Group 1 - The event "Close Observation of Private Equity" was successfully held at Jinan University Shenzhen Campus, aiming to popularize private equity knowledge and bridge academic and practical applications [1] - Zhang Zhanhui, General Manager of the Institutional Business Department at Shengquan Hengyuan Investment Co., provided a comprehensive review of the evolution of the hedge fund industry since the 1930s and highlighted key milestones in the development of private securities funds in China [1] - The private equity industry has entered a new stage of high-quality development following the implementation of policies such as the "Interim Measures for the Supervision and Administration of Private Investment Funds" and the "Guidelines for the Operation of Private Securities Investment Funds" [1] Group 2 - Zhang Zhanhui introduced the "Three Circles Theory of Career Development," emphasizing the need for an ideal career to align interests, abilities, and market demand, and encouraged students to gain internship experience during their studies [2] - The event not only enhanced students' understanding of the private equity industry ecosystem and trends but also provided clear guidance for their career planning, fostering a quality platform for academic and practical exchanges [2] - The collaboration between China Merchants Securities and Jinan University demonstrates a commitment to advancing national financial education and nurturing new talent in the industry [2]

针对同学们关心的职业准备问题，罗果系统梳理了成为研究员的"硬实力"与"软实力"：硬实力涵盖经 济、金融、会计、法律及行业知识以及工具使用；软实力则包括高效的信息搜集能力、严谨的逻辑思 维、抽象的建模能力以及出色的表达与营销技巧。他引用数据说明，尽管行业竞争激烈、存在"马太效 应"，但市场对年轻、高素质的研究人才需求依然旺盛，机会与挑战并存。 2025年12月5日，招商证券国家级投教基地携手南方科技大学，为金融专业学生带来一场题为《证券研 究员成长指南：工作流程与职业进阶》的专题课程。本次课程由招商证券财富管理部总部投资顾问罗果 担任主讲，系统剖析了证券研究行业的工作流程、能力体系与职业成长脉络，为学子们揭开了卖方研究 工作的神秘面纱。 本次讲座内容详实、紧扣实战，不仅揭开了证券研究工作的"神秘面纱"，也为南科大金融学子提供了清 晰的行业认知与可行的能力提升路径。活动进一步强化了校企联动育人的实效，助力学生在学术学习与 职业规划间搭建更坚实的桥梁。 课程中，罗果从证券研究员的基本定义出发，清晰阐述了"卖方研究员"（即证券分析师）与"买方研究 员"在服务对象与工作目标上的区别。他结合自身实务经验，将研究员日常工作 ...

2025年12月4日，招商证券国家级投教基地联合南方基金管理股份有限公司，为暨南大学深圳校区金融 科技专业105名一年级研究生量身打造了《量化投资：公募基金实践与趋势》专题讲座。本次讲座系统 梳理了中国公募量化基金的发展脉络、核心策略与业务流程，帮助同学们构建对量化投资的整体理解， 为其未来职业规划提供有益参考。 本次讲座由南方基金数量化投资部基金经理王翰生担任主讲。课程中，王翰生深入浅出地介绍了量化投 资在公募基金领域的应用现状，并围绕量化投资的关键环节展开详细讲解。随后以"价值与动量因子结 合""分析师预期增强策略"等实际案例，生动展示了如何通过量化手段捕捉市场中的超额收益机会。他 还引用了AQR的经典研究文章《Buffett's Alpha》，指出巴菲特大部分收益可通过质量、价值、低风险 等因子组合进行解释，体现了量化方法在复制优秀投资逻辑上的可行性。针对金融科技专业学生的职业 发展，王翰生表示量化领域需要金融、数学、统计与编程的复合知识结构。他建议同学们根据自身优势 选择发展方向，并通过实习等方式积累经验，逐步构建核心竞争力。 本次讲座是招商证券积极推动"将投资者教育纳入国民教育体系"的生动展现，为高 ...

每经AI快讯，中资券商股逆市上涨。截至发稿，招商证券(06099.HK)涨4.81%，报14.16港元；东方证券 (03958.HK)涨2.62%，报7.06港元；申万宏源(06806.HK)涨2.29%，报3.13港元；中信建投证券 (06066.HK)涨1.51%，报12.76港元。 ...

12月15日，上交所发布关于招商证券股份有限公司2025年面向专业投资者公开发行次级债券（第二期） （品种一）上市的公告。 依据《上海证券交易所公司债券上市规则》等规定，上交所同意招商证券股份有限公司2025年面向专业 投资者公开发行次级债券（第二期）（品种一）于2025年12月16日起在上交所上市，并采取匹配成交、 点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25招证C3"，证券代码 为"244407"。 来源：市场资讯 ...

依据《上海证券交易所公司债券上市规则》等规定，上交所同意招商证券股份有限公司2025年面向专业 投资者公开发行次级债券（第二期）（品种二）于2025年12月16日起在上交所上市，并采取匹配成交、 点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25招证C4"，证券代码 为"244408"。 来源：市场资讯 12月15日，上交所发布关于招商证券股份有限公司2025年面向专业投资者公开发行次级债券（第二期） （品种二）上市的公告。 ...

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨境投行连接东西，用财富管理服务民 生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出 海'进行时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变为"规则制 定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第九篇，敬请垂注！ 随着全球资产配置需求持续升温，中资私募出海步伐显著加快。香港证监会数据显示，2025年已有6家中资私募新获9号资管牌照，持牌机构总 数升至92家。 然而，境外市场的监管复杂性、运营差异性与合规高门槛，构成了中资私募国际化的"隐形壁垒"。在此背景下，招商证券依托境内外资源协 同，推出"CMS-Partner+"境外基金一站式出海服务方案，以全周期、定制化服务助力中资管理人突破出海瓶颈，目前其境外基金行政管理人业务 规模已突破百亿元大关。 私募出海四大挑战 近年来，私募基金管理人纷纷在中国香港、新加坡、开曼、BVI等离岸法域设立基金，打造全球投资管理 ...

Core Viewpoint - China Merchants Securities is actively expanding its capital strength through bond issuance, with a total bond issuance nearing the annual limit for 2024, indicating a strong position in the market [1][3][4]. Group 1: Bond Issuance - On December 11, China Merchants Securities announced it received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 40 billion yuan [1][3]. - The company has successfully issued subordinate bonds in two varieties, raising a total of 4.5 billion yuan, with the first variety having a scale of 3 billion yuan and a coupon rate of 2.13% [4]. - As of December 12, the total bond issuance for the year reached 109 billion yuan, just 5 billion yuan short of the 2024 annual target, with expectations to exceed this target due to the recent approval [4][5]. Group 2: Business Growth - The bond issuance has directly driven the growth of the company's proprietary and margin financing businesses, with margin financing funds reaching 129.28 billion yuan, a 35.27% increase from the end of 2024 [2][8]. - In the first three quarters of 2025, the company reported a revenue of 18.24 billion yuan, a year-on-year increase of 27.76%, and a net profit of 8.87 billion yuan, up 24.08% [7]. - The proprietary business's investment income significantly contributed to this growth, reaching 9.68 billion yuan, a 91.38% increase year-on-year [7]. Group 3: Market Position - China Merchants Securities ranks among the top securities firms in bond issuance, with a total of 109 billion yuan, positioning it favorably in the competitive landscape [5]. - The company is also expanding its international business, with plans to invest up to 9 billion HKD in its Hong Kong subsidiary, aiming to strengthen its presence in the international market [9].

来源：证券时报 证券时报记者 王蕊 随着全球资产配置需求持续升温，中资私募出海步伐显著加快。香港证监会数据显示，2025年已有6家 中资私募新获9号资管牌照，持牌机构总数升至92家。 然而，境外市场的监管复杂性、运营差异性与合规高门槛，构成了中资私募国际化的"隐形壁垒"。在此 背景下，招商证券依托境内外资源协同，推出"CMS-Partner+"境外基金一站式出海服务方案，以全周 期、定制化服务助力中资管理人突破出海瓶颈，目前其境外基金行政管理人业务规模已突破百亿元大 关。 然而机遇虽在，挑战亦存。境外基金市场与境内市场存在较大差异，刚出海的中资管理人往往会在基金 设立与运营方面存在诸多困难。 一是产品设立难。境外基金设立周期远超境内，全程通常需要数月；而且基金相关法规细则复杂，从文 件起草到合规审核均需依赖外部律所支持，增加时间成本的同时也提升了设立门槛。 二是基金运营难。境外基金运营规则方面与境内基金存在显著差异。比如不同经纪商提供的交易数据格 式各不相同，数据质量较不稳定，为估值核算带来较大困难；境外普遍采用的序列会计法和均衡调整法 与境内分配方式有着较大差异，不利于中资投资者及管理人理解与操作。 三是合 ...

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 1.865 billion yuan, an increase of 8.25% year-on-year [1] - The net profit attributable to shareholders was -73.81 million yuan, compared to a profit of 67.14 million yuan in the same period last year, representing a significant decline [1] - The net profit after deducting non-recurring gains and losses was -80.80 million yuan, down from 23.35 million yuan year-on-year [1] - The net cash flow from operating activities was -88.97 million yuan, compared to 276 million yuan in the same period last year [1] Future Projections - For 2024, the company is projected to achieve operating revenue of 2.326 billion yuan, a growth of 35.16% year-on-year [3] - The net profit attributable to shareholders is expected to be 57 million yuan, an increase of 25.68% compared to the previous year [3] - The net profit after deducting non-recurring gains and losses is forecasted to be 12.53 million yuan, a decrease of 29.91% year-on-year [3] - The net cash flow from operating activities is anticipated to reach 339 million yuan, reflecting a growth of 131.81% [3] Capital Raising Activities - The company raised a total of 922 million yuan from its initial public offering, with a net amount of 828 million yuan after deducting issuance costs [4] - The funds raised are intended for the construction of production lines for biodegradable materials and high-end plastic products, as well as for a research and development center [4] - In 2023, the company issued 7.5 million convertible bonds at a price of 100 yuan each, raising a total of 750 million yuan, with a net amount of approximately 744 million yuan after expenses [5] Total Fundraising - Since its listing, the company has raised a total of 1.672 billion yuan through two fundraising activities [6]