Zheshang Securities(SH:601878) 2 1 Shi Ji Jing Ji Bao Dao·2026-02-12 00:59Core Viewpoint - The recent management restructuring at Zheshang Securities involves the appointment of Cheng Jingdong as the deputy secretary of the party committee and a candidate for the president, which is seen as a recognition of his past performance and a move to enhance the company's strategic decision-making capabilities [2][5]. Group 1: Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, allowing the current chairman Qian Wenhai to focus on his responsibilities [2]. - This management change is expected to inject new momentum into the implementation of the company's "14th Five-Year" strategy [2][6]. Group 2: Cheng Jingdong's Background - Cheng Jingdong has over 30 years of experience in the financial industry, with a diverse background in banking, investment banking, and legal services, providing him with a comprehensive skill set [5]. - He has held significant positions in various financial institutions, including roles at Bohai Bank and Everbright Bank, and has experience in investment banking in Hong Kong [5][6]. Group 3: Performance and Achievements - Since Cheng's arrival at Zheshang Securities in April 2019, the investment banking division has seen a significant increase in underwriting performance, completing 64 equity financing projects and 1,537 bond underwriting projects from 2019 to 2025, with a total financing scale exceeding 740 billion yuan [6]. - In the first half of 2025, the company completed 169 underwriting projects, achieving a total financing scale of 54.369 billion yuan, with investment banking revenue of 287 million yuan, a year-on-year increase of 0.28% [6]. Group 4: Strategic Goals - Zheshang Securities aims to become a national comprehensive securities firm that matches the economic status of Zhejiang, with a vision to become a "first-class investment bank" and a strategic goal to "create another medium-sized securities firm" [8][9]. - The company plans to focus on three core tasks: steadily advancing the integration of Guodu Securities, striving for the goal of a "medium to large securities firm," and solidifying compliance and risk control foundations [9].