中行老将，成中银证券新掌门

Core Viewpoint - The appointment of Zhou Quan as the new chairman of Zhongyin Securities marks a significant leadership transition, coinciding with the company's performance report for the first half of 2025, which shows steady growth despite challenges in asset management. Group 1: Leadership Transition - Zhou Quan was elected as the chairman of Zhongyin Securities on September 5, 2025, following the resignation of former chairman Ning Min due to a work transfer [1][2] - Zhou Quan has extensive management experience within the Bank of China system, particularly in asset-liability management, and has transitioned from banking to the securities industry [2][4] - The leadership change is seen as a critical moment for Zhongyin Securities, with Zhou also taking on the role of party secretary [2][4] Group 2: Financial Performance - In the first half of 2025, Zhongyin Securities reported a revenue of 1.505 billion yuan, a year-on-year increase of 20.79%, and a net profit of 565 million yuan, up 33.13% [6][9] - The company's asset management business saw a decrease in entrusted funds by 37.6 billion yuan to 468.68 billion yuan, although it remains among the top in the industry [7][8] - The firm experienced a significant growth in investment banking, with a year-on-year increase exceeding 200%, ranking first in the industry [9][10] Group 3: Asset Management and Business Segments - The asset management business faced challenges, with net income from asset management fees declining by 7.76% to 248 million yuan [7] - The breakdown of entrusted funds shows a notable decline in single asset management, which decreased by 60.1 billion yuan, while collective asset management increased by 32.9 billion yuan [8] - Despite the overall decline in asset management, Zhongyin Securities maintained a strong position in private asset management and non-public fund management, ranking in the top two among securities firms [7][8] Group 4: Market Position and Future Outlook - The company’s securities brokerage revenue grew by 55.05% to 668 million yuan, with a significant increase in new effective accounts and average margin trading scale [9] - The market is closely watching whether Zhou Quan can leverage his banking experience to enhance Zhongyin Securities' asset management and investment banking capabilities [10]