| 序号 | 主承销商 | 中长期承销额 | | 中长期承销额 | 承销只数 | 承销家数 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 中信银行 | | | 3739.9 | 1330 | ୧୨୫ | | 2 | 兴业银行 | | | 3304.7 | 1062 | 570 | | 3 | 中国银行 | | | 2912.8 | 758 | 348 | | 4 | 建设银行 | | | 2782.7 | 595 | 313 | | 5 | 招商银行 | | | 2723.3 | 708 | 395 | | 6 | 工商银行 | | | 2511.0 | 453 | 228 | | 7 | 中信证券 | | | 1875.1 | 764 | 265 | | 8 | 农业银行 | | | 1740.4 | 313 | 155 | | 9 | 浦发银行 | | T 【 | 1712.1 | 514 | 306 | | 10 | 光大银行 | | | 1563.6 | 540 | 310 | | 11 | 中信建投 | | | 1509.0 | 639 | ...

| 披露日期 | 企业/个人名称 | 处罚类型 | 违规类型 | 违规事项 | | --- | --- | --- | --- | --- | | 2025-12-15 | 中国邮政储蓄银行股份有限公司 | 自律调查 | 其他类 | 其他 | | 2025-10-28 | 上海腾稳实业发展有限公司 | 警告 | 市场监管类 | 违规经营,拒不配合监管工作 | | 2025-09-08 | 上海钉铃私募基金管理有限公司 | 警告 | 其他类 | 其他 | | 2025-08-08 | 上海寰财私募基金管理有限公司 | 警告 | 其他类 | 其他 | | 2025-08-08 | 中原期货股份有限公司 | 警告 | 其他类 | 其他 | | 2025-08-08 | 上海复熙资产管理有限公司 | 严重警告 | 其他类 | 其他 | | 2025-08-04 | 江苏煜宁私募基金管理有限公司 | 严重警告 | 市场监管类 | 违规经营 | | 2025-07-21 | 广发银行股份有限公司 | 自律调查 | 其他类 | 其他 | | 2025-07-14 | 北京恒瑞惠达投资管理有限公司 | 严重警告 | 其他类 ...

中国诚通12月12日发布消息，当日与招商银行在京签署战略合作协议。根据协议，双方将持续深化综合 授信、债券承销、财富管理、托管、司库建设及数智化服务等多元化金融合作。 ...

人民财讯12月12日电，12月12日，中国诚通与招商银行（600036）在京签署战略合作协议。根据协议， 双方将持续深化综合授信、债券承销、财富管理、托管、司库建设及数智化服务等多元化金融合作，携 手探索国有资本运营公司与商业银行合作新范式，共同实现高质量发展。 ...

｜2025年12月12日星期五｜ NO.1中信证券1.28万亿领跑债券承销市场，"国泰海通"合体跻身前三 随着2025年债券承销数据的陆续披露，市场格局呈现新的变化。根据企业预警通截至12月10日的债券主 承销商排名数据，中信证券以1.28万亿元的承销规模领跑市场，市场份额为6.28%。中信建投 （601066）保持稳健，以10923.4亿元的规模位列第二，市场份额为5.37%。值得注意的是，券商行业的 整合效应在数据端已初见成效，"国泰海通"组合以超万亿规模强势跻身行业前三。与此同时，券商与银 行在承销规模上的角逐愈发白热化，业务结构的差异化折射出不同机构的战略侧重。 NO.4下半年红利主题基金发行全面提速 进入下半年，红利主题基金的布局明显加快，新发产品数量较上半年实现翻倍增长。港股红利、红利低 波等方向新发产品密集，红利主题的投资热度再次被激活。今年以来，红利基金的发行呈现明显的前低 后高走势。上半年，市场共发行26只红利主题基金，合计募集规模93.98亿元，单只产品的最大规模为 10亿元，中位数为3亿元。而进入下半年，截至12月9日，红利主题基金的发行数量已增至37只，合计规 模达到204.44亿元， ...

点评：头部量化私募竞相布局国产GPU及科创主题产品，显示其对高成长赛道超额收益的追逐。此举将 提振国产芯片及AI板块的流动性，强化市场对科技成长风格的关注。但量化资金同时加仓红利策略， 反映其风险偏好分化，或加剧市场风格轮动。整体来看，量化私募的多元化布局既为科创板块注入活 力，也通过红利策略平衡波动，体现了当前市场结构性机会与避险需求并存的复杂格局。 近日，陕西战新产业发展并购投资基金合伙企业（有限合伙）成立，出资额20亿元，经营范围包含：以 自有资金从事投资活动；创业投资（限投资未上市企业）；私募股权投资基金管理、创业投资基金管理 服务。股权穿透显示，该企业由西部证券(002673)全资子公司西部优势资本投资有限公司、陕西省人民 政府国有资产监督管理委员会旗下长安汇通集团有限责任公司、工银金融资产投资有限公司等共同出 资。 点评：西部证券联合陕西国资等设立20亿元产发并购基金，聚焦战新产业投资，彰显区域产业升级决 心。对西部证券而言，此举将拓展其投行业务链条，提升资产配置能力，或为估值带来新支撑。该基金 有望催化陕西本地高端制造、新材料等战新产业资源整合，相关企业将迎来资本赋能。整体来看，国资 与券商协同 ...

Group 1 - Tianfeng Securities has cumulatively served the financing of the real economy nearly 930 billion yuan in the past three years, with approximately 120 billion yuan for enterprises in Hubei province, actively engaging in diverse financing projects such as bond underwriting, ABS projects, and NEEQ listings, totaling a fundraising scale of 20 billion yuan [2] - Hubei Hongtai Group has strengthened its actual control over Tianfeng Securities, completing the transfer of relevant equity in February 2023, marking the beginning of state-owned control over Tianfeng Securities [2] - In June 2023, Hubei Hongtai Group fully subscribed to a 4 billion yuan private placement of Tianfeng Securities, significantly enhancing its core net capital and increasing its shareholding ratio to 28.14% (excluding concerted actors), further solidifying state-owned management capabilities [2] Group 2 - Tianfeng Securities has supported the listing of Heyi Biological, a star enterprise in Hubei province, on the Sci-Tech Innovation Board, having accompanied the project for 15 years, growing its market value from 60 million yuan to over 30 billion yuan, an increase of more than 500 times [3] - Since becoming state-controlled, Tianfeng Securities has focused on Hubei's "51020" modern industrial cluster, leveraging Hongtai Group to deepen business collaboration and design comprehensive financial solutions, implementing city-specific and chain-specific "urban investment bank" service plans [3] - Tianfeng Securities has successfully assisted in the listings of Heyi Biological, Xingfu Electronics, and Zhongjie Automobile, and completed landmark projects such as the first special corporate bond for the new generation information technology sector and the first corporate bond for aerospace technology [3]

Core Viewpoint - Guojin Securities has shown impressive performance in Q3 2025, with a nearly doubled net profit year-on-year, despite not being favored by investors, leading to a lower valuation compared to peers [2][3][20]. Financial Performance - In the first three quarters of 2025, Guojin Securities achieved operating revenue of 6.152 billion yuan, a year-on-year increase of 43.36%, and a net profit attributable to shareholders of 1.7 billion yuan, up 90.27%, both reaching historical highs [3][20]. - The significant growth in revenue and profit is attributed to a surge in brokerage business and investment income [4][20]. Brokerage and Investment Income - Brokerage income for the first three quarters of 2025 was 2.073 billion yuan, a more than 78% increase from 1.162 billion yuan in the same period of 2024 [4][7]. - Investment income reached 1.691 billion yuan, up over 80 million yuan from 890 million yuan in the previous year [7][20]. Market Context - The increase in brokerage income is closely linked to a substantial rise in A-share trading volume, which reached 137.6 trillion yuan in Q3 2025, marking a 217.05% year-on-year increase [7][20]. - The overall performance of A-shares has been strong, with the Shanghai Composite Index rising nearly 16% and the ChiNext Index increasing over 50% during the same period [9][20]. Asset Management - As of September 30, 2025, Guojin Securities held trading financial assets totaling 37.95 billion yuan, primarily in bonds [7][8]. - The company has been reducing its trading financial asset holdings, decreasing by nearly 3.7 billion yuan from the previous quarter [9][20]. Shareholder Dynamics - Following the death of former controlling shareholder Wei Dong, Guojin Securities has seen changes in its ownership structure, with Chengdu state-owned assets becoming the second-largest shareholder [2][13]. - The entry of Chengdu state-owned assets has led to increased support in business operations, particularly in bond underwriting [13][20]. Debt and Leverage - Guojin Securities has increased its leverage, with total liabilities rising from 63.87 billion yuan to 110.9 billion yuan over five years, reflecting a strategy to enhance investment income [14][20]. - The company’s interest income and investment income have also seen growth, with interest income rising from 1.186 billion yuan in 2021 to 1.292 billion yuan in 2024 [14][20]. Market Performance and Valuation - Despite strong financial results, Guojin Securities' stock price has lagged behind industry peers, with a 70% decline from its peak in 2015 [18][20]. - As of November 12, 2025, the stock price was 9.62 yuan per share, with a price-to-book ratio of 1.02, ranking 51st among 55 brokerage firms [20][21]. - The company has conducted multiple share buybacks totaling approximately 360 million yuan since 2023, but these efforts have not significantly boosted the stock price [20][21].

Core Viewpoint - The IPO process of Caixin Securities, the only provincial state-owned securities company in Hunan, reflects the trend of activating regional financial resources and breaking through industry competition patterns in the context of the expansion of A-share brokerages and the acceleration of regional financial institutions' capitalization [3][4]. Company Structure and Business Layout - Caixin Securities is indirectly controlled by the Hunan Provincial Government through Caixin Financial Holding Group, holding a 96.49% stake, with the remaining 3.51% held by other entities [5]. - The company has established a business structure consisting of five core segments: securities brokerage, proprietary investment, investment banking, credit trading, and asset management, along with subsidiaries covering futures brokerage and private equity investment [5]. Business Performance - The company has gained recognition in bond underwriting, with the amount of bonds underwritten increasing from 29.498 billion to 70.58 billion from 2019 to 2021, improving its industry ranking from 36th to 25th [6]. - The brokerage business shows strong regional concentration, with over 90% of brokerage revenue coming from Central and Eastern China, particularly Hunan and Zhejiang provinces [7]. - Financial data indicates that operating income rose from 1.562 billion to 2.806 billion from 2019 to 2021, with net profit increasing from 407 million to 826 million [7]. IPO Plan and Fund Utilization - Caixin Securities plans to issue up to 744 million new shares, representing at least 10% of the total post-issue share capital, which will not exceed 7.442 billion shares [8]. - The raised funds will be used to supplement capital and increase operational funds, supporting the transformation of brokerage business, expanding proprietary investment, and developing investment banking [10]. Compliance and Governance - The company meets the listing requirements of the Shanghai Stock Exchange, with cumulative net profit of 1.778 billion and cumulative operating income of 6.482 billion from 2019 to 2021, exceeding the minimum requirements [11]. - Governance structure is well-established, with no significant legal violations or regulatory penalties during the reporting period [11]. Industry Challenges - The cyclical nature of the securities industry poses a primary external risk, as the performance of brokerage, proprietary, and investment banking businesses is highly correlated with market conditions [12]. - Increased competition in the industry is compressing profit margins, with the average net commission rate declining from 0.29‰ to 0.24‰ from 2019 to 2021 [13]. - The company faces high regional concentration risks, with nearly 90% of brokerage revenue coming from Hunan and Zhejiang, making it vulnerable to local economic fluctuations [14].

Group 1 - Standard Chartered Securities has appointed Wang Yunlai as the new CEO after a vacancy of nearly four months [1][3] - Wang Yunlai has over 20 years of experience in financial markets and has held significant positions in well-known financial institutions [2] - The company aims to accelerate growth under Wang's leadership, particularly in the fixed income sector, reflecting confidence in the long-term development of the Chinese economy [2] Group 2 - Standard Chartered Securities (China) Shanghai Branch received its securities and futures business license in January, allowing it to conduct various financial services [4] - The Shanghai branch is the first foreign securities firm approved to operate in China since 2025, and it has made initial progress in bond and ABS underwriting [4] - In its first year of operations, Standard Chartered Securities reported revenues of 20.5 million yuan, with an investment income of 11.7 million yuan, but incurred a loss of 78.1 million yuan [4]