财通证券 （601108.SH）年末继续推进发债事宜。 12月29日晚间，财通证券发布公告称，公司于近日收到中国证监会批复，同意公司向专业投资者公开发 行面值总额不超过150亿元公司债券的注册申请。 长江商报记者注意到，2025年以来，财通证券已累计发债231亿元。 券商 通过发债可以补充资本金，优 化公司业务结构和成本，提升市场竞争力。 2025年前三季度，财通证券实现营业收入和归母净利润为50.63亿元、20.38亿元，同比增长13.99%、 38.42%。值得关注的是，受益于发债，财通证券自营业务表现较好。第三季度，公司自营业务收入为 7.4亿元，同比大幅增长97.6%。 2025年前三季度，公司实现营业收入50.63亿元，同比上涨13.99%；归母净利润20.38亿元，同比上涨 38.42%。其中，第三季度，财通证券营业收入21.03亿元，同比增长48.58%；归母净利润9.54亿元，同 比增长75.10%。 12月29日晚间，财通证券发布公告称，公司于近日收到中国证监会批复，同意公司向专业投资者公开发 行面值总额不超过150亿元公司债券的注册申请。根据批复，本次债券发行需在24个月内完成，可分期 实 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 长江商报消息 ●长江商报记者 潘瑞冬 招商证券（600999.SH、06099.HK）继续扩充资本实力。 12月11日晚间，招商证券发布公告称，已收到中国证监会批复，获准向专业投资者公开发行面值总额不 超过400亿元的公司债券。 同日，招商证券宣布面向专业投资者公开发行次级债券（第二期）的发行结果，品种一和品种二的实际 发行规模分别为30亿元和15亿元，合计发行总额为45亿元。 长江商报记者注意到，截至目前，招商证券年内发债规模已经接近2024年全年。同花顺数据显示，截至 2025年12月12日，招商证券债券发行规模达1090亿元，与2024年全年的1095亿元仅差5亿元。 发债规模直接驱动公司的自营业务和两融业务的发展。2025年前三季度，招商证券的自营业务收入增长 主要依靠投资收益；两融业务方面，截至三季度末，招商证券融出资金为1292.79亿元，较2024年末的 955.73亿元增长35.27%。在融出资金逼近1500亿元上限之际，招商证券已计划将两融业务规模限额调整 至2500亿 ...

出品：新浪财经上市公司研究院 作者：光心 2025年7月以来，A股持续走强，券商作为资金融通中介的融资热情也极其高涨。截至11月28日，73家券商的年内境内债发行规模已超过17000亿，同比增长 近50%。 据分析，券商此轮扩表一方面系由于行情催化下日常运营结算相关的资金大增，另一方面也是全行业积极增配重资产业务的结果。（具体见报告《券商债务 与重资产业务专题：2025年券商债务发行规模同比增长近60% 券商密集增配重资产业务为扩表的主要驱动力》） 从时间角度来看，国泰海通的短期融资券主要集中在7-8月和11月发行，而三季度也正是公司应付短期融资款高增的时间窗口，期间该科目环比增长165%至 808.29亿元。而公司中长期债券的发行则主要集中在5月、9月、10月，但年内公司应付债券的总额始终未发生大幅变化，预计主要是借新还旧以压降融资成 本。 从国泰海通的发债时间和结构安排上看，此轮发债或主要是利用短期融资工具进行资金筹措以把握行情机会，同时在低利率时间窗口进行中长期债务置换以 锁定长端利率。 对比之下，同为"两超"的中信证券发债规模相对较小，截至11月28日发债规模为967亿元，业内排名第五，且较前三名超1 ...

Core Viewpoint - China Galaxy Securities is actively issuing bonds to supplement its capital amid a favorable capital market environment, with a total bond issuance of 120 billion yuan in November alone, marking it as the largest bond issuer among listed brokerages in 2025 [1][3][4]. Bond Issuance - In November, China Galaxy announced a non-public issuance of corporate bonds totaling 50 billion yuan, with a two-year bond at a rate of 1.92% and a three-year bond at 1.97% [1][2]. - The company also issued 30 billion yuan in public short-term corporate bonds and 40 billion yuan in short-term financing notes, bringing the total bond issuance for the month to 120 billion yuan [1][3]. - As of November 23, 2025, China Galaxy has cumulatively issued bonds worth 1,385 billion yuan, leading the industry, followed by Huatai Securities at 1,307 billion yuan [3][4]. Financial Performance - For the first three quarters of 2025, China Galaxy reported a net profit attributable to shareholders of 109.68 billion yuan, a year-on-year increase of 57.51%, marking a historical high for the company [1][5]. - The company's operating revenue decreased by 16.01% to 227.51 billion yuan, indicating a shift in revenue sources [6]. - The significant profit increase is attributed to growth in investment, brokerage, and investment banking businesses [6][7]. Business Segments - Investment business revenue reached 120.81 billion yuan, up 41% year-on-year, driven by increased market activity [6][7]. - Brokerage business net income from fees surged by 70.74% to 63.05 billion yuan, supported by a robust retail presence and a comprehensive wealth management system [7]. - Investment banking fees increased by 29.88% to 4.75 billion yuan, with a notable performance in bond underwriting, achieving a main underwriting scale of 576.1 billion yuan, up 76.1% [7][8]. Industry Trends - The bond issuance scale among brokerages has significantly increased in 2025, with a total of 73 brokerages issuing bonds worth 1.7 trillion yuan, a year-on-year growth of 55.84% [3][4]. - Factors driving this growth include low interest rates, the launch of a new bond market segment, and a favorable capital market environment [4].

Core Insights - The bond issuance by securities firms has significantly increased this year, with a total of 1.6 trillion yuan raised, marking a year-on-year growth of 62.34% [1][2] Group 1: Bond Issuance Trends - Securities firms are actively issuing bonds to enhance capital strength and market competitiveness, with 73 firms having issued bonds totaling 1.6 trillion yuan as of November 12 [1] - Major firms leading in bond issuance include China Galaxy with 126.9 billion yuan, Huatai Securities with 121.9 billion yuan, and others like Guotai Junan, GF Securities, and CITIC Securities [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is driven by multiple factors, including abundant market liquidity, low interest rates, and the need for firms to strengthen capital to support business growth [2] - The launch of the "Technology Board" in the bond market has also contributed to the growth in bond issuance by securities firms [2] Group 3: Use of Raised Funds - The funds raised through bond issuance are primarily used for repaying maturing debts and supplementing operational liquidity, which is crucial for the stable operation and business expansion of securities firms [3] Group 4: Technology Bonds - Since the introduction of the "Technology Board" in May, 45 securities firms have issued 58 technology bonds, raising a total of 78.97 billion yuan, with high investor interest reflected in an average oversubscription rate of 3.8 times [4] - Leading firms in technology bond issuance include China Merchants Securities with 15 billion yuan and Guotai Junan with 13.9 billion yuan [4] Group 5: Market Development and Services - Securities firms are enhancing their roles in the technology bond market by providing liquidity and underwriting services, with 76 firms participating in underwriting, totaling 823.688 billion yuan [4][6] - The complexity of technology bond services is pushing firms to upgrade their core service capabilities, creating competitive advantages in the market [6]

Core Viewpoint - The bond issuance by securities firms in China has surged significantly in 2023, reflecting a strong demand for capital amid a recovering market environment [1][3]. Group 1: Bond Issuance Data - As of October 10, 2023, the total bond issuance by securities firms in China reached 1.26 trillion yuan, representing a year-on-year increase of 75.42% [1][3]. - China Galaxy Securities leads the market with a bond issuance of 107.9 billion yuan, followed by Huatai Securities at 98.1 billion yuan and Guotai Junan at 87 billion yuan [3]. Group 2: Factors Driving Bond Issuance - The increase in bond issuance is attributed to a recovering market, heightened capital needs for margin trading and derivatives, and a slowdown in equity financing [3][4]. - Company bonds have become the preferred method for financing, with a notable shift away from short-term financing bonds and perpetual subordinated bonds [3]. Group 3: Purpose of Bond Financing - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing working capital, and supporting daily operations and business development [4]. - The low interest rate environment has made bond financing more attractive compared to equity financing, allowing firms to manage financial expenditures effectively [4]. Group 4: Regulatory Environment - The regulatory environment has also influenced the shift towards bond financing, as the pace of equity financing through private placements and rights issues has slowed down [4].

Core Viewpoint - The bond issuance by securities firms has significantly accelerated since July, with a total issuance of 1.14 trillion yuan in 2023, surpassing the previous year's total of 693.7 billion yuan, indicating strong capital replenishment needs in the industry [2][10]. Group 1: Bond Issuance Trends - In September alone, at least four securities firms announced new short-term financing bond issuances, totaling over 8 billion yuan, contributing to a cumulative issuance of over 110 billion yuan in the first half of September [1][9]. - The total bond issuance by securities firms from July 1 to September 17 reached approximately 543.8 billion yuan, accounting for about 47% of the annual total [2]. - As of September 17, 2023, 71 securities firms have issued bonds, with a total issuance of 1.14 trillion yuan, reflecting a year-on-year increase of approximately 64.7% [10]. Group 2: Types of Bonds and Their Purposes - Securities company bonds remain the mainstay, with 415 bonds issued totaling over 750 billion yuan, while short-term financing bonds accounted for nearly 370 billion yuan [11]. - The average coupon rate for the issued bonds is 1.89%, with a general downward trend in interest rates compared to the previous year [13][14]. - The primary purposes of the raised funds include liquidity support and refinancing existing debts, with some firms committing to limit the use of funds for capital-consuming businesses [21][24]. Group 3: Market Dynamics and Future Outlook - The increase in bond issuance is driven by a recovery in the A-share market, which has led to a rise in margin trading balances from approximately 1.85 trillion yuan at the end of June to about 2.26 trillion yuan at the end of August, marking a 22.2% increase [9]. - The current low-interest-rate environment makes bond financing more attractive compared to equity financing, providing larger funding support while avoiding equity dilution [25]. - If the A-share market remains active, the trend of bond issuance by securities firms is expected to continue in the near future [25].

Core Viewpoint - The bond issuance by securities firms has become a significant method for enhancing capital strength, with a notable increase in issuance scale and frequency in 2023 [1][2][3] Group 1: Bond Issuance Overview - As of August 5, 2023, securities firms have issued nearly 770 billion yuan in bonds, representing a year-on-year growth of over 32% [1] - A total of 446 bonds have been issued by securities firms this year, marking a 35.15% increase compared to the previous year [1] - The breakdown of bond issuance includes 239 securities company bonds totaling 439.64 billion yuan, 55 subordinated bonds totaling 80.279 billion yuan, and 152 short-term financing bonds totaling 250.07 billion yuan [1] Group 2: Individual Firm Performance - By August 5, 2023, 70 securities firms have issued bonds, with 24 firms exceeding 10 billion yuan in issuance [2] - China Galaxy leads in bond issuance with 24 bonds totaling 69.9 billion yuan, followed by Huatai Securities at 52.9 billion yuan, and several others including GF Securities and Guotai Junan with issuance scales above 39.3 billion yuan [2] - The primary purposes for bond issuance include repaying maturing bonds, adjusting debt structure, supplementing liquidity, and supporting business development [2] Group 3: Market Conditions and Trends - The increase in bond issuance is attributed to heightened capital market activity, leading to greater funding needs for securities firms' intermediary, proprietary, and investment banking businesses [3] - A favorable monetary supply and declining market interest rates have reduced the cost of bond financing [3] - The launch of a "technology board" in the bond market is expected to create multiple business opportunities for securities firms, further encouraging bond issuance [3] Group 4: Cost and Financing Advantages - The average coupon rate for securities company bonds issued this year is 1.97%, down from 2.52% in the previous year, while the average rate for short-term financing bonds is 1.8%, down from 2.13% [3] - Compared to other financing methods, bond financing offers advantages such as larger scale, controllable costs, flexible structure, and stability in company control, making it suitable for rapid capital replenishment during business expansion [3] - Firms are advised to balance debt levels with profitability and consider a diversified financing approach to avoid over-reliance on a single channel [3]

Group 1 - The issuance of bonds by securities firms has reached nearly 770 billion yuan this year, reflecting a year-on-year increase of over 32%, indicating a strong capital replenishment trend in the industry [1] - A total of 70 securities firms have issued bonds this year, with 24 firms issuing over 10 billion yuan each, showcasing the active participation of major players like China Galaxy and Huatai Securities [1] - The increase in bond issuance is expected to enhance the business expansion capabilities of leading firms and improve the overall capital adequacy ratio of the securities industry, thereby strengthening its risk resistance and market competitiveness [1] Group 2 - Yecai Xin has been appointed as the new chairman of Invesco Great Wall Fund, bringing a background from China Huaneng Group, which may enhance the company's shareholder background and inject new vitality into its business development [2] - The leadership change reflects the vitality of the fund industry and is expected to bring positive expectations for the capital market [2] Group 3 - In August, the issuance of new funds has surged, with 72 new funds launched, indicating a relatively abundant market liquidity [3] - Fund companies are shifting their strategies from merely pursuing scale to improving product lines, which is a sign of a more rational industry approach [3] - This trend is likely to provide incremental capital to the market, particularly benefiting the securities sector and promoting healthy market development [3] Group 4 - Dongfang Securities has completed the repurchase of 26.7032 million A-shares, accounting for 0.3143% of its total share capital, with an average repurchase price of 9.37 yuan per share [4] - The repurchase reflects the company's recognition of its intrinsic value and is expected to boost investor confidence and optimize its capital structure [4] - The trend of share buybacks in the securities sector may lead to a re-evaluation of industry valuations and enhance the stability of financial stocks [4]

Core Insights - The article highlights that 69 brokerage firms have issued a total of 313 bonds this year, with the total issuance amount exceeding 510.698 billion yuan, representing a year-on-year increase of 13.58% [1] Group 1: Reasons for Increased Bond Issuance - The primary reasons for the surge in bond issuance by brokerages include the need for business development and cash flow financing [1] - The current "loose monetary" policy environment has resulted in generally low market interest rates, which helps to reduce the cost of bond financing [1] - Due to the performance of the equity market, the pace of equity refinancing by brokerages has slowed, leading them to turn to bond financing to supplement net capital and enhance asset liquidity [1] Group 2: Future Considerations - Brokerages are advised to further balance light capital and heavy capital businesses, focusing more on the efficiency of capital usage [1] - It is recommended that brokerages determine financing scales based on actual needs to avoid potential risks associated with excessive expansion [1]