（记者 曾健辉） 2025年1至6月份，东北证券的营业收入构成为：证券经纪业务占比51.98%，证券自营业务占比 23.18%，基金业务占比15.14%，资产管理业务占比11.85%，期货业务占比3.86%。 截至发稿，东北证券市值为203亿元。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ 每经AI快讯，东北证券（SZ 000686，收盘价：8.66元）9月1日晚间发布公告称，东北证券股份有限公 司董事会于2025年9月1日收到副总裁郭来生先生的书面辞职报告，因达到法定退休年龄，郭来生先生申 请辞去公司副总裁职务，辞职后不再担任公司及控股子公司任何职务。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Core Points - The company announced that Vice President Guo Laisheng will resign due to reaching the statutory retirement age on September 1, 2025 [1] - Guo Laisheng's resignation will take effect from the date the resignation application is submitted to the company's board of directors [1] - After resignation, Guo Laisheng will no longer hold any positions in the company or its subsidiaries [1]

东北证券股份有限公司（以下简称"公司"）董事会于 2025 年 9 月 1 日收到 副总裁郭来生先生的书面辞职报告，因达到法定退休年龄，郭来生先生申请辞去 公司副总裁职务，辞职后不再担任公司及控股子公司任何职务。郭来生先生原定 任期到期日为公司第十一届董事会届满之日，其辞职申请自送达公司董事会之日 起生效。截至本公告披露日，郭来生先生不持有公司股份。 股票代码：000686 股票简称：东北证券 公告编号：2025-048 东北证券股份有限公司 关于高级管理人员离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、高级管理人员离任情况 1.提前离任的基本情况 二、备查文件 1.郭来生先生辞职报告； 2.深交所要求的其他文件。 东北证券股份有限公司董事会 二〇二五年九月二日 郭来生先生确认与公司董事会无任何意见分歧，且无有关辞职的任何其他事 项须提请公司股东及债权人注意。 2.离任对公司的影响 截至本公告披露日，郭来生先生已按照公司相关规定做好工作交接安排，不 存在未履行完毕的公开承诺，其离任不会影响公司正常运作。公司将按照相关规 定对郭来生先生进行离任 ...

Core Insights - The international business competition among leading and small to medium-sized brokerages has intensified in the first half of 2025, with significant profit growth reported by major firms [1][2][3] - Major brokerages like CITIC Securities, CICC, Huatai Securities, and Guotai Junan have shown remarkable performance in their international business segments, with net profits from these operations becoming crucial to their overall profitability [1][2][3] - Smaller brokerages are also actively expanding their international business through various strategies, including capital increases and establishing subsidiaries, particularly focusing on the Hong Kong market and other key financial regions [4][5][6] Major Brokerages Performance - CITIC Securities reported a revenue of $1.492 billion and a net profit of $387 million in its international business for the first half of 2025, marking a year-on-year increase of 52.80% and 65.85% respectively [1] - CICC's international business achieved a revenue of 6.877 billion HKD and a net profit of 2.634 billion HKD, with net profit growth of 168.96%, indicating a strong contribution to the company's overall earnings [2] - Huatai Securities' international segment generated a revenue of 3.762 billion HKD and a net profit of 1.145 billion HKD, reflecting a 25.58% increase in net profit [2] - Guotai Junan's international business reported a revenue of 4.376 billion HKD and a net profit of 958 million HKD, with a net profit growth of 47.84% [3] Small to Medium-Sized Brokerages Initiatives - In January 2025, GF Securities increased its capital by 2.137 billion HKD to support its international business [4] - In March, Guojin Securities signed a guarantee contract to support its subsidiary's international operations [4] - In April, Huazhong Securities and Northeast Securities announced capital increases to establish subsidiaries in Hong Kong, each with a capital of 500 million HKD [4] - In June, Western Securities announced plans to invest 1 billion RMB to set up a wholly-owned subsidiary in Hong Kong [5] - In July, Dongwu Securities proposed a capital increase plan of up to 1.5 billion RMB for its international business [5] Trends and Predictions - Analysts noted three significant trends in the international business focus of brokerages: accelerated capital injection, broader business dimensions beyond traditional services, and simultaneous advancements in fintech and compliance infrastructure [6] - Future predictions for the international business of brokerages include a shift from single hub regional layouts to global networks, a transition from channel services to ecosystem innovation, and a deepening of technology-driven structural changes [6]

东北证券股份有限公司恢复跟踪立讯精密，评级买进。 ...

Core Viewpoint - The article highlights the strong performance of brokerage firms' stock recommendations in August, with notable returns from their "golden stocks" amid a bullish market environment [1][2]. Group 1: Performance of Brokerage Firms - Northeast Securities achieved the highest return on its golden stock portfolio, with a year-to-date yield of 81.30% [4][5]. - Open Source Securities ranked second with a return of 72.5%, and its golden stocks generated a monthly return of 25.84% in August [4][5]. - Other notable performers include Dongxing Securities (63.85%), Huaxin Securities (56.24%), and Guoyuan Securities (50.33%) [4][5][6]. Group 2: Notable Stocks and Recommendations - In August, several stocks saw significant gains, including Huasheng Tiancai (up 115%), Cambrian (up 110%), and Sixuan New Materials (over 100%) [7]. - For September, popular recommendations include ZTE Corporation, Kingsoft, and New Yisheng, with ZTE being favored for its potential in AI and chip breakthroughs [9][10]. Group 3: Market Outlook and Analyst Opinions - Analysts express differing views for September, with a focus on financial and technology sectors, emphasizing the importance of high-low switching strategies [12][13]. - Open Source Securities' chief analyst suggests that the total market capitalization of A-shares is expected to continue growing, while cautioning against blind chasing of high prices [12]. - Analysts from Dongwu Securities and Guojin Securities highlight the potential for liquidity-driven market growth, while also noting the need for fundamental support for a sustained bull market [14].

Core Points - Northeast Securities Co., Ltd. will publicly issue the sixth phase of short-term corporate bonds aimed at professional investors, which will be listed on the Shenzhen Stock Exchange starting September 1, 2025 [1][2] - The total issuance amount of the bonds is RMB 1.5 billion [2] - The bonds have a fixed interest rate of 1.77% and a maturity period of 345 days [2] Bond Details - Bond Name: Northeast Securities Co., Ltd. 2025 Short-term Corporate Bonds (Sixth Phase) [1] - Bond Code: 524413 [2] - Credit Ratings: Issuer rating is AAA, and the bond rating is A-1 [2] - Issuance Date: August 26-27, 2025 [2] - Interest Payment: One-time payment at maturity [2] - Maturity Date: August 7, 2026 [2] - Face Value: RMB 100 per bond [2] - Opening Reference Price: RMB 100 per bond [2]

Group 1: Company Performance and Strategy - The company achieved significant growth in the first half of 2025, with a focus on maintaining stability through strategic planning and differentiation in the financial services sector [2][3]. - The "Three-One-Five-Three" strategy aims to enhance the company's industry position during the 14th Five-Year Plan period, focusing on wealth management, investment banking, trading, and asset management [2][3]. - The weighted average return on equity (ROE) for the first half of 2025 was 2.24%, an increase of 1.53 percentage points compared to the same period last year [6]. Group 2: Business Segments and Growth - The wealth management segment saw a historic breakthrough in signed investment advisory products and revenue, with a steady increase in financial product holdings and margin financing market share [4][5]. - The brokerage business experienced a 10.02% year-on-year growth in total client scale, with AB stock trading volume increasing by 130.79% [4][5]. - The investment banking segment completed 7 bond underwriting projects and 12 merger and financial advisory projects in the first half of 2025 [6][7]. Group 3: Market Trends and Client Engagement - The company is enhancing its client service capabilities through a four-step approach that integrates online and offline services, improving customer satisfaction and investment experience [4][5]. - The company is actively expanding its digital transformation efforts to empower business development and improve operational efficiency [3][4]. - The "Every Day Up" brand focuses on personalized investment advisory services, leading to rapid growth in product signing and revenue [5][6]. Group 4: Risk Management and Value Creation - The company emphasizes risk control in its market-making business by improving asset quality and optimizing portfolio structure [6][7]. - The "Quality Return Dual Improvement" action plan aims to enhance corporate governance and compliance, ensuring sustainable growth and investor trust [7][8]. - The company is committed to a stable dividend policy, having approved the conditions for the 2025 interim cash dividend [6][8]. Group 5: Fund Management and ETF Development - The company’s subsidiary, Dongfang Fund, managed 68 public funds with a total asset management scale of 123.4 billion yuan, reflecting a 9.37% increase from the end of 2024 [9][10]. - The company’s affiliate, Yinhua Fund, has expanded its ETF product offerings and improved operational efficiency, achieving an 8.79% growth in managed assets [9][10].

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with significant revenue growth but a decline in net profit due to various market pressures and increased R&D expenses [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 123 million yuan, representing a year-on-year increase of 59.93% [1] - The net profit attributable to shareholders was 23.51 million yuan, showing a year-on-year decrease of 132.66% [1] - Overseas revenue reached 17.88 million yuan, with a year-on-year growth rate of 146.51%, indicating successful global expansion efforts [1] Group 2: Business Segments and Challenges - The gross margin for coating application products was 37.65%, which has significantly declined due to market competition and cost pressures, leading to lower product prices [2] - The company is experiencing fluctuations in capacity utilization, which has increased unit production costs, but expects improvement in gross margin as order deliveries increase [2] - R&D expenses have increased by over 80% due to investments in solid-state/dry technology and new semiconductor business, impacting profit margins [2] Group 3: Technological Developments - Progress has been made in solid-state equipment, with orders from last year being delivered and recognized by clients [2] - The company has established a pilot platform for perovskite technology and launched new vacuum coating equipment, with successful deliveries of GW-level perovskite coating systems [2] - The robotics segment is seeing limited orders, with ongoing efforts to optimize designs and develop more application scenarios [2]

Core Viewpoint - The article presents a special ranking list for private equity institutions, highlighting their unique investment research needs and preferences, which reflect their professional judgment and market voice [1][24]. Summary by Sections Private Equity Institutions Voting - A total of 177 private equity institutions participated in the voting process, managing over 1 trillion yuan [2]. Ranking of Analysts in Various Categories - The rankings for the 23rd New Fortune Best Analysts include various categories such as macroeconomics, strategy research, fixed income research, and more, showcasing the top institutions in each field [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]. Categories and Top Institutions - **Macroeconomics**: Top institutions include Guangfa Securities, Changjiang Securities, and Huachuang Securities [6]. - **Strategy Research**: Guangfa Securities leads, followed by Shenwan Hongyuan Securities [6]. - **Fixed Income Research**: Huatai Securities ranks first, with Tianfeng Securities and Changjiang Securities following [7]. - **Banking**: Top institutions are Guohai Securities, CITIC Securities, and Guangfa Securities [8]. - **Real Estate**: Changjiang Securities ranks first, followed by Guangfa Securities and Shenwan Hongyuan Securities [9]. - **Food and Beverage**: Changjiang Securities leads this category [10]. - **Pharmaceuticals and Biology**: Tianfeng Securities ranks first, with Guosheng Securities and CITIC Securities following [10]. - **Consumer Services**: Tianfeng Securities is the top institution [11]. - **Household Appliances**: The leading institution is Caitong Securities [11]. - **Agriculture**: Changjiang Securities ranks first [12]. - **Electronics**: Huachuang Securities leads this category [13]. - **Communications**: Tianfeng Securities ranks first [14]. - **Machinery**: Guangfa Securities is the top institution [15]. - **New Energy and Power Equipment**: Tianfeng Securities ranks first [16]. - **Defense and Military**: Changjiang Securities leads this category [17]. - **Chemicals**: Shenwan Hongyuan Securities ranks first [18]. - **Utilities**: Changjiang Securities is the top institution [19]. - **Metals and New Materials**: Changjiang Securities ranks first [20]. - **Non-Metallic Building Materials**: Changjiang Securities leads this category [21]. - **Overseas Market Research**: Tianfeng Securities ranks first [21].