Group 1 - Central point: Zhongyuan Securities announced the appointment of Zhang Qiuyun as the new chairman effective April 29, 2025, succeeding Lu Zhilin, who will continue as a director [1] - Zhang Qiuyun has extensive experience in the financial sector, previously serving in various roles including as a director at Zhongyuan Bank and has a background in economic research and financial management [1] - Lu Zhilin was acknowledged for his contributions during his tenure, particularly in optimizing development strategies and enhancing management systems [1] Group 2 - In the 2024 annual report, Zhongyuan Securities reported revenues of 1.69 billion yuan, a year-on-year decline of 14.13%, while net profit attributable to shareholders increased by 16.18% to 246 million yuan [2] - The company's poor performance was attributed to a significant decline in proprietary trading income, which fell to -84 million yuan, a drop of 115.31% year-on-year [2] - Regulatory penalties due to compliance issues have also impacted the company's operations, including a suspension of bond underwriting services from October 17, 2024, to April 16, 2025 [2] Group 3 - The impact of regulatory measures continued into 2025, with the first quarter results showing revenues of 401 million yuan, down 37.73% year-on-year, and net profit of 103 million yuan, a decrease of 21.28% [3] - In February 2025, the company outlined its strategic focus for the year, emphasizing five key areas: wealth management, investment banking, stable self-investment, significant asset management growth, and enhanced subsidiary collaboration [3] - The company aims to strengthen compliance, risk control, technological support, resource allocation, and comprehensive management to improve operational effectiveness and achieve annual targets [3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 401,029,592.04, a decrease of 37.73% compared to CNY 643,976,990.46 in the same period last year[5] - Net profit attributable to shareholders was CNY 102,963,370.01, down 21.28% from CNY 130,790,222.34 year-on-year[5] - The net profit for Q1 2025 was CNY 101,429,971.48, a decrease of 18.3% compared to CNY 124,251,624.04 in Q1 2024[21] - Total operating income for Q1 2025 was CNY 288,245,556.64, down from CNY 512,766,469.72 in Q1 2024, indicating a significant decline of 43.8%[21] - The total comprehensive income for Q1 2025 was CNY 94,705,847.10, down 25.1% from CNY 126,432,996.92 in Q1 2024[22] - Basic and diluted earnings per share for Q1 2025 were both CNY 0.0222, a decrease from CNY 0.0282 in Q1 2024[22] Cash Flow and Liquidity - The net cash flow from operating activities increased by 50.37% to CNY 1,130,811,300.22, compared to CNY 752,016,707.44 in the previous year[5] - The net cash flow from operating activities for Q1 2025 was CNY 1,130,811,300.22, an increase of 50.5% compared to CNY 752,016,707.44 in Q1 2024[23] - The total cash and cash equivalents at the end of Q1 2025 were CNY 17,040,856,663.66, compared to CNY 13,730,862,030.87 at the end of Q1 2024, reflecting an increase of 24.4%[24] - The net cash flow from investing activities for Q1 2025 was CNY 44,776,936.21, compared to a net outflow of CNY -16,746,114.43 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 50,080,797,792.28, a decrease of 2.97% from CNY 51,614,348,080.07 at the end of the previous year[6] - Total liabilities decreased to CNY 35,703,273,591.88 as of March 31, 2025, down from CNY 37,331,529,726.77 at the end of 2024[18] - Shareholders' equity increased to CNY 14,377,524,200.40 as of March 31, 2025, compared to CNY 14,282,818,353.30 at the end of 2024[18] - The company held CNY 14,279,289,192.90 in cash and cash equivalents as of March 31, 2025, slightly down from CNY 14,400,984,039.97 at the end of 2024[17] - The company reported a decrease in client funds deposits to CNY 12,973,865,899.69 as of March 31, 2025, from CNY 12,005,245,325.90 at the end of 2024[17] - The company’s total liabilities included CNY 6,841,331,299.84 in sell-back financial assets as of March 31, 2025, an increase from CNY 5,289,084,372.35 at the end of 2024[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 125,254[12] - The top shareholder, Hong Kong Central Clearing Limited, holds 25.74% of the shares, totaling 1,195,156,550 shares[12] Other Income and Expenses - The company reported non-recurring gains of CNY 4,333,532.49 during the period[10] - Net interest income increased to CNY 94,990,373.65 in Q1 2025 from CNY 28,467,598.95 in Q1 2024, reflecting a significant growth[20] - Commission and fee income rose to CNY 225,295,645.08 in Q1 2025, up from CNY 152,861,490.42 in Q1 2024, indicating a growth of 47.3%[20] - Investment income for Q1 2025 was CNY 98,949,700.21, down from CNY 427,807,610.26 in Q1 2024, showing a decline of 76.8%[20] - The company reported a loss from fair value changes of CNY -25,517,695.25 in Q1 2025, an improvement from CNY -110,052,426.23 in Q1 2024[21] - The total operating expenses for Q1 2025 were CNY 288,245,556.64, a decrease of 43.8% from CNY 512,766,469.72 in Q1 2024[21] - The company experienced a foreign exchange gain of CNY 408,461.42 in Q1 2025, compared to a gain of CNY 271,780.40 in Q1 2024[21]

Financial Performance - Operating revenue for Q1 2025 was RMB 401,029,592.04, a decrease of 37.73% compared to RMB 643,976,990.46 in the same period last year[14] - Net profit attributable to shareholders for Q1 2025 was RMB 102,963,370.01, down 21.28% from RMB 130,790,222.34 year-on-year[14] - The company reported a decrease in basic and diluted earnings per share to RMB 0.0222, down 21.28% from RMB 0.0282 in the previous year[14] - Net profit for Q1 2025 was ¥101.43 million, down 18.3% from ¥124.25 million in Q1 2024[39] - Operating profit for Q1 2025 was ¥112.78 million, a slight decrease of 14.1% compared to ¥131.21 million in Q1 2024[38] - The total comprehensive income for Q1 2025 was ¥94.71 million, down 25.1% from ¥126.43 million in Q1 2024[39] Cash Flow - Net cash flow from operating activities increased by 50.37% to RMB 1,130,811,300.22, compared to RMB 752,016,707.44 in the previous year[14] - Cash flow from operating activities for Q1 2025 was ¥1.13 billion, an increase of 50.5% compared to ¥752.02 million in Q1 2024[41] - Cash flow from investing activities showed a net inflow of ¥44.78 million in Q1 2025, compared to a net outflow of ¥16.75 million in Q1 2024[41] - Cash flow from financing activities resulted in a net outflow of ¥3.02 billion in Q1 2025, compared to a net outflow of ¥398.21 million in Q1 2024[42] Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 50,080,797,792.28, a decrease of 2.97% from RMB 51,614,348,080.07 at the end of the previous year[17] - The total liabilities decreased to RMB 35,703,273,591.88 from RMB 37,331,529,726.77, reflecting a reduction of approximately 4.36%[33] - The company's cash and cash equivalents stood at RMB 14,279,289,192.90, slightly decreasing from RMB 14,400,984,039.97, indicating a decline of about 0.84%[32] - The ending cash and cash equivalents balance is 17,040,856,663.66, an increase from 13,730,862,030.87[44] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 125,254, with 125,220 being A-share holders[26] - The number of shares held by the largest shareholder, Hong Kong Central Clearing Limited, is 1,195,156,550, representing 25.74% of the total shares[29] - Henan Investment Group holds 822,983,847 shares, accounting for 17.73% of the total shares, with additional holdings through subsidiaries totaling 1,023,556,847 shares, or 22.05%[30] Equity and Capital - The company recorded a net capital of RMB 9,652,971,466.55, an increase from RMB 9,468,635,644.80 at the end of the previous year[19] - The company's equity attributable to shareholders increased to RMB 14,156,474,269.20 from RMB 14,060,235,023.57, showing a growth of about 0.68%[34] - The company's total equity increased by approximately 0.66% from RMB 14,282,818,353.30 to RMB 14,377,524,200.40[34] Risk and Profitability - The risk coverage ratio improved to 350.03% from 287.40% year-on-year, indicating stronger capital adequacy[19] - The company’s weighted average return on equity decreased to 0.73% from 0.94% year-on-year, reflecting a decline in profitability[14] Other Information - Non-recurring gains and losses for the period totaled RMB 4,333,532.49, after accounting for tax effects[22] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[30] - The company will implement new accounting standards starting in 2025, which may involve adjustments to the financial statements at the beginning of that year[44] - The board of directors of Zhongyuan Securities Co., Ltd. announced this information on April 29, 2025[45]

中原证券（601375）公告，2025年第一季度营收为4.01亿元，同比下降37.73%；净利润为1.03亿元，同 比下降21.28%。 ...

Core Viewpoint - The nuclear power industry in China is expected to experience significant growth, with a strong investment rating maintained by Zhongyuan Securities, highlighting the importance of nuclear power in future energy supply [1][3] Group 1: Project Approvals - On April 27, 2025, the State Council approved five nuclear power projects, totaling ten nuclear units, with China General Nuclear Power Group (CGN) and China National Nuclear Power (CNNP) being the primary beneficiaries [1] - CGN received approval for four units, including two units in Guangdong and two in Guangxi, all utilizing Hualong One technology, with capacities of 1.2 million kW and 1.208 million kW respectively [1] - CNNP was approved for two units in the Zhejiang Sanmen project, also using Hualong One technology, with a capacity of 1.215 million kW each [2] Group 2: Industry Growth and Capacity - Nuclear power is recognized as a stable energy source in China's new power system, with a utilization hour rate of 7,805.74 hours in 2024, contributing 4.73% to the national power generation [3] - The "14th Five-Year Plan" aims for a nuclear power installed capacity of approximately 70 million kW by 2025, with a focus on coastal projects [3] - As of April 27, 2025, China has approved 28 new nuclear projects since 2022, with a total of 102 operational, under construction, and approved units, making it the world's largest nuclear power capacity at 113 million kW [3] Group 3: Regional Developments - Currently, there are no nuclear projects approved or under construction in Henan Province, which is not included in the national nuclear construction plan due to cautious evaluation policies for inland nuclear development [4]

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

Financial Performance - The company reported a net capital of RMB 9,468,635,644.80 at the end of the reporting period, an increase of 9.3% from RMB 8,651,125,530.23 at the end of the previous year[20]. - The company's operating revenue for 2024 was CNY 1,689,925,164.42, a decrease of 14.13% compared to CNY 1,968,016,572.87 in 2023[47]. - Net profit attributable to shareholders for 2024 increased by 16.18% to CNY 245,847,400.51 from CNY 211,601,553.51 in 2023[47]. - The total assets at the end of 2024 were CNY 51,614,348,080.07, a slight decrease of 0.17% from CNY 51,701,683,772.46 in 2023[47]. - The company's net capital increased to CNY 9,468,635,644.80 at the end of the reporting period, up from CNY 8,651,125,530.23 at the end of the previous year[49]. - Basic earnings per share for 2024 were CNY 0.0530, reflecting a 16.23% increase from CNY 0.0456 in 2023[48]. - The total equity attributable to shareholders increased to CNY 14,060,235,023.57 at the end of 2024, up 1.13% from CNY 13,902,762,596.08 in 2023[47]. - The company's cash and cash equivalents increased by 44.34% year-over-year, reaching CNY 14,400,984,039.97[57]. - The company's total operating revenue decreased by 14.13% to RMB 1.69 billion, with securities brokerage business revenue increasing by RMB 163 million to RMB 815 million[123]. Risk Management - The company emphasizes that its business performance is highly correlated with domestic and international economic conditions and capital market status, which may impact its operating results[9]. - The company has established a comprehensive risk management system to ensure operations are conducted within manageable risk levels[11]. - The company plans to maintain its focus on risk management and compliance to mitigate potential operational risks[11]. - The company has tightened credit risk management by refining access management for stock pledge financing and credit bond investment standards[167]. - The company has established a multi-level risk control indicator monitoring and evaluation system to manage market risks effectively[169]. - The company has improved its risk identification and monitoring mechanisms for investment strategies[170]. - The company has established a three-tier decision-making system to enhance credit risk management[167]. Business Operations and Strategy - The company has established a strong presence in the financial services sector, with qualifications for various trading and brokerage activities, enhancing its market competitiveness[21][24][25]. - The company aims to enhance its service capabilities for small and medium-sized enterprises and high-tech companies in Henan Province, focusing on direct financing and reducing financing costs[69]. - The company plans to expand its asset management business by advancing into ETF and public fund sectors while maintaining a solid "fixed income+" foundation[74]. - The company is focused on optimizing the performance of existing business departments to drive revenue growth[43]. - The company is actively pursuing a strategic transformation to become a leading modern investment bank in the region[62]. - The company aims to enhance its internal management capabilities and streamline operations to improve overall efficiency and effectiveness[162]. Corporate Governance - The company is committed to enhancing its corporate governance and has complied with all provisions of the Corporate Governance Code[187]. - The company has a clear plan for future governance improvements and compliance with regulatory requirements[187]. - The company maintains independence from its controlling shareholder, with no interference in decision-making or operations during the reporting period[188]. - The company has established a performance assessment and incentive system for senior management, including a performance assessment implementation plan for 2023[187]. - The total pre-tax remuneration for the chairman was RMB 554,500, while independent directors received RMB 250,000 each[192]. Market Expansion and Client Engagement - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $100 million allocated for this purpose[197]. - Market expansion efforts have led to a 20% increase in market share in the Asia-Pacific region[197]. - The company is actively working to strengthen its presence in both A-share and Hong Kong capital markets, enhancing service offerings for clients[114]. - The company aims to optimize its asset allocation structure and expand its bond sales business in 2025[84]. - The company is focusing on the strategic development of the Henan capital market, leveraging its position as a key financial entity in the region[111]. Financial Products and Services - The company has a diverse range of subsidiaries with qualifications in futures brokerage, private equity investment, and securities trading, indicating a broad service offering[26]. - The company achieved a 4.6% year-on-year growth in market share for equity funds[63]. - The company's wealth management business revenue surged by 354%, with financial product sales exceeding CNY 10 billion[63]. - The company plans to implement four strategic initiatives: professionalization, integration, platformization, and base construction, to drive development[158]. - The company is committed to building a diversified financial product and service system to better serve various market participants[155]. Technology and Innovation - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[197]. - The company is focusing on enhancing its investment banking capabilities and wealth management skills in response to regulatory changes in the industry[154]. - The company will leverage technology, such as artificial intelligence and big data, to enhance business development and operational efficiency[159]. Operational Efficiency - The company has reduced operational costs by 5%, resulting in improved profit margins[197]. - The company reported a significant increase in other operating income, which rose by 485.53% to RMB 367 million, primarily from the disposal of debt assets[119]. - The company is committed to improving its asset management quality by developing a "fixed income plus" product layout to meet client needs[164].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.17 per 10 shares, totaling RMB 78,929,039.90 based on a total share capital of 4,642,884,700 shares as of December 31, 2024[8]. - For the fiscal year 2024, the total cash dividend per 10 shares will amount to RMB 0.23[8]. - The company does not plan to increase capital through capital reserves or issue bonus shares[8]. Financial Performance - The company's operating revenue for 2024 was CNY 1,689,925,164.42, a decrease of 14.13% compared to CNY 1,968,016,572.87 in 2023[68]. - Net profit attributable to shareholders of the parent company increased by 16.18% to CNY 245,847,400.51 in 2024 from CNY 211,601,553.51 in 2023[68]. - The net cash flow from operating activities for 2024 was CNY 4,168,168,660.39, a significant improvement from a negative cash flow of CNY -467,298,168.05 in 2023[68]. - Total assets at the end of 2024 were CNY 51,614,348,080.07, a slight decrease of 0.17% from CNY 51,701,683,772.46 in 2023[68]. - Total liabilities decreased by 0.58% to CNY 37,331,529,726.77 in 2024 from CNY 37,551,184,086.55 in 2023[68]. - The equity attributable to shareholders of the parent company increased by 1.13% to CNY 14,060,235,023.57 in 2024[68]. - Basic earnings per share for 2024 were CNY 0.0530, reflecting a 16.23% increase from CNY 0.0456 in 2023[69]. - The weighted average return on equity for 2024 was 1.76%, an increase of 0.23 percentage points from 1.53% in 2023[69]. Risk Management - The company emphasizes that its business performance is highly correlated with domestic and international economic conditions and capital market fluctuations, which may directly or indirectly impact its operating results[13]. - The company has established a comprehensive risk management system to ensure operations are conducted within measurable, controllable, and bearable risk limits[15]. - The company faces various risks, including market risk due to price fluctuations and compliance risk from potential legal liabilities[14]. Audit and Compliance - The company has received a standard unqualified audit report from the auditing firm Xin Yong Zhong He[8]. - There were no instances of non-operational fund occupation by controlling shareholders or related parties during the reporting period[9]. - The company has not violated regulatory decision-making procedures in providing guarantees during the reporting period[10]. Business Operations and Expansion - The company holds various business qualifications, including securities brokerage, investment consulting, and asset management, which are crucial for its operational capabilities[26][27]. - The company has been approved for multiple trading qualifications, including IPO inquiry and placement, stock pledge repurchase, and various trading qualifications on the Shanghai and Shenzhen stock exchanges[29]. - The company has a total of 30 branches across various locations[48]. - The company operates a total of 74 securities business departments across 9 provinces, autonomous regions, and municipalities in China[54]. - Among the 74 business departments, 64 are located in Henan Province, indicating a strong regional presence[54]. - The company continues to expand its network with new branches, such as the recent establishment in Chengdu, Sichuan Province[51]. - The company is focused on increasing its market share in the securities industry through strategic expansions and new product offerings[54]. Technological Development - The company aims to enhance its technological capabilities to improve service delivery and customer experience[54]. - The company is investing heavily in R&D, with a budget increase of 30% to enhance technology development and innovation[59]. - The company has implemented a series of cost-reduction measures, significantly improving operational efficiency[106]. Customer Engagement and Market Outlook - The company reported a significant increase in user data, reflecting a growing customer base and engagement[54]. - User data showed a growth in active users, reaching 10 million, which is a 15% increase compared to the previous quarter[56]. - The company provided an optimistic outlook for Q4 2023, projecting revenue to exceed 1.8 billion, indicating a potential growth of 25%[57]. - New product launches are expected to contribute an additional 300 million in revenue by the end of the fiscal year[58]. - Customer satisfaction ratings improved to 90%, reflecting a 10% increase from the previous year, indicating strong user engagement[58]. Investment and Fund Management - The company reported a net loss from investment income of RMB 512.35 million, a decline of 41.32% year-on-year[89]. - The company's long-term equity investments decreased by 37.27% to RMB 905.25 million[87]. - The company recovered RMB 2.12 billion in funds from project exits in 2024[121]. - The company aims to enhance post-investment management and support for enterprises through capital market opportunities in 2025[126]. Market Trends and Future Strategies - The company aims to enhance product innovation and expand distribution channels in 2025, focusing on a diverse range of wealth management products[118]. - The company plans to strengthen its integrated service model and explore new products in mergers and acquisitions in 2025[122]. - The company is committed to optimizing its operational model and enhancing its comprehensive financial service ecosystem to support long-term development[110]. - The company is actively promoting digital transformation in wealth management through online trading platforms and mobile apps[99]. Awards and Recognition - The company received multiple awards for its digital service capabilities, including the "Best Channel Cooperation Award" and the "Digital Pioneer APP Award" in 2024[108].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.17 per 10 shares, totaling RMB 78,929,039.90 based on a total share capital of 4,642,884,700 shares[5]. - For the fiscal year 2024, the total cash dividend per 10 shares is RMB 0.23, inclusive of tax[5]. - The company does not plan to increase capital reserves or issue bonus shares in the current dividend proposal[5]. Financial Reporting and Audit - The company has received a standard unqualified audit opinion from the auditing firm, indicating the financial report's accuracy and completeness[5]. - The financial report is prepared in accordance with Chinese accounting standards and has been reviewed by the audit committee[5]. - There are no instances of non-operational fund occupation by controlling shareholders or related parties during the reporting period[6]. Risk Management - The company faces significant risks related to domestic and international economic conditions, capital market fluctuations, and regulatory policy adjustments[10]. - The company has established a comprehensive risk management system to ensure operations are conducted within manageable risk levels[12]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors[5]. Business Qualifications and Market Position - The company holds various business qualifications, including securities brokerage, investment consulting, and asset management, which are crucial for its operational capabilities[27]. - The company has been approved for multiple business qualifications by the China Securities Regulatory Commission, including IPO underwriting and securities asset management, enhancing its market position[28]. - The company aims to leverage its diverse business qualifications to capture more market share in the competitive financial services sector[28]. Operational Expansion - The company is actively involved in market expansion and has established a presence in both domestic and international markets, which is expected to drive future growth[30]. - The company continues to expand its operations, with new branches established in cities like Chengdu and Nanjing in recent years[52]. - The company operates a total of 74 branches across 9 provinces, autonomous regions, and municipalities in China, with 64 branches located in Henan province[54]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[55]. - The company's operating revenue for 2024 was CNY 1,689,925,164.42, a decrease of 14.13% compared to CNY 1,968,016,572.87 in 2023[68]. - Net profit attributable to shareholders of the parent company increased by 16.18% to CNY 245,847,400.51 in 2024 from CNY 211,601,553.51 in 2023[68]. Customer Engagement and Satisfaction - User data showed an increase in active users, reaching 5 million, which is a 15% increase compared to the previous quarter[56]. - Customer satisfaction ratings improved to 85%, reflecting a 5% increase from the last quarter[58]. - The company has reported a steady growth in user data, reflecting an increase in customer engagement and satisfaction[54]. Investment and Research - The company is investing in new technology development, allocating $50 million towards R&D initiatives[59]. - The company is committed to ongoing research and development of new financial products and technologies[54]. - The company plans to strengthen its investment research team while balancing product innovation and risk control[118]. Financial Stability and Liquidity - The liquidity coverage ratio increased to 286.47% from 198.96% year-over-year, demonstrating enhanced liquidity management[72]. - The debt-to-asset ratio improved to 59.35% in 2024 from 64.77% in 2023, indicating better financial stability[77]. - The net cash flow from operating activities improved significantly to CNY 4,168,168,660.39 in 2024, compared to a negative CNY 467,298,168.05 in 2023[68]. Strategic Initiatives - The company is actively pursuing strategic partnerships and potential acquisitions to bolster its market position[54]. - The company aims to enhance its service capabilities for small and medium-sized enterprises and high-tech companies in Henan, targeting a reduction in financing costs[114]. - The company is focusing on strategic transformation and risk mitigation to achieve steady growth in operating performance[103]. Market Trends and Outlook - The company is optimistic about future growth prospects, driven by its expansion strategy and market demand[54]. - The overall operating environment for the securities industry is expected to improve significantly in the fourth quarter of 2024, with a likely stabilization and recovery in annual performance compared to the first three quarters[149]. - The central government has emphasized the importance of boosting the capital market and stabilizing the stock market as part of its macroeconomic policy for 2025[148].

其履历显示，此次获推荐为该公司董事长人选的女士张秋云，生于1972年，个人简历比较丰富，存在着较多"跨界"的印 记。张秋云目前为中原证券的董事、河南投资集团副总经理。过往履历来看，她最早担任过开封市第一中学教师、河南 省发改委财政金融处任副调研员、副处长，河南省宏观经济研究院党支部书记，中国（河南）自由贸易试验区郑州片区 管委会常务副主任，自2019年6月至今任河南投资集团有限公司金融管理部主任，自2022年9月至今任河南中原金融控股 有限公司董事长，2020年6月至2021年11月任中原证券监事。 张秋云目前是河南投资集团副总经理，而河南投资集团直接和间接持有中原证券有表决权股份占中原证券总股份的 22.05%，是中原证券的控股股东。 从教师到券商董事长，中原证券新任70后女掌门能否扭转业 绩颓势？ 又一家券商要更换董事长了。 3月25日晚间，中原证券公告，近日，该公司收到中共河南省委相关文件，推荐张秋云为中原证券董事长人选。 其中，第三季度实现营业收入9370.15万元，同比下降78.28%，归属于上市公司股东的净利润亏损3809.55万元。据悉， 中原证券第三季度发生亏损，主要是受到自营业务的影响，投资 ...