多家券商调整业务投入 本报记者 于 宏 开展另类投资业务是券商服务实体经济、满足科创企业融资需求的重要方式之一。近年来，为把握市场 机遇，券商持续优化另类投资业务发展战略，切实践行"投早、投小、投硬科技"，助力科技创新与产业 升级，同时根据实际需求对另类投资子公司的资本金进行灵活调整，以提升资源配置效率。 开拓多元化盈利渠道 近日，中国证监会官网信息显示，证监会核准金圆统一证券通过设立子公司从事另类投资业务（限参与 创业板、科创板、北交所项目跟投，对台资参控股企业进行股权投资）。同时，中国证监会要求该券商 依法办理子公司工商设立登记，修改公司章程，并报住所地证监局备案；依法完成子公司筹建工作；切 实履行母公司的管控责任，加强对子公司的合规管理和风险控制等。 近年来，券商持续加码布局另类投资业务赛道，除积极申请业务资格之外，部分券商也在谋求扩大业务 范围。10月22日，中国证监会对中邮证券另类投资子公司变更业务范围的申请给出反馈意见，要求中邮 证券就另类投资子公司扩大业务范围的可行性进行补充论证，并就另类投资子公司目前人员配备情况及 兼职情况等内容进行详细说明。 券商开展的另类投资业务，主要包括直接股权投资及投 ...

开展另类投资业务是券商服务实体经济、满足科创企业融资需求的重要方式之一。近年来，为把握市场 机遇，券商持续优化另类投资业务发展战略，切实践行"投早、投小、投硬科技"，助力科技创新与产业 升级，同时根据实际需求对另类投资子公司的资本金进行灵活调整，以提升资源配置效率。 近年来，为强化资本实力和市场竞争力，多家券商积极加大另类投资业务投入。例如，10月30日，国海 证券表示，拟向另类投资子公司国海投资增资5亿元，进一步打造股权投资业务特色。中泰证券也在定 增项目相关文件中明确表示，本次定增拟募资不超过60亿元，其中，将投入不超过10亿元用于另类投资 业务。 不过，年内也有多家券商宣布对另类投资子公司进行减资。例如，10月份，东兴证券宣布，拟对另类投 资子公司东兴投资减少注册资本及实缴资本3亿元；8月份，中原证券将另类投资子公司中州蓝海的注册 资本由24.26亿元调减至22.26亿元；中原证券、东北证券、国都证券等多家券商决定对另类投资子公司 进行减资。 对于券商密集调整另类投资子公司资本金的现象，深圳市前海排排网基金销售有限责任公司研究总监刘 有华在接受《证券日报》记者采访时表示，这是行业在特定市场环境下战略定位 ...

Core Viewpoint - Zhongtai Securities has successfully completed a private placement of 6 billion yuan, significantly enhancing its capital strength and attracting investments from various institutional investors, including its controlling shareholder, Zaozhuang Mining Group [2][3]. Group 1: Fundraising Details - The private placement involved issuing 996.68 million shares at a price of 6.02 yuan per share, raising nearly 6 billion yuan [2]. - The controlling shareholder, Zaozhuang Mining Group, subscribed for approximately 2.165 billion yuan worth of shares, with a lock-up period of 60 months [3]. - Other investors include public funds, private funds, and securities asset management companies, all with a lock-up period of 6 months [2][3]. Group 2: Use of Proceeds - The net proceeds from the fundraising will be used to increase the company's capital, focusing on alternative investment, bond investment, market-making, and wealth management businesses [2][5]. - Specific allocations include up to 1.5 billion yuan for information technology and compliance risk control, up to 1 billion yuan each for alternative investment and market-making, and up to 500 million yuan each for purchasing government bonds and wealth management [4][5]. Group 3: Financial Impact - Following the fundraising, Zhongtai Securities' net assets and net capital are expected to increase significantly, with the company's net assets reported at 42.335 billion yuan and net capital at 27.272 billion yuan prior to the placement [5]. - The private placement is part of a broader trend in the brokerage industry, with several firms, including Tianfeng Securities and Nanjing Securities, also pursuing similar fundraising efforts this year [5].

Core Viewpoint - Northeast Securities is committed to diversified development and actively expanding its external investment layout through various subsidiaries, forming a comprehensive financial service system that includes securities, funds, and futures [1] Group 1: Business Operations - The company operates through wholly-owned subsidiaries: Dongzheng Rongtong for private equity fund business, Dongzheng Rongda for alternative investment business, and Dongzheng Ronghui for securities asset management [1] - It holds a controlling stake in Bohai Futures and Dongfang Fund, and has a minority stake in Yinhua Fund [1] Group 2: Strategic Focus - Dongzheng Rongtong and Dongzheng Rongda focus on serving the real economy, particularly in strategic sectors aligned with national directives such as semiconductors, new materials, and high-end manufacturing [1] - The company aims to provide financial support for the cultivation of new productive forces through its private equity and alternative investment initiatives [1]

Core Insights - The event "Focusing on Capital Strategy, Smartly Mapping M&A Blueprint" organized by Industrial Bank in Chengdu aimed to discuss new paths for industry-finance collaboration and support the economic development of the Chengdu-Chongqing economic circle [1][2] Group 1: Event Overview - The event was led by the Chengdu branch of Industrial Bank and included participation from over 20 leading enterprises and investment institutions in the Sichuan-Chongqing region [1] - The welcome speech highlighted Chengdu's rapid development and the bank's commitment to supporting high-quality growth in the region [1] Group 2: Strategic Focus - Industrial Bank emphasized its "commercial bank + investment bank" strategy, leveraging its multi-licensing advantages to enhance market leadership and product completeness [2] - The bank plans to deepen cooperation with local quality enterprises through tailored strategies, aiming to boost the industrial upgrade and high-quality development in Sichuan [2] Group 3: Expert Insights - The research team presented on macroeconomic trends and the importance of shifting focus from GDP to Return on Equity (ROE) [2] - Discussions included comprehensive financial services for M&A financing, with case studies to support enterprises in strengthening their supply chains [2] - The event also covered alternative investment opportunities, enhancing enterprises' access to equity and alternative investment channels [2] Group 4: Future Plans - The Chengdu branch will continue to leverage the advantages of the head office's industry research and channel capabilities to enhance M&A financial products and services [3] - The initiative "Investment Banking Journey" will expand into more key regions and industries to effectively address enterprises' financial needs [3]

Core Insights - Dongxing Securities experienced a decline of 1.66% in stock price on October 22, with a trading volume of 359 million yuan [1] - The company reported a net financing outflow of 7.87 million yuan on the same day, with a total financing and securities lending balance of 1.78 billion yuan [1] Financing Overview - On October 22, Dongxing Securities had a financing purchase amount of 55.35 million yuan, with a current financing balance of 1.76 billion yuan, representing 4.60% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Securities Lending Overview - On the same day, the company repaid 3,400 shares in securities lending and sold 7,000 shares, amounting to a selling value of 83,200 yuan [1] - The remaining securities lending balance was 1.16 million yuan, also exceeding the 90th percentile of the past year, indicating a high level of securities lending activity [1] Company Profile - Dongxing Securities, established on May 28, 2008, and listed on February 26, 2015, is located in Beijing and engages in various financial services including securities brokerage, investment banking, asset management, and alternative investments [2] - As of June 30, the company reported a total of 113,200 shareholders, a decrease of 3.79% from the previous period, with an average of 28,558 circulating shares per shareholder, an increase of 3.94% [2] Financial Performance - For the first half of 2025, Dongxing Securities reported zero operating income but achieved a net profit attributable to shareholders of 819 million yuan, reflecting a year-on-year growth of 42.12% [2] Dividend Distribution - Since its A-share listing, Dongxing Securities has distributed a total of 5.055 billion yuan in dividends, with 1.202 billion yuan distributed over the past three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and various ETFs, with notable changes in shareholdings among these entities [3]

Core Viewpoint - The recent approval of a 6 billion yuan private placement by Zhongtai Securities indicates a thawing in the securities firms' refinancing market, suggesting a more favorable regulatory environment for capital raising activities [1][2][4]. Group 1: Zhongtai Securities' Fundraising Plan - Zhongtai Securities has received approval from the China Securities Regulatory Commission (CSRC) for a private placement of up to 6 billion yuan, valid for 12 months from the date of approval [1]. - The company plans to use the raised funds for capital replenishment and optimizing its business structure, with specific allocations including 1.5 billion yuan for information technology and compliance risk control, 1 billion yuan for alternative investments, and 1 billion yuan for market-making business [4][5]. - The approval process for Zhongtai's fundraising was notably swift, taking approximately 4.5 months from acceptance to approval, marking it as the second securities firm to complete refinancing since 2025 [1][4]. Group 2: Market Context and Trends - The securities refinancing market has seen a significant uptick in activity since 2025, with multiple firms, including Tianfeng Securities and Nanjing Securities, also advancing their private placement plans [2][9]. - The recent trend indicates a "blood replenishment" wave among securities firms, with a focus on addressing capital gaps and enhancing operational capabilities [2][9]. - Regulatory changes have shifted the focus of refinancing efforts towards projects that align with the core business and support the real economy, emphasizing compliance and risk management [11]. Group 3: Implications for the Industry - The successful fundraising by Zhongtai Securities may set a precedent for other firms, potentially leading to a more relaxed regulatory stance on refinancing, provided that the projects align with regulatory expectations [2][6]. - The emphasis on capital adequacy and operational efficiency reflects a broader industry shift towards sustainable growth and quality financing, rather than mere expansion [11]. - The involvement of controlling shareholders in the fundraising process is becoming a common requirement, indicating a trend towards more strategic and responsible capital raising practices [10][11].

Core Viewpoint - The approval of the stock issuance by Zhongtai Securities marks a significant step in the capital replenishment plan, reflecting deeper transformations in the securities industry under high-quality development requirements [1] Group 1: Capital Replenishment and Strategic Transformation - Zhongtai Securities has received approval from the CSRC for a targeted stock issuance, indicating the commencement of its capital replenishment plan [1] - The company plans to raise 6 billion yuan, with funds allocated to six key areas, including alternative investment and market-making businesses, highlighting a strategic shift towards capital-intensive operations [2] - The emphasis on financial technology investment indicates the urgent need for digital transformation within the brokerage sector [2] Group 2: Industry Trends and Competitive Landscape - The current wave of financing in the securities industry is characterized by a trend towards capital competition, with several brokerages initiating or completing large-scale financing this year [3] - The industry is experiencing a Matthew effect, where leading brokerages are expanding their advantages in capital strength and service capabilities, while smaller firms face challenges in fundraising [5] - The concentration of profits among the top brokerages is increasing, with the top five firms accounting for 45.88% of net profits, indicating a growing disparity in the industry [5] Group 3: Challenges and Future Directions - While capital replenishment provides financial support, it also poses challenges such as potential dilution of earnings per share and increased competition among firms [6] - The need for differentiated development strategies is crucial for brokerages to avoid homogenization and price wars in the market [6] - Zhongtai Securities aims to strengthen its wealth management, investment banking, and asset management sectors, focusing on enhancing service quality and operational efficiency [7][8]

Core Viewpoint - Zhongtai Securities has updated the status of its non-public stock issuance project to "submitted for registration" as of September 15, indicating progress in its fundraising efforts [1] Group 1: Project Progress - The non-public stock issuance project was accepted by the exchange on May 28 and received approval from the Shanghai Stock Exchange on September 5 [1] - The company plans to issue up to 2.091 billion shares, with the controlling shareholder, Zao Mining Group, subscribing to 36.09% of the total issuance [1] Group 2: Fundraising Details - The total amount expected to be raised is up to 6 billion yuan, which will be used to increase the company's capital [1] - The funds will primarily be allocated to information technology and compliance risk control, alternative investment business, and market-making business [1] Group 3: Investment Allocation - The planned investment allocation is as follows: - Information technology and compliance risk control: up to 1.5 billion yuan - Alternative investment business: up to 1 billion yuan - Market-making business: up to 1 billion yuan - Purchase of government bonds, local government bonds, corporate bonds, etc.: up to 500 million yuan - Wealth management business: up to 500 million yuan - Repayment of debts and supplementing other working capital: up to 1.5 billion yuan - Total: up to 6 billion yuan [2]

Core Viewpoint - Tianfeng Securities Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, indicating a recovery and positive trend in its financial performance compared to the previous year [2][5][6]. Financial Performance - The company achieved operating revenue of CNY 1.22 billion, a 69.16% increase from CNY 722.34 million in the same period last year [2][5]. - The total profit amounted to CNY 91.90 million, a substantial recovery from a loss of CNY 299.17 million in the previous year [5][6]. - Net profit attributable to shareholders was CNY 31.39 million, compared to a loss of CNY 323.98 million in the same period last year [2][5]. - The net cash flow from operating activities was CNY 5.47 billion, up 39.36% from CNY 3.93 billion [2][5]. Assets and Liabilities - As of June 30, 2025, total assets were CNY 96.69 billion, a slight decrease of 1.23% from CNY 97.90 billion at the end of the previous year [2][3]. - Total liabilities decreased by 6.80% to CNY 68.70 billion from CNY 73.71 billion [2][3]. - The company's net capital increased to CNY 19.21 billion from CNY 15.31 billion, reflecting a strong capital position [3][4]. Business Segments - The brokerage business generated revenue of CNY 678 million, with a total client asset scale of CNY 196.9 billion and a trading volume of CNY 1.02 trillion [7][8]. - Investment banking revenue reached CNY 425 million, with a bond underwriting scale of CNY 54.12 billion, ranking 7th in the market [8][9]. - The asset management business managed a total of CNY 115.76 billion in client funds, with an ABS issuance scale of CNY 19.93 billion, ranking 10th in the industry [9][10]. Strategic Initiatives - The company is focused on enhancing its governance, operational structure, and service capabilities to better serve the real economy and investors [7][8]. - Tianfeng International, a subsidiary, has been actively involved in overseas business, achieving a BBB- investment grade rating and expanding its presence in Central Asia [10].