Core Viewpoint - Changjiang Securities has undergone a board and management restructuring, with the introduction of new representatives from Hubei state-owned assets, following the transfer of shares from the original shareholder, China Three Gorges Corporation [1][2]. Group 1: Board and Management Changes - Liu Zhengbin continues as Chairman, with new appointments including Liu Yuanrui as President and several other executives in key positions [1][2][3]. - The board now includes representatives from Hubei state-owned assets, reflecting the recent changes in shareholding structure [1][2]. - The restructuring is part of normal internal governance measures in compliance with relevant regulations [3]. Group 2: Performance Highlights - In the first three quarters of 2025, Changjiang Securities reported total operating revenue of 8.49 billion yuan, ranking 15th among listed brokerages, with a year-on-year increase of 6 positions [4]. - The net profit attributable to shareholders reached 3.37 billion yuan, ranking 13th, with a year-on-year improvement of 4 positions [4]. - The weighted average return on net assets was 9.23%, an increase of 5.21 percentage points, marking the first position among listed brokerages, with a significant rise of 19 positions year-on-year [4]. Group 3: Strategic Initiatives - Changjiang Securities has established a 10 billion yuan humanoid robot fund, the first of its kind in the securities industry, aimed at boosting the development of the robotics sector in Hubei [5]. - The company is enhancing its service capabilities in supporting the high-quality development of the local economy through a synergistic approach in research, investment, and investment banking [5].

Core Viewpoint - The recent restructuring of Changjiang Securities' board and management team reflects a normal internal governance process following the acquisition of shares by Hubei state-owned assets, leading to improved performance metrics in 2025 [1][3][4]. Group 1: Board and Management Restructuring - Liu Zhengbin continues as Chairman, with new appointments including Liu Yuanrui as President and several representatives from Hubei state-owned assets joining the board [1][3]. - The board now includes both non-independent and independent directors, with a focus on maintaining stability while optimizing functional roles within the management team [3][4]. - The restructuring is part of a regulatory compliance effort and aims to inject fresh talent into the management while ensuring continuity in strategic direction [4]. Group 2: Performance Metrics - In the first three quarters of 2025, Changjiang Securities reported record-high operating revenue of 8.49 billion yuan and net profit of 3.37 billion yuan, ranking 15th and 13th among listed brokerages respectively [6]. - The weighted average return on equity reached 9.23%, an increase of 5.21 percentage points, marking the first position among listed brokerages [6]. - The company has emphasized its role in supporting the real economy, exemplified by the establishment of a 10 billion yuan humanoid robot fund, which is the first of its kind in the securities industry [6]. Group 3: Future Outlook - With a new shareholding structure and stable governance, Changjiang Securities is expected to leverage its strengths in research, wealth management, investment, and investment banking to enhance its service quality for the real economy [7].

2025第五届21世纪金牌分析师评选由《21世纪经济报道》发起的年度评选盛事，恪守专业、公正、透明的原则，为广大投资者甄选出最具实力 与价值的分析师及研究机构。本届评选由来自公募基金、保险公司、私募机构、银行理财子公司，以及学界与上市公司核心高管组成的权威专家委 员会，共同为评选结果的专业与公正保驾护航。 上海申银万国证券研究所有限公司（简称"申万宏源研究"）创建于1992年，隶属于申万宏源证券有限公司，是中国大陆成立早、规模大、具有 独立法人资格的综合性证券研究咨询机构。截至目前，申万宏源研究拥有300余人的证券研究服务团队，聚焦研究千余家海内外重点上市公司，开 展涵盖宏观经济、行业公司、股票债券及衍生品投资策略、指数与产品设计、制度与发展等综合领域的投资研究，以及产业研究、政策研究，强 调"出思想、建体系"，以培育"百年团队"为梦想，为资本市场提供了以体系见长、长期稳定的专业研究服务。 申万宏源研究获21世纪金牌分析师评选 多项大奖 12月6日，21世纪经济报道主办的2025年第五届"21世纪金牌分析师"评选结果正式揭晓。申万宏源研究荣获"年度践行金融五篇大文章最佳研究 机构"、"年度影响力券商研究所"2 ...

Core Viewpoint - Nanyue Bank has been recognized for its outstanding contributions to the "Hundred Counties, Thousand Towns, and Ten Thousand Villages" project in Guangdong, winning two awards at the 20th 21st Century Financial Annual Conference, highlighting its role in regional economic development and high-quality construction of the Greater Bay Area [1][2] Group 1: Financial Support for Regional Development - Nanyue Bank has implemented a comprehensive work plan to support the "Hundred Counties, Thousand Towns, and Ten Thousand Villages" project, focusing on 15 core tasks and 31 key initiatives to enhance financial services at the county and village levels [2] - As of September 2025, the loan balance related to the "Hundred Counties, Thousand Towns, and Ten Thousand Villages" project exceeded 46.483 billion [2] Group 2: Technological and Green Finance Initiatives - The bank has established a "technology finance triangle" mechanism to provide diverse financial products for technology enterprises, resulting in a 28.76% increase in loans to technology companies by the second quarter of 2025 [3] - Nanyue Bank has integrated ESG principles into its services, achieving a 22.2% growth in green credit balance by the second quarter of 2025, contributing to the creation of a "Beautiful Bay Area" [3] Group 3: Inclusive and Elderly Finance - The bank has prioritized small and micro enterprises and rural revitalization, with inclusive finance loans exceeding 16 billion, reflecting a 10 billion increase since the beginning of the year [4] - In the elderly finance sector, the bank has enhanced its service capabilities, achieving a 34% growth in elderly credit balance by the second quarter of 2025 [4] Group 4: Digital Finance Development - Nanyue Bank is advancing its digital platform and core system upgrades, with its intelligent risk control platform recognized as a typical case of financial technology innovation [4] - The bank successfully launched its first digital RMB salary payment service in Zhanjiang and introduced a native HarmonyOS mobile banking app, becoming one of the first city commercial banks in Guangdong to do so [4] Group 5: Future Outlook - Nanyue Bank aims to continue deepening financial innovation and risk management while supporting national strategies and local development to achieve high-quality growth [5]

Core Viewpoint - The company is at a critical juncture in the context of the "14th Five-Year Plan" and the acceleration of financial power construction, emphasizing the importance of the capital market and the ongoing transformation and value enhancement within the securities industry [1] Group 1: Strategic Direction and Governance - The company integrates party building with business operations to ensure alignment with national strategies and enhance development momentum [3] - A comprehensive education and training system is established to promote the integration of party building and business, ensuring that all employees resonate with national strategic goals [3] - The governance mechanism has been innovatively revised to embed party building into decision-making, execution, and assessment processes, addressing the disconnect between party building and business operations [3] Group 2: Business Performance and Growth - The company anticipates strong performance across its business segments in 2024, with asset management products expected to reach a net value of 143.88 billion yuan, significantly above the industry average [4] - Investment banking revenue is projected to grow by 65.59% year-on-year, with notable achievements in ABS issuance and underwriting [4][5] - Wealth management services have seen trading volume and margin financing business scale increase by 30.40% and 37.77%, respectively, both exceeding industry averages [5] Group 3: Technological and Green Financial Initiatives - The company is committed to deepening its engagement in technology and green finance, viewing these as essential for serving the real economy and achieving efficiency breakthroughs [6] - A collaborative model in technology finance is established to support the entire lifecycle of tech enterprises, with significant bond issuance aimed at strategic emerging industries [6] - The company has innovated in green finance by integrating equity and debt financing models, successfully launching projects that lower financing costs for green initiatives [8] Group 4: Social Responsibility and Investor Returns - The company emphasizes the integration of commercial and social value, maintaining a cash dividend ratio above 30% since its listing, with a planned cash dividend of 41.63% of net profit for 2024 [9][10] - Active participation in rural revitalization and investor education initiatives demonstrates the company's commitment to social responsibility and community support [10] - The company aims to continue leveraging its strengths in technology and green finance while enhancing governance and service quality to achieve high-quality development and investor satisfaction [10]

Core Viewpoint - The article emphasizes the importance of integrating cultural construction and social responsibility into the operations of securities companies, aligning with the "14th Five-Year Plan" and the strategic requirements of the China Securities Regulatory Commission to achieve high-quality development in the financial sector [1][2]. Group 1: Strategic Orientation - The company integrates its operational philosophy of "integrity, innovation, people-oriented, and win-win cooperation" into its development practices, focusing on enhancing investor returns and serving the real economy [2][4]. - The company has established a comprehensive cadre education and training system that includes theoretical, ethical, cultural, and professional courses to ensure alignment with national strategies [3]. Group 2: Business Performance - The company's asset management business reached a net asset value of 143.881 billion yuan by the end of 2024, with a year-on-year growth exceeding the industry average [4]. - Investment banking revenue grew by 65.59% year-on-year, with significant achievements in ABS issuance and underwriting, including the first corporate bond issuance on the Beijing Stock Exchange [4]. Group 3: Governance and ESG - The company has developed a governance system that clearly defines responsibilities and enhances operational efficiency, leading to an upgrade in its ESG rating from BBB to A by Wind in June 2025 [5]. - The integration of governance and business operations aims to resolve the disconnect between party building and business activities [3][5]. Group 4: Technological and Green Finance - The company is actively involved in both technological and green finance sectors, supporting strategic emerging industries through bond financing and equity services [6][8]. - The issuance of 22 technology innovation bonds in 2024 and the establishment of a private equity fund focused on carbon neutrality demonstrate the company's commitment to green finance [6][8]. Group 5: Social Responsibility and Investor Returns - The company maintains a cash dividend ratio of over 30% since its listing in 2022, with a total cash dividend amounting to 41.63% of the net profit attributable to shareholders in 2024 [9]. - The company engages in various social responsibility initiatives, including rural revitalization projects and investor education programs, to enhance community development and protect investor rights [10].

Core Viewpoint - The report highlights the proactive role of over-the-counter (OTC) derivatives traders in supporting national strategies and the real economy, showcasing their contributions to the financial sector's "five major articles" [1] Group 1: OTC Derivatives Empowerment - A special survey conducted by China Securities Intermediary Co., Ltd. covered 44 traders, with 42 providing effective data and case studies, demonstrating the industry's achievements in the financial "five major articles" [2] - In the technology finance sector, 17 traders offered customized OTC derivatives to meet the complex needs of tech companies and investors, facilitating capital flow into the tech sector through the development of tech-focused ETFs and participation in high-tech company financing [2] - In green finance, 30 traders utilized flexible OTC derivatives to support low-carbon economy initiatives, including trading linked to green assets and developing ESG-themed indices to attract new investors [2] Group 2: Inclusive Finance and Pension Finance - In inclusive finance, 30 traders expanded service coverage and accessibility, providing affordable financial services to small and micro enterprises, farmers, and the general public, enhancing economic resilience [3] - Traders are actively developing comprehensive wealth management solutions for retirement, leveraging OTC derivatives for risk management and personalized investment strategies [3] Group 3: Digital Finance - 37 traders emphasized the use of financial technology in OTC business development, transitioning risk management from experience-driven to algorithm-driven approaches, including the creation of a fully digital platform for business operations and risk control [4] Group 4: Consensus on Function Positioning - Traders reached a consensus on the role of OTC derivatives in the high-quality development of the securities industry, recognizing their ability to connect on-market and off-market activities, serve as risk intermediaries, and provide efficient asset allocation tools [5] - The OTC derivatives business is seen as a driver for strategic transformation and service upgrades, enabling traders to evolve from channel services to multifaceted roles while strengthening risk management and digital empowerment [5] Group 5: Challenges and Recommendations - Despite achievements, traders face challenges such as limited business types, disparities in funding and innovation capabilities, and the need for improved understanding of regulatory guidance [6] - Recommendations include enhancing top-level design for OTC derivatives, supporting robust cross-border business development, increasing digital investment, and promoting positive industry image [6]

钱文海 练强内功 抢抓机遇 党的二十届四中全会为做好"十五五"时期工作指明了前进方向、提供了根本遵循。中央金融工作会议擘 画了"加快建设金融强国"的宏伟蓝图。国有金融机构如何践行好使命担当、把握好发展机遇？钱文海认 为，强化自身建设是重中之重，只有自身高质量发展，才能更好地助力金融强国建设。 钱文海介绍，最近，浙商证券各级党组织全面掀起学习贯彻党的二十届四中全会精神的热潮，通过党委 理论中心组学习会、第一议题、"三会一课"等形式，全面系统深入开展学习，推动全会精神融会贯通、 一体落实。通过深入学习，公司党委对"十五五"发展有了更清晰的认识，对做好金融"五篇大文章"有了 更深刻的理解，对资本市场发展有了更坚定的信心，公司加快改革发展的步伐也更加坚定有力。 思想是行动的先导，理论是实践的指南。中央金融工作会议召开以来，浙商证券聚焦做好金融"五篇大 文章"开展了一系列改革，并出台改革促发展实施方案，聚焦4大业务改革、3大发展驱动和1项支撑保 障，形成了8个方面37项具体措施：在"大投行"改革方面，大力推进承揽综合化、承做平台化、承销前 置化，打通"三投联动"的各个堵点；在"大财富"改革方面，以"研究—投资—顾问"体 ...

Core Viewpoint - The 19th Shenzhen International Financial Expo and the 2025 China Financial Institutions Annual Conference have joined forces to create a high-end platform for discussing development strategies and sharing innovative experiences in the financial sector [1][2]. Group 1: Event Overview - The event is co-hosted by the Shenzhen Municipal Government and the Securities Times, marking the first collaboration between these two significant financial events [1][2]. - The theme of the 2025 China Financial Institutions Annual Conference is "Empowering and Reshaping Value," focusing on the financial sector's role in the context of China's 14th Five-Year Plan conclusion and the 15th Five-Year Plan preparation [1][2]. Group 2: Key Opportunities and Goals - Shenzhen's financial industry is positioned at a critical juncture, with three major opportunities identified: leveraging national policies, utilizing international platforms, and enhancing industry integration [2]. - The city aims to establish itself as a globally influential industrial financial center, focusing on six key areas: technology industry finance, innovative capital formation, financial technology, cross-border RMB services, wealth management, and financial security [2]. Group 3: Industry Insights - The Securities Times has evolved into a key platform for industry wisdom, enhancing the influence and professional depth of the annual conference [3]. - The conference emphasizes the importance of optimizing financial institutions and focusing on core business areas to support high-quality financial development [3]. Group 4: AI in Asset Management - AI is seen as a transformative force in asset management, helping navigate challenges such as low interest rates and increased volatility [4][5]. - The integration of AI is not optional but essential for the asset management industry, expanding service boundaries and reshaping processes [5]. Group 5: Public Fund Development Trends - The public fund industry is expected to focus on dual drivers of "industry" and "livelihood" investments, aligning with national strategies [6][7]. - Key trends include a human-centered approach, expansion of index and pension products, accelerated digital transformation, and international business development [7][8]. Group 6: Awards and Recognition - The "China Financial Industry Awards for Practicing the 'Five Major Articles'" were presented, recognizing institutions that excelled in areas such as technology finance and green finance [9][10]. - The awards aim to encourage further exploration and strategic planning among financial institutions in these critical areas [9].

"2025中国金融机构年会"主题为"聚势赋能 重塑价值"。今年恰逢"十四五"收官与"十五五"谋划的关键时点，在金融强国建设蹄疾步稳、中国特色现代金融体系加速 构建的背景下，如何更好践行金融"五篇大文章"，成为各类金融机构共同面临的时代课题。本届年会的召开，旨在为行业提供一个共商发展大计、共享创新经验的 高端平台。 两大品牌活动首次联手 在开幕式上，深圳市人民政府副秘书长吴坤生致辞时表示，本届金博会是在全面贯彻党的二十大和二十届四中全会精神的关键时期举办的一次重要盛会。本届金博 会紧扣金融"五篇大文章"核心主线，以"产业金融新高地、科创赋能向未来"为主题，集中展示金融改革开放最新成果，搭建合作交流平台，必将为深圳建设具有全 球重要影响力的产业金融中心注入强大动力。 11月19日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳开幕。这是深圳市人民政府主办的"深圳国际金融博览会"与由证券时报社主办的"中国金 融机构年会"两大品牌活动首次强强联合。 吴坤生表示，当前，深圳金融业正处在动能迸发、跨越提升的黄金机遇期，要牢牢把握三大机遇：一是胸怀"国之大者"，把握政策机遇；二是立足开放前沿，善用 国际舞台 ...