段光明卸任英大证券董事长 “国网系”老将马晓燕接棒

Core Viewpoint - The recent leadership change at Yingda Securities, with Ma Xiaoyan appointed as the new chairman, reflects a continuation of internal selection traditions within the State Grid system, following the resignation of Duan Guangming after a three-year tenure [1][2][3]. Group 1: Leadership Changes - Ma Xiaoyan has been appointed as the chairman of Yingda Securities, succeeding Duan Guangming, who served since August 2022 [1][2]. - Duan Guangming's resignation as chairman aligns with his earlier departure from the board of State Grid Yingda on August 27, 2025, indicating a planned transition [2]. - Ma Xiaoyan has a strong background within the State Grid system, having held various key positions prior to this appointment, including roles at Yingda International Holdings and as the general manager of Yingda Securities [3]. Group 2: Management Team Adjustments - Yingda Securities has experienced frequent changes in its executive team, with significant adjustments in key positions such as general manager and chief risk officer since 2021 [4]. - The company has implemented a public selection process for managerial roles, reflecting a shift towards a more professional management structure [4]. - The rapid turnover in leadership positions, including the appointment of new executives in various roles, indicates a dynamic management environment [4]. Group 3: Financial Performance - Yingda Securities has shown a trend of fluctuating revenues but increasing net profits, with total revenue for 2024 reported at 860 million, a decrease of 25.64% year-on-year, while net profit reached 176 million, a significant increase of 64.43% [5]. - In the first half of 2025, the company reported total revenue of 389 million, down 3.72% year-on-year, but net profit increased by 36.81% to 107 million [5]. - The company's classification rating improved from B class BB to BBB in the 2024 evaluation by the China Securities Regulatory Commission, indicating a positive shift in industry standing [5].