Core Points - The actual controller and executive director of Jiulong Fund, Guan Jinsheng, passed away on October 7, 2025, due to sudden illness [1] Group 1: Background of Guan Jinsheng - Guan Jinsheng was born in 1947 in Jiangxi Province and excelled academically, entering Shanghai International Studies University to study French [4] - He transitioned to the financial industry in the early 1980s, joining Shanghai International Trust in 1982 and later co-founding one of China's earliest modern securities firms, Wangguo Securities, in 1988 [4] - Wangguo Securities played a significant role in the establishment of the Shanghai Stock Exchange in 1990, contributing to trading rules, equipment, and training [4] Group 2: Key Events in Career - The "327 National Bond Incident" in 1995 marked a pivotal moment in Guan's career, highlighting the complexities of market risks and regulatory boundaries [5] - Following the incident, Guan resigned and was later imprisoned for 17 years after the merger of his firm with another [5] Group 3: Return to the Market - Guan returned to the capital market in 2016 by establishing Jiulong Fund, which he described as a well-considered decision supported by extensive preparation and community backing [5][6]

10月9日深夜11点，上海九颂山河股权投资基金管理有限公司（以下简称九颂基金）发布公告称，公司 实际控制人、执行董事管金生先生家属的通知，管金生先生因突发疾病抢救无效，不幸于2025年10月7 日与世长辞。 回顾中国A股激荡起伏的三十年历史，管金生是一个绕不开的名字。他曾是上海滩上的"证券教父"，一 手创办新中国首家证券公司万国证券，后因 "327国债事件"，一夜之间从巅峰跌落谷底。 从寒门学子到"中国证券业教父" 公开信息显示，管金生，1947年5月19日出生于江西省清江县（现樟树市），1965年考入上海外国语学 院法语系，后赴比利时布鲁塞尔自由大学深造，获法学、工商管理双硕士学位。 1988年2月，管金生负责筹建上海第一家证券公司——万国证券，由上海国际信托投资公司等10家股东 筹资3500万元人民币，管金生任副董事长、总经理、总裁。 1990年11月26日，上海证券交易所宣布成立，管金生全盘设计了上海证券交易所的交易规则、设备到交 易员培训的全体系建设，深沪两地的异地交易首先由万国证券开通；无纸化交易也由万国证券率先推 动。 因"327国债事件"曾获刑17年 69岁再创业 鼎盛时期，万国证券持有所有国内 ...

Investment Rating - Industry Rating: Recommended [6] Core Insights - The securities market indicators for Q3 2025 are becoming clearer, with a significant increase in trading activity and capital market engagement expected [2][3][4] - The report anticipates that the revenue for 45 listed securities firms will reach approximately 3,987 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of about 44% [5][7] Summary by Sections 1. Securities Market Indicators for Q3 2025 - Trading activity continues to rise, with A-share transaction amounts reaching 132.63 trillion yuan in the first 63 trading days of Q3 2025, showing a year-on-year increase of 212% [2][15] - The average daily trading volume for Q1, Q2, and Q3 (to date) is 15,225 billion, 12,619 billion, and 21,053 billion yuan respectively, indicating significant growth [2][15] - Margin trading balances as of September 25, 2025, are at 24,443 billion yuan, with a year-on-year increase of 48% [2][16] 2. Capital Intermediary Activities - The report highlights a positive trend in capital intermediary activities, with a notable increase in leverage funds entering the market [2][16] - The ratio of self-operated equity securities to fixed-income securities among 45 listed securities firms is approximately 1:11.36, indicating a strong focus on fixed-income investments [3][29] 3. Equity Financing Recovery - There has been a resurgence in equity financing, with a total of 1,232 billion yuan raised through IPOs, placements, and convertible bonds in Q3 2025, marking a year-on-year increase of 145% [4][31][32] - The number of IPOs and placements has also increased significantly compared to the previous year [4][31] 4. Revenue Projections - The report projects that the 45 listed securities firms will achieve an adjusted revenue of 1,581 billion yuan in Q3 2025, representing a year-on-year increase of 50% [7][35] - The anticipated revenue for the first three quarters of 2025 is 3,987 billion yuan, with contributions from brokerage, investment banking, asset management, interest income, and proprietary trading [5][35] 5. Investment Recommendations - The report expresses optimism regarding the securities industry's role in capital market financing and the increasing allocation of residents' assets to equity [8][36] - Key beneficiaries identified include firms like Dongfang Caifu, Zhina Zhen, and Guangfa Securities, among others, due to their active roles in brokerage and investment banking [8][36]

Group 1 - The core viewpoint of the articles indicates that major securities firms are optimistic about the industry's performance in 2025, expecting broader development opportunities due to favorable financial policies and market conditions [1][3][4] - Analysts predict a significant rebound in the securities industry, with a projected net profit growth of over 50% year-on-year for 42 listed securities firms in the first quarter of 2025 [3][4] - The industry is expected to maintain a positive growth trajectory in net profit for the entire year of 2025, with an anticipated year-on-year growth rate of 37.7% in the first half of the year [4] Group 2 - Investment business is identified as a critical variable for the industry's performance, with the current strategic window for balance sheet expansion requiring enhanced asset allocation capabilities from securities firms [5] - The recovery of IPOs and refinancing activities is expected to benefit firms with strong project reserves and international business capabilities, driven by macro catalysts such as the balance of investment and financing and support for innovative enterprises [5] - The industry is shifting from a simple expansion of fixed income self-operated business to a more complex investment strategy, focusing on enhancing trading capabilities and exploring cross-border asset allocation [5]