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、 ...

本文字数：1511，阅读时长大约3分钟 作者 | 第一财经 周斌 又有多家券商因投行业务违规被监管"点名"。据上交所近日披露，因违反上市公司再融资分类审核 机制适用规定，中信证券（600030.SH）、国投证券及多位保代被监管警示。 2025.05. 19 上交所认定，上述两家券商未审慎关注可能影响审核程序适用的事项，出具的核查意见与实际情况不 符，履行保荐职责不到位，相关项目保荐代表人，对此负有直接责任。对此，上交所予以监管警示， 并要求当事人采取切实措施进行整改，对照相关问题进行内部追责，并向上交所书面整改报告。 从监管披露的投行违规罚单来看，上述两家券商近一年内均曾因首发上市业务违规受到深交所纪律处 分。 根据深交所披露的监管函，2024年11月，中信证券在担任深圳市皓吉达电子科技股份有限公司IPO 项目保荐人过程中，存在对发行人实控人认定和控制权稳定性的核查程序执行不到位、未督促发行人 准确、完整披露控股股东的重大股权转让情况，被深交所采取书面警示的监管措施。 2024年9月，国投证券在担任苏州奥德高端装备股份有限公司IPO项目保荐人过程中，存在未对发行 人报告期内部分资金拆借予以充分关注并审慎核查、 ...

2025年05月18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年第十六期） 并购六条正式落地 关注券商重组机会 市场表现: 本期（2025.5.12-2025.5.16）非银(申万)指数+2.49%、行业排 2/31,券商Ⅱ指 数+2.18%,保险II指数+3.58%; 上证综指+0.76%，深证成指+0.52%，创业板指+1.38%。 个股涨跌幅排名前五位：红塔证券（+13.84%）、锦龙股份（+13.18%）、瑞达 期货（+10.28%）、中国人保（+10.20%）、广发证券（+6.09%）； 个股涨跌幅排名后五位：中油资本（-2.66%）、海南华铁（-2.35%）、香溢融通 (-1.68%）、东北证券（-1.47%）、中粮资本（-0.92%）。 (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 2.18%,跑赢沪深 300 指数 1.07pct,跑赢上证综 指数 1.42pct。当前券商板块 PB 估值为 1.33 倍，位于 2020 年 20 分位点附近，处 于历史低位。 本周,5 月 16 日,证监会发布了《关于修改＜上市公司重大资产重组管 ...

Group 1 - The core viewpoint of the news is the successful restructuring of Guodu Securities' board, marking a significant step in the integration process with Zheshang Securities [2][3] - On May 15, Guodu Securities held its first extraordinary shareholders' meeting of 2025, resulting in the election of a new board of directors and supervisory board, with Qian Wenhai appointed as chairman [2][3] - The restructuring changes Guodu Securities' controlling shareholder from none to Zheshang Securities, with Zheshang's actual controller, Jiaotong Group, becoming the actual controller of Guodu Securities [2][3] Group 2 - The new board consists of 10 directors and 3 independent directors, with 6 directors nominated by Zheshang Securities successfully elected [3] - This restructuring is a key step in the acquisition process initiated by Zheshang Securities in December 2023, which is required to develop an integration plan within one year as per the China Securities Regulatory Commission's approval [3][4] - The acquisition process involved a phased approach, costing approximately 5.185 billion yuan and taking nearly 15 months to complete [4] Group 3 - The newly appointed directors from Zheshang Securities have extensive experience in the securities industry, with Qian Wenhai having over 20 years of financial management experience [5] - Zhang Hui, the new general manager, has 34 years of experience in the securities industry and played a crucial role in the acquisition negotiations [5] - Other directors are senior management personnel from Zheshang Securities, contributing to the strategic direction of the company [5] Group 4 - The integration of Guodu Securities is a significant focus for Zheshang Securities in 2025, ensuring compliance while coordinating business operations [6] - Guodu Securities reported a recovery in performance for 2024, achieving operating income of 1.805 billion yuan, a year-on-year increase of 30.7%, and a net profit of 924 million yuan, up 27.78% [6]

Core Viewpoint - The brokerage sector, often seen as a "bull market flag bearer," is experiencing a divergence between strong performance and declining valuations, indicating a potential undervaluation and underweighting in the market [1][3]. Performance and Valuation - In Q1, the average daily trading volume of A-shares reached 15.2 trillion yuan, a year-on-year increase of 69.58%, significantly supporting the revenue growth of listed brokerages [2]. - A total of 42 A-share listed brokerages achieved a combined operating income of 125.93 billion yuan in Q1, up 24.6% year-on-year, and a net profit attributable to shareholders of 52.183 billion yuan, up 83.48% year-on-year [2]. - Despite the strong performance, the brokerage sector's market performance has been disappointing, with a cumulative decline of 7.58% as of May 16, 2023, and only 6 out of 42 brokerage stocks showing an increase [2]. Underestimation and Market Sentiment - Analysts indicate that the brokerage sector is currently undervalued, with a price-to-book ratio of approximately 1.21, placing it in the 16.96% percentile over the past decade [3]. - The proportion of active equity public funds holding brokerage stocks was about 0.37% in Q1, marking a historical low [3]. - Factors beyond fundamental performance, including macroeconomic conditions and non-fundamental elements, are also influencing the sector's valuation [3]. Future Outlook - Analysts expect a recovery in the brokerage sector's valuations, driven by improved liquidity and favorable policies, with significant growth opportunities anticipated [5]. - Projections for 2025 suggest a 13% year-on-year increase in net profit for the securities industry, with brokerage income expected to rise by 35% [5]. - The recovery of the primary market and continued strength in the secondary market are expected to stabilize the brokerage's investment banking and asset management businesses [6]. Investment Opportunities - Analysts recommend focusing on brokerage firms with good Q1 fundamentals and expectations for mergers and acquisitions, as these firms are likely to present long-term investment value [6]. - The ongoing supportive policies from the capital market are expected to benefit leading brokerages with strong balance sheet management and stable growth [6].

Core Viewpoint - The restructuring of Guodu Securities by Zheshang Securities marks a significant advancement in their integration process, with the establishment of a new board of directors and the confirmation of Zheshang Securities as the controlling shareholder [1][2]. Group 1: Restructuring and Control - On May 15, Guodu Securities held its first extraordinary shareholders' meeting of 2025, resulting in the election of a new board of directors and supervisory board, with Qian Wenhai appointed as chairman [1][2]. - The restructuring signifies a change in Guodu Securities' controlling shareholder status from none to Zheshang Securities, with Zheshang's actual controller, Jiaotong Group, now controlling Guodu Securities [1][2]. - The restructuring is a key step in the acquisition process initiated by Zheshang Securities in December 2023, which is required to develop an integration plan within one year as per the China Securities Regulatory Commission's approval [2][3]. Group 2: Acquisition Process - Zheshang Securities began its acquisition of Guodu Securities in December 2023, initially acquiring a 19.145% stake from five institutions, becoming the largest shareholder [3]. - By May to June 2024, Zheshang increased its stake to 34.25% through competitive bidding, and by November 2024, it was officially recognized as the major shareholder by the regulatory authority [3]. - As of March 2025, Zheshang's stake in Guodu Securities rose to 34.76% after acquiring an additional 30 million shares [3]. Group 3: Board Composition and Experience - The newly elected board consists of six directors and two independent directors nominated by Zheshang Securities, all possessing extensive experience in the securities industry [4]. - Qian Wenhai, the chairman, has over 20 years of financial management experience, while Zhang Hui, the general manager, has 34 years in the industry and played a crucial role in the acquisition negotiations [4]. - Other board members include senior executives from Zheshang Securities, indicating a strong leadership team focused on the integration of the two firms [4]. Group 4: Strategic Goals - The integration of Guodu Securities is a top priority for Zheshang Securities in 2025, as emphasized in their strategic planning meetings [5]. - The company aims to enhance its market competitiveness and ensure a smooth integration process while adhering to regulatory requirements [5][6]. - Guodu Securities reported a recovery in performance for 2024, with revenues of 1.805 billion yuan, a 30.7% increase year-on-year, and a net profit of 924 million yuan, up 27.78% [6].

以下文章来源于金融八卦女频道 ，作者兴华 金融八卦女频道 . 有深度、有温度、有态度，在这里读懂财富。 她并不是混不下去才去 " 陪酒 " ，在野村证券刚入行那几年， kiko 每天不是打电话就是在路上，这么拼的 工作狂，如今却跳槽进入了银座的夜生活圈。她说： " 比起升职，我更想当老板。 " 毕竟人家在券商是 销冠，到了银座还是销冠。 文丨金融八卦女 最近，金融圈被"日本券商女下海银座"的消息刷屏，各群都在讨论"一级二级不如三级，未来该怎么 办"。 国内的金融人是不能公然下海的，那还能有啥出路？很多人已经打了样，考公考编，或者跳槽去上市公 司对接资本市场当证代或者董秘。 数据显示，短短一年零一个季度，券商行业就少了2.2万人。 而那些暂时还找不到跳槽转行出路的券商人，只好拼命开发新才艺，为了拉到新客户大哥卷起来！拼命 程度，简直不输给银座的券商美女。 01 券商美女销冠下海 一夜成银座头牌 岛国的魔幻新闻就是多，而且都不避着点人。 以前看日本金融圈的新闻，那是奇葩遍地，有券商职员下药谋杀八旬客户，有银行内部发出"盗窃银行 资产就切腹谢罪"的誓约书，有靠上市公司发消费券生活数年的股东大叔真人秀。 现在呢？突然 ...

国都证券5月16日公告，其于前一日召开2025年第一次临时股东会，并选举产生了新一届董事会、监事会。 浙商证券提名的6名董事及2名独立董事、2名监事成功当选。 浙商证券总裁钱文海被选举为国都证券董事 长。 至此，浙商证券对国都证券历时近两年的并购整合，取得了里程碑式进展。有接近浙商证券人士表示，此次改 组为浙商证券打造"全国性中大型一流券商"的战略目标奠定了关键基础，也标志着"新国都"正式起航。 浙商证券控股地位确立 浙商证券于2023年12月启动收购国都证券，目前已累计获得国都证券34.76%股权，并实质性掌握控股权。此 次董事会改组正是并购整合的核心步骤之一。 根据股东会决议，国都证券 第三届董事会由包括10名董事及3名独立董事组成，浙商证券提名的6名董事及2名 独立董事、2名监事此次成功当选。股东大会结束后，国都证券新一届董事会召开会议，一致推选浙商证券总 裁钱文海担任董事长。 同时，董事会还决定延长现任高管们的任职期限，至董事会对高管换届工作作出决议 之日止。 国都证券董事会新任的6名浙商系董事均具备丰富的证券行业经验。其中，董事长钱文海现任浙商证券 党委书 记、总裁。他拥有超过20年的金融管理经验， ...

监管部门近期针对券商的处罚，暴露出行业在投行展业、人员管理、直播业务等方面仍存在诸多不规范 情形。 统计显示，今年4月，证券公司及子公司、分支机构、证券从业人员共收到行政处罚、行政监管措施及 自律管理措施29单，涉及15家证券公司（含分支机构及从业人员）。从处罚事由来看，罚单主要集中在 投行业务、经纪业务、从业人员管理。分析人士认为，证券公司仍需要强化内控管理，落实业务管理， 强化合规意识宣导，并加强从业人员执业行为管理。 投行业务领域监管动态频发 4月，券商投行业务"罚单"主要集中于发行股票尽职调查不到位、未尽职督导信息披露、内部控制不完 善等方面。 4月18日，深交所发布三份自律监管决定，直指海诺尔环保产业股份有限公司（以下简称"海诺尔"）创 业板IPO项目执业违规问题。作为项目保荐机构的申万宏源证券（000562）承销保荐有限责任公司及其 两名保荐代表人被采取约见谈话监管措施。 根据深交所自律监管决定，深交所现场督导发现，海诺尔存在研发投入相关内部控制执行不到位、研发 费用归集及会计处理不规范等情形，申万宏源及其两名保荐代表人在执业过程中未予以充分关注并审慎 核查，发表的核查意见不准确。此外，还存在核查 ...