这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

2025年06月06日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报(2025年第十九期) 券商积极回购提振市场信心 市场表现: 本期（2025.6.2-2025.6.6）非银（申万）指数+1.99%，行业排 10/31，券商Ⅱ指 数+2.39%,保险Ⅱ指数+1.03%; 上证综指+1.13%，深证成指+1.42%，创业板指+2.32%。 综合来看,目前监管明确鼓励行业内整合,在政策推动证券行业高质量发展的趋 势下,并购重组是券商实现外延式发展的有效手段,券商并购重组对提升行业整 投资评级 增持 维持评级 个股涨跌幅排名前五位：南华期货（+43.66%）香溢融通（+11.23%）瑞达期货 (+10.17%）、永安期货（+8.46%）、国泰海通（+7.68%）; 个股涨跌幅排名后五位: 拉卡拉（-3.00%）、国信证券（-0.27%）、江苏金租（- 0.17%）、湘财股份（-0.12%）、天茂集团（-0.00%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨 2.39%,跑赢沪深 300 指数 1.51pct,跑赢上证综 指数 1.26pct。当前券商板块 PB ...

Core Viewpoint - The securities sector is experiencing a significant rebound, driven by active stock buybacks and favorable policies, leading to increased investor confidence and market activity [4][5][6]. Industry Summary - The Shanghai Composite Index has recovered above 3400 points, with the Securities ETF leading the charge, showing a 1.83% increase and trading volume exceeding 40 million yuan [1]. - The CSI Securities Company Index rose by 1.85%, with notable individual stock performances, including a 10.01% increase for Xinda Securities and a 7.03% rise for Dongxing Securities [3]. - Several brokerages have initiated share buybacks, with six firms having repurchased 129 million shares for a total of 13.1 billion yuan as of June 5 [4]. - The upcoming Lujiazui Forum on June 18-19 is expected to announce significant financial policies aimed at promoting stable development in the capital markets, which could directly benefit the securities sector [4][6]. Company Summary - The active buyback trend among brokerages is seen as a positive signal to the market, enhancing investor confidence and aligning with regulatory encouragement for companies to optimize their capital structures [5][6]. - The securities industry is expected to benefit from improved liquidity conditions and favorable policies, with optimistic projections for earnings growth in 2025, including a potential 37.7% year-on-year increase in net profit for the first half of 2025 [6].

2025年06月06日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报(2025年第十九期) 券商积极回购提振市场信心 市场表现: 本期（2025.6.2-2025.6.6）非银（申万）指数+1.99%，行业排 10/31，券商Ⅱ指 数+2.39%,保险Ⅱ指数+1.03%; 上证综指+1.13%，深证成指+1.42%，创业板指+2.32%。 个股涨跌幅排名前五位：南华期货（+43.66%）香溢融通（+11.23%）瑞达期货 (+10.17%）、永安期货（+8.46%）、国泰海通（+7.68%）; 个股涨跌幅排名后五位: 拉卡拉（-3.00%）、国信证券（-0.27%）、江苏金租（- 0.17%）、湘财股份（-0.12%）、天茂集团（-0.00%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨 2.39%,跑赢沪深 300 指数 1.51pct,跑赢上证综 指数 1.26pct。当前券商板块 PB 估值为 1.27 倍，位于 2020 年 20 分位点附近，处 于历史低位。 近日,多家券商披露回购进展,截至6月5日,今年以来已有6家券商实施了股份 回购,已回购股份 ...

Group 1 - The three major indices collectively strengthened on June 9, with significant movements in the brokerage and fintech sectors, as evidenced by the rise of the brokerage ETF fund (515010) by 1.8% and the fintech ETF (516100) by 1.52% [1] - As of June 5, six brokerages have implemented share buybacks totaling 129 million shares and 1.31 billion yuan, reflecting a positive market signal and boosting investor confidence [1] - The trend of brokerage buybacks and the "quality improvement and efficiency enhancement" actions indicate the industry's focus on long-term value and align with regulatory efforts to promote high-quality capital market development [1] Group 2 - The brokerage ETF fund (515010) tracks the CSI All Share Securities Company Index and has the lowest management and custody fee rate of 0.2%, making it an attractive investment option for those optimistic about the brokerage sector [2] - The fintech ETF (516100) closely follows the CSI Financial Technology Theme Index, covering high-growth sectors such as internet brokerages, financial IT, mobile payments, and AI, allowing investors to benefit from the long-term growth of the fintech industry [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the brokerage sector, with the CSI All Share Securities Company Index rising by 1.77% as of June 9, 2025, and individual stocks like Xinda Securities increasing by 10.01% [1] - The brokerage ETF (159842) has seen a recent increase of 1.78%, with a latest price of 1.03 yuan, and a cumulative rise of 2.22% over the past week [1] - The trading volume for the brokerage ETF reached 48.78 million yuan, with a turnover rate of 2.77% during the session [1] Group 2 - The latest scale of the brokerage ETF has reached 1.736 billion yuan [2] - The trend of stock buybacks and "quality improvement and efficiency enhancement" actions in the brokerage industry reflects a focus on long-term value and aligns with regulatory efforts to promote high-quality development in the capital market [2] - The encouragement of industry consolidation by regulators is expected to enhance the investment attractiveness of the brokerage sector, with mergers and acquisitions serving as effective means for external growth and improving overall competitiveness [2]

Group 1 - The IPO underwriting business of securities firms shows significant recovery in 2025, with a stable issuance pace in the A-share market after a sluggish 2024. As of June 8, 45 A-share companies were sponsored for IPOs, a year-on-year increase of approximately 12.5%. The total amount raised from IPOs reached 33.655 billion yuan, a year-on-year increase of about 19% [1] - The Hong Kong IPO market has performed exceptionally well, with a fundraising scale that increased by over 700% year-on-year in the first five months, providing significant incremental business for securities firms [1][4] Group 2 - The competitive landscape among leading securities firms remains evident, with "two among one Hu" pattern firmly established. CITIC Securities leads with an IPO underwriting amount of 7.918 billion yuan, followed by Huatai United Securities and CITIC Securities with 3.034 billion yuan and 2.674 billion yuan, respectively [3] - In terms of underwriting quantity, Guotai Junan and CITIC Securities each underwrote six projects, with Guotai Junan having one joint underwriting and CITIC Securities three joint underwritings. Shenwan Hongyuan ranked third with five IPOs underwritten [3] - The largest two A-share IPOs this year, sponsored by CITIC Securities, raised 4.066 billion yuan and 3.740 billion yuan, respectively [3] Group 3 - The Hong Kong IPO market has become a new engine for performance growth, with a total fundraising of 77.36 billion HKD in the first five months, reflecting a year-on-year increase of 707.2%. Notable A-share companies like CATL and Hansoh Pharmaceutical achieved record IPOs in Hong Kong [4] - More than half of the sponsoring institutions in the Hong Kong IPO market are Chinese securities firms, showcasing their competitive advantage in cross-border business. CICC Hong Kong sponsored eight companies, followed by Huatai International with six [4] - Multiple factors, including policy optimization, changes in funding structure, and the restructuring of international geopolitical relations, have driven the sustained activity in the Hong Kong IPO market [4]

Core Viewpoint - The A-share IPO market in China showed signs of warming in May, with a total of 16 IPO applications accepted, surpassing the total of the first four months of the year [1] Group 1: IPO Market Dynamics - In May, the Beijing Stock Exchange (BSE) accepted 18 IPO applications, accounting for nearly 70% of the total [1] - The acceleration in IPO approvals is attributed to the implementation of the "19 reform measures" and seasonal factors, as many companies resumed their applications after updating their financial reports [1] - The top three securities firms in terms of projects under review at the BSE in the first five months were CITIC Securities, Guotai Junan, and Kaiyuan Securities, each with 11 projects [2] Group 2: Securities Firms' Strategies - Mid-sized securities firms are adopting unique strategies to differentiate themselves, such as creating specialized funds to nurture early-stage projects [2] - Leading securities firms are increasingly focusing on the BSE, with a notable rise in their underwriting amounts, indicating a shift in market dynamics [5] - The top ten underwriters for BSE IPOs in 2023 included six leading firms, compared to four in 2022, highlighting the growing presence of larger firms in this space [5] Group 3: Market Trends and Future Outlook - The BSE is becoming a battleground for both mid-sized and leading securities firms, with a focus on serving innovative and growth-oriented companies [4] - The quality and liquidity of companies listed on the BSE are improving, with a significant expansion in high-quality listings expected [7] - The number of securities firms participating in the New Third Board recommendation and listing business has increased, indicating a growing interest in this market segment [6]

行至6月，年已将半，各券商紧锣密鼓举办2025年中期策略会。 目前，中信证券、国泰海通、华泰证券等大型券商的中期策略会已结束，对各产业的中期展望报告也相继发 布。 就证券行业而言，券商中国记者注意到，得益于一揽子金融政策的推出和落实，非银分析师们均认为，行业将 迎来更加广阔的展业空间。不过，随着行业格局持续优化，转型已成为各家券商发展命题。 华泰证券非银分析师沈娟团队表示，当前行业正处于资产负债表扩张的战略窗口期，但内外环境复杂性加剧， 对券商资产配置能力提出更高要求，投资业务或是全年业绩的胜负手。 有分析师预测上半年证券业净利润增幅超30% 2024年，证券行业实现反转，净利润重回正增长。2025年第一季度，涨势延续，42家上市券商归母净利润同比 增幅超50%。今年以来，降息等政策利好改善市场流动性环境，资本市场活跃度持续保持，在此背景下，多位 非银分析师也对证券行业2025年业绩前瞻给出比较乐观的预期。 增配高股息成自营发展共识 在机遇之外，分析师也指出了当前证券行业存在的挑战。国泰海通非银分析师刘欣琦认为，第一季度证券行业 虽然取得高速增长，但经营显著分化。他认为，分化与转型已然是券商行业重要命题。 沈 ...

Group 1 - The core point of the news is the appointment of five new executives at Guolian Minsheng Securities, primarily from Minsheng Securities, following the merger of Guolian Securities and Minsheng Securities earlier this year [1][2][5] - The new appointments include Wang Jinling as Executive Vice President, and Wang Wei, Ren Kaifeng, Yang Hai as Vice Presidents, and Wu Zherui as Chief Information Officer [2][5] - After the appointments, Guolian Minsheng has a total of 13 executives, with five coming from the original Minsheng Securities [6] Group 2 - Analysts believe that the adjustment in executive personnel will facilitate the steady integration of business operations between Guolian Securities and Minsheng Securities [5] - The merger, completed in just eight months, is seen as a significant case in the context of recent financial policy changes and is expected to enhance the combined firm's market position [7] - In the first quarter after the merger, Guolian Minsheng reported a revenue of 1.562 billion yuan, a year-on-year increase of 801%, and a net profit of 376 million yuan, up 272% [7][8] Group 3 - The integration of business operations is progressing, with the full subsidiary Huaying Securities recently changing its name to Guolian Minsheng Securities Underwriting and Sponsorship Co., Ltd., indicating a consolidation of investment banking services [8] - The combined firm is expected to leverage regional and business synergies, with significant growth in investment banking revenue and bond underwriting scale observed in the first quarter [8]