【导读】财达证券市场化选聘总经理及业务负责人 券业高管市场化选聘热潮持续升温。 中国基金报记者孙越 9月23日，财达证券在公司官方平台发布市场化选聘职业经理人公告，拟面向社会公开招聘总经理、分 管证券投资业务副总经理及财达研究院（研究所）总经理三大核心岗位。 这也是财达证券2018年以来第四次公开海选高管以及业务负责人，2018年11月曾招聘两名副总经理， 2021年11月招聘过三名副总经理，2024年8月公开选聘三家子公司总经理。 财达证券公开选聘总经理及业务负责人 财达证券9月23日发布市场化选聘职业经理人公告。具体来看，财达证券公开招聘总经理一职，董事长 张明持续一年多的董事长、总经理"一肩挑"的状态或将结束。 根据岗位职责描述，新任总经理将负责主持公司经营管理工作，组织实施董事会决议；参与制定并执行 中长期发展战略与年度经营计划；协助完善法人治理及内部管理机制，确保合规稳健经营。这一岗位要 求候选人具有证券行业10年以上工作经历，且担任与财达证券相当及以上规模证券公司副总经理及以上 管理职务满3年。 财达证券还选聘分管证券投资业务副总经理一职，这一职位对应最近公司管理层的人事变动。财达证券 9月16日 ...

【导读】财达证券（600906）市场化选聘总经理及业务负责人 从岗位职责看，新任副总经理将全面负责证券投资业务条线管理，涵盖股权投资与固定收益投资两大核心领域，并承担任期及年度经营业绩目标。 从岗位人选条件来看，财达证券要求年龄不超过45周岁（1980年7月1日之后出生），须具有证券行业8年以上工作经历，且担任证券公司分管证券投资业 务的经营层总经理助理及以上职务满2年，或担任大中型证券公司总部证券投资一级部门负责人满5年；具备金融行业10年以上工作经历，且担任其他大中 型金融机构分管投资业务的经营层总经理助理及以上职务满3年，或担任其他大中型金融机构总部投资一级部门负责人满5年。 券业高管市场化选聘热潮持续升温。 9月23日，财达证券在公司官方平台发布市场化选聘职业经理人公告，拟面向社会公开招聘总经理、分管证券投资业务副总经理及财达研究院（研究所） 总经理三大核心岗位。 这也是财达证券2018年以来第四次公开海选高管以及业务负责人，2018年11月曾招聘两名副总经理，2021年11月招聘过三名副总经理，2024年8月公开选 聘三家子公司总经理。 财达证券公开选聘总经理及业务负责人 财达证券9月23日发布市场 ...

【导读】财达证券市场化选聘总经理及业务负责人 中国基金报记者 孙越 券业高管市场化选聘热潮持续升温。 9 月 23 日，财达证券在公司官方平台发布市场化选聘职业经理人公告，拟面向社会公开招聘总经理、分管证券投资业务副总经理及财达研 究院（研究所）总经理三大核心岗位。 这也是财达证券 2018 年以来第四次公开海选高管以及业务负责人， 2018 年 11 月曾招聘两名副总经理， 2021 年 11 月招聘过三名副 总经理， 2024 年 8 月公开选聘三家子公司总经理。 财达证券公开选聘总经理及业务负责人 财达证券 9 月 23 日发布市场化选聘职业经理人公告。具体来看，财达证券公开招聘总经理一职，董事长张明持续一年多的董事长、总经 理 " 一肩挑 " 的状态或将结束。 根据岗位职责描述，新任总经理将负责主持公司经营管理工作，组织实施董事会决议；参与制定并执行中长期发展战略与年度经营计划； 协助完善法人治理及内部管理机制，确保合规稳健经营。这一岗位要求候选人具有证券行业 10 年以上工作经历，且担任与财达证券相当及 以上规模证券公司副总经理及以上管理职务满 3 年。 财达证券还选聘分管证券投资业务副总经理一职， ...

- The report constructs an industry crowding monitoring model to monitor the crowding levels of Shenwan First-Level Industry Indexes on a daily basis[3] - The ETF product screening signal model is built using the premium rate Z-score model, which provides potential arbitrage opportunities through rolling calculations[4] - The industry crowding monitoring model indicates that the crowding levels of the power equipment and electronics industries were high on the previous trading day, while the food and beverage, beauty care, and petrochemical industries had lower crowding levels[3] - The ETF product screening signal model suggests caution regarding potential pullback risks of the identified targets[4] Model and Factor Construction Industry Crowding Monitoring Model - **Model Name**: Industry Crowding Monitoring Model - **Construction Idea**: Monitor the crowding levels of various industries on a daily basis to identify potential investment opportunities and risks[3] - **Construction Process**: The model calculates the crowding levels of Shenwan First-Level Industry Indexes daily, based on the flow of main funds and changes in allocation over recent trading days[3] - **Evaluation**: The model effectively identifies industries with significant changes in crowding levels, providing valuable insights for investment decisions[3] ETF Product Screening Signal Model - **Model Name**: ETF Product Screening Signal Model - **Construction Idea**: Identify potential arbitrage opportunities in ETF products using the premium rate Z-score model[4] - **Construction Process**: The model uses rolling calculations of the premium rate Z-score to screen for ETF products that may present arbitrage opportunities. It also highlights potential pullback risks for the identified targets[4] - **Evaluation**: The model provides a systematic approach to identifying arbitrage opportunities in ETF products, enhancing investment strategies[4] Model Backtesting Results Industry Crowding Monitoring Model - **Power Equipment and Electronics**: High crowding levels on the previous trading day[3] - **Food and Beverage, Beauty Care, Petrochemical**: Low crowding levels on the previous trading day[3] - **Coal and Nonferrous Metals**: Significant changes in crowding levels observed[3] ETF Product Screening Signal Model - **Potential Arbitrage Opportunities**: Identified through rolling calculations of the premium rate Z-score[4] - **Pullback Risks**: Highlighted for the identified ETF products[4]

Group 1 - The core viewpoint is that after the Federal Reserve's interest rate cut in September, there was no significant volatility in overseas assets, which aligns with historical performance patterns following such cuts [1] - Investors tend to preemptively adjust their expectations based on U.S. economic and inflation data, which influences their predictions of the Federal Reserve's monetary policy direction [1] - Prior to the September rate cut, U.S. Treasury yields began to decline, the U.S. dollar index weakened, gold prices surged, and U.S. stocks performed well, indicating that the market had already priced in the rate cut [1] Group 2 - The impact of the Federal Reserve's rate cut and monetary policy on Chinese assets is currently limited, primarily because Chinese asset pricing is more reliant on domestic factors [2] - Over the past few years, the A-share and Hong Kong stock markets have fully priced in both domestic and external risk factors, with a shift in focus towards domestic policies, economic fundamentals, and market risk appetite expected after September 2024 [2] - The influence of domestic capital and southbound funds in the Hong Kong market has significantly increased, further diminishing the marginal impact of the Federal Reserve's policies on Chinese assets [2]

近年来，券商以市场化招聘高管的形式越来越常见。从任职资格及条件来看，高管选聘标准呈现两大趋势：一是管理层年轻化步伐加 快，二是对业务门槛保持着较高要求。 近日，红塔证券在官方微信公众号上发布关于高级管理人员公开选聘的公告，公司计划选聘高级管理人员4位，涉及副总裁、首席信息 官、董事会秘书等职位。这是继此前启动公开招聘45人计划后，公司在人才建设上的持续加码。 公开资料显示，红塔证券成立于2002年，总部位于昆明。截至目前，公司下辖55家证券营业部及2家经纪业务分公司、1家资管业务分 公司、1家固定收益业务分公司、3家全资子公司、1家控股子公司。 经营情况上，2025年上半年，公司实现营业收入11.89亿元，同比增长15.69%；实现归母净利润6.70亿元，同比增长49.25%。截至2025 年6月末，公司总资产594.21亿元，较上年末增长0.59%。 券商市场化招聘高管渐成潮流 红塔证券公开选聘4名高管 9月22日，红塔证券发布公告称，根据发展需要，现面向公司内外部开展公开选聘，计划选聘高级管理人员4名，涉及副总裁、首席信 息官、董事会秘书三个职位。 从招聘条件来看，红塔证券对三个岗位提出了基本条件，包括具 ...

（编辑 楚丽君） 证券日报网讯 9月23日晚间，国泰海通发布公告称，国泰海通证券股份有限公司（曾用名：国泰君安证 券股份有限公司，以下简称本公司）于2024年11月27日成功发行了国泰君安证券股份有限公司2024年度 第九期短期融资券（以下简称本期短期融资券），本期短期融资券发行额为人民币30亿元，票面利率为 1.90%，短期融资券期限为300天，兑付日期为2025年9月23日。2025年9月23日，本公司完成了本期短 期融资券的本息兑付工作。 ...

Market Overview - Super Typhoon "Haikui" is impacting the Hong Kong stock market, with the Hang Seng Index down by 0.70% [1] - Following the Federal Reserve's interest rate cut, U.S. stocks have strengthened, while the Chinese market has not followed suit, leading to declines in real estate stocks like New World Development and Sunac China, both down over 5% [1] U.S.-China Relations - After the recent summit, communication between the U.S. and China has increased, including a high-level U.S. congressional delegation visiting China for the first time in six years [2] - The U.S. agricultural sector faces challenges, with Argentina suspending export taxes on various agricultural products, leading to increased soybean orders from China, negatively impacting U.S. farmers [2] - Poland's closure of border crossings due to military exercises has disrupted a key land route for Chinese goods entering the EU, causing delays for approximately 300 freight trains and increasing supply chain costs by over 15% [2] Regulatory Developments - Chinese securities regulators have advised local brokers to suspend real-world asset (RWA) tokenization activities in Hong Kong, leading to a significant drop in shares of Guotai Junan International by over 11% [3] - The demand for gold is rising, with central banks increasing their reserves, pushing the price of gold to a historical high of $3,740 per ounce [3] Corporate Actions - Datang Gold announced a share placement at HKD 0.275 per share, raising approximately HKD 274 million, with significant investment from Victor Soar Investment Limited, leading to a surge in Datang Gold's shares by over 28% [4] - Nvidia plans to invest up to $100 billion in OpenAI, providing data center chips, which has positively impacted related stocks like AI advertising company Huixian Technology and cloud service provider Kingsoft Cloud [5] Sector Focus - Semiconductor wafer prices are expected to rise significantly starting Q4 2025, driven by AI chip demand and recovery in non-AI sectors, with major companies like GlobalWafers and Winbond seeing substantial stock price increases [7] - Key stocks in the semiconductor sector include SMIC, Hua Hong Semiconductor, and ASMPT [7] Individual Company Insights - Kingsoft Cloud reported Q2 revenue of RMB 2.35 billion, a year-on-year increase of 24.2%, driven by strong AI-related income, with AI revenue growing over 120% [8][9] - The company’s public cloud service revenue reached RMB 1.63 billion in Q2, up 32% year-on-year, with AI contributing significantly to this growth [9]

Core Viewpoint - Zhejiang Securities acts as an independent financial advisor for the major asset sale of Green Kang Biochemical Co., Ltd, responding to inquiries from the Shenzhen Stock Exchange regarding the transaction's details and implications [1]. Group 1: Transaction Overview - Green Kang Biochemical plans to sell 100% equity of three subsidiaries, including Green Kang (Yushan) Film Materials Co., Ltd, Green Kang (Haining) Film Materials Co., Ltd, and Green Kang New Energy (Shanghai) Import and Export Trade Co., Ltd, to Jiangxi Raoxin New Energy Materials Co., Ltd for a cash price of 0 yuan [1]. - As of December 31, 2024, the total book value of the three subsidiaries is -100.05 million yuan, with an assessed value of -18.74 million yuan, resulting in an appreciation rate of 81.27% [1]. Group 2: Financial Analysis - The subsidiaries are experiencing negative gross margins due to changes in supply and demand in the photovoltaic industry, leading to indications of long-term asset impairment [2]. - Revenue forecasts for Green Kang Yushan were adjusted from an original projection of 276.93 million yuan in 2025 to 819.99 million yuan due to declining product prices and insufficient financial support [2]. - The assessment method for Green Kang Haining and Green Kang New Energy was based solely on the asset-based approach due to their operational status, aligning with industry practices [2]. Group 3: Historical Context - In January 2023, Green Kang Biochemical acquired 100% equity of Green Kang Yushan amid a booming photovoltaic industry, establishing a dual business model of veterinary products and photovoltaic film products [3]. - Subsequent capital increases of 70 million yuan in June 2023 and 150 million yuan in December 2024 were aimed at supporting operational needs and improving financial conditions [3]. - The verification by Zhejiang Securities supports the rationality and compliance of the major asset sale, safeguarding the interests of the listed company and minority shareholders [3].

Group 1: Market Overview - The recent market rally since the "9·24" event has led to significant increases in Chinese assets, including A-shares and Hong Kong stocks, indicating the onset of a new bull market [1][2] - This bull market is characterized by a more stable and sustainable wealth effect, with the stock market becoming a new reservoir for residents' assets, replacing real estate [3] Group 2: Differences from Previous Bull Markets - The current bull market is supported by more precise and effective policies, including structural monetary policy tools introduced by the central bank to support capital markets [2][3] - There is a notable shift in the funding structure, with institutional funds, particularly long-term funds like insurance and pension funds, playing a dominant role, leading to a transition from speculative trading to profit-driven investment [3] Group 3: Investment Opportunities - Emerging technologies, particularly in AI, robotics, and innovative pharmaceuticals, are expected to remain the main investment themes, supported by favorable industrial policies [4][5] - Other sectors such as photovoltaic, non-ferrous metals, and construction materials are also seen as potential opportunities due to the positive impact of anti-involution policies [4][5] Group 4: Market Dynamics and Future Outlook - The total market capitalization of A-shares has increased by 47% from September 2024 to August 2025, indicating potential for further growth [3] - The market is expected to experience fluctuations, but the overall trend remains upward, with expectations for the index to reach new highs within the year due to supportive internal policies and improving overseas liquidity [8]