证券行业 2025 年中报前瞻 2Q25 业绩修复有望持续，关注龙头与高弹性标的 2025 年 07 月 08 日 ➢ 2Q25 上市券商业绩有望延续高增势头，自营与经纪两大条线收入或温和降 速。2025 年二季度外围贸易扰动影响逐步淡化，资本市场触底反弹，交投热度 再度回升。2Q25 两融余额较一季度有所回落，但同比保持高位。再融资与债权 承销规模持续放量，后续科创板成长层增设与科创板第五套上市标准重启，IPO 规模或逐步修复，投行业务收入有望重回增长区间。我们预计 2Q25 上市券商营 业收入或同比增长 10%，其中自营/经纪/资管/信用/投行业务收入同比增速分别 为+30%/ +26%/ -8%/ -6%/ +20%，归母净利润有望同比增长 20%。 ➢ 第一，自营业务方面，二季度股市触底回升+债市走强，自营投资收益率有 望保持高位。4 月中美日内瓦联合声明后和谈重启，6 月中东地缘紧张局势降温， 稳定币等主题投资推升市场热度。5 月央行降准降息，股债两市向好，我们认为 2Q25 券商自营投资收益率有望保持在 3.0%的高位。前期并购重组主体配套资 金募集完毕，多家券商定增落地推进，同时券商业绩修复，净 ...

Core Viewpoint - Zhejiang Securities has faced regulatory scrutiny due to compliance issues, including misleading statements in private fund sales, which reflects inadequate management practices within its branches [1][2][4]. Group 1: Regulatory Issues - Zhejiang Securities received a warning letter from the Ningbo Securities Regulatory Bureau for misleading statements and promises of investment returns during private fund sales, indicating compliance management deficiencies [1][2]. - The company has been penalized three times this year, with previous violations related to internal control processes and providing disguised financing services [4][6]. Group 2: Financial Performance - In Q1 2025, Zhejiang Securities reported a net income of 5.56 billion yuan, a year-on-year increase of 24.17%, driven by strong performance in brokerage and investment income [1][8]. - The brokerage business generated a net income of 6.91 billion yuan, up 29.96% year-on-year, benefiting from increased trading activity in the A-share market [8]. - Investment income turned from a loss of 1.59 billion yuan in the previous year to a profit of 4.6 billion yuan in Q1 2025, significantly contributing to net profit growth [8][9]. Group 3: Business Challenges - The company's total revenue decreased by 22.89% to 29.94 billion yuan, primarily due to a decline in its futures business, which is the largest revenue source [7][8]. - The futures business revenue dropped significantly, leading to a 45.88% decrease in other business income [7]. Group 4: Strategic Outlook - Zhejiang Securities aims to continue seeking new acquisition opportunities and plans to integrate its management practices with the recently acquired Guodu Securities [9]. - The company is focused on optimizing its business layout and enhancing its core competitiveness in the market [9].

"增资是为了更好满足麦高证券业务发展的资金需要，有助于麦高证券业务的稳定推进，符合公司长远规划和 核心利益。"指南针表示。 已经多次增资 近日，指南针发布了《关于向全资子公司麦高证券有限责任公司增资的公告》。 公告称，根据麦高证券经营发展需要，公司拟对麦高证券以自有资金增资2亿元。本次增资完成后，麦高证券 的注册资本将由12亿元变更为14亿元，麦高证券仍为公司全资子公司。 指南针表示，本次增资是为了更好满足麦高证券业务发展的资金需要，有助于麦高证券业务的稳定推进，符合 公司长远规划和核心利益，为公司未来发展打下坚实基础。增资完成后，公司将继续保持对麦高证券的全资控 股，不会因此导致公司财务合并报表范围发生变化。本次增资的资金来源为公司自有资金，不会对公司当前财 务状况和经营成果产生重大影响，不存在损害公司和全体股东利益的情形。 事实上，这已经不是麦高证券第一次增资了。就在半年之前，指南针也向麦高证券增资了2亿元。 2024年12月20日，指南针公告称，根据麦高证券经营发展需要，公司与麦高证券签署《⟨麦高证券有限责任公 司增资协议⟩补充协议》，对麦高证券以自筹资金增资2亿元。若本次增资完成，麦高证券的注册资本由 ...

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Changjiang Securities Co., Ltd. at AAA, indicating strong financial health and stability in the company's operations [1][4][5]. Company Overview - Changjiang Securities is a medium-sized listed securities company with a high industry position and a comprehensive risk management system [4][5]. - As of March 2025, the company has a registered capital of 5.53 billion yuan and operates 298 branches nationwide, maintaining a leading position in the industry [4][11]. Financial Performance - In 2024, the company's operating income slightly decreased year-on-year, while net profit significantly increased, demonstrating strong profitability [4][5]. - As of the end of 2024, the company's total assets amounted to 1717.72 billion yuan, with net capital at 25.74 billion yuan, indicating robust capital strength [8][11]. Rating Outlook - The rating outlook is stable, with expectations for business growth and enhanced competitive strength as the capital market continues to develop [5][6]. - Potential factors for rating upgrades are not applicable, while significant losses or major compliance issues could lead to downgrades [5]. Competitive Advantages - The company has strong capital strength, with a net capital ratio of 72.94% as of the end of 2024, positioning it well within the industry [8]. - The company ranks well in various business segments, with brokerage income ranked 19th, fund distribution commission income ranked 3rd, and asset management income ranked 31st in the industry [5][8]. Shareholder Changes - The company has received approval from the China Securities Regulatory Commission for a major shareholder change, which is expected to enhance its resource access and market competitiveness [6][11].

南方财经记者程浩 东莞报道 6月26日晚间，锦龙股份公告称，公司收到东莞证券发来的《告知函》，东莞证券已收到中国证监会出 具的《关于核准东莞证券股份有限公司变更主要股东的批复》，中国证监会核准东莞证券变更主要股 东。公司已完成向东莞金融控股集团有限公司（以下简称"东莞金控"）和东莞发展控股股份有限公司 （以下简称"东莞控股"）组成的联合体转让所持有的东莞证券股份有限公司3亿股股份的交割，占东莞 证券总股本的20%。这意味着，东莞国资对东莞证券的持股比例将由交易前的55.4%提升至75.4%，成为 绝对的第一大股东。 此次交易完成后，锦龙股份的持股量将从原有的6亿股缩减至3亿股，其持股比例亦相应地从40%下降至 20%，从而退居为东莞证券的第三大股东。 与此同时，东莞金控与东莞控股将分别跃居为第一、第二大股东，分别持有东莞证券32.90%和27.1%的 股份。此外，东莞金控资本投资有限公司和东莞市新世纪科教拓展有限公司则分别持有15.4%和4.6%的 东莞证券股份。 根据此前3月31日更新的招股书披露，受东莞市国资委控制的国资股东持股比例仍为55.4%，三名国资 股东能够对公司的股东大会决议产生决定性影响；但三 ...

西部证券股份有限公司 www.lhratings.com 联合〔2025〕3979 号 联合资信评估股份有限公司通过对西部证券股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持西部证券 股份有限公司主体长期信用等级为 AAA，维持"23 西部 02" "23 西 部 03" "23 西部 04" "23 西部 05" "24 西部 01" "24 西部 02" "24 西部 03" "24 西部 04" "24 西部 05" "25 西部 01" "25 西部 02"的 信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十四日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告 ...

Core Viewpoint - The credit rating agency, China Chengxin International, has assigned a stable AAA rating to Shanxi Securities, highlighting its strong shareholder strength, regional competitive advantages, and comprehensive financial service capabilities [3][4][6]. Financial Overview - As of June 2024, Shanxi Securities reported total assets of 775.90 billion, with shareholder equity at 181.53 billion and net capital at 121.67 billion [7][9]. - The company's operating income for 2022 was 41.61 billion, with a net profit of 5.67 billion, reflecting a decline from the previous year [7][19]. - The average return on equity was 3.29% in 2023, indicating a decrease from 4.62% in 2021 [8][9]. Business Performance - The wealth management segment saw a revenue decline of 6.02% in 2023, attributed to decreased market activity and lower fee rates [21][30]. - The securities brokerage business remains a core revenue source, with 101 branches, including 55 in Shanxi and 46 outside, covering major cities [22][23]. - The financing and securities lending business maintained a balance of 63.82 billion by the end of 2023, although interest income from this segment saw a slight decline [24][25]. Industry Context - The Chinese securities industry is experiencing intensified competition due to accelerated market reforms and the opening up of the financial sector [16][18]. - The introduction of policies such as the comprehensive registration system and the pilot program for individual pensions is expected to create broader development opportunities for securities firms [15][16]. - Shanxi Securities is positioned to benefit from these reforms, with a focus on diversifying its business structure and enhancing its comprehensive service capabilities [19][30]. Risk Factors - The company faces challenges from increasing competition, market volatility affecting profitability, and compliance issues stemming from regulatory penalties [4][7][26]. - The administrative penalties against its subsidiary, Zhongde Securities, have raised concerns about compliance and risk management practices [26][27]. Future Outlook - The credit rating agency anticipates that Shanxi Securities' credit level will remain stable over the next 12 to 18 months, with no upward rating triggers identified [5][6]. - The company is expected to continue focusing on enhancing its operational capabilities and expanding its market presence amid a competitive landscape [19][30].

General Provisions - Guolian Minsheng Securities Company Limited is established to protect the legal rights of the company, shareholders, and creditors, and to regulate its organization and behavior according to relevant laws and regulations [2][3] - The company is a joint-stock limited company established in accordance with the Company Law and Securities Law, with its registration completed on May 26, 2008, in Wuxi, Jiangsu Province [2][3] Business Objectives and Scope - The company's business objective is to operate lawfully, serve the real economy, fulfill corporate social responsibilities, protect investors' rights, and provide returns to shareholders [5][6] - The business scope includes securities business, investment consulting, public fund sales, and bond market operations, among others [6][7] Shares and Registered Capital - The company has a total share capital of 5,680,592,806 shares, with 5,237,952,806 shares being domestic shares (92.21%) and 442,640,000 shares being H shares (7.79%) [8][9] - The company can issue various types of shares, including ordinary shares and preferred shares, and must adhere to principles of fairness and equality in share issuance [8][9] Rights and Obligations of Shareholders - Shareholders have the right to receive dividends, participate in shareholder meetings, supervise company operations, and transfer their shares according to the law and company regulations [26][27] - The company must ensure that shareholders are aware of their rights and obligations, and any changes in shareholding must be reported to the relevant authorities [26][27] Party Organization - The company has established a Party Committee to strengthen political construction and ensure alignment with the central government's policies [24][25] - The Party Committee plays a crucial role in discussing major business management matters and supporting the decision-making processes of the board and management [25]

长江证券股份有限公司 www.lhratings.com 联合〔2024〕3615 号 联合资信评估股份有限公司通过对长江证券股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持长江证券 股份有限公司主体长期信用等级为 AAA，维持"21 长江 02""21 长江 03" "21 长江 05" "22 长江 03" "22 长江 04" "23 长江 02" "23 长江 03" "23 长江 04" "22 长江 01" "22 长江 02" "23 长江 "23 长江 06" "22 长江 C1" 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影 响，本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面 存在局限性。 二、本报告系联合资信接受长江证券股份有限公司（以下简称"该公 司" ...

4月30日，星展证券(中国)在中国证券业协会网站披露2024年度报告。2024年，星展证券(中国)实现营收 5941.08万元，同比增长66.31%；净亏损1.69亿元。截至2024年末，该机构共有员工122人，设立了1家 证券营业部，业务范围包括证券经纪、证券投资咨询、证券承销保荐及证券自营。(人民财讯) ...