资产规模稳步扩容 资本杠杆红利待释放 12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，监管政策上，将着力强化分 类监管、"扶优限劣"。对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制， 提升资本利用效率。 本报记者 周尚伃 近年来，证券行业在业务拓展与结构优化方面取得了显著进展，资本实力持续夯实，服务实体经济的核 心能力不断提升。然而，随着业务的快速扩张，资本需求压力也与日俱增，杠杆率偏低、部分券商风控 指标逼近预警线等问题逐渐显现，成为制约行业盈利能力与全球竞争力的关键因素，引发市场与监管层 的关注。 在此关键节点，监管层释放的"扶优限劣"政策信号为优质券商拓宽资本空间、提升资本使用效率指明了 清晰路径。 申万宏源研究所非银首席分析师罗钻辉表示，过去在重资产化经营趋势和以净资本为核心的风控管理背 景下，部分券商的资本杠杆率、净稳定资金率不断逼近预警线。近年来，券商再融资趋于审慎，风控指 标约束在一定程度上限制了行业扩表速度。若杠杆上限得以放开，券商两融、权益类自营业务有望直接 受益，股债再平衡趋势得以强化，同时大型券商有望通过增资国际业务来撬动杠杆。 横向对比来看， ...

资本杠杆红利待释放 12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，监管政策上，将着力强化分 类监管、"扶优限劣"。对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制， 提升资本利用效率。 方正证券研究所所长助理、金融首席分析师许旖珊表示，监管表态适度拓宽券商资本空间和杠杆限制， 意在提升券商服务能力、强化其市场枢纽功能，一流投资银行建设进展再加速。预计后续相关政策落 地、优质券商净资产收益率有望提升。 近年来，证券行业资产规模保持稳中有升态势，资本实力的持续夯实为行业转型发展奠定了基础。截至 2025年上半年末，证券行业总资产达到13.46万亿元、净资产为3.23万亿元，同比分别增长14.62%、 7.1%。行业平均财务杠杆率3.3倍，与去年同期基本持平。 近年来，证券行业在业务拓展与结构优化方面取得了显著进展，资本实力持续夯实，服务实体经济的核 心能力不断提升。然而，随着业务的快速扩张，资本需求压力也与日俱增，杠杆率偏低、部分券商风控 指标逼近预警线等问题逐渐显现，成为制约行业盈利能力与全球竞争力的关键因素，引发市场与监管层 的关注。 在此关键节点，监管层释放的"扶 ...

Group 1 - The company announced the sale of a property in Dongguan for a total cash consideration of RMB 58 million, with a leaseback agreement for one year at a monthly rent of RMB 300,000 [1][2] - The property includes approximately 21,709 square meters of land designated for industrial use and buildings with a total floor area of about 36,494.06 square meters, currently used for health and household products manufacturing [1][2] - The board believes the sale aligns with the group's strategic goals by converting fixed and non-current assets into cash, enhancing capital efficiency, and allowing resource reallocation to high-return areas [2] Group 2 - The sale is expected to reduce the burden of fixed assets and related depreciation costs, optimizing the overall cost structure of the company [2] - The board views the transaction as a good opportunity to realize the property's value at a profitable price, considering its valuation [2]

Core Viewpoint - The Chinese capital market is undergoing a structural transformation, shifting from a "scale-driven" phase focused on total expansion to a "quality-driven" era emphasizing internal value and efficiency [1][4] Group 1: Financial Solutions and Strategies - Guojian Group is actively engaged in the "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" project, aiming to enhance the quality of the capital market by optimizing capital structure and improving capital efficiency [1][2] - The DRF funds provided to enterprises are utilized to alleviate liquidity pressures and invest in an industrial equity fund established by Guojian Group, targeting high-quality state-owned and private enterprises across the entire industrial chain [2][3] - Guojian Group employs a differentiated financing strategy, providing capital based on the strength of industry advantages, with funding ratios ranging from 1:1 to 1:9, ensuring that financial resources are directed towards the most promising sectors [3] Group 2: Long-term Value and Market Maturity - The commitment to long-term value has become a key measure of the maturity of market participants, with Guojian Group focusing on internalizing long-termism as a fundamental principle [4] - The continuous iteration and optimization of the DRF project are essential for enhancing value recognition and risk management capabilities, allowing Guojian Group to serve as a robust bridge connecting patient capital with the real economy [4]