修复动力。 本报（chinatimes.net.cn）记者王兆寰 北京报道 ...

看好证券保险岁末年初行情！20251207 摘要 监管鼓励券商整合，支持并购重组，旨在提升行业集中度和竞争力，头 部券商如国泰海通的并购案例显示出规模效应，预示行业整合加速。 监管提倡价值竞争，转变过去的价格竞争模式，通过提供高质量服务获 客，稳定费率，促进券商行业健康发展，公募基金费率改革已落地，券 商轻资产业务费率预期触底。 险资偿付能力新规调整风险因子，降低了沪深 300、科创板股票及出口 信用保险业务的风险权重，支持长期资金入市，缓解了中小保险公司的 资本补充压力。 截至 2025 年 9 月末，险资二级市场权益配置规模达 5.59 万亿元，较 2024 年末增加 1.49 万亿元，配置比例接近 15%，提升 2.6 个百分点， 险资入市进程超预期。 调降股票投资风险因子预计为 A 股上市险企带来 789 亿元的股票增配空 间，并优化最低资本 200 亿元，核心和综合偿付能力充足率平均提升 1.5 和 2.1 个百分点。 末已大幅消除。此外，中金办理发行股份收购信达中心等并购事件也推动了整 个板块的表现。 吴清主席强调监管逐步回暖，并充分肯定过去四年多来证券公 司的整体发展，包括总资产、净资产及服务实 ...

兴业证券此前强调，"本轮资本市场反转肩负重任，未来经济转型发展过程中，资本市场将成为引导资源配置的核心平台"，并提出提振股市的新逻辑：助 力新质生产力发展、承载居民财富配置渠道、盘活优质资产。今年以来，三大逻辑持续巩固，资本市场与实体经济良性循环，夯实了本轮牛市的底层逻 辑。 与此同时，今年以DeepSeek、半导体、机器人、6代机、创新药等为代表的各领域"多点开花"突破引发的产业价值重估、大国博弈中的战略自信、"十五 五"对于未来转型思路进一步明确，带来的市场中长期宏观"叙事"和认知的转变，进一步强化本轮牛市的逻辑并拔高行情天花板。 行至当前，在2025年市场大幅上涨、上证综指一度突破4000点后，2026年市场将如何演绎？ 报告全文如下： 一、海外展望：流动性宽松和弱美元有望提振 今年以来中美股市关联度提升。一方面，宽松的流动性环境中，外溢的美元流动性催化全球风险资产迎来普涨，新兴市场尤为受益。另一方面，A股今年 表现靠前的海外算力链业绩预期和美股龙头高度挂钩、受美股映射较强。 因此，我们看到中美两国股市的相关性显著提升，标普500和万得全A滚动60日相关系数2025年的均值为0.4，远高于2021-20 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending a focus on quality insurance companies [9]. Core Insights - The report highlights investment opportunities in the order of securities > banking > insurance, emphasizing the optimization of performance evaluation rules for fund companies, which is expected to enhance long-term incentive mechanisms and promote sustainable development in the fund industry [12][31]. - The China Securities Regulatory Commission (CSRC) has introduced new regulations to strengthen governance and oversight across the entire lifecycle of listed companies, which is anticipated to improve market stability and investor confidence [15][16]. - The People's Bank of China (PBOC) has conducted a 1 trillion yuan reverse repurchase operation to support liquidity, particularly during the year-end and Spring Festival periods, with major banks expected to begin distributing mid-term dividends [31][33]. Summary by Sections Securities - The CSRC has proposed to relax capital and leverage restrictions for high-quality securities firms, which is expected to enhance their operational efficiency [14]. - In November, the number of new A-share accounts increased by 3% month-on-month, with a year-to-date growth of 8%, indicating sustained market interest [18]. - The report recommends focusing on high-quality brokers with low price-to-book (PB) ratios, including CITIC Securities, Guotai Junan, and GF Securities [12][13]. Banking - The PBOC's recent reverse repurchase operations are aimed at ensuring ample liquidity in the market, especially during high-demand periods [31][32]. - The report notes that the banking sector's PB ratio is currently at 0.71, indicating a relatively low valuation compared to historical levels, suggesting potential for recovery [31]. - Recommended banking stocks include Nanjing Bank, Chengdu Bank, and Shanghai Bank, which are considered high-quality picks [31][33]. Insurance - The insurance sector has shown resilience, with regulatory adjustments to risk factors for equity investments leading to a significant increase in stock prices [46]. - The report suggests that investors should focus on leading insurance companies, such as China Life and Ping An, which are expected to benefit from improved liquidity conditions [46][47]. - Regulatory changes are aimed at encouraging long-term investments by insurance companies, which could enhance their stability and support economic growth [48][49].

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： ● 担保对象及基本情况 ■ ● 累计担保情况 ■ 兴业证券股份有限公司（以下简称"公司"）境外控股公司兴证国际金融集团有限公司(以下简称"兴证国 际")为全资附属公司CISI Investment Limited（以下简称"CISI"）提供担保以支持其业务发展。担保包括 为其与交易对手方签署的国际掉期及衍生工具协会协议（以下简称《ISDA主协议》）以及国际证券市 场协会全球回购协议（以下简称《GMRA回购协议》）两类协议项下交易类业务的偿付义务提供无条件 及不可撤销的保证担保，兴证国际对前述协议项下担保实施限额管理。 三、担保协议的主要内容 本次担保额度调整系兴证国际内部管理需要，非新增担保函，原担保范围维持不变，兴证国际为CISI与 上述对手方签订的相关协议项下交易类业务偿付义务提供无条件及不可撤销的保证担保。担保期限均为 不定期，无反担保。 一、担保情况概述 （一）担保的基本情况 四、担保的必要性和合理性 本次担保额度调整系满足子公司全资附属公司日常经营和业务 ...

Core Points - The eighth member conference of the China Securities Association was held on December 6, where the new leadership was announced [1] - Zhu Jian from Guotai Junan Securities was appointed as the Executive Director and President [1] - Wu Yunhao from the China Securities Association was appointed as the Executive Director and Vice President [1] Group 1 - The new leadership includes several prominent figures from major securities firms, such as Liu Cheng from CITIC Securities and Lin Chuanhui from GF Securities, who were appointed as Executive Directors and Vice Presidents [1] - Other notable appointments include Liu Jian from Shenwan Hongyuan Securities, Zhou Yi from Huatai Securities, Zou Yingguang from CITIC Securities, Huo Da from China Merchants Securities, Zhang Nashan from Guosen Securities, Zeng Shan from Yimeng Co., and Chen Liang from China International Capital Corporation [1] - Supervisory roles were filled by Wang Sheng from Galaxy Securities as Chairman and Su Junliang from Industrial Securities as Vice Chairman [2]

● 本报记者 吴玉华 从盘面上看，炒股软件、保险、商业航天、光模块、铜产业等板块爆发，摩尔线程、银行、GPU等板块 调整。申万一级行业普遍上涨，非银金融、有色金属、机械设备行业涨幅居前，分别上涨3.50%、 2.84%、2.34%；仅有银行行业下跌0.58%，公用事业行业收平。 领涨的非银金融行业中，中银证券、瑞达期货涨停，中国太保、四川双马涨逾6%，中国平安、兴业证 券涨逾5%，中国人保、中国人寿、新华保险、东方财富等涨逾4%。 此外，12月5日为摩尔线程上市首个交易日，当日收涨425.46%，市值为2823亿元，全天最大涨幅超 500%，市值一度超过3200亿元。 12月5日，在非银金融板块的带动下，A股市场放量走强，截至收盘，上证指数、深证成指、创业板 指、北证50指数分别上涨0.70%、1.08%、1.36%、1.52%，科创50指数收平，上证指数重返3900点。 大小盘股携手上涨，大盘股集中的上证50指数、沪深300指数分别上涨0.93%、0.84%;小微盘股集中的中 证1000指数、中证2000指数、万得微盘股指数分别上涨1.29%、1.87%、1.58%。 市场成交明显放量，当日A股市场成交额为 ...

Group 1 - The core viewpoint of the news highlights a significant rebound in the market, driven by the surge in the securities sector, with the Shanghai Composite Index returning to 3900 points and major securities firms experiencing substantial gains [1][3] - Major securities firms such as Zhongyin Securities and Xinyi Securities saw their stock prices rise sharply, with Zhongyin Securities hitting the daily limit and Xinyi Securities increasing by over 5% [1] - The securities sector attracted a net inflow of 5.946 billion yuan from institutional investors, ranking fifth among all Shenwan secondary industries, indicating strong market sentiment [1][3] Group 2 - Positive external factors include rising expectations for a Federal Reserve interest rate cut, with an 87% probability of a 25 basis point cut in December, as indicated by the CME FedWatch tool [3] - Domestic policy support is evident, with the Chairman of the China Securities Regulatory Commission emphasizing the need for a more attractive long-term investment environment, which is expected to benefit the securities sector directly [3] - Despite the recent gains, the securities sector has underperformed this year, with the ETF tracking the sector showing only a 1.08% increase year-to-date, ranking 28th out of 32 Shenwan primary industries [3][4] Group 3 - Historical performance suggests that securities firms act as "amplifiers" in bull markets, with high beta elasticity, and the current environment enhances the profitability outlook for the sector [5] - The securities ETF has seen a net inflow of 1.488 billion yuan over the past 20 days, leading among similar ETFs, and has a total fund size exceeding 39.3 billion yuan [5] - The securities ETF (512000) serves as an efficient investment tool, tracking 49 listed securities firms, allowing for concentrated exposure to both leading and smaller firms in the sector [7]