日前，江苏证监局披露，该局对江苏江阴农商行、无锡农商行、江南农商行的基金销售业务进行了现场检查，经查，三家农商行的基金销售业务存在制度建设、 内部控制和风险管理以及信息报送等方面的问题。 其中，上述部分银行的基金销售相关人员存在未取得基金从业资格的情况。 江苏证监局对无锡农商行和江阴 农商行 出具了警示函，对江南农商行采取责令改正的行政监督管理措施，要求上述三家农商行针对相关问题进行整改，并在30日 内提交书面整改报告。 | | | O | | | --- | --- | --- | --- | | (0) 政府信息 公开指南 | 当前位置：证券经营机构监管 | | | | | 序号 标题 | 文号 | 发文日期 | | 政府信息 公开制度 | 江苏证监局关于对江苏江阴农村商业银行股份 有限公司采取出具警示函监管措施的决定 | 〔2025〕 87号 | 2025-06-27 | | 政府信息 公开年度报告 | 江苏证监局关于对无锡农村商业银行股份有限 2 公司采取出具警示函监管措施的决定 | 〔2025〕 86号 | 2025-06-27 | | 官 主动公开 | 江苏证监局关于对江苏江南农村商业银行股份 3 ...

中国基金报记者 天心 继民商基金遭多家基金公司终止基金代销合作后，又有基金公司官宣与大华银行（中国）有限公司终止代销业务。 今年2月，大华银行（中国）宣布，基于战略性业务调整需要，与富邦华一银行签署协议，将向其转让该行的个人业务，也不再从事基金代销业务。 业内人士分析，基金销售市场加速优胜劣汰，未来或迎来从"销量导向"向"投资者盈利导向"的转型。 基金公司官宣终止与大华银行（中国）代销业务 6月13日，上海东方证券资产管理有限公司发布公告称，经与大华银行（中国）有限公司协商一致，决定自2025年6月13日(含)起，双方终止基金代销业务 合作关系，即自2025年6月13日（含）起停止大华银行办理本公司旗下基金的相关销售业务。本公司旗下基金在大华银行已无保有份额，投资者将无法通 过大华银行办理本公司旗下基金的开户、认购、申购、定期定额投资、转换等业务，大华银行原存量基金份额持有人已转至本公司直销平台进行后续维护 服务。 6月12日，平安基金也发布公告称，自6月13日起终止与大华银行（中国）有限公司的相关销售业务的合作，同时不再受理通过大华银行办理本公司旗下基 金的相关销售业务，投资者将无法通过大华银行办理本公司基 ...

Core Viewpoint - In Q1 2025, the company reported strong revenue growth driven by high performance in brokerage and margin financing businesses, alongside a stable position in fund distribution [1][2]. Financial Performance - The company achieved total revenue of 3.49 billion yuan, a year-on-year increase of 42%, and a net profit attributable to shareholders of 2.72 billion yuan, up 39% year-on-year [1]. - The weighted average ROE (unannualized) for Q1 2025 was 3.31%, an increase of 0.62 percentage points year-on-year [1]. - Revenue breakdown for Q1 2025 included: - Fund distribution revenue: 0.81 billion yuan (+8.0% YoY) - Net interest income from margin financing: 0.72 billion yuan (+37.3% YoY) - Commission income from brokerage: 1.96 billion yuan (+65.6% YoY) [1]. Cost Management - The company maintained effective cost control with management and R&D expenses at 0.59 billion yuan (+5.6% YoY) and 0.25 billion yuan (-12.6% YoY), respectively [1]. - Management expense ratio and R&D expense ratio were 17.0% and 7.1%, showing decreases of 5.86 and 4.45 percentage points year-on-year [1]. Investment and Market Position - Total assets reached 331.5 billion yuan, an increase of 8.2% from the end of 2024, with net assets at 83.3 billion yuan (+3.2%) [2]. - The company’s investment leverage increased to 1.16x, up 0.25x from the end of 2024 [2]. - Investment income (including exchange gains) was 0.70 billion yuan, down 14.0% year-on-year, primarily due to bond market fluctuations [2]. - The company’s brokerage commission income was 1.96 billion yuan, reflecting a 66% year-on-year increase, while the market's stock fund average daily trading (ADT) grew by 72% [2]. - The margin financing business saw an increase in funds lent to 61.0 billion yuan (+3.7% from the end of 2024), with a market share of 3.18%, up 0.02 percentage points [2]. Investment Outlook - As a leading fintech company, the firm is expected to benefit from the trend of household deposits moving, with a strong recommendation for investment [3]. - Projected net profits for 2025-2027 are 11.04 billion yuan, 12.35 billion yuan, and 13.72 billion yuan, representing year-on-year growth of 15%, 12%, and 11%, respectively [3]. - The current closing price corresponds to a dynamic PE of 30x, 26x, and 24x for 2025-2027 [3].