券商业绩回暖、股价回升的行情下，股东获利后动作频频。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 方正证券（601901.SH）近日公告，中国信达资产管理股份有限公司（下称"中国信达"）拟通过集中竞 价方式减持不超过1%股份，以11月4日当日收盘价8.22元/股测算，套现规模或超6.7亿元。 这已是中国信达近三年来第6次计划减持方正证券。 2025年以来，华西证券（002926.SZ）、中银证券（601696.SH）等多家券商迎来股东减持公告，形成一 波行业性减持小高潮。 根据方正证券公告，中国信达此次拟减持窗口期为2025年11月26日至2026年2月25日，减持理由明确 为"自身经营发展需要"。 截至公告发布日，中国信达持有方正证券5.9305亿股，持股比例7.20%，所有股份均通过协议转让方式 取得。 从公司基本面来看，方正证券近期业绩表现亮眼，并未出现引发股东看空的明显瑕疵。2025年三季度财 报显示，公司实现营业收入90.82亿元，同比增幅达67.17%；净利润37.99亿元，同比激增93.31%，营收 与净利润增速均处于行业前列。 "股东减持未必是质疑券商长期盈利能力 ...

华西证券的股东"含酒量"将下降。 近日，华西证券（002926.SZ）发布公告称，公司股东之一四川剑南春（集团）有限责任公司（以下简 称"剑南春"），将以集中竞价方式、大宗交易方式合计减持不超过2625万股的公司股份，即减持股份不 超过公司总股本的1%。 截至9月25日收盘，华西证券股价收报9.53元/股，若以此为标准计算，剑南春此次减持将套现约2.50亿 元。 华西证券遭剑南春25年来首次减持 泸州老窖依然是最大股东 根据公告，剑南春目前持有华西证券1.78亿股股份，占公司总股本比例6.79%。值得注意的是，剑南春 自2000年入股华西证券以后从未有过减持动作，此次为25年以来首次计划减持华西证券。对于减持的原 因，公告中披露称系剑南春的流动资金需求。 华西证券则表示，本次减持计划系公司股东根据自身经营发展需要进行的减持，不会对公司治理结构及 持续经营情况产生重大影响。 从华西证券刚刚交出半年报来看，上半年其业绩确实喜人。上半年，华西证券实现营业收入20.73亿 元，同比增长46.72%；实现归母净利润5.12亿元，同比增长1195.02%。其中，占营收比重过半的经纪及 财富管理业务，实现收入11.39亿元 ...

Group 1 - The core viewpoint of the article highlights a trend of shareholder reduction plans among multiple securities firms, raising concerns about the stability of their equity structures and shareholder confidence [3][4][7] - Sichuan Jian'nanchun (Group) Co., Ltd., a shareholder of Huaxi Securities, plans to reduce its stake by up to 1% within three months due to "liquidity needs," marking its first reduction plan after the lock-up period [3][5] - Other securities firms, such as China Securities and Financial Holdings, have also seen similar shareholder reduction announcements, with most reductions kept within 1% to 3% [4][6] Group 2 - The motivations behind these reductions are varied, often cited as "business development needs" or "liquidity needs," indicating a focus on the shareholders' financial arrangements rather than a direct negative outlook on the firms' fundamentals [6][8] - The reduction plans have not led to changes in control of the companies, with most individual shareholder reductions remaining below 3%, thus having limited impact on governance structures [2][7] - The article suggests that the trend of shareholder reductions may reflect deeper market dynamics, indicating a potential revaluation phase for the industry as capital markets transition from expansion to quality improvement [8]

Core Viewpoint - The recent announcements of share reductions by multiple shareholders in the securities industry indicate a trend of capital adjustment and potential concerns regarding the stability of shareholder confidence in the sector [1][2][4]. Group 1: Shareholder Reduction Plans - Sichuan Jianan Spring plans to reduce its stake in Huaxi Securities by up to 1% within three months, citing "liquidity needs" as the reason for the reduction [1]. - Other securities firms have also seen similar shareholder reductions, with China Cinda not executing its planned 1% reduction due to market conditions, while Guokong Operations and Jiangxi Copper plan to reduce their stakes by up to 3% [2][3]. - The majority of these reductions are executed through centralized bidding and block trading, with most reductions kept within the 1% to 3% range [2]. Group 2: Motivations Behind Reductions - The motivations for these reductions are varied, often linked to "business development needs" or "liquidity requirements," indicating a focus on the shareholders' financial arrangements rather than a direct negative outlook on the brokers' fundamentals [3]. - Jianan Spring's reduction is characterized as a financial investment rather than a strategic business move, reflecting typical behavior for industrial capital [3]. - Jiangxi Copper's reduction is seen as a way to optimize cash flow amidst cyclical fluctuations in the metals industry [3]. Group 3: Market Implications and Industry Challenges - The disclosed reduction plans have not led to changes in control for the listed companies, and the impact on governance structures is considered limited [4]. - However, these announcements may influence market sentiment, as shareholder actions are often interpreted as signals regarding the industry's outlook [4][5]. - The securities industry continues to face challenges such as declining commission rates and increased competition, prompting some shareholders to adjust their asset allocations post-lockup [5]. - The phenomenon of shareholder reductions highlights a mismatch between financial and industrial capital cycles, suggesting that these actions should not be simplistically viewed as negative indicators for the brokers' future [5].