证券日报网讯 12月8日，国联民生在互动平台回答投资者提问时表示，9月23日起，民生证券投行项目 已迁移并入公司投行子公司；10月份，公司完成了民生证券经纪业务集中交易系统的整体切换，192万 民生证券经纪客户无缝接入公司UF2.0交易系统；民生证券完成其资产管理产品管理人主体的变更，原 民生证券资管产品项下管理人的权利和义务由公司资管子公司承继。未来，公司将继续按照监管要求妥 善有序推进整合工作。 （文章来源：证券日报） ...

Core Viewpoint - The management restructuring at Shouchao Securities is aimed at strengthening its investment banking capabilities and enhancing its overall competitiveness in the market [1][4]. Management Changes - Shouchao Securities announced a significant management overhaul, with Chairman Bi Jinsong retiring and Zhang Tao, the former General Manager, taking over as Chairman [1][3]. - Zhang Tao, who has extensive experience in investment banking, is expected to address the company's weaknesses in this area [1][3]. - Jiang Qingfeng, previously the Deputy General Manager, has been promoted to General Manager, making him the youngest executive in the company [3][4]. - Liu Huibin has been appointed as the new Vice Chairman, bringing legal and compliance expertise to the management team [3][4]. Business Strategy - Under Zhang Tao's leadership, the company is focusing on upgrading its business model by emphasizing a "technology investment bank" strategy, targeting specialized "little giant" enterprises [3][4]. - The company aims to create a synergistic service model that integrates research, investment, and investment banking [3]. Asset Management Performance - As of June 30, 2025, Shouchao Securities had 842 active asset management products with a net asset value of 165.44 billion, reflecting a 14.99% increase from the previous year [3]. Hong Kong Listing Progress - The company is accelerating its plans for a Hong Kong IPO, having received approval from the Beijing State-owned Assets Supervision and Administration Commission [5]. - The funds raised will be used to bolster the company's capital and operational funds, focusing on expanding its domestic and international securities business [5]. Market Speculation on Mergers - There are ongoing rumors regarding a potential merger between Shouchao Securities and First Capital Securities, driven by their shared ties to Beijing's state-owned assets [5][6]. - Analysts suggest that the integration of securities firms under the same local state-owned capital could become a key trend in the industry [7]. Financial Performance - For the first three quarters of 2025, Shouchao Securities reported revenues of 2.02 billion, an 8.8% year-on-year increase, and a net profit of 804 million, up 7.2% [7]. - First Capital Securities reported revenues of 2.985 billion, a 24.32% increase, and a net profit of 771 million, up 20.21% [7].

Core Viewpoint - The announcement of leadership changes at Shouchao Securities marks a significant transition, with the retirement of Chairman Bi Jinsong and the appointment of Zhang Tao as the new Chairman, indicating a strategic shift in the company's direction and management [1][2]. Group 1: Leadership Changes - Bi Jinsong has retired due to age, having served in various roles since joining the company in 2007, including Chairman since April 2024 [1]. - Zhang Tao, previously the General Manager, has been appointed as the new Chairman and will also serve as the Chairman of the Board's Strategic Committee [1][2]. - Liu Huibin has been appointed as the new Vice Chairman, bringing extensive legal and compliance management experience to the role [3]. Group 2: Company Growth and Strategy - Under Bi Jinsong's leadership, Shouchao Securities grew its revenue from less than 1 billion to over 2 billion, culminating in its A-share listing in December 2022 [1]. - Zhang Tao's experience in investment banking is expected to strengthen the company's relatively weak investment banking segment, focusing on a "technology investment bank" strategy targeting specialized small and medium enterprises [2]. - The asset management business remains a key strength for Shouchao Securities, with 842 active asset management products and a net asset value of 165.44 billion, reflecting a 14.99% increase from the previous year [2].

Core Viewpoint - The article discusses the leadership transition at Shouchao Securities as it prepares for its Hong Kong IPO, highlighting the retirement of Chairman Bi Jinsong and the appointment of new executives, including Zhang Tao as Chairman and Jiang Qingfeng as General Manager [1][2][3]. Leadership Transition - Bi Jinsong, who has been with Shouchao Securities since 2007 and served as Chairman since April 2024, has retired due to age, having significantly contributed to the company's growth and A-share listing [2][3]. - Zhang Tao, previously the General Manager, has been appointed as the new Chairman and will continue to lead the strategic committee while also serving as the Party Secretary [3][4]. - Jiang Qingfeng, born in 1986, has been appointed as the new General Manager, bringing extensive experience in asset management to the role [5]. Business Strategy and Performance - Shouchao Securities is focusing on enhancing its investment banking capabilities, which have been relatively weak, by adopting a "technology investment bank" strategy and targeting specialized "little giant" enterprises [4]. - The company has seen significant growth in its asset management business, with 842 active products and a net asset value of 165.44 billion yuan, reflecting a 14.99% increase year-over-year [6]. - For the first three quarters of the year, Shouchao Securities reported revenues of 2.015 billion yuan, an 8.75% increase, and a net profit of 804 million yuan, up 7.19% year-over-year [6]. Upcoming IPO - Shouchao Securities has submitted its application to the Hong Kong Stock Exchange, aiming to become the 14th brokerage to achieve dual listing in both A and H shares [6].

Group 1: Wealth Management Business - The company focuses on high-quality development and digital transformation in wealth management, emphasizing high-quality client groups and efficient online operations [2] - It aims to enhance multi-asset allocation capabilities and improve the comprehensive service system for institutional clients [2] - The company is committed to building AI service functions and promoting the application of wealth management AI models [2] - Compliance is a priority, with a strict adherence to regulatory standards [2] Group 2: Investment Banking Business - The company serves the real economy's high-quality development and acts as a "gatekeeper" for capital markets [3] - It strengthens industry resources and professional capabilities, focusing on industrial and technology investment banking [3] - The company is enhancing its cross-border collaboration and talent development to support Chinese enterprises' overseas expansion [3] - Digital transformation and risk management are key areas of focus for improving operational efficiency [3] Group 3: Derivatives Business - As a primary dealer in over-the-counter derivatives, the company leverages its pricing and trading expertise to enhance product offerings [3] - It aims to provide asset allocation and risk management solutions for institutional clients through innovative strategies [3] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management [3] - The company is building a diverse product supply system and enhancing its brand in asset management [3] - As of September 2025, the public fund management scale of Guangfa Fund and E Fund ranks third and first in the industry, respectively, excluding money market funds [4] Group 5: Compliance and Communication - The company ensures accurate and timely information disclosure, adhering to regulatory requirements [4] - There were no incidents of undisclosed significant information leaks during the investor communication process [4]

Investment Rating - The report indicates a positive outlook for the securities industry, with expectations of steady performance and manageable operational risks [4]. Core Insights - The securities industry has seen a significant increase in market activity, leading to substantial growth in wealth management and proprietary trading revenues [4]. - The issuance of debt by securities companies has reached its highest quarterly level in recent years, with a notable increase in both the scale and number of issuances [10][11]. - Regulatory bodies are focusing on compliance and have reduced the frequency of penalties against securities firms, indicating an improvement in industry compliance [8]. Regulatory Dynamics - The regulatory environment is transitioning from rule-making to enforcement, allowing the market to adapt to existing regulations [5]. - In Q3 2025, the China Securities Regulatory Commission (CSRC) has made several adjustments to existing regulations to enhance governance and reduce compliance burdens on firms [6][7]. Debt Market Tracking - In Q3 2025, securities companies issued a total of 696 debt financing instruments, a year-on-year increase of 72.70%, with an issuance scale of 12,719.59 billion yuan, up 45.55% [10]. - The issuance of corporate bonds accounted for 54.82% of the total, with a significant year-on-year increase of 382.64% [11]. Industry Dynamics - The securities market has experienced a robust recovery in equity financing, with IPO issuance growing by 135.27% year-on-year [40]. - Mergers and acquisitions among securities firms have accelerated, enhancing capital strength but increasing competition for smaller firms [20][21]. Performance Overview - Proprietary trading revenues are expected to increase due to a rising stock market, while fixed-income products face pressure from declining interest rates [24][26]. - Wealth management business is projected to grow significantly, with trading volumes in the stock market increasing by 218.43% year-on-year [27]. - The investment banking sector is experiencing a rebound in equity financing, although challenges remain [39]. Asset Management Business - The asset management sector has seen a record number of new products launched, with a total of 410 new products issued in September 2025 [44]. - The total net asset value of managed products reached 11,390.43 billion yuan, reflecting a 9.37% increase from the beginning of the year [44].

Core Insights - The company has focused on asset lifecycle management and operations, developing a series of asset management products suitable for digital finance development [1] Group 1: Company Initiatives - The company has implemented targeted asset revitalization practices in four provinces: Fujian, Jiangsu, Heilongjiang, and Inner Mongolia [1] - In Jiangsu, the company constructed a digital regulatory platform for dynamic asset monitoring and data management [1] - In Heilongjiang, the company established a platform for revitalizing state-owned asset resources to address the issue of inefficient and idle asset disposal [1] - In Fujian, the company built a management platform for state-owned assets to promote the coordinated allocation of operational assets [1] Group 2: Impact on Financial Management - These projects leverage technology to help local governments accurately assess their asset base and enhance the management of funds, assets, and resources [1] - The initiatives aim to improve the efficiency of fiscal fund allocation and usage flexibility, providing digital support for local fiscal debt management and sustainable development [1]

Core Viewpoint - The company, BoSi Software, is actively engaged in asset management and digital finance solutions, focusing on enhancing the efficiency and flexibility of fiscal resource allocation through technology-driven platforms [1] Group 1: Business Development - The company has developed a series of asset management products tailored to the digital finance landscape, emphasizing the management of assets throughout their entire lifecycle [1] - BoSi Software has implemented targeted asset revitalization practices in four provinces: Fujian, Jiangsu, Heilongjiang, and Inner Mongolia [1] Group 2: Technological Initiatives - In Jiangsu Province, the company constructed a digital regulatory platform for dynamic asset monitoring and data management [1] - A platform for revitalizing state-owned assets was established in Heilongjiang Province to address the challenges of disposing of inefficient and idle assets [1] - In Fujian Province, the company built a management platform for state-owned assets to facilitate the coordinated allocation of operational assets [1] Group 3: Impact on Fiscal Management - These initiatives are supported by technology, enabling local governments to accurately assess their asset status and enhance the management of funds, assets, and resources [1] - The projects aim to improve the efficiency of fiscal fund allocation and usage flexibility, providing digital support for local fiscal debt management and sustainable development [1]

Core Viewpoint - The integration of Guolian Minsheng Securities and Minsheng Securities has progressed with the announcement of a change in the management entity for asset management products, consolidating management under Guolian Asset Management [1] Group 1: Business Integration - Guolian Minsheng Securities has successfully completed the integration of its investment banking and brokerage businesses [1] - The latest development involves the transfer of all existing asset management products under Minsheng Securities to Guolian Asset Management [1] Group 2: Management Transition - An official announcement was made on October 22, stating that the management rights and obligations of the asset management products will now be assumed by Guolian Asset Management [1] - This transition signifies a complete change in the management entity for all ongoing asset management products previously managed by Minsheng Securities [1]

Group 1 - The core viewpoint of the article emphasizes the importance of investor education and protection in the context of the high-quality development of public funds in Beijing, particularly in light of increasing fraud in the fund sector [1] - The financial industry is characterized as a licensed operation sector, requiring institutions to obtain permits from national financial regulatory bodies to conduct specific financial activities [2] - Asset management, as a financial service, falls under the category of licensed operations and must be regulated by financial authorities [3] Group 2 - Common investment traps include creating a facade of legitimacy through the establishment of companies that lack financial qualifications, often using high-profile marketing tactics to mislead investors [5] - Fraudsters often fabricate investment projects, evolving from traditional sectors to more sophisticated financial products, promising low risk and high returns to alleviate investor concerns [6] - Misleading investment concepts are used to confuse the public, such as misrepresenting the nature of stock listings and utilizing new financial jargon to create a false sense of security [7] Group 3 - To avoid investment traps, individuals should verify whether the financial products are approved by regulatory authorities and confirm their legitimacy [8] - Investors should critically assess their understanding of the product, the market conditions, and whether the expected returns align with market norms [9] - Caution is advised against blindly trusting promotional hype, recommendations from acquaintances, or being lured by high returns, as these can lead to significant losses [10]