【导读】东莞证券更新招股说明书 中国基金报记者 莫琳 十年IPO之路，东莞证券仍然没有放弃。 不过值得注意的是，公司业绩高度依赖经纪业务。数据显示，2022年度、2023年度、2024年度及2025年中期，公司经纪业务产生的手续费净收入分别为 10.02亿元、8.97亿元、11.72亿元及7.15亿元，营收占比高达43.58%、41.61%、42.58%及49.43%。 近日，东莞证券再度更新了招股说明书，不仅涉及2025年上半年公司财务数据、三季报预告，还透露了不少证券行业的新变化。 经纪业务占据半壁江山 IPO、再融资收入为零 招股说明书显示，东莞市国资委控制的三家国资股东合计持股比例已提升至75.4%，成为绝对控股股东。这也是东莞证券大股东易主后，首次披露业绩。 数据显示，公司上半年营业收入为14.47亿元，同比增长约40.9%；净利润为4.88亿元，同比增长约66.6%。从增长率来看，和行业水平相当。 | 项目 | 2025/6/30 | 2024/12/31 | 2023/12/31 | 2022/12/31 | | --- | --- | --- | --- | --- | | | 2025 年 ...

Core Viewpoint - The Chinese securities industry showed significant growth in the first half of 2025, with a total operating income of 251.04 billion yuan, a year-on-year increase of 23.47%, and a net profit of 112.28 billion yuan, up 40.37% [2][4]. Revenue Structure - Proprietary trading remains the largest source of income, contributing 39.93% of total revenue, followed by brokerage business at 30.44%, net interest income at 10.45%, investment banking at 6.62%, and asset management at 4.52% [4][5]. Business Growth - Brokerage business experienced the highest growth rate, with revenue reaching 76.41 billion yuan, a year-on-year increase of 46.02%, and its revenue share increased by 4.7 percentage points [4][5]. Cost Reduction Initiatives - The industry actively implemented "fee reduction and commission lowering" policies, leading to a decrease in the average net commission rate for securities trading to 0.0215% [5]. Asset Management Optimization - The total scale of asset management business reached 9.35 trillion yuan, a year-on-year increase of 0.93%. The scale of actively managed products and public funds increased, while single asset management scale decreased to 3.08 trillion yuan, down 8.33% [7]. Wealth Management Transformation - The industry is accelerating its transformation in wealth management, with the scale of financial products sold reaching 3.8 trillion yuan, up 23.88%, and net income from investment consulting at 3.24 billion yuan, up 25.11% [7]. Equity Financing Growth - The securities industry facilitated equity financing of 735.08 billion yuan, a year-on-year increase of 460%, with 33 companies successfully listed through IPOs, raising 19.7 billion yuan [9]. International Expansion - The internationalization of securities companies is accelerating, with 36 overseas subsidiaries established, total assets reaching 1.64 trillion HKD, and cross-border business stock increasing by 21.37% [11].

Core Viewpoint - The article discusses the recent management changes at Haitong Asset Management, highlighting the departure of Wang Gang as General Manager and the appointment of Zuo Xiuhai as his successor. It also touches on the company's growth in asset management scale and its strategic direction in the asset management industry. Management Changes - Wang Gang has left his position as General Manager of Haitong Asset Management due to work changes, with Zuo Xiuhai appointed as the new General Manager [1][4] - Wang Gang's tenure as General Manager lasted approximately 14 months, having joined Haitong Asset Management in November 2023 and assumed the role in December 2023 [4] - Zuo Xiuhai has extensive experience with Haitong Securities and its subsidiaries, having worked there for 15 years in various roles before becoming General Manager of Haitong Asset Management [5] Asset Management Growth - Haitong Asset Management has seen significant growth in its asset management scale, reaching 93.5 billion yuan as of September 30, 2024, a 32% increase from 70.7 billion yuan at the end of 2023 [9] - The asset management scale includes 46.1 billion yuan in collective asset management (approximately 49%), 28.8 billion yuan in special asset management (approximately 31%), and 18.6 billion yuan in directed asset management (approximately 20%) [9] - The company is actively transforming its asset management business and expanding into the public offering market, utilizing a dual strategy of public and private offerings [9] Client Service and Qualifications - As of June 30, 2024, Haitong Asset Management has served over 1.47 million clients and more than 2,500 institutions, generating returns exceeding 111.8 billion yuan for its clients [10] - The company holds three qualifications from the China Securities Regulatory Commission, including securities asset management, qualified domestic institutional investor (QDII) for overseas securities investment management, and cash management product pilot [10]