中证报中证网讯（记者 刘英杰）日前，世纪证券研究所首席宏观分析师冯乐宁在接受中国证券报记者 采访时表示，海南自由贸易港正式实施全岛封关运作，标志着我国对外开放进入全新阶段。 首先，依托跨境资管试点拓展私募业务。符合条件的券商可发起设立投资境外标准化资产的私募资管计 划，与侧重另类投资的QDLP形成互补，构建覆盖多风险层级的跨境产品体系。 其次，借力"双Q"制度深化跨境投资。具备资质的券商子公司可通过申请QFLP资格引入境外长期资本 投资境内新兴产业，或通过QDLP募集境内资金布局全球多元资产，发挥集团研究、直投、资管协同优 势，提供全流程服务。 再次，构建多元化融资平台。券商可为企业提供涵盖A股IPO、境外发债、资产证券化及公募REITs在内 的综合融资解决方案，满足封关后持续释放的多层次融资需求。 最后，打造跨境并购综合服务中枢。围绕海南企业"走出去"与境外企业"走进来"的双向并购需求，提供 全流程财务顾问服务，并利用EF账户与专项基金优化跨境资金路径。 为推动海南跨境金融高质量发展，冯乐宁表示，后续应依托EF账户探索对中小微高新技术企业的跨境 投融资便利化安排，深化具有离岸特征的业务功能；打造离岸人民币债 ...

Core Viewpoint - The asset management business of CITIC Securities achieved a net income of 5.444 billion yuan in the first half of 2025, marking a year-on-year growth of 10.77%, maintaining its position as the industry leader and the only brokerage with net income exceeding 5 billion yuan in asset management [1][2]. Group 1: Performance of Leading Brokerages - In the first half of 2025, the total net income from asset management for 42 listed brokerages reached 21.195 billion yuan [1][2]. - CITIC Securities ranked first with a net income of 5.444 billion yuan, followed by GF Securities with 3.669 billion yuan, and Guotai Junan with 2.578 billion yuan [2]. - Nine listed brokerages reported net income exceeding 600 million yuan in asset management, indicating a strong performance among leading firms [1][2]. Group 2: Strategies of Small and Medium-sized Brokerages - Small and medium-sized brokerages are focusing on niche markets to differentiate themselves, with some achieving significant growth in net income [4]. - For instance, Changcheng Securities reported a net income of 25 million yuan, a year-on-year increase of 79.27%, while Guojin Securities saw a 45.16% increase with a net income of 62 million yuan [4]. - These firms are shifting from scale competition to innovation in products and services, enhancing their asset management capabilities [4]. Group 3: Development Plans and Focus Areas - Many brokerages are emphasizing the enhancement of research and investment capabilities, aiming to improve product performance and active management [1][6]. - CITIC Securities plans to strengthen its asset allocation system and enhance its strategy research layout, focusing on high-quality product output [6]. - Guohai Securities aims to deepen its investment research and improve customer service capabilities, while also enhancing digital operations through data-driven approaches [6].

这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Core Viewpoint - The newly released "Regulations on the Management of Agency Sales Business by Commercial Banks" aims to enhance supervision and promote the healthy development of agency sales business in the banking sector, effective from October 1, 2025 [2][3]. Summary by Sections General Provisions - The regulations consist of eight chapters and 54 articles, detailing the internal management system, cooperation institution management, product admission management, sales management, product duration management, supervision, and supplementary provisions [2][6]. Internal Management System - Commercial banks are required to establish comprehensive management systems, business systems, internal management, and consumer protection mechanisms for agency sales [6]. Cooperation Institution Management - The regulations emphasize the responsibility of commercial banks in managing cooperation institutions, including clear admission review requirements and exit mechanisms [6]. Product Admission Management - Commercial banks must conduct thorough due diligence on products and cooperation institutions, with specific requirements for different types of products [6][9]. Sales Management - The regulations outline 11 prohibited sales behaviors for commercial banks, including unauthorized sales and improper promotion of products [9]. Product Duration Management - Commercial banks have defined obligations during the product's duration, ensuring ongoing compliance and consumer protection [8]. Supervision Management - The regulations establish reporting requirements and supervisory measures for commercial banks engaged in agency sales [8]. Consumer Protection - The regulations reinforce the principle of suitability, particularly for vulnerable groups such as the elderly, requiring banks to adopt more cautious sales processes and clearer communication [9][10].