据Wind资讯数据统计，截至今年上半年末，华润信托、重庆信托、国联信托等18家信托公司现身25家A股上市公司的前十大流通股股东，持股总市值达 592.1亿元，相较于今年一季度末增长64.56亿元。 整体来看，25家A股上市公司分别来自非银金融、银行、交通运输、医药生物等多个行业。其中，金融行业是信托公司第一重仓行业。持股数量方面， 信托公司持股数量居前的6只个股均来自金融行业。国信证券、江苏银行获信托公司持股数量均为十亿级，分别达21.37亿股、12.81亿股。郑州银行、国元证 券、国联民生、东北证券获持股也较多，分别为7.05亿股、5.92亿股、3.90亿股和2.76亿股。 上述6只个股也位居信托公司持股市值前列，以降序排列，国信证券、江苏银行、国元证券、国联民生、东北证券、郑州银行获信托公司持仓市值分别 为246.18亿元、152.91亿元、46.74亿元、40.38亿元、21.06亿元和14.51亿元。 转自：证券日报网 本报记者 方凌晨 信托公司最新重仓股出炉。随着信托行业转型步入深水区，标品信托的发展成为重要抓手。证券市场是信托资金投向的重要领域，透过A股前十大流通 股股东名单，可以窥见信托资金在证 ...

证券代码：000728 证券简称：国元证券 国元证券股份有限公司投资者关系活动记录表 编号：2025-005 国元证券"科学家陪伴计划"的推出，源于对国家战略的积极响 应和对区域使命的深刻把握。中央金融工作会议提出，要切实加强对 重大战略、重点领域、薄弱环节的优质金融服务，着力做好科技金融、 绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。国务院 新"国九条"及证监会"1+N"政策体系亦明确要求金融机构"端正 行业经营理念、把功能性放首位"。安徽省则将"科技强省"置于"七 个强省"之首，大力推动科创金融试验区建设。 作为安徽多层次资本市场主力军，国元证券将服务科技创新确立 为核心战略，实施"1396"行动，着力打造"产业研究+产业投资+ 产业投行+综合财富管理"的黄金赛道，推动"科技+产业+金融"高 水平循环，加速新质生产力形成。"科学家陪伴计划"正是国元证券 发挥专业优势，助力安徽经济转型升级、服务科技自立自强的重要功 能性举措，旨在做强资本市场"安徽板块"。 "科学家陪伴计划"非纸上蓝图，其系统性赋能成效已显现。国 元证券秉持"投早、投小、投硬科技"理念，通过该计划形成"投资 +投行"联动服务体系。 ...

AI及汽车电子打开MLCC需求空间，工艺进步带动单价提升 新能源汽车的普及及智能驾驶技术的应用、消费电子产品的迭代升级、AI服务器以及通信基站的升级 等诸多因素都对MLCC产品数量上有更高的需求;同时工艺进步推动MLCC产品向着微型化、高容化、高 频化、高可靠度、高压化等方向发展，带动ASP提升，进一步打开了MLCC未来的市场空间。 风险提示：下游需求增长不及预期、行业竞争恶化、产能过剩风险、上游原材料及设备断供风险。 MLCC行业兼具长期成长性与显著周期性特征，产品价格受供需关系驱动波动。从历史MLCC行业波动 情况来看，一个周期大概有4-5年的时间，从2016年以来，MLCC价格出现三次大的上行趋势：第一次 上行主要受到海外供给端产能向中高端调整，导致刚需的低端产品供不应求;第二波上行主要由需求端 和供给端共同推动，疫情期间海外厂商停工，叠加5G和新能源渗透率快速提升，共同推动了本轮 MLCC上行行情;目前行业库存回落企稳，叠加汽车电子、AI服务和消费电子产品回暖等因素驱动MLCC 市场需求逐渐回升，当前MLCC行业进入温和复苏周期。 国产替代加速推进，高端领域亟待突破 全球MLCC产能主要分布在日本、韩 ...

Core Viewpoint - Renhe Intelligent (301129.SZ) announced a share reduction plan by its director and senior management, specifically by the financial director Chen Chaohui, who plans to reduce his holdings of 279,500 shares, accounting for 0.21% of the total share capital, within three months after the announcement [1] Group 1: Share Reduction Plan - Chen Chaohui holds 1,118,000 shares, approximately 0.82% of the total share capital, and intends to reduce his holdings through centralized bidding [1] - The shares to be reduced are from pre-IPO shares, shares from the restricted stock incentive plan, and shares obtained through capital reserve conversion [1] - The reduction will not lead to a change in control of the company or significantly impact its governance structure and future operations [1] Group 2: IPO and Fundraising - Renhe Intelligent raised a total of 1.025 billion yuan from its IPO, with a net amount of 917 million yuan after deducting issuance costs, exceeding the original plan by 518 million yuan [2] - The company initially planned to raise 399 million yuan for projects including the construction of a smart heating equipment production base and a research and testing center [2] Group 3: Financial Distribution - The issuance costs for the IPO amounted to 108 million yuan, with underwriting fees of 87.1469 million yuan [3] - In 2022, the company distributed a cash dividend of 8 yuan per 10 shares, totaling 59.512 million yuan, and also increased the share capital by 8 shares for every 10 shares held, resulting in a total of 59.512 million shares being distributed [3]

Core Viewpoint - The international business of Chinese securities firms is becoming a significant growth driver, with many firms reporting impressive revenue increases in their international operations as they accelerate their globalization strategies [1][2]. Group 1: International Business Performance - Several listed securities firms have shown a rising trend in their international business revenues, with China Galaxy reporting a revenue of 1.099 billion yuan, a year-on-year increase of 4.71% [1]. - Guoyuan Securities achieved an international business revenue of 178 million yuan, marking a substantial growth of 65.05% year-on-year [1]. - CITIC Securities International reported a revenue of 1.492 billion USD, a year-on-year increase of 52.87%, and a net profit of 387 million USD, up 65.38% [1]. - CICC's international operations generated a total revenue of 6.877 billion HKD, reflecting a growth of 30.97%, with a net profit of 2.634 billion HKD, a significant increase of 169.05% [1]. - Huatai International's net profit reached 1.145 billion HKD, a year-on-year increase of 25.55%, although its revenue decreased by 61.21% to 3.762 billion HKD [1]. Group 2: Business Development Strategies - CITIC Securities is advancing its global wealth management strategy, achieving a doubling in sales scale and revenue for overseas wealth management products in the first half of 2025 [2]. - The firm completed 30 overseas equity projects, with an underwriting scale of 2.989 billion USD, indicating strong market performance [2]. - CICC noted that its profit growth was driven by increased gains from financial instruments due to a recovering capital market [2]. - Companies are planning to enhance cross-border integrated development, with China Galaxy focusing on penetrating management of overseas subsidiaries and strengthening its position in Southeast Asia [2]. - Huatai Securities aims to deepen its global layout and improve its cross-border integrated financial service system while maintaining risk control and enhancing market competitiveness [2]. Group 3: Emerging Players in International Business - Smaller securities firms are also actively pursuing international business, using Hong Kong as a strategic base for expansion [3]. - First Capital announced plans to establish a wholly-owned subsidiary in Hong Kong, while Western Securities plans to invest 1 billion yuan to set up a wholly-owned subsidiary there [3]. - Other firms like Dongwu Securities and Huazhong Securities have also announced capital increases for their Hong Kong subsidiaries, indicating a growing competitive landscape in international operations [3].

业绩概括 01 召开时间 2025年9月5日（星期五） 15:00-16:00 截至2025年6月末，公司资产总额1771.99亿元，较上年末增长2.96%；归属于母公司的所有者权益 379.52亿元，较上年末增长2.46%。2025年上半年，公司实现营业收入33.97亿元，同比增长41.60%；实 现归属于母公司股东的净利润14.05亿元，同比增长40.44%。 网上业绩说明会 为便于广大投资者更全面深入地了解公司经营业绩、财务状况等相关情况，公司定于2025年9月5日（星 期五）召开2025年半年度网上业绩说明会，欢迎广大投资者和分析师参会。 02 召开方式 网络远程方式 执行委员会委员、董事会秘书李洲峰先生 04 参会方式 投资者可于2025年9月5日（星期五）15:00-16:00通过"中证路演中 心"（https://www.cs.com.cn/roadshow/szse/000728/pb252/）参与互动交流。 董事长沈和付先生 执行委员会主任、总裁胡伟先生 独立董事朗元鹏先生 执行委员会委员、总会计师司开铭先生 03 出席嘉宾 ...

而衡量各家券商所的卖方研究能力的指标也非常清晰——公募基金分派的分仓佣金的金额总量与排名。 尤其是随着公募基金佣金改革在去年下半年"落地"，2025年上半年的佣金排名，更直接的指向了公募基金研究和服务能力的强弱，这令得最新的佣金排行榜更加 为行业所瞩目。 谁是目前卖方研究行业的第一阵营？ 以下文章来源于资事堂 ，作者资事堂 资事堂 . 华尔街见闻出品 作 者 韩峻阳 编辑袁畅 在中国证券业的行业现实中，卖方研究业务从来就是"皇冠上的明珠"。 他虽然并不产生太多盈利，但彰显着一家券商的专业能力、综合影响力和业务操作水平，并对投资银行、自营、资产管理、财富管理等诸多业务有着很强的带动 作用。 谁是上半年进步最大的证券研究所？ 哪些券商研究所爆冷现身，又有哪些机构大热倒灶？ 分仓佣金就像一面镜子，照出的是券商研究所之间的你追我赶，也照出了行业的现实实力。 头部阵营：预料中的洗牌和洗牌中的"意外" 按理说，证券业里头部券商的排名是最稳定的，但今年不同。 因为，卖方研究市场中的两家老牌机构国泰君安和海通证券正式合并成了国泰海通证券。 在上半年佣金排名中，国泰海通也第一次以合并后的面貌亮相，这带来 卖方研究业务头部阵营的 ...

国元证券股份有限公司 关于胜通能源股份有限公司 首次公开发行前已发行股份部分解除限售上市流通的核查 意见 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为胜通能源 股份有限公司（以下简称"胜通能源"或"公司"）持续督导的保荐机构，根据《证 券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等有关规定，对胜通能源首次公 开发行前已发行股份部分解除限售并上市流通事项进行了审慎核查，发表核查意 见如下： 一、首次公开发行股份及上市后股本变动概况 首次公开发行股票情况 公司首次公开发行股份前总股本为 90,000,000 股。经中国证券监督管理委 员会《关于核准胜通能源股份有限公司首次公开发行股票的批复》（证监许可 [2022]1333 号）核准，并经深圳证券交易所《关于胜通能源股份有限公司人民 币普通股股票上市的通知》（深证上[2022]884 号）同意，公司获准向社会公开 发行人民币普通股（A 股）30,000,000 股，自 2022 年 9 月 8 ...

Core Insights - The wealth management performance of brokerage firms has shown significant improvement in the first half of 2025, with a notable increase in securities brokerage fee income [2][4]. Group 1: Brokerage Income Growth - In the first half of 2025, 42 listed brokerages generated a total of 74.563 billion yuan in securities brokerage fee income, representing a year-on-year growth of approximately 50% [2][11]. - The top ten brokerages accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][7]. - Mid-sized brokerages like Guojin and Guoyuan reported year-on-year growth rates exceeding 60% [3][8]. Group 2: Revenue Structure and Wealth Management Transition - Traditional trading business remains the primary revenue source for brokerages, but the wealth management transformation is showing initial positive results, with financial product distribution income growing by 30% [4][10]. - The income from agency trading of securities reached 62.72 billion yuan, accounting for about 84% of total brokerage income, with a year-on-year increase of approximately 55% [11][12]. Group 3: High Net Worth Client Acquisition - Brokerages are increasingly focusing on high net worth clients, with CITIC Securities reporting a 12.98% increase in new clients in the first half of 2025 [17]. - Guotai Junan noted a 57.7% growth in the asset scale of its private customized services targeting high net worth clients [18]. - The number of high net worth clients at招商证券 increased by 23.99% year-on-year [19]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for brokerages to diversify their client base and revenue sources, with significant growth in institutional client assets reported [21]. - Guoxin Securities has made progress in providing comprehensive financial services to institutional clients, including quantitative trading support [22]. Group 5: Buyer Advisory Services - The buyer advisory business is experiencing positive changes, with several brokerages reporting growth in their fund advisory business scale [23][24]. - CITIC Securities reported a 161.62% year-on-year increase in its customized buyer services [26]. Group 6: Overseas Market Expansion - Large brokerages are continuing to expand their overseas market presence, with CITIC Securities focusing on global wealth management and achieving a doubling of sales scale and income from overseas wealth management products [26][27]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [28].

作为金证股份深耕金融科技的"扛鼎" 作品之一，金证IBOR产品的发展已历经三次技术跃迁，于今年完 成第三代投资簿记系统IBOR3.0的升级，实现了从"技术适配"到"原生重构"的质变。系统跳出传统簿记 的思维，重构了券商自营投资的数据底座，全面助力金融机构投资业务从"大规模扩张"向"精细化运 营"的转型。 2025年8月，一则行业合作消息引发关注——国元证券与金证股份双方高层领导及项目核心团队在合肥 出席了一场关于"IBOR自营投资项目管理平台项目启动会"，这一动作不仅标志着头部券商与金融科技 龙头在自营系统智能化领域的深度协同，更被视为券商自营业务从传统简单的"记录簿"，进化为强大的 "智慧核心"的标志性事件。 而就在此前，国元证券2025年半年度报告刚刚披露了一份亮眼的自营成绩单：上半年自营业务收入14.6 亿元，占营收比重高达42.98%，成为公司业绩"压舱石"；子公司国元创新的自营收入更是实现同比 1169.75%的飙升，超18倍的利润增长，成为行业"黑马"。当"强自营业绩"券商遇上"牛技术底座"服务 商，这场合作背后的逻辑与想象空间，被业内人士进行深入拆解。 截止上半年，A股上市公司总数达5400余家 ...