国信证券收购万和证券获得监管核准 中国基金报记者 江右 证券行业又一重要并购获得监管核准。近日，中国证监会官网发布关于同意国信证券股份有限公司发行 股份购买资产注册、核准万和证券股份有限公司变更主要股东及实际控制人的批复。 中国证监会表示，核准国信证券成为万和证券主要股东，核准深圳市投资控股有限公司成为万和证券实 际控制人。对国信证券通过换股方式依法取得万和证券2,183,877,825股股份（占公司股份总数 96.0792%）无异议。 证监会的批复表示，万和证券应当切实做好与国信证券的风险隔离，严格规范关联交易，严防利益冲突 和输送风险。国信证券应当会同万和证券按照报送我会的初步整合方案确定的方向，在一年内制定并上 报具体整合方案，明确时间表，妥善有序推进整合工作。本次发行股份购买资产注册批复自下发之日起 12个月内有效。 回顾国信证券收购万和证券控制权的历程：2024年8月，国信证券宣布拟通过发行A股股份的方式购买 万和证券53.0892%的股份。 2024年9月份，国信证券公布了发行股份购买资产暨关联交易预案，交易对方及交易的万和证券股份数 量均较此前公布增加，即通过发行A股股份的方式向深圳资本、鲲鹏投 ...

国信证券收购万和证券获得监管核准 中国证监会表示，核准国信证券成为万和证券主要股东，核准深圳市投资控股有限公司成为 万和证券实际控制人。对国信证券通过换股方式依法取得万和证券 2,183,877,825 股股份 （占公司股份总数 96.0792% ）无异议。 【导读】证监会核准国信证券成为万和证券主要股东，对国信证券通过换股方式依法取得万 和证券 96.0792% 的股份无异议 中国基金报记者 江右 证券行业又一重要并购获得监管核准。近日，中国证监会官网发布关于同意国信证券股份有 限公司发行股份购买资产注册、核准万和证券股份有限公司变更主要股东及实际控制人的批 复。 证监会的批复表示，万和证券应当切实做好与国信证券的风险隔离，严格规范关联交易，严 防利益冲突和输送风险。国信证券应当会同万和证券按照报送我会的初步整合方案确定的方 向，在一年内制定并上报具体整合方案，明确时间表，妥善有序推进整合工作。本次发行股 份购买资产注册批复自下发之日起 12 个月内有效。 回顾国信证券收购万和证券控制权的历程： 2024 年 8 月，国信证券宣布拟通过发行 A 股股 份的方式购买万和证券 53.0892% 的股份。 202 ...

截至2025年8月21日 14:08，中证全指证券公司指数(399975)下跌0.40%。成分股方面涨跌互现，华鑫股份(600621)领涨2.14%，财达证券(600906)上涨1.92%， 国泰海通(601211)上涨0.87%；长城证券(002939)领跌，西南证券(600369)、湘财股份(600095)跟跌。券商ETF(512000)下修调整。拉长时间看，截至2025年8 月20日，券商ETF近1周累计上涨4.88%。 流动性方面，券商ETF盘中换手4.31%，成交12.24亿元。拉长时间看，截至8月20日，券商ETF近1周日均成交21.13亿元，排名可比基金前2。 规模方面，券商ETF最新规模达283.95亿元，创近半年新高，位居可比基金第二。份额方面，券商ETF最新份额达455.71亿份，创近1年新高，位居可比基金 第一。从资金净流入方面来看，券商ETF近3天获得连续资金净流入，最高单日获得11.43亿元净流入，合计"吸金"15.28亿元，日均净流入达5.09亿元。 消息面上，8月15日，证监会发布《关于核准国融证券股份有限公司变更主要股东、实际控制人以及国融基金管理有限公司、北京首创期货有限责任 ...

Group 1 - The A-share market experienced a significant rise, with the securities sector index increasing by 5.46% on June 25, marking the third consecutive day of gains [1] - Notable stocks included Guotai Junan International, which surged over 198%, and several other securities stocks that rose more than 5% [2][3] - The surge in securities stocks is attributed to the approval of Guotai Junan International to provide virtual asset trading services, making it the first Chinese broker in Hong Kong to offer comprehensive virtual asset-related trading services [3] Group 2 - The approval allows Guotai Junan International to facilitate trading of major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as stablecoins like Tether (USDT) [3] - Analysts suggest that the rise in the securities sector is a response to improved market sentiment and could signal the beginning of a new market rally [4] - The performance of various securities ETFs also reflected this bullish trend, with multiple ETFs rising over 5% [3]

Core Viewpoint - Southwest Securities appears to have a promising outlook for 2024, but underlying issues in its investment banking segment raise concerns about its future performance [2][3]. Investment Banking Performance - The investment banking revenue for Southwest Securities in 2024 was 110 million yuan, a decrease of over 28 million yuan, representing a year-on-year decline of 20.43% [5]. - Specific segments within investment banking also saw significant declines: - Securities underwriting revenue fell to less than 68 million yuan, down approximately 12 million yuan or 15% from 2023 [5]. - Financial advisory revenue decreased to over 43 million yuan, down about 9 million yuan or 18% [6]. - Sponsorship revenue plummeted to around 950,000 yuan, a staggering drop of over 740,000 yuan or nearly 89% compared to 2023 [6]. - The investment banking business is currently stagnant, with no IPO, additional issuance, or convertible bond projects under review since August 2023, highlighting a lack of market trust and declining operational quality [6][7]. Regulatory Issues - Southwest Securities has faced multiple regulatory penalties, receiving five in 2024 alone, primarily related to due diligence failures and compliance issues [7][8]. - The China Securities Regulatory Commission (CSRC) mandated corrective actions due to several violations in bond projects, indicating serious deficiencies in internal management and risk control [8][9]. Subsidiary Sale Attempt - The attempt to sell the loss-making subsidiary, Xizheng International Securities, failed due to the buyer's inability to secure financing, resulting in only a 27 million HKD deposit being recovered [10][11]. - Xizheng International Securities has incurred cumulative losses exceeding 2 billion HKD since 2016, and its financial instability has raised concerns about future operations [12]. Industry Context - The brokerage industry is experiencing significant consolidation, with larger firms like CITIC and Huatai capturing a majority of the market share, leaving smaller firms like Southwest Securities under considerable pressure [13][15]. - The competitive landscape is further complicated by declining commission rates and the rise of internet brokers, which are eroding traditional brokerage revenues [16]. Future Outlook - The challenges faced by Southwest Securities in its investment banking and overall business strategy will require significant adjustments to remain competitive in a rapidly evolving market [17].