Core Viewpoint - The Chief Strategy Officer and General Manager of the Research Division at Zheshang Securities emphasizes that talent is the primary productivity of the research division, highlighting a commitment to nurturing young talent and creating a supportive work environment [1] Group 1: Talent Philosophy - Zheshang Securities focuses on three key characteristics in its talent strategy: prioritizing young individuals, ensuring that employees work hard but do not suffer, and adopting an open approach to talent acquisition [1]

近日，浙商证券（601878）首席战略官、总裁助理、研究事业部总经理邱冠华表示，浙商研究所致力于 打造全国一流钻石研究所，树牢擦亮三张金色名片：深耕长三角、拥抱大金融、聚焦新产业 （300832）；努力实现三个结合：产和融相结合、卖方研究和财富管理相结合、员工职业和事业相结 合；力争再用五年时间，夯实基础冲刺前五，办成一家令人尊敬的头部研究所。 ...

Core Viewpoint - Zhejiang Securities is undergoing a significant top-down restructuring of its core management team, with the recent appointment of Cheng Jingdong as president following the new chairman's arrival just three months prior [1][17]. Management Changes - Cheng Jingdong, a veteran in the investment banking sector, has been promoted to president after serving as vice president for nearly seven years, indicating a typical internal promotion [1][17]. - The company has seen a series of high-level personnel changes since 2025, including shifts in key positions such as vice president, chief risk officer, and financial director, indicating a comprehensive personnel adjustment [1][17]. - The new leadership aims to leverage the recovery of the capital market to enhance internal growth and achieve the goal of becoming a top-tier investment bank [1][17]. Performance Overview - Zhejiang Securities reported a nearly 50% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, driven by strong growth in brokerage and proprietary trading businesses [1][17]. - The company's operating expenses were significantly reduced, with a 60.36% year-on-year decrease, contributing to the profit growth [1][17]. - Despite the overall profit increase, the growth rate is positioned in the middle to lower range among listed brokerages, highlighting the challenge of sustaining growth amid market fluctuations [1][17]. Investment Banking Business - Cheng Jingdong's leadership has seen explosive growth in underwriting business, particularly in bond underwriting, which ranked in the top ten of the industry for five consecutive years until recently [1][17]. - However, the company has faced a decline in both equity and bond underwriting activities, with bond underwriting dropping to 12th in the industry by the first half of 2025 [1][17]. - The net income from investment banking fees has decreased from over 10 billion yuan in 2020-2021 to 7.2 billion yuan in 2024, although there was a 12.6% year-on-year recovery in the first half of 2025 [1][17]. Analyst Departures and Organizational Changes - The research department has experienced a wave of analyst departures, with 12 analysts leaving in a short period, raising concerns about internal governance and compliance issues [1][17]. - The restructuring of the organization and internal governance upgrades are ongoing, indicating that the changes within the company are not yet complete [1][17]. Financial Performance and Market Position - As of the first three quarters of 2025, Zhejiang Securities achieved a net profit of 1.892 billion yuan, reflecting a 49.57% year-on-year increase, slightly below the industry average [1][17]. - The company’s operating revenue for the first three quarters was 6.789 billion yuan, marking a 66.73% increase compared to the adjusted figures from the previous year [1][17]. - The strategic goal set by the new chairman is to position Zhejiang Securities among the top 15 brokerages in the industry, emphasizing the need for effective integration and performance improvement following the acquisition of Guodu Securities [1][17].

在2025年资本市场分红热潮中，浙商证券以切实行动彰显责任担当。2025年中期利润分配，公司向全体 股东每股派发现金红利0.07元(含税)，合计派发现金红利3.17亿元(含税)，成为券商行业中期分红的积极 践行者。上述负责人表示，这一举措不仅体现了公司稳健的经营基本面和充裕的现金流储备，更彰显了 其以真金白银回馈股东的坚定决心。 自2017年上市以来，浙商证券持续以现金分红与投资者共享成长红利。截至最新统计，公司累计分红金 额已达40.64亿元。其中，2024年实施年度分红每股0.10元(含税)，分红总额4.54亿元；同年三季度再度 分红每股0.05元(含税)，分红总额2.27亿元。持续稳定的分红水平，有效提升了投资者获得感，树立了 资本市场负责任企业的标杆形象。 2024年，新"国九条"明确提出强化现金分红监管，推动提高股息率、增强分红稳定性，并鼓励上市公司 一年多次分红。证监会同步修订《上市公司监管指引第3号——上市公司现金分红》，进一步简化中期 分红程序，为优质企业加大回报提供制度保障。浙商证券表示，公司深刻领会政策精神，将分红纳入公 司长期发展战略，严格履行决策程序，通过深化业务改革、强化风控能力、优 ...

Core Viewpoint - Zhejiang Securities successfully issued its fourth short-term financing bond for 2025, with a total issuance scale of RMB 1.5 billion and a maturity date set for February 11, 2026 [1]. Group 1 - The company issued the short-term financing bond on May 14, 2025, with a coupon rate of 1.68% and a term of 273 days [1]. - The total amount paid on the maturity date, February 11, 2026, was RMB 1,518,848,219.18, which includes both principal and interest [1].

Core Viewpoint - Zhejiang Securities successfully issued its fourth short-term financing bond for 2025, with a total issuance scale of RMB 1.5 billion and a coupon rate of 1.68% [1] Group 1 - The short-term financing bond has a maturity period of 273 days, with the repayment date set for February 11, 2026 [1] - On February 11, 2026, the company repaid the principal and interest of the short-term financing bond, totaling RMB 1,518,848,219.18 [2]

Core Viewpoint - The appointment of Cheng Jingdong as the new president of Zheshang Securities marks a significant leadership transition, establishing a dual-core management structure alongside Chairman Qian Wenhai, aimed at enhancing the company's development strategy and operational efficiency [3][12][17] Group 1: Leadership Transition - Cheng Jingdong has been nominated as the new president and vice secretary of the party committee of Zheshang Securities, following a decision by the actual controller, Zhejiang Transportation Investment Group [2][11] - This transition ends the previous arrangement where Chairman Qian Wenhai held both the chairman and president roles, allowing for a clearer division of responsibilities between strategic leadership and operational execution [3][7] Group 2: Background of Cheng Jingdong - Cheng Jingdong, aged 56, holds a doctoral degree and has over 30 years of experience in the financial sector, with a diverse background that includes roles in financial regulation, commercial banking, investment banking, and legal services [4][13][14] - His career includes significant positions at the People's Bank of China, the China Securities Regulatory Commission, and various banks, providing him with a comprehensive understanding of risk control, compliance, and capital market operations [4][14] Group 3: Performance and Achievements - Since joining Zheshang Securities in April 2019 as vice president, Cheng has overseen a substantial increase in the investment banking division's performance, completing 64 equity financing projects and 1,537 bond underwriting projects, with a total financing scale exceeding 740 billion yuan [5][15] - In 2025, the company achieved notable results, including 7 equity financing projects and 334 bond underwriting projects, with the underwriting scale surpassing 100 billion yuan, solidifying its leading position in the province [5][15] Group 4: Future Development Strategy - The leadership change is part of Zheshang Securities' strategic focus on high-quality development, with net profits showing steady growth from 1.754 billion yuan in 2023 to 1.149 billion yuan in the first half of 2025 [8][17] - The company aims to become a leading investment bank, with plans to implement its "14th Five-Year Plan," enhance operational efficiency, and integrate with Guodu Securities, targeting the goal of becoming a mid-to-large-sized brokerage [8][17]

证券代码：601878 证券简称：浙商证券 公告编号：2026-011 2026 年 2 月 11 日，本公司按期兑付了本期短期融资券本息共计人民币 1,518,848,219.18 元。 浙商证券股份有限公司 2025 年度第四期短期融资券兑付完成公告 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（以下简称"本公司"）于 2025 年 5 月 14 日成功发 行了浙商证券股份有限公司 2025 年度第四期短期融资券（以下简称"本期短期 融资券"），本期短期融资券发行规模为人民币 15 亿元，票面利率为 1.68%， 短期融资券期限为 273 天，兑付日期为 2026 年 2 月 11 日（详见本公司于 2025 年 5 月 15 日登载于上海证券交易所网站 www.sse.com.cn 的《浙商证券股份有限 公司 2025 年度第四期短期融资券发行结果公告》）。 浙商证券股份有限公司董事会 2026 年 2 月 13 日 特此公告。 ...

Group 1 - The core point of the article is that Zhejiang Securities (601878.SH) has announced the appointment of Cheng Jingdong as the Deputy Secretary of the Party Committee and has nominated him as the candidate for the position of Director and President of the company [1] Group 2 - The company will follow relevant laws, regulations, and its Articles of Association to expedite the election process for the Director and the appointment process for the President [1] - The company will fulfill its information disclosure obligations in accordance with the relevant procedures [1]

Core Viewpoint - The appointment of Cheng Jingdong as the new president of Zheshang Securities marks a significant management change, filling the vacancy left by Qian Wenhai's promotion to chairman, and aims to stabilize the company's leadership structure [2][3][10]. Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, following the announcement by Zhejiang Transportation Group [10][12]. - This appointment fills the presidential vacancy that has existed since October of the previous year when Qian Wenhai became chairman [3][12]. Executive Background - Cheng Jingdong, born in January 1970, holds a doctoral degree and is the highest-educated executive in the current management team of Zheshang Securities [4][12]. - He has extensive experience in the financial sector, having worked in various roles within regulatory bodies and financial institutions since 1992 [6][14]. Business Performance - Under Cheng's leadership, Zheshang Securities has seen a significant increase in its investment banking performance, with a total of 64 equity financing projects and 1,537 bond underwriting projects completed from 2019 to 2025, amounting to over 740 billion yuan in financing [7][15]. - In 2025, the company completed 7 equity financing projects, ranking in the top 15 nationally, and its bond underwriting projects exceeded 1 trillion yuan, ranking 12th in the country [7][15]. Financial Goals - Zheshang Securities aims to double its core indicators, including revenue, total profit, total assets, and net assets by the end of 2030, with a goal to enter the top 15 in the industry [8][15]. - As of the third quarter of 2025, the company reported a revenue of 6.789 billion yuan, a year-on-year increase of 66.73%, and a net profit of 1.892 billion yuan, up 49.57% [17]. Shareholder Structure - As of the end of the reporting period, the only shareholder with more than 5% ownership is Zhejiang Shangsan Expressway Co., Ltd., holding 46.46% of the shares [9][17].