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]

Group 1: Market Performance - The ChiNext Index showed strength in the afternoon, with the ChiNext ETF Tianhong (159977) turning positive, up 0.12% with a trading volume of 280 million yuan and a premium rate of 0.01% [1] - The ChiNext ETF has seen net inflows for 4 out of the last 5 days, accumulating over 500 million yuan [1] - As of September 19, the ChiNext ETF Tianhong (159977) had a circulating scale of 9.585 billion yuan, approaching the 10 billion yuan mark [2] Group 2: Securities ETF Performance - The Securities ETF (159841) also performed well, rising 0.45% in the afternoon with a trading volume of 280 million yuan, leading among similar products in the Shenzhen market [3] - The Securities ETF has experienced continuous net inflows over the past 20 days, totaling over 3.4 billion yuan [5] - As of September 19, the Securities ETF (159841) reached a new historical high with a circulating scale of 9.086 billion yuan, making it the largest among similar products in the Shenzhen market [5] Group 3: Company Developments - Notable stocks within the Securities ETF include Guosheng Jinkong, which rose over 6%, along with other securities firms like Shouchuang Securities and Huatai Securities also showing positive performance [4] - Recent dividend distributions from listed brokers, such as Nanjing Securities and招商证券, provide support for mid-term equity distribution, indicating a recovery in overall operating performance [5] Group 4: Market Outlook - Analysts suggest that the market is currently in a bull market phase, with expectations of continued upward movement driven by low penetration rates in certain sectors [6] - Key areas of focus include solid-state batteries, AI computing power, humanoid robots, and commercial aerospace, with a strategic emphasis on high internal return quality growth strategies [6] - The brokerage sector is expected to see further expansion in Q3 report growth rates, presenting opportunities for investment amidst recent adjustments in the financial sector [6]

Group 1 - The core viewpoint of the article highlights that A-share listed brokerages are beginning to distribute interim dividends for the first half of 2025, indicating a recovery in their overall operating performance [1] - On September 19, Nanjing Securities distributed a cash dividend of 0.05 yuan per share, totaling 184 million yuan, while on September 18, China Merchants Securities distributed 0.119 yuan per share, totaling 1.035 billion yuan [1] - The improvement in the fundamentals of the brokerage industry is evident, supported by a favorable overall market trend and active trading volume in A-shares since the second half of the year [1] Group 2 - The interim equity distribution by listed brokerages is significantly supported by the recovery in their operating performance during the first half of 2025 [1] - The investment value of leading brokerages and merger and acquisition themes has gained favor among institutional investors [1]

Core Viewpoint - The A-share listed securities firms are beginning to distribute cash dividends for the first half of 2025, supported by improved operating performance and a favorable market environment [1][2][3] Group 1: Dividend Distribution - Nanjing Securities announced a cash dividend of 0.05 yuan per share, totaling 184 million yuan, with a profit of 621 million yuan for the first half of 2025, reflecting a year-on-year increase of 13.65% [1] - Prior to Nanjing Securities, China Merchants Securities distributed a cash dividend of 0.119 yuan per share, totaling 1.035 billion yuan, with a revenue of 10.52 billion yuan and a net profit of 5.186 billion yuan, both showing over 9% year-on-year growth [2] - Other firms like First Capital and Shanxi Securities are also set to implement their dividend plans, with First Capital distributing 42.02 million yuan and Shanxi Securities distributing nearly 18 million yuan [2] Group 2: Industry Performance and Outlook - A total of 24 listed securities firms have announced dividend plans for the first half of 2025, with a combined distribution amounting to 17.356 billion yuan, indicating a strong recovery in the sector [3] - The positive performance of the A-share market, with major indices reaching new highs, has led to an optimistic outlook for the securities industry, with expectations of continued growth in revenue and net profit [3][4] - Analysts suggest that the securities sector is well-positioned for recovery, with strong market activity and supportive regulatory conditions enhancing the investment environment [4] Group 3: Investment Recommendations - Analysts recommend focusing on leading securities firms that demonstrate strong capabilities across various business lines, as well as on merger and acquisition themes among smaller firms for potential value re-evaluation [4]

Core Viewpoint - The performance of 42 listed securities firms in the first half of 2025 showed significant growth, with total operating revenue reaching 251.9 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders reaching 104 billion yuan, up 65% [1] Revenue Growth - Among the 42 listed securities firms, 37 reported positive revenue growth in the first half of 2025, while only 5 firms experienced negative growth [1] - The firms with negative revenue growth included: - Zheshang Securities: -23.66% - Zhongyuan Securities: -23.14% - Western Securities: -16.23% - Nanjing Securities: -5.96% - Caitong Securities: -2.19% [2][3] Nanjing Securities Performance - Nanjing Securities reported operating revenue of 1.578 billion yuan, a decrease of 5.96% year-on-year, while net profit attributable to shareholders increased by 13.65% to 621 million yuan [4] - The decline in revenue was attributed to decreases in securities and futures brokerage, securities investment, and investment banking revenues, which fell by 6.93%, 1.84%, and 15.43% respectively [4][5] Business Structure - Nanjing Securities heavily relies on brokerage and proprietary investment businesses, which together accounted for more than total revenue, with brokerage income at 726 million yuan and investment income at 983 million yuan [6][7] - The firm’s investment income growth lagged behind the market, with the overall market indices showing positive trends while Nanjing Securities' investment income slightly declined [8] Investment Banking and Asset Management - Nanjing Securities' investment banking revenue was 81 million yuan, down 15.43%, and the firm has not had any IPO projects approved for three consecutive years, resulting in zero IPO project reserves [9] - Although the asset management and investment management business revenue increased by 61.49% to 32 million yuan, the asset management business fee income dropped by 45.07% [9]

Group 1 - The core viewpoint of the articles highlights the dividend distributions by major securities firms, with招商证券 distributing a cash dividend of 0.119 yuan per share totaling 1.035 billion yuan, and南京证券 distributing 0.05 yuan per share totaling 184 million yuan [1][3] - In the first half of 2025,招商证券 reported operating revenue of 10.52 billion yuan and a net profit attributable to shareholders of 5.186 billion yuan, both showing an increase of over 9% year-on-year [3] - 南京证券, despite a nearly 6% year-on-year decline in operating revenue, achieved a net profit of 621 million yuan, reflecting a year-on-year growth of 13.65% [3] Group 2 - As of September 18, 25 listed securities firms in the A-share market have disclosed their mid-year dividend distribution plans, with a total planned payout of 17.535 billion yuan [3] - 中信证券 leads the dividend distribution with a scale of 4.298 billion yuan, while other major firms like国泰君安, 海通证券, and others have also announced distributions exceeding 1 billion yuan [3] - The positive performance of listed securities firms is attributed to regulatory policy guidance and improved market conditions in the A-share market during the first half of the year, which has enhanced their earnings [3]

Core Viewpoint - The cash dividends from A-share listed brokerages for the first half of 2025 are being distributed, supported by improved operating performance in the sector [1][2][4]. Group 1: Cash Dividends Distribution - On September 18, 2025, China Merchants Securities distributed a cash dividend of 0.119 yuan per share, totaling 1.035 billion yuan [2]. - Nanjing Securities plans to distribute a cash dividend of 0.05 yuan per share, totaling 184 million yuan, with the payment date set for September 19 [1][2]. - First Capital's cash dividend distribution plan includes 0.01 yuan per share, totaling 42.024 million yuan, with the payment date on September 24 [3]. Group 2: Financial Performance - In the first half of 2025, China Merchants Securities reported operating income of 10.52 billion yuan and a net profit of 5.186 billion yuan, both showing over 9% year-on-year growth [2]. - Nanjing Securities achieved operating income of 1.578 billion yuan, a nearly 6% decline year-on-year, while net profit increased by 13.65% to 621 million yuan [2][3]. - First Capital's operating income reached 1.832 billion yuan, with a net profit of 486 million yuan, both exceeding 20% year-on-year growth [3]. Group 3: Market Outlook and Investment Value - The positive performance of the A-share market in the first half of 2025 has provided a solid foundation for mid-term equity distribution among listed brokerages [4]. - The brokerage sector is expected to continue benefiting from increased trading activity and improved earnings, with a focus on brokerage, margin financing, and investment business revenues [4]. - Investment opportunities are suggested in brokerages with high revenue contributions from brokerage and margin financing, those with significant year-on-year performance improvements, and potential merger targets [4].

Group 1 - Nanjing Securities announced the resignation of employee supervisor Mr. Zhou Xu due to work arrangement adjustments [2] - Mr. Zhou Xu was elected as the employee director of the company's fourth board of directors, with a term starting from September 17, 2025, until the end of the fourth board's term [2]

关于职工监事离任暨选举职工董事的公告 本公司董事会及全体董事、监事会及全体监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"）第四届监事会职工监事周旭先 生因工作安排调整辞去职工监事职务。根据《公司法》及《公司章程》等有关规 定，公司职工大会选举周旭先生为公司第四届董事会职工董事（简历详见附件）， 其任期自 2025 年 9 月 17 日起至公司第四届董事会届满时止。 证券代码：601990 证券简称：南京证券 公告编号：临 2025-031 号 南京证券股份有限公司 2025 年 9 月 18 日 1 附件：职工董事简历 周旭先生，1970 年 3 月出生，中共党员，硕士，正高级经济师。曾任公司 研究所研究员、所长助理、副所长、职工监事等职务。现任公司首席研究员、研 究所所长、职工董事。截至目前，周旭先生未持有公司股份，除前述披露信息外， 与公司及公司其他董事、高级管理人员、监事、实际控制人及持股 5%以上的股 东不存在其他关联关系，其任职资格符合有关规定，不存在《上海证券交易所上 市公司自律监管指引第 ...