Core Viewpoint - The article discusses the upcoming leadership changes at Hualong Securities, with Wang Xizhen and Chen Dehua set to take on the roles of Chairman and General Manager respectively, signaling a new direction for the company [1][3]. Leadership Changes - Wang Xizhen and Chen Dehua have been confirmed as the new main leaders of Hualong Securities, following their proposed appointments by the Gansu Provincial Organization Department [1][3]. - Wang Xizhen has extensive banking experience, having worked at China Construction Bank and Gansu Bank, while Chen Dehua has a background in government finance [3][4]. - The current Chairman, Qi Jianbang, is nearing retirement age, and the General Manager, Su Jinkui, has been with the company since 2001 [4][5]. Strategic Focus - During a recent internal survey, Wang emphasized the need to focus on core responsibilities and improve service quality for enterprises, aiming to enhance market exploration and project acquisition [8]. - The leadership aims to ensure high-quality completion of annual targets by refining tasks and responsibilities across all business lines [8]. Financial Performance - Hualong Securities is projected to achieve a revenue of 1.32 billion yuan in 2024, representing a year-on-year growth of 10.26%, with a net profit of 410 million yuan, up 34.75% [9]. - The main revenue sources include securities brokerage, proprietary trading, and credit business, with proprietary trading showing significant growth of 95.27% [9].

Core Viewpoint - The leadership transition at Hualong Securities is imminent, with Wang Xizhen and Chen Dehua set to take on the roles of Chairman and General Manager respectively, signaling a new direction for the company [1][2]. Leadership Changes - Wang Xizhen and Chen Dehua have been confirmed as the main leaders of Hualong Securities, following their proposed appointments by the Gansu Provincial Organization Department [1][2]. - Wang Xizhen has extensive banking experience, having worked at China Construction Bank and Gansu Bank, while Chen Dehua has a background in government finance [2]. Current Leadership Background - The current Chairman, Qi Jianbang, has a long history in local finance, while the current General Manager, Su Jinkui, has been with Hualong Securities since 2001 [3]. - Most of the other executives at Hualong Securities are from the "70s generation" and have over 15 years of experience with the company [4]. Strategic Focus - Wang Xizhen emphasized the need to focus on core responsibilities, enhance service quality, and deepen market resource exploration during a recent internal survey [6]. - The company aims to provide comprehensive financial services, including equity and debt financing, mergers and acquisitions, and asset securitization [6]. Financial Performance - Hualong Securities reported a projected revenue of 1.32 billion yuan for 2024, a year-on-year increase of 10.26%, with a net profit of 410 million yuan, up 34.75% [7]. - The main revenue sources include securities brokerage, proprietary trading, and credit business, with proprietary trading showing significant growth [7].

在8月5日—6日的调研中，王锡真对华龙证券各业务条线及员工提出要求，称要聚焦主责主业，提升育企助企 强企质量；聚焦目标任务，全力开拓市场、拼抢项目、服务客户，在业绩增长、转型发展上出实招，在增厚收 入、降本增效上求实效。 主要领导岗位将迎变 据8月7日华龙证券官微消息，王锡真、陈德华以"公司主要领导"身份前往华龙证券总部各部门、子公司、东岗 西路证券营业部开展调研。此次调研是两人职务调整后的首次公开活动，为近期关注华龙证券高管变动的市场 释放明确信号。 据悉，7月27日，中共甘肃省委组织部曾发布关于干部任前公示的公告，其中提到，王锡真拟任省管企业党委 书记、董事长；陈德华拟任省管企业经理层正职。 又一家券商即将迎来高管变动。 8月7日，华龙证券官微消息称，公司主要领导王锡真、陈德华在内部开展调研。这意味着，该券商高管人事变 动即将落定。 据悉，自7月下旬中共甘肃省委组织部公示甘肃银行行长王锡真拟任省管企业党委书记、董事长，以及省委金 融办办公室副主任陈德华拟任省管企业经理层正职后，有消息传出上述两名人士将分别到华龙证券接任董事 长、总经理职务。业内表示，如今两人正式以"公司（华龙证券）主要领导"身份亮相，意味 ...

证券日报网讯 国信证券（002736）8月1日发布公告，在公司回答调研者提问时表示，公司始终坚持采 用大类资产配置的方式进行投资管理，通过股票、债券、衍生品、可转债、基金等资产配置，降低波动 风险，规避市场资产轮动风险，把握各大类资产的投资机会，同时也通过资产间的对冲机制控制整体风 险水平，实现在不同市场下自营业务的稳定性。权益投资方面，公司采取了分红投资、价值成长投资和 折价保护投资等策略，以分红投资策略为主，固收投资方面，公司坚持稳健投资，持仓以利率债及高等 级信用债为主，在低利率环境下积极把握交易性机会，积极探索客需型交易业务。衍生品业务方面，公 司以稳健为思路，合规展业，主动控制风险，推进业务高质量发展，将根据实际业务需求进一步提高业 务品种丰富度、优化客户结构，并持续加强和完善衍生品业务系统的建设。 ...

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].

Core Viewpoint - The article highlights that 31 A-share listed brokerages have reported a growth in net profit for the first half of 2025, with two companies turning losses into profits, notably Jinlong Co., which expects to achieve a net profit of between 105 million to 153 million yuan, compared to a loss of 51.09 million yuan in the same period last year [1][3]. Group 1: Company Performance - Jinlong Co. anticipates a revenue of 390 million to 450 million yuan for the first half of 2025, an increase from 358.60 million yuan in the previous year [3]. - The company expects to report a basic earnings per share of between 0.117 yuan and 0.171 yuan, recovering from a loss of 0.057 yuan per share in the same period last year [3]. - The significant increase in net profit is attributed to the transfer of 300 million shares of Dongguan Securities, which led to a substantial rise in investment income [3][4]. Group 2: Subsidiary Performance - Jinlong Co.'s subsidiary, Zhongshan Securities, reported a revenue of 231 million yuan for the first half of 2025, a decrease of 52.17% year-on-year, and a net loss of 28.12 million yuan [4]. - Despite an increase in brokerage fee income to 123 million yuan, the investment banking and asset management fee incomes saw significant declines of 62.57% and 84.35%, respectively [4]. - The self-operated business income of Zhongshan Securities fell by 94.23% to 1.77 million yuan, contrasting with the previous year's performance where it had driven substantial growth [4]. Group 3: Strategic Decisions - Jinlong Co. holds two brokerage licenses, owning 67.78% of Zhongshan Securities and 40% of Dongguan Securities, and has been seeking to divest assets to improve financial health [5]. - The company decided to terminate the sale of its 67.78% stake in Zhongshan Securities to avoid becoming a cash-only entity after the sale [6]. - Jinlong Co. successfully completed the transfer of 300 million shares of Dongguan Securities, receiving a total of 2.272 billion yuan, while retaining a 20% stake in the company [6].

Core Viewpoint - The performance of listed securities firms is mixed, with some reporting significant profit increases while others, like Zhongshan Securities, face substantial losses due to poor operational performance in key business segments [2][6]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net loss of nearly 30 million yuan in the first half of the year, marking it as the first securities firm to announce a loss [3][6]. - The firm's operating income was 231 million yuan, a significant decrease of 52.17% year-on-year, while net profit shifted from profit to a loss of 28.12 million yuan [6]. - The decline in performance is attributed mainly to a 94.23% drop in self-operated business income, which only generated 1.77 million yuan [7]. - Investment banking and asset management revenues also saw substantial declines, with net income from these segments falling by 62.57% and 84.35%, respectively [9]. Group 2: Comparison with Other Firms - In contrast to Zhongshan Securities, many other listed securities firms are expected to report net profit increases, with at least nine firms anticipating a doubling of net profits [6]. - Some large securities firms have indicated a net profit growth exceeding 50% [6]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan in the first half of the year [11]. - This improvement is largely due to the sale of part of its stake in Dongguan Securities, which generated over 2 billion yuan in transaction proceeds [5][12]. - Dongguan Securities itself reported a 38% increase in operating income to 1.41 billion yuan and a 60.07% increase in net profit to 477 million yuan [12]. Group 4: Business Segment Analysis - Dongguan Securities' brokerage business was the primary revenue contributor, generating 746 million yuan, a 65% increase year-on-year [13]. - The self-operated business of Dongguan Securities also performed well, with income rising by 72% to 170 million yuan [13].

Core Viewpoint - The brokerage industry is expected to deliver impressive performance in the first half of 2025, driven by active market sentiment and supportive financial policies, with nearly 40% of firms forecasting a doubling of net profits [1][2] Group 1: Performance Overview - As of July 15, 32 listed brokerages have disclosed their performance forecasts, with 29 reporting profit growth and 2 turning losses into profits, while one firm reported a negative net profit growth [2][3] - The total net profit of these brokerages is expected to exceed 500 billion yuan, with leading firms like Guotai Junan, Guosen Securities, and CITIC Securities showing remarkable performance [2] - Guotai Junan is projected to achieve a net profit of 152.83 billion to 159.57 billion yuan, representing a year-on-year growth of 205% to 218% [2] Group 2: Key Growth Drivers - The significant growth in brokerage performance is attributed to self-operated and wealth management businesses, with over 70% of firms indicating that their performance benefited from self-investment activities [4] - Wealth management has also been highlighted as a major contributor, with nearly 60% of brokerages acknowledging its impact on their growth [4] - Other business segments, such as brokerage and investment banking, have positively contributed to the overall performance, with firms like CITIC Securities noting substantial increases in revenue from these areas [4] Group 3: Mergers and Acquisitions - The wave of mergers and acquisitions in the securities industry has enhanced the market competitiveness of certain brokerages, with Guotai Junan and Guolian Minsheng actively pursuing integration strategies [5] - Jinlong Co. reported significant investment gains due to the transfer of its shares in Dongguan Securities, leading to a substantial increase in net profit [5] Group 4: Market Outlook - The brokerage sector is anticipated to maintain a steady upward trajectory, supported by favorable factors such as improved valuations and ongoing market activity [6][7] - Analysts believe that the sector is positioned for a new upward cycle, with expectations of challenging the average valuation levels seen since 2016 if market conditions remain stable [7]

Summary of Conference Call Notes Industry Overview - The focus is on the brokerage sector within the financial industry, particularly in the context of the Chinese capital market [1][2][3]. Key Points and Arguments 1. **Market Trends**: The market is currently bullish, with the Shanghai Composite Index breaking through 3,500 points, targeting 3,600 points, indicating a positive market sentiment [1][2]. 2. **Brokerage Sector Valuation**: The brokerage sector's valuation is at a historically reasonable level, with price-to-earnings (P/E) and price-to-book (P/B) ratios around the 50th percentile. Since October last year, the sector has seen a significant adjustment, suggesting potential for future growth [1][3]. 3. **Policy Support**: Regulatory bodies and state-owned enterprises are actively supporting the capital market, which boosts investor confidence and provides a favorable environment for the brokerage sector [1][3][17]. 4. **Performance Expectations**: The brokerage sector is expected to report positive mid-year results, with profit growth anticipated in the second half of the year, driven by a decrease in compensation expenses and a projected return on equity (ROE) of 6%-7% [1][12][13]. 5. **Business Segments**: The brokerage's main business segments include brokerage services and proprietary trading. The brokerage business benefits from active market transactions, while fixed-income investments have become a stable source of income [8][10]. 6. **IPO Market Outlook**: The investment banking segment is expected to benefit from the anticipated opening of A-share IPOs, which is crucial for improving brokerage performance [10][11]. 7. **Market Activity**: Since September 2024, market activity has remained above historical averages, although brokerage stock prices and valuations are at historical lows, indicating a potential disconnect between market performance and stock valuations [7][12]. 8. **Future Growth Drivers**: The brokerage sector is expected to see profit growth driven by a favorable cost structure and increased revenue from core business segments, with a projected year-on-year growth rate of 30%-40% [12][13]. 9. **M&A Activity**: Future mergers and acquisitions (M&A) are anticipated to significantly impact brokerage performance, with a focus on major players like CITIC Securities and potential consolidations in the industry [18][19]. Additional Important Insights - **Market Sentiment**: Despite uncertainties in market expectations, the overall sentiment remains positive, with a strong beta attribute in both the brokerage and non-bank financial sectors [1][4]. - **Technical Analysis**: Emphasizing the importance of technical analysis in stock selection, combining it with fundamental analysis can enhance investment outcomes [20]. - **Regulatory Environment**: The current regulatory environment is supportive, allowing for a degree of flexibility that could lead to improved brokerage performance as new business opportunities arise [17][16]. This summary encapsulates the key insights from the conference call, highlighting the brokerage sector's current status, future outlook, and the factors influencing its performance.

Core Viewpoint - The A-share listed securities firms have shown significant growth in their net profits for the first half of 2025, with many firms reporting increases driven by core business revenues such as proprietary trading and wealth management [1][2][3]. Summary by Category Performance Overview - As of July 13, 2025, 11 A-share listed securities firms have released their half-year performance forecasts, indicating varying degrees of growth in net profits [2]. - Notably, Guosen Securities leads with an expected net profit of 4.78 billion to 5.53 billion yuan, reflecting a year-on-year increase of 52% to 76% [2]. - Other firms with projected net profits exceeding 1 billion yuan include Changcheng Securities, Guolian Minsheng Securities, Guojin Securities, and Hu'an Securities, with respective estimates of approximately 1.335 billion to 1.407 billion yuan, 1.129 billion yuan, 1.092 billion to 1.137 billion yuan, and 1.035 billion yuan [2]. Growth Rates - Six firms are expected to see their net profits double year-on-year, with Guolian Minsheng Securities anticipating a staggering growth of around 1183% [3]. - Huaxi Securities is projected to experience a significant increase of approximately 1025.19% to 1353.9% [3]. - Other firms such as Hailin Securities and Guosheng Jinkong are also expected to see substantial growth rates, with increases ranging from 236.85% to 394.05% [3]. Business Drivers - The growth in net profits for these firms is primarily attributed to increases in revenues from proprietary trading, wealth management, and, in some cases, brokerage and investment banking services [3][4]. - For instance, Guosen Securities reported substantial growth in its proprietary investment and brokerage fee income compared to the same period last year [3]. Market Outlook - The securities sector is expected to maintain an upward trend in performance for the second half of 2025, supported by positive market conditions and overall market recovery [5][6]. - The CSI All Share Securities Company Index has seen a daily increase of 2.42% as of July 11, 2025, with all 49 constituent stocks rising, indicating strong market sentiment [5]. - Analysts suggest that ongoing reforms and potential mergers and acquisitions in the sector could further enhance performance and valuation [5][6].