Investment Rating - The report rates the industry as "Positive" [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Summary by Sections 2025 Q1 Performance Review - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] Industry Development Trends - The report highlights the ongoing reforms aimed at enhancing the capital market's stability and investor confidence, with policies to attract long-term investments [70][72] - The trend towards passive investment products, particularly ETFs, is expected to continue, supported by favorable policies [73][84] Business Line Performance - **Brokerage Business**: The brokerage income for Q1 2025 was 32.736 billion yuan, a 43.16% increase year-on-year, driven by a significant rise in trading volumes [38][39] - **Asset Management**: The asset management business generated 10.131 billion yuan in fees, a slight decrease of 3.32% year-on-year, indicating a shift towards a competitive landscape [45] - **Proprietary Trading**: The proprietary trading income reached 48.566 billion yuan, up 51.02% year-on-year, reflecting a recovery in the equity market [56] - **Investment Banking**: The investment banking revenue was 6.672 billion yuan, a modest increase of 5.39%, with IPO financing down by 30.24% [61] - **Credit Business**: The credit business saw a net interest income of 7.878 billion yuan, a 27.25% increase year-on-year, as the market for margin trading and stock pledges improved [64] Investment Recommendations - The report suggests that the overall performance of the brokerage sector is expected to remain positive, supported by economic recovery and liquidity easing [91]

Investment Rating - The investment rating for the industry is optimistic [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Performance Review of Listed Securities Firms - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] - The top five firms by operating income were CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [16] Industry Development Trends - The securities industry is experiencing a significant increase in revenue concentration, with the CR5 for operating income at 41.74% and for net profit at 54.06% as of Q1 2025 [22] - The number of securities practitioners has decreased by 5.83% year-on-year, indicating a trend towards cost reduction and efficiency improvement [32] - The management expense ratio for listed securities firms decreased to 47.01%, down 3.48 percentage points year-on-year [32] Business Line Performance - Brokerage business saw a significant increase in income, with net income from brokerage fees rising by 43.16% year-on-year to 32.736 billion yuan [38] - The asset management business faced challenges, with net income declining by 3.32% year-on-year to 10.131 billion yuan [45] - The proprietary trading business reported a 51.02% increase in income, totaling 48.566 billion yuan, driven by a recovering equity market [56] Investment Recommendations - The report suggests that the securities sector is poised for a positive outlook due to economic recovery, liquidity easing, and improving performance metrics [91] - The valuation of the brokerage sector is currently at a PB of 1.25X, indicating potential for valuation recovery [91]

Group 1 - The core viewpoint is that the recent price increase in the US shipping market is likely a short-term opportunity, while long-term trends indicate a sustained demand-supply imbalance in Asian container trade due to low supply pressure for vessels under 4000 TEU over the next three years [1] - The report highlights that the US has already experienced a minor preemptive stockpiling before the tariff adjustments, leading to a concentrated demand for shipments following the tariff reduction on May 12 [1][2] - The current surge in shipping rates is attributed to a temporary mismatch in supply and demand, with the logistics system operating smoothly and port efficiency having improved significantly [2] Group 2 - Increased uncertainty and geopolitical risks are leading to a more fragmented trade landscape, with a noticeable shift in trade relationships post the 2018 US-China trade tensions [3] - China's outbound direct investment reached $177.29 billion in 2023, marking an 8.7% year-on-year increase, with a significant portion directed towards Asian markets [3] - The investment strategy is shifting from acquisitions to greenfield investments, which may enhance trade in intermediate goods between China and these regions [3]

广发证券股份有限公司 关于适用简化程序召开 山东高速路桥集团股份有限公司债券持有人： "公司"）于 2023 山东高速路桥集团股份有限公司（以下简称"山东路桥"、 年 3 月 24 日向不特定对象发行面值总额 483,600.00 万元的可转换公司债券（以 下简称"本期债券"、 "山路转债"）。基于对资本市场及公司未来发展的信心，综 合考虑公司近期股票价格、经营财务状况、未来盈利能力和发展前景等，为维护 公司全体股东利益，公司拟以自有资金或/及金融机构借款通过集中竞价交易方 式回购公司 A 股股份，本次回购的股份将全部用于注销并减少公司注册资本。 公司本次因回购股份导致减资金额低于本期债券发行时最近一期经审计合并口 径净资产的 10%。根据《公司债券发行与交易管理办法》《山东高速路桥集团股 份有限公司向不特定对象发行可转换公司债券募集说明书》和《山东高速路桥集 团股份有限公司可转换公司债券持有人会议规则》，公司回购股份事项适用以简 化程序召集债券持有人会议，广发证券股份有限公司（以下简称"广发证券"） 作为山路转债的债券受托管理人，于 2025 年 5 月 23 日至 2025 年 5 月 29 日召 集了适 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 01 年 月 日 A、中长期贷款：工业、服务业、基础设施相关行业的中长期贷款分别增 加 1.46 万亿、增加 3.03 万亿元、增加 1.74 万亿元，分别同比少增 1400 亿元、少增 1.59 万亿元、少增 1900 亿元。 B、对公房地产贷款：开发贷增加 3100 亿元，同比少增 5700 亿元。 3）重点领域：政策支持下，普惠小微、绿色信贷、科创贷款继续保持较 高增速，截至 25Q1，普惠小微、高新技术企业贷款分别同比增长 12.2%、 8.5%，绿色贷款较年初增长 9.6%，均高于各项贷款增速。 二、板块观点 银行 本周聚焦—25Q1 信贷投向：住房贷款同比、环比明显多增 一、25Q1 信贷投向 人民银行公布 2025 年一季度信贷投向报告，截至 2025 年一季度末，金 融机构人民币各项贷款余额 265.4 万亿元，同比增长 7.4%，25Q1 增加 9.7 万亿元（余额变动口径，下同），其中： 1）个人贷款：25Q1 增加 1.04 万亿元，同比少增 3014 亿元，其中住房贷 款增加 2200 亿元，同比多增 2000 亿元 ...

券商仍然在接连发力首单科创债。 在政策支持之下，多家券商纷纷发行了属于自己的首单科创债。 值得一提的是，债券更名背后，募集资金用途差异巨大，此前的债券募集资金多用于偿还债务，而更名科创相 关债券品种后，两家券商均表示，拟将不低于债券募集资金70%，通过股权、债券、基金投资等形式，专项支 持科技创新领域，用于补充公司营运资金或流动资金。 业内人士认为，在政策大力推动下，预计未来我国科技创新债券市场发行与交易规模将保持较快增速，这既能 为各类科技企业提供更多的资金支持，又能改善我国信用债券市场品种结构、缓解当前固定收益投资"资产 荒"格局。 两券商债券更名科创债发行 近日，西部证券发布关于面向专业投资者公开发行公司债券更名公告。 具体而言，该公司于2024年1月获得证监会同意面向专业投资者发行面值不超过（含）180亿元的公司债券的注 册。 西部证券表示，因涉及跨年及分期发行，本期债券名称调整为西部证券股份有限公司2025年面向专业投 资者公开发行科技创新公司债券（第一期），后期将根据需要，相关债券后续名称也将依次为科技创新公司债 （第二期）、（第三期）等。 与此同时，券商中国记者注意到，西部证券和广发证券两家券商 ...

2025年1-5月，共有21家律师事务所为这43家新上市公司IPO提供了法律服务。 2025年1-5月，共有24家保荐机构承担了这43家新上市公司的IPO上市业务。 国泰海通、华泰联合、中信证券并列第一，业务单数各5单。（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 一、保荐机构业绩排名 随着5月29日古麒绒材（001390）在深主板上市，2025年1-5月A股合计新上市公司43家，其中沪市主板9家、科创板6家、深市主板6家、创业板18家、北交所4家。 相较去年同期的38家，同比增长13.16%。这43家新上市公司募资净额为249.39亿元，相较去年同期的244.18亿元，同比增长2.13%。 | 6 | 天风证券 | 2 | | --- | --- | --- | | 8 | 华安证券 | l | | 8 | 东方证券 | 1 | | 8 | 光大证券 | 1 | | 8 | 广发证券 | 1 | | 8 | 国金证券 | 1 | | 8 | 国投证券 | 1 | | 8 | 国信证券 三三 | FOR IT | | 8 | | 国元证券TONWOOD TREF | | 8 | 民生 ...

证券代码：524282 证券简称：25 广 KC1 广发证券股份有限公司 2025 年面向专业投资者公开发行科技创新次级债券 （本页无正文，为《广发证券股份有限公司 2025 年面向专业投资者公开发行科 技创新次级债券（第一期）发行结果公告》之签章页） 发行人：广发证券股份有限公司 年 月 日 （本页无正文，为《广发证券股份有限公司 2025 年面向专业投资者公开发行科 技创新次级债券（第一期）发行结果公告》之签章页） （第一期） 发行结果公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 广发证券股份有限公司（以下简称"发行人"）公开发行不超过人民币 200 亿元（含）次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1258 号文注册。根据《广发证券股份有限公司 2025 年面向专业投资者公开发行科技 创新次级债券（第一期）发行公告》，广发证券股份有限公司 2025 年面向专业投 资者公开发行科技创新次级债券（第一期）（以下简称"本期债券"）发行规模为 不超过 10 亿元（含），发行价格为每张 100 元，采取网下面向专业机构投资者询 价配售的方 ...

Group 1: Business Strategy and Development - The company focuses on integrating into national development, serving the real economy, and maintaining high-quality development, with core tasks including enhancing competitiveness and resource allocation efficiency [2] - Key strategies include deepening business transformation, optimizing business structure, and accelerating digital transformation to improve operational efficiency [2] - The company has consistently ranked among the top Chinese securities firms in key operational indicators, with leading positions in research, asset management, and wealth management [2] Group 2: Wealth Management Business - The company emphasizes high-quality customer segments and efficient online operations in its wealth management business, combining online and offline strategies for customer service [3] - Continuous reforms in wealth management are aimed at enhancing organizational capabilities, resource allocation, and talent support for high-quality development [3] - The company is committed to compliance and aligning with investor interests through a buyer-oriented advisory model [3] Group 3: Investment Banking Business - The company adheres to national strategies and regulatory requirements, prioritizing financial services for the real economy [4] - Focus on resource accumulation, client development, and professional capability building in key sectors, particularly in the Greater Bay Area [4] - Emphasis on customer-centric approaches and integrated domestic and international operations to enhance comprehensive financial service capabilities [4] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, leveraging resources to create a diverse product supply system [5] - The company aims to enhance active management capabilities and product innovation, resulting in growth in asset management scale [5] - As of March 2025, the company ranks third and first in public fund management scale (excluding money market funds) for its subsidiaries, Guangfa Fund and E Fund, respectively [5]

【导读】券商全面备战首批浮费基金，端午节后进入集中销售期 中国基金报记者 莫琳 曹雯璟 随着首批16只新型浮动费率基金先后发行，作为基金代销的核心渠道之一，多家券商近日火力全开，纷纷通过视频、图文等多种形式开展相关投教工作。 多家券商的相关业务负责人告诉记者，产品筛选能力是券商代销竞争力的核心，因此在正式开始投教工作之前，公司投研团队从管理人长期业绩、费率模 型合理性等多个维度，确定重点销售清单，为投资者提供更具竞争力的配置选择。其中，作为"券商严选"中的重头戏，券结基金成为各家券商的发力重 点。 "券结基金"率先发力 节后进入集中销售期 近年来，"券结模式"大爆发。Wind数据显示，截至5月28日，共有超过1500只基金采取了券商交易结算，基金规模也较2017年试点时增长超过10倍。 记者从多家券商营业部了解到，目前各家券商代销的浮动费率基金还处于前期投教阶段，集中销售期放在了端午节之后。近几日，多家券商营业部正在组 织内部员工集中培训，为节后的销售做准备。 投教先行 多家券商"火力全开" 记者了解到，券商正积极开展浮动费率基金产品发行准备工作，其中，投教成为"重头戏"。 中国银河证券产品中心权益产品部相关 ...