（原标题：又一家外资券商来了→） 9月30日，证监会官网显示，核准设立瑞穗证券（中国）有限公司（以下简称瑞穗证券（中国））。 这是获批设立的境内第三家日资券商，也是第六家外资独资券商。瑞穗证券（中国）由日本五大综合性 券商之一瑞穗证券株式会社出资设立，设立初期拟以债券业务为主，开拓国内债券的销售和交易。 此外，证券时报·券商中国记者独家获悉，瑞穗证券（中国）总经理由具有日资券商背景的，大和证券 （中国）原总经理耿欣担任。耿欣早年在中粮集团、中信证券等任职，后参与筹建了大和证券（中 国），并担任总经理一职约四年。 设立初期以债券业务为突破口 据证监会官网信息，核准设立瑞穗证券（中国）有限公司。瑞穗证券（中国）注册地为北京市，注册资 本为人民币23亿元，业务范围为证券承销、证券自营、证券资产管理（限于从事资产证券化业务）。 瑞穗证券（中国）是国内第三家日资证券公司，另外两家分别为野村东方国际证券和大和证券（中 国）。瑞穗证券（中国）由瑞穗证券株式会社100%控股，注册资本为23亿元人民币。 瑞穗证券株式会社属于日本最大的金融控股集团瑞穗金融集团旗下金融机构。瑞穗证券的发展历史最早 可追溯至1891年，原名为山叶证 ...

（原标题：又一家外资券商来了！他担任总经理） 9月30日，证监会官网显示，核准设立瑞穗证券（中国）有限公司（以下简称瑞穗证券（中国））。 这是获批设立的境内第三家日资券商，也是第六家外资独资券商。瑞穗证券（中国）由日本五大综合性 券商之一瑞穗证券株式会社出资设立，设立初期拟以债券业务为主，开拓国内债券的销售和交易。 此外，券商中国记者独家获悉，瑞穗证券（中国）总经理由具有日资券商背景的，大和证券（中国）原 总经理耿欣担任。耿欣早年在中粮集团、中信证券等任职，后参与筹建了大和证券（中国），并担任总 经理一职约四年。 设立初期以债券业务为突破口 据证监会官网信息，核准设立瑞穗证券（中国）有限公司。瑞穗证券（中国）注册地为北京市，注册资 本为人民币23亿元，业务范围为证券承销、证券自营、证券资产管理（限于从事资产证券化业务）。 瑞穗证券（中国）是国内第三家日资证券公司，另外两家分别为野村东方国际证券和大和证券（中 国）。瑞穗证券（中国）由瑞穗证券株式会社100%控股，注册资本为23亿元人民币。 瑞穗证券株式会社属于日本最大的金融控股集团瑞穗金融集团旗下金融机构。瑞穗证券的发展历史最早 可追溯至1891年，原名为山叶 ...

在川财证券被监管点名的背后，湾财社注意到，年内已有多家券商同样因债券业务违规被监管点名。监管趋严的背景下，如何压实"看门人"责任是券商的一 大挑战。 日前，四川证监局开出了一则监管措施，指向了川财证券债券业务存在违规操作。据湾财社梳理，川财证券自2021年以来，已经连续5年被该局出具监管措 施。 川财证券债券交易违规被"点名" 监管的公告中，川财证券债券交易业务存在公司内部制度建设与内控机制有待完善，从业人员管理与信息披露不到位，业务合规审查落实不到位，交易行为 管理有待完善等问题。 在债券业务接连被罚的背后，川财证券的承销规模正在下滑。Wind数据显示，川财证券年内总承销金额为83.77亿元，同比减少39.5%，位居行业第59名。 去年同期，川财证券总承销金额则排在行业第45名。 年内多家券商因债券业务被罚 债券业务一直是监管重点关注的券商业务。在年内已有多家券商因债券业务的违规问题被监管点名。 上述问题违反了《证券公司和证券投资基金管理公司合规管理办法》《证券投资顾问业务暂行规定》等相关规定。为此，四川证监局决定对其采取出具警示 函的行政监督管理措施。 在梳理中，湾财社发现川财证券近年来已经多次因债券业务 ...

Core Viewpoint - Sichuan Securities has been warned by the Sichuan Securities Regulatory Bureau for violations in its bond trading business, highlighting ongoing regulatory scrutiny in the industry [1][2]. Group 1: Regulatory Actions - Sichuan Securities received a warning letter due to issues such as inadequate internal system construction, insufficient management of personnel, and non-compliance in business reviews [4][6]. - This is not the first time Sichuan Securities has faced penalties related to its bond business, with multiple warnings issued in recent years for various compliance failures [2][7]. Group 2: Industry Trends - The regulatory environment is tightening, with a call for securities firms to prioritize compliance and internal controls as core competencies rather than mere cost burdens [2][10]. - Future trends in bond trading regulation include normalized penetrating supervision, increased penalties for repeated violations, and a widening gap between well-managed leading firms and those with inadequate controls [10]. Group 3: Company Performance - Sichuan Securities reported a decline in both revenue and net profit for 2024, with revenue of 296 million yuan, down 16.18%, and net profit of 15.04 million yuan, down 38.64% year-on-year [9]. - The case of Sichuan Securities reflects a common industry issue where bond businesses prioritize performance over compliance, leading to systemic weaknesses [9].

Core Insights - Shenyang Securities has achieved record high operating income and net profit in 2024, with a net asset return rate consistently ranking in the top 20 of the industry for three consecutive years, positioning itself among the leading foreign securities firms in terms of asset scale and profitability [1][9][10] Business Strategy - The company has successfully completed a business "rebalancing" over three years, shifting from a 70% focus on investment banking and investment business in 2021 to a 50% focus on asset management and wealth management by 2024, creating a complementary ecosystem among its business lines [1][4] - Shenyang Securities emphasizes a differentiated development strategy, focusing on "boutique investment banking" and innovative products such as green bonds and rural revitalization bonds, which have led to significant achievements in the investment banking sector [2][10] Financial Performance - In 2024, the total trading volume of the fixed income business reached 10.36 trillion yuan, with a market share ranking among the top in the industry, and the company has seen a 74% year-on-year increase in local government bond bidding volume [3][4] - The asset management business has experienced explosive growth, with a doubling of revenue and 65% of fixed income products ranking in the top 10 of the industry [4][7] Technology Integration - The company is leveraging financial technology as a key tool for business breakthroughs, with a comprehensive operating platform that integrates trading management and risk monitoring, aiming for a fully digitalized process by 2025 [6][7] - The wealth management transformation includes a focus on online and intelligent services, utilizing AI tools to enhance compliance and service efficiency [7][10] Risk Management and Compliance - Shenyang Securities prioritizes compliance and risk management as essential to its operations, embedding a compliance culture throughout its processes and achieving certifications in compliance management systems [8][9] - The company has established a robust risk management framework to monitor and preemptively address various risks, ensuring stable growth across its business lines [8][9] Talent Development - The company has developed a comprehensive talent cultivation mechanism, focusing on professional skills and ethical standards, which has contributed to its competitive edge in the foreign securities market [9][10]

Core Viewpoint - The appointment of Lu Wei as Vice President and President of the Investment Banking Division at Guosen Securities marks a significant internal promotion after a vacancy of seven months, with expectations for him to revitalize the investment banking performance amid a new policy cycle in the IPO and M&A markets [2][3][5]. Group 1: Appointment and Background - Lu Wei has been with Guosen Securities since 1998, bringing over 20 years of investment banking experience, including participation in various IPOs and financing projects [3][6]. - His previous roles include General Manager of the Comprehensive Management Department and the Listing Advisory Department within the Investment Banking Division, and he has served as Vice President since around 2014 [3][4]. - The position of Vice President overseeing investment banking had been vacant since the departure of Hu Huayong in December 2018, with the division temporarily managed by President Deng Ge [3][4]. Group 2: Current Challenges and Market Position - Guosen Securities has faced declining performance in investment banking, with its net income ranking dropping from 3rd place in 2000-2011 to 9th place in 2018, and it has struggled to regain its former standing [6][8][10]. - The investment banking division reported a revenue of 1.051 billion yuan in 2024, a year-on-year decline of 25.92%, with a profit margin of only 1.52%, the lowest among major brokerages [10]. - The company has seen a decline in its rankings for IPO underwriting, with 2022-2024 figures showing it ranked 8th and 9th in terms of underwriting amounts and numbers, respectively [12][9]. Group 3: Future Opportunities - The current policy environment presents new opportunities for Guosen Securities, particularly in the areas of IPOs and M&A, as regulatory changes are expected to facilitate these processes [15][16][17]. - The company has a strong historical focus on supporting technology-driven enterprises, which may position it well to capitalize on upcoming market trends and policy shifts [17].

文/梧桐小新 2月14日，证监会发布了对民生证券、中泰证券、西南证券三家券商的监管措施，主要涉及债券业务违规。民生证券、西南证券被采取责令改正的行政监管措施， 中泰证券被采取出具警示函的行政监管措施。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对中泰证券股份有限公司采取出具警示函措 施的决定 | | 2025-02-14 | | 2 | 关于对民生证券股份有限公司采取责令改正措施 的决定 | | 2025-02-14 | | 3 | 关于对西南证券股份有限公司采取责令改正措施 的决定 | | 2025-02-14 | 民生证券 存在以下三项违规行为：1、债券类业务内部控制不完善，个别项目质控内核意见跟踪落实不到位；2、承销尽调不规范，部分项目未对可能影响发行人 偿债能力的事项进行充分关注和核查；3、受托管理履职尽责不到位，个别项目未对存续期影响发行人偿债能力事项进行及时关注并督促信息披露。 西南证券 存在以下三项违规行为：1、个别公司债券项目合规内控把关不严，存在差错及立项不规范问题。2、个别公司债券项目受托管理勤勉尽责不够，未持续 督导发 ...