2025YTD 回顾：业绩高增之下，经营显著分化。 一方面， Q1 券商板块利润同比 +83% ，投资及经纪 业务增长提振业绩，另一方面，业务层面分化显著， 38% 和 55% 的券商自营及资管业务同比下滑，分 化与转型已然是券商行业重要命题。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 本公众订阅号(微信号 GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研 投资建议：转型期、变革期，继续推荐头部综合券商。 无论是机构业务，还是资产管理 & 财富管理业 务，当前证券行业均处于关键的转型和变革期，我们推荐业务结构更为均衡、专业能力更强的头部综合券 商。 风险提示： 权益市场大幅波动；债市大幅波动； 业务转型不及预期。 文章来源 本文摘自 ...

Group 1 - The core point of the article is that Zhongtai Securities has made progress on its 6 billion yuan private placement, which is now under review by regulatory authorities [2][4]. - Zhongtai Securities announced that it received a notice from the Shanghai Stock Exchange regarding the acceptance of its securities issuance application [4]. - The private placement aims to raise up to 6 billion yuan, with specific investment allocations including 1.5 billion yuan for information technology and compliance risk control, 1 billion yuan for alternative investment, and 1 billion yuan for market-making business [5][6]. Group 2 - The total number of shares to be issued in this private placement will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 2.091 billion shares [6]. - The controlling shareholder, Zhaomining Group, plans to subscribe for 36.09% of the shares issued, amounting to no more than 2.166 billion yuan [6]. - The effective date of the private placement proposal is October 9, 2023, with an extension of 12 months to October 9, 2025 [7]. Group 3 - In addition to Zhongtai Securities, two other securities firms, Tianfeng Securities and Nanjing Securities, have also made progress on their private placements in May [8][9]. - Tianfeng Securities announced a private placement to raise up to 4 billion yuan, while Nanjing Securities' private placement of 5 billion yuan was accepted by the Shanghai Stock Exchange [9].

5月28日，因存在向非营销人员下达营销任务、费用管理不规范及不相容岗位部分职责未有效分离等问题，浙江监管局对光大证券一营业部以及相关负责 人采取出具警示函措施的决定。 值得关注的是，今年1月，因存在违规委托证券经纪人以外的个人进行投资者招揽活动的情形，上海证监局对光大证券上海一营业部员工采取出具警示函 的行政监管措施。 因违规营销等 一券商营业部及相关负责人收"罚单" 5月28日，浙江监管局发布《关于对光大证券股份有限公司丽水灯塔街证券营业部采取出具警示函措施的决定》。 监管重拳出击 | 索 引 号 | bm56000001/2025-00006262 | ਦੇ 常 | 行政监管措施;证券经营机构监管 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年05月28日 | | ਸਮ 称 | 关于对光大证券股份有限公司丽水灯塔街证券营业部采取出具警示函措施的决定 | | | | 文 름 | | 主题词 | | 根据罚单，该营业部存在向非营销人员下达营销任务、费用管理不规范及不相容岗位部分职责未有效分离等问题，反映出营业部内部控制不完善、合规管 理不到位，违反了《关 ...

5月28日，中泰证券公告，公司于当日收到上交所出具的《关于受理中泰证券股份有限公司沪市主板上市公司 发行证券申请的通知》，上交所决定予以受理并依法进行审核。 公告称，公司本次向特定对象发行A股股票事项尚需经上交所审核通过并报中国证监会同意注册后方可实施。 最终能否通过上交所审核并获得中国证监会同意注册的决定及其时间尚存在不确定性。 时隔近两年，中泰证券60亿元定增有了新进展。 5月28日，中泰证券（600918）公告，公司于当日收到上交所出具的《关于受理中泰证券股份有限公司沪市主 板上市公司发行证券申请的通知》，上交所决定予以受理并依法进行审核。 5月以来，已有三家券商定增有了新进展，分别是南京证券（601990）、天风证券（601163）、中泰证券。不 过，据记者了解，这并不意味着券商"再融资全面放开"。 中泰证券60亿元定增获上交所受理 业绩方面，中泰证券最新发布的2025年第一季度报告显示，公司实现营业收入25.45亿元，同比微增0.23%；归 属于上市公司股东的净利润达3.7亿元，同比增长11.61%。扣非净利润3.61亿元，增幅17.52%，主业盈利能力 稳步提升。 并不意味着券商"再融资全面放开" ...

Group 1 - The three major indices opened high but experienced fluctuations, with the securities sector undergoing a pullback, as evidenced by the 0.29% decline in the CSI All Share Securities Companies Index [1] - The largest securities ETF in the Shenzhen market (159841) saw a decrease of 0.21%, with a trading volume exceeding 40 million yuan, while only a few constituent stocks like Hongta Securities, Huatai Securities, Guosheng Financial Holdings, and Caitong Securities showed positive performance [1] - Notably, the securities ETF (159841) has recorded a continuous net inflow of funds over the past seven trading days, accumulating over 120 million yuan [1] Group 2 - According to Citic Securities, the current valuation of the securities industry has adjusted to a reasonable level, supported by favorable fundamentals, policies, and liquidity, as well as the stimulus from industry mergers and acquisitions [1] - The investment strategy recommended by Citic Securities includes focusing on companies with high growth expected in the mid-2025 interim report and low valuations, as well as monitoring the ongoing implementation of regulatory policies and the development prospects of financial advisory, buy-side advisory, and derivatives businesses [1] - Yongxing Securities suggests that the underweighting of the securities sector by public funds may present a reallocation opportunity, particularly for leading securities firms [2] - Zhongyuan Securities indicates that the securities sector is currently in a consolidation phase, awaiting the start of the next upward cycle, with a favorable opportunity for reallocation due to the relative low valuation [2]

5月27日晚间，指南针公告称，公司近日收到董事长顿衡的书面辞职报告，顿衡因个人原因辞去公司董事 长、董事、董事会战略与ESG委员会主任及委员、董事会提名与薪酬委员会委员职务。顿衡未持有指南针 股份。顿衡原定任期至2028年4月，其在今年4月26日刚连任为董事长。 2022年，指南针收购网信证券，后又改名为麦高证券。指南针目前拟定增募资约30亿元，全部增资麦高证券。 据悉，麦高证券将依托指南针深厚的技术背景和强大的软件技术优势进一步拓展互联网券商业务、资产管理业 务、综合财富管理业务等，充分发挥业务协同效应并持续提升经营能力。 今年3月18日晚间，指南针公告称，公司与大连亚联签署股权转让协议，拟以1.61亿元收购其持有的先锋基金 33.3074%股权。随后几天，指南针再发公告称，上述交易已完成，公司持有先锋基金95.0100%股权。 打造小东财 指南针在拿到麦高证券的牌照，以及控股先锋基金后，一度被市场解读为希望成为小东财。由此，指南针也从 单一的金融信息服务商转变为了"金融信息服务商+互联网券商"，既提供炒股软件也从事券商经纪等投资业 务。 2025年5月14日，指南针披露定增募集说明书修订稿。公告显示，公司 ...

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

广州展新通讯科技有限公司的实际控制人为黄少雄、徐兵，因此二人也是指南针的实际控制人，但此二 人均未在指南针的董事会中任职。和北京掌上网有关联的顿衡则被委派担任董事长。 北京掌上网的控 股股东为自然人陈锋，陈锋持有广州展新15%的股权，并通过广州展新间接持有指南针IPO前7.14%的 股份，为指南针IPO前间接持股5%以上的主要股东。 去年顿衡的年薪从79.2万元微调至79.88万元。 公告显示，顿衡辞去上述职务后，将不再担任公司任何职务。根据相关规定，在新任董事长、董事会战 略与ESG委员会主任选举产生之前，将由公司副董事长冷晓翔代为履行公司董事长及董事会战略与ESG 委员会主任等相关职责。 东方财富（300059）、同花顺（300033）和指南针一样，都从事证券信息服务业务，东方财富通过收购 券商进入券商经纪业务，将流量转化为收益，成为指南针学习的榜样。这一系列操作使指南针从单一的 金融信息服务商转变为"金融信息服务商+互联网券商"，既提供炒股软件也从事券商经纪等投资业务。 顿衡未持有指南针股权，指南针有股权激励，董事会不少高管有股权，但顿衡名下迄今没有股权。 顿衡成为董事长，有一定偶然性。指南针是老三板的 ...

Core Viewpoint - Huaxi Securities has been penalized by the Zhejiang Securities Regulatory Bureau for violating regulations related to investor solicitation, marking a repeated offense within a short period [2][4][10]. Regulatory Actions - The Zhejiang Securities Regulatory Bureau issued three fines on May 23, indicating that Huaxi Securities' Yiwu Mall Avenue branch engaged in illegal solicitation activities by entrusting individuals outside of licensed brokers [4][7]. - The regulatory body emphasized the need for the branch to learn from this incident, implement effective corrective measures, and hold responsible personnel accountable [7][10]. Compliance Issues - The branch's actions violated the Securities Brokerage Business Management Measures, which prohibit companies from delegating solicitation activities to unlicensed individuals or institutions [7][9]. - The head of Huaxi Securities' Zhejiang branch, Tong Moujun, was also held accountable for inadequate compliance management, receiving a warning and being recorded in the securities market integrity archive [7][10]. Industry Context - The incident reflects a broader trend of increased regulatory scrutiny in the securities industry, with multiple firms, including Huaxi Securities, facing penalties for similar violations [8][10]. - Regulatory authorities have been pushing for enhanced compliance measures, including the use of technology to track client sources and reduce reliance on traditional brokerage activities [10].

5月23日，深圳联合产权交易所网站显示，国新证券拟进行增资，本次增资拟增加股份数额不超过24亿 股，拟募集资金金额将择优确定。挂牌日期为5月23日上午9点到6月20日下午6点。当前国新证券总股本 数为58.41亿股。若此次增资顺利完成，国新证券总股本将扩大至82.41亿股。 （原标题：知名券商，增资扩股！） 【导读】国新证券拟增加24亿股 中国基金报记者 含章 又有券商增资扩股！ 深圳联合产权交易所近日披露，国新证券拟进行增资，本次增资拟增加股份数额不超过24亿股，拟募集 资金金额将择优确定。按照国新证券当前58.41亿股的股本总额计算，如果顺利完成增资扩股后，总股 本数将扩大41%。 国新证券拟增加24亿股 这是国新证券一年内第二次抛出增资扩股计划。深圳联合产权交易所信息显示，去年8月，国新证券增 资拟增加股份数不超过10亿股，增资后投资方占股比例不超过15%，挂牌期于2024年9月23日结束。 除了增资之外，国新证券还涉及股份转让。根据深圳联合产权交易所披露信息，国新证券当前有2000万 股股份转让正在进行中，这些股份转让为意向征集，并未披露转让方信息，挂牌起始日期为2025年4月9 日，挂牌结束日期为2 ...