Summary of Key Points Core Viewpoint - Nanjing Securities has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending registration approval from the China Securities Regulatory Commission (CSRC) [1][3]. Trading Information - As of September 30, 2025, Nanjing Securities closed at 8.54 yuan, down 0.58% with a turnover rate of 0.82%. The trading volume was 301,900 shares, resulting in a transaction value of 258 million yuan [1]. - On the same day, the net outflow of main funds was 52.991 million yuan, accounting for 20.57% of the total transaction value. Retail investors saw a net inflow of 43.771 million yuan, representing 16.99% of the total transaction value [1][3]. Company Announcements - The company announced that its application for a specific share issuance has been reviewed and approved by the Shanghai Stock Exchange, confirming that it meets the necessary issuance and listing conditions [1]. - The final decision and timing regarding the CSRC's approval for registration remain uncertain, and the company has committed to timely information disclosure based on further developments [1].

Core Viewpoint - The recent approval of Nanjing Securities' 5 billion yuan private placement signals a shift in the brokerage industry towards capital-saving and high-quality development, focusing on investment banking and wealth management rather than traditional capital-intensive operations [2][7]. Fundraising Allocation - Nanjing Securities plans to allocate the raised funds across several key areas: - 5 billion yuan for investment banking to enhance capabilities and service the real economy [1][2]. - 5 billion yuan for wealth management to improve service offerings and product systems [1][2]. - 5 billion yuan for asset management to boost active management capabilities [1][2]. - 10 billion yuan for alternative subsidiaries and private equity investments [1][2]. - 7 billion yuan for information technology and compliance risk management [1][2]. - 13 billion yuan for debt repayment and operational capital [1][2]. Industry Trends - The brokerage sector is experiencing a "breaking the ice" signal in the private placement market, with multiple firms like Tianfeng Securities and Zhongtai Securities advancing their fundraising plans [4][5]. - The shift in focus from self-operated capital-intensive models to lighter capital areas aligns with regulatory guidance emphasizing prudent expansion and core business focus [2][6]. - The necessity for capital enhancement is underscored by the competitive landscape, where net capital is crucial for both traditional and innovative business development [3][6]. Previous Fund Utilization - Nanjing Securities previously raised 4.2 billion yuan in 2020, which was fully utilized by mid-2022, demonstrating significant revenue growth in investment and financing businesses as a result [3][4]. - The effectiveness of past fundraising efforts is evident, with notable increases in investment business income and financing income over the years [3]. Future Outlook - The industry is expected to continue on a path of capital-saving and high-quality development, prioritizing service to the real economy while balancing capital replenishment with business growth [7].

南京证券（601990）向特定对象发行股票申请审核状态变更为审核通过。 南京证券本次拟向包括控股股东紫金集团在内不超过35名特定对象发行股票，拟发行数量不超过11.06 亿股，预计募集资金50亿元，募集资金扣除发行费用后拟全部用于补充公司资本金。本次发行保荐机构 为红塔证券（601236）股份有限公司。 ...

Core Viewpoint - Nanjing Securities has received approval from the Shanghai Stock Exchange for its plan to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Fundraising Details - The total amount to be raised from the issuance of A-shares is not to exceed 5 billion yuan, which will be used to enhance the company's capital [2][3] - The funds will be allocated to various areas including investment banking, wealth management, purchasing government and corporate bonds, asset management, alternative investments, information technology, compliance, and debt repayment [2][3] Allocation of Funds - Investment banking services: up to 500 million yuan [3] - Wealth management services: up to 500 million yuan [3] - Purchase of government and corporate bonds: up to 500 million yuan [3] - Asset management capabilities: up to 500 million yuan [3] - Investment in alternative subsidiaries and private equity: up to 1 billion yuan [3] - Information technology and compliance: up to 700 million yuan [3] - Debt repayment and operational funding: up to 1.3 billion yuan [3] Share Issuance Details - The issuance will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 1,105,908,310 shares [4] - The pricing will be based on the higher of 80% of the average trading price over the last 20 trading days or the latest audited net asset value per share [4] - The controlling shareholder, Zijin Group, plans to subscribe for 500 million yuan worth of shares [4][5] Lock-up Period - Shares subscribed by Zijin Group will be locked for 60 months, while those held by other significant shareholders will have a lock-up period of 36 months or 6 months depending on their ownership percentage [5] Underwriting and Sponsorship - The lead underwriter for this issuance is Hongta Securities, with joint underwriters including Dongwu Securities [5]

智通财经APP讯，南京证券(601990.SH)发布公告,公司于2025年9月29日收到上海证券交易所出具的《关 于南京证券股份有限公司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股票申请 符合发行条件、上市条件和信息披露要求。 ...

南京证券（601990）(601990.SH)发布公告,公司于2025年9月29日收到上海证券交易所出具的《关于南京 证券股份有限公司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股票申请符合发 行条件、上市条件和信息披露要求。 ...

证券代码：601990 证券简称：南京证券 公告编号：临 2025-032 号 南京证券股份有限公司 公司本次向特定对象发行股票事项尚需经中国证券监督管理委员会（以下简 称"中国证监会"）同意注册后方可实施，最终能否获得中国证监会同意注册的 决定及时间尚存在不确定性。 公司将根据进展情况及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 南京证券股份有限公司董事会 2025 年 9 月 30 日 1 关于向特定对象发行股票申请 获得上海证券交易所审核通过的公告 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。 南京证券股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日收到上海 证券交易所出具的《关于南京证券股份有限公司向特定对象发行股票的交易所审 核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条件和信息披 露要求。 ...

2025年9月29日，南京证券股份有限公司收到上海证券交易所出具的《关于南京证券股份有限公司向特 定对象发行股票的交易所审核意见》，上交所认为公司向特定对象发行股票申请符合发行条件、上市条 件和信息披露要求。不过，该事项尚需经中国证监会同意注册后方可实施，最终能否获得同意注册的决 定及时间存在不确定性。公司董事会及全体董事保证公告内容真实准确完整，并将根据进展及时披露信 息，提醒投资者注意投资风险。此公告于9月30日发布。 ...

Market Overview - The Shanghai Composite Index closed at 3872.88 points, up 1.17%, with a total trading volume of 1.7438 trillion yuan [1] - As of the current date, 94 A-shares have surpassed their annual moving average [1] Stocks Surpassing Annual Moving Average - Notable stocks with significant deviation rates include: - Kaiwang Technology (301182) with a deviation rate of 15.21% and a daily increase of 17.68% [1] - Wanli Stone (002785) with a deviation rate of 9.52% and a daily increase of 10.01% [1] - Daqing Huake (000985) with a deviation rate of 9.44% and a daily increase of 10.00% [1] - Other stocks with smaller deviation rates include: - China CNR (601990) and Beidahuang (000995), both just above their annual moving average [1] Additional Stocks with Positive Performance - Other stocks showing positive performance include: - Tonghui Information (430090) with a daily increase of 6.20% and a deviation rate of 4.69% [1] - Huangtai Liquor (000995) with a daily increase of 5.17% and a deviation rate of 4.47% [1] - Nanjing Securities (601990) with a daily increase of 4.09% and a deviation rate of 4.00% [1]

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection has officially started, aiming to identify outstanding investment advisors in wealth management [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation [1] - The weekly ranking data from September 22 to September 28 shows that Jin Xin from China Aviation Securities Fujian Branch achieved the highest weekly return of 19.5% in the stock simulation category [1][2] Group 2 - In the stock simulation trading group, the top three advisors are Jin Xin (19.5%), Zhang Hong (13.52%), and Wang Tan (13.41%) [2] - The ETF simulation trading group saw Zhang Yefeng from Guotai Haitong Securities achieve a weekly return of 9.16%, followed by Li Ting (6.66%) and Fan Chunqing (6.58%) [3] - In the public fund simulation allocation group, the top advisor is Ma Kengcheng from Changcheng Securities with a weekly return of 8.39%, followed by Jiang Wenjie (8.23%) and Zhang Yefeng (6.81%) [5]