◎卢伊 记者 徐蔚 2025年，证券行业的"换帅"浪潮贯穿全年，成为治理变革的鲜明注脚。全年50余次董事长、总经理更迭 创下近三年新高，151家券商中三分之一完成核心管理层交替，背后核心驱动力直指并购重组、股权变 更与代际交替。"70后"扛旗、"80后"逐渐融入治理核心，每一次履新都承载着业务升级与战略转型的期 待，共同勾勒出券商治理变革的清晰脉络。 并购整合：重构行业格局与治理生态 券商的整合重组成为年度关键词：国泰君安与海通证券合并、西部证券收购国融证券、浙商证券携手国 都证券、国联证券并购民生证券等标志性案例接连落地，推动管理层改组提速。 合并后的新机构迎来治理重构。例如，国泰海通在完成更名后官宣了公司新一任领导班子，明确了朱健 担任公司董事长、周杰担任副董事长，聘任李俊杰为公司总裁。国联民生合并落地后，兼具无锡国资背 景与地方金融管理经验的顾伟出任新公司董事长，葛小波出任总裁，形成"国资掌舵+职业经理人发 力"的双轨架构。 股权变更同样触发治理调整。湖北国资成为长江证券第一大股东后，长江证券主要管理人员也同步进行 调整。今年3月，公司前任董事长金才玖辞去董事长一职；4月，刘正斌正式出任长江证券董事长。 ...

Core Viewpoint - Delixi Co., Ltd. plans to issue shares to Yiyuan Aviation for a maximum of 885 million yuan, leading to a change in control of the company [4][5][19]. Group 1: Share Issuance Details - The share issuance will involve up to 118 million shares at a price of 7.53 yuan per share, raising no more than 885 million yuan for working capital or bank loan repayment [5][9]. - The issuance will change the controlling shareholder from Shi Weidong to Yiyuan Aviation, with the actual controllers becoming Wang Tianzhong and Xu Qinghua [7][19]. Group 2: Business Strategy and Future Plans - Yiyuan Aviation aims to leverage its core technologies and resources in high-end equipment manufacturing to expand Delixi's business boundaries and enhance its operational capabilities [4][19]. - The company has been facing operational losses since 2022 and is seeking new opportunities through this change in control [15][16]. Group 3: Financial Implications - The issuance is expected to improve the company's capital strength, reduce the debt-to-asset ratio, and enhance its position in the industry [24]. - Following the issuance, the total assets and net assets of Delixi will increase, contributing to a stronger financial foundation [24].

【导读】监管施策"扶优限劣"，优质券商迎资本扩容新机遇 中国基金报记者孙越 面对与国际顶级投行在资本实力和盈利能力上的显著差距，中国证券行业如何破局？答案正随着监管思 路而日益明确。 近日，监管层释放"扶优限劣"政策信号，拟对优质券商适度打开资本空间和杠杆限制。在业内人士看 来，这一关键政策调整，旨在破解行业长期面临的资本效率瓶颈，引导证券公司从规模扩张转向效率驱 动，为培育具有国际竞争力的一流投行打开新的战略空间。 政策松绑激活资本效能 券商有望"适度加杠杆" 近年来，证券行业资产规模保持稳中有升态势，资本实力的持续夯实为行业转型发展奠定了基础。中证 协数据显示，截至2025年6月底，证券行业总资产达到13.46万亿元，净资产为3.23万亿元，同比分别增 长14.62%、7.1%；行业平均财务杠杆率为3.3倍，与去年同期基本持平。 但是，长期以来，我国证券行业的杠杆率明显低于国内外金融同业。研究机构统计数据显示，截至2025 年三季度，上市券商平均杠杆率约为3.45倍；相比之下，国内银行业平均杠杆率达到12.2倍，而海外头 部投行的杠杆率更是高达12~15倍。 近日，中国证监会主席吴清在中国证券业协会第八次 ...

Core Viewpoint - The company is focusing on its core business development while adapting to industry changes through product structure optimization, cost control, and capacity utilization adjustments [1] Group 1: Business Strategy - The company is actively exploring business upgrades by introducing economic tree species such as oil tea and mango in its forestry operations, transitioning from timber forests to economic forests [1] - The management is highly attentive to investor suggestions regarding diversification and will carefully assess these in light of industry trends and its own resource endowments [1] Group 2: Operational Focus - The company emphasizes enhancing the resilience of its main business as a core strategy, ensuring long-term sustainable development through technological innovation and efficiency optimization [1]

Core Viewpoint - Guangdong Mingzhu (600382.SH) is expected to report a significant increase in net profit for the first three quarters of 2025, driven by the "Expansion Project" which has boosted its iron concentrate business, with net profit projected to exceed 215 million yuan, representing a year-on-year growth of 8 to 10 times [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 215 million to 263 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 858.45% to 1071.44% [1] - The net profit after deducting non-recurring gains and losses is also expected to be in the range of 215 million to 263 million yuan, showing a year-on-year growth of 428.49% to 545.93% [1] - Mingzhu Mining's net profit is projected to reach 244 million to 298 million yuan, indicating a year-on-year increase of approximately 280.43% to 364.98% [1] Group 2: Business Operations - The increase in production and sales of iron concentrate is attributed to the new mining output from the Expansion Project and the completion of a technical upgrade of the washing stone production line, which has enhanced iron concentrate output [1] - The iron concentrate sales volume for Mingzhu Mining is expected to increase by approximately 212.49% year-on-year [1] - The overall growth in the iron ore business is supported by the recovery in the iron ore industry during the third quarter, contributing to the explosive growth in Guangdong Mingzhu's performance [1] Group 3: Market Context - Analysts note that the iron ore futures market experienced a strong upward trend in July, supported by "anti-involution" policies and a tight supply-demand balance, with continued strong performance into August and September [2] - The slight positive growth in terminal steel demand has shifted industry sentiment from pessimism to a more moderate outlook, leading steel mills to replenish their iron ore and coke inventories, which has bolstered mineral prices [2] - The pre-announced performance for the third quarter validates Guangdong Mingzhu's strategic foresight in its industry chain layout and highlights the value of upgrading subsidiary operations to strengthen its core business [2]

Core Insights - The company reported a revenue of 55.673 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 1.99% [1] - Shareholder profit decreased by 5.6% to 2.429 billion RMB, with basic earnings per share at 2.19 RMB and an interim dividend of 0.65 HKD per share proposed [1] Group Performance - The company is focused on becoming a service provider based on natural gas, aiming to create multi-value for customers through smart innovation [1] - Natural gas retail volume reached 12.953 billion cubic meters, up 1.9% year-on-year [1] - The gross profit from the diversified energy business grew by 2.1%, while the smart home business gross profit increased by 4.9% [1] - The gross profit margin from diversified energy and smart home businesses rose by 1.4% to 39.6% [1] Customer Development - The company implemented differentiated development strategies to grow its customer base, focusing on cost reduction and stable gas supply for industrial clients [2] - New gas volume for industrial clients increased by 4.682 million cubic meters per day, while commercial clients added 1.604 million cubic meters per day [2] - The company developed 174,000 existing residential customers to counteract the decline in the new housing market, achieving a total of 692,000 residential installations [2] Resource Optimization - The company enhanced its resource structure, with resource volume increasing by 1.3 billion cubic meters year-on-year [3] - The company secured long-term resources from Sinopec, improving resource assurance capabilities [3] - To mitigate procurement foreign exchange risks, the company signed forward foreign exchange contracts, with a hedged amount of 624 million USD and a hedging ratio of 25.6% [3]