21世纪经济报道记者林汉垚 见习记者冯紫彤 在存款利率持续下行背景下，银行理财再次成为居民财富配置的重要选项。如何承接好这股巨大的资金流量，并转化为服务实 体经济的资本活水，是行业面临的核心课题。 12月27日，中银理财董事长黄党贵在中国财富管理50人论坛2025年会上，系统阐述了对"十五五"时期理财行业高质量发展的思 考。 理财行业一端连接公众财富，一端连接金融市场，且与商业银行系统关系紧密。黄党贵认为，理财行业高质量发展有助于提高 经济金融的适配性，也是支持现代化产业体系建设的重要力量。他进一步指出，理财行业健康发展能够促进直接融资与间接融 资协同，推动扎实做好"五篇大文章"，增强融资结构与新质生产力发展需求的适配性，为科技创新与产业创新提供更多的金融 活水。 "十五五"规划建议明确提出提高人民币资本项目开放水平，塑造吸引外资新优势和有效实施对外投资管理，黄党贵指出："伴随 人民币国际化和贸易投资一体化发展，'全球投资中国'和'中国投资全球'的资产管理需求将明显上升，跨境资管业务具有广阔空 间。" 转型：需要进一步加快专业化、市场化的转型步伐 黄党贵同时指出，为了更好适应"十五五"时期经济社会高质量发展的 ...

与此同时，金融开放创新蹄疾步稳。人民银行锚定"跨境资金流动自由便利"目标，推进一批金融创新政 策先行先试，跨境收支规模持续增长。数据显示，2025年1-11月，海南省跨境收支规模1016.1亿美元， 2020年以来年均增长率55%。 ● 本报记者 彭扬 其中，跨境贸易投资高水平开放试点持续深化。政策实施以来，海南累计发生跨境贸易便利化试点业务 430.5亿美元、跨境投融资便利化试点业务28亿美元。 海南自贸港于12月18日正式启动全岛封关运作。中国证券报记者了解到，2020年《海南自由贸易港建设 总体方案》发布以来，中国人民银行持续完善与海南自贸港相适应的金融政策和制度体系，扎实做好金 融改革发展稳定各项工作，有力支持海南自贸港建设成型起势。 封关三项金融准备工作全部完成。具体而言，跨境资金流动管理制度进一步完善，人民银行海南省分行 制定发布了《海南自由贸易港多功能自由贸易账户业务管理办法》，为跨境资金自由流动提供制度保 障。多功能自由贸易账户（EF账户）上线运行，2025年10月末，海南11家银行上线EF账户，发生业务 量折合人民币超2500亿元；开户主体与80个国家和地区发生资金划转。跨境资金流动监测预警 ...

Core Insights - Guosen Securities reported strong financial performance for the first nine months of 2025, with operating income reaching 19.2 billion, a year-on-year increase of 69.4%, and net profit attributable to shareholders at 9.14 billion, up 87.3% year-on-year [1] - The company's weighted average ROE (unannualized) for 9M25 was 9.05%, an increase of 4.31 percentage points year-on-year [1] Financial Performance - For 9M25, the main revenue sources were brokerage, investment banking, asset management, net interest, and net investment income, contributing 6.36 billion, 610 million, 490 million, 1.17 billion, and 9.91 billion respectively, with year-on-year growth rates of +109.3%, -6.0%, -22.7%, +45.4%, and +74.6% [1] - In Q3 2025, net profit attributable to shareholders was 3.77 billion, reflecting a year-on-year increase of 116.6% and a quarter-on-quarter increase of 24.1% [1] Asset Management and Investment - As of the end of Q3 2025, total assets were 561.1 billion, up 11.9% from the beginning of the year, while net assets were 127.2 billion, an increase of 7.1% [2] - The investment asset scale was 293.7 billion, stable compared to the previous quarter, with a net investment income of 4.09 billion in Q3 2025, showing a year-on-year increase of 89.3% [2] Brokerage and Market Position - The brokerage business saw significant growth, with revenue of 2.84 billion in Q3 2025, a year-on-year increase of 213.0%, leading among listed brokers [3] - The company maintained a stable margin in the margin financing and securities lending market, with a market share of 3.7% as of the end of Q3 2025 [3] Investment Banking and Project Pipeline - The company’s IPO underwriting scale for 9M25 was 600 million, down 45.4% year-on-year, while refinancing underwriting increased to 11.62 billion from 800 million last year, with a market share of 1.6% [3] - As of October 31, the company had a robust project pipeline with 6 IPOs and 9 refinancing projects under review, ranking 7th and 9th in the industry respectively [3] Strategic Outlook - Guosen Securities is positioned as a leading internet-based brokerage benefiting from increased retail investment, with a strong recommendation for future growth [4] - The projected net profit for 2025-2027 is expected to be 12.03 billion, 13.25 billion, and 13.77 billion respectively, with year-on-year growth rates of +46.4%, +10.2%, and +3.9% [4]

Core Insights - The first batch of six financial institutions has completed the filing for cross-border asset management pilot business in Hainan Free Trade Port, including Wanhe Securities and Jinyuan Securities, which is expected to enhance the core service capabilities and international competitiveness of asset management institutions in China [1][2] Group 1: Cross-Border Asset Management Pilot - The cross-border asset management pilot business in Hainan is a significant exploration of China's high-level financial openness, allowing foreign investors to invest in various financial products issued by institutions in Hainan [2][3] - Wanhe Securities and Jinyuan Securities have received approval to participate in this pilot, marking a substantial step in their involvement in Hainan Free Trade Port's development and opening new avenues for cross-border business [2][3] Group 2: Business Opportunities and Strategic Development - The pilot business is expected to enrich the supply of cross-border financial products and provide new investment channels for foreign investors, helping brokerages expand their client base and create new profit growth points [3][4] - With the increasing openness of China's capital markets and the internationalization strategies of Chinese brokerages, cross-border asset management has become a crucial area for performance growth [4][5] Group 3: Compliance and Risk Management - Brokerages must focus on compliance management and risk control when engaging in cross-border asset management, adhering to various legal and regulatory requirements across different countries [6] - Enhancing international service levels and technical support capabilities is essential for brokerages, including building global investment research teams and improving transaction execution capabilities [6]