根据相关规定，海南证监局对海南银行采取责令改正措施。海南证监局表示，海南银行需按照相关法律、行政法规和中国证监会规定要求落实整改，并在收 到决定书之日起30日内向海南证监局提交整改情况报告。 实际上，早在2023年，海南银行就曾因基金销售业务存在违规行为被海南证监局要求责令改正。 彼时，海南证监局指出，海南银行基金销售业务部门负责人未取得基金从业资格，负责基金销售业务的部门取得基金从业资格的人员低于该部门员工人数的 1/2；未将基金销售保有规模、投资人长期投资收益等纳入分支机构和基金销售人员考核评价指标体系；基金销售业务留痕不完善；未每半年开展一次适当 性自查并形成自查报告。 9月19日，海南证监局披露关于海南银行收到责令改正监管措施的决定公告。公告显示，海南银行主要存在5项违规事项。 | 索 引 号 | bm56000001/2025-00011042 | | --- | --- | | 发布机构 | 海南局 | | જ્ઞ 称 | 关于对海南银行股份有限公司采取责令改正监管措施的决定 | | 文 봄 | (2025) 29号 | 首先是海南银行《经营证券期货业务许可证》记载事项发生变更未及时申请换领；其次 ...

Core Viewpoint - The appointment of Qi Jinbo as the new Party Secretary of Dezhou Bank is expected to fill the long-standing vacancy of the chairman position and potentially bring new development opportunities for the bank [2] Group 1: Regulatory Issues - Dezhou Bank has been found to have four major violations in its fund sales operations, including the employment of unqualified personnel in key roles, which undermines its compliance and risk control mechanisms [3] - The bank lacks a dedicated fund product admission committee, leading to inconsistent standards in product selection and management [3] - The performance evaluation system focuses on short-term sales results, neglecting long-term investor returns, which could harm investor interests [3] Group 2: Financial Performance - In 2024, Dezhou Bank reported operating income of 1.329 billion yuan, a slight decrease of 1.25% from 2023, and a net profit of 124 million yuan, down 50.99% from 2023 [4] - The significant decline in net profit is closely linked to a substantial increase in asset impairment losses, which rose by 88.74% to 436 million yuan in 2024 [5] - The bank did not disclose key asset quality metrics such as non-performing loan balances and rates, raising concerns about its asset quality [5] Group 3: Shareholder Issues - The seventh largest shareholder of Dezhou Bank, Qihe County Qimin Asset Management Co., Ltd., has had its shares worth 42.884 million yuan frozen due to a guarantee contract dispute, with a freeze period lasting three years [8][9] - This is not the first instance of share freezes for Dezhou Bank, as two other instances occurred in June and July 2024, involving a total of 27.916 million shares [10] - Frequent share freezes may impact board decision-making efficiency and investor confidence, potentially hindering the bank's capital replenishment and business expansion efforts [10] Group 4: Information Disclosure - Dezhou Bank's investor relations section on its website has multiple restrictions for accessing historical annual reports, contrasting with the more user-friendly "one-click query" models of other banks [6] - This lack of transparency in information disclosure raises questions about the bank's commitment to open and transparent communication with investors [7]

Core Viewpoint - Yong'an Futures reported a significant decline in revenue and net profit for the first half of 2025, but showed improvement in Q2 net profit and positive trends in fund sales and asset management business, leading to a "buy" rating from Dongwu Securities [1][2]. Financial Performance - For the first half of 2025, Yong'an Futures recorded operating revenue of 5.56 billion yuan, a year-on-year decrease of 54.1%, and a net profit attributable to shareholders of 170 million yuan, down 44.7%, with an EPS of 0.12 yuan and ROE of 1.32%, a decline of 1.1 percentage points year-on-year [1]. - In Q2, the company achieved operating revenue of 3.28 billion yuan, a year-on-year decrease of 57.8%, but a net profit of 160 million yuan, a year-on-year decrease of 30.0%, showing a 16-fold increase quarter-on-quarter [1]. Business Segments - Futures brokerage remains the core profit driver, with net income from commissions and interest at 240 million yuan and 210 million yuan respectively, showing increases of 4.5% and decreases of 13.5% year-on-year. Investment income and fair value changes totaled 160 million yuan, down 63% year-on-year [2]. - The futures brokerage business reported an operating profit of 150 million yuan, a year-on-year decrease of 10%, while risk management shifted from profit to a loss of 60 million yuan [2]. - Fund sales and asset management showed positive growth, with profits of 20 million yuan and 5 million yuan respectively, increasing by 105% and 40% year-on-year [2]. Market Trends - The company’s offshore business saw a revenue of 120 million yuan, down 59% year-on-year, but the trading volume in offshore futures brokerage increased by 22%, with institutional clients making up 78% of the client structure [3]. - Fund sales significantly increased, with new sales reaching 172 million USD, a year-on-year growth of 186% [3]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits of 470 million yuan, 590 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively, with a current market value corresponding to a PE of 48 times for 2025 [2].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to accounting adjustments and challenges in investment income, although there are signs of recovery in Q2 [1][6]. Group 1: Financial Performance - The company achieved operating revenue of 5.556 billion yuan in the first half of 2025, a year-on-year decrease of 54.12% [1]. - The net profit attributable to shareholders was 170 million yuan, down 44.69% year-on-year, with Q2 showing improvement with a net profit of 161 million yuan, a year-on-year decline of 29.96% but a quarter-on-quarter increase of 1630.64% [1][6]. - The company plans to distribute a cash dividend of 0.02 yuan per share (tax included) for the interim period [1]. Group 2: Business Segments - The futures brokerage and fund sales segments showed steady growth, with the company achieving 102 million domestic futures agency transactions, a year-on-year increase of 13%, and a transaction amount of 7.25 trillion yuan, up 7% [3]. - The net income from brokerage fees reached 210 million yuan, reflecting a 4% year-on-year growth [3]. - The fund sales business generated revenue of 28.9 million yuan, marking a 21% increase year-on-year [4]. Group 3: Risk Management and International Expansion - The company maintained a leading position in the commodity risk management sector, achieving a total spot trade volume of 19.646 billion yuan [5]. - The off-exchange derivatives business saw a nominal amount of 160.3 billion yuan, a 72% increase year-on-year, while market-making business transactions reached 601.8 billion yuan, up 23% [5]. - The company is expanding its international presence, planning to invest up to 536 million Hong Kong dollars to establish a subsidiary in the UK, which has received regulatory approval [5]. Group 4: Earnings Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.35, 0.39, and 0.42 yuan, representing increases of 21%, 15%, and 9% respectively [6]. - The target price for the company is set at 20.84 yuan, based on a price-to-book (PB) ratio of 1.7 times for 2025, reflecting a discount compared to comparable companies [6].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with a focus on the performance of its futures brokerage and asset management businesses [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 5.56 billion yuan, a decrease of 54.1% year-on-year, while the net profit attributable to shareholders was 170 million yuan, down 44.7% year-on-year, resulting in an EPS of 0.12 yuan and an ROE of 1.32%, a decline of 1.1 percentage points [1]. - In Q2 2025, revenue was 3.28 billion yuan, a year-on-year decrease of 57.8%, with a net profit of 160 million yuan, down 30.0% year-on-year but showing a 16-fold increase quarter-on-quarter [1]. - The company's net assets attributable to shareholders were 12.9 billion yuan, reflecting a 0.4% increase from the beginning of the year and the end of Q1 [1]. Business Segments Futures Brokerage - The futures brokerage business remains the core profit driver, with a revenue of 3.8 billion yuan in the first half, down 22% year-on-year, and net commission income of 2.1 billion yuan, up 4.2% year-on-year [1][2]. - The total trading volume for domestic futures agency transactions was 102 million contracts, an increase of 13.3% year-on-year, with a transaction value of 7.25 trillion yuan, up 6.8% year-on-year [2]. Risk Management - The risk management business reported a revenue of 5 billion yuan, down 56% year-on-year, primarily due to a change in revenue recognition method, although this did not impact profitability [2]. - The nominal principal of off-exchange business reached 160.3 billion yuan, a year-on-year increase of 72%, while market-making business transaction volume exceeded 601.8 billion yuan, up 23% year-on-year [2]. Asset Management & Fund Sales - The asset management business generated revenue of 10 million yuan, down 11% year-on-year, with net commission income declining by 63% [2]. - Fund sales revenue increased by 21% year-on-year to 29 million yuan, with 34 new cooperative managers and 65 new products introduced during the reporting period, achieving an average annualized return of 11.26% [2]. Overseas Business - The overseas business revenue was 120 million yuan, down 59% year-on-year, while the trading volume for overseas futures brokerage increased by 22% year-on-year [2]. - The overseas fund sales saw a significant increase, with new sales amounting to 172 million USD, a year-on-year growth of 186% [2]. Profit Forecast and Investment Rating - The company maintains its profit forecast for 2025, expecting net profits attributable to shareholders to be 470 million yuan, 590 million yuan, and 660 million yuan for 2025-2027, respectively, with a current market capitalization corresponding to a 2025E PE of 48x, maintaining a "buy" rating [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 net profit improved on a quarter-on-quarter basis, with positive trends in fund sales and asset management business profitability [7] - The report maintains previous profit forecasts, expecting net profits for 2025-2027 to be 4.7 billion, 5.9 billion, and 6.6 billion respectively, with a current market value corresponding to a 2025E PE of 48x [7] Financial Performance Summary - Total revenue for 2023 is projected at 23.823 billion, with a year-on-year decrease of 31.5% [1] - The net profit attributable to the parent company for 2023 is expected to be 729 million, reflecting an 8.3% year-on-year increase [1] - The latest diluted EPS for 2023 is estimated at 0.50 yuan per share [1] - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 5.56 billion, down 54.1% year-on-year, and a net profit of 170 million, down 44.7% year-on-year [7] - The second quarter of 2025 saw a net profit of 160 million, a 30% year-on-year decrease but a 16-fold increase quarter-on-quarter [7] Business Segment Performance - The futures brokerage business remains the core profit driver, with net income from fees and interest reported at 240 million and 210 million respectively for the first half of 2025 [7] - The asset management and fund sales segments showed profitability improvements, with fund sales revenue increasing by 21% year-on-year [7] - The offshore business experienced a significant growth in fund sales, with a 186% year-on-year increase in new sales [7] Market Data - The closing price of the stock is 15.65 yuan, with a market capitalization of approximately 22.779 billion [5] - The company has a price-to-book ratio of 1.77 [5] - The company's total assets are projected to reach 71.510 billion by 2025 [18]

本文源自：金融界 金融界消息，根据中登公司数据显示，截至上周最后一个交易日（8月22日），弘业期货股东质押比例 占总股本3.41%，位居两市第1580位。 作者：灵通君 数据显示，弘业期货股东共质押2581.92万股，分为1笔，其中无限售股2581.92万股，质押总市值3.34亿 元。 资料显示，苏豪弘业期货股份有限公司的主营业务是商品期货经纪、金融期货经纪、期货投资咨询、资 产管理、基金销售。公司的主要产品是期货经纪业务、资产管理业务、基金销售业务、期货投资咨询业 务、风险管理业务、境外金融服务业务、金融资产投资业务。公司荣获上期所橡胶项目二等奖、上期 所"强源助企——提高期权成交量活动"三等奖。公司董事长为储开荣，总经理为赵伟雄。 从股票走势来看，弘业期货近一年上涨 79.12%。 ...

Core Viewpoint - The stock of Yong'an Futures (600927) has experienced a decline, with significant net outflow of funds from major investors, indicating potential challenges in market sentiment and performance [1][2]. Group 1: Stock Performance - As of August 20, 2025, Yong'an Futures closed at 15.95 yuan, down 1.24% with a turnover rate of 0.93% and a trading volume of 134,700 shares, resulting in a transaction value of 214 million yuan [1]. - The net outflow of major funds on August 20 was 31.6864 million yuan, accounting for 14.82% of the total transaction value, while retail investors saw a net inflow of 29.6017 million yuan, representing 13.84% of the total [1][2]. Group 2: Recent Fund Flow Overview - Over the past five days, the stock has shown fluctuating fund flows, with notable net inflows and outflows from different investor categories [2]. - On August 19, the stock saw a slight increase of 0.31% with a net inflow of major funds amounting to 4.8439 million yuan, while retail investors experienced a net outflow of 6.778 million yuan [2]. Group 3: Company Financial Metrics - Yong'an Futures has a total market capitalization of 23.216 billion yuan, which is below the industry average of 24.033 billion yuan, ranking 8th out of 21 in its sector [3]. - The company reported a net profit of 9.2946 million yuan for Q1 2025, reflecting a significant year-on-year decline of 88.08%, with a debt ratio of 79.36% [3]. - The company's main business includes futures brokerage, fund sales, asset management, risk management, and overseas financial services [3].

Group 1 - The Shanghai Composite Index fell by 0.46%, closing at 3666.44 points, while the Hang Seng Index decreased by 0.37%, closing at 25519.32 points [1] - Hongye Futures has the highest A/H premium at 197.82%, indicating that its H-shares are relatively cheaper compared to A-shares [1][2] - Hongye Futures' A-shares closed at 13.04 yuan, with a rise of 2.19%, and its H-shares closed at 4.79 HKD, increasing by 1.91% [1] Group 2 - Hongye Futures Co., Ltd. was established in 1995 and is a state-owned enterprise fully owned by Jiangsu Provincial State-owned Assets Supervision and Administration Commission [1] - The company operates in various sectors including commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, and fund sales, with 38 branches in major financial centers across China [1] - Hongye International Finance, a wholly-owned subsidiary, focuses on overseas securities and futures trading, asset management, and investment consulting, covering major global exchanges [1] - Hongye Capital, another wholly-owned risk management subsidiary, specializes in bulk commodity trading and risk management, serving as a market maker for multiple futures varieties [1] - The company has received several honors, including "National Civilized Unit" and "China's Best Futures Company" [1]

8月12日，中国证券监督管理委员会网站披露，四川证监局对川财证券采取出具警示函的措施。 四川证监局表示，经查，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。 | Elli SHI SHI ne manager see and start of the series and and sere the series and and and of the series and the seri | CHINA SECURITIES REGULATORY COMMISSION | 四川监管局 | | | 请输入关键字 | | | --- | --- | --- | --- | --- | --- | --- | | 首页 | 证监局介绍 辖区监管动态 | 政务信息 | 办事服务 | 辖区数据 | 互动交流 | 专题专栏 | | ♀ 当前位置：首页 > 政务信息 > 主动公开目录 > 证监局文种体裁 > 行政监管措施 | | | | | | | | 索 | bm56000001/2025-00009623 | | | ਜੋ ...