东吴证券表示，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下 行政化并购与市场化并购主线，重点关注以下两方面：一是同属同一实控人的证券机构；二是后续市场 化并购可能性较高的证券公司。因此，接下来券商互金板块值得期待。 民生证券称，年初以来政策定调积极，降准降息有望呵护流动性，中长期资金持续入市提振市场信心， 2025年市场交投热度或持续高位，主要股票与债券指数有望延续向好趋势，业绩修复与并购重组或仍是 行业主线。建议关注业绩修复阶段在多业务条线具备龙头优势的优质券商标的。 消息上，中央汇金新晋多家券商实控人，市场并购预期再起。6月6日，证监会核准中央汇金投资有限责 任公司成为长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基金管理有 限公司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达期货有限 公司实际控制人。 对此，中航证券认为，目前监管明确鼓励行业内整合，在政策推动证券行业高质量发展的趋势下，并购 重组是券商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争力、优化资源配置以及促进 市场健康发展具有积极作用，同时行业 ...

Group 1 - The three major indices collectively strengthened on June 9, with significant movements in the brokerage and fintech sectors, as evidenced by the rise of the brokerage ETF fund (515010) by 1.8% and the fintech ETF (516100) by 1.52% [1] - As of June 5, six brokerages have implemented share buybacks totaling 129 million shares and 1.31 billion yuan, reflecting a positive market signal and boosting investor confidence [1] - The trend of brokerage buybacks and the "quality improvement and efficiency enhancement" actions indicate the industry's focus on long-term value and align with regulatory efforts to promote high-quality capital market development [1] Group 2 - The brokerage ETF fund (515010) tracks the CSI All Share Securities Company Index and has the lowest management and custody fee rate of 0.2%, making it an attractive investment option for those optimistic about the brokerage sector [2] - The fintech ETF (516100) closely follows the CSI Financial Technology Theme Index, covering high-growth sectors such as internet brokerages, financial IT, mobile payments, and AI, allowing investors to benefit from the long-term growth of the fintech industry [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the brokerage sector, with the CSI All Share Securities Company Index rising by 1.77% as of June 9, 2025, and individual stocks like Xinda Securities increasing by 10.01% [1] - The brokerage ETF (159842) has seen a recent increase of 1.78%, with a latest price of 1.03 yuan, and a cumulative rise of 2.22% over the past week [1] - The trading volume for the brokerage ETF reached 48.78 million yuan, with a turnover rate of 2.77% during the session [1] Group 2 - The latest scale of the brokerage ETF has reached 1.736 billion yuan [2] - The trend of stock buybacks and "quality improvement and efficiency enhancement" actions in the brokerage industry reflects a focus on long-term value and aligns with regulatory efforts to promote high-quality development in the capital market [2] - The encouragement of industry consolidation by regulators is expected to enhance the investment attractiveness of the brokerage sector, with mergers and acquisitions serving as effective means for external growth and improving overall competitiveness [2]

【导读】国联民生证券聘任多名高管，均具备民生证券任职经历 中国基金报记者 晨曦 国联民生证券，高管大扩容！ 6月6日晚间，国联民生发布任免高级管理人员的公告。国联民生董事会聘任汪锦岭担任公司执行副总裁，聘任王卫、任凯锋、杨海担任公司副总裁，聘任 吴哲锐担任公司首席信息官。 从过往履历来看，上述新任高管均曾在民生证券担任重要职务。经过此次聘任，国联民生证券高管团队迎来"大扩容"。 国联民生证券聘任5名高管 均来自民生证券 并购重组事宜尘埃落定后，国联、民生的整合发展仍在继续。 6月6日盘后，国联民生发布公告称，公司于当日召开第五届董事会第二十五次会议，审议通过《关于聘任公司高级管理人员等相关事项的议案》。 公告显示，国联民生董事会同意聘任汪锦岭担任公司执行副总裁，聘任王卫、任凯锋、杨海担任公司副总裁，聘任吴哲锐担任公司首席信息官，任期自董 事会审议通过之日起至公司第五届董事会届满之日止。 与此同时，黄葳因工作调整不再担任国联民生证券首席信息官，但仍在公司任职，公司其他高级管理人员职务不变。在公告中，国联民生证券对黄葳担任 首席信息官期间对公司发展做出的努力和贡献表示感谢。 从公开简历来看，此次国联民生证券聘任的 ...

中央汇金的最新动作引发关注。 6月6日，据证监会网站，长城国瑞证券有限公司、东兴证券股份有限公司、信达证券股份有限公司、东兴基金管理有限公 司、信达澳亚基金管理有限公司、长城期货股份有限公司、东兴期货有限责任公司、信达期货有限公司的变更实际控制人申 请文件已获核准，中央汇金投资有限责任公司（以下简称"中央汇金公司"）成为其实际控制人。相关公司需按规定及时办理 工商变更登记等事宜，完善公司治理结构，维护公司及投资者合法权益。 中信证券认为，"汇金系"券商的股权调整有望推动证券行业新一轮并购，可关注证券行业同一实控人下行政化并购与市场化 并购主线，重点关注两方面，一是同属同一实控人的证券机构，二是后续市场化并购可能性较高的证券公司。 从行业动态来看，自去年以来，在监管鼓励券商通过并购重组做大做强等政策推动下，新一轮券商并购整合步伐加快，多个 并购组合取得实质性进展。 业内人士分析，未来券商并购重组将主要围绕"头部券商强强联合，整合资源优势做优做强"以及"中小券商结合股东背景、区 域优势等资源禀赋和专业能力做精做细，实现特色化、差异化发展"两个方向推进。 从实现路径上，同一实控人旗下的两家或多家券商、非金控类央企剥 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [40]. Core Insights - The securities sector has shown a positive performance, with a weekly increase of 2.18%, outperforming the CSI 300 index by 1.07 percentage points and the Shanghai Composite index by 1.42 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.33, which is near historical lows [1]. - The recent modifications to the "Major Asset Restructuring Management Measures" by the CSRC aim to enhance market vitality by establishing a phased payment mechanism for restructuring shares and encouraging private equity funds to participate in mergers and acquisitions [2][35]. - The insurance sector has also performed well, with a weekly increase of 3.38%, surpassing the CSI 300 index by 2.46 percentage points. The introduction of the "Insurance Institutions' Elderly Service Standards" aims to improve services for elderly clients, enhancing their experience and accessibility [7][8]. Summary by Sections Securities Weekly Data Tracking - The brokerage sector's performance is highlighted by a 2.18% increase, with a PB ratio indicating historical low valuations [1]. - The restructuring measures have led to a significant increase in the number of disclosed asset restructurings, with over 600 planned this year, representing a 1.4 times increase compared to the same period last year [2]. Insurance Weekly Data Tracking - The insurance sector's performance is characterized by a 3.38% increase, with a focus on improving services for elderly clients through newly established standards [7][8]. - The current uncertainties in the insurance sector are primarily related to pressures on the asset side, with future valuation recovery dependent on the performance of the bond, equity, and real estate markets [8].

Summary of Key Points from the Conference Call Industry Overview - The brokerage sector, specifically the EQ25 index, has shown a strong performance with a 55% year-on-year growth, driven primarily by commission income, which accounts for 29% of total revenue, benefiting from market recovery and high growth in brokerage services [1][2][7] - The public fund high-quality development action plan has reinforced performance benchmarks, leading to a 6.3% under-allocation in the securities sector within the CSI 300 index, with Dongfang Wealth and CITIC Securities being the most under-allocated stocks [1][4] Core Insights and Arguments - **Performance Drivers**: The main contributors to the brokerage sector's growth are self-operated and brokerage businesses, with self-operated income contributing 43% to total revenue, showing significant improvement due to a more stable market environment [2][7] - **Future Focus**: The future development of brokerages will focus on performance elasticity and mergers & acquisitions, with increasing contributions from international business, particularly from the rebound in Hong Kong IPOs [1][6] - **Valuation and Recommendations**: Guangfa Securities is recommended due to its undervaluation and fundamental turning point, with significant contributions from its asset management and wealth management sectors [1][5] Important but Overlooked Content - **Market Conditions**: As of April 2025, market trading remains robust, with a margin balance of 1.8 trillion yuan, indicating high investor enthusiasm [13] - **Operational Efficiency**: The brokerage sector has seen a slight decline in operating leverage, with financing assets growing faster than investment assets, and a notable 23% increase in profit per employee [3][11][12] - **Investment Trends**: The investment landscape is shifting, with a focus on rebalancing between equity and debt in self-operated portfolios, and a notable increase in other equity tools [10][18] - **International Business Impact**: The contribution of international business to brokerage performance is growing, with companies like Zhongxing and CITIC Securities showing significant brand advantages and revenue contributions [24] Performance Metrics - The brokerage sector is expected to maintain good year-on-year growth in net profit for 2025, despite challenges in achieving record quarterly performance [20][21] - The overall brokerage sector remains undervalued and under-allocated, with expectations for gradual reallocation from public funds [21][23] Recommendations for Individual Stocks - Focus on companies with high performance elasticity in active trading environments, such as Dongfang Wealth and招商证券, which are sensitive to trading volumes [22] - Consider stocks with strong capital positions but currently low performance, such as Huatai Securities, which also has a high under-allocation ratio [23]

Group 1 - The core viewpoint of the articles highlights a significant increase in the performance of the securities sector, driven by recent policy measures aimed at stabilizing the market and enhancing investor confidence [1][2] - The Securities ETF Southern (512900) has seen a 2.42% increase, with a notable trading volume of 57.31 million yuan, reflecting strong market activity [1] - The China Securities Regulatory Commission (CSRC) emphasizes the importance of integrating and consolidating the securities industry to enhance competitiveness and optimize resource allocation [1] Group 2 - In the first quarter, the brokerage sector reported a year-on-year net profit growth of 83% and a quarter-on-quarter increase of 19%, indicating robust performance in brokerage and proprietary trading [2] - The improvement in investment returns and the expansion of financing business, along with reduced funding costs, have contributed to the growth in net interest income for brokerages [2] - The overall outlook for the brokerage sector remains positive, with expectations of continued profitability and valuation improvements amid supportive regulatory measures [2]

证券研究报告·行业深度报告·证券Ⅱ 证券Ⅱ行业深度报告 低基数叠加市场活跃，归母净利润同比增长 80% ——证券行业 2025 年一季报总结 增持（维持） [Table_Tag] [Table_Summary] 投资要点: 2025 年一季度 50 家上市券商归母净利润同比+80%，调整后归 母净利润同比增长 51%。目前券商股估值较低，考虑到行业发展政策积 极，我们认为大型券商优势仍显著，推荐中信证券、招商证券、中国银河、 中金公司、广发证券、华泰证券。同时推荐弹性较高的互联网金融东方财 富、指南针、湘财股份等。 ◼ 2025 年一季度交投活跃度延续高位。1）2025Q1 市场日均股基交易额为 17031 亿元，同比增长 70%，环比下滑 16%，仍保持在高位。2025Q1 沪 市投资者平均每月账户新开户数为 280 万户，同比增长 32%，环比去年 四季度高位的 419 万户下滑 33%。2）2025Q1 融资融券余额同比增长 25%，较上年末增长 3%。平均维持担保比为 264%，较 2024 年增加 10pct， 保持在较高水平。3）IPO 持续收紧、再融资规模大增。2025Q1 共发行 27 家 I ...

Group 1 - Zhejiang Securities has acquired 30 million shares of Guodu Securities for 57.042 million yuan, representing a 24.57% premium over the starting price [1] - The auction involved five bidders and concluded with Zhejiang Securities winning after 156 bids, with the final price translating to 1.9 yuan per share, an 11.8% premium over Guodu Securities' closing price of 1.7 yuan on March 21 [1] Group 2 - The integration of Zhejiang Securities and Guodu Securities is progressing, with Zhejiang Securities having signed share transfer agreements to acquire a total of 19.1454% of Guodu Securities from various companies [2] - In addition, Zhejiang Securities has acquired 7.6933% and 7.4159% of Guodu Securities through competitive bidding, further consolidating its stake [2] Group 3 - As of December 3, 2024, the China Securities Regulatory Commission approved Zhejiang Securities as the major shareholder of Guodu Securities, requiring a detailed integration plan within a year [3] - Following the completion of share transfers, Zhejiang Securities holds 199.704 million shares of Guodu Securities, amounting to a 34.25% stake, significantly surpassing the 13.33% held by Zhongcheng Trust [3] Group 4 - The brokerage industry continues to see a surge in merger and acquisition activities, with multiple deals being finalized in the first three months of the year [4] - The China Securities Regulatory Commission is encouraging mergers and acquisitions to create leading brokerage firms, indicating a trend towards more state-owned enterprises acquiring private brokerages [4]