2025 年 12 月 18 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 215 期 观点精粹: 投资要点: "揽月号" 预售启动，新业务进入业绩兑现期:据长江游轮订票中心官网 2025 年 12 月 3 日发布的预售信息， "长江行 揽月号"2026 年 4-12 月航次已正式开启预售，首航日期定于 2026 年 4 月 18 日（重庆出发），核 心渝宜航线（重庆宜昌/宜昌重庆）的豪华标准间售价 4399 元/人起，臻选豪华间及各类套房价格区间为 5279-17596 元/人，覆盖中高端客群需求。 投资要点 1：本轮游轮建设定位高端度假化，产品性能与配置领先同类。该游轮为长江省际级度假游轮，总长 约 150 米、型宽 23 米，总吨位 17000 吨，设 7 层甲板、259 间客房，最大载客量 650 人，基础房型面积达 28 以上，均配备独立观景阳台。其由武汉长江船舶设计院与德国 PSD 设计集团联合研发，采用 "燃油+动力 电池" 增程式混合动力系统，相较同等尺寸游轮节能 20%以 ...

A股异动！ 今日（12月17日）午后，上证指数直线拉升，一度涨近1.5%；创业板指一度涨逾3.5%，券商、保险、软件板块拉 升。其中券商股表现最为明显，证券ETF一度大涨超3%，为市场带来人气。 多只宽基ETF放量异动。沪深300ETF（510300）最近半小时成交超9亿元，800ETF（515800）、沪深300ETF易 方达（510310）、嘉实沪深300ETF（159919）最近半小时均成交超1亿元。 11月20日，中金公司吸收东兴证券和信达证券一事披露，三家公司集体停牌。根据上海证券交易所的相关规定， 预计停牌时间不超过 25 个交易日。按此计算，三家公司将很快发布重组公告并复牌。 牛市旗手异动 午后，有牛市旗手之称的券商集体异动。华泰证券一度大涨超9%，广发证券一度涨超5%，兴业证券、东方证 券、国泰海通等一度涨超3%，中信建投、长江证券、华安证券等异动拉升。在香港上市的中资券商股中信证券涨 超4%，广发、招商、申万宏源等显著拉升。 券商板块的拉升给A股带来了极大助力。 分析人士认为，这三家公司复牌可能会给券商板块带来较大助力。此外，近期管理层也明确，要适度拓宽券商资 本空间与杠杆上限，从价格竞争转 ...

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第十篇，敬请垂注！ 随着中资企业出海步伐加快，跨境金融需求持续升温。区域券商如何在国际化进程中找准自身定位，既服务本 土经济又实现自身突破，成为业内探讨的话题。 山西证券香港子公司山证国际总经理赵雪表示，山证国际不仅是山西证券的一个业务平台，更是连接山西与全 球资本市场的重要纽带，通过构建双向服务通道，既帮助山西本土企业对接国际资本，也为海外投资者打开了 解山西优质资产的窗口。 面对中国香港金融市场中外资投行同台竞技的激烈竞争态势，区域券商如何依托自身优势实现差异化发展，成 为业内持续探讨的话题。山证国际的实践为业内提供新的解题思路。 赵雪坦言，面对中国香港市场的 ...

随着中资企业出海步伐加快，跨境金融需求持续升温。区域券商如何在国际化进程中找准自身定位，既 服务本土经济又实现自身突破，成为业内探讨的话题。 山西证券香港子公司山证国际总经理赵雪表示，山证国际不仅是山西证券的一个业务平台，更是连接山 西与全球资本市场的重要纽带，通过构建双向服务通道，既帮助山西本土企业对接国际资本，也为海外 投资者打开了解山西优质资产的窗口。 他谈到，山证国际既牢牢抓住山西及内陆企业的跨境需求"基本盘"，又在特定业务条线集中力量形 成"尖刀优势"，最终实现"小而美、专而精"的差异化发展。 在履行资本桥梁职能的同时，山证国际还是山西证券国际化能力建设的"试验田"。赵雪表示，在集团全 球化进程中，山证国际承担着"先行先试"责任，直面海外市场的本地化布局、人才团队建设、境内外制 度差异等挑战，通过实践打磨跨境服务体系，为集团积累跨境服务经验。 区域券商破局之道 面对中国香港金融市场中外资投行同台竞技的激烈竞争态势，区域券商如何依托自身优势实现差异化发 展，成为业内持续探讨的话题。山证国际的实践为业内提供新的解题思路。 践行双向服务使命 在全球经济格局深刻变革与中国金融双向开放稳步推进的背景下，证券公 ...

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨境投行连接东西，用财富管理服务民 生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出 海'进行时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变为"规则制 定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第八篇，敬请垂注！ 当新一轮高水平对外开放按下"快进键"，中资企业出海需求从"有没有"升级为"好不好"。作为首批综合类券商，广发证券交出一份亮眼的"出 海"成绩单：2024年国际业务收入同比翻番至13.5亿元，增速位列头部券商第一；中国香港、伦敦、新加坡"三地联动"格局成形；跨境财富管 理、投行、衍生品三线并进，服务半径覆盖亚欧美三大时区。 在服务个人投资者方面，该公司总部设立了超过50人的专业资产配置研究团队，覆盖欧美亚太等全球主要市场，致力于"为客户在全球范围内发 现投资机会"。通过多层次筛选优质底层产品，并联动广发基金、易方达基金、惠理基金等集团内外资产管理机 ...

Core Viewpoint - The article highlights the significant progress of Chinese securities firms, particularly Guangfa Securities, in expanding their international business and establishing a comprehensive cross-border service network, reflecting the evolving needs of Chinese enterprises going global [1][3]. Group 1: International Business Growth - Guangfa Securities reported a remarkable increase in international business revenue, doubling to 1.35 billion yuan in 2024, leading among major securities firms in growth rate [1]. - The firm has established a three-region linkage involving Hong Kong, London, and Singapore, enhancing its global footprint [1][3]. Group 2: Global Asset Management - The company aims to create a "global asset selection supermarket" to meet the rising demand for global asset allocation among investors [4][5]. - Guangfa Securities has set up a specialized asset allocation research team of over 50 professionals to identify investment opportunities across major global markets [5]. Group 3: Comprehensive Services for Enterprises - As a partner for enterprises going global, Guangfa Securities has developed a full-chain cross-border service system, covering areas such as cross-border financing and risk management [7]. - In 2024, the firm completed 14 overseas equity financing projects, raising a total of 9.3 billion USD, ranking fourth among Chinese securities firms in Hong Kong equity financing [7]. Group 4: Challenges in Globalization - The article discusses the challenges faced by Chinese securities firms in global expansion, including regulatory differences and talent shortages [8][9]. - Guangfa Securities has implemented innovative mechanisms and resource investments to build core capabilities that meet global demands [9].

券商出海深度研究：新叙事下的投资主线 20251209 摘要 券商板块在 2025 年整体滞涨，估值偏低，建议关注跨年布局机会。证 监会主席的积极表态预示行业监管环境有望进入宽松周期，可能涉及风 控指标、IPO 审核及融券衍生品等政策调整。 2026 年，券商传统业务如经济、两融和投资预计保持小幅增长，而投 行、资管和海外业务将成为新的增长引擎，推动上市券商利润增长约 20%，头部券商增速或更高。 券商出海是新逻辑之一，海外业务营收占比和增速均达历史高位。A 股 赴港上市潮、跨境投资需求及美联储降息预期将驱动头部券商海外业务 持续增长。 券商国际业务集中度高，CR8 达 94%，CR3 达 66%，马太效应显著。 中信证券、中金公司、国泰海通和华泰证券等头部券商在收入、资产和 牌照方面领先，构筑了竞争壁垒。 中资券商海外业务模式分为并购和自建。中信证券通过收购里昂证券快 速扩张，中金公司则通过自建网络逐步覆盖全球主要金融中心。 头部券商海外业务以投行和投资为主。美联储降息周期有望改善头部券 商投行收入、投资收益及负债成本，实现快速增长。 中资券商在服务中国企业出海方面具有优势，但在业务体量和人员配备 上与高盛 ...

Core Viewpoint - The expansion of Chinese securities firms into international markets is gaining momentum, with Western Securities planning to invest 1 billion RMB to establish a subsidiary in Hong Kong, reflecting a strategic shift in response to the recovering Hong Kong stock market [1][2][3]. Group 1: Company Actions - Western Securities' board approved the establishment of a wholly-owned subsidiary, "Western Securities International Financial Holdings Limited," with a registered capital of up to 1 billion RMB [2]. - The decision to set up the Hong Kong subsidiary is aimed at meeting strategic development needs and enhancing international business capabilities to serve cross-border financing demands [3]. - The move comes after a previous decision to dissolve its international business department, indicating a more focused approach to internationalization [3]. Group 2: Market Context - The Hong Kong IPO market is experiencing a significant surge, with an expected average fundraising amount increasing over five times year-on-year, driven by multiple A-share companies listing in Hong Kong [5]. - As of June 11, approximately 40 companies are anticipated to go public in Hong Kong in the first half of the year, raising around 1,087 billion HKD, with IPO numbers and fundraising amounts up by 33% and 711% respectively [5]. - The growth in the Hong Kong IPO market is attributed to factors such as the return of Chinese concept stocks, financing needs from Southeast Asian companies, and increased capital flow from the mainland [5]. Group 3: Industry Challenges - Despite the optimistic market outlook, the competition in the Hong Kong IPO space is intense, with many firms adopting low-price strategies to capture market share, leading to limited profit margins for individual firms [1][8]. - The market is characterized by a "Matthew effect," where larger firms dominate international business profits, while smaller firms struggle to find sustainable paths [8]. - Industry experts suggest that smaller firms need to focus on niche markets and enhance risk control capabilities to survive in the competitive landscape [9].

Group 1 - Southeast Asia is becoming a key destination for Chinese securities firms to expand overseas, with recommendations to focus on Indonesia, Singapore, or Vietnam for a comprehensive layout [1] - The ASEAN market has favorable conditions for overseas expansion, being the fifth-largest economy globally, with strong growth momentum and a mature urbanization process [1] - High population dividends, internet penetration, and rapid development of the digital economy are driving strong financial demand in Southeast Asia [1] Group 2 - The securities market landscape is complex and diverse, showing differentiated development trends across the region [2] - Regulatory frameworks are evolving, with a trend towards mixed operations and flexible regulations attracting foreign investment [2] - Market maturity varies, with Singapore and Malaysia having developed markets, while Indonesia and Thailand are rapidly growing, and the Philippines and Vietnam are still in early development stages [2] Group 3 - Leading institutions have developed local strategies that provide valuable insights for others [3] - SSI has capitalized on the opening of the Vietnamese stock market, enhancing customer acquisition and product quality, becoming the top independent broker in Southeast Asia [3] - UOBKH leverages its parent bank's resources to strengthen regional competitiveness and focuses on a comprehensive range of financial products [3]