南方财经12月11日电，2025年以来，两融市场持续升温，券商业务调整动作频频，既能满足市场旺盛的 信用交易需求，也能进一步优化业务布局。11月以来，已有3家券商对两融业务做出调整：12月9日晚， 东吴证券公告将两融业务授信总规模调整为不超过净资本的600%，长江证券则宣布将信用业务规模上 限由520亿元调整为公司2024年末经审计合并净资本的300%；早前11月27日，东方证券也披露将修订 《公司融资融券业务管理办法》。据不完全统计，2025年内已有9家券商通过上调业务规模上限、调整 授信管理模式等方式优化两融业务布局，包括东吴证券、长江证券、东方证券、华泰证券、招商证券、 华林证券、山西证券、兴业证券、浙商证券等。（21世纪经济报道）查看原文：杠杆资金持续活跃 年 内已有9家券商优化两融业务布局刚刚 ...

丨证券研究报告丨 世界经济与海外市场丨点评报告 ——2025 年 12 月美联储议息会议点评 报告要点 [Table_Summary] 12 月议息会议如期降息 25BP，同时宣布未来 30 天买入 400 亿美元短期国债，即重启准备金 管理型扩表，会议声明整体则变化不大。经济预测方面，本次美联储继续上调经济增长预期， 稳健增长仍是基准情形。降息路径方面，点阵图指向分歧加大，但政策路径预期变化不大。向 前看，1）就业疲软暂无加速迹象，关税对通胀影响或在明年一季度逐步反应，我们维持此前对 于美联储 2026 年一季度暂缓降息的判断；2）明年 5 月美联储主席换届，特朗普大概率提名鸽 派候选人就任，后续视经济情况择机再度开启降息可能性较大，年内预计累计降息至少 50BP。 分析师及联系人 1 SAC：S0490520090001 SFC：BUX667 于博 敬成宇 请阅读最后评级说明和重要声明 [Table_Title] 重启准备金管理型扩表 %% %% %% %% research.95579.com [Table_Author] [Table_Title 重启准备金管理型扩表 2] ——2025 年 12 月 ...

Group 1: Core Insights - The Chinese private equity industry is transitioning from quantitative expansion to qualitative transformation, supported by the "Golden Yangtze" private equity empowerment plan launched by Changjiang Securities, Industrial Bank, and Securities Times [1] - As of October 2025, the private fund scale reached 22.05 trillion yuan, marking a significant increase of 1.31 trillion yuan from September, surpassing the previous historical peak of 20.81 trillion yuan in September 2023 [3] - The surge in private equity is primarily driven by private securities investment funds, which saw a record high of 7.01 trillion yuan, with a month-on-month increase of 1.04 trillion yuan, reflecting a growth rate of 17.42% [3] Group 2: Market Trends and Opportunities - The A-share market has experienced significant growth this year, with various sectors, including precious metals and industrial metals, performing well, creating a favorable environment for private equity [3] - The "Golden Yangtze" initiative aims to provide comprehensive services to private fund managers, facilitating connections between long-term capital and quality managers [6] - The commodity market is viewed as having strategic allocation opportunities due to factors such as resource scarcity, low supply growth, and a recovering global economy, which are expected to drive demand for commodities [9][10] Group 3: Investment Strategies and Insights - Factor investing is entering a new era, with a noticeable decline in factor momentum and a divergence in factors across different market segments [7][8] - Private fund managers emphasize the importance of focusing on undervalued sectors and long-term value creation, suggesting a shift towards low-valuation areas for better returns [11][12] - The ongoing technological revolution, particularly in AI, is seen as a critical opportunity for China's economic growth, with a focus on innovation and investment in leading companies [13]

来源：黄石发布 10日，市人民政府与长江证券股份有限公司签订"十五五"合作协议。市委书记郄英才，长江证券股份有 限公司党委书记、董事长刘正斌出席活动并致辞。市委副书记、市长吴之凌主持活动。 郄英才代表市委、市政府对刘正斌一行的到来表示欢迎，向长江证券长期以来对黄石经济社会发展的支 持表示感谢。他说，黄石和长江证券携手同行30余年，不仅实现了彼此共同发展，更积累了深厚友谊， 为"十五五"发展筑牢了互利共赢的坚实基础。当前，黄石正抢抓多重战略机遇，全力以赴决胜"十四 五"圆满收官、实现"十五五"良好开局，良好的发展态势、旺盛的资金需求和优良的营商环境，必将助 力双方抢抓发展机遇，更好聚势赋能、点石成金。希望长江证券继续深耕黄石，双方同心致远、并肩共 绘"十五五"发展新蓝图。 郄英才代表市委、市政府对刘正斌一行的到来表示欢迎，向长江证券长期以来对黄石经济社会发展的支 持表示感谢。他说，黄石和长江证券携手同行30余年，不仅实现了彼此共同发展，更积累了深厚友谊， 为"十五五"发展筑牢了互利共赢的坚实基础。当前，黄石正抢抓多重战略机遇，全力以赴决胜"十四 五"圆满收官、实现"十五五"良好开局，良好的发展态势、旺盛的资金需 ...

截至目前，长江产业集团直接持有长江证券股份比例升至17.41%，长江产业集团及其一致行动人合计 持股比例为28.22%，是长江证券第一大股东。 在股权转让期间，长江证券的管理层面也发生了变化。2024年7月，刘正斌就已出任长江证券党委书 记。今年3月初，前任董事长金才玖因工作调整辞职后，刘正斌开始代为履行职务，一个月后正式当 选。 12月9日，长江证券发布多份公告，宣布完成董事会及管理层换届选举。公告显示，刘正斌连任公司第 十一届董事会董事长，陈佳出任副董事长，总裁一职由刘元瑞继续担任。 新一届董事会由刘正斌、陈佳、刘元瑞、李俊喜、陈华军、黄雪强、陈文彬、赵海涛八名非独立董事， 以及朱启贵、徐信忠、李新天、全怡、代昀昊五名独立董事构成。 与前届董事会相比，此次换届新增李俊喜、陈华军以及赵海涛三位湖北国资背景的董事。连同刘正斌在 内，湖北国资在长江证券的董事席位增至4个。 公开资料显示，刘正斌曾任湖北省发改委，李俊喜、陈华军曾分别任职于湖北银行人力资源部、湖北省 仙桃市政府；赵海涛现任湖北宏泰集团党委委员、副总经理，曾任长江产业投资私募基金党委书记、董 事长。 而这一变动也是湖北国资受让原股东三峡集团持有长江证 ...

12月9日，长江证券股份有限公司（000783.SZ，下称"长江证券"）发布公告称，选举刘正斌、陈佳、刘元瑞、李俊喜、陈华军、黄雪强、陈文彬、赵海涛为 第十一届董事会非独立董事，朱启贵、徐信忠、李新天、全怡、代昀昊为第十一届董事会独立董事，选举粟钹轶为职工代表董事。 同时，长江证券选举刘正斌先生为第十一届董事会董事长，选举陈佳为第十一届董事会副董事长；聘任刘元瑞为总裁，聘任陈水元为副总裁兼财务总监，周 纯为副总裁兼合规总监、首席风险官、董事会秘书，陈进为副总裁，王承军为副总裁，潘进为首席信息官，李庚为副总裁，黄太进为总审计师，任职期限自 本次董事会审议通过之日起至第十一届董事会届满之日止。 公开资料显示，长江证券前身为1991年3月成立的湖北证券公司，2007年12月在深圳证券交易所上市，是经中国证监会核准的全国性全牌照综合类证券公 司，主营业务包括证券代理买卖、证券自营、承销、资产管理等。 财务数据显示，2025年前三季度，长江证券实现营业收入84.86亿元，同比增长76.66%；实现归母净利润33.73亿元，同比增长135.20%；实现扣非归母净利 润34.01亿元，同比增长142.04%。截至2025年 ...

Core Viewpoint - Changjiang Securities has completed the election of its board of directors and management team, with Liu Zhengbin re-elected as chairman and Chen Jia appointed as vice chairman [1][5]. Board Composition - The new board consists of 8 non-independent directors: Liu Zhengbin, Chen Jia, Liu Yuanrui, Li Junxi, Chen Huajun, Huang Xueqiang, Chen Wenbin, and Zhao Haitao [6][7]. - There are 5 independent directors: Zhu Qigui, Xu Xinzong, Li Xintian, Quan Yi, and Dai Yunhao, along with one employee representative director, Su Baiyi [7]. Changes in Representation - The most significant change in the board is the increase in representatives from Hubei State-owned Assets, with three new members: Li Junxi, Chen Huajun, and Zhao Haitao, forming a four-member team representing state assets [7][8]. Management Appointments - Liu Yuanrui continues as the president of Changjiang Securities, overseeing daily operations. Other key appointments include Chen Shuiyuan as vice president and CFO, Zhou Chun as vice president and chief compliance officer, and several others in various executive roles [8][9]. Company Background - Changjiang Securities, originally Hubei Securities, was established in 1991 and became the sixth listed brokerage in China in 2007. The company has undergone multiple changes in ownership [9]. Shareholding Changes - In March 2024, Hubei State-owned Changjiang Industrial Investment Group acquired 863 million shares from Hubei Energy and Three Gorges Capital, making it the largest shareholder with approximately 17.41% of total shares [9]. Financial Performance - For the first three quarters of 2025, Changjiang Securities reported revenue of 8.486 billion yuan, a year-on-year increase of 76.66%, and a net profit of 3.373 billion yuan, up 135.20% [9]. Market Performance - On December 9, 2025, Changjiang Securities' stock price fell by 1.45% to 8.16 yuan, with a total market capitalization of 45.1 billion yuan. The stock has risen nearly 20% year-to-date [10].

Core Viewpoint - Changjiang Securities has completed a board and management reshuffle, with the addition of three representatives from Hubei state-owned assets, indicating a transition following the acquisition of shares from the original shareholder, Three Gorges Group [1][2][3] Group 1: Board Restructuring - Liu Zhengbin has been re-elected as the chairman of the board, while Chen Jia has been elected as the vice chairman [2] - The new board includes Liu Zhengbin, Chen Jia, Liu Yuanrui, Li Junxi, Chen Huajun, Huang Xueqiang, Chen Wenbin, and Zhao Haitao as non-independent directors, with Zhu Qigui, Xu Xinzong, Li Xintian, Quan Yi, and Dai Yunhao as independent directors [1][2] - The inclusion of Hubei state-owned representatives in the board is a normal transition following the change in major shareholders [1] Group 2: Management Changes - Liu Yuanrui continues as the president of Changjiang Securities, with several other executives being adjusted or newly appointed, including Chen Shuiyuan as vice president and CFO, and Zhou Chun as vice president and chief risk officer [2][3] - The management reshuffle is part of a regular internal governance measure, aimed at optimizing functional divisions while maintaining stability in the management team [3] - The company has seen steady performance since the state-owned assets became the largest shareholder, suggesting potential for enhanced service capabilities in various business lines [3]

Group 1 - Guo Xun Securities has recommended Gu Xiangqing as the general manager of Wanhe Securities, marking the first executive appointment since Guo Xun became the major shareholder of Wanhe [1] - Gu Xiangqing has over 20 years of experience in brokerage business and has held various management positions, indicating her capability to enhance Wanhe Securities' brokerage operations [1] - This personnel change signals an acceleration in the integration process and may lead to a new round of consolidation among small and medium-sized brokerages in the industry [1] Group 2 - Changjiang Securities has completed a board reshuffle, adding three representatives from Hubei state-owned assets, which reflects the deepening involvement of local state capital in corporate governance [2] - The new board composition is expected to strengthen regional resource collaboration and promote business integration with the local economy, potentially providing long-term support for the stock price [2] - The strategic positioning of state-owned brokerages may attract market attention and lead to subtle adjustments in the industry landscape [2] Group 3 - Regulatory authorities have issued guidelines requiring fund company executives to invest a portion of their performance compensation in their own managed public products, with 136 public fund companies having initiated self-purchases totaling over 4 billion yuan this year [3] - This self-purchase trend is seen as a confidence booster for the market, enhancing investor trust in actively managed equity products and promoting the long-term healthy development of the asset management industry [3] - The self-purchase behavior is expected to improve brand image and product attractiveness for fund companies, injecting new capital expectations into the market [3] Group 4 - Over 200 announcements regarding premium risks for cross-border ETFs have been issued by 14 public fund institutions in December, indicating a significant influx of short-term capital leading to price deviations from net asset values [4][5] - Specific ETFs, such as the Southern S&P 500 ETF, have shown premium rates exceeding 3%, with some reaching as high as 5.58%, raising concerns about potential market volatility [4][5] - The ongoing premium phenomenon may divert funds from A-shares, particularly impacting financial and consumer sectors, while the eventual risk release could stabilize market sentiment and encourage rational capital allocation [4][5]

Core Viewpoint - Changjiang Securities has undergone a board and management restructuring, with the introduction of new representatives from Hubei state-owned assets, following the transfer of shares from the original shareholder, China Three Gorges Corporation [1][2]. Group 1: Board and Management Changes - Liu Zhengbin continues as Chairman, with new appointments including Liu Yuanrui as President and several other executives in key positions [1][2][3]. - The board now includes representatives from Hubei state-owned assets, reflecting the recent changes in shareholding structure [1][2]. - The restructuring is part of normal internal governance measures in compliance with relevant regulations [3]. Group 2: Performance Highlights - In the first three quarters of 2025, Changjiang Securities reported total operating revenue of 8.49 billion yuan, ranking 15th among listed brokerages, with a year-on-year increase of 6 positions [4]. - The net profit attributable to shareholders reached 3.37 billion yuan, ranking 13th, with a year-on-year improvement of 4 positions [4]. - The weighted average return on net assets was 9.23%, an increase of 5.21 percentage points, marking the first position among listed brokerages, with a significant rise of 19 positions year-on-year [4]. Group 3: Strategic Initiatives - Changjiang Securities has established a 10 billion yuan humanoid robot fund, the first of its kind in the securities industry, aimed at boosting the development of the robotics sector in Hubei [5]. - The company is enhancing its service capabilities in supporting the high-quality development of the local economy through a synergistic approach in research, investment, and investment banking [5].