"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行，长江证券副总裁、长江保荐 董事长王承军在分论坛"中国证券业投资银行高峰论坛"上发表主题演讲，分享了该公司投行的破局之道 ——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。王承军认为，稳健的业绩 为投行发展提供了坚实基础，而"三投联动"机制形成了核心优势。 首先，研究发挥"绘蓝图"的作用。作为行业金字招牌，长江研究所连续多年稳居行业前列。其次，投行 承担"抓落实"的责任。作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色。 最后，投资扮演"强保障"的角色。通过长江资本等主体开展一级市场投资，为投行客户提供了关键的资 本支持，成为项目落地的重要助推器。 在行业选择上，王承军强调，公司投行业务坚持差异化竞争，致力于在特定赛道建立"圈子壁垒"和"口 碑护城河"。"我们避开竞争激烈的红海市场，转而聚焦军工、台资企业、化工等具有潜力的细分领域进 行深耕细作。" 王承军表示，在服务实体经济的实践中，长江证券致力于成为客户长期发展的深度 ...

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行，长江证券（000783）副总 裁、长江保荐董事长王承军在分论坛"中国证券业投资银行高峰论坛"上发表主题演讲，分享了该公司投 行的破局之道——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。王承军认为，稳健的业绩 为投行发展提供了坚实基础，而"三投联动"机制形成了核心优势。 首先，研究发挥"绘蓝图"的作用。作为行业金字招牌，长江研究所连续多年稳居行业前列。其次，投行 承担"抓落实"的责任。作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色。 最后，投资扮演"强保障"的角色。通过长江资本等主体开展一级市场投资，为投行客户提供了关键的资 本支持，成为项目落地的重要助推器。 王承军表示，这三者形成了"研究指引、投行落地、投资赋能"的闭环，为前沿战略的实施提供了强大的 内部协同保障。 在清晰的根基之上，长江证券选择了"有所为、有所不为"的聚焦战略，围绕区域和行业两个维度进行深 度布局。 在区域选择方面，王承军表示，公司遵循"结合国家 ...

在当前IPO审核趋严、行业竞争激烈的市场环境下，中小型券商如何找到自己的生存与发展空间？ （长江保荐董事长王承军 宋春雨/摄） 依托"三投联动"构建内部协同优势 面对投行业务固有的长周期和现实盈利压力，一个稳固的"大本营"至关重要。 近日，在2025中国金融机构年会暨中国证券业投资银行高峰论坛上，长江证券副总裁、长江保荐董事长王承军发表主题演 讲，分享了该公司投行的破局之道——摒弃"大而全"模式，坚定走以"区域深耕"与"赛道专精"为核心的精品投行之路。 长江证券前三季度营收86亿元，净利润34亿元。王承军认为，稳健的业绩为投行发展提供了坚实基础，而"三投联动"机制形 成了核心的优势。 第一，研究发挥"绘蓝图"的作用。 作为行业金字招牌，长江研究所连续多年稳居行业前列。它不仅是服务外部客户的"思 想库"，更是内部业务发展的"战略罗盘"，提供产业洞察。 第二，投行承担"抓落实"的责任。 作为服务实体经济的直接触手，长江保荐在服务中小企业方面形成了自身特色，尤其 在双创板块建立了领先优势，其中创业板业务排名已跻身行业前十。 第三，投资扮演"强保障"的角色。 通过长江资本等主体开展的一级市场逆向投资，一方面像"现金奶 ...

Core Viewpoint - Southwest Securities' subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines, but this will have a minimal impact on the company's overall operations [1][2]. Group 1: Impact of Xizheng International Securities - Xizheng International Securities has a small scale, with total assets of 0.83 million yuan, accounting for only 0.09% of Southwest Securities' total assets as of June 30, 2025 [2]. - The revenue generated by Xizheng International Securities in the first half of 2025 was 1.03 million yuan, representing just 0.07% of Southwest Securities' total revenue [2]. - The delisting is seen as an opportunity for the company to streamline its overseas operations and focus on more efficient business strategies [3]. Group 2: Strategic Adjustments and Future Plans - In 2022, Southwest Securities began restructuring its overseas business, including halting direct securities brokerage and margin financing operations [3]. - The company has plans to transform its overseas business by leveraging existing platforms and enhancing cooperation between domestic and international markets [3]. - Southwest Securities aims to facilitate cross-border capital operations and support national strategic initiatives, such as the Chengdu-Chongqing economic circle [3]. Group 3: Financial Performance - For the first half of 2025, Southwest Securities reported a revenue of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 25.76% [4]. - The company has actively contributed to the local economy, serving over 13 billion yuan in the Sichuan-Chongqing region, which is a nearly 30% increase year-on-year [4]. - Southwest Securities has established strategic investment funds to support specialized enterprises in the Chongqing area, enhancing its role as a consulting service provider for local governments [4]. Group 4: Investment Banking Achievements - The investment banking division of Southwest Securities has successfully executed several significant projects, including a major asset restructuring for *ST Songfa, with a transaction scale exceeding 8 billion yuan [5]. - The company has also facilitated the first merger project of 2025 for a state-owned enterprise in Chongqing, showcasing its market influence [5]. - Southwest Securities is committed to building a first-class regional investment bank and aims to enhance its competitive edge in the market [6].

Group 1 - The number of licensed sponsors in China's securities industry has decreased for the first time in three years, indicating a potential shift in the brokerage sponsorship industry towards creating "boutique investment banks" [1][2] - As of June 24, 2025, the number of sponsors is 8,481, down from 8,799 at the end of 2024, reflecting a reduction of 318 individuals [1] - The decline in sponsor numbers is attributed to a combination of factors, including a sluggish IPO market and increased regulatory scrutiny, leading to some sponsors choosing to change careers or industries [2][3] Group 2 - The IPO market has seen a significant decline, with the number of IPOs dropping from 524 in 2021 to just 100 in the first half of 2025, impacting the overall performance of brokerage firms [2] - Regulatory penalties have intensified, with 52 cases of penalties against sponsors in 2025, resulting in some being placed on a suspended business list, further contributing to the reduction in sponsor numbers [2] - The focus of the capital market is shifting from quantity to quality, with an emphasis on serving technology-driven and high-performing companies, posing challenges for the sponsorship industry [3] Group 3 - The future of the brokerage investment banking sector will depend on cultivating leading firms and creating globally influential investment banks, rather than merely increasing the number of sponsors [3] - The market will likely experience a process of natural selection, where some investment banks may be eliminated while others grow stronger, leading to profound changes in the sponsorship business and investment banking landscape [3] - Enhancing professional capabilities and ensuring high-quality sponsorship will be essential for the industry's development moving forward [3]

Group 1 - The core viewpoint of the article highlights that the 42 listed securities firms achieved a total operating income of 508.847 billion yuan in 2024, representing a year-on-year growth of 7.32%, and a net profit attributable to shareholders of 147.835 billion yuan, which is a 15.88% increase compared to 2023 [1][2][3] Group 2 - In 2024, the investment banking business of the listed securities firms generated a net income of 30.608 billion yuan, a decline of 27.40% from 42.158 billion yuan in 2023, indicating a widespread downturn in the industry [3][4] - Only 6 out of the 42 listed securities firms, accounting for 14.29%, reported positive growth in their investment banking revenues, while most firms experienced significant declines [3][4] - The investment banking revenue constituted a small portion of the overall income for most firms, with only a few firms like CICC, CITIC Securities, and others exceeding 10% of their total operating income from investment banking [3][4] Group 3 - Smaller regional securities firms have shown resilience in their investment banking performance despite the competitive and declining market, often focusing on niche areas or specific regions [4][5] - Notable examples include Shouchao Securities, which achieved significant growth in asset-backed securities (ABS) issuance, and First Capital Securities, which focused on IPOs in the Beijing Stock Exchange [4][5] - Firms like Caida Securities have excelled in bond issuance, ranking close to the top 20 in the industry, with a more than fourfold increase in asset securitization business [4][5] Group 4 - Listed securities firms are increasingly emphasizing their role in supporting the real economy, with firms like Nanjing Securities and First Capital Securities focusing on providing comprehensive financial services tailored to key industries [5][6] - Caida Securities has also targeted the "new quality productivity" development needs, supporting regional economic growth through various bond issuances and mergers and acquisitions [5][6]

来源｜中国基金报 记者｜莫琳 时隔一年，中天国富证券总经理再度换人。 近日，中天国富证券在其官网上悄然更新了管理层名单。官网显示，去年1月官宣任职的中天国富证券总经理赵丽峰已离任，原副总经理杨安西正式接任了 总经理职务。 | zir 中大国富证券 中天包眼 Z T F S E C U R I T I | | 首页 | 业务介绍 | 资讯中心 | 投资者教育 | 关于中天国富 | | 网上营业厅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 杨安西 总经理 | | | | | | | | | | 武汉大学经济学硕士。历任湖北证监局稽查二处处长、信息调研处处长;三环集团副总裁。 | | | | | | | | | | 副总经理兼董事会秘书 张满乐 赵银丽 | | | | | 副总经理兼合规总监、首席风险官 | | | | | 李立 副总经理 刘力 | | | | | | 首席信息官 | | 官网显示，杨安西，武汉大学经济学硕士，历任湖北证监局稽查二处处长、信息调研处处长，三环集团副总裁。 杨安西第一次出现在公众视野，是在2021年9月的 ...