10月10日，北京证券交易所发布通知，拟优化定向发行可转换公司债券业务和融资融券业务。一是增加 信息公告文件揭示定向发行可转换公司债券的转股价格、回售价格；二是转股申报中申报价格改为填写 实际转股价格；三是扩充信用违约资料和信用违约资料汇总两个接口文件中违约者姓名字段长度。 ...

近日，深交所网站披露东莞证券招股书申报稿第7稿。透过此稿，东莞证券最新业绩获得披露，预测今年前三季度营收23.44亿元至25.91亿元，同比增长 44.93%至60.18%；归母净利润8.62亿元至9.53亿元，同比增长77.77%至96.48%。同时，东莞证券股权稳定性问题得到进一步解决，管理层进行了更新，其已 超10年的IPO进程或迎来新进展。 股权稳定性获提升 公开信息显示，东莞证券成立于1997年6月，注册资本15亿元，是东莞市属国有控股重点企业，也是全国首批承销保荐机构之一，主要从事证券经纪、投资 银行、证券自营、融资融券、资产管理等业务。 截至目前，东莞证券在全国范围有逾3600名员工，旗下分支机构达103家，其中，营业网点101家，上海分公司1家，深圳分公司1家，另全资拥有东证锦信投 资管理有限公司、东莞市东证宏德投资有限公司，并参股华联期货有限公司。 齐鲁晚报·齐鲁壹点记者 黄寿赓 今年6月，证监会核准东莞证券变更主要股东并完成交割，交割完成后，东莞国资持有东莞证券合计持股比例从55.4%上升至75.4%，成为绝对的第一大股 东。此次股权调整后，锦龙股份与新世纪科教作为一致行动人，共持有公司2 ...

9股被"去杠杆"。 10月9日，据券商中国记者了解，包括东方财富证券、国融证券、东方证券在内的多家券商确认将中芯国际、 佰维存储、路桥信息等9只A股股票的融资融券折算率统一调整为零。该调整消息爆出后，中芯国际、路桥信 息等均出现明显跳水走势。 对于此番调整的原因，各券商的解释高度一致，此举是依据交易所融资融券的相关规则执行，即个股静态市盈 率如果超过300倍，或者为负数的情况下，融资融券折算率调整零。 值得注意的是，此次个股折算率调整是券商正常动态风控措施的一部分，一旦相关股票静态市盈率降低至300 以下，折算率将会相应的恢复。 券商中国记者注意到，除了东方财富证券，东方证券和国融证券也在9月30日官网发布了类似的公告，因静态 市盈率异常，将中芯国际、佰维存储、天马科技、瑞晟智能科技、曼恩斯特、宏辉果蔬、永鼎股份、路桥信 息、哈空调的折算率均调整为0，上述调整自10月9日正式生效。 10月9日，上述消息披露后，中芯国际H股收报83.5港元/股，下跌6.7%，中芯国际A股收报138.91元/股，下跌 0.87%；路桥信息收报38.01元/股，下跌17.24%；宏辉果蔬收报9.12元/股，下跌2.46%。 据悉， ...

A股市场迎来了国庆节后的"开门红"，主要指数普遍上涨， 其中上证指数成功突破3900点，创下近十年新高。 沪深两市成交额2.65万亿，较上一个交易日放量471 8亿， 显示出市场人气活跃，资金参与热情高涨。 市场呈现明显的结构性行情，资金集中有色金属、特别是黄金、稀土、铜等细分领域，可控核聚变（核电）。 而受假期效应消退等因素影响，影视院线、旅游板块普遍下挫。 01 突发一则大消息！ 最新信息，东方财富证券已确认，自202 5年10月9日起，中芯国际和佰维存储这两只股票的融资融券折算率已被调整为零。 02每年Q4的两个配置思路 这次调整并非针对个股的特殊处理，而是证券交易所一项既定的风控规则在发挥作用。 其主要有两方面的影响： 一是、 对直接相关的股票 ：融资买入能力受限。折算率调为零意味着投资者不能再将这两只股票作为担保物，从券商那里融资买入更 多股票。 这可能会减少市场上的融资买盘，短期内对股价构成一定压力。 因此，这也导致消息公布后，市场情绪发生变化 。 中芯国际作为半导体板块的权重股，其快速由升转跌 ， 引发了板块内其他个股的 连锁反应，导致跌幅扩大。 二是、 对整体市场而言 ， 旨在控制风险，而非打 ...

Core Viewpoint - The recent increase in financing business limits by multiple securities firms indicates a strategic response to the growing demand in the A-share margin trading market, aiming to enhance credit business development while managing scale effectively [1][3][4] Group 1: Financing Business Expansion - Zhejiang Securities raised its financing business limit from 40 billion to 50 billion yuan to promote credit business development and scale control [1] - Huayin Securities also increased its credit business limit to 8 billion yuan, marking its second expansion this year [3] - The active margin trading market, with a total balance reaching 2.43 trillion yuan, has prompted securities firms to adjust their internal limits to capture market opportunities [3][4] Group 2: Margin Trading Market Dynamics - The margin trading balance has seen a significant year-on-year increase of 77.14%, with trading accounting for 12.25% of total market transactions, the highest since July 2020 [3] - Key sectors attracting leveraged funds include electronics, power equipment, and communications, with net purchases of 84.51 billion, 43.76 billion, and 24.41 billion yuan respectively [3][4] Group 3: Revenue and Performance Insights - Interest income from margin trading has become a crucial support for securities firms, with a total net interest income of 19.657 billion yuan in the first half of 2025, a 30.66% increase year-on-year [5] - Leading firms like Guotai Junan and Huatai Securities reported significant growth in interest income, with Guotai Junan achieving a 205.43% increase [5][6] Group 4: Risk Management Strategies - Despite rapid expansion, firms like Zhejiang Securities maintain a strong safety margin, with an average collateral maintenance ratio of 280.87% for margin clients [7] - Both Zhejiang and Huayin Securities have implemented comprehensive risk management systems, including client due diligence and dynamic collateral adjustments [7] Group 5: Competitive Landscape and Future Outlook - The competition among securities firms has intensified, with some smaller firms reducing interest rates below 4% to attract clients, impacting profitability [8] - Firms are shifting towards differentiated competition strategies, leveraging technology and smart trading tools to enhance service experiences and optimize client profiles [8]

Core Viewpoint - The article discusses the recent increase in margin financing limits by several securities firms, reflecting the robust growth of the margin trading market in the A-share market, with the total margin balance reaching 2.43 trillion yuan as of September 24, 2023 [3][8]. Summary by Sections Margin Financing Business Expansion - Zheshang Securities announced an increase in its margin financing business limit from 40 billion yuan to 50 billion yuan, a 25% increase [5]. - Huayin Securities also raised its credit business limit from 6.2 billion yuan to 8 billion yuan, marking a nearly 30% increase [5]. - The overall trend indicates that securities firms are focusing on expanding their margin financing client base to capture market share amid declining commission rates [3][6]. Market Performance and Growth - The margin balance has significantly increased from approximately 1.8 trillion yuan on June 23 to over 2.4 trillion yuan, with an increase of about 600 billion yuan since the market rally began [8]. - As of September 24, the margin balance comprised 2.41 trillion yuan in financing and 169.75 billion yuan in securities lending [8]. - The number of individual investors participating in margin trading has risen to approximately 7.68 million, an increase of about 200,000 since July [8]. Revenue and Financial Performance - The margin financing business is becoming a crucial growth driver for securities firms, with nearly 40 listed firms reporting a year-on-year increase in margin interest income [6]. - Major firms like Guotai Junan, CITIC Securities, and Huatai Securities reported significant margin interest revenues of 3.83 billion yuan, 3.69 billion yuan, and 3.51 billion yuan, respectively, in the first half of the year [6]. Risk Management and Control - Securities firms are enhancing risk control measures for margin financing businesses, implementing strict monitoring of high-risk stocks and customer positions [9][10]. - Firms have established mechanisms for market risk and asset risk monitoring to mitigate potential risks associated with margin trading [10].

21世纪经济报道记者 孙永乐 （资料图） 9月24日晚间，浙商证券公告显示，为促进信用业务发展及做好融资类业务规模管控，董事会同意调增 融资类业务规模，将融资类业务规模由400亿元提高至500亿元。 据不完全统计，2025年以来，包括浙商证券在内，已有华林证券、兴业证券、山西证券等四家券商，先 后上调融资类业务规模上限。其中，华林证券年内两度"提额"，3月将信用业务总规模上限调至62亿元 后，9月再度上调至80亿元。 券商信用业务纷纷"提额"，足以反映当前两融业务的火爆，背后是A股两融市场的火热势态。 截至9月24日，A股市场融资融券余额为24310.59亿元，创历史新高。其中，融资余额24140.84亿元，融 券余额169.75亿元。这也是今年以来第三个交易日融资余额突破2.4万亿元。 值得关注的是，融资融券交易额占A股交易额比重为12.25%，创2020年07月14日以来新高。 华林证券9月9日公告显示，董事会同意公司信用业务（包括融资融券、以自有资金出资的股票质押式回 购交易、约定购回式证券交易及其他信用业务）总规模上限调整为80亿元；同时授权公司经营管理层根 据公司及市场情况，在上述总规模范围内决定各 ...

拓展两融客户、抢占市场份额已成为券商发力点。 两融余额站上2.4万亿元高位之际，又有券商宣布对融资类业务提额。 浙商证券最新公告称，将公司融资类业务规模由400亿元提高至500亿元。本月上旬，华林证券也曾调整 公司信用业务总规模，由62亿元上调至80亿元。 从构成来看，券商信用业务通常包括融资融券、以自有资金出资的股票质押式回购交易、约定购回式证 券交易及其他信用业务。其中，融资融券业务是核心支柱。 下半年以来，随着A股市场显著回暖，融资客加速进场，带动两融余额节节攀升。中证数据显示，截至 9月24日，两融余额达到2.43万亿元。 在此背景下，拓展两融客户、抢占市场份额已成为券商发力点。在业内看来，在证券行业佣金费率下行 的背景下，融资融券等资本中介业务正成为机构转型的着力点。 "近年来，（证券）行业盈利重心已经从传统的通道业务逐步转向资本中介业务。"有中型券商营业部负 责人告诉第一财经，目前来看，券商两融业务在加速扩大规模的同时，也对客户持仓有集中度等作出规 定，整体业务风险可控。 月内2家券商针对融资类业务提额 对于此次调增融资类业务规模，浙商证券称，是为促进信用业务发展及做好融资类业务规模管控。目 前， ...

晨会纪要（2025/09/25） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.09.25） 金融工程研究 主要指数多数震荡调整，两融余额继续上升——融资融券周报 行业研究 钢铁稳增长方案发布，刚果（金）延长钴出口禁令——金属行业周报 人形机器人催化频出，继续关注产业落地进展——机械设备行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/09/25） 上周（9 月 17 日-9 月 23 日）A 股市场主要指数多数震荡调整，其中科创 50 涨幅最大，上涨了 3.63%；上 证综指跌幅最大，下跌了 1.04%。此外，深证成指上涨 0.43%，创业板指上涨 0.89%，沪深 300 下跌 0.08%， 上证 50 下跌 0.96%，中证 500 下跌 0.14%。 9 月 23 日，沪深两市两融余额为 24,089.97 亿元，较上周增加 241.89 亿元。其中融资余额为 23,922.51 亿元， 较上 ...

Group 1 - Zhejiang Securities has increased its financing business scale from 40 billion to 50 billion yuan to promote credit business development and manage financing business scale [1][4] - The company reported a financing margin balance of 23.785 billion yuan as of the end of the first half of 2025, a slight decrease of 0.48 million yuan or 0.20% compared to the end of 2024, which is slightly below the market average [4][6] - The average maintenance guarantee ratio for clients with liabilities in financing and margin trading at Zhejiang Securities is 280.87%, indicating that the overall risk of the financing and margin trading business is controllable [4] Group 2 - The total balance of margin financing in the A-share market has reached 24,167.88 billion yuan as of September 23, 2025, with a financing balance of 24,000.41 billion yuan and a securities lending balance of 167.47 billion yuan [6][7] - The A-share market's trading activity has significantly increased, with a total transaction amount of 162.66 trillion yuan in the first half of 2025, a year-on-year increase of 61.14% [6] - Several securities firms, including Huayin Securities and Industrial Securities, have raised their credit business scale limits this year, reflecting a strong emphasis on margin financing and credit business [5][6]