文 | 独角金融 郑理 9月26日，千亿"AMC系"券商信达证券（601059.SH）一纸人事变更，打破了行业平静。公告显示，58 岁的艾久超当日正式卸任信达证券董事长，由控股股东中国信达资产管理股份有限公司（下称"中国信 达"）体系内56岁的林志忠接棒，同时担任战略规划委员会主任委员。 | 姓名 | 高任职务 | 高任 | 康定任期 | 高任 | 是否继续在 上市公司及 | 是合存 在末 行完毕 | | --- | --- | --- | --- | --- | --- | --- | | | | 时间 | 到期日 | 原因 | 其控股子公 司任职 | 的公开 | | | | | | | | 承诺 | | 艾久超 | 第六届董事会董事长、 董事、战略规划委员会 | 2025 年 | 2026 年 | 工作 | 否 | 否 | | | 主任委员、薪酬与提名 | 9月26日 | 11月6日 | 调整 | | | | | 委员会委员 | | | | | | 图源：公告 8月至今已经有三位核心高管进行调整。包括总经理祝瑞敏辞职，董事、战略规划委员会委员刘力一离 任，再到如今董事长更迭，公告均称系"工作安排调整"，其 ...

格隆汇9月23日｜据经济日报，9月21日，A股券商板块集体高开，两家证券公司发布公告显示，正在筹 划以发行股票方式换股吸收合并事宜，这是今年以来首个非银金融业的重大资产重组案例。在监管部门 多次强调"打造具有国际竞争力的一流投资银行"背景下，证券公司整合是大势所趋。在资本市场改革并 试点注册制的战略机遇面前，证券公司必然要回归投资银行"本源"，加快强强联合。同时，既要顺 应"做大做强，夯实服务国家战略和实体经济能力"的大趋势，又要面对"建设强大资本市场，提升证券 业国际影响力和话语权"的大考验，还要努力合规经营，守住不发生系统性金融风险的底线。 ...

智通财经记者 | 陈靖 从职业履历来看，宋卫刚拥有经济学博士学位，获评高级经济师，1998年至2014年期间，先后担任财政 部办公厅科员、副主任科员及部长办公室副科级、科级、副处级、正处级秘书；2014年至2016年，转任 中国证券投资者保护基金有限责任公司副董事长、党委委员；2016年后进入银河金控任职，同时兼任中 国银河证券股份有限公司董事。 截至目前，中国信达官网显示，公司董事长为张卫东，高级管理层包含党委副书记凌敢、副总裁赵立 民、李洪江，总裁助理酒正超、王正民，首席风险官罗振宏，董事会秘书艾久超及首席财务官杨英勛。 从中国信达离任的梁强，已在今年7月完成新职务的落地。据中国东方公告，经股东大会与董事会选 举，梁强正式出任中国东方执行董事、董事长。 公开信息显示，梁强自1999年进入资产管理行业，累计拥有超25年不良资产处置与管理经验，更因曾在 中国华融（现更名为中国中信金融资产）、中国信达、中国东方、中国长城四家全国性AMC担任高 管，成为业内罕见的"四大AMC通"人才。 2020年起，梁强从中国信达副总裁调任中国东方副总裁，随后转任中国长城党委副书记、总裁；2021年 5月出任中国华融总裁；202 ...

Core Insights - The merger between Guotai Junan and Haitong Securities has led to significant personnel changes and performance challenges, with a notable decline in commission income despite a rise in overall revenue and profit [1][5]. Group 1: Personnel Changes - Several chief analysts from the original Haitong Securities have left the company, indicating ongoing instability post-merger [3]. - Notable departures include chief economist Xun Yugen, who joined Guoxin Securities after a brief tenure at Haitong, marking the end of his 14-year career there [2]. - Analysts are moving to mid-sized brokerages, with several former Haitong analysts joining firms like Guohai Securities and Dongwu Securities [4]. Group 2: Financial Performance - Guotai Haitong reported a revenue of 23.872 billion yuan for the first half of the year, a year-on-year increase of 78%, and a net profit of 15.737 billion yuan, reflecting a 214% increase [5]. - Despite ranking second in commission income with 280 million yuan, the company experienced a significant year-on-year decline of 42.22%, which is worse than the industry average [5]. - The total number of employees decreased to 18,654, with a reduction in registered analysts from 314 to 287 [5].

Core Viewpoint - Central Huijin, as a state-owned financial capital management institution, is likely to restructure and integrate its six controlled listed securities firms to create a more competitive brokerage powerhouse [1][13][18] Group 1: Company Overview - China International Capital Corporation (CICC) is known for its strong investment banking capabilities and has a registered capital of 4.827 billion yuan, with Central Huijin holding 40.11% of its circulating shares [3] - Shenwan Hongyuan, established with a registered capital of 25.04 billion yuan, is recognized for its research capabilities and has a controlling stake of 48.93% held by Central Huijin [5] - China Galaxy Securities, with a registered capital of 10.934 billion yuan, is known for its extensive retail network [7] - Cinda Securities, with a registered capital of 3.243 billion yuan, has a unique advantage in asset disposal and M&A due to its backing from China Cinda [8] - Dongxing Securities, established with a registered capital of 3.232 billion yuan, has strong resources in special opportunity investments [10] - Everbright Securities, with a registered capital of 4.611 billion yuan, benefits from strong business synergy due to its affiliation with Everbright Group [11] Group 2: Industry Dynamics - The current Chinese securities industry faces issues of fragmentation and homogeneous competition, with a need for increased industry concentration to compete internationally [13] - A potential merger between CICC and China Galaxy Securities could create a comprehensive investment banking group, enhancing competitiveness across various business sectors [13] - The integration of Dongxing Securities and Cinda Securities could optimize resource allocation in asset securitization and comprehensive financial services [14] - A merger between Everbright Securities and Shenwan Hongyuan could leverage their respective strengths in research and comprehensive services, promoting regional resource sharing and collaboration [16]

Core Viewpoint - The acquisition of Wanhe Securities by Guosen Securities has received approval from the China Securities Regulatory Commission (CSRC), marking a significant step in the consolidation of the brokerage industry in China [2][4]. Group 1: Acquisition Details - CSRC approved Guosen Securities to issue shares to acquire a total of 2.184 billion shares of Wanhe Securities, representing 96.0792% of the company's total shares [4]. - The share issuance involves multiple stakeholders, including Shenzhen Capital Operation Group Co., Ltd. and Shenzhen Kunpeng Equity Investment Co., Ltd., among others [4]. - The approval for the share issuance is valid for 12 months from the date of issuance [4]. Group 2: Industry Context - The consolidation of brokerages has become a hot topic in the industry since 2024, with the "Guosen + Wanhe" combination attracting significant market attention [5][6]. - The central financial work conference in October 2023 emphasized the need to cultivate first-class investment banks and institutions, supporting the ongoing trend of mergers and acquisitions in the securities industry [7]. Group 3: Strategic Goals - Guosen Securities aims to optimize the strategic layout of state-owned financial assets, achieve non-organic growth, expand international operations, and enhance overall company value through this acquisition [7]. - The acquisition is expected to improve Guosen Securities' cross-regional layout, leveraging Wanhe Securities' presence in key development areas such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [8]. Group 4: Financial Performance - Wanhe Securities reported revenues of 102.45 million yuan, 513.98 million yuan, and 420.58 million yuan for the years 2022, 2023, and the first 11 months of 2024, respectively [8]. - The net profit attributable to the parent company for Wanhe Securities was -27.85 million yuan in 2022, 6.15 million yuan in 2023, and 2.92 million yuan in the first 11 months of 2024 [8]. - Guosen Securities anticipates a net profit of 4.78 billion to 5.53 billion yuan for the first half of 2025, representing a year-on-year growth of 52% to 76% [9].

Core Viewpoint - The approval of the acquisition of Guorong Securities by Western Securities marks a significant step in the consolidation of the brokerage industry, reflecting a trend towards increased mergers and acquisitions in the sector [1][3]. Group 1: Regulatory Approval and Integration Plan - The China Securities Regulatory Commission (CSRC) has approved the change of major shareholders and actual controllers for Guorong Securities and Guorong Fund Management, indicating a key regulatory milestone [1]. - Western Securities is required to develop and submit a detailed integration plan within one year, ensuring a structured and orderly integration process [2]. - The integration plan must address business integration, personnel arrangements, and risk management, highlighting the regulatory emphasis on careful execution [2]. Group 2: Acceleration of Mergers and Acquisitions - Since 2025, the brokerage industry has seen a notable acceleration in mergers and acquisitions, driven by regulatory encouragement for firms to strengthen through consolidation [3]. - Successful cases, such as the merger of Guotai Junan and Haitong, serve as benchmarks for future brokerage integrations [3]. - The trend towards mergers and acquisitions is expected to enhance scale efficiency, resource allocation, and overall market competitiveness within the industry [3]. Group 3: Industry Landscape Adjustment - The acquisition will lead to a new round of adjustments in the brokerage industry, with Western Securities poised to significantly increase its business scale and market influence [4]. - The combined entity is expected to have a more comprehensive business system and stronger capital strength, enhancing its competitive advantage [4]. - The ongoing trend of mergers is likely to increase industry concentration, providing smaller brokerages with better development platforms while allowing larger firms to expand their market share [4].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved Western Securities to become the major shareholder of Guorong Securities, acquiring 1.15 billion shares, which accounts for 64.5961% of the total shares [2][3] - The total assets of Western Securities are expected to approach 120 billion yuan after the merger with Guorong Securities, which will enhance its business coordination in North China and other regions [4][5] - The merger aligns with Western Securities' strategic planning, optimizing resource allocation and enhancing market competitiveness [5] Group 2 - Guangxi Investment Group Financial Holding Co., Ltd. has been approved by the CSRC to become the major shareholder of Guohai Securities, acquiring over 300 million shares, representing 4.82% of the total shares [6][7] - The ownership structure of Guangxi Investment Group is undergoing changes, with 33% of its shares being transferred to Guangxi Guokong Capital Operation Group, but this will not affect the actual control of Guohai Securities [7]

Core Insights - The China Securities Regulatory Commission (CSRC) has approved the acquisition of Guorong Securities by Western Securities, marking a significant change in the ownership structure of both companies [1][3] - Guangxi Investment Group Financial Holding Co., Ltd. has been approved as the major shareholder of Guohai Securities, indicating a shift in control within the company [1][6] Group 1: Guorong Securities and Western Securities - Western Securities has been approved to acquire 1.15 billion shares of Guorong Securities, representing 64.5961% of the total shares [3] - The total assets of Western Securities are projected to approach 120 billion yuan after the merger, enhancing its market position and regional presence [3] - The merger is expected to strengthen Western Securities' operations in North China and improve business synergies across the country [3][4] Group 2: Financial Performance and Strategic Implications - The merger aligns with Western Securities' strategic planning, aiming to optimize resource allocation and enhance market competitiveness [4] - Post-merger, Western Securities is expected to see significant improvements in its rankings across various business segments, including brokerage, investment banking, and asset management [4] Group 3: Guohai Securities Ownership Change - Guangxi Investment Group Financial Holding Co., Ltd. has been approved to acquire over 300 million shares of Guohai Securities, which constitutes 4.82% of the total shares [6] - The ownership change involves a restructuring of Guangxi Investment Group's shareholding, but it will not affect the actual control of Guohai Securities [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the acquisition of Guorong Securities by Western Securities, marking a significant consolidation in the securities industry [2][5]. Group 1: Guorong Securities Acquisition - Western Securities has been approved to acquire 1.15 billion shares of Guorong Securities, representing 64.5961% of the total shares [5]. - The total assets of the combined entity are expected to approach 120 billion yuan, considering the assets of both companies and potential synergies [4][6]. - The integration plan must be submitted to the CSRC within one year, outlining a clear timeline for the merger process [5][6]. - The merger will enhance Western Securities' presence in North China and improve business collaboration across regions, leveraging Guorong Securities' strengths in bond and investment banking [7]. Group 2: Guohai Securities Shareholder Change - The CSRC has also approved Guangxi Investment Group Financial Holding Co., Ltd. to become the major shareholder of Guohai Securities, acquiring over 300 million shares, which is 4.82% of the total shares [10]. - Following a restructuring, Guangxi Investment Group's ownership will change, but it will remain the actual controller of Guohai Securities, ensuring no significant impact on governance or daily operations [11].