证券日报网讯 12月22日，国元证券（000728）在互动平台回答投资者提问时表示，截至2025年12月19 日，公司股东人数90803户。 ...

Core Viewpoint - The transformation of Guoyuan Securities towards a buy-side advisory model is driven by a fundamental shift in its operational philosophy, focusing on helping clients make money rather than just earning from them [1] Group 1: Strategic Transformation - Guoyuan Securities has positioned its buy-side advisory transformation as its "number one project," emphasizing a deep binding of interests with clients [1] - The company is committed to a systematic approach in building new service capabilities through talent, systems, and mechanisms [2] Group 2: Talent Development - The "Spark Plan" has been initiated to train over a thousand wealth advisors, transitioning them from a sales-oriented role to a professional asset allocation role [2] - The training program involves collaboration with professional advisory training institutions and focuses on strategic alignment and deep empowerment of selected pilot branches [2] Group 3: System Construction - Guoyuan Securities is developing a platform-based advisory service, with a research advisory center acting as the core hub for asset allocation insights [2] - The insights will be communicated through a research strategy platform to product research teams, enabling a selection of optimal products in the market [2] Group 4: Mechanism Reform - The assessment and incentive systems for pilot branches have shifted from sales-oriented metrics to focusing on the quality of product pools and the returns of investment portfolios [3] - A new evaluation system for frontline advisors includes metrics such as client repurchase rates and asset under management (AUM) growth, ensuring alignment with long-term client interests [3] Group 5: Future Planning - Guoyuan Securities aims to cultivate its first batch of pilot branches over the next two to three years, creating a replicable and scalable model for broader implementation [4] - The long-term goal is to establish a distinctive professional brand in wealth management, achieving a win-win situation for both clients and the institution [4]

Core Insights - The report from Guoyuan Securities highlights that significant optimization in capacity and launch costs is driving a continuous decline in the unit cost of bit transmission, which is expected to accelerate the constellation networking pace and indirectly enhance the operational efficiency of satellite constellations, leading to a surge in downstream service applications [1] Industry Development - Low Earth Orbit (LEO) satellite communication is entering a critical phase of large-scale deployment and commercialization, driven by the acceleration of global digitalization, existing coverage gaps in terrestrial communication networks, and the emergence of new application scenarios such as low-altitude economy, oceanic communication, emergency rescue, and wide-area IoT connectivity [2] - Major international constellation plans like Starlink, OneWeb, and Kuiper are now in large-scale networking phases, while China has included satellite internet in its "new infrastructure" initiative, clearly supporting the construction of an independent and controllable LEO constellation system [2] Technological Advancements - The evolution of technology is significantly enhancing system efficiency and reducing costs, with improvements in onboard processing (OBP) capabilities allowing satellites to have stronger data routing and computing functions, thereby reducing reliance on ground stations [3] - The maturity of phased array antenna technology has greatly improved the performance and portability of user terminals, while the widespread use of reusable launch vehicles has alleviated launch bottlenecks, leading to a continuous decline in unit bit transmission costs, establishing an economic foundation for large-scale user access [3] Policy Support - The Central Committee of the Communist Party of China has explicitly proposed the need to cultivate and grow emerging industries such as the low-altitude economy, with LEO satellite constellation construction included in important policies of multiple countries [4] - The "14th Five-Year Plan for the Development of the Information and Communication Industry" has already included satellite internet as one of the seven key areas of "new infrastructure," with subsequent policies from the Ministry of Industry and Information Technology and the Space Administration steadily advancing the application for satellite frequency orbit resources, system standard formulation, and operational license issuance, creating a clear and certain growth path for the industry chain [4] Industry Chain Dynamics - The alleviation of capacity bottlenecks is expected to benefit the manufacturing sector first, with the latest statistics indicating that ground equipment revenue will account for the highest proportion of global satellite industry revenue in 2024 [5] - As inter-satellite links and other OBP technologies are realized, the reliance of constellations on ground stations is expected to decrease, indirectly compressing satellite operating costs and increasing the revenue share of satellite manufacturing and service sectors, particularly for consumer broadband terminals, IoT terminals, and specialized communication equipment for industries, providing unprecedented market opportunities for domestic companies with core hardware R&D capabilities and large-scale delivery capabilities [5]

证券代码：000728 证券简称：国元证券 公告编号：2025－048 国元证券股份有限公司 一、股东股份质押的基本情况 | | 是否为控股股东 | 本次质押数 | 占其所 | 占公司 | 是否 | 是否为 | 质押 | 质押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 或第一大股东及 | 量（股） | 持股份 | 总股本 | 为限 | 补充质 | 起始 | 到期 | 质权人 | 质押用途 | | | 其一致行动人 | | 比例 | 比例 | 售股 | 押 | 日 | 日 | | | | 建安集团 | 否 | 25,016,119 | 9.48% | 0.57% | 否 | 否 | 2025/ | 2026/ | 东兴证券股份 | 资金需求 | | | | | | | | | 12/18 | 12/18 | 有限公司 | | 1.本次股东股份被质押基本情况 2.股东股份累计被质押的情况 | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | -- ...

Core Insights - The recent board and executive team reshuffles among several securities firms, including Guolian Minsheng Securities, Western Securities, Dongfang Caifu, Guoyuan Securities, and Changjiang Securities, reflect significant changes in leadership and strategic direction within the industry [1][5][7]. Group 1: Board Reshuffles - Guolian Minsheng Securities completed its board reshuffle on December 15, 2025, with Gu Wei elected as chairman and a focus on risk control and strategic committees [2]. - Western Securities' board was restructured on November 17, 2025, with Xu Chaohui as chairman, emphasizing strategic and risk control committees [2]. - Dongfang Caifu's board reshuffle on December 15, 2025, saw Qi Shi as chairman and a significant organizational restructuring to support its "AI + Finance" strategy [3]. - Guoyuan Securities' board was restructured on December 15, 2025, with Shen Hefeng as chairman, focusing on audit and compensation committees [3]. - Changjiang Securities completed its board reshuffle on December 9, 2025, with Liu Zhengbin as chairman, integrating more representatives from Hubei state-owned assets [4]. Group 2: Executive Appointments - Guolian Minsheng Securities appointed Ge Xiaobo as president and established a comprehensive executive team, including roles for risk management and compliance [10]. - Western Securities promoted several internal candidates to key executive positions, ensuring continuity and alignment with its recent acquisition of Guorong Securities [15]. - Dongfang Caifu's new management structure includes Huang Jianhai as general manager, focusing on a flatter organizational structure to enhance agility [12][13]. - Changjiang Securities retained key executives while integrating new management from state-owned backgrounds to strengthen governance [14]. Group 3: Strategic Focus and Industry Trends - The reshuffles indicate a trend towards internal promotions, ensuring continuity in strategic execution and aligning with the high professionalism required in the securities industry [6]. - The adjustments are closely tied to organizational reforms, with firms like Western Securities and Dongfang Caifu optimizing their structures to enhance operational efficiency [6]. - The changes reflect a broader industry trend towards adapting to market transformations, with firms focusing on mergers, local economic development, and financial technology integration [6].

处于封闭期的产品，自开放申购之日起适用于上述申购、转换补差及定期定额投资申购费率优惠。 如本公司新增通过国元证券销售的基金产品，该基金产品适用于上述优惠，具体费率优惠时间及内容以 国元证券的规定为准。 三、重要提示 为更好地满足广大投资者的理财需求，经恒生前海基金管理有限公司（以下简称"本公司"）与国元证券 股份有限公司（以下简称"国元证券"）协商一致，自2025年12月19日起，本公司旗下基金参加国元证券 开展的基金认购、申购、转换补差及定期定额投资申购费率优惠活动，具体的活动时间、优惠费率以国 元证券的规定为准。相关优惠方案公告如下： 一、适用基金 ■ 二、优惠活动内容 活动期间，投资者通过国元证券认购、申购及定期定额投资申购上述基金、及转出与转入基金的申购费 补差的（仅限前端收费模式），享有费率折扣优惠，具体费率折扣以国元证券的业务规则或公告为准。 本次优惠活动解释权归国元证券股份有限公司所有，有关本次活动的具体事宜，敬请投资者留意国元证 券股份有限公司的有关公告。 1、本优惠活动仅适用于处于正常申购期的基金的一次性申购手续费、定期定额投资申 购手续费及转出与转入基金的申购费补差（仅限前端收费模式），不 ...

Group 1 - The pace of cash dividends among listed securities firms has accelerated significantly as the year-end approaches, with multiple firms announcing dividend plans in mid-December [1] - Specific announcements include Changcheng Securities planning to distribute a cash dividend of 0.76 yuan per 10 shares, totaling 307 million yuan, with a payment date of December 19 [1] - Other firms like Xingye Securities and Shouchuang Securities have also announced substantial cash dividends, contributing to a total expected payout of over 1 billion yuan from at least five firms in the last two weeks [1] Group 2 - The total cash dividends distributed by listed securities firms in 2023 has approached 55 billion yuan, with 13 firms, including Guotai Junan and Huatai Securities, each distributing over 1 billion yuan [2] - Guotai Junan leads with a dividend payout of approximately 7.5 billion yuan, while Huatai Securities,招商证券, and 中信证券 have also exceeded 4 billion yuan in dividends [2] Group 3 - As of December 16, 2023, 35 listed securities firms have announced dividend plans for 2025, with a total proposed payout exceeding 21.8 billion yuan, led by 中信证券 with nearly 4.3 billion yuan [4] - The announced dividends for 2025 include significant amounts from firms such as Guotai Haitong and Huatai Securities, with several firms also planning mid-term dividends [5][6]

Group 1 - The new board of directors at Guoyuan Securities showcases a balanced age structure, covering generations from the 1950s to the 1990s, reflecting the company's emphasis on talent development [1][2] - The appointment of a younger management team is expected to inject new vitality into the company, potentially driving business innovation and digital transformation [2] - The stable transition of the executive team ensures strategic continuity, enhancing market expectations for the optimization of the company's governance structure [2] Group 2 - The ETF market in China has experienced explosive growth in 2025, with total assets increasing from approximately 3.73 trillion yuan to about 5.74 trillion yuan, marking a growth of over 2 trillion yuan and a growth rate exceeding 53% [3][4] - The Science and Technology Innovation Bond ETF emerged as the top performer, with a growth of approximately 200.9 billion yuan, driven by active net subscriptions [3][4] - The performance of gold ETFs and Hang Seng Technology ETFs highlights the demand for safe-haven assets and cross-border investment opportunities, indicating a structural shift in investor preferences [4] Group 3 - Three listed securities firms are set to distribute over 1 billion yuan in cash dividends this week, indicating robust industry profitability and a strong willingness to return capital to shareholders [5] - The accelerated dividend distribution by firms like Industrial Securities and Great Wall Securities is likely to boost market confidence in the securities sector, attracting long-term capital [5] - The trend of high dividends emphasizes a value investment approach, which may optimize market structure, although short-term liquidity fluctuations should be monitored [5]

本报讯 （记者徐一鸣）12月15日，国元证券股份有限公司（以下简称"国元证券"）召开2025年第二次临时股东会，选举沈 和付、许植、胡伟、于强、高园园、沈春水、孙先武、左江为第十一届董事会非独立董事；选举鲁炜、阎焱、郎元鹏、任明 川、蒋翠清为第十一届董事会独立董事。职工董事王大庆则由公司职工代表大会选举产生，与公司股东会选举产生的董事共同 组成公司第十一届董事会。 同日，国元证券召开第十一届董事会第一次会议，选举沈和付为公司第十一届董事会董事长，选举产生董事会各专门委员 会委员及主任委员，并完成高管人员聘任。其中，聘任胡伟为公司执行委员会主任、总裁；司开铭为公司执行委员会委员、总 会计师；陈宁为公司执行委员会委员、副总裁；梁化彬为公司执行委员会委员、副总裁；李洲峰为公司执行委员会委员、董事 会秘书；唐亚湖为公司执行委员会委员、首席风险官、合规总监；张国威为公司执行委员会委员、首席信息官；黄越为公司执 行委员会委员，任期自本次董事会审议通过之日起至第十一届董事会届满。 据记者了解到，新一届公司董事会呈现三大特点：一是稳定筑基。本届董事会仅调整3名董事，其中两名独立董事为任满 六年自然到期，另有一名股东董事作结构 ...

Group 1 - The core viewpoint of the news is that the Central Economic Work Conference held on December 10-11 in Beijing outlines the focus and rhythm of economic work for 2026, emphasizing a framework centered on expanding domestic demand, driven by reform and innovation, and guided by high-quality development [1][2] - Guoyuan Securities indicates that the first priority is the "internal" and "external" rebalancing of policy focus, with a cautious judgment on "international economic and trade struggles," suggesting that the current external environment provides a window for focusing on domestic tasks such as boosting internal demand and fostering new growth drivers [1] - The rebalancing of the policy cycle from "short-term support" to "medium- and long-term structural optimization" is highlighted, with a shift in real estate policy from ensuring stability to reforming the housing provident fund system, while maintaining space for incremental adjustments in response to changing circumstances [1] Group 2 - In terms of policy orientation, Guoyuan Securities notes a rebalancing between "stability" and "progress," indicating a trend towards "progress" while maintaining a foundation of "stability," which aligns with the transition of the economy from high-speed growth to high-quality development [2] - The economic policy orientation reflects the resilience of the economic fundamentals and the continuous activation of new growth drivers, consistent with the objective reality of China's economic development [2]