记者丨易妍君 编辑丨巫燕玲 受益于A股市场交投活跃，券商2025年中报集体"报喜"。 截至8月28日午盘，已有14家上市券商公布2025年半年度报告，以中小券商为主。 其中，浙商证券、东吴证券、国元证券、长城证券、华安证券、信达证券等10家上市券商，今年上半年营收均超过20亿元；同时，前述提及 的6家券商上半年净利润均达到10亿元以上。 业绩增幅方面，相较去年同期，今年上半年有12家上市券商实现营收、净利润"双增"；不过也有2家上市券商呈现"营收降、净利润增"的情 况。 值得关注的是，部分区域券商迎来业绩爆发期。例如，华西证券上半年净利润暴增了11倍，东北证券、华林证券半年度净利润分别增长了2 倍、1倍以上，为净利润增幅最突出的3家券商。 21世纪经济报道记者梳理发现，今年上半年，经纪、自营业务成为证券行业业绩增长的主要驱动力。上述14家上市券商的经纪业务手续费净 收入均实现了同比增长。 据Wind统计，在已披露2025年中报的14家上市券商中，今年上半年归母净利润超过10亿元的券商共有6家，分别为东吴证券、国元证券、长 城证券、浙商证券、华安证券和信达证券。 值得关注的是，这6家券商上半年营收均超过20亿元 ...

Group 1 - The core point of the news is the decline in the stock price of North China Innovation, which fell by 5.92% to 373.42 yuan per share, with a trading volume of 4.487 billion yuan and a turnover rate of 1.68%, resulting in a total market capitalization of 269.461 billion yuan [1] - North China Innovation Technology Group Co., Ltd. is located in Beijing and was established on September 28, 2001. It was listed on March 16, 2010. The company's main business involves the research, production, sales, and technical services of semiconductor basic products [1] - The revenue composition of North China Innovation is as follows: 94.53% from electronic process equipment, 5.37% from electronic components, and 0.10% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, one fund under Zheshang Securities Asset Management has a significant position in North China Innovation. The Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) reduced its holdings by 1,800 shares in the second quarter, holding a total of 2,500 shares, which accounts for 3.1% of the fund's net value, ranking as the tenth largest holding [2] - The Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) was established on August 16, 2021, with a latest scale of 35.607 million yuan. Year-to-date returns are 32.07%, ranking 1962 out of 8189 in its category; over the past year, returns are 76.48%, ranking 991 out of 7969; since inception, the fund has a loss of 2.18% [2]

Core Viewpoint - Nanbaichuan New Energy Co., Ltd. has been approved for IPO on the Shenzhen Stock Exchange, marking it as the 44th company to pass the review this year, indicating a positive trend in the IPO market [1] Company Overview - Nanbaichuan focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] - The main products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heaters [1] Shareholding Structure - Chen Rongxian is the controlling shareholder, holding 24.96% of the total shares directly, while his family members hold an additional 18.49% indirectly, resulting in a total control of 55.58% [2][3] - The family has signed a concerted action agreement to ensure unified decision-making [3] IPO Details - Nanbaichuan plans to publicly issue up to 27.9174 million shares, with the public offering accounting for no less than 25% of the total shares post-issue [3] - The company aims to raise 72.9 million yuan, allocated for a production project and working capital [2][4] Investment Projects - The total investment for the production project of 3.6 million sets of water cooling plates is approximately 57.94 million yuan, with the entire fundraising amount dedicated to this project and working capital [4] Financial Projections - The company forecasts a cautious and reasonable growth of 14.05% in net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 [5]

Core Insights - Most brokerages reported satisfactory results for the first half of the year, with revenue and net profit growth, although a few experienced revenue declines [1] Group 1: Zhejiang Securities - Zhejiang Securities reported a significant revenue drop of 23.66%, with total revenue of 6.107 billion yuan [2] - The company achieved a net profit of 1.149 billion yuan, marking a 46.49% increase year-on-year [2] - The decline in revenue was attributed to a 30.22% decrease in fair value changes of derivative financial instruments and a 59.47% drop in other business income [2] - Self-operated business revenue surged by 146.38% to 1.416 billion yuan, while asset management revenue fell by 23.58% to 158 million yuan [2] - The integration of Guodu Securities, acquired in 2024, is ongoing and may impact business performance [2] Group 2: Western Securities - Western Securities experienced a revenue decline of 16.23%, with total revenue of 2.789 billion yuan [3] - The net profit increased by 20.09% to 785 million yuan [3] - Investment banking and wealth management showed strong performance, with growth rates of 134.04% and 42.42% respectively [3] - Self-operated investment and asset management revenues fell by 13.51% and 10.29% respectively [3] - The company's futures business saw a significant revenue drop of 60.12%, contributing to an overall decline in related income [3] - Wealth management services improved, with a 89% increase in new clients and an 8.7% rise in managed assets [3] Group 3: Caitong Securities - Caitong Securities reported a slight revenue decline of 2.19%, totaling 2.959 billion yuan [4] - The net profit increased by 16.85% to 1.083 billion yuan [4] - The revenue drop was mainly due to decreases in investment banking fees, asset management fees, and investment income [4] - The asset management business generated 670 million yuan, down 25.81% year-on-year [5] - Despite the revenue decline, the company saw a 5% increase in the scale of financial products and a 190% rise in private equity sales [6] - The gross margin of the asset management business improved by 9.57 percentage points, indicating effective cost control and product optimization [6]

Core Insights - The majority of brokerages reported satisfactory results for the first half of the year, with revenue and net profit growth, although a few experienced a decline in revenue [1][2]. Group 1: Zhejiang Securities - Zhejiang Securities reported a revenue of 6.107 billion yuan, a year-on-year decrease of 23.66%, while net profit attributable to shareholders was 1.149 billion yuan, an increase of 46.49% [3]. - The decline in revenue was primarily due to a decrease in the fair value change income from derivative financial instruments, which fell by 30.22% compared to the previous year, and a 59.47% drop in other business income due to reduced spot sales revenue [3]. - The self-operated business showed significant growth, achieving revenue of 1.416 billion yuan, a year-on-year increase of 146.38% [3]. Group 2: Western Securities - Western Securities reported a revenue of 2.789 billion yuan, a year-on-year decrease of 16.23%, while net profit attributable to shareholders was 785 million yuan, an increase of 20.09% [5]. - The investment banking and wealth management sectors performed well, with respective year-on-year growth of 134.04% and 42.42% [5]. - The company's futures business saw a significant decline, with total revenue from subsidiaries and other businesses falling by 49.18%, and futures revenue specifically dropping by 60.12% [5]. Group 3: Caitong Securities - Caitong Securities reported a revenue of 2.959 billion yuan, a year-on-year decrease of 2.19%, while net profit attributable to shareholders was 1.083 billion yuan, an increase of 16.85% [7]. - The decline in revenue was attributed to decreases in net income from investment banking fees, asset management fees, investment income, and fair value change income [7]. - The asset management business, a core segment, generated revenue of 670 million yuan, a year-on-year decrease of 25.81% [8].

Core Viewpoint - The article highlights that while most brokerages reported revenue and net profit growth in the first half of the year, three brokerages experienced a decline in revenue compared to the previous year [2]. Group 1: Zhejiang Securities - Zhejiang Securities reported a significant revenue drop of 23.66%, with total revenue of 6.107 billion yuan [3][4]. - The company achieved a net profit of 1.149 billion yuan, marking a 46.49% increase year-on-year [4]. - The decline in revenue was attributed to a 30.22% decrease in fair value changes of derivative financial instruments and a 59.47% drop in other business income due to reduced spot sales [4]. - The proprietary trading segment saw a remarkable revenue increase of 146.38%, while asset management revenue fell by 23.58% [4]. - The integration of Guodu Securities, acquired in 2024, is still ongoing and may impact business performance [4]. Group 2: Western Securities - Western Securities experienced a revenue decline of 16.23%, with total revenue of 2.789 billion yuan [5][6]. - The net profit rose by 20.09% to 785 million yuan [6]. - Investment banking and wealth management segments performed well, with growth rates of 134.04% and 42.42%, respectively [7]. - However, proprietary investment and asset management revenues fell by 13.51% and 10.29% [7]. - The company's futures business saw a significant revenue drop of 60.12%, contributing to a 49.18% decline in subsidiary and other business revenues [7]. Group 3: Caitong Securities - Caitong Securities reported a slight revenue decline of 2.19%, with total revenue of 2.959 billion yuan [8][9]. - The net profit increased by 16.85% to 1.083 billion yuan [9]. - The revenue drop was mainly due to declines in investment banking fees, asset management fees, and investment income [9]. - The asset management segment, a core business, saw a revenue decrease of 25.81% [9]. - Despite the revenue decline, the company reported a 5% increase in the scale of financial products and a 190% increase in equity private placement sales [9].

2025年8月29日 浙商汇金锦利增强30天持有期债券型证券投资基金基金合同全文于2025年8月29日在本公司指定网站 （http:// www.stocke.com.cn）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披露，供投 资者查阅。如有疑问可拨打本公司客户服务中心电话95345咨询。 本基金管理人承诺依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用基金资产，但不保证本基金一 定盈利，也不保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 浙江浙商证券资产管理有限公司 ...

Core Viewpoint - The A-share market's active trading has led to a collective positive performance among brokerage firms in their 2025 mid-year reports, with many reporting significant revenue and profit growth [2][3][12]. Group 1: Financial Performance - As of August 28, 2025, 14 listed brokerages have released their mid-year reports, primarily small and medium-sized firms [2]. - Among these, 10 brokerages, including Zheshang Securities, Dongwu Securities, and Guoyuan Securities, reported revenues exceeding 2 billion yuan, with net profits surpassing 1 billion yuan for six of them [2][4]. - Notably, Huaxi Securities experienced a net profit surge of 11 times, while Northeast Securities and Hualin Securities saw net profit growth of 2 times and over 1 time, respectively [2][7]. - In terms of revenue, Zheshang Securities, Dongwu Securities, and Guoyuan Securities achieved revenues of 6.107 billion yuan, 4.428 billion yuan, and 3.397 billion yuan, respectively, with net profits of 1.149 billion yuan, 1.932 billion yuan, and 1.405 billion yuan [5][6]. Group 2: Revenue and Profit Growth - All 14 listed brokerages reported a year-on-year increase in net profit for the first half of 2025, with Huaxi Securities, Northeast Securities, and Hualin Securities showing exceptional growth rates of 1195.02%, 225.90%, and 172.72%, respectively [7][8]. - Two brokerages reported a decline in revenue but an increase in net profit, while 12 brokerages achieved simultaneous growth in both metrics [9][10]. - The overall brokerage industry saw a significant increase in trading volume, with a 60.9% year-on-year rise, contributing to the revenue growth [12][14]. Group 3: Business Drivers - Brokerage and proprietary trading businesses emerged as the main drivers of revenue growth in the securities industry [13][14]. - Nine brokerages, including Huaxi Securities and Guoyuan Securities, reported a year-on-year increase in brokerage fee income exceeding 40% [14]. - Investment income also showed a positive trend, with several brokerages, including Dongwu Securities and Zheshang Securities, reporting over 100% growth in investment net income [16][19]. Group 4: Investment Banking and Asset Management - The investment banking sector showed signs of recovery, with 11 out of 14 brokerages reporting a year-on-year increase in investment banking fee income [20][21]. - However, asset management business has been a drag on performance, with only Dongwu Securities and Changcheng Securities reporting growth in asset management fee income [23][24]. Group 5: Market Outlook - The brokerage sector's investment value is gaining attention due to significant performance recovery, supported by favorable policies and capital influx [25]. - The industry is focusing on developing high-value-added businesses, particularly wealth management and institutional services, to enhance revenue stability and profitability [25].

Core Viewpoint - The A-share market's active trading has led to a collective positive performance among brokerage firms in their 2025 mid-year reports, with many reporting significant revenue and profit growth [1][2]. Group 1: Financial Performance - As of August 28, 2025, 14 listed brokerages have released their mid-year reports, primarily small and medium-sized firms [2]. - Ten brokerages, including Zheshang Securities, Dongwu Securities, and Guoyuan Securities, reported revenues exceeding 2 billion yuan, with six of them achieving net profits above 1 billion yuan [2][5]. - Twelve brokerages experienced both revenue and net profit growth compared to the same period last year, while two firms showed a decline in revenue but an increase in net profit [10][11]. - Notably, Huaxi Securities saw its net profit surge by 11 times, while Northeast Securities and Hualin Securities reported net profit increases of 2 times and over 1 time, respectively [2][9]. Group 2: Revenue and Profit Breakdown - The revenue and net profit figures for key brokerages in the first half of 2025 are as follows: - Zheshang Securities: Revenue 6.11 billion yuan, Net Profit 1.15 billion yuan [6][7]. - Dongwu Securities: Revenue 4.43 billion yuan, Net Profit 1.93 billion yuan [6][7]. - Guoyuan Securities: Revenue 3.40 billion yuan, Net Profit 1.40 billion yuan [6][7]. - Longcheng Securities and Huawan Securities both exceeded 2.8 billion yuan in revenue, with net profits of 1.39 billion yuan and 1.03 billion yuan, respectively [6][7]. - Four brokerages, including Xibu Securities and Dongxing Securities, reported revenues above 2 billion yuan but net profits below 900 million yuan [6][7]. Group 3: Business Drivers - The primary drivers of growth in the brokerage industry for the first half of 2025 were brokerage and proprietary trading businesses, with all 14 listed brokerages reporting a year-on-year increase in brokerage fee income [15][16]. - The stock trading volume increased by 60.9% year-on-year, contributing to the overall performance improvement [14]. - Brokerages like Huaxi Securities reported a 35.25% increase in brokerage and wealth management income, while investment income also saw significant growth [19][20]. Group 4: Investment and Asset Management - The investment business of brokerages generally showed growth, with only Northeast Securities and Hualin Securities reporting a decline in investment net income [17]. - Several brokerages, including Dongwu Securities and Zheshang Securities, reported investment net income growth exceeding 100% [18]. - However, the asset management business has been a drag on performance, with only Dongwu Securities and Longcheng Securities reporting growth in asset management fee income [24][25]. Group 5: Market Outlook - The recovery in brokerage performance, supported by favorable policies and funding, has attracted market attention to the investment value of the brokerage sector [26]. - The industry is focusing on developing high-value-added businesses, particularly wealth management and institutional services, to optimize revenue structure and enhance profitability stability [26].

Core Viewpoint - The overall performance of the securities industry in the first half of 2025 shows positive growth, with all 18 listed securities firms reporting net profit increases exceeding 20% [4][6][8]. Revenue Summary - Among the 18 listed securities firms, Zhejiang Securities reported the highest revenue at 6.107 billion yuan, followed by Dongwu Securities at 4.428 billion yuan and Guoyuan Securities at 3.397 billion yuan [5]. - The highest year-on-year revenue growth was seen in Huaxi Securities, with an increase of 46.72%, while Guoyuan Securities, Changcheng Securities, and Hu'an Securities also reported growth rates exceeding 40% [5][6]. - Four firms, including Zhejiang Securities and Xibu Securities, experienced revenue declines, with decreases of 23.66% and 16.23% respectively [5][6]. Net Profit Summary - Dongfang Caifu led in net profit with 5.567 billion yuan, while Dongwu Securities, Guoyuan Securities, and Changcheng Securities reported net profits of 1.932 billion yuan, 1.405 billion yuan, and 1.385 billion yuan respectively [6][7]. - All 18 firms reported net profit increases, with Huaxi Securities achieving a remarkable growth rate of 1195.02% [6][7]. - Other firms such as Guosheng Jinkong and Jinlong Co. also reported net profit growth rates exceeding 300% [7]. Industry Outlook - The securities industry is expected to maintain steady growth, driven by increased activity in wealth management and proprietary trading, as well as a slight improvement in investment banking pressures [8][9]. - The overall revenue for the securities sector is projected to increase by 5% in 2025, with net profit expected to rise by 9% [9][10]. - The market is transitioning to a slow bull market, indicating a shift in the pricing logic of securities from traditional trading to long-term value investments [10].