一、券商金股股票池上月回顾 2025年5月，曼卡龙、潮宏基、科兴制药等券商金股股票的月度上涨幅度靠前。 2025年5月，国元证券、华西证券、华创证券收益排名前三，月度收益分别为 10.78%、7.30%、5.70%，同期偏股混合型基金指数收益1.06%，沪深300指数收益 1.85%。 2025年以来，东北证券、华鑫证券、东兴证券收益排名前三，年度收益分别为 45.28%、40.52%、39.15%，同期偏股混合型基金指数收益3.37%，沪深300指数收 益-2.41%。 二、券商金股股票池中选股因子表现 最近一个月，EPTTM、盈余公告后跳空超额、剥离涨停动量表现较好，单季度营 收增速、单季度净利润增速、SUE表现较差； 今年以来，总市值、剥离涨停动量、SUE表现较好，预期股息率、波动率、BP表 现较差。 三、券商金股股票池本月特征 截至2025年6月3日，共有43家券商发布本月金股。在对券商金股股票池进行去重 后，总共有286只A股。 从绝对占比来看，本期券商金股在机械(9.56%)、医药(9.04%)、电子(8.01%)、基 础化工(7.75%)、食品饮料(6.46%)行业配置较高。 从相对变化来看，本 ...

Group 1 - The financial sector showed strength on June 3, with the securities company index rising by 1.01%, driven by significant gains in stocks such as Guotai Junan, which increased over 4% [1] - The Securities ETF (159841) rose by 0.85% with a trading volume exceeding 100 million yuan, marking 10 consecutive days of net inflow, accumulating over 150 million yuan [2] - The latest scale of the Securities ETF reached 6.069 billion yuan, making it the largest among similar products in the Shenzhen market [2] Group 2 - Huatai Securities noted that the concentration in the securities industry is accelerating due to reforms in the capital market and restructuring of the competitive landscape, with the industry's revenue and net profit CR10 expected to reach 74% and 63% respectively by 2024, an increase of 22 and 11 percentage points since 2010 [2] - The asset concentration in the industry is also increasing, with leading brokerages expanding their balance sheets more rapidly and maintaining higher leverage [2] - Wengang Securities indicated that the introduction of long-term funds and improved market stability are positively impacting brokerage and proprietary trading businesses, with the brokerage sector's PB at 1.25X, positioned at the 22.41% percentile over the past decade [3]

"此次撤销分公司是两家大型券商合并后整合计划的自然推进，意味着国泰海通在'物理上'的重组接近尾声，未来 需要整合的地方还很多，特别是文化理念的融合。两家公司整合的速度还是比较快的，国泰海通会成为行业经典 范本。对不少券商而言，如何平衡规模扩张与精细化运营，通过整合实现'1+1>2'的效果，值得重点关注。未来国 泰海通合并后的分支机构文化基因重组与协同能力锻造，会变得更加重要。"券商行业资深分析师马天晓对《华夏 时报》记者指出。 在撤销33家分支机构后，国泰海通的员工总数和投研实力也颇受关注。数据显示，截至5月30日，国泰海通证券从 业人数为18779人，居行业第一；在2024年底，国泰君安证券从业人数为11365人，海通证券为7985人，两公司总 计员工为19350人，合并后公司员工总数减少了约600人。 而在此前一天，国泰海通举行了2024年年度股东大会，公司董事长朱健、总裁李俊杰出席，当日审议的议案达13 项，其中包括2024年度利润分配预案、授权董事会决定2025年中期利润分配方案的议案等，均获得通过。 根据国泰海通此前发布的公告，2024年度拟向A股、H股股东每10股派2.8元，以175.82亿股为基 ...

2025 年 06 月 03 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（分析师） 证书编号：S0790524070009 陈 威（研究员） 证书编号：S0790123070027 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 魏建榕（分析师） 高鹏（分析师） gaopeng@kysec.cn 证书编号：S0790520090002 6 ...

Group 1 - The core point of the article is the announcement by Guotai Haitong regarding the cancellation of 33 branches of the original Haitong Securities, indicating an acceleration of internal integration within the newly formed securities giant [1][2] - As of May 30, Guotai Haitong Securities has 18,779 employees, leading the industry, while the combined total of Guotai Junan and Haitong Securities is 19,350 employees by the end of 2024 [1][4] - The restructuring includes the establishment of a new organizational structure with 7 business or management committees and 41 headquarters departments, indicating that the top-level design of the integration process is largely complete [3] Group 2 - The optimization of branch institutions aims to achieve precise optimization of human capital and cost restructuring, with the investment advisory team being the only group to see an increase in personnel [4][5] - The number of investment advisors for Guotai Junan and Haitong Securities combined is projected to be 5,763 by the end of 2024, while the current number for Guotai Haitong Securities is 5,852, reflecting an increase of 89 personnel [4] - The reduction in general securities business personnel from over 10,000 to 9,954 indicates a shift in focus towards more specialized roles within the company [4][5]

Core Viewpoint - Hongxin Securities has undergone a name change to Tianfu Securities due to a shift in its actual controller to a state-owned background, marking its transition from a private to a state-owned enterprise [1][2][3] Group 1: Company Background and Changes - Hongxin Securities, originally known as Hexing Securities, has changed its name twice, both times linked to the restructuring of its major shareholder, Sichuan Trust [2] - The company was established in August 2001 through the merger of 22 securities business departments from six companies [2] - Following the restructuring of Sichuan Trust, which concluded in March 2023, the actual controller of Hongxin Securities will now be a state-owned enterprise, pending regulatory approval [3] Group 2: Financial Performance - As of the end of 2023, Hongxin Securities reported total assets of 11.157 billion yuan, a 23.18% increase year-on-year, and net assets of 2.689 billion yuan, up 5.50% [3] - The company achieved a total operating income of 469 million yuan in 2023, reflecting a year-on-year growth of 5.76%, with a net profit of 123 million yuan, an increase of 18.55% [3] - The breakdown of revenue sources shows brokerage business net income at 223 million yuan, up 25.34%, while investment banking revenue fell by 58.41% to 9.8513 million yuan [3] Group 3: Industry Context - The brokerage industry is experiencing accelerated mergers and acquisitions, particularly among small and medium-sized firms driven by local state-owned enterprises [4][5] - Recent examples include the acquisition of Wanhe Securities by Guosen Securities and the restructuring of Debon Securities under Shandong state capital [5][6] - The integration of small and medium-sized brokerages is seen as a response to increasing competition and regulatory encouragement for resource optimization and specialization [6]

券商经纪业务违规现象频发。 今年以来，A股市场交投活跃度显著提升，投资情绪愈发浓厚。然而，部分证券公司分支机构及相关从业人员 为抢占市场份额、开拓业务，屡屡触碰监管"红线"，违规现象频发，引发市场广泛关注。 根据券商中国记者梳理，近日多家券商分支机构或从业人员因向非营销人员下达营销任务；委托他人招揽客 户；违规承诺收益等问题而被地方证监局处罚。 有券商营业部人士分析认为，上述现象屡禁不止的原因是多方面的。一方面，随着市场回暖，今年各券商分支 机构考核任务比往年加重，从业人员为完成业绩指标，拓客心切也存在侥幸心理，容易突破合规底线；另一方 面，部分券商分支机构内部的合规管理与内控机制存在漏洞，未能对业务开展形成有效监督和约束。 有营业部违规揽客受罚 近日，浙江证监局接连对两家券商营业部作出行政处罚，上述两家营业部均存在为拓展业务而违规操作的共性 问题。 具体来看，华西证券义乌商城大道证券营业部存在从业人员违规委托证券经纪人以外的个人进行投资者招揽活 动的行为。 根据《证券经纪业务管理办法》，证券公司及其从业人员从事证券经纪业务营销活动，不得违规委托证券经纪 人以外的个人或者机构进行投资者招揽、服务活动。 对此， ...

【导读】开源证券全资设立公募基金子公司迎来新进展 记者从业内了解到，开源证券全资设立的公募基金子公司——鹏安基金管理有限公司(以下简称鹏安基 金)于近日正式获得中国证券监督管理委员会颁发的《经营证券期货业务许可证》(以下简称业务许可 证)，依法获准开展公开募集证券投资基金管理、私募资产管理业务。 开源证券向记者表示，鹏安基金业务许可证的取得，进一步补齐了开源证券全牌照业务资质，完善了公 司证券、基金、期货、私募股权投资等多业态、全链条金融服务布局；对提升公司"投融资"两端核心竞 争力和综合服务能力、助力公司更好地服务实体经济、做好"五篇大文章"具有重要意义。 2023年11月，证监会官网显示，开源证券申请设立的鹏安基金，已获得证监会核准设立的批复。该基金 公司由开源证券100%控股，注册资金为1亿元。 官网信息显示，开源证券成立于1994年2月，注册资本为46.14亿元，控股股东为陕西煤业（601225）化 工集团有限责任公司。开源证券下设88家分支机构，下辖长安期货、开源思创、开源投资、鹏安基金等 7家控参股子公司。 业绩方面，开源证券2024年全年实现营业收入28.59亿元，同比下降6.61%；实现利润总 ...

Core Viewpoint - The restructuring of Debon Securities' board and supervisory committee marks a significant step in the transition to state control under Shandong Financial Investment Group, following the approval from the China Securities Regulatory Commission (CSRC) [1][4]. Group 1: Board Restructuring - Debon Securities announced a new board and supervisory committee on May 30, with Liang Lei appointed as the new chairman, replacing Jin Hualong who became the vice chairman [1][2]. - The new board consists of 11 members, including 4 non-independent directors and 2 independent directors nominated by Shandong Financial Investment Group [2][4]. - This restructuring is seen as a critical move for Shandong Financial Investment Group to fulfill its role as the actual controller of Debon Securities [2][4]. Group 2: Shandong Financial Investment Group - Shandong Financial Investment Group is a provincial state-owned financial enterprise responsible for managing state financial capital, with increasing annual revenues projected from 6.537 billion yuan in 2022 to 10.276 billion yuan in 2024 [3]. - The group aims to enhance Debon Securities' business layout and leverage regional advantages to improve financial service capabilities [5][6]. Group 3: Industry Context - The transition of Debon Securities to state control is part of a broader trend where local state-owned enterprises are becoming major shareholders in private securities firms, reshaping the industry landscape [4]. - This shift is expected to facilitate deeper integration of financial resources and industrial capital, benefiting both the securities firms and local economies [4].

券业再融资市场迎来阶段性"解冻"。五月份以来，中泰证券、南京证券、天风证券三家券商定增事宜相继获得进展。这一现象背后并非简单的政策放松，而 是券商在监管引导下主动调整业务结构，深化服务实体经济功能的体现。三家券商定增项目的推进，反映出再融资正从传统的"规模扩张"模式转向"提质增 效"导向。 服务实体经济功能的深化 券商再融资的核心目标正在发生根本性转变。传统的规模扩张思路让位于服务实体经济的功能导向。三家券商在定增方案中均明确表达了这一理念转变。 中泰证券表示，将利用定增募资向全资另类投资子公司中泰创投增资，推动优质项目落地，提高直接融资效率。公司还计划加大对国债、地方政府债、企业 债等证券的投入力度，通过多元化的投资组合更好地服务实体经济发展。这种资金配置方式体现了券商从单纯的资本扩张转向精准服务的战略调整。 南京证券的定增计划更加突出了对科技创新企业的服务功能。公司明确提出要加强对代表新质生产力、"专精特新"等科技创新企业的服务力度。通过股权投 资引导资本投早、投小、投长期、投硬科技，有效发挥证券公司中介作用，服务地方科技创新和产业创新融合。 天风证券的定增方案则聚焦于深化服务实体经济、深耕湖北辐射全国的 ...