| 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任原因 | 是否继 续在上 而公司 及其控 股子公 司任职 | 是否存 在未展 行完毕 的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | | 聋德雄 | 董事长、执 行童事、战 略与可持 续发展委 | 2025 年 12 | 2027年11 | 工作调动 | 否 | 否 | | | 员会主任 | 月8日 | 月 21 日 | | | | | | 委员、新酬 | | | | | | | | 与提名委 | | | | | | | | 员会委员 | | | | | | 根据公司《章程》等规定，在新任董事长任职前，由公司副董事长鲁伟铭代为履行董事长、法定代表人 及香港联交所授权代表职责。 12月8日晚，东方证券发布公告称，公司于近日收到龚德雄的辞职报告。因工作调动原因，龚德雄申请 辞去公司董事长、执行董事和董事会战略与可持续发展委员会主任委员、薪酬与提名委员会委员等职 务，辞职后不再担任公司及控股子公司任何职务。原定到任日期为2027年11月21日。 公司董事会对龚德雄为公司发展作出的卓越贡献表示 ...

Core Viewpoint - The resignation of Gong Dexiong as Chairman and Executive Director of Dongfang Securities is attributed to work relocation, and he will no longer hold any positions within the company or its subsidiaries [1] Group 1: Leadership Changes - Gong Dexiong has served in various roles including Party Secretary, Executive Director, and Chairman since September 2023 [3] - Following Gong's resignation, Vice Chairman Lu Weiming will assume related responsibilities until a new chairman is appointed [4] Group 2: Strategic Vision and Performance - During his tenure, Gong Dexiong emphasized a vision to build a competitive and influential modern investment bank, proposing a "three-step" medium to long-term strategic roadmap [3] - Under Gong's leadership, Dongfang Securities reported a steady performance increase, with 2024 projected revenues of 19.19 billion and net profits of 3.35 billion, reflecting year-on-year growth of 12.29% and 21.66% respectively [3] - For the first three quarters of the current year, the company achieved revenues of 12.71 billion and net profits of 5.11 billion, marking significant year-on-year increases of 39.38% and 54.76% [3]

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！ 今日（12月8日）晚间，东方证券公告，掌舵公司数年的龚德雄正式离任董事长一职，副董事长鲁伟铭 将代行董事长职责。此前有消息称，执掌东方证券近三年的董事长龚德雄或将开启职业生涯新篇章，上 海市委组织部公示其拟任市管企业经理班子正职。 龚德雄自2023年9月出任东方证券党委书记、2024年11月正式接任董事长，在此期间，东方证券业绩显 著回暖，2025年前三季度实现营业收入127.08亿元，同比增长39.38%；归母净利润达51.10亿元，同比 激增54.76%，在42家上市券商中稳居营收前十。 龚德雄的"东方印记"：战略布局者 2019年，龚德雄执掌东方证券，明确了公司2025–2027年三年战略路径，聚焦"大财富、大投行、大机 构"三大方向，推动公司向"一流现代投资银行"迈进。 在"三大体系"驱动下，东方证券近年来财务表现稳健，资产规模、营业收入、净利润等关键指标位居行 业前列，净资产收益率（ROE）持续优异，为股东创造丰厚回报。公司风险管控能力也经受住市场考 验，资本实力雄厚，连续多年获行业最高监管评级。这些均深深烙下龚德雄作为掌舵人 ...

Group 1: Investment Strategy and Business Focus - The company emphasizes a dual-driven business model combining proprietary investment and client services, enhancing asset allocation efficiency across various asset classes including domestic and international stocks, bonds, and commodities [2][5]. - The proprietary investment business aims to diversify profit models, focusing on dividend, value, and growth investment strategies while expanding non-directional investment areas [2][3]. - Future business focus includes wealth management transformation, targeting small and medium-sized innovative enterprises, and enhancing comprehensive service capabilities through agile teams [4][6]. Group 2: Asset Management and Product Development - The asset management business is centered around fixed income products, with a continuous expansion of product lines including quantitative, derivative, and fund of funds (FOF) products to meet diverse investor needs [8]. - The company aims to strengthen its investment banking services by focusing on small and medium-sized innovative enterprises, maintaining a top 10 position in the North Exchange [9]. Group 3: Corporate Governance and Shareholder Relations - The major shareholder's equity transfer is actively progressing, with ongoing communication with government and regulatory bodies [7]. - The company does not set direct performance indicators for management but emphasizes market competitiveness and compliance risk management in evaluations [11]. - A robust market-oriented mechanism for talent acquisition is in place, particularly in high-market areas like investment banking and IT, while also nurturing internal talent [10]. Group 4: International Expansion and Market Positioning - The company is preparing to establish a subsidiary in Hong Kong to capitalize on the integration of mainland and Hong Kong markets, having completed preliminary research and board approval [11]. - The company prioritizes enhancing its market value management capabilities as a key focus for 2025, implementing a comprehensive value management mechanism [11].

Core Viewpoint - The recent quarterly report from Industrial Bank indicates that despite facing external challenges, the bank maintains strong core competitiveness and has shown resilience in its performance, attracting investor interest through robust dividend distribution and valuation recovery trends [1][2]. Financial Performance - In the first three quarters of 2025, Industrial Bank reported operating income of 161.23 billion yuan, a year-on-year decrease of 1.82%, with net profit reaching 63.08 billion yuan, achieving positive growth despite a challenging environment [2]. - The bank's net interest margin stood at 1.72%, maintaining a relatively leading position among joint-stock banks, aided by effective management of deposit rates [2][3]. Strategic Initiatives - Industrial Bank is focusing on enhancing its "big investment banking, big wealth management, big asset management" framework, which has shown positive results in mitigating the impact of narrowing interest margins [3][5]. - The bank's green finance financing balance reached 2.47 trillion yuan, growing by 12.8% year-to-date, with significant increases in financing for carbon reduction and pollution reduction projects [4][5]. Risk Management - The bank has seen a decrease in new non-performing loans and non-performing loan generation rates, indicating that the peak of risk exposure has passed, which lays a solid foundation for future performance stability [8][9]. - As of September, the non-performing loan ratio was 1.08%, stable compared to mid-year, with a provision coverage ratio of 227.81%, indicating a strong asset quality [9][10]. Shareholder Returns - Industrial Bank has a strong commitment to shareholder returns, having distributed a total of 216.1 billion yuan in dividends since its listing, with a recent announcement of a mid-term dividend of 5.65 yuan per 10 shares, totaling 11.96 billion yuan [10][11]. - The bank's stable fundamentals and progressive dividend policy have attracted significant investments from major shareholders, indicating strong market confidence [11][12]. Market Outlook - The bank's stock is positioned for valuation recovery, with a static dividend yield of 5.29% and a price-to-book ratio of 0.53, suggesting it is an attractive option for long-term investors [12].

Group 1: Company Strategic Development - The company aims to integrate securities services into national strategic development, aspiring to become a trusted first-class investment bank and institution [2] - Focus on large wealth and asset management to capture the certainty of long-term capital market opportunities, enhancing client service efficiency and precision [2] - Development of a one-stop service platform for large institutions, emphasizing capital intermediary business and improving stable investment return capabilities [2] - Continuous optimization of research, investment, and investment banking business strategies to support emerging industries and enhance service systems [2] Group 2: Financial Technology in Wealth Management - Significant investment in financial technology, with the development of the "Shencai Youdao APP" for integrated financial services [3] - Exploration of innovative applications of AI and large models in wealth management to enhance digital capabilities and service efficiency [3] - Provision of comprehensive, high-quality, and efficient digital inclusive financial services to small and medium investors [3] Group 3: Research and Consulting Business - The research consulting business operates on a "research + industry research + government research" framework, aligning with national strategic deployments [4] - Establishment of a systematic industry research framework with a strong market reputation and deep service capabilities [4] - Comprehensive research layout around key industrial chains, providing long-term investment strategies and insights into macroeconomic policies [4] Group 4: Talent Development - Commitment to a "people-oriented" talent strategy, fostering an open and competitive work environment [5] - Focus on practical performance and accountability in talent selection, promoting career advancement for key personnel [5] - Continuous improvement of organizational structure, compensation incentives, and business collaboration to enhance employee engagement and sense of belonging [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 39.38% in revenue to 12.708 billion yuan and a 54.76% increase in net profit to 5.110 billion yuan for the first three quarters of 2025 [1] - The strong performance is attributed to the growth in proprietary trading, improvements in brokerage and investment banking services, and the strategic focus on "large wealth, large investment banking, and large institutions" [1][3] - The company has adjusted its asset structure, reducing bond investments while increasing equity investments, which is expected to support future earnings [1] Summary by Sections Proprietary Investment - In Q3 2025, proprietary investment revenue grew by 54.7% to 6.195 billion yuan, becoming the primary driver of profit growth [1] - The financial investment scale was 225.3 billion yuan, with a slight decrease of 5.7% quarter-on-quarter due to asset structure adjustments [1] Brokerage Business - The brokerage business saw a year-on-year growth of 49% to 2.381 billion yuan in Q3 2025 [2] - The total number of customer accounts reached 3.139 million, an increase of 7.52% since the beginning of the year, with total custodial assets amounting to 959.3 billion yuan, up 9.21% [2] Investment Banking - Investment banking revenue increased by 41% to 1.171 billion yuan in Q3 2025, with a notable rise in equity underwriting and a dramatic increase in refinancing scale [2] - The company’s market share in equity underwriting reached 1.61%, with refinancing amounting to 12.5 billion yuan, a year-on-year increase of over 15 times [2] Asset Management and Credit Business - Asset management revenue decreased by 4.33% to 0.973 billion yuan in Q3 2025, while the entrusted asset management scale was 233.78 billion yuan, up 7.9% [3] - Interest income fell by 15.16% due to increased interest expenses [3] Financial Forecasts - The company’s net profit forecasts for 2025-2027 are 5.819 billion yuan, 5.988 billion yuan, and 6.102 billion yuan, representing year-on-year growth rates of 73.7%, 2.9%, and 1.9% respectively [3][4] - The projected PE ratios for 2025, 2026, and 2027 are 16.6, 16.1, and 15.8, while the PB ratios are 1.2, 1.2, and 1.1 [3][4]