浙大师生走进财通资管，深化"一司一省一高校"合作 把课堂搬进资管一线：浙大学子走进财通资管"实践第一课" 2025年，财通资管积极响应中国证券投资基金业协会号召，启动"一司一省一高校"专项投资者教育活 动。作为系列活动组成部分，近日，浙江大学经济学院金融系主任朱燕建教授和金融学系5位老师，带 领金融专硕研一新生一行90余人参访财通证券上海总部大厦，走进财通资管开展研学活动。 财通资管相关业务负责人围绕券商与大资管行业生态格局、投资研究、金融求职等话题，与浙大师生开 展深度交流，助力到访学生开拓金融视野和行业认知，丰富投资理财专业知识。 财通资管王岩系统梳理了公募基金量化投资的市场格局、公募与私募在量化增强策略上的差异、量化投 资策略与因子构建方法，并着重强调风控体系在量化投资中的重要性。他提出，投研技能的提升离不开 实践环境的长期浸润，鼓励同学们 "从做中学"。 财通资管固收多策略公募投资部负责人陈浩详细解读了债券市场概况、债券收益率影响因素、债券类基 金投资策略，以及"固收多策略"业务的发展驱动力与趋势，建议有志于从事金融行业的同学们重视实习 实践，深化对行业、业务、产品的理解。 财通资管创新投资部负责人江 ...

Core Viewpoint - Ant Group's acquisition of Yaocai Securities has received approval from the Hong Kong Securities and Futures Commission, enhancing its position in the financial services market [1] Group 1: Company Developments - Yaocai Securities' stock price increased by over 8% during trading, currently up 5.94% at HKD 10.53, with a trading volume of HKD 251 million [1] - The approval allows Ant Group to become the major shareholder of several subsidiaries of Yaocai Securities, including Yaocai Futures and Yaocai Asset Management, until September 23, 2025 [1] Group 2: Strategic Implications - Donghai Securities notes that Ant Group's wealth management platform connects over 150 asset management institutions, complementing Yaocai Securities' trading and asset management services [1] - The collaboration is expected to leverage Yaocai Securities' local advantages and financial licenses, enabling Ant Group to quickly establish a global securities service capability [1] - Ant Group's financial technology capabilities are anticipated to drive Yaocai Securities' digital transformation, improving customer acquisition efficiency, service experience, and ARPU (Average Revenue Per User) [1]

Core Viewpoint - Ant Group's acquisition of Yau Lee Securities has received approval from the Hong Kong Securities and Futures Commission, enhancing its position in the financial services market [1] Group 1: Company Developments - Yau Lee Securities' stock price increased by over 8% during trading, closing at HKD 10.53 with a trading volume of HKD 251 million [1] - The approval allows Ant Group to become the major shareholder of Yau Lee Securities and its subsidiaries, including Yau Lee Futures and Commodities Ltd, Yau Lee Securities International (Hong Kong) Ltd, Yau Lee Asset Management Ltd, and Yau Lee Global Forex Ltd, until September 23, 2025 [1] Group 2: Strategic Implications - Donghai Securities noted that Ant Group's wealth management platform connects over 150 asset management institutions, which can complement Yau Lee Securities' stock trading, asset management, and derivatives business [1] - Ant Group can leverage Yau Lee Securities' local advantages and financial licenses to rapidly establish a global securities service capability [1] - The financial technology capabilities of Ant Group are expected to drive Yau Lee Securities' digital transformation, improving customer acquisition efficiency, service experience, and ARPU (Average Revenue Per User) [1]

Core Viewpoint - The stock of Yao Cai Securities surged over 30% following the approval of Ant Group's acquisition offer by the Hong Kong Securities and Futures Commission, with ongoing communication with the National Development and Reform Commission [1][4][5]. Group 1: Acquisition Approval - Ant Group's acquisition offer for Yao Cai Securities received approval from the Hong Kong Securities and Futures Commission, valid for six months, requiring completion of conditions within this period or written consent for extension [4][5]. - The acquisition process is progressing as planned, with the offeror actively communicating with the National Development and Reform Commission [5]. Group 2: Market Activity - Yao Cai Securities' stock price reached a high of 11.83 HKD per share, reflecting a significant increase in trading activity [3]. - Morgan Stanley & Co., International plc purchased a net of 54,000 shares on October 8, 2025, and an additional 28,000 shares on September 29, 2025, indicating strong institutional interest [6][7]. Group 3: Company Overview - Yao Cai Securities holds multiple licenses in Hong Kong, covering various financial services, with a total customer base of 579,000 and an average customer asset size of 104,200 HKD, significantly lower than competitors [7]. - The core business of Yao Cai Securities is primarily brokerage and margin financing, accounting for approximately 85.1% of its operations [7]. - The collaboration with Ant Group is expected to enhance Yao Cai Securities' digital transformation and service capabilities, leveraging Ant Group's financial technology [7].

耀才飞了！ 10月13日午后，港股耀才证券金融一度涨超30%。消息面上，蚂蚁要约收购耀才证券公告半年后，获得香港证监会批准。另外，要约人已向国家发改委提交申报材 料，并一直积极与其进行沟通。 值得注意的是，耀才证券公告称，MorganStanley&Co.,Internationalplc于2025年10月8日为本身账户进行了涉及耀才证券金融的证券交易，具体交易包括买入46000股 和28000股，卖出20000股，净买入54000股。该行还在2025年9月29日买入公司股份28000股。 突然暴涨 午后，港股耀才证券金融直线拉起，随后震荡上行，一度涨超30%，最高冲到11.83港元/股。阿里巴巴午后跌幅也显著收窄。 据报道，蚂蚁要约收购耀才证券公告半年后，获得香港证监会批准。10月10日晚，耀才证券公告，截至2025年9月23日，根据《证券及期货条例》第132(1)条，要约 人已获香港证监会批准，成为耀才期货及商品有限公司、耀才证券国际（香港）有限公司、耀才资产管理有限公司及耀才环球外汇有限公司的主要股东。该批准有 效期为6个月，具体落实须在此期间内完成，或者获得香港证监会书面同意延长有效期。 资料显示，耀 ...

Core Viewpoint - CITIC Securities reported better-than-expected results for the first half of 2025, with significant growth in revenue and net profit, driven by a recovery in light asset business and strong investment performance [1][2]. Financial Performance - In 1H25, CITIC Securities achieved operating revenue of 33.04 billion, a year-on-year increase of 20.4%, and a net profit attributable to shareholders of 13.72 billion, up 29.8% year-on-year [1]. - The weighted average ROE (unannualized) for 1H25 was 4.91%, an increase of 0.95 percentage points year-on-year [1]. - The company's main revenue from securities reached 32.60 billion, with a year-on-year growth of 21.2% [2]. Business Segments - Breakdown of main revenue in 1H25: brokerage (6.40 billion, +31.2%), investment banking (2.10 billion, +20.9%), asset management (5.44 billion, +10.8%), other fees (0.88 billion, +82.7%), net interest (0.22 billion, -80.1%), and net investment income (17.23 billion, +27.1%) [2]. - In 2Q25, the company reversed impairment losses of 0.61 billion, contributing to profit growth [2]. International Business - CITIC Securities made significant strides in international business, with overseas revenue reaching 6.91 billion, a year-on-year increase of 13.6%, accounting for 20.9% of total revenue [3]. - By the end of 1H25, the company's overseas asset scale reached 421.9 billion, up 12.9% from the beginning of the year, representing 23.3% of total assets [3]. - CITIC Securities International achieved revenue of 1.49 billion USD, a year-on-year increase of 52.8%, and a net profit of 0.39 billion USD, up 65.9% [3]. Investment and Asset Management - As of the end of 2Q25, total assets were 1.8077 trillion, an increase of 5.7% year-to-date, with net assets of 305.4 billion, up 4.2% [4]. - The investment asset scale was 918.6 billion, with an investment return rate of 3.77%, up 0.30 percentage points year-on-year [4]. - The company expanded its derivatives business, with nominal principal of equity derivatives reaching 559.1 billion, up 3.3% [4]. Wealth Management - The company is steadily advancing its wealth management transformation, with total clients exceeding 16.5 million, an increase of 4.0% year-to-date [5]. - In 1H25, net income from agency buying reached 5.06 billion, up 41.7% year-on-year, while overseas wealth management product sales and revenue doubled [5]. Investment Banking - CITIC Securities maintained its leading position in domestic investment banking, completing 36 A-share underwriting projects with a total underwriting scale of 148.5 billion, a year-on-year increase of 366% [6]. - The company also completed 30 overseas equity projects with an underwriting scale of 2.99 billion USD, a year-on-year increase of 132% [6]. Fund Management - Huaxia Fund, in which CITIC Securities holds a 62.2% stake, reported revenue of 4.26 billion, up 16.1%, and net profit of 1.12 billion, up 5.8% [7]. - By the end of 1H25, Huaxia Fund's non-monetary AUM reached 1.3 trillion, an increase of 7.0% year-to-date [7].

Core Viewpoint - Guosen Securities emphasizes its commitment to a diversified asset allocation strategy to manage investments, aiming to reduce volatility and market rotation risks while seizing investment opportunities across various asset classes [1] Group 1: Investment Management Strategy - The company employs a broad asset allocation approach, utilizing stocks, bonds, derivatives, convertible bonds, and funds to mitigate risks [1] - By leveraging the hedging mechanisms between different asset classes, the company aims to control overall risk levels and maintain stability in proprietary business across varying market conditions [1] Group 2: Equity Investment Strategy - In equity investments, the company focuses on dividend investment, value growth investment, and discount protection investment strategies, with a primary emphasis on dividend investment [1] Group 3: Fixed Income Investment Strategy - The company adheres to a prudent investment approach in fixed income, primarily holding interest rate bonds and high-grade credit bonds, while actively seeking trading opportunities in a low-interest-rate environment [1] Group 4: Derivative Business Strategy - The company adopts a cautious approach in its derivatives business, ensuring compliance and actively managing risks, while promoting high-quality business development [1] - Plans to enhance the variety of business offerings and optimize customer structure based on actual business needs, alongside continuous improvement of the derivatives business system [1]

Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognized Zhang Jian, General Manager of Shenwan Hongyuan, as the 8th leader among comprehensive securities firms, highlighting his significant contributions and influence in the industry [1] Company Performance - Under Zhang Jian's leadership, Shenwan Hongyuan achieved a revenue of 24.735 billion yuan, a year-on-year increase of 15.04%, and a net profit attributable to shareholders of 5.211 billion yuan, up 13.12% year-on-year [6] - The institutional services and trading business, which includes major brokerage services, research consulting, FICC sales and trading, equity sales and trading, and derivatives, saw a remarkable revenue growth of 44.12%, contributing 12.706 billion yuan to the overall revenue increase [6] Business Segments - The personal financial services segment generated 7.868 billion yuan, a slight increase of 2.37%, while corporate financial services declined by 27.75% to 2.407 billion yuan, and investment management revenue fell by 11.39% to 1.035 billion yuan [7] - The personal financial services segment, which includes securities brokerage, futures brokerage, margin financing, and financial product sales, showed a solid customer base with 763,600 new clients added during the evaluation period [7] Investment Banking - Despite a challenging market environment with a significant decline in IPO projects and financing, Shenwan Hongyuan ranked 2nd in the number of IPO approvals and maintained a strong position in the New Third Board and Beijing Stock Exchange projects [8] - The investment banking quality rating for Shenwan Hongyuan improved to Class A, the highest rating, reflecting its resilience and adaptability in a contracting market [8] Future Outlook - Shenwan Hongyuan is expected to continue enhancing its core competitiveness and expanding its business under Zhang Jian's leadership, focusing on institutional services and trading as the main growth drivers [9]