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），不构成 投资建议。 中原证券股份有限公司是一家从事证券经纪业务的中国公司。该公司运营八个分部。证券经纪业务分部 从事代理客户买卖股票、基金、债券等业务。自营业务分部从事权益投资、固定收益投资。投资银行业 务分部包括股权类承销与保荐业务、债券类产品承销业务等。信用业务分部向客户提供融资融券、约定 购回及股票质押等融资类业务服务。投资管理业务分部包括资产管理业务、私募基金管理业务以及另类 投资业务。期货业务分部涵盖期货经纪业务、期货交易咨询业务及风险管理业务。该公司还运营境外业 务分部和总部及其他业务分部。 证券之星消息，1月9日南向资金减持119.1万股中州证券（01375.HK）。近5个交易日中，获南向资金减 持的有4天，累计净减持1081.8万股。近20个交易日中，获南向资金减持的有13天，累计净减持2357.0万 股。截至目前，南向资金持有中州证券（01375.HK）6.93亿股，占公司已发行普通股的57.98%。 ...

华林证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：创投、金融科技、融资融 券、基金重仓、大盘等。 截至9月30日，华林证券股东户数5.28万，较上期减少5.46%；人均流通股51138股，较上期增加5.78%。 2025年1月-9月，华林证券实现营业收入12.00亿元，同比增长18.08%；归母净利润4.40亿元，同比增长 45.66%。 分红方面，华林证券A股上市后累计派现8.91亿元。近三年，累计派现2.59亿元。 机构持仓方面，截止2025年9月30日，华林证券十大流通股东中，国泰中证全指证券公司ETF （512880）位居第五大流通股东，持股697.90万股，相比上期增加279.81万股。香港中央结算有限公司 位居第六大流通股东，持股672.30万股，相比上期增加34.12万股。南方中证500ETF（510500）位居第 七大流通股东，持股396.86万股，相比上期减少10.43万股。华宝中证全指证券公司ETF（512000）位居 第八大流通股东，持股362.70万股，相比上期增加41.67万股。国泰海通中证500指数增强A（014155） 位居第九大流通股东，持股198.75万股， ...

截至9月30日，中原证券股东户数11.93万，较上期减少1.00%；人均流通股28918股，较上期增加 1.01%。2025年1月-9月，中原证券实现营业收入14.39亿元，同比增长11.38%；归母净利润3.89亿元，同 比增长138.68%。 分红方面，中原证券A股上市后累计派现15.09亿元。近三年，累计派现2.41亿元。 1月6日，中原证券涨2.75%，成交额3.33亿元。两融数据显示，当日中原证券获融资买入额3355.56万 元，融资偿还4428.01万元，融资净买入-1072.45万元。截至1月6日，中原证券融资融券余额合计11.34 亿元。 融资方面，中原证券当日融资买入3355.56万元。当前融资余额11.33亿元，占流通市值的7.32%，融资 余额低于近一年40%分位水平，处于较低位。 融券方面，中原证券1月6日融券偿还2800.00股，融券卖出2300.00股，按当日收盘价计算，卖出金额 1.03万元；融券余量20.57万股，融券余额92.36万元，低于近一年20%分位水平，处于低位。 资料显示，中原证券股份有限公司位于河南省郑州市郑东新区商务外环路10号，成立日期2002年11月8 日， ...

1月6日，中原证券盘中上涨2.06%，截至09:53，报4.46元/股，成交7414.08万元，换手率0.49%，总市值 207.07亿元。 资金流向方面，主力资金净流入967.00万元，特大单买入903.84万元，占比12.19%，卖出0.00元，占比 0.00%；大单买入1401.12万元，占比18.90%，卖出1337.96万元，占比18.05%。 机构持仓方面，截止2025年9月30日，中原证券十大流通股东中，国泰中证全指证券公司ETF （512880）位居第五大流通股东，持股7124.05万股，相比上期增加2864.94万股。华宝中证全指证券公 司ETF（512000）位居第九大流通股东，持股4693.25万股，为新进股东。香港中央结算有限公司退出 十大流通股东之列。 中原证券今年以来股价涨3.72%，近5个交易日涨1.83%，近20日涨2.53%，近60日跌3.30%。 责任编辑：小浪快报 截至9月30日，中原证券股东户数11.93万，较上期减少1.00%；人均流通股28918股，较上期增加 1.01%。2025年1月-9月，中原证券实现营业收入14.39亿元，同比增长11.38%；归母净利润3. ...

截至9月30日，华林证券股东户数5.28万，较上期减少5.46%；人均流通股51138股，较上期增加5.78%。 2025年1月-9月，华林证券实现营业收入12.00亿元，同比增长18.08%；归母净利润4.40亿元，同比增长 45.66%。 分红方面，华林证券A股上市后累计派现8.91亿元。近三年，累计派现2.59亿元。 机构持仓方面，截止2025年9月30日，华林证券十大流通股东中，国泰中证全指证券公司ETF （512880）位居第五大流通股东，持股697.90万股，相比上期增加279.81万股。香港中央结算有限公司 位居第六大流通股东，持股672.30万股，相比上期增加34.12万股。南方中证500ETF（510500）位居第 七大流通股东，持股396.86万股，相比上期减少10.43万股。华宝中证全指证券公司ETF（512000）位居 第八大流通股东，持股362.70万股，相比上期增加41.67万股。国泰海通中证500指数增强A（014155） 位居第九大流通股东，持股198.75万股，为新进股东。华商信用增强债券A（001751）退出十大流通股 东之列。 华林证券今年以来股价涨2.02%，近5个交易 ...

Group 1 - Southbound funds reduced their holdings in Zhongzhou Securities (01375.HK) by 1.439 million shares on December 1, 2025, marking a decrease of 0.20% [1][2] - Over the past five trading days, there have been three days of reductions, totaling a net decrease of 7.161 million shares [1][2] - In the last twenty trading days, there were eleven days of reductions, with a cumulative net decrease of 10.959 million shares [1][2] Group 2 - As of now, southbound funds hold 717 million shares of Zhongzhou Securities, accounting for 59.99% of the company's total issued ordinary shares [1][2] - Zhongzhou Securities Co., Ltd. is engaged in securities brokerage business and operates eight divisions, including securities brokerage, proprietary trading, investment banking, credit business, investment management, and futures business [2]

Group 1 - The total amount of guarantees provided by the company to its subsidiaries and between subsidiaries is approximately RMB 5.727 billion, accounting for 13.41% of the company's audited net assets as of December 31, 2024 [1] - The company has provided guarantees totaling approximately RMB 910 million to its subsidiaries, which represents 2.13% of the company's audited net assets as of December 31, 2024 [1] - For the first half of 2025, the company's revenue composition is as follows: securities brokerage business accounts for 37.46%, asset management business for 22.53%, securities investment business for 12.5%, credit business for 11.08%, and futures brokerage business for 7.91% [1] Group 2 - The company's market capitalization is currently RMB 45.8 billion [2] - A related company, 688496, has been investigated by the China Securities Regulatory Commission for reporting a loss exceeding RMB 100 million shortly after its IPO, with its main client reducing procurement due to self-supply [2]

Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]

Group 1 - The core point of the news is that southbound funds have increased their holdings in Zhongzhou Securities (01375.HK) by 171,000 shares on November 6, 2025, marking a total net increase of 13.155 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 11 days of net reductions in holdings by southbound funds, totaling a decrease of 11.405 million shares [1] - As of now, southbound funds hold 735 million shares of Zhongzhou Securities, accounting for 61.51% of the company's total issued ordinary shares [1] Group 2 - The trading data shows that on November 6, 2025, the total number of shares held was 735 million, with a change of 171,000 shares, representing a 0.02% increase [2] - The previous trading days indicate a pattern of fluctuating changes in holdings, with notable increases of 1.887 million shares on November 5, 2025 (0.26%), and 5.131 million shares on November 4, 2025 (0.70%) [2] - Zhongzhou Securities operates multiple divisions, including securities brokerage, proprietary trading, investment banking, credit services, investment management, and futures business [2]

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 9.52 CNY [2][9]. Core Insights - The company's net profit for Q3 increased by 71% year-on-year, benefiting from market fluctuations. The return on equity (ROE) improved significantly, reaching 4.2%, up by 1.6 percentage points year-on-year [2][9]. - The overall business performance is positively correlated with market conditions, with notable growth in brokerage services, which saw a year-on-year increase of 152.3% [3][9]. - The company is progressing with its merger with Guorong Securities, which is expected to expand its business scale and development potential [9]. Financial Performance Summary - The total revenue for the reporting period, excluding other business income, was 36 billion CNY, representing a year-on-year increase of 38.4% [7]. - The net profit attributable to the parent company was 12.4 billion CNY, up 70.6% year-on-year [7]. - The company's total assets, excluding client funds, reached 820 billion CNY, an increase of 62 billion CNY year-on-year, with a net asset value of 297 billion CNY, up 14.2 billion CNY [8]. Business Segment Performance - Proprietary business revenue totaled 1.85 billion CNY, with a quarterly revenue of 590 million CNY, showing a decrease from the previous quarter [3]. - Brokerage business revenue was 980 million CNY for the quarter, reflecting a 68.5% increase quarter-on-quarter and a 152.3% increase year-on-year [3]. - Investment banking revenue was 280 million CNY, with a slight year-on-year increase [3]. Market Position and Valuation - The company’s current share price is 8.61 CNY, with a market capitalization of 38.483 billion CNY [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.33 CNY, 0.35 CNY, and 0.38 CNY respectively, with corresponding price-to-book (PB) ratios of 1.31, 1.27, and 1.23 [10][9].