但投资顾问人员数量今年以来实现显著增长 本报记者 于宏 值得注意的是，在一般证券业务等条线从业人员数量持续下滑的同时，券商投顾和分析师的数量均保持着增长态势。数据 显示，截至11月23日，券商投顾和分析师的从业人数分别为8.48万人、5932人，分别较年初增加4459人、369人。 "投顾数量的增长，与券商财富管理转型进程密切相关。"中国（香港）金融衍生品投资研究院院长王红英在接受《证券日 报》记者采访时表示，单纯的经纪业务盈利空间较为有限。近年来，券商持续推进自身业务模式向高附加值、覆盖多元场景的 综合财富管理服务业务转型，专业的投顾人员队伍是提升服务质量的有力支撑。通过扩大投顾队伍，券商能够进一步为客户提 供精细化、定制化的陪伴式服务，更好地满足客户个性化资产配置需求。 目前，已有多家券商披露了自身在财富管理转型方面的差异化战略。例如，国信证券表示，公司以做好买方投顾为目标， 力争通过深度陪伴和资产优化配置，进一步扩大客户资产保有规模，与此同时，公司积极应用AI大模型等前沿技术，上线"智 能投顾助手"，已为公司旗下超过3700名投顾人员赋能；长城证券财富管理业务则以"研投顾一体化"为抓手，强化对客户群体 ...

文 | 独角金融 谢美浴 编辑 | 付影 11月17日，中银证券（601696.SH）的临时股东大会上，一场看似寻常的董事选举掀起了微澜。 两位来自"中石油系"的候选人——梁刚与董尚斌，在整体投票中均以超过99.8%的高票顺利当选董事，后续将正式履职。中石油集团资本有限责任公司 （以下简称"中石油集团资本"）作为中银证券第二大股东，手握14.32%的股权，其影响力不言而喻。 然而，当目光转向5%以下中小股东的表决区，梁刚的得票支持率为90.44%，董尚斌则为89.34%，这意味着近一成小股东投了反对票或弃权票。而两年 前"中石油系"派出的两位董事宣力勇、周静，5%以下中小股东则几乎全票通过。 股东意见"温差"背后，中银证券年内高管层已"大换血"，涉及董事长、监事会主席、资管总监等重要职位。而在业绩层面，中银证券今年前三季度虽然营 收、归母净利润双增，但对经纪业务的依赖未解，投行业务收入虽然有所提升，但基数较小，业绩排名始终处于中下游。 在此背景下，中银证券2025年8月已向私募股权子公司掷出14亿元增资，试图在金融科技与财富管理转型外，开辟差异化赛道。 1 "中石油系"派驻两名新董事，约一成中小股东"失票" ...

11月19日晚，首创证券（601136）发布公告称，毕劲松因到龄退休申请辞去公司第二届董事会董事长、 董事等职务，辞职后将不在公司担任任何职务。同时，张涛当选公司董事长，刘惠斌当选公司副董事 长，蒋青峰出任公司总经理。 首创证券表示，公司核心管理团队实现平稳交接，未来在新任管理团队带领下，公司将积极践行金融报 国使命，奋力书写高质量发展新篇章。 原董事长毕劲松到龄退休 公告显示，毕劲松于2007年1月加入首创证券，先后担任公司副总经理、总经理、董事及党委书记等重 要职务，并于2024年4月当选董事长，至2025年11月退休。首创证券在公告中对毕劲松任职期间为公司 发展所做出的贡献致以敬意和感谢。 首创证券表示，毕劲松以其深厚的金融素养和专业的领导才能，开拓进取、守正创新，积极把握资本市 场改革发展机遇，推动公司实现固定收益投资交易、资产管理等核心业务战略布局，不断完善公司治理 体系，持续提升规范运作水平与治理效能，成功推动公司实现上海证券交易所主板上市，资本实力、综 合竞争力和品牌影响力显著提升，为公司高质量发展奠定了坚实基础。 张涛履新董事长 此外，副董事长任命同步公布，首创证券董事刘惠斌当选副董事长。刘惠 ...

Market Overview - The total scale of equity ETFs in the market reached 48,557.73 billion yuan, with a decrease of 44.35 billion yuan in total scale over the past week, while total shares increased by 22.63 billion shares, resulting in a net inflow of 283.21 billion yuan [1] - Industry and thematic sector ETFs saw a net inflow of 185.41 billion yuan, primarily driven by inflows into the artificial intelligence sector, with all four major categories experiencing net inflows this week [2] Fund Inflow and Outflow Directions - In the broad-based and strategy ETF categories, the top three inflow sectors were: Sci-Tech 50 (+35.32 billion yuan), Strategy-Dividend (+33.98 billion yuan), and Free Cash Flow (+10.38 billion yuan). The top three outflow sectors were: Shanghai Stock 50 (-10.86 billion yuan), CSI 300 (-26.40 billion yuan), and CSI A500 (-40.55 billion yuan) [3][4] - In the industry and thematic sector ETFs, the top five inflow sectors were: Artificial Intelligence (+49.38 billion yuan), Non-Bank Financials (+30.57 billion yuan), Robotics (+15.81 billion yuan), Semiconductor Chips (+14.81 billion yuan), and Chemicals (+13.94 billion yuan). The top five outflow sectors were: Coal (-8.62 billion yuan), Non-Ferrous Metals (-6.70 billion yuan), New Energy Vehicles (-5.90 billion yuan), Banks (-5.28 billion yuan), and Traditional Chinese Medicine (-2.33 billion yuan) [5] Key Focus Areas - OPEC+ reported a decrease in oil production for October, averaging 43.02 million barrels per day, down by 73,000 barrels per day from September, impacting oil and gas ETFs positively with a four-week consecutive rise [6] - The ongoing regional tensions led to a suspension of exports from Russian Black Sea ports, affecting approximately 2% of global supply, equivalent to 2.2 million barrels per day [7] - The A-share IPO market has seen a significant increase in acceptance, with a year-on-year surge of over 400% in the first ten months of the year, indicating a robust market environment for securities ETFs [9] - The securities industry is expected to experience rapid growth in revenue and net profit, with a year-on-year increase of 42.55% in operating income and 62.38% in net profit for the first three quarters of 2025 [10][11]

● 光大证券党委书记、董事长 赵陵 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。2023年10月，中央金融工作会议明确提 出，"要做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章"。证券金融机构作为资 本市场的核心参与者，在普惠金融发展中担负着重要责任，通过加快财富管理转型，为居民增加财产性 收入提供有效途径，从而更好服务于人民美好生活向往的金融需求。 作为资本市场的专业服务机构，光大证券深入贯彻落实党中央关于金融工作的决策部署，自觉将企业发 展融入国家发展大局。近年来，公司以中央巡视整改为契机，坚决摒弃"重规模、轻质量""重销售、轻 服务"的短视思维，牢固树立把功能性放在首位的发展理念，将投资顾问服务作为转型抓手，推动财富 管理业务从以产品为中心向以客户为中心深度转变，努力构建让广大投资者可信赖、可感知、可持续的 专业财富管理服务体系。 公司着力打造"金阳光"系列服务品牌，以投资顾问为关键支点，系统性重构产品遴选、策略输出、客户 服务和科技支撑机制，推动形成覆盖"普惠金融-私人财富"的全维度投顾服务，让优质金融服务真正惠 及千家万户。 深化机制改革 推动从卖方逻辑向买方投顾转型 要实 ...

Core Viewpoint - The securities industry is undergoing a trend of branch integration and optimization to enhance resource allocation and operational efficiency, with a total of 137 branch institutions announced for closure as of November 14 this year [1][2][3]. Group 1: Branch Integration and Closure - As of November 14, 30 securities firms have announced the closure of 137 branch institutions, including 14 branch companies and 123 business offices [2]. - Guotai Junan Securities has the highest number of closures at 21, followed by Founder Securities with 13, and Industrial Securities with 12 [2]. - The closures are part of a broader strategy to optimize network layout and adapt to market changes, leveraging improved online service platforms that reduce customer acquisition costs compared to traditional physical branches [3]. Group 2: Wealth Management Transformation - The transformation of branch institutions is closely linked to the performance of brokerage business, which has seen significant revenue growth due to favorable capital market conditions [4]. - In the first three quarters, 42 A-share listed securities firms achieved a net income of 111.77 billion yuan from brokerage fees, a year-on-year increase of 74.64%, marking the highest growth among the five main business segments [4]. - Analysts are optimistic about the future of brokerage business, anticipating growth in trading services, product sales, and wealth management as the capital market ecosystem stabilizes and investor protection systems improve [4]. Group 3: Strategic Shifts in Brokerage Firms - Securities firms are shifting from traditional brokerage services to comprehensive wealth management, with strategies focusing on high-quality client engagement and efficient online operations [4][5]. - Companies like GF Securities and China Merchants Securities are integrating AI into their wealth management ecosystems to enhance service capabilities and improve client interactions [4]. - The key to upgrading brokerage services lies in transitioning from a commission-based model to a management fee-based model, leveraging market investment capabilities and client bases [5].

证券代码：000776 证券简称：广发证券 广发证券股份有限公司 2025 年 11 月 14 日投资者关系活动记录表 编号：2025111401 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 √其他 参与单位名称及 人员姓名 方正证券2026年年度策略会所邀请分析师和投资者 时间 2025年11月14日上午10:00-11:00 地点及形式 长沙君悦酒店，现场会议 上市公司接待人 员姓名 董事会办公室 王强女士 投资者关系活动 主要内容介绍 1、公司在业务方面有哪些重点布局及优势？ 答：2025 年初，公司系统部署了重点工作，目前均取 得了良好的进展。一是传统业务转型提速，业务竞争力提 升。二是优化业务结构，国际化战略纵深推进。三是深化客 需驱动发展，提升综合服务能力。四是拥抱科技革命，加快 数智化转型。 未来，公司以专业能力和综合服务能力为抓手，持续增 强服务实体经济的能力，进一步推进跨境业务联动，持续锻 造各业务板块的核心竞争力，促进功能发挥的同时推动自 身高质量发展。一是财富管理业务，坚定不移地推进买方投 顾业务转型。二是投资银行业 ...

在近期上市券商披露的2025年三季度业绩中，经纪业务表现亮眼，成为业绩增长的重要引擎。在业内人 士看来，居民逐步增配权益市场，券商财富管理转型正当其时，只有坚持以客户为中心、不断提升专业 服务能力，券商才有望在财富管理转型中突围成功。 前三季度经纪业务表现亮眼 不断提升专业服务能力 在披露的2025年三季度报告中，不少券商都将业绩增长归功于经纪业务和投资业务，其中经纪业务表现 尤其亮眼。Wind数据显示，前三季度42家券商（除国盛证券无同比数据，下同）整体实现经纪业务手 续费净收入1117.77亿元，同比大涨74.64%。 具体来看，中信证券和国泰海通前三季度的经纪业务手续费净收入均超100亿元，分别为109.39亿元和 108.14亿元，领跑行业；广发证券、招商证券、华泰证券、国信证券、中国银河前三季度经纪业务手续 费净收入均超60亿元。 从增幅来看，上市券商经纪业务手续费净收入同比均实现增长，最低增幅为47.91%。国联民生前三季 度经纪业务手续费净收入以293.05%的同比增幅居行业首位；国泰海通的这一数据为142.8%；国信证券 同比增幅超100%。第一创业、财达证券、方正证券、中银证券等中小券商前三 ...

Core Insights - The brokerage business has shown remarkable performance in the third quarter of 2025, becoming a significant driver of revenue growth for listed brokerages [1][2] - The transformation towards wealth management is timely as retail investors increasingly allocate assets to equity markets, emphasizing the need for brokerages to enhance their professional service capabilities [1][3] Group 1: Brokerage Business Performance - In the first three quarters, 42 brokerages reported a total net income from brokerage fees of 111.77 billion yuan, marking a year-on-year increase of 74.64% [1] - Leading firms such as CITIC Securities and Guotai Junan achieved net income from brokerage fees exceeding 10 billion yuan, with figures of 10.939 billion yuan and 10.814 billion yuan respectively [1] - Other notable brokerages like GF Securities, China Merchants Securities, Huatai Securities, and others also reported net income from brokerage fees exceeding 6 billion yuan [1] Group 2: Growth Rates and Market Dynamics - All listed brokerages reported year-on-year growth in net income from brokerage fees, with the lowest growth rate being 47.91% [2] - Guolian Minsheng led the industry with a staggering year-on-year growth rate of 293.05% in net income from brokerage fees [2] - Smaller brokerages such as First Capital, Caida Securities, and others also reported growth rates exceeding 80% [2] Group 3: Wealth Management Transformation - The securities industry has been actively pursuing wealth management transformation since 2017, with many brokerages rebranding their brokerage departments to focus on wealth management [3] - Despite facing challenges in product and service offerings compared to banks, brokerages possess strong investment capabilities and research strengths, providing them with advantages in wealth management [3] - The construction of product platforms is seen as a critical breakthrough for the transformation of wealth management [3] Group 4: Strategic Initiatives by Brokerages - First Capital is focusing on a comprehensive service model to enhance customer loyalty and mitigate fee pressure through improved service quality [4] - GF Securities aims to develop high-quality customer segments and efficient online operations while enhancing multi-asset allocation capabilities [4] - Dongxing Securities emphasizes a "buy-side" approach in its wealth management strategy, aiming to strengthen its operational capabilities and product offerings [4]

Core Viewpoint - Securities firms are optimistic about the industry outlook for 2026, focusing on valuation recovery and structural opportunities, with a shift in market drivers from valuation to earnings fundamentals [2][4]. Group 1: Industry Development Trends - The securities industry is expected to see core growth areas in wealth management, investment banking, internationalization, and technology empowerment [2]. - Wealth management is entering an upward trend, with strong new account openings and record-high financing balances, while A-share daily trading volume is projected to stabilize at 2 trillion yuan [2]. - The construction of product platforms is crucial for the transformation of wealth management, requiring alignment of product supply and sales channels [2]. Group 2: International Business Development - Developing international business is essential for securities firms to become leading investment banks, driven by increasing demand from overseas investors for Chinese assets [3]. - The international business revenue of securities firms has seen significant growth, with historical highs in the first half of 2025, supported by strong cross-border investment demand [3]. - The focus on AI technology applications and cross-border business will enhance service efficiency and asset pricing capabilities, helping to escape the homogenization of competition [3]. Group 3: Valuation Recovery Potential - The current valuation of the securities sector remains relatively low, with a projected net asset return of around 7.2% for 2026, indicating significant room for valuation recovery [4]. - The capital market is undergoing profound changes, with increased attractiveness of equity assets in a low-interest-rate environment, suggesting a positive development cycle ahead [4]. - Improved liquidity and favorable policies are expected to further enhance the valuation of securities stocks as the market improves [5]. Group 4: Investment Opportunities - The securities sector is anticipated to undergo a reshaping of its landscape, with a focus on leading firms with international capabilities and comprehensive service advantages [5]. - Mid-sized and large securities firms that can achieve leapfrog development through mergers and acquisitions are also expected to present investment opportunities [5].