无证上岗销售基金 日前，浙江证监局连发两份行政监管措施决定书，分别对嘉兴银行与浙江稠州商业银行作出责令改正的 决定。 经查，浙江稠州商业银行在基金销售方面存在多项问题。部分基金销售业务人员未取得基金从业资格； 部分基金宣传材料、基金销售制度修订未经合规审查；存在为个别未完成风险测评的客户办理基金销售 业务；通过手机APP销售基金时，未提示投资者阅读基金合同、招募说明书；在向普通投资者销售高风 险产品时，未履行特别的注意义务。 本报（chinatimes.net.cn）记者张萌 卢梦雪 北京报道 没有基金从业资格，却堂而皇之地销售基金产品？ 日前，浙江证监局对嘉兴银行、浙江稠州商业银行分别作出责令改正决定，指出两家银行存在多项违规 行为。不仅部分基金销售业务人员未取得从业资格，嘉兴银行基金销售业务部门的分管负责人亦未取得 从业资格，违反相关规定。 今年下半年以来，已有多家银行因类似问题被监管部门采取责令改正、出具警示函等措施，包括江苏江 南农商银行、海南银行、晋商银行等。 有业内人士向《华夏时报》记者分析称，中小银行在推进财富管理转型过程中，对合规经营重视不足， 合规理念和内控机制建设滞后，是导致相关现象屡禁不 ...

◎记者 汪友若 邹传科 "徽州有句古训：择一事，终一生，不为繁华易匠心。华安证券是这么说的，也一直是这样做的。"华安 证券党委书记、董事长章宏韬说。 0 Walter of Part C 章宏韬 作为安徽省属券商，华安证券如何为江淮大地注入金融活水？如何将区域禀赋转化为差异化竞争力？独 特的"华安模式"的内涵又是什么？围绕这些问题，章宏韬日前接受了上海证券报记者的专访。 优化业务结构 突破券商"靠天吃饭"传统困境 2025年以来，A股市场交投显著活跃，证券行业整体经营业绩随之"水涨船高"。作为安徽省属上市券商 的标杆，华安证券也交出了一份营收、利润双增长的2025年前三季度"成绩单"。 2025年前三季度，华安证券实现营业收入44.23亿元，同比增长67.32%；实现归母净利润18.83亿元，同 比增长64.71%。其中，第三季度业绩表现更为亮眼：归母净利润同比增长97.61%，营收同比增长 60.72%。 谈及业绩的高速增长，章宏韬将其归结为市场向好的外因与公司战略转型的内因共同作用。"市场环境 回暖与政策红利释放为公司发展创造了有利条件。"他表示，"但更根本的，是公司近年来坚持'服务安 徽、深耕长三角、辐 ...

证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年11月28日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、 中信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、兴 业证券(601377)、东方证券(600958)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 79.05%。 截至2025年12月3日 09:43，国证证券龙头指数(399437)上涨0.17%，成分股兴业证券(601377)上涨 1.17%，中信建投(601066)上涨0.91%，广发证券(000776)上涨0.53%，中信证券(600030)上涨0.37%，东 吴证券(601555)上涨0.34%。证券ETF龙头(159993)上涨0.16%，最新价报1.26元。 消息面上，在政策引导和产业整合现实需求的双轮驱动下，A股并购重组市场正以惊人速度扩容，据上 交所此前发布的数据，自"并购 ...

编者按 日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第十六篇。 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券（600999）党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生 活的向往是中国式 ...

Core Insights - The article highlights the importance of the 19th Shenzhen International Financial Expo as a window into the transformation trends of financial institutions, showcasing advancements in financial technology and customer engagement strategies [1] Group 1: Financial Technology as a Competitive Edge - Financial technology has evolved from a mere business support tool to a core engine driving the transformation of the securities industry, with firms integrating AI, big data, and smart algorithms into their operations [2] - Intelligent algorithms are reshaping traditional investment trading models, exemplified by Guosen Securities' "Xinyi Victory T0 Strategy," which utilizes smart algorithms to capture intraday price fluctuations and enhance investor returns [2] - AI systems are taking on complex data processing and decision support roles, as demonstrated by Shanxi Securities' "FICC Bond Trading Robot," which significantly reduces information transmission time and improves trading efficiency [2] Group 2: Personalized and Scenario-Based Services - Securities firms are transitioning from generalized services to personalized and scenario-based offerings, enabled by smart technology, allowing for tailored services for diverse client needs [3] - The continuous evolution of services relies on support from financial technology system suppliers, with companies like Huawei showcasing AI applications in auditing, risk control, and product recommendations [3] Group 3: Building Trust through Educational Initiatives - While firms leverage financial technology to expand their business, engaging and interactive educational activities serve as a shield to build customer trust, facilitating the transition from customer acquisition to retention [4] - Interactive activities at the expo, such as financial knowledge games and trading competitions, not only educate investors but also enhance the firms' brand image and service warmth [4] Group 4: Addressing Investor Needs - Many ordinary investors express a desire for direct communication with financial institutions to understand service offerings that meet their needs, highlighting the importance of tailored wealth management solutions [5] - The transformation towards wealth management is a core strategy for securities firms, with investor education being crucial for converting new customers into loyal ones [5] Group 5: Future Outlook on Wealth Management - The shift towards comprehensive wealth management is expected to become a significant growth driver for securities firms, especially as traditional brokerage commissions decline [5] - The differentiation between leading and smaller firms will intensify, with digital capabilities and unique product offerings becoming key competitive factors in the wealth management transformation [5] Group 6: Comprehensive Transformation Strategy - The path for securities firms is clear: leveraging financial technology as a spear to expand service breadth and depth, while using personalized services as a shield to solidify customer trust [6] - This dual approach aims to reshape the ecosystem around customer-centricity, leading to a higher quality and sustainable growth phase for the industry [6]

Core Insights - The 2025 Capital Market High-Quality Development Forum recognized CITIC Securities for its outstanding performance in various sectors, winning five prestigious awards, including "Best Investment Bank Manager" and "Best Equity Asset Management Team" [1] - CITIC Securities ranked seventh in the "2025 China Securities Industry Listed Company Brand Value Top 30," maintaining its position from the previous year, reflecting its commitment to high-quality industry development [1] Investment Banking - CITIC Securities has consistently focused on serving the real economy and implementing national strategies, completing 49 A-share equity financing projects with a total underwriting amount of RMB 908.5 billion from 2024 to the first half of 2025 [2] - The company underwrote 2,388 bonds with a total amount of RMB 7,825.36 billion, ranking high in both scale and project quality within the industry [2] - In the first half of 2025, CITIC Securities completed 16 IPO projects with a total underwriting amount of RMB 146.37 billion and 33 equity refinancing projects totaling RMB 762.13 billion [3] - Notable projects included the first IPO after the release of the new "National Nine Articles" and significant refinancing efforts for energy supply companies [3][4] Asset Management - CITIC Securities aims to build a comprehensive asset management institution, focusing on customer-centric services and enhancing its investment research capabilities [5] - As of the first half of 2025, the asset management business scale reached RMB 4,852.38 billion, with a diverse product line including various types of funds and investment vehicles [5] - The company was awarded "Best Equity Asset Management Team" for its deep expertise and professional standards in managing equity assets [5] Digital Services - The "Dragonfly Point Gold" app was recognized as the "Best Brokerage App," serving as a key platform for customer service and integrating various financial services [6][8] - The app achieved significant user engagement, with 6.94 million monthly active users and 2.82 million daily active users in the first ten months of 2025 [6] - The app's AI-driven features enhance user experience and service efficiency, with plans for further integration of AI services [7] Investor Education - CITIC Securities received two awards for its investor education initiatives, highlighting its commitment to providing professional and accessible educational services [8][9] - The investor education base has reached over 130 million people through various activities, and the company has actively engaged in international investor education efforts [8][9] - The recognition reflects the company's comprehensive competitive strength across its business chain, with a focus on enhancing service capabilities in the capital market [9]

Group 1: Investment Strategy and Business Focus - The company emphasizes a dual-driven business model combining proprietary investment and client services, enhancing asset allocation efficiency across various asset classes including domestic and international stocks, bonds, and commodities [2][5]. - The proprietary investment business aims to diversify profit models, focusing on dividend, value, and growth investment strategies while expanding non-directional investment areas [2][3]. - Future business focus includes wealth management transformation, targeting small and medium-sized innovative enterprises, and enhancing comprehensive service capabilities through agile teams [4][6]. Group 2: Asset Management and Product Development - The asset management business is centered around fixed income products, with a continuous expansion of product lines including quantitative, derivative, and fund of funds (FOF) products to meet diverse investor needs [8]. - The company aims to strengthen its investment banking services by focusing on small and medium-sized innovative enterprises, maintaining a top 10 position in the North Exchange [9]. Group 3: Corporate Governance and Shareholder Relations - The major shareholder's equity transfer is actively progressing, with ongoing communication with government and regulatory bodies [7]. - The company does not set direct performance indicators for management but emphasizes market competitiveness and compliance risk management in evaluations [11]. - A robust market-oriented mechanism for talent acquisition is in place, particularly in high-market areas like investment banking and IT, while also nurturing internal talent [10]. Group 4: International Expansion and Market Positioning - The company is preparing to establish a subsidiary in Hong Kong to capitalize on the integration of mainland and Hong Kong markets, having completed preliminary research and board approval [11]. - The company prioritizes enhancing its market value management capabilities as a key focus for 2025, implementing a comprehensive value management mechanism [11].

Core Viewpoint - The current environment is characterized by accelerated long-term capital inflow, maintaining high market activity, indicating a "healthy bull" market. The transformation of wealth management, international business expansion, and financial technology empowerment are expected to drive the industry's ROE improvement, with optimism for investment opportunities in the securities industry by 2026 [1] Group 1: 2025 Review - The overall performance of the securities sector has underperformed the market, with a 3.38% increase compared to a 12.72 percentage point underperformance against the CSI 300 index [2] - As of the third quarter, the 42 listed securities firms achieved a total operating income of 419.56 billion yuan, a year-on-year increase of 31.83%, and a net profit attributable to shareholders of 169.05 billion yuan, up 65.67% year-on-year [2] - There is a mismatch between the market's perception of the securities firms' performance and their valuation, with potential catalysts for valuation recovery including sustained high growth in performance, major mergers and acquisitions, and unexpected policy implementations [2] Group 2: 2026 Outlook - The external policy environment is expected to have a strong positive effect, with a monetary policy likely to maintain a moderately loose overall tone, including anticipated interest rate cuts and new policy tools to support market liquidity [3] - The "14th Five-Year Plan" emphasizes capital market reforms, focusing on enhancing stability, expanding funding sources, and invigorating market participants, which will optimize the operating environment for the securities industry [3] - The securities industry is expected to demonstrate resilience through a value transition, with high trading activity supporting brokerage business, accelerated wealth management transformation, and a recovery in IPOs and financing in the Hong Kong market [3] - The heavy capital business will remain a key driver of performance, with a shift towards equity investment as fixed income allocation space tightens, while strict regulations will limit non-directional investment expansion [3]

Core Insights - The number of investment advisors in the securities industry has significantly increased this year, despite an overall net outflow of personnel [1][2][3] Group 1: Industry Personnel Changes - As of November 23, the total number of personnel in the securities industry is 329,500, with a net outflow of 6,872 personnel this year, a slowdown compared to the 14,343 personnel outflow in the same period last year [1] - The number of employees engaged in general securities business is 205,600, accounting for 62.4% of the total workforce, with a net outflow of 6,564 personnel, a decrease of 3.09% from the beginning of the year [1] - The number of securities brokers has also decreased significantly, with 23,800 brokers remaining, reflecting a net outflow of 4,587 personnel, a reduction of 16.15% [1] Group 2: Growth of Investment Advisors - The number of investment advisors has increased to 84,800, with a net increase of 4,459 personnel since the beginning of the year [2] - The number of analysts has also grown to 5,932, with an increase of 369 personnel [2] - The growth in investment advisors is closely linked to the transformation of brokerages towards wealth management services, which require a professional advisory team to enhance service quality [3] Group 3: Future Trends in Talent Structure - The talent structure in the securities industry is expected to optimize gradually, with a rising demand for professionals skilled in both finance and technology, as well as elite investment advisors with strong asset allocation capabilities [4] - Basic positions that are easily replaceable are likely to continue shrinking, while the value of specialized talent will become increasingly prominent [4]

Core Viewpoint - The recent board elections at Zhongyin Securities revealed a notable divide in support from minority shareholders, indicating potential dissatisfaction with the company's governance and future direction [1][5][21]. Group 1: Board Elections and Shareholder Support - Two candidates from the "PetroChina system," Liang Gang and Dong Shangbin, were elected as directors with over 99.8% support overall, but received only 90.44% and 89.34% support from minority shareholders, respectively [1][4]. - This marks a significant drop in support compared to previous directors from the same system, who received over 99% support from minority shareholders two years ago [4][5]. - The voting results suggest a growing fatigue among minority shareholders regarding the "shareholder appointment/internal circulation" model and a demand for greater transparency in governance [5][21]. Group 2: Company Performance and Financials - Zhongyin Securities reported a revenue of 24.38 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.95%, and a net profit of 8.54 billion yuan, up 29.28% [13][19]. - The company remains heavily reliant on brokerage services, which generated a net income of 9.78 billion yuan, reflecting an over 80% increase [13][19]. - Despite the growth in brokerage income, the asset management business saw a decline, with net income dropping 7.76% in the first half of the year [13][15]. Group 3: Strategic Moves and Future Outlook - In August 2025, Zhongyin Securities announced a 1.4 billion yuan capital increase for its private equity subsidiary, signaling a strategic shift towards financial technology and wealth management [2][21]. - The management aims to leverage its strong shareholder background to create a comprehensive financial ecosystem, integrating commercial banking, investment banking, and wealth management [21][23]. - The company faces challenges in improving its industry ranking, having dropped to 37th in revenue and 35th in net profit among A-share listed brokers as of 2025 [19][21].