Core Viewpoint - The acquisition of 30 million unrestricted shares of Guodu Securities by Zheshang Securities for 57.042 million yuan reflects the ongoing trend of mergers and acquisitions in the brokerage industry, driven by both policy and market factors [1][5]. Group 1: Zheshang Securities' Cost Analysis - Zheshang Securities won the auction for Guodu Securities' shares at a price of 1.9 yuan per share, which is an 11.85% premium over the closing price of 1.7 yuan on March 21 [2][4]. - The acquisition price represents a 24.57% premium over the starting price of 45.792 million yuan, indicating strong market competition for quality brokerage assets [4]. - Since initiating the acquisition plan in December 2023, Zheshang Securities has gradually built a controlling stake in Guodu Securities, with total investments amounting to 5.185 billion yuan [4]. Group 2: Acceleration of Brokerage Mergers - The acquisition of Guodu Securities by Zheshang Securities is part of a broader trend of brokerage consolidations, with several significant mergers already underway in 2025 [5]. - Regulatory support for mergers and acquisitions aims to cultivate leading investment banks and institutions, as highlighted in the 2023 Central Financial Work Conference [5]. - Analysts suggest that mergers can create synergies, leading to greater market opportunities and benefits for related companies in the capital market [5].

Financial Performance - Total operating revenue for 2024 was RMB 15.82 billion, a decrease of 10.33% compared to RMB 17.64 billion in 2023[4] - Net profit for 2024 reached RMB 2.01 billion, an increase of 10.04% from RMB 1.82 billion in 2023[4] - Basic earnings per share for 2024 was RMB 0.49, up 6.52% from RMB 0.46 in 2023[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1.91 billion, a 9.74% increase from RMB 1.74 billion in 2023[4] Asset and Equity Growth - Total assets as of December 31, 2024, increased by 5.88% to RMB 154.09 billion from RMB 145.53 billion in 2023[4] - Shareholders' equity attributable to the parent company grew by 30.26% to RMB 35.19 billion from RMB 27.02 billion in 2023[4] - The company's weighted average return on equity improved by 0.15 percentage points to 6.76%[4] Income Sources - Net interest income increased by 31.11% to RMB 988.95 million from RMB 754.31 million in 2023[5] - Investment income and fair value changes rose by 68.56% to RMB 1.75 billion from RMB 1.04 billion in 2023[5] Operating Environment - The company faced a complex operating environment in 2024 but achieved steady growth despite multiple pressures[6]

Group 1 - Zhejiang Securities has acquired 30 million shares of Guodu Securities for 57.042 million yuan, representing a 24.57% premium over the starting price [1] - The auction involved five bidders and concluded with Zhejiang Securities winning after 156 bids, with the final price translating to 1.9 yuan per share, an 11.8% premium over Guodu Securities' closing price of 1.7 yuan on March 21 [1] Group 2 - The integration of Zhejiang Securities and Guodu Securities is progressing, with Zhejiang Securities having signed share transfer agreements to acquire a total of 19.1454% of Guodu Securities from various companies [2] - In addition, Zhejiang Securities has acquired 7.6933% and 7.4159% of Guodu Securities through competitive bidding, further consolidating its stake [2] Group 3 - As of December 3, 2024, the China Securities Regulatory Commission approved Zhejiang Securities as the major shareholder of Guodu Securities, requiring a detailed integration plan within a year [3] - Following the completion of share transfers, Zhejiang Securities holds 199.704 million shares of Guodu Securities, amounting to a 34.25% stake, significantly surpassing the 13.33% held by Zhongcheng Trust [3] Group 4 - The brokerage industry continues to see a surge in merger and acquisition activities, with multiple deals being finalized in the first three months of the year [4] - The China Securities Regulatory Commission is encouraging mergers and acquisitions to create leading brokerage firms, indicating a trend towards more state-owned enterprises acquiring private brokerages [4]

3月23日，在阿里司法拍卖网站上，吸引了6583次围观的国都证券3000万股股权拍卖尘埃落定。 这场司法竞拍可以说相当激烈。延时将近一个小时，5位竞买人合计出价156次，最终由浙商证券耗资5704.2万元拿 下，成交单价1.90元/股。该价格较3月21日国都证券收盘价1.70元溢价11.85%，较4579.2万元起拍价溢价24.57%。 接近浙商证券的知情人士向券商中国记者透露，公司当前持股比例已显著领先其他主要股东，战略目标已基本达 成。此次竞拍主要基于成本优化考量，若起拍单价过高则缺乏参与价值。数据显示，浙商证券前三次收购的平均成 本为2.57元/股，本次交易后整体持股成本将进一步摊薄。 共出价156轮，延时150次 国都证券这3000万股股份起拍价为4579.2万元，参与拍卖须具备三板市场交易资格，缴纳315万元保证金，每次增价 幅度为5万元及其倍数。 3月22日10点半拍卖开始时，只有1人报名。当日午后，又新增一位竞买人。在3月23日早上，报名参与竞拍的已经有 4位。不过各方都"按兵不动"，直到距离拍卖结束还有2个小时后，竞买号为N7960的竞买人率先以底价4579.2万元出 价。 在距离拍卖结束还有 ...

Group 1 - The core point of the article highlights a significant equity transaction in the brokerage sector, where Zheshang Securities acquired 30 million unrestricted shares of Guodu Securities for a total price of 57.042 million yuan, reflecting an 11.85% premium over the closing price prior to the auction [1] - The transaction is part of Zheshang Securities' strategic plan to build a controlling stake, having already invested 5.128 billion yuan to achieve a 34.25% ownership before this auction [1] - The average cost per share for Zheshang Securities prior to this transaction was approximately 2.57 yuan, and the auction price of 1.90 yuan represents a 26.07% discount to their previous acquisition costs [1] Group 2 - The transaction indicates a structural differentiation in the brokerage equity market, where controlling stakes are being sold at a premium while minority stakes face significant liquidity issues [2] - Regulatory constraints, such as a 3-4 year lock-up period for shares acquired through judicial auctions, contribute to the low participation of professional institutions in the market [2] - The current market environment suggests that the phenomenon of premium for controlling stakes and discounts for minority stakes will likely persist, leading to more pronounced structural characteristics in the brokerage equity market [2]

证券代码：601878 证券简称：浙商证券 公告编号：2025-016 浙商证券股份有限公司 2025 年第一次临时股东大会决议公告 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 2,031 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,275,089,027 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 50.1672 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长吴承根先生主持，本次会议采用现场会 议记名式投票表决方式结合网络投票方式举行，会议的召集、召开及表决方式符 合《公司法》等相关法律、法规、规章和《公司章程》的规定。 (一) 股东大会召开的时间：2025 年 3 月 18 日 (二) 股东大会召开的地点：杭州市五星路 201 号浙商证券十一楼会议室 (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： 二、 议案审议情况 审议结果：通过 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 ...

北京市嘉源律师事务所 关于浙商证券股份有限公司 2025 年第一次临时股东大会的法律意见书 1 名 所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 师 章 学 助 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:浙商证券股份有限公司 北京市嘉源律师事务所 关于浙商证券股份有限公司 2025 年第一次临时股东大会的法律意见书 嘉源(2025)-04-150 北京市嘉源律师事务所(以下简称"本所")接受浙商证券股份有限公司(以 下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公司法》") 《上市公司股东大会规则》(以下简称"《股东大会规则》"等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称"法律法规")以及《浙商证券股 份有限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2025 年第一次临时股东大会(以下简称"本次股东大会")进行见证,并依法出 具本法律意见书。 为出具本法律意见书, ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-015 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 2、上海清算所网站，http://www.shclearing.com。 特此公告。 浙商证券股份有限公司董事会 浙商证券股份有限公司 2025 年度第二期短期融资券发行结果公告 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个别及连带责任。 浙商证券股份有限公司 2025 年度第二期短期融资券已于 2025 年 3 月 14 日 发行完毕，相关发行情况如下： | 短期融资券名称 | | 浙商证券股份有限公司 | | | | 2025 年度第二期短期融资券 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券发行简称 | 25 | 浙商证券 | | CP002 | | 短期融资券流通代码 | | | 07251 ...

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but it follows a relative rating system based on performance against the CSI 300 index [6]. Core Viewpoints - The bond market has been experiencing a continuous pullback since February, leading to weakened trading sentiment. Institutions with liquidity needs and sensitivity to net value are advised to adopt a cautious approach and selectively allocate investments [4]. - Market expectations for interest rate cuts have shifted post the Two Sessions, causing potential adjustments in the long-end of the bond market [4]. - The report emphasizes a focus on ultra-long credit bonds and provides a market outlook [4]. Summary by Sections Market Overview - On Thursday, the Shanghai Composite Index fell by 0.4%, with the CSI 300 also down by 0.4%. The ChiNext Index decreased by 1.2%, while the Hang Seng Index dropped by 0.6% [3]. - The best-performing sectors included coal (+4.2%), beauty and personal care (+1.6%), steel (+1.2%), utilities (+0.9%), and oil and petrochemicals (+0.8%). Conversely, the worst-performing sectors were machinery (-2.6%), electronics (-2.4%), computers (-2.1%), automobiles (-1.9%), and media (-1.8%) [2][3]. Important Insights - The report discusses the ultra-long credit bonds market, indicating that the peak is approaching and suggesting a selective allocation strategy [4]. - The market's delayed pricing of interest rate cuts may lead to further adjustments in the long-end of the bond market [4]. - The report highlights the impact of a strong equity market on the bond market, suggesting a need for cautious positioning [4].

1 2025年第一次临时股东大会议程 现场会议时间：2025年3月18日上午10:00 七、投票表决 八、会场休息（统计现场、网络投票结果） 浙商证券股份有限公司 2025 年第一次临时股东大会 会议资料 浙商证券股份有限公司董事会 二〇二五年三月 九、宣布会议表决结果 十、律师宣布法律意见书 十一、宣布会议结束 2 现场会议地点：杭州市五星路201号浙商证券十一楼会议室 主持人：董事长吴承根 一、宣布会议开始 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员 四、推举现场计票人、监票人 五、审议议案 六、股东发言及公司董事、监事、高管人员回答股东提问 会议须知 为维护股东的合法权益，确保浙商证券股份有限公司（以下简称 "公司"）2025年第一次临时股东大会（以下简称"本次大会"）的 正常秩序和议事效率，根据《公司法》《上市公司股东大会规则》等 法律、法规和《公司章程》等规定，现就会议须知通知如下： 一、本次大会期间，全体参会人员应维护股东的合法权益、确保 大会的正常秩序和议事效率，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除出席现场会议的股 东及股东代理人（以下简称 ...