报考央行的券商人士也有不少。根据近期中国人民银行披露的2025年度拟录用公务员公告，有23名人员 来自证券公司。其中有2名券商人士不仅来自同一单位，甚至曾在同一项目组共事。公开资料显示，该 两名人士曾共同参与过一单上市公司可转债项目、一单IPO辅导项目。 曾经令人羡慕的券商员工何以选择扎堆"考公""考编"呢？出现这种情况其实并不难令人理解。毕竟如今 的证券业压力太大，远远没有许多公务员的日子过得舒坦。 皮海洲 | 立方大家谈专栏作者 证券业曾经是一个非常令人羡慕的行业，尤其是券商员工的高收入，让证券业受到不少求职者的垂青， 不少重点高校的高才生们都选择进入证券业作为自己就业的选择，甚至还有公职人员"下海"进入证券 业。 不过，这种局面如今正在发生改变。不仅公职人员"下海"进入证券业的情况几乎不再发生，而且不少券 商员工还通过"考公""考编"的方式进入体制内，成为一名公职人员。以证监会近期披露的2025年度公务 员拟录用名单作为样本观察，共有28名人士曾是券商从业人员，数量接近过去3年证监会拟录用券商背 景人员的总和。该数据在2022年、2023年、2024年分别仅为13名、9名、7名。 三是由于股市行情不景气 ...

Core Viewpoint - The asset management business of securities firms, approaching a scale of 10 trillion yuan, is undergoing a transformation amid intensified competition, with a focus on enhancing active management capabilities and obtaining public fund licenses [1][4]. Group 1: Industry Trends - The number of large collective products in the asset management industry totals 167, with a combined management scale of 357.032 billion yuan as of the end of the first quarter [1]. - Only 15 securities firms or their asset management subsidiaries hold public fund licenses, leading many to face restrictions when large collective products mature [1][4]. - The competition in the asset management industry is becoming increasingly fierce, prompting firms to seek differentiation through public fund penetration [1][4]. Group 2: Strategic Moves - Many firms are shifting from "passive rectification" to "active collaboration," changing the management of large collective products to affiliated public fund companies [2][3]. - For example, CITIC Securities Asset Management plans to change the management of 17 large collective products to Huaxia Fund, which is 62.2% owned by CITIC Securities [2]. - This strategy aims to maintain product continuity, avoid the loss of scale from liquidation, and enhance market competitiveness through resource sharing between securities firms and fund companies [3]. Group 3: Importance of Public Fund Licenses - Obtaining public fund licenses is crucial for securities firms to broaden their client base and enhance the competitiveness of their asset management services [4]. - As of the end of 2024, the total scale of the securities industry's asset management business is projected to reach 9.7 trillion yuan, a year-on-year increase of 5.7% [4]. - The active management product scale, including public funds and collective asset management, is expected to account for approximately 44% of the total, continuing to exceed the scale of directed asset management products for three consecutive years [4]. Group 4: Performance Disparities - The net income from asset management fees for 42 listed securities firms in 2024 totaled 44.092 billion yuan, a slight year-on-year decline of 0.35% [5]. - Despite the overall decline, some firms like Dongwu Securities and Guolian Minsheng have reported growth in asset management revenue for 2024 and the first quarter of 2025 [5]. - The private asset management scale of securities firms has decreased to 5.32 trillion yuan, down 530.962 billion yuan from its peak in July 2024 [5]. Group 5: Competitive Landscape - As of the end of the first quarter, four securities firms and their asset management subsidiaries have public fund management scales exceeding 100 billion yuan, indicating a tiered competitive landscape [6]. - Firms like Dongfanghong Asset Management and Huatai Asset Management lead with management scales of 158.559 billion yuan and 136.562 billion yuan, respectively [6]. - Many securities firms are leveraging their dual licenses to accelerate business expansion, focusing on optimizing product structures and enhancing investor experience [6].

头部券商的投行工作曾经是多少优秀学子梦寐以求的去向。不过，近两年，随着投行业务连续下滑，不 少投行人士纷纷改行，除了考公之外，入职上市公司当董秘也成为重要选项之一。 5月19日收盘后，科创板上市公司毕得医药（SH688073，股价42.11元，市值38.27亿元）发布公告称， 公司董事会同意聘任王轩担任公司董秘。 简历显示，王轩曾在中信建投投资银行部任职多年，任高级副总裁、保荐代表人（以下或简称保代）， 曾主持或参与多个投行项目。 《每日经济新闻》记者注意到，据统计，2024年以来，有24位新任A股上市公司董秘曾有保荐代表人资 格，其中不乏来自头部券商投行部门相关领导岗位的资深投行人士。2025年以来，业内保代总人数大幅 减少超过250人，保代人数此前多年持续上行的趋势或迎来拐点。 毕得医药原董秘3月离职 5月19日收盘后，科创板上市公司毕得医药发布公告称，经公司董事长提名，董事会提名委员会资格审 核，董事会同意聘任王轩女士担任公司董事会秘书职务。 简历显示，1985年出生的王轩具有较为丰富的资本市场工作经验，曾就职于中信建投投资银行部，任高 级副总裁、保荐代表人、内核委员。在此次出任毕得医药董秘之前，王轩自 ...

上市券商再融资已有松绑迹象。 5月16日晚间，南京证券（601990）(601990.SH)公告称，公司向特定对象发行A股股票申请获得上交所 受理。 长江商报记者注意到，早在2023年4月末，南京证券就开始推进此单定增，公司拟募资不超过50亿元， 其中公司控股股东紫金集团拟认购5亿元。 不过，2023年8月以来，A股市场融资阶段性收紧，南京证券的定增一直未有实质进展。而在近期，上 市券商定增已有松动信号。 其中，完成重组不久的两家券商国联民生（601456）、国泰海通，定增募资均已在今年年内落地。5月9 日，天风证券（601162）40亿规模的定增申请获得上交所审核通过。 在当前以净资本和流动性为核心的监管体系下，资本实力已经成为证券公司防范风险、赢得竞争优势的 核心要素之一。 数据显示，2024年，南京证券实现营业收入31.47亿元、归属于母公司股东的净利润(净利润，下 同)10.02亿元，同比分别增长27.12%、47.95%，创下公司自2018年上市后最高。 截至2024年末，南京证券净资本152.25亿元，较上年末增加1.04%，在A股49家上市券商中排名第34 位。 上交所正式受理发行申请 南京证券 ...

Core Viewpoint - Nanjing Securities has made significant progress in its 5 billion yuan private placement, receiving acceptance from the Shanghai Stock Exchange for its securities issuance application, which is a crucial step towards implementation [1][2] Group 1: Background and Purpose of the Fundraising - The company aims to enhance its capital strength to better manage risks and gain competitive advantages in the current regulatory environment focused on net capital and liquidity [2] - The fundraising will focus on core business areas to improve service capabilities for the real economy and enhance overall competitiveness and risk resistance [2] - The initial plan for the private placement was adjusted from high capital-consuming businesses to "light asset" directions like wealth management and investment banking, aligning with regulatory guidance and industry trends [2][7] Group 2: Details of the Private Placement - Nanjing Securities plans to issue A-shares to no more than 35 specific investors, including its controlling shareholder, Nanjing Zijin Investment Group, with a total fundraising amount not exceeding 5 billion yuan [3][4] - The total number of shares to be issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 1.106 billion shares [3] - The funds raised will be used entirely to supplement the company's capital after deducting issuance costs [3][4] Group 3: Allocation of Raised Funds - The allocation of the 5 billion yuan will include: - Up to 500 million yuan for investment banking to enhance service capabilities [4][5] - Up to 500 million yuan for wealth management to improve service and product systems [4][5] - Up to 500 million yuan for purchasing government and corporate bonds to support economic growth [4][5] - Up to 500 million yuan for asset management to enhance active management capabilities [4][5] - Up to 1 billion yuan for investments in alternative subsidiaries and private equity [4][5] - Up to 700 million yuan for information technology and compliance risk control [4][5] - Up to 1.3 billion yuan for debt repayment and operational funding [4][5] Group 4: Industry Context and Regulatory Environment - Since 2023, the securities industry has shifted towards capital-saving development, with tightened IPO and refinancing processes leading to a slowdown in financing for listed brokerages [8][9] - The China Securities Regulatory Commission has emphasized the need for prudent refinancing, focusing on quality over scale, and has implemented stricter regulations on financing behaviors [9][10] - The acceptance of Nanjing Securities' private placement application marks a potential shift in the regulatory environment, indicating a more rational approach to financing in the industry [10]

记者5月19日从业内获悉，中国证券业协会近期起草了关于证券公司两类子公司管理规范的适用意见， 明确了券商两类子公司管理规范中需进行临时报告的对公司经营管理产生重大影响的情形或事件的认定 标准和报送要求，于近日征求行业意见。根据适用意见，对券商另类子公司及私募子公司经营管理产生 重大影响的情形或事件涵盖以下维度：公司主体信息方面，公司的名称地址、业务牌照、注册资本、资 质或许可发生变化，公司进行业务划分、合并、分立、设立分公司/二级管理子公司、解散、清算、注 销等事项，其中设立分公司或二级管理子公司的，还需遵守中证协《适用意见第6号》的相关要求，私 募子公司设立二级管理子公司的需报送股权结构、引入三类机构的必要性和合理性、业务划分等事项说 明。(中证金牛座) ...

券商另类子投资退出损失超5000万元将需上报 智通财经5月19日电，记者获悉，中证协拟对券商另类投资子公司、私募投资基金子公司加强管理规 范，起草了《自律规则适用意见第X号一关于证券公司两类子公司管理规范的适用意见》，正在征求意 见。最新起草文件对两类子公司需进行临时报告的"重大影响的情形或事件"适用标准，及相关要求做了 明确规定。另类子方面，需报送公司投资的单一项目实际退出时产生的投资损失达到5000万元（含）以 上或占公司上一年末净资产10%（含）以上，或公司发生单项诉讼、仲裁等法律纠纷事件给公司实际造 成的损失金额占公司上一年末净资产10%（含）以上，以及其他可能对公司财务状况造成重大不利影响 的事件。报送规定时间在七天之内。（智通财经记者 林坚） ...

智通财经记者 | 陈慧东 2024年，西部证券实现营业收入67.12亿元，同比下降2.64%，实现归母净利润14.03亿元，同比增长20.38%。2025年一季度，西部证券营收规模显著下滑， 实现收入12.16亿元，同比下降23.75%，归母净利润2.91亿元，同比增长48.33%。 对于营收下滑，收购国融证券等投资者关注事项，近日，西部证券（002673.SZ）在近日召开的2024年年度股东大会上作出回应。 西部证券表示，公司一季度产生营收下滑的主要原因为：报告期内上市公司旗下西部期货风险管理的子公司营收额受到会计准则变化影响，但是这部分营收 对于它的利润贡献很小，对于上市公司本身主业的发展也影响不大。 另外，对于市场普遍关注的收购国融证券事宜，西部证券方面表示，公司目前考虑在业务、区域两方面与国融证券进行优势互补。业务方面，国融证券的财 富业务体量较好，投行业务尤其是新三板业务方面的发展也可圈可点，能够补齐公司短板。 投行业务营收下滑超2成 2024年，西部证券在复杂市场环境中交出了一份"增利不增收"的答卷。Wind数据显示，2024年52家上市券商整体营业收入合计5476.45亿元，同比增长 6.11% ...

Group 1 - The A-share market experienced fluctuations, with the Shanghai Composite Index turning positive near the close, indicating a recovery trend [1] - The largest securities ETF in the Shenzhen market, Securities ETF (159841), saw a slight increase of 0.10% with a trading volume exceeding 72 million yuan, reflecting active trading [1] - The China Securities Regulatory Commission (CSRC) announced measures to encourage private equity funds to participate in mergers and acquisitions of listed companies, signaling a supportive regulatory environment [1] Group 2 - A comprehensive set of financial policies was introduced to stabilize the market and expectations, with projections of high growth in revenue and profits for listed securities firms by Q1 2025 [2] - The current valuation of the securities sector is misaligned with its high profitability, suggesting potential for a rebound in stock prices [2] - Continuous measures to stabilize and activate the capital market are expected to support the performance and valuation recovery of the securities sector [2]

近日，深交所披露对两家券商——申港证券和五矿证券的处罚，申港证券因为客户交易行为管理、投教工作不 到位而受到通报批评处分，五矿证券则因为作为山西凝固力新型材料股份有限公司IPO项目保荐人存在违规行 为，而被交易所采取书面警示的自律监管措施。 申港证券被通报批评 5月16日，深交所披露一则对申港证券的通报批评处分决定。 深交所公告显示，2024年11月11日至11月15日，深交所联合上海证监局对申港证券股份有限公司（以下简 称"申港证券"）客户交易行为管理、投资者适当性管理和投资者教育工作等情况实施了现场检查。 经查明，申港证券存在以下违规行为：该公司内部制度中未明确客户交易行为管理牵头部门，未对重点分支机 构管理作出相关规定，与2023年深交所开展非现场检查期间其填报的情况不符；分支机构客户交易行为管理考 核约束力度不足；重点监控证券名单不够完整准确，重点监控账户名单调整不及时；对频繁触发预警的客户管 控不到位，未按深交所要求及时对相关客户提示风险，未及时向客户传达深交所相关函件；未按深交所投教工 作要求宣传相关业务规则。 从严监管，券商罚单持续发布。 据悉，深交所早在2022年对申港证券采取了口头警示措施、 ...