21世纪经济报道记者孙永乐 上海报道 合并重组后，国泰海通证券（601211.SH/2611.HK）首次传出子公司整合消息。 7月25日晚间，国泰海通证券公告称，董事会审议同意国泰君安资管吸收合并海通资管及相关工作方案。 同日，国泰君安资管公告公司名称变更名为"上海国泰海通证券资产管理有限公司"。 | 公司名称 | 上海国泰海通证券资产管理有限公司 | | --- | --- | | 公告依据 | 《中华人民共和国证券投资基金法》《公开募集证券投资基 金信息披露管理办法》及公司相关股东决议等 | | 法定名称变更日期 | 2025年7月25日 | | 变更前公司法定名称 | 上海国泰君安证券资产管理有限公司 | | 变更后公司名称 | 上海国泰海通证券资产管理有限公司 | | 住所变更日期 | 2025年7月25日 | | 变更前公司住所 | 上海市黄浦区南赤州路381号409A10室 | | 变更后公司住所 | 上海市黄浦区中山南路88号8层 | 据悉，资管公司的吸收合并主要包括产品迁移、法人合并等关键步骤，国泰海通证券将根据产品迁移进度适时实施法人合并。 国泰海通相关负责人表示，在此过程中，公司将切实保护 ...

北京国资参控股的券商已至少达到5家。 北京国资入主后，瑞信证券正式以北京证券的身份亮相。 方正证券7月23日晚间披露，瑞信证券已在办理完成股权变动工商变更登记，并取得换发的营业执照， 该公司不再持有瑞信证券股权。同时，瑞信证券已更名为北京证券有限责任公司。 前期，方正证券出售所持瑞信证券49%股权，接盘方为北京市国有资产经营有限责任公司（下称"北京 国资公司"），后者为瑞银证券的唯一中方股东。 资料显示，瑞信证券成立于2008年10月，由方正证券与瑞信共同出资设立，两方持股比例分别为66.7% 和33.3%，最初名为瑞信方正证券。2020年6月，瑞信对该合资公司增资，持股比例升至51%，成为瑞信 方正控股股东。次年6月，瑞信方正更名为瑞信证券。 随着瑞信在2023年6月并入瑞银，根据"一参一控"规定，瑞银需解决控股瑞银证券、瑞信证券的股权问 题。据公开报道，城堡证券、蚂蚁集团以及北京国资公司，三方曾有意拿下瑞信证券股权，最终由北京 国资公司胜出。 去年6月底，瑞银、方正证券与北京国资公司达成协议，分别向后者转让所持瑞信证券36.01%及49%股 权，交易对价分别为9135万美元、1.24亿美元。粗略计算，两笔 ...

Core Viewpoint - The integration of Guotai Haitong Securities is progressing significantly, with plans for the merger of its public fund subsidiaries, Huazhang Fund and Haifutong Fund, to comply with regulatory requirements [1][2][3]. Group 1: Company Integration - Guotai Haitong Securities announced a corporate restructuring, merging the clients and businesses of Haifutong Securities into Guotai Haitong Securities after August 22 [1]. - The merger of Guotai Junan and Haitong Securities in September 2024 marked a historic consolidation in the Chinese capital market, leading to the formation of a trillion-level brokerage [2]. - The integration of public fund resources is necessary to meet the regulatory requirement of holding no more than two public fund management licenses under the same entity [3]. Group 2: Fund Management Comparison - As of July 21, 2025, Huazhang Fund has a management scale exceeding 710 billion yuan, significantly larger than Haifutong Fund's 210 billion yuan [8]. - Huazhang Fund has a more comprehensive product structure and better performance in equity investments compared to Haifutong Fund, which has a strong focus on fixed income products [12][13]. - The management capabilities of Huazhang Fund are superior, with a higher number of fund managers and a more extensive client base [10][11]. Group 3: Potential Merger Scenarios - Four potential merger scenarios are speculated, including Huazhang Fund acquiring Haifutong Fund, which aligns with industry precedents [7]. - An alternative scenario suggests Haifutong Fund could absorb Huazhang Fund due to its unique qualifications in managing pension and social security funds [14][15]. - Other possibilities include selling Haifutong Fund's equity to foreign stakeholders or allowing the merged entity to retain both fund management licenses, though the latter is considered less likely [20][19]. Group 4: Challenges and Risks - The integration poses significant challenges, including cultural alignment, resource sharing, and the management of overlapping personnel [23]. - Recent departures of key personnel from both funds indicate potential instability and the urgency of the integration process [24][25]. - Both funds have faced difficulties in investment performance, with several funds being liquidated recently, highlighting the need for a successful merger to enhance competitiveness [26][27].

| ＂华安国证航天航空行业ETF上网发售提示性公告 | 2025-07-07 | ■ | | --- | --- | --- | | 华安中债1-3年政策金融债基金经理变更公告 | 2025-07-05 | " | | ■ 华安添荣中短债基金经理变更公告 | 2025-07-05 | 『 华安顺穗债券基金经理变更公告 | | ■ 华安双债添利债券基金经理变更公告 | 2025-07-05 | # 华安锦源0-7年金融债定开债基金经 | | 华安锦溶0-5年金融债定开债基金经理变更公告 | 2025-07-05 | 『 华安新活力灵活配置混合提高份额净 | 7月5日，华安基金接连发布8条基金经理变更公告，引起市场关注。 5月份，华安基金发布公告，基金经理李欣因个人原因即将离任，新任基金经理将于5月6日正式任职。李欣将在5月6日卸任所有在管产品的基金经理。Wind 资讯数据显示，李欣的投资管理年限已将近10年，截至一季度末，在管7只基金总规模合计80.16亿元。 此前，华安基金的大股东国泰君安与海富通基金的大股东海通证券合并。合并后，国泰海通证券将持有4张公募牌照，不符合"一参一控一牌"的监管要求， 需进行牌照取 ...

Core Viewpoint - The recent personnel changes at Guotai Haitong Securities, following its merger, indicate a strategic shift in leadership aimed at enhancing the integration of its fund management subsidiaries, particularly Huashan Fund and Haifutong Fund, which have differing asset scales and management qualifications [2][6][12]. Group 1: Leadership Changes - Guotai Haitong Securities has appointed Xie Lebin, the former vice president, as the new chairman of Haifutong Fund, succeeding Lu Ying, who has transitioned to the role of head of the research institute [2][5]. - Lu Ying has a notable background, having served over 20 years at Haitong Securities and has been recognized as a top analyst in the retail and wholesale trade sector [3][5]. - The leadership restructuring is seen as a move to better align the interests of the merged entities, with a focus on integrating operations and addressing regulatory compliance [6][15]. Group 2: Fund Management Landscape - Following the merger, Guotai Haitong Securities controls two public fund companies, Huashan Fund and Haifutong Fund, with Huashan Fund's assets exceeding 700 billion yuan, significantly larger than Haifutong Fund's 171.6 billion yuan [2][9][10]. - Haifutong Fund holds valuable management qualifications for social security funds, enterprise annuities, and pension funds, which are not possessed by Huashan Fund, indicating a potential competitive advantage [10][12]. - The market speculates on the possibility of merging the two funds, with discussions around whether Huashan Fund will absorb Haifutong Fund or if the latter will emerge as the dominant entity due to its specialized qualifications [12][14]. Group 3: Financial Performance and Challenges - Haifutong Fund has experienced a 4.22% year-on-year growth in asset value, but its overall ranking has declined, indicating challenges in maintaining competitive performance [15][16]. - The fund's product structure shows a heavy reliance on bond and money market funds, with a significant decline in mixed fund performance, raising concerns about its ability to compete in the equity market [16][20]. - Despite recent growth in its ETF offerings, Haifutong Fund faces pressure to improve overall performance and profitability, particularly in light of declining revenues and profits over the past few years [20][22].

致:国联证券股份有限公司 北京市嘉源律师事务所 北京市嘉源律师事务所 关于国联证券股份有限公司 向特定对象发行 A 股股票之 补充法律意见书 (三) 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 关于国联证券股份有限公司 向特定对象发行 A 股股票之 补充法律复见书 (三) 嘉源(2023)-01-327 敬启者: 根据发行人与本所签订的《专项法律顾问协议》,本所担任本次发行的专项 法律顾问,并获授权为本次发行出具律师工作报告及法律意见书。本所已于 2023 年 2 月 27 日出具了嘉源 (2023) -01-102 号《律师工作报告》、嘉源(2023) -01-101 号《法律意见书》,于 2023年 1月 29 日出具了嘉源(2023)-01-026 号 《北京市嘉源律师事务所关于国联证券股份有限公司非公开发行 A 股股票之补充 法律意见书(一)》,并于 2023年 3月 30日出具了嘉源(2023)-01-250 ...