文/崔文静、张长荣 伴随DeepSeek-R1模型的一炮而红，越来越多证券公司相继接入大模型，券商步入AI+新阶段。 实际上，在监管的引导之下，近年来，券商技术投入力度已经显著加大，相较于其他证券公司，高技术 投入的券商综合竞争力往往更胜一筹。 近年来，业绩持续跑赢行业均值的头部券商华泰证券即为典型案例。 目前，华泰证券在南京、上海、北京、深圳设有四大研发基地，研发人员规模和投入均行业领先。 得益于持续性的技术高投入，华泰证券技术赋能各主要业务条线。在财富管理领域，拥有涨乐财富通、 聊TA；在机构服务领域，建有行知、CAMS智能信用分析平台、FICC大象平台；在投行方面，设有投 行云平台；在资管业务上，拥有资管云平台。其中，针对FICC业务推出的FICC大象平台，更是获得了 中国人民银行2022年度金融科技发展奖一等奖。 "要坚信科技的力量，而不能跟风似的投入。"华泰证券信息技术部联席负责人、数字化运营部总经理王 玲表示。 在外界看来，华泰证券正是因为坚信科技的力量——为科技长期投入充足的人力与财力；当业务部门与 技术部门出现打法分歧时，充分考虑技术部门建议，方使得公司技术实力始终走在券业前列，得以全面 赋能 ...

在由交通银行主办的"独角兽企业出海交流会"分会场，交行展现了专业的跨境服务能力。交通银行投资 银行部详细介绍了交银科创投行服务，覆盖股权投资、债券融资、并购重组等综合解决方案。交通银行 （香港）分享了作为出海桥头堡，在IPO一条龙服务、全球现金管理、银团贷款等业务方面具有的独特 服务优势。交银国际则聚焦科技企业赴港上市路径，提供从Pre-IPO到上市后资本运作的全流程支持。 7月17日至18日，由深圳市工业和信息化局、深圳市中小企业服务局指导，交通银行、深圳私募基金业 协会、深创投、长城战略咨询、国信证券、深圳报业集团等联合主办的"2025中国（深圳）独角兽企业 大会"在深圳成功举办。本次大会以"新质驱动·未来领航"为主题，汇聚政府部门、金融机构、投资机 构、智库及独角兽企业代表，围绕支持独角兽、潜在独角兽、种子独角兽、瞪羚等企业，共同探讨创新 企业全球化发展的新机遇与新路径。 政银企协同，共筑创新生态 交通银行深圳分行党委委员、副行长谢磊在活动致辞中表示，在深圳这片孕育独角兽企业的热土上，交 行坚持以金融服务实体经济、支持科技创新为己任，打造"交银科创"金融服务体系，围绕科技企业从种 子期到成熟期的全生命周 ...

Core Insights - Zhongshan Securities has experienced significant performance fluctuations, primarily influenced by its proprietary trading business, leading to a return to losses in the first half of 2025 despite an overall industry recovery [1][4]. Group 1: Financial Performance - In the first half of 2025, Zhongshan Securities reported a revenue of 231 million yuan, a decrease of 52% year-on-year, and a net loss of 28.12 million yuan, marking a shift from profit to loss compared to the previous year [2][4]. - In contrast, Dongguan Securities achieved a revenue of 1.413 billion yuan, a 38% increase year-on-year, and a net profit of 477 million yuan, up 60% [2]. - Among the 37 brokerages that disclosed their performance, Zhongshan Securities was the only one to report a loss, while 34 brokerages saw varying degrees of profit growth [2][3]. Group 2: Business Segment Analysis - The decline in Zhongshan Securities' performance is attributed to significant drops in revenue across its proprietary trading, investment banking, and asset management segments [4][6]. - In the first half of 2025, proprietary trading revenue plummeted by over 90% year-on-year, while investment banking and asset management revenues also saw substantial declines of 62.57% and 84.35%, respectively [6]. - The only segments showing growth were brokerage and interest income, with brokerage fees increasing by 58.44% to 123 million yuan and interest income rising by 38.26% to 61.53 million yuan [6]. Group 3: Historical Context - Zhongshan Securities has faced ongoing performance challenges since 2021, with revenues dropping from 646 million yuan in 2021 to 426 million yuan in 2023, and net losses increasing from 126 million yuan to 84 million yuan during the same period [4][5]. - The losses have been primarily driven by fluctuations in proprietary trading returns and compliance issues, with significant impacts from the domestic real estate policy adjustments affecting investment banking revenues [5][6]. - Despite a recovery in 2024, where the company achieved a revenue of 776 million yuan and a net profit of 17 million yuan, the current year has seen a regression back into losses [5].

受益于今年上半年二级市场升温，近期不少上市券商发布业绩预增喜讯，但并非所有券商都能在市场暖风中"扶摇直上"，也有券商业绩表现落寞。 7月18日，锦龙股份披露控股子公司中山证券未经审计的业绩，该券商上半年净利润亏损近3000万元，成为近期披露上半年业绩预告中首家告亏的证券公 司。 据证券时报·券商中国记者梳理，自营业务成为中山证券业绩"拖累"，上半年收入规模同比减少逾90%；投行业务与资管业务也出现"滑坡"。 尽管中山证券上半年业绩表现不佳，但锦龙股份上半年业绩扭亏为盈，主要因为报告期内完成转让所持东莞证券的部分股权，获得逾20亿元的交易价款。 首家券商告亏 券商业绩正陆续发布。 锦龙股份预增 尽管中山证券上半年业绩亏损，但控股股东锦龙股份上半年业绩扭亏。据7月13日锦龙股份发布的业绩预告，该公司预计上半年营业收入为3.9亿元至4.5亿 元，归属于上市公司股东的净利润预计为1.05亿元至1.53亿元。 谈及业绩扭亏为盈的原因，锦龙股份表示，主要因为公司在今年上半年完成转让所持有东莞证券的3亿股股份，公司获得的投资收益大幅增加，推动公司净利 润同比实现大幅增长。 7月18日，锦龙股份公告中山证券未经审计的上半年资 ...

券商业绩正陆续发布。 受益于今年上半年二级市场升温，近期不少上市券商发布业绩预增喜讯，但并非所有券商都能在市场暖风 中"扶摇直上"，也有券商业绩表现落寞。 7月18日，锦龙股份披露控股子公司中山证券未经审计的业绩，该券商上半年净利润亏损近3000万元，成为近 期披露上半年业绩预告中首家告亏的证券公司。 据券商中国记者梳理，自营业务成为中山证券业绩"拖累"，上半年收入规模同比减少逾90%；投行业务与资管 业务也出现"滑坡"。 尽管中山证券上半年业绩表现不佳，但锦龙股份上半年业绩扭亏为盈，主要因为报告期内完成转让所持东莞证 券的部分股权，获得逾20亿元的交易价款。 首家券商告亏 7月18日，锦龙股份公告中山证券未经审计的上半年资产负债表及利润表。数据显示，中山证券上半年业绩"腰 斩"，营业收入2.31亿元，同比大幅减少52.17%；净利润较去年同期由盈转亏，为-2811.77万元。 这与前期逾20家上市券商预增的业绩预告形成鲜明对比。根据券商中国记者此前统计，不少于9家券商预计今 年上半年净利实现翻倍增长，其中有两家券商净利同比增幅超1000%。部分大型券商也表示净利润同比增长超 过50%。 投行业务手续费净收入 ...

人民网深圳7月18日电 (王星)7月17日至18日，2025中国(深圳)独角兽企业大会在深圳举办。本次大会 以"新质驱动·未来领航"为主题，汇聚政府部门、金融机构、投资机构、智库及独角兽企业代表，围绕 支持独角兽、潜在独角兽、种子独角兽、瞪羚等企业，共同探讨创新企业全球化发展的新机遇与新路 径。 交通银行深圳分行党委委员、副行长谢磊致辞表示，在深圳这片孕育独角兽企业的热土上，交行坚持以 金融服务实体经济、支持科技创新为己任，打造"交银科创"金融服务体系，围绕科技企业从种子期到成 熟期的全生命周期需求，构建"股贷债租托"一体化的综合金融解决方案，助力独角兽企业快速发展成 长。 交 通银行深圳分行党委委员、副行长谢磊致辞。主办方供图 作为大会联合主办方，交通银行充分发挥国际化、综合化优势，深度参与大会各项活动。大会期间，交 通银行与各方共同见证《GEI中国独角兽企业研究报告2025》《深圳市独角兽企业及瞪羚企业研究报告 2025》的发布，并为"独角兽企业服务联盟"揭牌，标志着针对高成长企业的"政策-资本-产业-金融"全链 条服务体系正式落地。 "独角兽企业服务联盟"揭牌。主办方供图 在"独角兽企业出海交流会"分会 ...

Group 1: A-share IPO Market Overview - The number of new A-share IPOs in the first half of 2025 is expected to be 40, a year-on-year increase of 33.3%, but only 16.3% of the 245 IPOs in the first half of 2021 [1] - The total fundraising amount for A-share IPOs in the first half of 2025 is projected to be 32.75 billion yuan, which is only 15.5% of the 210.96 billion yuan raised in the same period of 2021 [1] - The current IPO issuance remains at a low level, with the absolute number of IPOs in 2025 being the lowest in five years [1] Group 2: Changes in Investment Banking Focus - Many securities firms are shifting towards enhancing comprehensive financial service capabilities and transforming into comprehensive financial service providers [3] - Companies like CITIC Securities and CICC are focusing on serving key clients related to national strategic initiatives and expanding their coverage of quality enterprises [3] - The trend in investment banking emphasizes the importance of professional capability enhancement and risk prevention [3] Group 3: Small and Medium-sized Securities Firms - Smaller securities firms are focusing on niche businesses that align with local industry needs, such as expanding debt business in specific regions [4] - There is a noticeable shift in the A-share IPO landscape, with regulatory support for technology companies and a reduction in the number of companies waiting for IPO approval [4][5] Group 4: Hong Kong IPO Market Dynamics - The Hong Kong IPO market is experiencing a significant recovery, with 42 IPOs in the first half of 2025 raising approximately 106.7 billion HKD, a year-on-year increase of about 708% [5] - The Hong Kong Stock Exchange has introduced reforms to attract more mainland companies to list, including allowing unprofitable tech companies to go public [5][6] - The competitive landscape for IPO sponsorship in Hong Kong is shifting, with Chinese securities firms gaining a stronger position [6] Group 5: Cross-border Capital Operations - Securities firms are actively expanding their cross-border capital operations, focusing on Hong Kong equity financing and overseas debt markets [6] - Companies are enhancing their cross-border service capabilities by collaborating with foreign institutions and developing cross-border business talent [6] - The anticipated increase in A-share companies listing in Hong Kong is expected to boost the revenue of leading investment banks in the region [6]

交银国际研究 行业更新 行业评级 领先 万丽, CFA, FRM wanli@bocomgroup.com (86) 10 8393 5331 从公布业绩预告的券商来看，2 季度业绩仍保持强劲增长，增速超我们预 期。目前已有 24 家 A 股上市券商发布中报业绩预告，2025 年上半年盈利 同比增长区间在 65%-80%（扣除合并产生的负商誉），平均增长 72%；2 季度环比 1 季度增长 13%。从头部券商来看，国泰海通同比增长超 200% （扣除合并产生的负商誉后约为41%），银河同比增长45-55%，中金同比 增长 55-78%，中信建投同比增长 55-60%。 我们预计上半年经纪业务在去年同期低基数上显著回升。2025 年上半年 A 股日均成交金额为 1.36 万亿元，同比增长 58.8%，其中 1 季度同比增长 68.7%，2 季度同比增长 50.1%。 3 季度仍面临低基数，预计增速将进一步 提升。 我们预计自营投资收益同比显著增长，仍是券商盈利增长的主要推动因 素。从股票市场指数表现来看，上半年总体表现较为平稳，相比 2024 年 同期改善显著，沪深 300 基本较年初持平，上证综指微涨 2.8 ...

Core Viewpoint - The article emphasizes the role of digital finance as a strong engine for innovation and upgrading within the financial system, highlighting Huatai Securities' commitment to leveraging technology to enhance financial services and create value for society [1][2][12]. Group 1: Investment in Digital Finance - Huatai Securities ranks among the top in the securities industry for total investment in digital construction, driven by a belief in the efficiency, openness, and symbiosis of the digital finance era [2][12]. - The company has consistently integrated technological considerations into decision-making processes, recognizing the potential for industry transformation through technology since initiating its digital transformation in 2019 [4][12]. Group 2: Technological Advancements - Huatai Securities has developed a series of technological milestones, including the launch of mobile financial applications and trading platforms, demonstrating a history of aligning business growth with technological progress [3][5]. - The company is actively exploring the application of AI, big data, and low-latency technologies across various financial services, while also focusing on independent research and development in key areas [7][8]. Group 3: Breaking Down Barriers - The challenge of digital transformation in the financial industry is identified as breaking down information flow barriers, which have historically served as protective measures for financial institutions [8][10]. - Huatai Securities has embraced an open ecosystem approach, enhancing connectivity with clients and partners to create a larger scale and better services through collaborative innovation [9][10]. Group 4: Governance and Risk Management - The company has established a comprehensive governance system for data management, ensuring multi-departmental collaboration and a clear set of rules for data management to maximize the value of data elements [11]. - Huatai Securities has built a self-developed platform for investment banking that supports comprehensive online management and compliance, contributing to stable and high-quality business development [11].

Core Viewpoint - The article emphasizes the significant role of digital finance in the innovation and upgrade of the financial system, highlighting Huatai Securities as a pioneer in digital transformation within the industry [1][2]. Group 1: Digital Transformation and Investment - Huatai Securities has consistently invested in technology, establishing a digital operations department in 2019 to drive organizational change [1][2]. - The company ranks among the top in the securities industry for its total investment in digital construction, reflecting its belief in the efficiency and openness of the digital finance era [1][3]. - The firm has developed a new infrastructure for digital finance, focusing on a platform-based and integrated development model [3]. Group 2: Technological Advancements - Huatai Securities has a history of aligning its business with technological advancements, launching various platforms such as the "Zhangle" mobile finance client in 2009 and the "Elephant Platform" for FICC business in 2022 [2][3]. - The company is now leveraging AI and big data technologies to enhance financial services and is committed to independent research and development in key areas [5][7]. Group 3: Ecosystem and Collaboration - The firm promotes an open ecosystem, believing that only through collaboration can larger scales and better services be achieved [7][8]. - Huatai Securities has established a comprehensive self-research platform for investment banking, supporting robust and high-quality development through online processes and compliance management [8]. Group 4: Data Governance and Security - The company has implemented a three-tier data governance system to enhance collaboration across departments and ensure data management rules are clear [8]. - A complete operational monitoring system has been established to ensure security and control, allowing for agile infrastructure operation and comprehensive business oversight [8].