Group 1 - The core viewpoint of the article highlights the target price increases for certain listed companies as recommended by brokerages, with significant growth percentages noted for specific firms [1] - The companies with the highest target price increases include Sanlian Hongpu at 24.53%, Wangfujing at 19.05%, and Nanjing Securities at 18.13%, representing the professional engineering, general retail, and securities industries respectively [1] - On December 25, a total of 20 listed companies received brokerage recommendations, with Lingyi Zhizhao receiving 2 recommendations and Guoji Zhongzhuang and Nanjing Securities each receiving 1 recommendation [1]

Investment Rating - The report gives a "Buy" rating for Nanjing Securities with a target price of 9.45 RMB [1][6]. Core Views - Nanjing Securities, as a state-owned broker in Nanjing, leverages its local government background to enhance resource collaboration and has a stable shareholding structure [6][7]. - The company's return on equity (ROE) is currently below the industry average but shows potential for improvement due to increasing leverage and a favorable debt structure [8][29]. - The business layout is dominated by capital-intensive operations, with a significant portion of revenue coming from proprietary trading, which aligns well with industry trends [6][10]. Financial Summary - Total revenue is projected to grow from 3,147 million RMB in 2024 to 3,894 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 7% [2]. - Net profit attributable to shareholders is expected to increase from 1,002 million RMB in 2024 to 1,462 million RMB in 2027, reflecting a CAGR of about 7% [2]. - Earnings per share (EPS) is forecasted to rise from 0.27 RMB in 2024 to 0.40 RMB in 2027 [2]. Business Performance - The company has a high reliance on capital-intensive business, with an average revenue contribution of 69.1% from such operations from 2022 to 2024, significantly above the industry average of 49% [6][21]. - The brokerage business is transitioning towards wealth management, with expected net income from this segment to reach 7.78 million RMB in 2025 [9]. - Investment banking revenue is projected to decline slightly, with net income expected to be 1.67 million RMB in 2025 [9]. Leverage and Profitability - The financial leverage of Nanjing Securities has increased from 2.51X in 2022 to 3.76X in 2025, narrowing the gap with industry averages [8][38]. - The company's annualized ROE for the first three quarters of 2025 is reported at 6.8%, which is 1.8 percentage points lower than the industry average, indicating room for improvement [29][38]. Valuation and Investment Recommendation - The report suggests a price-to-book (PB) ratio of 1.8 for the year 2026, leading to a target price of 9.45 RMB based on the expected performance and capital strength post-equity financing [10][8]. - The anticipated capital increase of 5 billion RMB is expected to significantly enhance the company's capital strength and support business development [8][10].

12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。南京证券首席信息官张之浩出席并演讲。 张之浩谈到，现在大模型正在引领整个生产力的变革，催生出新的生产力。 专题：第二十二届中国国际金融论坛 12月19日-20日，"第二十二届中国国际金融论坛"在上海举行，主题为：数字经济时代的智能金融生态 构建。南京证券首席信息官张之浩出席并演讲。 张之浩谈到，现在大模型正在引领整个生产力的变革，催生出新的生产力。 他提到，在人工智能创新技术发展的前提下，金融行业前几年是对内服务为主，比如说代码生成、质 检。今年，随着大模型，尤其是算力成本急剧下降，证券行业开始对客服务，当前投顾客服占到12%的 比例，前台场景的占比逐步提升。同时，一些营销类的活动和赋能逐步开始落地。 他提到，在人工智能创新技术发展的前提下，金融行业前几年是对内服务为主，比如说代码生成、质 检。今年，随着大模型，尤其是算力成本急剧下降，证券行业开始对客服务，当前投顾客服占到12%的 比例，前台场景的占比逐步提升。同时，一些营销类的活动和赋能逐步开始落地。 所以，在他看来，从2025年开始，在证券行业中，无 ...

关于签订募集资金专户存储监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意南京证券股份有限公司向特定对象发 行股票注册的批复》（证监许可﹝2025﹞2425 号）同意，南京证券股份有限公 司（以下简称公司）向特定对象发行人民币普通股股票 713,266,761 股（以下简 称本次发行），每股发行价格为人民币 7.01 元，募集资金总额人民币 4,999,999,994.61 元，扣除不含税的发行费用人民币 102,660,609.58 元，公司实际 募集资金净额为人民币 4,897,339,385.03 元。天衡会计师事务所（特殊普通合伙） 对上述募集资金到账事项进行了审验，并于 2025 年 12 月 12 日出具了天衡验字 （2025）00079 号《验资报告》。 二、募集资金专户监管协议的签署情况和募集资金专户的开立情况 证券代码：601990 证券简称：南京证券 公告编号：临 2025-048 号 为规范募集资金管理，保护中小投资者的权益，根据有关法 ...

南京证券公告称，经证监会同意，公司向特定对象发行7.13亿股，每股7.01元，募集资金总额49.99亿 元，扣除发行费用后，实际募资净额48.97亿元。为规范管理，公司及子公司巨石 创投、蓝天投资、存 储 银行、保荐机构 红塔证券近日分别签署监管协议。公司在多家银行开立募集资金专户，用于投资银 行、 财富管理等业务及补充营运资金。协议对各方责任义务、资金使用监督、违约责任等作出规定。 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [6]. Core Insights - The insurance industry is expected to benefit from the trend of bank deposits moving to insurance products, with a positive outlook for the liability side performance in 2026 due to successful short-term sales initiatives. The introduction of a tiered product pricing structure is anticipated to significantly alleviate the risk of interest spread losses. The "reporting and operation integration" is expected to promote industry consolidation and enhance the concentration of leading companies [4][31]. - The securities sector is experiencing a rise in market risk appetite and sustained high trading activity, benefiting from both valuation and performance attributes [4][31]. - Key companies to watch include China Ping An, China Life, China Pacific Insurance, Guotai Junan, and Huatai Securities [4][31]. Summary by Sections 1. Industry Dynamics - The insurance sector is undergoing a systematic upgrade in asset-liability management, with new regulations requiring comprehensive coverage, reasonable matching, and robust supervision. The new rules include three mandatory indicators for property insurance companies, all of which must not fall below 100% [1][2]. - The report highlights the performance of listed insurance companies, with New China Life reporting a cumulative premium income of 188.85 billion yuan, a year-on-year increase of 16% [14]. 2. Securities - The public fund performance benchmark reform has been initiated, focusing on the transformation of existing products and ensuring a smooth transition without drastic changes to holdings. The reform aims to enhance the attractiveness of the capital market [18]. - The average daily trading volume of stock funds was 22,219 billion yuan, a decrease of 7.20% week-on-week [22]. 3. Multi-Financial - Nanhua Futures has set the final price for its H-share issuance at 12 HKD per share, with plans to list on the Hong Kong Stock Exchange [30].

Group 1 - Nanjing Securities successfully completed a private placement of shares, raising 5 billion yuan [2] - The funds raised will be used to supplement capital, focusing on investment banking, wealth management, information technology, and compliance risk control [2] - Nanjing Securities aims to enhance its comprehensive capabilities to serve the real economy and participate in market competition [2] Group 2 - Hongta Securities served as the sole sponsor and co-lead underwriter for the financing project, providing professional underwriting services [3] - The successful completion of Nanjing Securities' refinancing sets a good example for the securities industry to achieve steady development through capital expansion [3] - Hongta Securities will continue to fulfill its responsibilities and collaborate with Nanjing Securities for high-quality development [3]

证券简称：南京证券 证券代码：601990 南京证券股份有限公司 向特定对象发行 A 股股票 发行情况报告书 保荐机构（联席主承销商） （云南省昆明市北京路 155 号附 1 号） 联席主承销商 （苏州工业园区星阳街 5 号） 报告书不存在虚假记载、误导性陈 2 述或重大遗漏，并对其真实性、准确性、完 整性承担相应的法律责任。 全体董事签字： 成晋锡 潘志鹏 刘杰 毕胜 李剑锋 陈玲 夏宏建 孙隽 二〇二五年十二月 李雪 陈传明 王旻 吴梦云 周月书 张骁 周旭 南京证券股份有限公司 年 月 日 1 发行人全体董事、董事会审计委员会成员、高级管理人员声明 本公司及全体董事、董事会审计委员会成员、高级管理人员承诺本发行情况 2 4 3 | 李剑锋 | 陈玲 | 夏宏建 | 孙隽 | | --- | --- | --- | --- | | 成晋锡 | 潘志鹏 | 刘杰 | 京胜 | | | | | 82 60 | | 李雪 | 陈传明 | 王晏 | 吴梦云 | | 周月书 | 张晓 | 周旭 | | 5 发行人全体董事、董事会审计委员会成员、高级管理人员声明 本公司及全体董事、董事会审计委员会成员、高级管理人员承 ...

国浩律师（上海）事务所 关于 南京证券股份有限公司 向特定对象发行 A 股股票之 发行过程和认购对象合规性的 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai 200085, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243 3320 网址/Website: http://www.grandall.com.cn 2025 年 12 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于南京证券股份有限公司向特定对象发行 A 股股票之 发行过程和认购对象合规性的 法律意见书 致：南京证券股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受南京证券股份有限公司（以 下简称"发行人"、"公司"或"南京证券"）的委托，担任南京证券向特定对象发行 A 股股票（以下简称"本次向特定对象发行"或者"本次发行"）事宜的专项法律顾 问。 本所律师根据《中华人民共和国公司法 ...

南京证券股份有限公司 验资报告 天衡验字(2025) 00079 号 天衡会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册会计师行业统一是否由具有执业许可的会计师事务所出具 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:苏 答 R 报 告 天衡验字(2025) 00079 号 南京证券股份有限公司: 中国注册会计师:陈笑春 我们接受委托,审验了贵公司截至 2025年12月11日止新增注册资本及股本情况。按 照法律法规以及协议、章程的要求出资,提供真实、合法、完整的验资资料,保护资产的安 全、完整是全体股东及贵公司的责任。我们的责任是对贵公司新增注册资本及股本情况发表 审验意见。我们的审验是依据《中国注册会计师审计准则第 1602 号 -- 验资》进行的。在 审验过程中,我们结合贵公司的实际情况,实施了检查等必要的审验程序。 贵 公 司 本 次 变 更 前 的 注 册 资 本 为 人 民 币 3,686,361,034.00 元, 股 本 为 人 民 币 3,686,361,034.00元。根据贵公司第三届董事会第十二 ...