兴业证券正式换帅！苏军良接任董事长完成工商变更

Core Viewpoint - The leadership transition at Industrial Securities is a systematic and procedural change, providing a foundation for future strategic and operational implementation [3] Group 1: Leadership Changes - On September 12, 2025, Industrial Securities completed a change in business registration, with Yang Huahui stepping down as the legal representative and chairman, and Su Junliang taking over [1] - The company abolished its supervisory board in accordance with the new Company Law, resulting in the departure of four supervisors and the appointment of two new directors [1][2] - Su Junliang has a strong background in the banking and financial sectors, having held various leadership roles within the Industrial Bank system and recently serving as the chairman of Huafu Securities [6][7] Group 2: Financial Performance - In the first half of 2025, Industrial Securities reported operating income of 5.404 billion RMB, a year-on-year increase of 28.80%, and a net profit attributable to shareholders of 1.33 billion RMB, up 41.24% [7] - The weighted ROE was 2.31%, an increase of 0.66 percentage points compared to the previous year [7] - The brokerage business saw net income of 1.242 billion RMB, a growth of 34.21%, while interest income rose by 38.10% to 822 million RMB [7][8] Group 3: Business Segment Performance - Investment banking and asset management segments underperformed, with investment banking net income declining by 16.60% to 219 million RMB, and asset management net income down by 1.70% to 749.8 million RMB [7][8] - The company faces challenges in its investment banking business due to a slowdown in IPO issuance and tightening refinancing policies, impacting its market position [9] - Despite growth in asset management scale, net income has slightly decreased, indicating a need for improved profitability [9]