Zheshang Securities(SH:601878) Xin Lang Cai Jing·2026-02-12 01:08Group 1 - The core point of the news is the appointment of Cheng Jingdong as the new president of Zheshang Securities, filling the vacancy left by Qian Wenhai's promotion to chairman [1][2][9] - Cheng Jingdong has over 30 years of experience in the financial industry, with a background in investment banking, law compliance, and asset management [4][11] - The management adjustment at Zheshang Securities is seen as a significant step towards enhancing its operational capabilities and accelerating its position in the industry amid ongoing consolidation [2][9] Group 2 - Zheshang Securities aims to become a national comprehensive securities firm that matches the economic status of Zhejiang, with a focus on strategic implementation and merger integration as core tasks for 2026 [4][11] - In the first half of 2025, Zheshang Securities reported investment banking revenue of 287 million yuan, a slight increase of 0.28% year-on-year, accounting for approximately 4.7% of total revenue [4][11] - The company completed seven equity financing deals in 2025, ranking among the top 15 in the industry, and underwrote 334 corporate bonds, ranking 12th [4][11] Group 3 - The financial performance of Zheshang Securities showed a decline in total revenue to 6.107 billion yuan, down 23.66% year-on-year, while net profit attributable to shareholders increased by 46.49% to 1.149 billion yuan [7][13] - The integration of Guodu Securities is ongoing, with Guodu's revenue in the first half of 2025 reported at 749 million yuan, a decrease of 4.42% year-on-year, and a net profit of 358 million yuan, down 8.10% [6][12] - The overall trend in the industry indicates an acceleration in executive turnover among securities firms, with several companies experiencing changes in leadership [7][13]