Group 1 - The core viewpoint of the news is that Guosen Securities has experienced a decline in stock price and a mixed performance in terms of trading volume and capital flow, despite a significant year-to-date increase in stock price [1] - As of September 3, Guosen Securities' stock price was 14.18 yuan per share, with a market capitalization of 136.30 billion yuan [1] - The company has seen a year-to-date stock price increase of 30.69%, but a recent decline of 4.83% over the last five trading days [1] Group 2 - For the first half of 2025, Guosen Securities reported a net profit of 5.367 billion yuan, representing a year-on-year growth of 71% [2] - The company has distributed a total of 27.626 billion yuan in dividends since its A-share listing, with 8.555 billion yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 8.98% to 97,000, while the average circulating shares per person increased by 9.87% to 94,215 shares [2]

｜2025年9月3日 星期三｜ NO.1 上半年150家券商服务实体经济直接融资3.58万亿元 近日，中国证券业协会已向券商内部披露了2025年上半年度整体经营情况，并对150家券商的经营细节 与发展态势展开了全面且深入的分析。总体来看，证券行业深耕功能性定位，资本实力不断夯实，风控 能力稳步增强，服务效能显著提升，截至上半年末，行业总资产规模已突破13万亿元大关，五大主营业 务收入的占比保持稳定，自营业务蝉联券商第一大收入来源；经纪业务为增幅最大业务；全行业通过股 票、债券等金融工具服务实体经济直接融资3.58万亿元。 点评：券商上半年服务实体经济直接融资达3.58万亿元，总资产突破13万亿元，自营业务继续领跑收入 结构，经纪业务增幅显著。这显示证券行业资本实力与风控能力同步提升，对券商板块估值形成支撑。 金融板块中券商股或将受到资金关注，尤其是自营与经纪业务占比较高的头部券商。实体经济融资渠道 拓宽有助于优化市场结构，为A股市场注入新活力。 点评：荀玉根加盟国信证券任首席经济学家，将显著提升公司研究实力与市场影响力。作为七连冠"白 金分析师"，其丰富的行业经验与"三研三化"研究体系有望与国信现有研究业务形 ...

中国证券报记者9月2日从国信证券获悉，原国泰海通首席经济学家荀玉根已于近日履职国信证券，担任 公司首席经济学家、经济研究所所长，兼任博士后工作站办公室主任。 国信证券经济研究所自2016年以来不断优化研究资源配置，提升专业化、产业化、国际化水平，荀玉根 出任所长后还将会带来哪些变化，值得期待。 荀玉根出任国信证券经济研究所所长 资料显示，荀玉根2011年加入原海通证券，曾担任海通证券首席经济学家、研究所所长等职务；海通证 券和国泰君安合并后，荀玉根曾担任国泰海通首席经济学家、政策和产业研究院联席院长、博士后工作 站办公室主任。 在担任海通证券研究所所长期间，荀玉根积极探索证券公司研究业务的改革，构建了"三研三化"研究新 体系，即"投研+产研+政研"的综合型研究，通过研究的链条化、国际化、立体化提高研究质量。 荀玉根还在政策研究、服务投行和直投的产业研究等方面进行探索，尝试为证券公司的研究拓圈，并整 合境内外研究团队，实现境内外研究一体化。 有业内人士称，在国信证券的支持下，荀玉根有望带动国信证券研究业务进一步做大做强。 推进前沿科技等领域产业研究 国信证券经济研究所目前拥有一支由200多人组成的研究服务团队， ...

中国证券报记者9月2日从国信证券（002736）获悉，原国泰海通首席经济学家荀玉根已于近日履职国信 证券，担任公司首席经济学家、经济研究所所长，兼任博士后工作站办公室主任。 国信证券经济研究所自2016年以来不断优化研究资源配置，提升专业化、产业化、国际化水平，荀玉根 出任所长后还将会带来哪些变化，值得期待。 荀玉根出任国信证券经济研究所所长 资料显示，荀玉根2011年加入原海通证券，曾担任海通证券首席经济学家、研究所所长等职务；海通证 券和国泰君安合并后，荀玉根曾担任国泰海通首席经济学家、政策和产业研究院联席院长、博士后工作 站办公室主任。 在担任海通证券研究所所长期间，荀玉根积极探索证券公司研究业务的改革，构建了"三研三化"研究新 体系，即"投研+产研+政研"的综合型研究，通过研究的链条化、国际化、立体化提高研究质量。 荀玉根还在政策研究、服务投行和直投的产业研究等方面进行探索，尝试为证券公司的研究拓圈，并整 合境内外研究团队，实现境内外研究一体化。 谈及下一步经营计划，国信证券在半年报中表示，公司将继续以提升研究创新力、市场传播力和影响力 为目标，聚焦金融"五篇大文章"，紧扣新质生产力发展方向，重点推进 ...

Quantitative Models and Construction Methods - **Model Name**: ETF Institutional Holding Penetration Algorithm **Construction Idea**: The algorithm aims to accurately calculate the actual proportion of institutional investors holding ETF shares by correcting the overestimation caused by treating ETF-linked funds entirely as institutional holdings[1][13][14] **Detailed Construction Process**: 1. Institutional holdings are derived from two components: institutional portions within ETF-linked funds and direct institutional holdings of ETF shares[15][17] 2. Formula for corrected institutional holding proportion: $$P_{\rm inst}=P_{\rm inst}-P_{\rm inst}\ast\left(1-S_{\rm inst}\right)\tag{1}$$ - \(P_{\rm inst}\): Published institutional holding proportion - \(S_{\rm inst}\): Institutional proportion within ETF-linked funds[17] 3. For missing data, reverse calculation is applied using the formula: $$P_{\mathrm{link}}=A_{\mathrm{link}}*P_{\mathrm{fund}}/A_{\mathrm{eff}}\tag{1}$$ - \(P_{\mathrm{link}\): Proportion of ETF-linked fund holdings - \(A_{\mathrm{link}\): Net asset value of ETF-linked funds - \(P_{\mathrm{fund}\): Published fund holding proportion - \(A_{\mathrm{eff}\): Effective ETF net asset value[18] **Evaluation**: Provides a more accurate representation of institutional investor dynamics by correcting biases in reported data[13][17][19] Model Backtesting Results - **ETF Institutional Holding Penetration Algorithm**: - Institutional holding proportion for stock ETFs increased to 64.64% in 2025H1[21] - Institutional holding proportion for bond ETFs rose to 91.43% in 2025H1[22] - Institutional holding proportion for commodity ETFs slightly recovered to 19.06% in 2025H1[26] - Institutional holding proportion for cross-border ETFs climbed to 46.77% in 2025H1[23] Quantitative Factors and Construction Methods - **Factor Name**: Institutional Holding Proportion by Asset Class **Construction Idea**: Categorize ETFs by asset class and analyze institutional holding proportions[21][22][23] **Detailed Construction Process**: 1. Aggregate ETF data by asset class (e.g., stock, bond, commodity, cross-border)[21][22][23] 2. Calculate institutional and individual holding proportions using corrected data from the penetration algorithm[19][21][22] **Evaluation**: Highlights trends in institutional preferences across different asset classes[21][22][23] - **Factor Name**: Institutional Holding Proportion by Sector **Construction Idea**: Analyze institutional holding proportions within stock ETFs categorized by sectors (e.g., cyclical, financial, technology, consumer)[29][33][38] **Detailed Construction Process**: 1. Categorize stock ETFs into sectors based on the ETF classification system[29][33] 2. Calculate institutional holding proportions using corrected data from the penetration algorithm[19][33][38] **Evaluation**: Provides insights into sector-specific institutional investment trends[29][33][38] - **Factor Name**: Institutional Holding Proportion by Theme **Construction Idea**: Analyze institutional holding proportions within stock ETFs categorized by themes (e.g., 5G, chips, military, medicine, dividends, securities, new energy vehicles)[40][43][44] **Detailed Construction Process**: 1. Categorize stock ETFs into themes based on the ETF classification system[40][43] 2. Calculate institutional holding proportions using corrected data from the penetration algorithm[19][40][44] **Evaluation**: Identifies thematic investment preferences among institutional investors[40][43][44] - **Factor Name**: Institutional Holding Proportion by Broad-Based Index **Construction Idea**: Analyze institutional holding proportions within ETFs tracking broad-based indices (e.g., SSE 50, CSI 300, CSI 500, CSI 1000, A500, ChiNext, STAR Market)[51][53][56] **Detailed Construction Process**: 1. Categorize ETFs into broad-based indices based on the ETF classification system[51][53] 2. Calculate institutional holding proportions using corrected data from the penetration algorithm[19][51][56] **Evaluation**: Highlights institutional preferences for broad-based index ETFs[51][53][56] Factor Backtesting Results - **Institutional Holding Proportion by Asset Class**: - Stock ETFs: 64.64% in 2025H1[21] - Bond ETFs: 91.43% in 2025H1[22] - Commodity ETFs: 19.06% in 2025H1[26] - Cross-border ETFs: 46.77% in 2025H1[23] - **Institutional Holding Proportion by Sector**: - Cyclical: 37.95% in 2025H1[38] - Financial: 35.98% in 2025H1[38] - Consumer: 20.30% in 2025H1[38] - Technology: 25.56% in 2025H1[38] - **Institutional Holding Proportion by Theme**: - Military: 56.40% in 2025H1[47] - Securities: 23.57% in 2025H1[47] - Chips: 23.73% in 2025H1[48] - Dividends: 42.08% in 2025H1[44] - **Institutional Holding Proportion by Broad-Based Index**: - SSE 50: 86.76% in 2025H1[56] - CSI 300: 89.49% in 2025H1[56] - CSI 500: 77.98% in 2025H1[56] - CSI 1000: 94.27% in 2025H1[56] - A500: 63.41% in 2025H1[60] - ChiNext: 43.19% in 2025H1[60] - STAR Market: 34.87% in 2025H1[60]

Core Viewpoint - The wealth management performance of securities firms has shown significant growth in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [1][3]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [1][3]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][3]. - The brokerage income of mid-sized and small securities firms showed strong growth, with firms like Guojin Securities and Guoyuan Securities experiencing increases of over 60% [5][6]. Group 2: Revenue Structure and Growth - The core revenue source for brokerage business remains the agency trading of securities, which accounted for about 84% of total brokerage income, growing approximately 55% year-on-year [8]. - The income from selling financial products also saw a 30% increase, indicating progress in the wealth management transformation of securities firms [7][9]. Group 3: Client Acquisition and High-Net-Worth Focus - Securities firms are increasingly targeting high-net-worth clients, with firms like Guotai Junan reporting significant growth in their high-net-worth client base and assets under management [12]. - The number of new clients for several firms has increased, with CITIC Securities adding over 830,000 new clients in the first half of 2025 [11]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for securities firms to diversify their revenue sources, with firms like Caifutong Securities reporting significant growth in institutional client assets [13][14]. - The focus on providing comprehensive services to institutional clients is evident, with firms enhancing their offerings in areas like equity incentives and share buybacks [14]. Group 5: Growth in Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services [16][17]. - For instance, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, indicating a robust demand for these services [17]. Group 6: International Market Expansion - The trend of large and medium-sized securities firms expanding into overseas markets continues, with CITIC Securities making strides in global wealth management [19]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [19].

【导读】荀玉根正式担任国信证券首席经济学家、经济研究所所长 据了解，国信证券经济研究所拥有一支由200多人组成的研究服务团队，研究力量覆盖符合中国经济发 展方向的战略性新兴产业、大消费行业及宏观、策略、金融工程、固定收益等领域，在社会服务、固定 收益、汽车、银行、通信、电子、房地产、医药生物等领域的研究实力处于行业领先水平。国信证券经 济研究所在业内率先实行首席行业分析师制度，搭建起强大的证券研究团队，实现了向标准卖方研究模 式的转型，在业内保持较高的知名度和影响力。自2016年以来，国信证券经济研究所把握中国经济结构 转型、产业升级和互联网变革的时代机遇，全面优化研究资源配置，深度开展总量研究、产业研究和海 外市场研究，不断提升专业化、产业化、国际化水平。 荀玉根担任海通证券研究所所长期间，面对新"国九条"、公募佣金新规等行业变革的新形势，积极探索 证券公司研究的改革，构建了"三研三化"研究新体系，即投研+产研+政研的综合型研究，通过研究的 链条化、国际化、立体化提高研究质量。除了继续深化服务机构投资者和财富管理条线的投资研究，他 还探索服务政府和监管的政策研究、服务投行和直投的产业研究等商业模式，尝试为证 ...

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]

Core Viewpoint - The competition for talent in the securities industry is intensifying, highlighted by the recent appointment of Xun Yugeng as the Chief Economist and Director of the Economic Research Institute at Guosen Securities, following his tenure at Guotai Junan Securities [1][2]. Group 1: Appointment and Background - Xun Yugeng has a distinguished career in securities research, having served as Chief Economist at Haitong Securities and Guotai Haitong Securities, and is recognized as a "full grand slam" analyst with multiple prestigious awards [1][2]. - His experience includes a PhD in economics and various leadership roles in research, contributing to his reputation as a leading figure in the industry [2]. Group 2: Research Team and Strategy - Guosen Securities' Economic Research Institute has over 200 professionals, focusing on strategic emerging industries, consumer sectors, macroeconomics, and financial engineering, among others [4]. - The institute has implemented a chief industry analyst system to enhance its research capabilities and has transitioned to a standardized sell-side research model, increasing its influence in the industry [4]. Group 3: Future Expectations - With Xun Yugeng's extensive experience, there are high expectations for how he will integrate domestic and international research resources and strengthen the research advantages of Guosen Securities [5].

Core Viewpoint - Xun Yugen has officially taken office at Guosen Securities as the Chief Economist and Director of the Economic Research Institute, also serving as the Director of the Postdoctoral Workstation [1] Group 1: Company Leadership - Xun Yugen previously held the position of Chief Economist and Director of the Research Institute at Haitong Securities [1] - After the merger of Haitong Securities and Guotai Junan, Xun Yugen served as the Chief Economist at Guotai Haitong Securities, as well as Co-Director of the Policy and Industry Research Institute and Director of the Postdoctoral Research Workstation [1] - In June 2025, there are market rumors that Xun Yugen will leave his positions and bid farewell to Guotai Haitong Securities [1]