中经记者 郭婧婷 北京报道 近日，证监会核准中央汇金投资有限责任公司（以下简称"中央汇金"）成为三大AMC公司（中国信 达、东方资产、长城资产）旗下8家金融机构的实控人。此次中央汇金对8家AMC系金融机构的控股， 是继2月14日其从财政部手中接管三大AMC控股权后的业务整合延续。划转结束后，中央汇金直接或间 接控股的金融机构将超20家。 市场人士认为，此次8家机构中，长城、东兴和信达3家期货公司的加入，使得中央汇金金融版图的全牌 照布局得以完善。专业人士认为，资源整合后，中央汇金有望形成"全链条"优势。 有券商作出研判：在加快推进建设一流投资银行的背景下，中央汇金旗下券商进一步增多，券商牌照整 合预期升温，行业供给侧改革或将进一步加速。 中央汇金全牌照布局 此次新增8 家归于中央汇金实控的金融机构包括：长城国瑞证券有限公司、东兴证券股份有限公司、信 达证券股份有限公司、东兴基金管理有限公司、信达澳亚基金管理有限公司、长城期货股份有限公司 （以下简称"长城期货"）、东兴期货有限责任公司（以下简称"东兴期货"）和信达期货有限公司（以下 简称"信达期货"）。 值得一提的是，长城期货、东兴期货和信达期货3家期货公司的 ...

6月13日晚间，证监会发布了核准中天证券变更主要股东的批复。核准辽宁交通投资有限责任公司（以下称 辽宁交投）依法受让中天证券13.48%的股份。在中天证券此前的股权结构中，辽渔集团为第四大股东，持 股13.48%。 早在2023年底，中天证券第二大股东本钢集团（持股21.35%）就拟公开挂牌转让其所持的中天证券21.35%的 股权。中天证券为辽宁省属券商，2024年实现营业收入6.55亿元，净利润1.79亿元。 辽宁交投将持股13.48% 企查查信息显示，辽宁省交通建设投资集团有限责任公司持有辽宁交投100%股权。辽宁省交通建设投资集团 有限责任公司是辽宁省委、省政府整合全省高速公路、省属铁路、原省交通厅所属企业组建的大型省属企业。 交投集团于2016年组建，2019年改组为辽宁首家国有资本投资公司，注册资本366.5亿元，资产总额2894亿 元，全资、控股企业56家，员工1.7万人。 21.35%股权曾被公开转让 早在2023年11月，中天证券的部分股权就被公开转让。 2023年11月上旬，上市公司出版传媒公告称，公司第三届董事会第二十八次会议以通讯表决的方式召开，会议 审议并通过了《关于公司放弃本钢集团转 ...

本报记者 周尚伃 政策利好拓展行业空间 券商AH股溢价率收敛 目前，A股市场共有42家上市券商，其中13家实现了"A+H"两地上市。 今年以来，港股市场表现亮眼。截至6月13日，恒生指数、恒生科技指数年内涨幅均超17%。A股市场同样呈现出积极向好 的发展态势。同期，年内A股日均股票交易额为1.39万亿元，同比增长58.39%，市场交投活跃度大幅提升。在市场环境改善的 推动下，券商板块逐渐迎来估值修复契机。 Wind资讯数据显示，今年以来截至6月13日，A股券商板块下跌6.46%；在42只板块个股中，有7家实现股价上涨，其中， 东吴证券以10.62%的涨幅居首，中国银河、信达证券分别上涨8.6%、6.74%，居涨幅前列。港股市场方面，同期，13只券商H 股中，有9只实现股价上涨，其中，中金公司、广发证券涨幅超过20%。 进入6月份，券商A股及H股均展现出强劲的上涨势头。截至6月13日，A股券商板块月内上涨2.92%；板块内的42只个股 中，有40只实现上涨，信达证券月内股价上涨11.2%，东吴证券、光大证券分别上涨8.26%、8.17%。H股方面，月内13只券商H 股全线飘红，其中4只涨幅超过10%。 随着港股 ...

Core Viewpoint - The expansion of Chinese securities firms into international markets is gaining momentum, with Western Securities planning to invest 1 billion RMB to establish a subsidiary in Hong Kong, reflecting a strategic shift in response to the recovering Hong Kong stock market [1][2][3]. Group 1: Company Actions - Western Securities' board approved the establishment of a wholly-owned subsidiary, "Western Securities International Financial Holdings Limited," with a registered capital of up to 1 billion RMB [2]. - The decision to set up the Hong Kong subsidiary is aimed at meeting strategic development needs and enhancing international business capabilities to serve cross-border financing demands [3]. - The move comes after a previous decision to dissolve its international business department, indicating a more focused approach to internationalization [3]. Group 2: Market Context - The Hong Kong IPO market is experiencing a significant surge, with an expected average fundraising amount increasing over five times year-on-year, driven by multiple A-share companies listing in Hong Kong [5]. - As of June 11, approximately 40 companies are anticipated to go public in Hong Kong in the first half of the year, raising around 1,087 billion HKD, with IPO numbers and fundraising amounts up by 33% and 711% respectively [5]. - The growth in the Hong Kong IPO market is attributed to factors such as the return of Chinese concept stocks, financing needs from Southeast Asian companies, and increased capital flow from the mainland [5]. Group 3: Industry Challenges - Despite the optimistic market outlook, the competition in the Hong Kong IPO space is intense, with many firms adopting low-price strategies to capture market share, leading to limited profit margins for individual firms [1][8]. - The market is characterized by a "Matthew effect," where larger firms dominate international business profits, while smaller firms struggle to find sustainable paths [8]. - Industry experts suggest that smaller firms need to focus on niche markets and enhance risk control capabilities to survive in the competitive landscape [9].

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Super Group (SGHC) Limited, and highlights the importance of using these recommendations in conjunction with other research tools like the Zacks Rank to make informed investment decisions [1][5]. Group 1: Brokerage Recommendations - Super Group (SGHC) has an average brokerage recommendation (ABR) of 1.17, indicating a consensus between Strong Buy and Buy, with 83.3% of recommendations being Strong Buy and 16.7% being Buy [2]. - The article suggests that relying solely on brokerage recommendations may not be wise, as studies indicate they often fail to guide investors effectively towards stocks with high price appreciation potential [5][10]. Group 2: Zacks Rank vs. ABR - The Zacks Rank is presented as a more reliable indicator of a stock's near-term price performance, driven by earnings estimate revisions, while the ABR is based solely on brokerage recommendations [8][11]. - The Zacks Rank is updated more frequently and reflects timely changes in earnings estimates, contrasting with the potentially outdated nature of the ABR [13]. Group 3: Earnings Estimates for SGHC - The Zacks Consensus Estimate for Super Group (SGHC) remains unchanged at $0.51 for the current year, suggesting stable analyst views on the company's earnings prospects [14]. - Due to the unchanged consensus estimate and other factors, Super Group (SGHC) holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the Buy-equivalent ABR [15].

21世纪经济报道记者 孙永乐 上海报道 6月13日，21世纪经济报道记者获悉，民生证券首席策略分析师、院长助理牟一凌已离职。上周民生证 券内部已通知牟一凌卸任研究院院长助理的消息。 国联民生证券（601456.SH）内部人士向记者证实了该消息，但尚未知悉牟一凌的去向。同时，记者于 中证协官网查询发现，现已无法查询到牟一凌的备案信息。 Wind信息显示，6月2日晚，牟一凌参加了在民生证券的最后一场路演。 牟一凌研究团队的官方微信公众号"一凌策略研究"，最新一篇推文发布时间也定格在了6月1日，标题为 《2025年6月金股推荐 | 民生研究》。 新生代策略分析师的佼佼者 6月13日上午，牟一凌在朋友圈发布了民生策略团队的合影，并配文"独家记忆"。据公开资料，其团队 成员包括纪博文、吴晓明、王况炜、方智勇、梅锴、沈心怡、季宏坤。 牟一凌从民生证券研究所离职的同时，国联民生正稳步推进研究业务整合。 此前透露的分工安排显示，民生证券副总裁、研究院院长胡又文，作为组长主要负责协调研究业务整合 工作。副组长则为包承超和李敏捷。 两家券商在投行、研究等核心部门推行"双负责人制"，由国联与民生中层联合管理，设置6个月的过渡 期。 ...

Group 1 - The core viewpoint of the articles highlights the ongoing low-level fluctuations in the securities sector, with significant declines in major stocks and the performance of the largest securities ETF in the Shenzhen market [1] - The securities ETF (159841) closely tracks the CSI All Share Securities Company Index, which focuses on large-cap securities leaders in the A-share market, including both traditional and fintech leaders [1] - Six securities firms have implemented share buybacks this year, totaling over 1.2 billion, indicating a trend of companies actively optimizing their capital structure [1] Group 2 - Regulatory policies are guiding securities firms towards capital-intensive development while encouraging mergers and acquisitions to strengthen their positions, suggesting an acceleration in the supply-side structural reform process within the industry [2] - The current price-to-book (PB) valuation of the securities industry remains at historical low levels, indicating potential investment opportunities [2]

Key Achievements - Li Licheng is a stock market investment expert and a well-known philanthropist, serving as the chief economist and analyst at a Hong Kong investment group [2] - He emphasizes that his success is attributed to persistence and the ability to overcome human weaknesses, maintaining rationality and patience in investment [2] Investment Philosophy - The most important aspects of investment include managing emotions, maintaining a rational and objective attitude, and having the ability to research and analyze industries and companies [4] - Li Licheng believes that avoiding major failures is more crucial than achieving great successes in the stock market, as small victories can accumulate to significant gains [4] Advice for New Investors - New investors are encouraged to start investing early, as smaller initial assets lead to lesser actual losses during downturns [5] - It is essential for new investors to acquire necessary knowledge and develop a suitable investment strategy rather than relying on luck [5] Views on Foreign Investment Banks - The opening of foreign investment banks in China is seen as beneficial for enhancing service levels and competitiveness within the securities industry [6][7] - Domestic securities firms are urged to strengthen their traditional business capabilities and innovate to adapt to the evolving market landscape [7] Competitive Landscape - Foreign investment banks possess advantages such as superior transaction capabilities, experienced product design, and comprehensive financial services, but face challenges like insufficient local networks and cultural differences [8] - The entry of foreign firms into the Chinese market is expected to intensify competition, prompting domestic firms to enhance their competitiveness [9]

智通财经6月13日电，记者获悉，券商2024年文化建设评级即将出炉，券商正在复核中证协一对一下发 的初步结果，最终结果将挂钩并影响年度分类评价。业内人士反馈，今年评价进一步严格指标管理，材 料审核细节更加严格，加大了对廉洁从业的相关要求，又比如由同一单位组织实施的加分事项最多取两 项、全员文化宣导必须是面向公司全员等。此外，评估内容还聚焦对员工违规炒股、社交媒体使用、薪 酬管理违规等行为的扣分项，公司有相关处罚事项，必须在自评时扣分；并将"五篇大文章"（科技金 融、绿色金融等）、弘扬传统文化、加强文化品牌建设纳入考察。（智通财经记者 林坚） 券商2024年文化建设评级即将出炉 对加分事项从严要求 ...

Group 1: Securities Industry Outlook - The securities industry is rated "outperform" by Guolian Minsheng Securities, with expectations of policy-driven recovery in investor confidence since September 2024 [1] - A significant increase in A-share trading activity has been observed since late September, indicating potential profitability for brokerages if market conditions improve [1] - The implementation of swap convenience details is expected to enhance market liquidity and trading activity [1] Group 2: Fund Management Changes - The new public fund regulations may impact the performance contributions of fund companies, with notable declines in net profit contributions from certain brokerages [2] - The top three brokerages experiencing the largest declines in contribution ratios are First Capital, Southwest Securities, and Great Wall Securities, with decreases of -43.5%, -11.4%, and -11.2% respectively [2] - The reforms are anticipated to shift the focus of fund companies from scale to returns, potentially optimizing the public fund industry landscape [2] Group 3: Financial Market Trends - There is a growing trend towards non-directional investments in brokerage proprietary trading, reducing reliance on market performance [3] - As of the end of 2024, 85% of CITIC Securities' equity financial assets are hedged through over-the-counter derivatives [3] - New tools like swap convenience are expected to provide innovative asset allocation strategies for brokerages [3] Group 4: Investment Banking and Private Equity - The current regulatory environment may continue to pressure IPO volumes in the short term for brokerages [4] - The contribution of private equity subsidiaries to brokerage profits is expected to increase, with average revenue and net profit contributions of 0.55% and 2.55% respectively for listed brokerages in 2024 [4] - The revised regulations for private equity fund subsidiaries are likely to promote more standardized development in this area [4]