Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [1][2]. Core Insights - The non-bank financial sector has shown strong performance, with the Shenwan Non-Bank Index rising by 3.52% during the week, outperforming the CSI 300 Index, which increased by 1.69% [5]. - Public funds have significantly increased their allocation to the non-bank sector, with the active equity fund heavy positions in the sector rising by 99 basis points quarter-on-quarter to 2.16% in Q2 2025 [2]. - The report highlights a positive trend in brokerage firms' earnings, with 27 traditional brokerages reporting year-on-year profit increases for Q2 2025, indicating a robust recovery in the sector [2]. - The insurance sector is also expected to benefit from a decrease in the cost of new liabilities and an increase in the value of participating insurance options, leading to a favorable outlook for the insurance industry [2]. Summary by Sections Market Review - The CSI 300 Index closed at 4,127.16, with a weekly change of +1.69%, while the non-bank index closed at 1,989.03, reflecting a weekly increase of +3.52% [5]. - The brokerage sector saw a significant increase of 4.82%, while the insurance sector rose by 1.83% [5]. Non-Bank Industry News and Key Announcements - The report notes that the China Insurance Association has indicated that the current research value for the predetermined interest rate of ordinary life insurance products is 1.99%, which is expected to trigger a reduction in the maximum predetermined interest rate for new products [18]. - The report mentions that the market sentiment has improved significantly, with daily trading volumes exceeding 1.7 trillion yuan, indicating a high level of trading activity [2][15]. - The report also highlights that the brokerage firm Shouhua Securities plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant move in the competitive landscape of the brokerage industry [2][23].

21世纪经济报道 记者 崔文静 实习生 张长荣 北京报道20年前，老北京证券因严重亏损被重组，后来在 其基础上发展出如今的瑞银证券。 20年后，2025年7月，新的北京证券诞生了！ 北京市国有资产经营有限责任公司（以下简称"北京国资公司"）通过收购瑞银证券、方正证券旗下瑞信 证券股权，成为瑞信证券持股85.01%的控股股东，并将瑞信证券更名为北京证券。 至此，北京证券时隔20年正式回归，这也是国资回归的标志性事件之一。 随着北京证券融入北京国资公司怀抱，北京国资体系券商达到5家。除了北京证券，还有北京首都创业 集团有限公司（以下简称"首创集团"）持股56.77%的首创证券，北京国有资本运营管理有限公司（以下 简称"北京国管"）控股的第一创业，北京金融控股集团有限公司（以下简称"北京金控"）旗下的中信建 投，以及西城国资间接持股21.88%的金融街证券（原恒泰证券）。 从券业整合的角度来看，根据受访券商资深人士分析，5家券商中首创证券与第一创业合并的可能性最 大，此前二者曾拥有共同大股东。 此次新纳入北京国资体系的北京证券，从股权层面具有较大的合并可能，但其当下需要解决的首要问题 是净利润扭亏为盈。如若合并，需 ...

Group 1 - The recent appointment of Wu Lishun as the Director of Beijing State-owned Assets Supervision and Administration Commission has sparked increased expectations for mergers and reorganizations among state-owned brokerages in Beijing [1][6] - Wu Lishun's extensive experience in financial and state-owned asset management is expected to enhance the understanding and implementation of market-oriented and professional approaches in the management of state-owned enterprises [1][5] - The financial performance of First Capital Securities has shown fluctuations, with a notable increase in revenue and net profit in 2024, driven by significant growth in investment income [4] Group 2 - The restructuring of the brokerage industry is gaining momentum, with recent high-profile mergers such as the one between Guotai Junan and Haitong Securities, indicating a new phase for the Chinese brokerage sector [6][8] - The Beijing state-owned asset management system now includes five brokerages, following the recent acquisition and rebranding of Credit Suisse Securities to Beijing Securities, enhancing the regional influence of state-owned financial entities [7] - Policy support for brokerage mergers and acquisitions is evident, with new regulations encouraging consolidation to improve international competitiveness, suggesting that local state-owned assets may play a crucial role in accelerating industry integration [8]

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：148013.SZ 债券简称：22 一创 03 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：524097.SZ 债券简称：25 一创 01 债券代码：524098.SZ 债券简称：25 一创 02 债券代码：524171.SZ 债券简称：25 一创 04 债券代码：524313.SZ 债券简称：25 一创 06 债券代码：524314.SZ 债券简称：25 一创 K1 东北证券股份有限公司关于第一创业证券股份有限公司 董事长离任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。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内 ...

Core Viewpoint - The resignation of Wu Lishun as the chairman of First Capital Securities marks a significant leadership change, with the company currently awaiting the appointment of a new chairman while the vice chairman, Qing Mei Pingcuo, temporarily assumes the role [2][7][8]. Group 1: Leadership Changes - Wu Lishun resigned from his position as chairman of First Capital Securities due to a work transfer to the Beijing State-owned Assets Supervision and Administration Commission [2][3]. - Qing Mei Pingcuo, the current vice chairman, is acting as the chairman and legal representative until a new chairman is elected [8]. - Wu Lishun has a long history in the Beijing state-owned assets system, having held various leadership roles in different securities firms [3][4]. Group 2: Company Performance - First Capital Securities has experienced significant revenue fluctuations, with operating income dropping from 3.12 billion in 2020 to 2.49 billion in 2023 [9]. - In 2024, the company saw a substantial revenue increase to 3.53 billion, representing a year-on-year growth of 41.9% [9]. - The company reported a decline in both operating revenue and net profit in the first quarter of 2023, with revenues of 661 million, down 1.87%, and net profit of 118 million, down 17.59% [10].

Core Viewpoint - Wu Lishun has resigned from his position as Chairman of the Board of First Capital Securities due to a job transfer back to the Beijing State-owned Assets Supervision and Administration Commission [2][3] Group 1: Leadership Changes - Wu Lishun's resignation marks a significant leadership change at First Capital Securities, as he will not hold any position within the company or its subsidiaries after leaving [2] - Wu Lishun has a long history within the Beijing state-owned assets system, having served as chairman of two brokerages, including First Capital Securities [3] - The new chairman of First Capital Securities has yet to be determined, with the current vice chairman, Qing Meipingcuo, temporarily assuming the role [5][6] Group 2: Company Background - First Capital Securities, originally known as Foshan Securities, was renamed in 2002 and is headquartered in Shenzhen [4] - The company currently has no controlling shareholder or actual controller, with its top three shareholders being state-owned enterprises from Beijing [4] - There have been persistent rumors regarding a potential merger with another brokerage, but both parties have denied these claims [4] Group 3: Financial Performance - First Capital Securities has experienced significant fluctuations in its financial performance, with revenue declining from 3.12 billion yuan in 2020 to 2.49 billion yuan in 2023 [7] - In 2024, the company saw a substantial revenue increase to 3.53 billion yuan, marking a 41.9% year-on-year growth [7] - The company reported a decline in revenue and net profit in the first quarter of 2023, with total revenue of 661 million yuan, down 1.87% year-on-year, and a net profit of 118 million yuan, down 17.59% year-on-year [9]

Core Viewpoint - The "Top Leadership Ranking of Listed Securities Firms" evaluates 50 listed securities firms based on their revenue scale for 2024, categorizing them into three groups: comprehensive securities firms, industry-featured development firms, and growth development firms [1] Group 1: Industry Data Evaluation - The evaluation considers six aspects: company scale, operating conditions, risk control, business quality, employee returns, and third-party ratings, using 28 data indicators as proxy variables [1] - The total score for industry data evaluation is calculated by ranking firms based on each indicator and summing their scores [1] Group 2: Company Performance - First Capital achieved a total score of 83.56, ranking 8th among 50 listed securities firms and 2nd among 28 industry-featured development firms [2] - In 2024, First Capital's revenue growth rate was 41.91%, and net profit growth rate was 173.28%, ranking 4th and 3rd in the industry respectively [3] - The self-operated business yield for First Capital was 6.40%, ranking 4th in the industry [3] Group 3: Employee Returns - First Capital's per capita salary growth rate was 32.23%, ranking 2nd in the industry [3] Group 4: Financial Metrics - Key financial metrics include: - Return on Assets (ROA): 1.97% - Return on Equity (ROE): 5.81% - Total Asset Growth Rate: 16.48% - Net Asset Growth Rate: 10.02% - Brokerage Business Profit Margin: 67.73% (ranked 38th) - Investment Banking Business Profit Margin: -2.21% (ranked 33rd) - Asset Management Business Profit Margin: 23.67% (ranked 33rd) [7] Group 5: Evaluation Weighting - The evaluation consists of: - Industry Data Evaluation: 50% - Peer Evaluation: 40% - Network Influence Evaluation: 10% [6]

新浪财经首届上市券商领军人物领导力TOP榜结果出炉。本届"上市券商领军人物领导力TOP榜"以50家上 市券商为参评对象，根据2024年度营收规模进行排序，将参评券商划分为综合性券商（1-10名）、行业特 色发展券商（11-20名）、成长发展券商（21-50名）三个组别。明确组别后，综合考虑2024年度业绩表 现、同业评价、网络声量等多维度数据，对各组券商进行评分与排名。 在同业评价方面，评审委员会由券商研究所、独立财富管理机构、媒体等高级管理人员组成，其中领导力 评估模型包括前瞻力、控制力、创新力、合规性、影响力五大维度，评审委员对领军人物领导力能力进行 打分（打分维度为1-10分），最终综合所有评分并进行百分制换算，最终得出同业评价总得分。 据同业评价数据显示，第一创业证券王芳同业评价总得分为81.84分，上市券商行业总排名第26名，其中合 规性维度得分最高，达88.28分（百分制），影响力维度得分较低，为72.33分（百分制）。 其中前瞻力维度评比中，行业排名为第24名，评审委员最低打分为4分； 控制力维度评比中，行业排名为第26名，评审委员最低打分为6分； 创新力维度评比中，行业排名为第22名，最低打分 ...

第一创业官宣董事长离任，"85后"副董事长代为履职 7月21日晚间，第一创业证券发布董事长离任公告，公司董事会近日收到公司董事长吴礼顺先生递交的书面辞职报告。吴礼顺因工作调动原 因申请辞去公司第五届董事会董事长、董事、战略与可持续发展委员会主任委员职务。 第一创业证券表示，根据《公司章程》等相关规定，自即日起至选举产生公司新任董事长之前，由公司副董事长青美平措先生代为履行公 司董事长、法定代表人职责。公司将按照法定程序尽快完成董事长的选举工作。 1975年出生的吴礼顺，曾任北京市国资委副主任，而后担任第一创业证券的第一大股东北京国管的总经理、董事长，在担任北京国管董事 长的同时，兼任第一创业证券董事长。近日吴礼顺升任北京市国资委主任，不再兼任第一创业证券董事长职务。 【导读】第一创业董事长吴礼顺升任北京市国资委主任，副董事长青美平措代为履职 中国基金报记者 刘明 第一创业证券官宣董事长吴礼顺因工作调动离任，在选举出新任董事长之前，由1987年出生的副董事长青美平措代为履行董事长职责。 1975年的吴礼顺已经履新北京市国资委主任。 1987年出生的青美平措也来自北京国管，2023年6月至今任第一创业证券董事，并 ...

证券代码：002797 证券简称：第一创业 公告编号：2025-044 第一创业证券股份有限公司 吴礼顺先生自 2023 年 6 月 28 日起担任公司董事长，任职期间恪尽职守、 勤勉尽责、锐意进取，带领公司践行金融工作的政治性和人民性，把功能性放 在首位，充分发挥公司特色优势和禀赋，扎实做好金融"五篇大文章"，深刻 融入、主动服务国家创新驱动发展战略，打造了公司从战略高度服务科创战略 的生动实践，为科技与产业的融合注入金融动能，为金融强国建设贡献力量； 持续强化战略引领，统筹制定《公司 2025-2027 年战略发展规划》，积极推动 1 股东赋能与战略协同，奋力开创公司高质量发展新局面，提升公司核心竞争力。 公司董事会对吴礼顺先生任职期间为公司发展做出的卓越贡献致以诚挚敬意 和衷心感谢！ 根据《公司章程》等相关规定，自即日起至选举产生公司新任董事长之前， 由公司副董事长青美平措先生代为履行公司董事长、法定代表人职责。公司将 按照法定程序尽快完成董事长的选举工作。 特此公告。 第一创业证券股份有限公司董事会 关于董事长离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性 ...