作为资本市场的重要参与者，投资银行可以通过发挥直接融资"服务商"、资本市场"看门人"、社会财富"管理者"等功能， 提高资本市场发展质量、发展韧性，提振居民财产性收入增长预期，为我国经济转型和企业的"引进来""走出去"提供支撑保 障，同时，讲好中国股市叙事、展现中国市场机遇，吸引更多长线资金投资中国。而从当下来看，我国的资本市场发展至今， 市场规模已位居全球第二位，但证券公司整体资产规模、风控能力、国际化程度等与我国经济体量、资本市场规模还不相匹 配，这就要求行业机构加快做优做强，全面提高核心竞争力，力争成为"一流"。 建设一流投资银行，必须立足我国现阶段经济发展基础和资本市场结构，深刻认识中国特色金融发展之路的理论内涵和实 践要求，准确把握"一流"的内涵要义，这就需要证券公司至少做到：一是树立一流的使命，在推动经济社会高质量发展、满足 人民美好生活需要、维护经济金融稳定大局中发挥"排头兵"作用；二是提供一流的服务，构建高效完善、牌照齐全、结构均衡 的业务体系，能为客户提供多样化、专业性的金融产品和服务；三是建设一流的能力，能够及时优化调整战略策略，孵化并形 成较强的风险管理、投资交易、抵御周期波动等能力；四是 ...

资料来源： Wind ，华创证券预测 注：股价为 2025 年 12 月 8 日收盘价 证 券 研 究 报 告 证券行业周报（20251201-20251207） 吴清主席协会大会讲话：明确"十五五"路径，重 推荐（维持） 塑行业格局 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） 2025E | | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 广发证券 | 000776.SZ | 21.71 | 1.90 | 1.94 | 2.05 | 11.45 | 11.17 | 10.60 | 1.31 | 推荐 | | 中信证券 | 600030.SH | 28.70 | 1.90 | 1.91 | 2.08 | 15.14 | 15.03 | 13.77 | 1.53 | 推荐 | | 华泰证券 | 6016 ...

12月6日，中国证券业协会第八次会员大会在北京召开。中国证监会党委书记、主席吴清在会上围绕推 进证券行业高质量发展发表演讲。 会议选举产生了协会新一届领导机构。国泰海通证券董事长朱健当选会长，银河证券董事长王晟当选监 事长。朱健表示，将携手协会新一届领导班子，充分发挥行业代表更贴近市场、有号召力的优势，不断 增强行业会员对协会工作的认同感、向心力和参与度。 行业整体实力仍有待提升，未来应强化四大使命担当 吴清首先回顾了过去四年多来证券行业的显著发展成就。他指出，自2021年第七次会员大会以来，中国 证券行业在多重挑战中稳步前行，行业机构把功能性放在首位，行业结构不断优化，抗风险能力明显增 强。 数据显示，107家证券公司总资产14.5万亿元，净资产3.3万亿元，四年多来增长分别超过60%和40%。 证券公司客户超过2.4亿，增长26%。此外，头部公司引领作用更加明显，国泰海通合并等标志性重组 案例平稳落地，初步实现"1+1＞2"的效果。 不过，吴清也清醒指出行业存在的短板，比如，证券行业机构整体实力仍有待提升，专业水平和创新能 力还存在短板，合规风控体系还有待完善，行业文化建设亟待加强，距离国际一流水准和社会 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant step towards the creation of a "super broker" in the Chinese securities industry, driven by the ongoing trend of consolidation among major financial institutions [1][3][10] Group 1: Merger Details - CICC, Dongxing Securities, and Xinda Securities have announced a major asset restructuring plan involving a share swap to absorb Dongxing and Xinda into CICC, leading to a temporary suspension of trading for all three companies [1][3] - The total assets of the newly formed entity are projected to reach approximately 1,009.58 billion yuan, with all three firms currently under the "Huijin System" [2][4] Group 2: Company Profiles - CICC, established in 1995, is a leading investment bank in China with a market capitalization of 134.9 billion yuan and over 200 subsidiaries globally [3][4] - Dongxing Securities, founded in 2008, has a market capitalization exceeding 100 billion yuan and operates 92 branches across China, focusing on a comprehensive financial service system [3][4] - Xinda Securities, established in 2007, has over 100 branches and is recognized for its strengths in special asset investment banking and wealth management [4] Group 3: Financial Performance - As of Q3 2025, CICC reported total assets of 764.94 billion yuan, Dongxing Securities 116.39 billion yuan, and Xinda Securities 128.25 billion yuan, with respective net profits of 6.57 billion yuan, 1.6 billion yuan, and 1.35 billion yuan [4][5] - The combined revenue of the three firms positions them as the third-largest in the industry, following CITIC Securities and Guotai Junan Securities [4][5] Group 4: Strategic Advantages - The merger is expected to create synergies by combining CICC's investment banking expertise with Dongxing and Xinda's strong retail brokerage and asset management capabilities, enhancing overall service offerings [6][10] - The integration will also strengthen the capital base and improve competitive positioning in the securities industry, leveraging the regional strengths of Dongxing and Xinda [6][10] Group 5: Regulatory and Market Context - The merger aligns with national policies aimed at promoting high-quality development in the financial sector and fostering leading investment banks through consolidation [8][9] - Recent trends in the industry show a wave of mergers, with several other significant consolidations already completed or in progress, indicating a broader movement towards industry consolidation [9]

Core Viewpoints - The core viewpoint of the article emphasizes that Shenyin Wanguo's 40 years of integration and progress serve as the foundation for the company's high-quality development, with a focus on reform and transformation to escape "homogeneous low-price competition" [1][4]. Group 1: Company Strategy and Development - Shenyin Wanguo is celebrating its 40th anniversary and the 10th anniversary of its restructuring in 2025, marking a significant milestone in its journey as a pioneer in China's capital market [3]. - The company aims to enhance its core capabilities and internal momentum by actively responding to changes and seizing development opportunities [4][5]. - The company plans to leverage its research advantages, contribute to the real economy, and strengthen its cultural foundation to build a first-class investment bank with international influence [4][5]. Group 2: Industry Trends and Challenges - The securities industry is facing significant opportunities and challenges as China's capital market reforms deepen, necessitating a new approach to business models and strategies [2][10]. - The implementation of new policies and regulations is aimed at enhancing the stability of the capital market and promoting balanced investment and financing [8]. Group 3: Functional Positioning and Business Transformation - Shenyin Wanguo is committed to strengthening its functional positioning to contribute to the national strategic development, focusing on serving the real economy and strategic emerging industries [10][11]. - The company is transitioning its traditional brokerage business towards a buyer advisory model and enhancing its financial technology investments to improve customer service [9][12]. Group 4: Internationalization and Global Strategy - The company recognizes that internationalization is essential for building a first-class investment bank, enhancing its competitiveness and market leadership [14][15]. - Shenyin Wanguo plans to leverage cross-border business qualifications to innovate in cross-border transactions and expand its wealth management and investment banking capabilities [15][16]. Group 5: Corporate Governance and Talent Strategy - Good corporate governance is seen as a key factor in achieving high-quality development, with a focus on integrating party leadership and corporate governance [18][19]. - The company is committed to building a high-quality talent pool by emphasizing internal training and external recruitment, aiming to create a strong team of financial professionals [20][21]. Group 6: Cultural Renewal and Internal Dynamics - The company is initiating a cultural renewal process, establishing a new set of core values centered on faith, responsibility, innovation, and excellence [22]. - This cultural transformation aims to enhance internal motivation and align the workforce towards common goals, thereby strengthening the company's overall performance [22].

Core Viewpoint - The company aims to enhance its core capabilities and drive business transformation to achieve double-digit growth in performance amidst profound changes in the securities industry and financial reforms in 2024 [1] Group 1: Business Development - The company has improved its overall strength by seizing market recovery opportunities and accelerating key business layouts, leading to enhanced core competitiveness [2] - The company has achieved a steady increase in asset scale and quality, with effective risk management reinforcing its resilience and growth potential [2] - The company has positively contributed to national development goals by serving the financial sector's key initiatives [2] Group 2: Strategic Goals - The company identifies seven key qualities to establish itself as a leading investment bank, including a strong client and asset base, top talent, and advanced risk management [3] - The company aims to deepen reforms towards integrated, specialized, international, and digital objectives while enhancing governance and corporate culture [3] Group 3: Market Value Management - The company has developed a systematic approach to market value management, focusing on enhancing operational efficiency and profitability [3] - In 2024, the company plans to implement mid-term dividends for the first time and has established a market value management system to enhance investor returns [3] Group 4: International Business Strategy - The company is committed to advancing its international strategy in response to national financial reforms and expanding cross-border investment opportunities [4] - The company will enhance its core traditional business capabilities in wealth management, asset management, and investment banking while improving risk management for overseas operations [4]

Core Viewpoint - Guotai Junan reported significant growth in its 2024 annual results, with total revenue reaching 43.397 billion yuan, a year-on-year increase of 20.08%, and net profit of 13.024 billion yuan, reflecting a growth of 38.94% [1][3] Financial Performance - The company achieved a total asset milestone, surpassing 1 trillion yuan, reaching 1.047745 trillion yuan, which is a 13.22% increase year-on-year [1] - The profit distribution plan includes two cash dividends totaling approximately 6.258 billion yuan, with a distribution of 4.3 yuan per 10 shares, marking a historical high of 48.05% of the net profit attributable to shareholders [1][6] Business Growth - The number of users on the Junhong APP reached 41.6397 million, a 3.0% increase, and personal fund accounts grew by 8.3% to 19.3194 million [3] - The securities underwriting amount was 996.714 billion yuan, a 16.9% increase, with a market share of 9.63%, up 1.51 percentage points [4] Mergers and Acquisitions - The merger with Haitong Securities has been a significant step towards creating a leading investment bank, with the simulated combined total assets reaching 1.73 trillion yuan and net assets of 328.3 billion yuan [2][5] - The merger is expected to enhance the company's competitive edge and market influence, with a focus on improving global asset allocation and investment capabilities [2][8] Strategic Direction - The company aims to enhance its service capabilities in direct financing, wealth management, and capital market oversight, while maintaining a focus on risk control and compliance [8] - The brand identity will continue to use the diamond logo of Guotai Junan, reflecting a strategy to preserve brand equity during the merger [7]

Core Viewpoint - CITIC Securities aims to achieve first-class standards in the industry by 2030 and strives for international competitiveness by 2035, focusing on investment banking, wealth management, and asset management while enhancing risk control and compliance [1] Financial Performance - In 2024, CITIC Securities reported operating revenue of 21.129 billion yuan, a year-on-year decrease of 9.10%, while net profit attributable to shareholders was 7.223 billion yuan, an increase of 2.68% [1] - The net profit excluding non-recurring gains and losses was 7.240 billion yuan, down 7.03% year-on-year [1] - The decline in revenue was attributed to external market and policy factors, significantly impacting the investment banking segment, which has a high proportion in the company's revenue structure [1] Business Segment Analysis - Wealth management revenue showed significant growth, with 1.9902 million new clients acquired in 2024, a year-on-year increase of 62.73%, and the number of high-net-worth clients reaching a five-year high [2] - Investment banking revenue was under pressure, with a reported income of 2.491 billion yuan, down 48.14% year-on-year, linked to a contraction in equity financing in the primary market [2] - In 2024, CITIC Securities completed 27 A-share equity financing projects, ranking second in the industry with a total underwriting amount of 15.060 billion yuan [2] Strategic Initiatives - In 2025, CITIC Securities plans to implement new capital market policies and focus on customer needs in equity financing, enhancing service quality for the real economy [3] - The company has increased its focus on policy-encouraged businesses, particularly in mergers and acquisitions and REITs, achieving the highest transaction amount in major asset restructuring projects in the industry [3] - CITIC Securities is also expanding its efforts in the Hong Kong stock market, accumulating a strong reserve of quality clients for future projects [3]

Core Viewpoint - CITIC Securities reported a revenue of 63.789 billion yuan for 2024, marking a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 21.704 billion yuan, up 10.06%, achieving a three-year high [1][2] Financial Performance - The total assets of CITIC Securities reached 1,710.711 billion yuan by the end of 2024, reflecting a year-on-year growth of 17.71%, while the net assets attributable to shareholders increased by 9.03% to 293.109 billion yuan [2] - The company plans to distribute a total cash dividend of 7.707 billion yuan, which accounts for 36.88% of the net profit attributable to shareholders, an increase of 0.21 percentage points year-on-year [6] Business Segments - In 2024, CITIC Securities saw positive growth across its brokerage, asset management, and investment businesses, with securities investment business revenue being the largest source at 24.04 billion yuan, up 23.95% year-on-year [5] - The international segment under Hong Kong financial reporting standards achieved a revenue of 2.26 billion USD and a net profit of 530 million USD, representing growth of 41% and 116% respectively, reaching historical highs [5] Strategic Focus - The company aims to balance organic growth with external expansion, solidifying its domestic leadership while enhancing international operations [1][8] - Future international business development will focus on three areas: supporting high-level two-way capital market openness, improving global financial market layout, and enhancing cross-border comprehensive financial service capabilities [5][8] Management and Governance - The compensation for CITIC Securities' executives significantly decreased in 2024, with total compensation dropping by 69.61% to 28.7573 million yuan compared to the previous year [9] - The company reported a slight reduction in employee numbers, with 26,781 employees at the end of 2024, a decrease of 41 from the previous year [10] Sustainability Initiatives - CITIC Securities published its first sustainability report, highlighting its economic, social, and environmental responsibilities, with a social contribution value of 5.37 yuan per share [10] - The company underwrote green bonds totaling 51.7 billion yuan in 2024, contributing to various sustainable finance projects [10]

同行并购是挑战也是机遇 2024年是券商的并购大年，尤其是以"国泰君安+海通证券"的组合在业内掀起了巨浪，更是直接冲击了中信证券行 业一哥的地位。 面对行业的并购整合，中信证券董事长张佑君表示，"去年以来我们也看到了一些在中国境内的同行做了一些比较 大的整合动作，这些合并和整合对我们中信证券来讲，既是挑战也是机遇。" 在张佑君看来，并购重组可以有效整合市场资源，迅速扩大公司规模，实现业务优势互补，提升公司业务能力和 市场竞争力，是证券公司做优做强的重要方式，也是打造一流投行投和投资机构的有效途径。从历史上来看，中 信证券也经过很多次的收购兼并，才形成今天的规模。 在竞争的压力面前，张佑君补充道，中信证券要按照既定的发展战略，做好统筹部署，锚定国内领先、国际一流 的投资银行愿景，多措并举地提升公司的各项竞争优势。 3月27日，中信证券举行了业绩说明会。中信证券董事长张佑君、总经理邹迎光、执行委员兼中信证券国际董事长 李春波、董事会秘书王俊锋、财务负责人张皓等高管出席了会议，并回应关于同行并购竞争、市值管理、分红、 一流投行建设思考等方面的问题。 八大方面解析一流投行的理解 近年来，在政策顶层设计中多次提及了打造 ...