NO.1 首批上市券商半年報出爐，經紀與投行業務全線下滑

首(shou)批(pi)上(shang)(shang)(shang)市(shi)券(quan)(quan)商(shang)(shang)(shang)半(ban)年度(du)成(cheng)(cheng)績單(dan)來(lai)了。上(shang)(shang)(shang)半(ban)年，在一級(ji)(ji)市(shi)場監管(guan)(guan)政策變化及二(er)級(ji)(ji)市(shi)場波動加(jia)大的(de)背景下(xia)(xia)，證(zheng)券(quan)(quan)行業(ye)(ye)整(zheng)體(ti)下(xia)(xia)行壓力明顯增加(jia)，各家(jia)(jia)(jia)券(quan)(quan)商(shang)(shang)(shang)面臨不(bu)同(tong)程(cheng)度(du)的(de)考驗。8月19日至(zhi)23日，首(shou)批(pi)7家(jia)(jia)(jia)上(shang)(shang)(shang)市(shi)券(quan)(quan)商(shang)(shang)(shang)公告上(shang)(shang)(shang)半(ban)年業(ye)(ye)績，營收(shou)(shou)下(xia)(xia)滑幅(fu)度(du)整(zheng)體(ti)在10%以(yi)內；但歸母凈利潤(run)表現(xian)分(fen)化，既有(you)大幅(fu)增長近三成(cheng)(cheng)，也有(you)下(xia)(xia)滑逾六成(cheng)(cheng)。7家(jia)(jia)(jia)券(quan)(quan)商(shang)(shang)(shang)的(de)經紀(ji)業(ye)(ye)務(wu)和投(tou)行業(ye)(ye)務(wu)全線下(xia)(xia)滑；不(bu)足半(ban)數券(quan)(quan)商(shang)(shang)(shang)的(de)自(zi)營業(ye)(ye)務(wu)增長。資(zi)管(guan)(guan)業(ye)(ye)務(wu)卻(que)是今年半(ban)年報(bao)最大亮點(dian)，多家(jia)(jia)(jia)券(quan)(quan)商(shang)(shang)(shang)資(zi)管(guan)(guan)業(ye)(ye)務(wu)手續(xu)費凈收(shou)(shou)入大增，有(you)的(de)甚(shen)至(zhi)超過(guo)投(tou)行手續(xu)費凈收(shou)(shou)入，比如國(guo)信證(zheng)券(quan)(quan)、國(guo)海證(zheng)券(quan)(quan)、方(fang)正證(zheng)券(quan)(quan)。與此同(tong)時，為提(ti)高(gao)投(tou)資(zi)者獲(huo)得感(gan)，有(you)5家(jia)(jia)(jia)上(shang)(shang)(shang)市(shi)券(quan)(quan)商(shang)(shang)(shang)宣布中期分(fen)紅并發布相關(guan)計劃，分(fen)紅金額合計近9億元。

點評：首(shou)批上市(shi)(shi)券商半年報反(fan)映出證(zheng)券行業(ye)在(zai)監管(guan)政策調(diao)整和(he)市(shi)(shi)場波(bo)動中承壓。經紀與自營(ying)業(ye)務(wu)(wu)普遍下滑，顯示(shi)出市(shi)(shi)場活躍度(du)下降和(he)券商自營(ying)投資策略面臨挑戰。資管(guan)業(ye)務(wu)(wu)的增(zeng)長(chang)(chang)表明券商在(zai)調(diao)整業(ye)務(wu)(wu)結構，尋求新的增(zeng)長(chang)(chang)點(dian)。分紅(hong)計劃的宣布可(ke)能旨在(zai)提振投資者(zhe)信心(xin)，但(dan)長(chang)(chang)遠看，券商需(xu)加強風險管(guan)理和(he)業(ye)務(wu)(wu)創新，以適應(ying)市(shi)(shi)場變(bian)化。

NO.2 中郵基金前任副總經理諶重出任國新國證基金總經理

8月(yue)24日，國新國證基(ji)金公(gong)(gong)告，中郵(you)(you)基(ji)金前任副(fu)(fu)總(zong)(zong)(zong)經(jing)理(li)(li)諶(chen)重出任該基(ji)金公(gong)(gong)司(si)(si)總(zong)(zong)(zong)經(jing)理(li)(li)，公(gong)(gong)司(si)(si)副(fu)(fu)總(zong)(zong)(zong)經(jing)理(li)(li)張勛民(min)不(bu)再代任公(gong)(gong)司(si)(si)總(zong)(zong)(zong)經(jing)理(li)(li)。諶(chen)重具有多(duo)年(nian)券(quan)商、基(ji)金從(cong)業經(jing)歷，公(gong)(gong)開(kai)(kai)資(zi)料顯示，諶(chen)重曾在(zai)平安(an)證券(quan)、建信基(ji)金等機構任職(zhi)。2021年(nian)3月(yue)，他加入(ru)中郵(you)(you)創(chuang)業基(ji)金擔任副(fu)(fu)總(zong)(zong)(zong)經(jing)理(li)(li)。今年(nian)5月(yue)，他因(yin)個人原因(yin)，從(cong)中郵(you)(you)創(chuang)業基(ji)金離職(zhi)。今年(nian)5月(yue)16日，國新國證基(ji)金曾在(zai)官網(wang)、公(gong)(gong)眾(zhong)號等平臺發布招聘公(gong)(gong)告，擬(ni)公(gong)(gong)開(kai)(kai)招聘1名總(zong)(zong)(zong)經(jing)理(li)(li)和1名分管投研(yan)工(gong)作的副(fu)(fu)總(zong)(zong)(zong)經(jing)理(li)(li)。僅(jin)過了3個多(duo)月(yue)時(shi)間，總(zong)(zong)(zong)經(jing)理(li)(li)人選就迅速敲定(ding)。

點評：諶(chen)重(zhong)的任(ren)命(ming)將(jiang)為(wei)國(guo)新(xin)(xin)(xin)國(guo)證基(ji)金帶來(lai)新(xin)(xin)(xin)的領導力和(he)(he)行業經(jing)驗。其在券商、基(ji)金行業多年的任(ren)職經(jing)歷(li)，尤其是在中郵(you)基(ji)金的副總經(jing)理(li)職位上的表現，可能(neng)為(wei)國(guo)新(xin)(xin)(xin)國(guo)證基(ji)金注入(ru)新(xin)(xin)(xin)的活力。然(ran)而，快速(su)的人事變(bian)動(dong)可能(neng)反映出公司內部管理(li)和(he)(he)戰略方向上的不確定(ding)性，新(xin)(xin)(xin)任(ren)總經(jing)理(li)需迅速(su)穩定(ding)團隊并明確發展(zhan)策略。

NO.3 多家公募“轉戰”指數增強型基金

在(zai)指(zhi)數(shu)(shu)(shu)化投資大發(fa)(fa)(fa)展背景下(xia)，多(duo)家(jia)中(zhong)(zhong)型公(gong)(gong)募(mu)“轉戰”指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)型基金，在(zai)股(gu)票ETF“戰場(chang)(chang)”之外，開辟(pi)了又一條業務(wu)發(fa)(fa)(fa)展路(lu)徑。Wind數(shu)(shu)(shu)據顯示，截至8月(yue)24日，今(jin)年以來已有16家(jia)公(gong)(gong)募(mu)基金布(bu)局了22只(zhi)指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)型基金，發(fa)(fa)(fa)行(xing)總(zong)規模達到60.42億元(yuan)。其中(zhong)(zhong)，浦銀安(an)盛(sheng)中(zhong)(zhong)證50指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)發(fa)(fa)(fa)行(xing)規模達到9.32億元(yuan)，招商中(zhong)(zhong)證2000指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)、華泰(tai)柏瑞中(zhong)(zhong)證2000指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)、國聯中(zhong)(zhong)證500指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)等(deng)多(duo)只(zhi)產品，也(ye)有超4億元(yuan)的發(fa)(fa)(fa)行(xing)成績。值得注意(yi)的是，在(zai)股(gu)票ETF內(nei)卷的同時，多(duo)家(jia)公(gong)(gong)募(mu)尤其是部分中(zhong)(zhong)型公(gong)(gong)募(mu)，差異化發(fa)(fa)(fa)力布(bu)局指(zhi)數(shu)(shu)(shu)增(zeng)(zeng)強(qiang)(qiang)(qiang)型基金，成為(wei)今(jin)年市(shi)場(chang)(chang)的一大看點。

點評：中型(xing)(xing)(xing)公募(mu)(mu)基(ji)金(jin)轉向指(zhi)數增強(qiang)型(xing)(xing)(xing)基(ji)金(jin)，顯示了市場(chang)對(dui)(dui)指(zhi)數化投資的持續興(xing)趣和(he)對(dui)(dui)傳統股票ETF競(jing)爭(zheng)的規避(bi)。這一策(ce)略(lve)有助于基(ji)金(jin)公司在激烈(lie)的市場(chang)競(jing)爭(zheng)中尋找差異化優勢。然而，指(zhi)數增強(qiang)型(xing)(xing)(xing)基(ji)金(jin)的成(cheng)功依(yi)賴于有效的風險控(kong)制和(he)增強(qiang)策(ce)略(lve)的實施，中型(xing)(xing)(xing)公募(mu)(mu)需要(yao)在產(chan)品創新和(he)風險管理(li)上做(zuo)出更多(duo)努力(li)，以確保長期競(jing)爭(zheng)力(li)。