中邮证券表示，基本面方面，当前券商行业基本面呈现"资金面宽松托底、交易端活性稳固、债券市场 韧性凸显"的核心特征，各项核心指标相互印证，为行业业绩增长提供坚实支撑。当前股债利差水平表 明股票市场相对债券市场更具吸引力，但需警惕市场波动和政策变化带来的风险。后续需持续跟踪利差 是否能突破历史区间中枢、形成趋势性上行，这将直接影响权益市场活跃度及券商经纪、自营等业务的 业绩弹性。 截至2月25日10点0分，上证指数涨0.52%，深证成指涨0.52%，创业板指涨0.08%。ETF方面，证券ETF 易方达（512570）涨1.19%，成分股第一创业（002797.SZ）涨超5%，中银证券（601696.SH）、天风证 券（601162.SH）、长城证券（002939.SZ）、中原证券（601375.SH）、东吴证券（601555.SH）、西 南证券（600369.SH）、华林证券（002945.SZ）、太平洋、西部证券（002673.SZ）等上涨。 消息方面，中证协近日发布第二版《证券公司交易结算系统压力测试指引（征求意见稿）》，二稿在第 一版基础上对条款进行补充、细化与调整。其中，测试频次与触发机制的调整是二稿核心 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

Core Insights - The digital transformation of the financial industry is shifting from a focus on online expansion to enhancing efficiency and intelligence in offline spaces, as indicated by the recent policy from the National Financial Regulatory Administration [1] - The collaboration between Postal Savings Bank of China Beijing Branch and MAXHUB exemplifies a move from "tool empowerment" to "spatial intelligence" in the financial sector [1] Group 1: Challenges in Digital Transformation - Traditional financial institutions face three common challenges: inefficient internal collaboration, isolated departmental systems creating data barriers, and reliance on manual processes leading to lengthy decision chains [2] - Cross-border communication is complicated by language and cultural differences, resulting in distorted information and difficulties in establishing trust, which affects efficiency and security [2] - Customer experience remains fragmented, with services primarily focused on one-way information delivery, lacking immersive experiences and deep brand interactions [2] Group 2: Solutions Provided by MAXHUB - MAXHUB has developed a "smart collaborative network" tailored for Postal Savings Bank of China Beijing Branch, focusing on enhancing global operational efficiency, strengthening core risk control, and reshaping high-end customer connections [4] - The AI meeting solution from MAXHUB integrates real-time bilingual translation and intelligent meeting minutes into cross-border investment decision-making processes, significantly reducing communication costs and ensuring data security [5] - MAXHUB's remote collaboration and data sharing capabilities have improved risk control by connecting the Beijing Branch with the head office, enabling real-time asset quality monitoring and transforming risk management from reactive to proactive [7] Group 3: Enhancing Customer Experience - MAXHUB has created a smart digital exhibition hall for Postal Savings Bank of China Beijing Branch, transforming complex financial products into interactive and customizable visual narratives, thereby enhancing customer engagement and brand loyalty [9] - The immersive digital interactions provided by MAXHUB help deepen customer trust and understanding of the bank's offerings, contributing to a stronger brand perception [9] Group 4: Future Directions - The current practices indicate that the future competitiveness of the financial industry will stem from the deep integration of business processes and digital spaces, with offline scenarios becoming intelligent carriers of policy guidance and service delivery [11] - MAXHUB aims to continue advancing "spatial intelligence" applications in the financial sector, assisting institutions in breaking down online and offline boundaries to achieve higher quality digital development [11]

东北证券股份有限公司关于第一创业证券股份有限公司选举第 五届董事会董事长的临时受托管理事务报告 东北证券股份有限公司保证本报告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担相应法律责任。 根据《第一创业证券股份有限公司董事会战略与可持续发展委员会议事规则》 的规定，郭川先生同时担任董事会战略与可持续发展委员会主任委员。根据《第 一创业证券股份有限公司章程》的规定，郭川先生担任发行人法定代表人，发行 人将按照规定尽快完成相关工商登记变更手续。 | 债券代码：149612.SZ | 债券简称：21 | 一创 | 02 | | --- | --- | --- | --- | | 债券代码：149767.SZ | 债券简称：22 | 一创 | 02 | | 债券代码：148014.SZ | 债券简称：22 | 一创 | 04 | | 债券代码：148471.SZ | 债券简称：23 | 一创 | 01 | | 债券代码：148575.SZ | 债券简称：24 | 一创 | 01 | | 债券代码：148847.SZ | 债券简称：24 | 一创 | 02 | | 债券代码：5 ...

券（第一期）在深圳证券交易所上市的公告 证券代码：002797 证券简称：第一创业 公告编号：2026-014 第一创业证券股份有限公司 2026 年面向专业投资者公开发行公司债 发行人：第一创业证券股份有限公司 年 月 日 行公司债券（第一期）在深圳证券交易所上市的公告》之盖章页） 根据深圳证券交易所债券上市的有关规定，第一创业证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第一期）符合深圳证券交易所债券 上市条件，将于 2026 年 2 月 10 日起在深圳证券交易所上市，并面向专业投资者 中的机构投资者交易，交易方式包括匹配成交、协商成交、点击成交、询价成交 和竞买成交。债券相关要素如下： | 债券名称 | | | | 第一创业证券股份有限公司 | | | | | | | 第一创业证券股份有限公司 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2026 | | | | 年面向专业投资者公开发 | | 2026 | | | | 年面向专业投资者公开发 | | ...

空缺半年的第一创业证券掌门之位，终于由股东方高管执掌。来自北京国管的郭川，在2025年底获董事提名，如今正式接过这家上市券商的帅印。 1 新帅就位 如今，他出任第一创业证券董事长，在保障公司战略稳定与合规经营的同时，有望依托北京国管的资源优势，助力公司深化区域布局、优化业务结构。 等待多时后，第一创业证券新任董事长，走到了台前。 2026年2月5日，第一创业召开第五届董事会第八次会议，9名董事一致同意选举郭川为董事长，同时兼任董事会战略与可持续发展委员会主任委员。 在此之前，郭川于2025年12月30日被推选为非独立董事候选人。2026年1月20日，经临时股东会审议当选非独立董事。 而这也是继吴礼顺之后，第一创业证券又一位出身第一大股东的董事长。 2 国资高管 生于1968年4月，郭川在对外经济贸易大学取得高级管理人员工商管理硕士（MBA）学位，具有律师资格。 从履历来看，他长期深耕国有资本运营、上市公司治理与法律合规领域，履历扎实且兼具金融与产业管理经验，能够精准契合公司稳健发展的需求。 早在1991年7月，他就在北京北辰实业集团公司任职，积累了早期国企运营管理经验。自1997年8月起，他历任北辰实业董事会 ...

2月5日晚，第一创业（002797）发布公告，选举郭川为公司第五届董事会董事长。这位58岁的国企老将，目前身份是第一创业第一大股东北京国有资本运营 管理有限公司的党委副书记、董事、总经理。 2025年7月，原董事长吴礼顺以"工作调整"为由辞去董事长等职务后，第一创业的董事长一直处于空缺状态，由副董事长青美平措代行；2026年1月，郭川当 选为第五届董事会非独立董事，当时就有消息传出郭川将担任董事长。 北京国管总经理接棒 新任董事长郭川的职业轨迹清晰勾勒出一位国企高管的成长路径。 从北京北辰实业股份有限公司董事会秘书处主任科员起步，他历任法律事务部部长、董事会秘书、总法律顾问等职务，最终升至董事、副总经理。2015年12 月，郭川挂职北京市国资委研究室主任，2024年1月起，他告别北辰实业，开始担任北京国管党委副书记、董事、总经理。 在外部任职上，他还兼任多家机构的董事和负责人，包括京东方（000725）董事、华润医药（03320）董事，以及北京国管体系内基金与投资平台负责人 等。 | 序号 | | 企业名称 | 状态 | | | --- | --- | --- | --- | --- | | 1 | | 北京 ...

深圳瑞捷首次公开发行股票的发行费用为8250.09万元，其中保荐机构第一创业证券承销保荐有限 责任公司获得保荐承销费用6612.59万元。 中国经济网北京2月6日讯 深圳瑞捷(300977.SZ)收报20.84元，跌幅9.15%。目前该股处于破发状 态。 2021年4月20日，深圳瑞捷在深交所创业板上市，公开发行股票数量为1120万股，发行价格为89.66 元/股，保荐机构为第一创业证券承销保荐有限责任公司，保荐代表人为梁咏梅，付林。 深圳瑞捷首次公开发行股票募集资金总额为10.04亿元，扣除发行费用后，募集资金净额为9.22亿 元。深圳瑞捷最终募集资金净额比原计划多3.00亿元。深圳瑞捷2021年3月30日披露的招股说明书显 示，该公司拟募集资金6.21亿元，其中3.53亿元用于工程咨询运营服务平台建设项目；1.02亿元用于总 部研发中心建设项目；4586.63万元用于信息化管理系统建设项目；1.20亿元用于补充流动资金项目。 2021年5月28日，深圳瑞捷公告分红方案，每10股转增5股，并派息8.92元；2022年5月20日，深圳 瑞捷公告分红方案，每10股转增5股，并派息7元；2023年5月23日，深圳 ...

Core Viewpoint - The recent leadership change at First Capital Securities involves the appointment of Guo Chuan as the new chairman of the board, indicating a strategic shift in the company's governance and future direction [1][2]. Group 1: Leadership Change - Guo Chuan has been elected as the chairman of the fifth board of directors of First Capital Securities and will also serve as the chairman of the Strategic and Sustainable Development Committee [1]. - Guo Chuan, aged 58, has extensive experience, having held various positions at Beijing Beichen Industrial Co., Ltd. and served as the deputy secretary and general manager of Beijing State-owned Capital Operation Management Co., Ltd. [1]. - Prior to Guo Chuan's appointment, the chairman was Wu Lishun, who resigned in July 2025 to take up a position at the Beijing State-owned Assets Supervision and Administration Commission [2]. Group 2: Shareholding Structure - Beijing State-owned Capital Operation Management Co., Ltd. is the largest shareholder of First Capital Securities, holding an 11.06% stake, while the second-largest shareholders are Beijing Shounong Food Group Co., Ltd. and Beijing Jingguorui State-owned Enterprise Reform and Development Fund, each holding 4.99% [2]. - The latter fund is a government-guided fund established under the direction of the Beijing State-owned Assets Supervision and Administration Commission [2]. Group 3: Financial Performance - In the first half of 2025, First Capital Securities reported total operating revenue of 1.832 billion yuan, representing a year-on-year increase of 20.20%, and a net profit attributable to shareholders of 486 million yuan, up 21.41% year-on-year [3].

这家券商迎来新董事长。 自上一任董事长在2025年7月卸任后，第一创业如今迎来新董事长。 根据第一创业2月5日披露的公告，新董事长郭川同样来自第一创业大股东北京国有资本运营管理有限公司（以 下简称"北京国管"），其现任北京国管党委副书记、总经理。他的到任将为第一创业带来哪些战略视野，值得 持续关注。 近年来，伴随北京国管成为大股东，第一创业进一步融入北京国有资本战略布局、强化服务首都功能。 新董事长落定 2月5日，第一创业披露公告称，公司当天召开董事会会议，审议通过了《关于选举第五届董事会董事长的议 案》，同意选举郭川为公司第五届董事会董事长。 根据履历，郭川生于1968年4月，毕业于首都经贸大学和对外经济贸易大学，持有经济法法学学士和高级管理 人员工商管理硕士学位，具有律师资格。其职业生涯长期在上市公司北辰实业。 具体来看，1991年7月至1997年8月郭川在北京北辰实业集团公司（以下简称"北辰集团"）任职。 据悉，北辰集团在1990年设立。为了配合北京第十一届亚运会，北京市政府于1986年委托北辰集团的前身建设 一个具有酒店、会议、展览、写字楼、公寓及其他配套设施的商住兼具的亚运村。北辰集团自成立后，曾作 ...