10月20日，东吴证券跌0.52%，成交额5.55亿元。两融数据显示，当日东吴证券获融资买入额1.29亿 元，融资偿还7436.80万元，融资净买入5437.87万元。截至10月20日，东吴证券融资融券余额合计31.61 亿元。 融资方面，东吴证券当日融资买入1.29亿元。当前融资余额31.57亿元，占流通市值的6.65%，融资余额 超过近一年90%分位水平，处于高位。 截至6月30日，东吴证券股东户数8.94万，较上期减少8.91%；人均流通股55590股，较上期增加9.78%。 2025年1月-6月，东吴证券实现营业收入0.00元；归母净利润19.32亿元，同比增长65.76%。 分红方面，东吴证券A股上市后累计派现86.84亿元。近三年，累计派现39.55亿元。 机构持仓方面，截止2025年6月30日，东吴证券十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3.17亿股，相比上期增加5397.20万股。 责任编辑：小浪快报 融券方面，东吴证券10月20日融券偿还6.60万股，融券卖出1.70万股，按当日收盘价计算，卖出金额 16.25万元；融券余量47.11万股，融券余额450.37万元， ...

Core Viewpoint - Huaxi Securities has shown a significant increase in stock price and profitability, indicating strong performance in the financial market [1][2]. Group 1: Stock Performance - On October 10, Huaxi Securities' stock rose by 2.06%, reaching 10.39 CNY per share, with a trading volume of 319 million CNY and a turnover rate of 1.19%, resulting in a total market capitalization of 27.274 billion CNY [1]. - Year-to-date, the stock price has increased by 26.32%, with a 9.02% rise over the last five trading days, 4.95% over the last 20 days, and 12.63% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Huaxi Securities reported a net profit attributable to shareholders of 512 million CNY, marking a year-on-year increase of 1195.02% [2]. - The company has distributed a total of 1.486 billion CNY in dividends since its A-share listing, with 433 million CNY distributed in the last three years [3]. Group 3: Business Segments - The main business segments of Huaxi Securities include brokerage and wealth management (55.07%), credit business (20.85%), investment business (18.30%), investment banking (2.02%), and others [1]. - The company is classified under the non-bank financial sector, specifically in the securities industry, and is involved in various concepts such as fund participation, futures, and state-owned enterprise reform [2]. Group 4: Shareholder Information - As of June 30, 2025, Huaxi Securities had 81,700 shareholders, a decrease of 0.67% from the previous period, with an average of 32,130 circulating shares per shareholder, an increase of 0.68% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest, holding 36.0462 million shares as a new shareholder [3].

Core Points - The stock price of Huaxi Securities increased by 2.10% on September 29, reaching 9.71 CNY per share, with a total market capitalization of 25.489 billion CNY [1] - The company has seen a year-to-date stock price increase of 18.05%, but a decline of 2.12% over the last five trading days and 7.70% over the last twenty days [1] - Huaxi Securities reported a significant year-on-year net profit growth of 1195.02% for the first half of 2025, amounting to 512 million CNY [2] Financial Performance - As of June 30, 2025, Huaxi Securities had a total revenue of 0.00 CNY for the first half of the year, indicating a focus on profitability rather than revenue generation [2] - The company has distributed a total of 1.486 billion CNY in dividends since its A-share listing, with 433 million CNY distributed over the past three years [3] Shareholder Information - The number of shareholders decreased by 0.67% to 81,700 as of June 30, 2025, while the average number of circulating shares per person increased by 0.68% to 32,130 shares [2] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, having acquired 36.0462 million shares as a new shareholder [3] Business Segments - The main business segments of Huaxi Securities include brokerage and wealth management (55.07%), credit business (20.85%), investment business (18.30%), investment banking (2.02%), and others [1]

Company Overview - Guolian Minsheng Securities Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on January 8, 1999, with its listing date on July 31, 2020 [1] - The company’s main business includes brokerage and wealth management, investment banking, asset management and investment, credit trading, and securities investment [1] - The revenue composition is as follows: securities investment business 42.05%, brokerage and wealth management 29.79%, investment banking 13.56%, credit trading 7.48%, asset management and investment 7.34%, and others 0.83% [1] Financial Performance - As of June 30, 2025, Guolian Minsheng reported a net profit of 1.127 billion yuan, a year-on-year increase of 1185.19% [2] - The company has distributed a total of 1.289 billion yuan in dividends since its A-share listing, with 720 million yuan distributed over the past three years [3] Stock Performance - On September 11, the stock price increased by 2.01%, reaching 11.19 yuan per share, with a trading volume of 500 million yuan and a turnover rate of 1.74% [1] - The total market capitalization is 63.566 billion yuan [1] - Year-to-date, the stock price has decreased by 16.89%, with a 2.36% decline over the last five trading days and a 3.20% decline over the last 20 days, while it has increased by 14.14% over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 94,600, a decrease of 6.40% from the previous period, with an average of 25,271 circulating shares per person, an increase of 6.84% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 43.7824 million shares, an increase of 14.7418 million shares from the previous period [3]

Core Insights - Guolian Minsheng Securities Co., Ltd. released its first half-year report after its merger, showing significant growth in revenue and net profit for the first half of 2025 [1] Financial Performance - The company's operating revenue for the first half of 2025 reached 4.01 billion, a year-on-year increase of 269.40% [2] - Total profit amounted to 1.40 billion, reflecting a staggering increase of 2,472.75% compared to the same period last year [2] - Net profit attributable to shareholders was 1.13 billion, up 1,185.19% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 1.12 billion, an increase of 1,355.70% [2] - The net cash flow from operating activities was 499.27 million, a decrease of 92.16% compared to the previous year [2] - Total assets reached 185.40 billion, a growth of 90.72% from the end of the previous year [2] - Total liabilities were 133.81 billion, increasing by 70.98% [2] - Equity attributable to shareholders was 51.09 billion, up 174.90% [2] Business Segments - Brokerage and wealth management services generated revenue of 1.20 billion, a year-on-year increase of 215.76% [3] - Investment banking services brought in 544 million, reflecting a growth of 214.94% [3] - Asset management and investment services saw revenue decline by 8.23% to 294 million [3] - Credit trading services achieved revenue of 300 million, up 136.10% [3] - Securities investment services reported revenue of 1.69 billion, a remarkable increase of 14,052.11% [3]

Core Viewpoint - Guolian Minsheng reported significant growth in revenue and net profit for the first half of the year, indicating strong performance and strategic initiatives in the financial sector [1][3]. Financial Performance - In the first half of the year, Guolian Minsheng achieved operating revenue of 4.011 billion yuan, a year-on-year increase of 269.40% [3]. - The net profit attributable to shareholders reached 1.127 billion yuan, reflecting a remarkable year-on-year growth of 1185.19% [3]. - Basic earnings per share were reported at 0.2 yuan [3]. - Total assets as of June 30, 2025, amounted to 185.397 billion yuan, up 90.72% from the end of 2024 [3]. - Shareholder equity increased to 51.088 billion yuan, a growth of 174.90% compared to the end of 2024 [3]. Business Segments - The securities investment business became the largest revenue contributor, generating 1.687 billion yuan, a staggering increase of 14052.11% year-on-year [3]. - Brokerage and wealth management, as well as investment banking businesses, both saw over 200% growth, with revenues of 1.195 billion yuan and 544 million yuan, respectively [3]. - Credit trading business revenue reached 300 million yuan, up 136.10% [3]. - Asset management and investment business experienced a decline, with revenue of 294 million yuan, down 8.23% year-on-year [3]. Customer Growth and Financial Products - The company added 117,600 new clients in the first half of the year, bringing the total client base to 3.4559 million [4]. - The sales scale of financial products (excluding cash management products) reached 87.02 billion yuan, with a financial product retention amount of 31.436 billion yuan at the end of the period [4]. - The scale of fund advisory business continued to grow, with a retained scale of 9.708 billion yuan by the end of the reporting period [4]. New Fund Establishment - Guolian Minsheng announced plans to establish the Guolian Tongzhi Fund in partnership with Guolian Life Insurance, with a total fund size of 1.22 billion yuan [5][6]. - Guolian Tongbao, a wholly-owned subsidiary, will contribute 480 million yuan, accounting for 39.34% of the fund, while Guolian Life will contribute 740 million yuan, representing 60.66% [6]. - The fund will focus on private equity investments in new productivity and smart technology sectors, aiming to enhance the company's private equity business management scale and investment returns [6].

Core Insights - The company reported a total revenue, net investment income, and other income of RMB 5.31 billion for the six months ending June 30, 2025, representing a year-on-year increase of 188.54% [1] - The net profit attributable to shareholders reached RMB 1.13 billion, showing a significant year-on-year growth of 1,185.19% [1] Revenue Breakdown - Brokerage and wealth management business generated revenue of RMB 1.58 billion, up 238.07% year-on-year [1] - Investment banking business achieved revenue of RMB 581 million, reflecting a year-on-year increase of 223.02% [1] - Asset management and investment business reported revenue of RMB 299 million, which is a decline of 8.58% year-on-year [1] - Credit trading business earned revenue of RMB 482 million, marking a year-on-year growth of 58.69% [1] - Securities investment business saw revenue of RMB 2.19 billion, with a substantial year-on-year increase of 515.02% [1]

国联民生（601456）(01456)发布截至2025年6月30日止6个月业绩，该集团期内取得收入、净投资收益 及其他收入总额53.1亿元人民币，同比增加188.54%;股东应占溢利11.27亿元，同比增加1185.19%;每股 基本收益0.2元。 截至2025年6月30日，集团资产总额人民币1853.97亿元，较2024年12月31日增长90.72%;归属于公司股 东的权益人民币510.88亿元，较2024年12月31日增长174.90%;报告期内，集团实现收入、净投资收益及 其他收入总额人民币53.10亿元，同比增长188.54%;归属于公司股东的净利润人民币11.27亿元，同比增 长1185.19%。 经纪及财富管理业务实现收入人民币15.80亿元，同比增长238.07%;投资银行业务实现收入人民币5.81亿 元，同比增长223.02%;资产管理及投资业务实现收入人民币2.99亿元，同比下降8.58%;信用交易业务实 现收入人民币4.82亿元，同比增长58.69%;证券投资业务实现收入人民币21.87亿元，同比增长515.02%。 ...

智通财经APP讯，国联民生(01456)发布截至2025年6月30日止6个月业绩，该集团期内取得收入、净投资 收益及其他收入总额53.1亿元人民币，同比增加188.54%;股东应占溢利11.27亿元，同比增加1185.19%; 每股基本收益0.2元。 截至2025年6月30日，集团资产总额人民币1853.97亿元，较2024年12月31日增长90.72%;归属于公司股 东的权益人民币510.88亿元，较2024年12月31日增长174.90%;报告期内，集团实现收入、净投资收益及 其他收入总额人民币53.10亿元，同比增长188.54%;归属于公司股东的净利润人民币11.27亿元，同比增 长1185.19%。 经纪及财富管理业务实现收入人民币15.80亿元，同比增长238.07%;投资银行业务实现收入人民币5.81亿 元，同比增长223.02%;资产管理及投资业务实现收入人民币2.99亿元，同比下降8.58%;信用交易业务实 现收入人民币4.82亿元，同比增长58.69%;证券投资业务实现收入人民币21.87亿元，同比增长515.02%。 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating a favorable investment rating for the industry [2]. Core Insights - The report highlights that the "H+A" policy is expected to introduce new capital into the A-share market, benefiting brokerage firms as intermediaries. The recent policy allows companies listed in Hong Kong to return to the Shenzhen Stock Exchange, which could enhance trading activity and expand the market capitalization of A-shares [2][3]. - The upcoming Lujiazui Forum is anticipated to announce significant financial policies, which could further impact the capital market positively [2]. - The report emphasizes the ongoing mergers and acquisitions in the industry, suggesting that active trading and increased client deposits will drive brokerage firms' performance in the first half of 2025 [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,864.18 with a slight decline of 0.25%, while the non-bank index rose by 1.16% to 1,787.09. The brokerage, insurance, and diversified financial sectors reported increases of 0.82%, 2.06%, and 0.43%, respectively [5][6]. Non-Bank Industry Insights - The report notes that the insurance sector is seeing a rise in stock investments, with companies like Xinhua Insurance planning to invest up to 15 billion RMB in a private equity fund, indicating a growing interest in long-term stock investments [2][3]. - The report suggests that the insurance sector's performance is expected to improve in the second quarter of 2025, with new business performance likely to recover [2]. Individual Stock Highlights - In the insurance sector, notable stock performances include China Life (+1.17%), Ping An (+2.00%), and Xinhua Insurance (+2.80%) in A-shares, while in H-shares, China Re (+6.67%) and China Pacific (+10.36%) showed significant gains [7]. - For the brokerage sector, the top performers included Xinda Securities (+9.67%) and Xiangcai Securities (+7.57%) [7]. Important Data - As of June 13, 2025, the average daily stock trading volume was 12,994.85 billion RMB, reflecting a 1.33% increase from the previous month [48]. - The margin trading balance stood at 18,213.25 billion RMB, indicating a year-on-year increase of 15.9% [52]. Policy Developments - The report discusses recent policy initiatives aimed at enhancing cooperation between state-owned and private enterprises, which could lead to increased investment opportunities in various sectors [17]. - The Hong Kong Securities and Futures Commission is actively working to attract diverse companies to list in Hong Kong, which may enhance market efficiency and competitiveness [18]. Recommendations - The report recommends focusing on leading brokerage firms with strong competitive positions, such as GF Securities, CITIC Securities, and Haitong Securities, as well as insurance companies like Xinhua Insurance and China Life [2].