｜2026年1月4日 星期日｜ NO.1 卖方老将张忆东离职，下一站转战海外业务 公开消息显示，兴业证券经济与金融研究院联席院长、全球首席策略分析师张忆东因个人职业规划及家 庭因素考量，已正式提出离职申请。下一站，张忆东将转型海外业务，专注于香港及海外资本市场的拓 展。公开资料显示，张忆东，男，复旦大学国际金融系学士、硕士，上海交通大学上海高级金融学院 EMBA，曾任兴业证券经济和金融研究院副院长、研究所副所长、全球首席策略分析师，兴证（香港） 金控副行政总裁、兴证国际副总裁，兼任复旦大学经济学院专业学位校外兼职导师。作为卖方研究领域 最具影响力的策略分析师之一，张忆东在卖方研究领域坚守20余载，全面覆盖A股、港股与美股市场， 连续多次在中国资本市场的分析师评选中获得策略研究第一名，2023年成为中国总量研究领域首位新财 富钻石分析师。 点评：卖方老将张忆东离职兴业证券转战海外业务，反映券商加速国际化布局。短期兴业证券研究品牌 影响力或受影响，长期需看团队磨合。此举或将引发券商人才流动潮，推动行业竞争格局重塑。香港及 海外资本市场或成券商新战场，相关板块估值体系面临重构。整体来看，券商业务转型加速，市场对国 ...

钛媒体App 12月6日消息，在中国证券业协会第八次会员大会上，证监会主席吴清提到，证券机构需要 提升跨境金融综合服务能力，稳步推进国际化布局，包括 "一带一路" 沿线市场拓展，加强境内外协 同，引入国际先进经验，服务跨境资源对接。强大的金融机构是金融强国的核心要素，国际一流金融机 构需具备全球资本配置能力、资产定价话语权、顶尖人才储备及国际金融治理引领力。行业机构需对标 这一目标，加快提升核心竞争力，为金融强国建设筑牢产业基础。（广角观察） ...

Group 1: Industry Overview - The investment banking sector has shown significant recovery in 2023, with 42 A-share listed brokers achieving a net income of 25.151 billion yuan from investment banking fees, marking a year-on-year increase of 23.46% [1] - Brokers are accelerating the exploration of differentiated and specialized development in investment banking to expand performance growth, focusing on niche markets and regional services [1] Group 2: Company Strategies - First Capital is focusing on four key areas: deepening regional economies, advancing industrial investment banking strategies, enhancing risk control, and expanding innovative business lines such as innovative bonds and asset-backed securities [2] - Southwest Securities is reforming its investment banking division with a strategy centered on serving the Chongqing area, aiming to establish itself as a leading regional investment bank [3] Group 3: International Expansion - Major brokers are experiencing rapid growth in international business, driven by the Belt and Road Initiative and the increasing demand from overseas investors for Chinese assets [3] - Shenwan Hongyuan has established a comprehensive offshore business platform centered in Hong Kong, with plans to expand into surrounding overseas markets [3] - China Galaxy is extending its international business network, currently covering regions such as Hong Kong, Singapore, and Thailand, and aims to enhance the management of its overseas subsidiaries [3] Group 4: Capital Increases by Smaller Brokers - Several mid-sized brokers have announced capital increases for their Hong Kong subsidiaries, reflecting confidence in the prospects of international business [4] - Shanxi Securities plans to increase capital by 1 billion HKD for its subsidiary, while Dongxing Securities has raised its subsidiary's registered capital from 1.5 billion HKD to 1.8 billion HKD [4] - These capital increases are expected to enhance the subsidiaries' market competitiveness and support their international business development [4]

Group 1 - As of October 16, 2024, 73 companies have successfully listed on the Hong Kong Stock Exchange, raising a total of 188.98 billion HKD in IPO funds, representing a year-on-year increase of 227.75%, making Hong Kong the leader in global new stock financing [1] - The total equity financing amount in the Hong Kong stock primary market, including IPOs and refinancing, reached 437.59 billion HKD this year, with a significant year-on-year growth of 260.41%, indicating a marked increase in market activity [2] - Chinese securities firms have shown a strong performance in the Hong Kong IPO underwriting and sponsorship business, with leading firms like CICC Hong Kong, CITIC Securities (Hong Kong), and Huatai Financial Holdings (Hong Kong) ranking high in the underwriting list [2] Group 2 - In the IPO business, CICC ranked first by sponsoring 25 IPOs, followed by CITIC Securities (Hong Kong) with 18 and Huatai Financial Holdings (Hong Kong) with 13 [2] - In terms of underwriting amounts, CICC led with 34.03 billion HKD, underwriting 32 deals, while CITIC Securities (Hong Kong) followed with 25.67 billion HKD for 28 deals [2] - The analysis indicates that high-quality issuer resources are increasingly concentrating among Chinese securities firms with comprehensive service capabilities, as "A+H" listed companies account for about half of the total IPO fundraising in Hong Kong [2] Group 3 - Chinese securities firms are accelerating their internationalization efforts, with Guolian Minsheng Securities' Hong Kong subsidiary obtaining a trading license from the Hong Kong Securities and Futures Commission on October 3 [3] - Several Chinese securities firms are establishing subsidiaries in Hong Kong, with firms like First Capital Securities, Western Securities, and Northeast Securities announcing plans to set up Hong Kong subsidiaries [3] - Firms such as GF Securities, Huatai Securities, and Dongwu Securities are increasing their investments in their Hong Kong subsidiaries, reflecting a focus on overseas business development [3]

Core Insights - The article highlights the accelerated international business expansion of small and medium-sized securities firms in China, particularly in Hong Kong, with several firms obtaining licenses and establishing subsidiaries [1][10][11]. Group 1: Company Developments - Guolian Minsheng Securities has received a trading license from the Hong Kong Securities and Futures Commission, marking a significant milestone in its international strategy [4][5]. - Other firms, such as Northeast Securities, Western Securities, and First Capital, have also announced plans to establish Hong Kong subsidiaries, indicating a trend among smaller firms to enter the market [12][13]. - Guolian Minsheng Securities' Hong Kong subsidiary will focus on investment banking underwriting, stock trading, and stock custody services [4][5]. Group 2: Market Trends - The Hong Kong market is experiencing increased trading activity and a surge in technology IPOs, providing a differentiated development space for smaller securities firms [2][22]. - The total assets of overseas subsidiaries of Chinese securities firms reached HKD 1.64 trillion, a year-on-year increase of 20.45%, indicating robust growth in international operations [18]. - The Hong Kong stock market has seen a revival, with net profits in the securities industry increasing by 14% to HKD 28.9 billion in the first half of the year [14][19]. Group 3: Challenges and Strategic Shifts - Despite the growth, some firms have faced challenges, with reports of losses and delistings among certain subsidiaries, prompting some firms to reconsider their international strategies [2][20]. - The role of Hong Kong is evolving from a mere "outbound bridge" to a "strategic high ground" for international business, attracting more firms to increase their investments in the region [18][22]. - Regulatory scrutiny has increased, with firms needing to balance international expansion with compliance and risk management [21][22].

Core Viewpoint - Shouchao Securities has announced its plan to list H-shares on the Hong Kong Stock Exchange, aiming to enhance its capital strength and international competitiveness, potentially becoming the 14th broker to achieve "A+H" dual listing [1][2]. Group 1: Company Announcement - On July 25, Shouchao Securities' board approved the proposal for issuing H-shares and listing on the Hong Kong Stock Exchange [2]. - The company intends to issue H-shares not exceeding 25% of its total share capital post-issuance, with an option for an additional 15% through an overallotment [2]. - The funds raised will be used to increase capital, supplement working capital, and support the development of domestic and international securities-related businesses [2][3]. Group 2: Financial Performance - In 2024, Shouchao Securities reported a revenue of 2.418 billion yuan, a year-on-year increase of 25.49%, and a net profit of 985 million yuan, up over 40%, both reaching historical highs [3]. - However, in Q1 2025, the company experienced a decline in performance, with revenue of 432 million yuan, down 23.34%, and a net profit of 151 million yuan, down 31.42% [3]. Group 3: Industry Context - As of now, there are 42 listed brokers in the A-share market, with 13 having achieved "A+H" listings [4]. - The Hong Kong stock market has shown strong activity, with total equity financing reaching 291.641 billion yuan, a 288.75% increase year-on-year [4]. - The performance of H-shares has been robust, with some brokers seeing over 60% gains this year, providing a favorable market environment for Shouchao Securities' H-share listing [4]. Group 4: Strategic Implications - Listing in Hong Kong will allow Shouchao Securities to enhance its international presence and competitiveness, leveraging a more open market environment and international resources [5]. - The dual-platform strategy ("A+H") is expected to create new growth opportunities and improve the company's visibility in international markets [5].