华安证券 在"三地一区"建设的时代画卷上，华安证券以金融为笔，秉持"江淮潮涌奋楫先"的进取精神，既是区域 资本市场的"建设者"，也是产业升级的"合伙人"。从"三投联动"伴随企业全周期成长，到创新"基金+招 商"模式打造新兴产业聚集地，华安证券始终与国家战略同频、与安徽发展同向、与产业升级共进，在 服务实体经济中，尽显资本担当、金融力量。 扎根江淮大地，服务发展大局。面向"十五五"，华安证券奋进在路上…… 合肥市骆岗公园。 新华社图 "基金丛林"战略 截至目前，华安证券全资子公司华安嘉业累计管理基金33只，认缴规模超330亿元，实缴规模超200亿 元。公司通过管理基金及子基金共计投资项目近250个,投资金额近200亿元，共助力15家企业进入资本 市场，引入招引项目超40家，落地金额近300亿元 "三投联动"打法 "三投联动"是华安证券近年来部署科技金融的创新打法，即"投资引领，投行驱动，投研贯穿"，产业投 资给资金、产业投行帮上市、产业投研出主意。目前已累计摸排专精特新"小巨人"等企业超千家，储备 后备项目百余项 今日安徽，发展气势如虹。 这里是长三角一体化、长江经济带与中部崛起三大国家战略的交汇区。当前，安徽 ...

◎记者 汪友若 邹传科 "徽州有句古训：择一事，终一生，不为繁华易匠心。华安证券是这么说的，也一直是这样做的。"华安 证券党委书记、董事长章宏韬说。 0 Walter of Part C 章宏韬 作为安徽省属券商，华安证券如何为江淮大地注入金融活水？如何将区域禀赋转化为差异化竞争力？独 特的"华安模式"的内涵又是什么？围绕这些问题，章宏韬日前接受了上海证券报记者的专访。 优化业务结构 突破券商"靠天吃饭"传统困境 2025年以来，A股市场交投显著活跃，证券行业整体经营业绩随之"水涨船高"。作为安徽省属上市券商 的标杆，华安证券也交出了一份营收、利润双增长的2025年前三季度"成绩单"。 2025年前三季度，华安证券实现营业收入44.23亿元，同比增长67.32%；实现归母净利润18.83亿元，同 比增长64.71%。其中，第三季度业绩表现更为亮眼：归母净利润同比增长97.61%，营收同比增长 60.72%。 谈及业绩的高速增长，章宏韬将其归结为市场向好的外因与公司战略转型的内因共同作用。"市场环境 回暖与政策红利释放为公司发展创造了有利条件。"他表示，"但更根本的，是公司近年来坚持'服务安 徽、深耕长三角、辐 ...

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行，长江证券（000783）副总 裁、长江保荐董事长王承军在分论坛"中国证券业投资银行高峰论坛"上发表主题演讲，分享了该公司投 行的破局之道——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。王承军认为，稳健的业绩 为投行发展提供了坚实基础，而"三投联动"机制形成了核心优势。 首先，研究发挥"绘蓝图"的作用。作为行业金字招牌，长江研究所连续多年稳居行业前列。其次，投行 承担"抓落实"的责任。作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色。 最后，投资扮演"强保障"的角色。通过长江资本等主体开展一级市场投资，为投行客户提供了关键的资 本支持，成为项目落地的重要助推器。 王承军表示，这三者形成了"研究指引、投行落地、投资赋能"的闭环，为前沿战略的实施提供了强大的 内部协同保障。 在清晰的根基之上，长江证券选择了"有所为、有所不为"的聚焦战略，围绕区域和行业两个维度进行深 度布局。 在区域选择方面，王承军表示，公司遵循"结合国家 ...

在当前IPO审核趋严、行业竞争激烈的市场环境下，中小型券商如何找到自己的生存与发展空间？ （长江保荐董事长王承军 宋春雨/摄） 依托"三投联动"构建内部协同优势 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。 近日，在2025中国金融机构年会暨中国证券业投资银行高峰论坛上，长江证券副总裁、长江保荐董事长王承军发表主题演 讲，分享了该公司投行的破局之道——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 长江证券前三季度营收86亿元，净利润34亿元。王承军认为，稳健的业绩为投行发展提供了坚实基础，而"三投联动"机制形 成了核心的优势。 第一，研究发挥"绘蓝图"的作用。 作为行业金字招牌，长江研究所连续多年稳居行业前列。它不仅是服务外部客户的"思 想库"，更是内部业务发展的"战略罗盘"，提供产业洞察。 第二，投行承担"抓落实"的责任。 作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色，尤其 在双创板块建立了领先优势，其中创业板业务排名已跻身行业前十。 第三，投资扮演"强保障"的角色。 通过长江资本等主体开展的一级市场逆向投资，一方面像"现金奶 ...

Core Insights - The investment banking industry is undergoing a significant transformation due to adjustments in IPO rhythms and heightened regulatory requirements, prompting a search for new growth avenues and sustainable development strategies. Group 1: Industry Challenges and Strategic Shifts - Investment banks are facing challenges such as capacity and efficiency adjustments, fulfilling "gatekeeper" responsibilities, and balancing functionality with profitability [2] - Firms are encouraged to return to their core mission of discovering, creating, and realizing value, particularly for new productivity enterprises [2] - The competitive landscape is marked by homogenization, necessitating both large and small firms to pursue unique transformation paths [2][3] Group 2: Unique Approaches by Firms - Five Mining Securities is focusing on two areas: providing financial services aligned with China Minmetals' metal and mineral resources and exploring innovative merger and acquisition business models [3][4] - The firm has restructured its investment banking direction to comprehensively cover all capital operation projects within the group, enhancing internal service capabilities [4] - Huatai United Securities emphasizes long-term service and collaboration with leading industry clients, showcasing a commitment to deepening relationships over time [5] Group 3: Collaborative Efforts and Talent Development - The term "collaboration" emerged as a key theme, with firms exploring integrated service models and cross-departmental coordination [7] - Companies are focusing on developing high-quality professional talent who possess investment perspectives to better serve clients [8] - There is a growing emphasis on industry-specific knowledge among investment banking professionals to enhance service quality and compliance [8]

Core Viewpoint - Guangdong Kai Securities is initiating a new strategic layout, optimizing its management team while upgrading its industrial investments, aiming for deeper synergy among its investment, investment banking, and research business systems [1][7]. Management Changes - Luo Zhiheng, the head of the research institute, has been promoted to Vice President, marking a significant advancement of research talent into core management positions [1][3]. - The company has appointed its President, Cui Hongjun, to act as the Chief Information Officer following the resignation of the previous CIO, Lei Jie [1][3]. - A new strategic coordination department has been established to enhance operational efficiency and break down business barriers [3]. Research Focus - The research institute has developed a distinctive research path, focusing on macroeconomics, fiscal policy, the Greater Bay Area, and industrial research, transitioning from a traditional support function to a value-creating center [4][3]. - The research achievements, particularly in fiscal and local debt studies, have gained recognition in major media, enhancing the brand effect and market influence of Guangdong Kai Securities [4][3]. Industrial Investment - Guangdong Kai Securities, through its subsidiary Guangdong Kai Capital, has established a 4 billion yuan industrial upgrade equity investment partnership, focusing on strategic emerging industries such as electronic information, biomedicine, and new energy storage [6]. - The fund will be co-established with Shangrao Economic Development Zone Talent Introduction Group, with Guangdong Kai Capital contributing up to 1.2 billion yuan (30% of total) and Shangrao Group contributing up to 2.8 billion yuan (70% of total) [6]. - This initiative follows previous fund setups aimed at carbon neutrality and related assets, indicating a commitment to fostering regional industrial development and providing comprehensive financial services to innovative enterprises [6]. Strategic Development - The recent organizational changes and fund establishment clarify the company's boutique development path, emphasizing the importance of the "three investments linkage" system in serving the real economy [7].

Core Insights - The forum highlighted the importance of financial collaboration in the development of the Xiong'an New Area and the Beijing-Tianjin-Hebei region, emphasizing the role of finance in supporting national strategies [1][4] - The company, Caida Securities, aims to enhance its service capabilities by integrating investment banking, investment, and research to better serve the real economy and regional development [1][2] Group 1: Company Strategy and Initiatives - Caida Securities has successfully implemented a model that provides comprehensive financial services tailored to the needs of enterprises in the Xiong'an New Area, including initiatives like "Financial Empowerment for Counties" [2] - The company plans to build a full-chain capital market service ecosystem, focusing on direct financing support across various stages of enterprise development, including IPOs, mergers, and asset securitization [2][3] - A new research institute, "Caida Securities Research Institute," has been established to enhance professional service capabilities and provide strategic insights for government and enterprises [3] Group 2: Focus Areas for Development - The company will concentrate on fostering new productive forces through effective financial support, particularly in technology innovation and emerging industries [3] - Caida Securities aims to act as a long-term capital partner for innovative enterprises, facilitating a positive cycle between financing, investment, and innovation [3] - The company emphasizes the importance of collaboration with various stakeholders to strengthen its role as a financial bridge in the Beijing-Tianjin-Hebei region [4]

Core Insights - The core viewpoint of the news is that Caitong Securities has reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong operational performance and resilience in its business model [1][2]. Financial Performance - In Q3 2025, Caitong Securities achieved an operating revenue of 2.103 billion yuan, representing a year-on-year increase of 48.58% [1]. - The net profit attributable to shareholders for Q3 2025 was 954 million yuan, marking a year-on-year growth of 75.10% [1]. - For the period from January to September 2025, the company reported a consolidated operating revenue of 5.063 billion yuan, up 13.99% year-on-year [1]. - The net profit attributable to shareholders for the same period reached 2.038 billion yuan, reflecting a year-on-year increase of 38.42%, achieving a historical high [1]. Revenue Drivers - The increase in operating revenue is primarily attributed to higher investment income, fair value changes, and net income from fees and commissions [2]. - For the first nine months of 2025, the net income from brokerage business fees grew by 66.32%, while investment income and fair value changes increased by 21.48% year-on-year [2]. Subsidiary Performance - Caitong Securities' subsidiaries and significant equity investees have also reported strong performance, with Yong'an Futures achieving an operating revenue of 2.798 billion yuan and a net profit of 305 million yuan in Q3 2025, marking a record high for quarterly profit since its listing, with a year-on-year growth of 173.39% [2]. - The asset management and fund investment performance of Caitong Securities' asset management and fund subsidiaries have also shown positive results due to enhanced marketing and new product launches [2]. Strategic Initiatives - Caitong Securities has set a strategic goal of becoming a leading modern investment bank, focusing on serving Zhejiang merchants and enterprises [2]. - The company has initiated significant reforms centered on customer service and strengthened its "investment banking + investment + wealth management" service model, enhancing its development potential through digital transformation and AI empowerment [2].

Core Viewpoint - The Central Financial Work Conference emphasizes the cultivation of first-class investment banks and institutions, providing a vision for the high-quality development of securities companies, with a focus on quality and technological finance as a leading force for transformation [1] Group 1: Modern Investment Banking Transformation - The difference in investment banking capabilities lies in organizational and business models, transitioning from a "hunting model" to a "farming model" that emphasizes platform management and professional integration [2] - Since 2018, the company has initiated a transformation towards modern investment banking in response to the registration system reform, restructuring its organization, processes, and culture to enhance service quality [2][3] - The company has implemented a "three investments linkage" model, integrating investment banking, investment, and research departments to proactively acquire clients and provide comprehensive financial services [3] Group 2: Technological Empowerment and Standardization - The company is enhancing its investment banking operations through a standardized project management system and intelligent platforms, improving efficiency and quality in project execution [4][9] - A comprehensive digital support platform has been developed to facilitate all aspects of investment banking, utilizing big data and AI to enhance management capabilities and operational efficiency [9][10] - The company has established a performance evaluation system that links results to accountability, ensuring compliance and quality in investment banking practices [8] Group 3: Focus on Technology Finance and Industry Services - The company is committed to developing technology finance, green finance, and inclusive finance, aligning with national strategies to provide quality financial services [11][12] - The "Leap Plan" has been launched to support early-stage technology companies, with over 600 enterprises engaged and investments exceeding 2.6 billion [12] - The company has focused on three key technology sectors: digital technology, life sciences, and green technology, facilitating significant financing for technology enterprises [13][14] Group 4: Quality Control and Risk Management - The company emphasizes quality as the lifeline of investment banking, establishing a robust internal control system to manage risks and ensure compliance [6][7] - A three-line defense mechanism has been implemented to uphold ethical standards, professional norms, and quality control in all investment banking activities [6][7] - The company maintains strict project management and risk assessment protocols to ensure high-quality service delivery and compliance with regulatory standards [8]

Group 1 - The company is actively monitoring opportunities for mergers and acquisitions in the industry, aiming to create long-term value for shareholders [1][3] - The company is continuously advancing its equity proprietary business transformation, establishing a multi-strategy investment system [1][3] - The investment banking business structure has been adjusted to a project-based model, enhancing management efficiency and collaborative responsiveness [2][3] Group 2 - The company has significantly increased its net income from investment banking, ranking among the top ten in the industry [2] - The company has strengthened its macro research capabilities to support the "investment banking + research + investment" triad [2][3]