Group 1 - The core point of the announcement is that Rongtong Fund has signed a sales agreement with Founder Securities to add Founder Securities as a sales agency for its Rongtong Tongxin Flexible Allocation Mixed Securities Investment Fund starting from July 14, 2025 [1] - The announcement includes details about the applicable fund and business scope, indicating that the fund will offer regular investment and conversion services through the new sales channel [1] - A fee discount will be available for investors who subscribe to the fund through Founder Securities, with specific discount rates to be announced by the sales agency [1][2] Group 2 - The fee discount applies only to the front-end charging model during the normal subscription period and does not include back-end fees or fees during the fund's fundraising period [1] - Investors can only convert fund shares within the same charging model, meaning front-end shares can only be converted to other front-end shares, and back-end shares to other back-end shares [4] - For detailed information about the fund, investors are encouraged to read the fund's legal documents such as the Fund Contract and Prospectus [5]

Core Viewpoint - The role of securities brokers is gradually fading in the securities industry, with a significant reduction in their numbers over the years, reflecting a shift towards wealth management and a changing market demand [1][3][12]. Group 1: Decline in Securities Brokers - The number of securities brokers has decreased from 90,500 in early 2018 to 28,800 by the end of 2024, with projections indicating a further decline to 25,000 by 2025 [1][6]. - As of now, only two firms, Guotai Junan Securities and Founder Securities, have over 1,000 brokers, highlighting the shrinking pool of brokers in the industry [1][5]. Group 2: Reasons for the Decline - The decline is attributed to four main factors: the transition of brokers to client manager roles, the aging workforce leading to retirements, the shift towards investment advisory roles, and the departure of brokers seeking alternative career paths due to declining commission rates [3][4][8]. - The average commission rate in the industry has dropped from 0.038% in early 2018 to approximately 0.018% by 2024, significantly impacting brokers' income [6][10]. Group 3: Transition to Wealth Management - The industry is moving towards a wealth management model, emphasizing professional investment advice and asset allocation services, which has increased the demand for investment advisors [6][10]. - The number of investment advisors has grown from 47,200 in early 2018 to 80,300 by the end of 2024, indicating a shift in focus from traditional brokerage services to advisory roles [11]. Group 4: Future Outlook - Many firms are planning to eliminate the broker role entirely, transitioning to client manager or investment advisor teams to better meet market demands [4][12]. - The exit of brokers is seen as a necessary evolution in the industry, aligning with the need for higher-quality, professional financial services to cater to diverse client needs [4][12].

Group 1 - The core point of the news is the resignation of Xu Zibing, Vice President of Founder Securities, due to retirement, which is part of a series of recent executive changes within the company [1][5]. - Xu Zibing's resignation is effective immediately upon submission to the board, and the company expressed gratitude for his contributions during his tenure [1]. - This resignation marks the third executive departure in two months, following the resignations of Yuan Yuping and He Yagang due to personal reasons and retirement, respectively [5]. Group 2 - In 2024, Founder Securities reported an operating income of 7.718 billion yuan and a net profit attributable to shareholders of 2.207 billion yuan, reflecting a year-on-year growth of 2.55% [5]. - As of the end of 2024, the total assets of the group reached 255.628 billion yuan, a year-on-year increase of 14.92%, while net assets grew by 6.26% to 48.978 billion yuan [5]. - The Q1 2025 report indicated an operating income of 2.964 billion yuan, a year-on-year increase of 49.35%, and a net profit attributable to the parent company of 1.195 billion yuan, up 52.37% year-on-year [5].

| ੜੇ ਜ | 指标 | | --- | --- | | 管理规模 | 营 收入 | | | 资产总计 | | 经营状况 | 营收增长率 | | | 归母净利润增长率 | | | 总资产净利率ROA | | | 净资产收益率ROE | | | 总资产增长率 | | | 净资产增长率 | | 风险管控 | 容本和杆率 | | | 流动性覆盖率 | | | 净稳定资金率 | | | 风险覆盖率 | | | 经纪 务利润率 | | | △基金分仓成交额占比 | | | 估算佣金率 | | | 投行业务利润率 | | 业务表现 | △股权承销市场份额 | | | 散合率 | | | 自营业务收益率 | | | 资管 务利润率 | | | 区间诉讼次数 | | | 区间违规处罚次数 | | 员工回报 | 高管薪酬偏离中位数程度 | | | △员工人数 | | | △薪酬水平 | | 三方评级 | 监管评级 | | | 综合评级 | | | 评级机构家数 | 本届"上市券商领军人物领导力TOP榜"以50家上市券商为参评对象，根据2024年度营收规模进行排序，将 参评券商划分为综合性券商（1-10名）、行业特色发展券商（ ...

Group 1 - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognizes outstanding contributions and influence of leaders in the securities industry, with He Yagang of Founder Securities ranked 9th among comprehensive securities firms [1] - The ranking evaluates the management achievements of securities leaders over the past year based on industry data, peer evaluations, and online presence, aiming to promote sustainable development in the financial sector [1] Group 2 - He Yagang, born in May 1964, holds a master's degree in engineering and has held various leadership positions in the securities industry, currently serving as the president of Founder Securities [2] - The evaluation methodology includes three main components: industry data (40% weight), peer evaluation (50% weight), and online presence (10% weight [4][6] Group 3 - Founder Securities reported an operating income growth rate of 8.42% and a net profit growth rate of 2.55%, with a return on assets (ROA) of 0.91% and a return on equity (ROE) of 4.73% [5] - The total asset growth rate was 14.92%, while the net asset growth rate was 6.5%, indicating a positive trend in the company's financial health [5] Group 4 - In the peer evaluation, Founder Securities scored 76.67 for foresight, 88.19 for influence, 79.04 for control, 81.38 for innovation, and 77.34 for compliance, reflecting a strong performance in various leadership dimensions [6] - The online presence evaluation indicated the company's influence on social media and media coverage, which is crucial for assessing the public perception of the firm [9] Group 5 - In the overall ranking, Founder Securities achieved a comprehensive score placing it 9th among industry-specific securities firms, with specific rankings of 40th in industry data, 29th in peer evaluation, and 47th in online presence among 50 listed securities firms [13]

Group 1 - The "Top Leaders in Listed Securities Firms" ranking was released by Sina Finance, evaluating 50 listed securities firms based on their revenue scale for 2024 [1] - The firms were categorized into three groups: Comprehensive Securities Firms (1-10), Industry Specialty Development Firms (11-20), and Growth Development Firms (21-50) [1] - The ranking considered multiple dimensions including performance in 2024, peer evaluations, and online presence, leading to a comprehensive scoring and ranking of the firms [1] Group 2 - The year 2024 presents both opportunities and challenges for the industry, with pressures for transformation in investment banking and a phase of recovery in the stock and bond markets [1] - The overall industry revenue is projected to grow by 11.2% in 2024, with a net asset return increase of 0.7 percentage points, indicating a positive trend in scale and profitability [1] - The achievements of the leaders in the securities firms are attributed to their exceptional insight, decision-making, and coordination skills [1] Group 3 - The "Industry Specialty Development Securities Firms" Top 10 list was published, highlighting key leaders in this category [2][3] - Notable firms include Dongwu Securities, Guangda Securities, and Zhongtai Securities, among others [5] - The evaluation criteria for the leaders included tenure, industry data from financial reports, and peer evaluations from a committee of senior management from various sectors [6]

证券代码：601901 证券简称：方正证券 公告编号：2025-024 方正证券股份有限公司 关于高级管理人员离任的公告 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。 公司董事会收到执行委员会委员、副总裁徐子兵先生递交的书面辞职报告， 徐子兵先生因到退休年龄申请辞去公司执行委员会委员、副总裁职务。 二、离任对公司的影响 根据相关法律法规及公司《章程》规定，徐子兵先生的离任自辞职报告送达 董事会之日起生效。徐子兵先生已确认与公司董事会无任何意见分歧，且无任何 与离任有关的事项须提请公司股东注意，其离任不会影响公司正常经营。公司董 事会对徐子兵先生任职期间为公司所做出的贡献表示衷心的感谢！ 特此公告。 方正证券股份有限公司董事会 2025 年 7 月 8 日 一、高级管理人员离任情况 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在上 市公司及其控 股子公司任职 具体职务 是否存在未 履行完毕的 公开承诺 徐子兵 执行委员会 委员、副总裁 2025 年 7 月 8 日 2026 年 6 月 7 日 退休 否 - ...

Core Insights - The article highlights the strong performance of top investment advisors in the A-share market, with significant excess returns compared to the market average, showcasing their capabilities in a volatile market environment [1][3]. Performance Overview - The average return of the top 300 advisors in the stock trading group reached 27.19%, while the top 10 advisors achieved an impressive average return of 47.41% [2][3]. - In June, the three major indices in the A-share market all showed positive performance, with the Shanghai Composite Index rising by 2.9%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [3]. ETF Group Performance - The average return for the top 200 advisors in the ETF group was 17.34%, with the top 10 achieving an average return of 30.93% [10][11]. - Compared to the benchmark indices, the top advisors significantly outperformed, with the Shanghai Composite Index rising by 5.04% and the Shenzhen Component Index by 5.71% during the same period [11]. Advisor Strategies - Advisors from leading firms like Guangfa Securities and CITIC Securities shared their strategies, focusing on growth stocks and utilizing models like "5+30" to identify high-potential sectors [13][14]. - Risk management strategies were emphasized, including controlling drawdowns and diversifying portfolios to mitigate risks during market fluctuations [15][20]. Institutional Strength - Guangfa Securities, CITIC Securities, and China Galaxy Securities led the rankings in terms of the number of advisors participating in the evaluation, indicating their strong institutional capabilities [23][28]. - The competition among institutions reflects a shift towards a client-centric approach in wealth management, emphasizing the importance of professional capabilities [39]. Future Outlook - Advisors are focusing on sectors with high growth potential, such as innovative pharmaceuticals and aerospace, while also considering macroeconomic factors like Federal Reserve policies [17][22]. - The article suggests that as market volatility becomes the norm, the ability of professional advisors to create value will be crucial for their competitive edge [39].

Group 1 - The core viewpoint is that the recent policy announcements significantly impact the development of innovative drugs in China, expanding market opportunities and encouraging pharmaceutical companies to increase R&D efforts [1][2] - The introduction of the commercial health insurance innovative drug directory is a major exploration of the innovative payment system, injecting new vitality into the innovative drug ecosystem [1][2] - The report expresses a strong long-term outlook for the Chinese innovative drug industry, highlighting that leading companies are entering profitability stages and their R&D pipelines are transitioning into regular revenue streams [1][2] Group 2 - The measures released by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs across the entire chain, with specific actions proposed in five areas: R&D support, insurance directory, clinical application, diversified payment, and security measures [2][3] - The establishment of the commercial health insurance innovative drug directory opens up new payment avenues for innovative drugs, allowing for the inclusion of high-innovation drugs that exceed basic insurance coverage [2][3] - The process for creating the commercial health insurance innovative drug directory is organized by the National Healthcare Security Administration and aligns with the adjustments of the insurance directory, allowing companies to apply for both directories simultaneously [3]

2025.07. 04 本文字数：1134，阅读时长大约2分钟 作者 | 一财资讯 ①华泰证券：6月非农再超预期，7月降息概率回落 华泰证券表示，6月新增非农数据再超预期，美联储7月降息概率进一步下降，但考虑到关税、移民放缓 对三季度新增就业的拖累，维持联储9月-12月两次预防式降息的判断。6月新增非农超预期、失业率超预 期下行或受到多个因素干扰，未改变就业市场放缓的趋势：6月天气偏热叠加罢工拖累消退，对新增非农 提振约在3-4万人左右；5-6月美国劳动力规模下降75.5万人、劳动参与率合计下行0.3pp，背后或是由 于驱逐移民"压低"就业均衡增长率（即失业率不会上行的新增就业水平）。往前看，伴随移民放缓等对美 国经济特别是需求端滞后影响进一步显现，加之前瞻指标NFIB企业招聘意愿显示6月后新增非农走弱风险 上升，三季度就业或有所走弱，故维持联储9月-12月两次预防式降息的判断。 ②中信证券：预计美联储将在9月的议息会议上再度降息 中信证券研报表示，2025年6月美国新增非农就业人数超预期，失业率低于预期。不过，本份非农报告实 则显示美国就业市场继续走弱。依旧认为美国就业市场"缓冲垫"有限，就业市场继续走弱失 ...