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 ...

Core Viewpoint - The recent progress of Zhongtai Securities' 6 billion yuan private placement indicates a significant step in its capital raising efforts, although it does not imply a comprehensive reopening of refinancing for securities firms [1][5]. Group 1: Private Placement Details - On May 28, Zhongtai Securities announced that it received acceptance from the Shanghai Stock Exchange for its application to issue securities, which is subject to further review and approval by the China Securities Regulatory Commission [2][3]. - The total amount to be raised through this private placement is not to exceed 6 billion yuan, which will be used to enhance the company's capital, optimize its business structure, and improve market competitiveness and risk resilience [2][3]. - The funds will be allocated to six areas, including investments in information technology and compliance risk control, alternative investment business, market-making business, wealth management, debt repayment, and purchasing various securities [2][3]. Group 2: Shareholder Support and Control - The controlling shareholder, Zao Mining Group, plans to subscribe for 36.09% of the new shares, amounting to no more than 2.166 billion yuan, ensuring that there will be no change in the company's control post-issuance [3][4]. - This private placement was initially proposed two years ago and has undergone several modifications regarding the use of funds, including a recent addition of wealth management and bond purchases [3][4]. Group 3: Financial Performance - In the first quarter of 2025, Zhongtai Securities reported an operating income of 2.545 billion yuan, a slight increase of 0.23% year-on-year, and a net profit attributable to shareholders of 370 million yuan, reflecting a year-on-year growth of 11.61% [4]. - The company's net profit after deducting non-recurring items reached 361 million yuan, with a growth rate of 17.52%, indicating a steady improvement in its core profitability [4]. Group 4: Industry Context - The recent developments in Zhongtai Securities' private placement are part of a broader trend, with three securities firms, including Nanjing Securities and Tianfeng Securities, also making progress in their refinancing efforts [5]. - However, it is emphasized that these moves do not signify a full reopening of refinancing for the securities industry, as the current regulatory environment continues to encourage capital-efficient and high-quality development [5].