机构持仓方面，截止2025年9月30日，信达证券十大流通股东中，国泰中证全指证券公司ETF （512880）位居第三大流通股东，持股2512.67万股，相比上期增加1011.88万股。华宝中证全指证券公 司ETF（512000）位居第四大流通股东，持股1722.20万股，相比上期增加558.58万股。华泰柏瑞沪深 300ETF（510300）位居第五大流通股东，持股1644.49万股，相比上期减少96.14万股。易方达沪深 300ETF（510310）位居第七大流通股东，持股1197.49万股，相比上期减少37.20万股。香港中央结算有 限公司位居第八大流通股东，持股1073.52万股，相比上期减少1198.64万股。华夏沪深300ETF （510330）位居第九大流通股东，持股893.53万股，相比上期减少12.04万股。嘉实沪深300ETF （159919）位居第十大流通股东，持股770.68万股，为新进股东。 资料显示，信达证券股份有限公司位于北京市西城区宣武门西大街甲127号金隅大厦B座，成立日期 2007年9月4日，上市日期2023年2月1日，公司主营业务涉及证券经纪业务、证券自营业务、投资银行业 ...

12月24日，中银证券盘中上涨2.06%，截至11:10，报14.85元/股，成交7.84亿元，换手率1.93%，总市值 412.53亿元。 截至9月30日，中银证券股东户数14.76万，较上期增加52.77%；人均流通股18824股，较上期减少 34.54%。2025年1月-9月，中银证券实现营业收入24.38亿元，同比增长26.95%；归母净利润8.54亿元， 同比增长29.28%。 分红方面，中银证券A股上市后累计派现7.82亿元。近三年，累计派现3.32亿元。 机构持仓方面，截止2025年9月30日，中银证券十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股4394.64万股，相比上期减少3701.27万股。国泰中证全指证券公司ETF（512880）位居第 六大流通股东，持股4306.19万股，相比上期增加1734.48万股。华宝中证全指证券公司ETF（512000） 位居第八大流通股东，持股2830.22万股，为新进股东。南方中证500ETF（510500）位居第九大流通股 东，持股2437.74万股，相比上期减少37.40万股。 责任编辑：小浪快报 今年以来中银证券已经3次登上龙虎榜， ...

2025年1至6月份，中银证券的营业收入构成为：证券经纪业务占比64.12%，资产管理业务占比 16.46%，投资银行业务占比6.48%，期货业务占比5.6%，证券自营业务占比4.3%。 截至发稿，中银证券市值为404亿元。 每经头条（nbdtoutiao）——地产"优等生"受困20亿元到期债务，首次债务展期仍在博弈，明年还有超 百亿元公开债到期 （记者 曾健辉） 每经AI快讯，中银证券（SH 601696，收盘价：14.55元）12月23日晚间发布公告称，公司第二届第四十 二次董事会会议于2025年12月23日以视频会议、通讯表决方式召开。会议审议了《关于中银证券董事 长、高级管理人员绩效指标的议案》等文件。 ...

每经AI快讯，华林证券（SZ 002945，收盘价：14.18元）12月18日晚间发布公告称，截至本公告日，立 业集团累计质押股数约为5.57亿股，占其所持股份比例为32.02%。 2025年1至6月份，华林证券的营业收入构成为：财富管理占比60.28%，证券自营业务占比26.39%，其 他业务占比11.54%，投资银行业务占比0.98%，资产管理业务占比0.81%。 截至发稿，华林证券市值为383亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 张明双） ...

交易所数据显示，12月5日，山西证券收盘6.06元，上涨1.51%，滚动市盈率PE（当前股价与前四季度每 股收益总和的比值）达到23.88倍，创12天以来新低，总市值217.54亿元。 从行业市盈率排名来看，公司所处的证券行业市盈率平均21.55倍，行业中值19.73倍，山西证券排名第 30位。 山西证券股份有限公司的主营业务是证券经纪业务、融资融券业务、证券自营业务、证券承销业务、受 托资产管理业务、商品期货经纪、金融期货经纪业务及投资与资产管理等。公司的主要产品是融资融券 业务、证券自营业务、证券承销业务、受托资产管理业务、商品期货经纪、金融期货经纪业务及投资与 资产管理等服务。 最新一期业绩显示，2025年三季报，公司实现营业收入24.59亿元，同比增加13.53%；净利润7.32亿 元，同比增加37.34%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13山西证券23.8830.561.19217.54亿行业平均 21.5534.861.54731.84亿行业中值19.7328.731.34422.00亿1国信证券10.7716.351.381343.72亿2广发证券 11.7316.80 ...

Group 1 - Northeast Securities held its 2025 eighth temporary board meeting on November 28, 2025, discussing the abolition of two institutional proposals, including the annual report work system of the audit committee [1] - For the first half of 2025, the revenue composition of Northeast Securities was as follows: securities brokerage business accounted for 51.98%, proprietary trading business 23.18%, fund business 15.14%, asset management business 11.85%, and futures business 3.86% [1] - As of the report date, the market capitalization of Northeast Securities was 21.5 billion yuan [1]

Investment Rating - The industry investment rating is "In line with the market" [52] Core Insights - The brokerage sector index experienced a range-bound fluctuation in October 2025, with a decline of 0.73%, underperforming the CSI 300 index by 0.73 percentage points [4][7] - The average P/B ratio for the brokerage sector fluctuated between 1.510 and 1.580 times, closing at 1.510 times at the end of October [11] - The overall operating performance of listed brokerages is expected to decline in November 2025, with a forecasted drop to mid-low levels for the year [47][48] Summary by Sections 1. October 2025 Brokerage Sector Review - The brokerage index maintained a range-bound fluctuation with a significant reduction in volatility, closing down 0.73% for the month [4][7] - A total of 42 listed brokerages saw 17 increase in stock prices, with notable gains from Dongxing Securities (10.08%) and Changjiang Securities (6.27%) [8] - The average P/B ratio for the sector was 1.510 times, indicating a slight decrease from previous months [11] 2. Key Market Factors Affecting October 2025 Performance - Increased volatility in equity markets and a rebound in fixed income markets led to a decline in proprietary trading performance [6] - The average daily trading volume in October was 21,640 billion, down 10.5% month-on-month [25] - The margin financing balance reached a historical high of 24,864 billion, reflecting a stable outlook among investors [32] 3. November 2025 Performance Outlook - Proprietary trading is expected to face pressure due to a comprehensive market correction, with a forecasted decline in monthly investment returns [40][43] - The brokerage sector is anticipated to see a slight recovery in brokerage business due to an increase in trading days, despite a decrease in average daily trading volume [44] - The investment banking sector is expected to remain stable, with equity financing slightly declining and debt financing rebounding [46] 4. Investment Recommendations - The brokerage sector index has shown signs of further downward adjustment, with a significant gap from the average valuation since 2016 [48] - It is recommended to focus on leading brokerages with strong wealth management capabilities and those with valuations significantly below the sector average [50]

Core Viewpoint - The merger is expected to significantly enhance the overall strength of the companies involved, with synergies anticipated mainly in expanding the customer base and improving asset efficiency [1][3]. Summary by Sections Event Overview - On November 19, China International Capital Corporation (CICC) announced plans for a major asset restructuring, intending to merge with Dongxing Securities and Xinda Securities, with a suspension period not exceeding 25 trading days. This integration is driven by the need to improve the management of state-owned financial capital and the goal of building a top-tier investment bank [2]. Expected Outcomes of the Merger - The merger is projected to elevate the combined strength of CICC, Dongxing Securities, and Xinda Securities from their current industry rankings of 8th, 25th, and 26th to potentially 3rd or 4th. Post-merger, net revenue, net profit attributable to shareholders, total assets, and net assets are expected to rank 3rd, 6th, 4th, and 4th in the industry, respectively [3]. - In terms of specific business segments, self-operated income is anticipated to rise to 3rd place, with improved capital utilization efficiency post-merger (CICC's leverage ratio at 5.4x compared to Dongxing Securities at 3.2x and Xinda Securities at 3.8x). The brokerage business is expected to enhance the customer base, particularly in regions like Fujian and Liaoning [3]. Investment Recommendations - The supply-side reform remains a significant long-term change in the industry. The current valuation of the brokerage sector is seen as undervalued relative to fundamentals (currently at 1.40x PB, with 5/10 year PB percentiles at 57%/40%). It is anticipated that the event will catalyze a recovery in sector valuations, leading to a continued recommendation for investment [3].

Core Insights - The company has adopted the "Three One Five Three" strategy since 2025, focusing on its core responsibilities and actively seizing market opportunities to accelerate business model transformation and upgrades [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 3.861 billion yuan, representing a year-on-year increase of 38.83% [1] - The net profit attributable to shareholders reached 1.067 billion yuan, marking a significant year-on-year growth of 125.21%, primarily driven by increased income from wealth management and proprietary securities business [1] Business Strategy - The company is committed to optimizing three major business lines: wealth management, investment banking, and investment, while enhancing digital empowerment and technological leadership [1] - Efforts are being made to improve asset allocation efficiency and create differentiated core competitive advantages, laying a solid foundation for steady performance growth [1]

Group 1 - Northeast Securities held its 11th Board of Directors' temporary meeting on November 12, 2025, via telecommunication voting, discussing the revision of the remuneration and assessment management system for directors and supervisors [1] - For the first half of 2025, the revenue composition of Northeast Securities was as follows: securities brokerage business accounted for 51.98%, proprietary trading business 23.18%, fund business 15.14%, asset management business 11.85%, and futures business 3.86% [1] - As of the report date, the market capitalization of Northeast Securities was 23.4 billion yuan [2]