深圳商报·读创客户端记者 梁佳彤 陈燕青 浙江证监局连发6张罚单，把上海证券推上风口浪尖。罚单背后，是公司投行收入"三连降"、高管"走马 灯"式更迭，这家老牌券商似乎陷入"内控—业绩"的多重夹击。 11月14日，上海证券及其旗下瑞安塘下大道证券营业部被浙江证监局采取出具警示函措施的决定。经 查，上海证券瑞安塘下大道证券营业部在2017年至2021年间，存在多名员工违反廉洁从业规定的情况。 上海证券被采取出具警示函的行政监管措施，并记入证券期货市场诚信档案；上海证券瑞安塘下大道证 券营业部被出具警示函，颜伶俐、朱伶俐等4名员工被采取监管谈话措施。 在业绩方面，尽管今年上半年上海证券的净利润同比显著增长70.12%，然而，其投行业务手续费净收 入与资管业务手续费净收入却均呈现出下降趋势。其中，资管业务手续费净收入由去年同期的3226.44 万元减少至2803.62万元。 值得一提的是，公司投资银行业务手续费净收入已连续三年下滑，2022年至2024年分别为7618.44万 元、7220.4万元、3453.46万元，同比变动-27.97%、-5.22%、-52.17%。2025年上半年，该收入由去年同 期的2016 ...

Core Insights - The investment banking sector has seen a decline in recent years, leading many professionals to transition to roles such as company secretaries in listed firms [1][5] - A notable trend is the appointment of former investment bankers as company secretaries, with 24 new secretaries in A-share listed companies having prior qualifications as sponsors in 2024 [1][3] Group 1: Transition of Investment Bankers - Many investment bankers are shifting to roles as company secretaries due to the declining investment banking business [1][4] - Wang Xuan, recently appointed as the company secretary of Bide Pharmaceutical, has extensive experience in investment banking, having worked at CITIC Securities [2][3] - The trend of investment bankers becoming company secretaries is increasingly common, with 54 listed companies having secretaries who were once sponsors [3][4] Group 2: Industry Statistics - The total number of sponsors in the industry has decreased by over 250 individuals in 2024, marking a significant shift from previous years of growth [1][5] - As of May 16, 2024, the total number of sponsors was 8,558, down from 8,812 at the end of the previous year [5] - Despite a slight recovery in investment banking revenues in early 2025, the overall demand-supply imbalance for sponsors remains unresolved [5]