近日，国盛证券（002670）发布一则股东减持预披露公告。公告显示，公司3家持股5%以上股东——南 昌金融控股有限公司（以下简称"南昌金控"）、江西江投资本有限公司（以下简称"江投资本"）、江西 省建材集团有限公司（以下简称"江西建材"）计划3个月内，合计减持不超过5453万股，占公司总股本 比例为2.82%。以公告日收盘价计算，此次减持规模市值约10亿元。 证券时报记者了解到，此次减持动向备受市场关注。一方面，在于减持的时间点。新国盛证券刚刚正式 揭牌10天左右，3家大股东即告减持。另一方面，在于江西国资的成功操盘。3年前，江西国资入股价格 为9.1元/股，最新股价接近翻倍，资产增值约90亿元。 根据前述公告，持有公司6.90%股份的股东南昌金控计划以集中竞价或大宗交易方式减持不超过1935万 股，占公司总股本比例1%；持有公司6%股份的股东江投资本计划以大宗交易方式减持不超过1582万 股，占公司总股本比例0.82%；持有公司6%股份的股东江西建材则计划通过集中竞价方式减持不超过 1935万股，占公司总股本比例1%。 新国盛证券揭牌未久 10月26日，国盛金控发布公告称，公司中文名称已由"国盛金融控股集团 ...

11月18日，东方财富（300059）证券举办2026年度策略会。会议期间，东方财富证券研究所所长孟杰接 受了证券时报记者专访。 2024年8月，孟杰履新东方财富证券研究所所长。彼时，A股市场尚处"9·24"行情启动前的沉寂期，同时 公募基金费率改革刚刚落地，卖方研究业务面临着佣金压降的严峻挑战。从顶尖分析师转型研究所管理 者，这一年多以来有着怎样的成长与收获，未来又有什么目标和策略？在专访中，孟杰与证券时报记者 一一分享。 致力打造新一代研究机构 "这一年的转型让我深刻体会到，管理者的核心任务不再是成为最亮的星，而是去打造一片能让群星闪 耀的天空。这是一条从专业走向管理、从个人成功走向团队成功的修行之路。"孟杰如是说。 2024年8月，孟杰加入东方财富证券研究所后，迅速推动东财研究"2.0启航"战略落地。在他看来，公募 费率改革正推动行业进入以"投资者回报"为核心的新常态，彻底颠覆了过去"重规模、轻回报"的业务逻 辑。改革部署通过了建立健全基金公司收入报酬与投资者回报绑定、强化长周期考核等机制，驱动着证 券研究的商业模式从"卖方研究"向"买方投顾"转型。 孟杰认为，在此过程中，深度研究的价值进一步凸显，市场 ...

2024年8月，孟杰履新东方财富证券研究所所长。彼时，A股市场尚处"9·24"行情启动前的沉寂期，同时 公募基金费率改革刚刚落地，卖方研究业务面临着佣金压降的严峻挑战。从顶尖分析师转型研究所管理 者，这一年多以来有着怎样的成长与收获，未来又有什么目标和策略？在专访中，孟杰与证券时报记者 一一分享。 致力打造新一代研究机构 "这一年的转型让我深刻体会到，管理者的核心任务不再是成为最亮的星，而是去打造一片能让群星闪 耀的天空。这是一条从专业走向管理、从个人成功走向团队成功的修行之路。"孟杰如是说。 2024年8月，孟杰加入东方财富证券研究所后，迅速推动东财研究"2.0启航"战略落地。在他看来，公募 费率改革正推动行业进入以"投资者回报"为核心的新常态，彻底颠覆了过去"重规模、轻回报"的业务逻 辑。改革部署通过了建立健全基金公司收入报酬与投资者回报绑定、强化长周期考核等机制，驱动着证 券研究的商业模式从"卖方研究"向"买方投顾"转型。 孟杰认为，在此过程中，深度研究的价值进一步凸显，市场对卖方研究的需求正从提供观点转向提供深 度策略支持，这为聚焦深度研究的研究所带来了发展机遇。 面对行业变革，东方财富证券研究所确立 ...

Core Insights - The offshore RMB bond market, known as "dim sum bonds," is experiencing significant growth, with issuance nearing 1 trillion yuan this year, driven by demand from major tech companies like Tencent and Alibaba [1][2]. Group 1: Market Overview - As of November 18, 2025, the issuance scale of dim sum bonds has surpassed 980 billion yuan, establishing itself as a crucial channel for overseas financing for Chinese enterprises and a key driver for RMB internationalization [2]. - The market has seen a diversification of issuers, with sovereign and government entities accounting for 18.1% of the issuance in the first three quarters of 2025, reflecting a strategic mission to support RMB internationalization and enhance Hong Kong's status as a financial center [2]. Group 2: Factors Driving Growth - The continuous development of the dim sum bond market is attributed to multiple factors, including policy support, market demand, and improved asset quality, which collectively drive market expansion [3]. - Policy measures, such as the optimization of outbound investment channels and the enhancement of the offshore RMB bond repurchase mechanism, have significantly bolstered market liquidity and demand for dim sum bonds [3]. Group 3: Economic Impact - The growth of the dim sum bond market is not only beneficial for the market itself but also plays a vital role in supporting the real economy, promoting RMB internationalization, and advancing the bond market [4]. - The expansion of the dim sum bond market enhances the breadth and depth of the offshore bond market, providing more RMB asset options for international investors and facilitating a closed-loop flow of RMB in trade settlements and offshore investments [4].

2025年2月，证监会发布的《关于资本市场做好金融"五篇大文章"的实施意见》提出，积极发挥资本市 场功能，着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。申万宏源 （000166）党委书记、董事长刘健在接受中国证券报记者专访时表示，近年来，证券行业切实履行直接 融资"服务商"、资本市场"看门人"、社会财富"管理者"的职责，积极响应党中央重大决策部署，通过业 务转型与综合金融服务升级，逐步构建起服务实体经济的立体化网络，成为做好金融"五篇大文章"的重 要力量。 ● 本报记者 徐昭 林倩 刘健表示，2026年是"十五五"开局之年，中国经济和资本市场都将进入高质量发展的新阶段。申万宏源 作为国有金融企业，积极响应政策号召，将服务国家战略与自身发展相结合，继续在推动金融"五篇大 文章"落地、助力实体经济高质量发展中主动担当、积极作为，助力金融强国建设。 夯实发展基石 为高质量发展注入内生动力 一直以来，申万宏源始终夯实"治理、人才、文化"三大发展基石，将社会责任融入公司核心价值框架， 为高质量发展注入内生动力。 据刘健介绍，多年来申万宏源在甘肃省、新疆维吾尔自治区、内蒙古自治区、贵州省等地开展 ...

■"夯实文化软实力 积极履责显担当"系列专题报道 浙商证券党委书记、董事长、总裁钱文海： 高举党建引领火炬 谋划证券行业文化建设新篇章 "在金融行业迈向高质量发展的关键阶段，如何将党的政治优势转化为文化建设的核心驱动力，已成为 证券行业提升软实力、塑造核心竞争力的战略命题。"浙商证券党委书记、董事长、总裁钱文海日前在 接受中国证券报记者专访时表示。 2026年是"十五五"开局之年，中国资本市场将进入高质量发展的新阶段。钱文海表示，浙商证券通过系 统构建"党建为核、文化为脉、治理为基"的融合生态，探索出一条以高质量党建引领中国特色金融文化 落地的创新路径，为行业积累了宝贵的经验。 ● 本报记者 徐昭 马爽 理念筑基与机制创新双轮驱动 "坚持党的领导、加强党的建设，是我国国有企业的光荣传统，是国有企业的'根'和'魂'。"钱文海表 示，浙商证券党委深刻把握这一根本原则，将党的领导贯穿文化建设全链条，构建起思想引领、战略协 同、责任传导的三维保障体系。 在思想根基上，浙商证券党委建立了常态化政治淬炼机制。2025年，浙商证券党委开展"第一议题"学习 25次、理论中心组学习8次，持续深学细悟习近平总书记关于金融工作的重 ...

Core Viewpoint - The China Securities Regulatory Commission emphasizes the importance of capital markets in supporting five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, with Shenyuan Hongyuan playing a crucial role in these initiatives [1] Group 1: Company Strategy and Governance - Shenyuan Hongyuan has established a comprehensive network to serve the real economy, aligning its operations with national strategies and contributing to high-quality economic development [1][2] - The company focuses on governance, talent, and culture as foundational elements for sustainable development, integrating social responsibility into its core values [2] - During the 14th Five-Year Plan, Shenyuan Hongyuan has emphasized compliance and risk management, enhancing its governance framework to ensure robust operational standards [2] Group 2: Talent and Cultural Development - The company prioritizes talent development as a key resource for high-quality growth, implementing flexible mechanisms for talent promotion and fostering an innovative workforce [3] - Shenyuan Hongyuan is launching a cultural renewal initiative in 2025 to celebrate its 40th anniversary, aiming to strengthen its corporate culture and align it with national strategies [3] Group 3: Innovation and Service to New Quality Productivity - The company is committed to supporting innovative enterprises, particularly those classified as "specialized, refined, distinctive, and innovative," by enhancing its financial services across their lifecycle [4] - Shenyuan Hongyuan has successfully facilitated the listing of several high-tech companies and has significantly increased its bond underwriting scale [5] Group 4: Professional Capabilities and Market Position - The company has developed a value management system to enhance the performance of listed companies, utilizing a unique evaluation model to drive value creation [5] - Shenyuan Hongyuan is expanding its institutional service capabilities, integrating various financial products and services to better serve its clients [6] Group 5: International Business and Cross-Border Services - The company is enhancing its international business operations, focusing on cross-border financing and investment needs, and has achieved significant growth in its cross-border derivatives business [6] - Shenyuan Hongyuan ranks among the top domestic securities firms in terms of IPO underwriting and bond distribution, reflecting its strong market position [6] Group 6: Commitment to National Strategy - The company is dedicated to advancing the financial sector's high-quality development and supporting the national strategy through professional services and value creation [7]

截至2025年11月18日收盘，中国银河(601881)报收于16.52元，上涨0.0%，换手率0.33%，成交量23.65万 手，成交额3.92亿元。 当日关注点 中国银河证券股份有限公司2025年面向专业投资者公开发行短期公司债券（第一期）发行工作已于2025 年11月17日结束，实际发行规模为人民币30亿元，期限184天，最终票面利率为1.67%，认购倍数为3.86 倍。发行采用网下面向专业投资者簿记建档方式，发行价格为每张100元。存在关联方认购情况，大成 基金管理有限公司获配0.2亿元；主承销商关联方兴业基金和中信银行分别获配3亿元和5亿元，相关认 购符合法律法规规定。 中国银河：2025年度第二十期短期融资券兑付完成的公告 中国银河证券股份有限公司于2025年8月21日发行2025年度第二十期短期融资券，发行额为人民币40亿 元，票面利率1.64%，期限85天，兑付日期为2025年11月14日。2025年11月14日，公司已兑付本期短期 融资券本息合计人民币4,015,276,712.33元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号） ...

Core Insights - Hainan Free Trade Port is entering the final month before its full closure operation, with significant advancements in policy and infrastructure readiness [1] - The customs regulatory system has been established, with multiple policies and operational guidelines released to support the closure operation [2] - The closure operation is expected to attract global investors and boost key industries in Hainan, particularly tourism and modern services [2][3] Group 1: Policy and Infrastructure Readiness - Hainan's customs will implement a policy framework focused on "one line open, two lines controlled, and free movement within the island" to enhance trade facilitation [1] - Four customs support projects have been completed, and ten "second-line ports" have passed national inspections, ready for operation [1] - A smart customs regulatory platform has been launched, ensuring efficient customs supervision for the closure operation [1] Group 2: Economic Impact and Industry Development - From January to September, Hainan established 1,513 new foreign-funded enterprises, a year-on-year increase of 12.16%, with actual foreign investment reaching 18.368 billion yuan, up 42.2% [2] - The closure operation is expected to significantly boost the development of key industries such as tourism, modern services, and high-tech sectors [2] - Hainan aims to create a new tax system characterized by zero tariffs and low tax rates, promoting growth in strategic emerging industries like biomedicine and digital content processing [3]

证券之星消息，11月18日南向资金增持169.36万股广发证券（01776.HK）。近5个交易日中，获南向资 金增持的有4天，累计净增持425.42万股。近20个交易日中，获南向资金增持的有13天，累计净增持 1807.36万股。截至目前，南向资金持有广发证券（01776.HK）10.02亿股，占公司已发行普通股的 58.87%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-18 | 10.02亿 | 169.36万 | 0.17% | | 2025-11-17 | 10.00亿 | 73.08万 | 0.07% | | 2025-11-14 | 10.00亿 | -32.76万 | -0.03% | | 2025-11-13 | 10.00亿 | 141.70万 | 0.14% | | 2025-11-12 | 2666.6 | 74.04万 | 0.07% | 广发证券股份有限公司是一家主要从事证券业务的中国公司。该公司通过五个分部开展业务。投资银行 分部从事股权融资、债务融资、财务顾问和企业解决方案等。财富 ...