Core Points - Fangzheng Securities announced the acceptance of an offer from Shenyang Shengjing Jin控 Investment Group to sell 300 million shares of Shengjing Bank at a price of 1.45 yuan per share [2] - The transfer of shares has been completed, and Fangzheng Securities no longer holds any shares in Shengjing Bank [2] - The total payment received by Fangzheng Securities for the share transfer was 43.4925 million yuan after deducting relevant fees [2]

方正证券股份有限公司 证券代码：601901 证券简称：方正证券 公告编号：2025-044 上述股份转让已完成过户登记。2025 年 11 月 20 日，公司收到盛京金控支付 的股份转让对价款 43,492.50 万元(已扣除过户登记费等相关费用)，公司不再持 有盛京银行股份。 特此公告。 方正证券股份有限公司董事会 2025 年 11 月 21 日 1 关于出售盛京银行股份的进展公告 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。 2025 年 10 月 30 日，公司第五届董事会第十八次会议同意接受沈阳盛京金控 投资集团有限公司（简称"盛京金控"）要约，以每股 1.45 元的价格向其出售公 司所持 3 亿股盛京银行股份有限公司（简称"盛京银行"）内资股。相关情况详见公 司在《中国证券报》《上海证券报》《证券时报》《证券日报》和上海证券交易所网 站（www.sse.com.cn）披露的相关公告。 ...

Core Viewpoint - The number of penalties in the securities industry has increased recently, but the total for the year remains significantly lower than the previous year, with 310 penalties issued so far, representing 61.63% of last year's total [1] Summary by Sections Penalty Statistics - As of November 19, 310 penalties have been issued this year, which is 61.63% of the 503 penalties from the same period last year [1] - In the fourth quarter alone, 37 penalties have been issued, down from 78 in the same period last year [1][4] Types of Violations - The main types of violations in the fourth quarter include: - Employee violations of trading regulations - Breaches of integrity in the workplace - Failures in ongoing supervision - Violations in client solicitation - These categories account for 59.46% of all penalties issued [1][6] Specific Cases - The highest number of penalties was issued to Shanghai Securities, totaling 6, followed by Caixin Securities and Founder Securities with 3 each [5] - Notably, some penalties are linked to "penetrating" regulatory enforcement, where multiple entities within a firm are penalized for the same violation [5] Regulatory Environment - Despite a decrease in total penalties, the regulatory environment remains strict, with a focus on effective enforcement and deterrence against violations [8] - The China Securities Regulatory Commission emphasizes the need for a more resilient and robust market, with improved compliance monitoring and training [9]

Core Viewpoint - Fangzheng Securities experienced a decline in stock price, with a current trading price of 7.94 yuan per share and a total market capitalization of 65.363 billion yuan, reflecting a year-to-date decrease of 3.29% [1] Financial Performance - For the period from January to September 2025, Fangzheng Securities reported an operating revenue of 0.00 yuan and a net profit attributable to shareholders of 3.799 billion yuan, marking a year-on-year increase of 93.31% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Fangzheng Securities was 195,300, an increase of 0.57% from the previous period, with an average of 42,154 circulating shares per shareholder, a decrease of 0.57% [2] Dividend Distribution - Since its A-share listing, Fangzheng Securities has distributed a total of 3.775 billion yuan in dividends, with 1.674 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder with 361 million shares, a decrease of 294 million shares from the previous period. China Securities Finance Corporation held 139 million shares, unchanged from the previous period [3]

Core Viewpoint - The capital market remains highly prosperous, and the supply-side reform in the securities industry is accelerating, with a focus on offensive opportunities in the brokerage sector. The expected net profit growth for the brokerage sector in 2025 is 51% year-on-year, indicating a mismatch between valuation and performance improvement trends, suggesting ample room for valuation upgrades [1][2]. Group 1: Industry Supply-Side Reform - The integration of licenses among Huijin-backed brokerages has commenced, promoting supply-side reform in the brokerage industry. The merger involves China International Capital Corporation (CICC) absorbing Sinolink Securities and Dongxing Securities through a stock exchange method, which is expected to enhance the financial resources under Huijin and create a world-class investment bank [2][3]. Group 2: CICC's Strength Enhancement - Following the merger, CICC's net assets are projected to rise to 171.5 billion, elevating its position to the fourth in the industry. This merger will strengthen CICC's capital base and enhance its competitiveness in asset management and brokerage services, opening up long-term growth opportunities [3][4]. Group 3: Business Complementarity - The merger is expected to enhance CICC's strengths in brokerage and asset management, with the integration of licenses among subsidiaries. CICC's brokerage, investment banking, and asset management revenues are currently at 22%, 14%, and 5% respectively, while Sinolink and Dongxing have different strengths that can complement CICC's offerings [4][5]. Group 4: Regional Competitive Advantage - The merger will likely improve CICC's competitive position in regions such as Fujian and Liaoning, where it will increase its market share through the combined network of brokerage offices from CICC, Sinolink, and Dongxing [5]. Group 5: Strategic Restructuring in the Industry - The construction of a first-class investment bank is becoming clearer, with the necessity and feasibility of strategic restructuring among other leading brokerages increasing. The China Securities Regulatory Commission has outlined a ten-year strategic goal for the securities industry, aiming to form 2 to 3 internationally competitive investment banks [6].

Core Insights - The cross-border health supplement market has become a significant development direction in the health supplement industry, primarily operating through general trade and cross-border e-commerce, with the latter being more attractive due to advantages in entry qualifications, tax costs, logistics efficiency, success rates of popular products, and product premium pricing [1][2] Market Overview - The cross-border health supplement market in China has evolved from personal purchasing to a structured market, with a scale exceeding 50 billion RMB. By 2024, the import value of health supplements is projected to reach 7.75 billion USD, approximately 55.8 billion RMB [1] - Major brands in the cross-border health supplement sector, such as Swisse, Jin Kaiser, WHC, and others, are expected to dominate sales during major shopping events like Double Eleven [1] Operational Models - General Trade: Requires compliance with Chinese laws and safety standards, involving strict inspection and quarantine processes for imported health supplements [2] - Cross-Border E-commerce: Allows consumers to purchase foreign products through e-commerce platforms with less stringent regulations, focusing on personal use and original quality standards [2] Competitive Advantages - Product Side: Cross-border health supplements benefit from a younger consumer demographic and a higher recognition of overseas brands, with a trend towards natural ingredients and actual content [3] - Marketing Side: Platforms like Douyin enhance the marketing of health supplements by addressing trust and awareness issues, facilitating consumer purchases [3] Regulatory Environment - The government has intensified regulation across the entire supply chain of cross-border health supplements, ensuring quality and safety from production to sales, particularly in key areas like bonded warehouses and e-commerce platforms [3] Investment Opportunities - Companies to watch include: - Baihe Co., focusing on cross-border business development [4] - Xianle Health, benefiting from multi-channel growth in cross-border e-commerce [4] - H&H International Holdings, with Swisse Plus showing significant growth and profitability [4]

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, driven by the announcement of a merger plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which is expected to create a new entity with substantial assets and profits [1] Group 1: Market Performance - Brokerage stocks experienced a broad increase, with notable gains including a nearly 6% rise for Shouchao Securities and over 3% for Dongfang Securities and Shenwan Hongyuan [1] - The total asset scale of the merged entity is projected to reach 1,009.58 billion yuan, with a net profit attributable to shareholders of 9.52 billion yuan [1] Group 2: Merger Details - The merger between CICC, Dongxing Securities, and Xinda Securities is planned to be executed through a share swap [1] - Post-merger, the new company is expected to rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [1] - The net profit attributable to shareholders will position the new entity sixth in the industry, behind CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [1]

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, with notable increases in shares such as Shouchao Securities and Dongfang Securities, following the announcement of a merger plan involving CICC, Dongxing Securities, and Xinda Securities [1][2]. Group 1: Market Performance - Shouchao Securities experienced a rise of nearly 6%, while Dongfang Securities and Shenwan Hongyuan both increased by over 3% [1]. - Other brokerage stocks like China Galaxy, Industrial Securities, and Founder Securities saw gains exceeding 2% [1]. - The total market capitalization of Shouchao Securities is 57.7 billion, with a year-to-date decline of 3.58% [2]. Group 2: Merger Announcement - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, which is expected to create a new company with total assets of approximately 1,009.58 billion [1][2]. - The projected net profit attributable to the parent company after the merger is estimated at 9.52 billion, with net assets expected to reach 171.5 billion [2]. - Post-merger, the new entity will rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [2].

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

〔2025〕109号显示，经查，聂晶任方正证券广州锦御二街证券营业部负责人期间，营业部存在以 下问题：向投资者发送知识测评问卷的答案、基金销售业务管理不到位、投顾业务展业不规范、人员管 理不到位、合规管理机制不健全。上述情形违反了《证券期货投资者适当性管理办法》（证监会令第 130号）第三条、第二十九条第二款，《证券投资基金销售管理办法》（证监会令第91号）第五十七条 第二款，《证券投资顾问业务暂行规定》（证监会公告〔2010〕27号）第十四条第一款、第十五条， 《证券投资顾问业务暂行规定》（证监会公告〔2020〕66号）第九条、第二十一条，《证券公司和证券 投资基金管理公司合规管理办法》（证监会令第166号）第三条、第四条的规定。聂晶作为营业部时任 负责人，对上述问题负有管理责任，违反了《合规管理办法》第十条第一款的规定。根据《合规管理办 法》第三十二条第一款的规定，广东证监局决定对聂晶采取出具警示函的行政监管措施。 〔2025〕121号显示，经查，雷刚在方正证券股份有限公司广州锦御二街证券营业部担任客户经理 期间，存在私下接受客户委托买卖证券、与客户约定分享投资收益的行为。上述行为违反了《证券公司 和证券 ...