Investment Rating - The report maintains a "Buy" rating for Guotai Junan Securities [4] Core Views - Guotai Junan reported a strong performance in Q1 2025, with revenue of 11.77 billion yuan, a year-on-year increase of 47.5%, and a net profit of 12.24 billion yuan, up 391.8% year-on-year [4] - The company is positioned to become a leading international investment bank, driven by the merger with Haitong Securities and the resulting business scale advantages [4][6] - The report anticipates a long-term improvement in ROE due to resource synergies from the merger, despite a short-term decrease in operating leverage [6] Financial Data and Earnings Forecast - For 2025, the expected revenue is 48.48 billion yuan, with a year-on-year growth rate of 11.70% [5] - The forecasted net profit for 2025 is 21.28 billion yuan, representing a year-on-year increase of 63% [5] - The report projects a decrease in net profit for 2026 to 17.81 billion yuan, followed by a recovery to 22.95 billion yuan in 2027 [5][7] Business Performance - All business lines showed year-on-year growth in Q1 2025, with brokerage revenue increasing by 77% and investment banking revenue by 10% [6] - Guotai Junan's market share in IPO underwriting reached 15.4%, significantly higher than its closest competitor [6] - The company achieved a significant increase in client funds in its brokerage business, with a year-on-year growth of 71% in average daily trading volume [6]

主力合约前20席位中，多头增仓前三名分别是：华泰期货、持仓4253、增仓218，永安期货、持仓2916、增仓203，东证期货、持 仓6604、增仓187；多头减仓前三名分别是：国泰君安、持仓19176、减仓-2929，光大期货、持仓2270、减仓-507，海通期货、持 仓5051、减仓-363； 新浪期货 根据交易所数据，截至4月30日收盘主力合约中证1000指数期货2506,涨跌+0.56%,成交量10.88万手，持仓数据显示前20 席位呈现净空，差额头寸为17179手。 中证1000指数期货期货全合约总计成交17.24万手，比上一日减少6398手。全合约前20席位多头持仓21.41万手，比上一日减少4923 手。全合约前20席位空头持仓24.29万手，比上一日减少4413手。 根据合并数据显示，多头前三席位为中信期货，总持仓41107、国泰君安，总持仓40749、国投期货，总持仓13740；空头前三席位 为中信期货，总持仓59286、国泰君安，总持仓39493、海通期货，总持仓16357； | | | | | 2025年4月30日中证1000指数期货全合约持仓数据一览 | | | | | | | --- ...

Financial Performance - In Q1 2025, the company reported revenue of 0.80 billion yuan, a decrease of 72.59% year-on-year [1][2] - The net profit attributable to shareholders was -0.56 billion yuan, compared to -1.04 billion yuan in the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -0.60 billion yuan, unchanged from the previous year [1][2] - The net cash flow from operating activities was -1.18 billion yuan, slightly worse than -1.12 billion yuan in the same period last year [1][4] Annual Report Insights - For the year 2024, the company achieved revenue of 9.49 billion yuan, a slight decline of 0.60% year-on-year [4][5] - The net profit attributable to shareholders for 2024 was -7.27 billion yuan, compared to -2.48 billion yuan in 2023 [4][5] - The net cash flow from operating activities for 2024 was -5.06 billion yuan, a significant drop from 1.48 billion yuan in 2023 [4][6] Audit and Compliance Issues - The company received a negative audit opinion from Tianjian Accounting Firm regarding its 2024 financial report, leading to a risk warning for its stock [7][8] - The company acknowledged management issues, resulting in overpayments to suppliers totaling 180 million yuan, with the chairman committing to recover these funds [7] - The stock will be suspended from trading starting April 30, 2025, and will resume trading with a risk warning on May 6, 2025 [8] Stock Market Performance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 19, 2022, with an initial public offering price of 51.88 yuan per share [8] - The stock reached a peak price of 45.92 yuan on its first trading day but has since been in a downward trend, currently trading below its IPO price [8] - The total funds raised from the IPO amounted to approximately 1.74 billion yuan, exceeding the planned amount by 85.75 million yuan [8][9]

Group 1 - The core viewpoint of the article highlights that the 42 listed securities firms achieved a total operating income of 508.847 billion yuan in 2024, representing a year-on-year growth of 7.32%, and a net profit attributable to shareholders of 147.835 billion yuan, which is a 15.88% increase compared to 2023 [1][2][3] Group 2 - In 2024, the investment banking business of the listed securities firms generated a net income of 30.608 billion yuan, a decline of 27.40% from 42.158 billion yuan in 2023, indicating a widespread downturn in the industry [3][4] - Only 6 out of the 42 listed securities firms, accounting for 14.29%, reported positive growth in their investment banking revenues, while most firms experienced significant declines [3][4] - The investment banking revenue constituted a small portion of the overall income for most firms, with only a few firms like CICC, CITIC Securities, and others exceeding 10% of their total operating income from investment banking [3][4] Group 3 - Smaller regional securities firms have shown resilience in their investment banking performance despite the competitive and declining market, often focusing on niche areas or specific regions [4][5] - Notable examples include Shouchao Securities, which achieved significant growth in asset-backed securities (ABS) issuance, and First Capital Securities, which focused on IPOs in the Beijing Stock Exchange [4][5] - Firms like Caida Securities have excelled in bond issuance, ranking close to the top 20 in the industry, with a more than fourfold increase in asset securitization business [4][5] Group 4 - Listed securities firms are increasingly emphasizing their role in supporting the real economy, with firms like Nanjing Securities and First Capital Securities focusing on providing comprehensive financial services tailored to key industries [5][6] - Caida Securities has also targeted the "new quality productivity" development needs, supporting regional economic growth through various bond issuances and mergers and acquisitions [5][6]

主力合约前20席位中，空头增仓前三名分别是：华泰期货、持仓954、增仓142，申银万国、持仓652、增仓68，银河期货、持仓 1246、增仓37；空头减仓前三名分别是：东证期货、持仓1551、减仓-741，国泰君安、持仓7028、减仓-504，海通期货、持仓 1356、减仓-314。 文章来源:新浪期货 | | | | | 2025年4月28日上证50指数期货主力合约2506持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | | 会员 持买单 | 增减 | 会员 | 持卖单 | 增减 | | J | 中信期货 | 6,561 | -1.174 | 中信期货 | 5,055 | -233 | 国泰君安 | 7,028 | -504 | | 2 | 国泰君安 | 6,367 | -1,630 | 国泰君安 | 4,939 | -397 | 中信期货 | 4,411 | -208 | | 3 | 东证期货 | 3,116 | -427 | 东证期货 | ...

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（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） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

NO.1猛增392%！国泰海通首份季报出炉 4月29日晚间，国泰海通披露一季报。数据显示，2025年第一季度实现营业收入117.73亿元，同比增长 47.48%；归属于母公司所有者的净利润为122.42亿元，同比增长391.78%。扣除非经常性损益后的净利 润为32.93亿元，同比增加60.65%。根据季报，营业收入增长主要是金融工具投资收益净额、经纪业务 手续费净收入同比增加。归属于母公司所有者的净利润增长主要是吸收合并海通证券产生的负商誉带来 营业外收入增加。 点评：国泰海通一季度业绩大幅提升，金融工具投资收益和经纪业务手续费净收入显著增加，吸收合并 海通证券产生负商誉带来营业外收入增加，对公司股价形成积极支撑。券商板块或受益于市场活跃度提 升，整体市场情绪可能受到提振。 NO.2公募总规模稳住32万亿，QDII及股票型基金申购热情高涨 4月29日，中国基金业协会发布最新一期公募基金市场数据。截至今年3月底，公募基金总规模达到 32.22万亿元，连续两个月规模站稳32万亿元大关。从环比情况看，上个月公募基金规模变化较为平 稳，相比2月末，规模减少近百亿元，环比下跌0.03%，这也是自2020年10月以来， ...

Core Viewpoint - The A-share market experienced significant fluctuations in 2024, with a notable recovery in market sentiment driven by favorable policies, leading to improved overall performance for securities firms [1] Group 1: Overall Performance - In 2024, 150 securities firms reported a total operating income of 451.17 billion yuan and a net profit of 167.26 billion yuan, marking a three-year high [1] - Compared to 2021, operating income decreased by 5.12 billion yuan, and net profit decreased by 2.38 billion yuan [1] - Among the 42 listed securities firms, 28 reported year-on-year growth in operating income, accounting for 70.37% [1] Group 2: Leading Firms - CITIC Securities led the industry with an operating income of 63.79 billion yuan, followed by Guotai Junan and Huatai Securities with 43.40 billion yuan and 41.47 billion yuan, respectively [3] - Six firms, including CITIC Securities, Huatai Securities, and Guotai Junan, achieved net profits exceeding 10 billion yuan [2][7] Group 3: Performance Disparities - Some firms, such as Zhongyuan Securities and Donghai Securities, reported net profits below 2 billion yuan, highlighting significant performance disparities [2][6] - The top performers in terms of net profit growth included Huayin Securities and Hongta Securities, with increases of over 100% [10] Group 4: Investment Income - Investment income growth was a common characteristic among high-performing firms, with CITIC Securities reporting 24.04 billion yuan in investment income, a 23.95% increase [12] - Conversely, firms like Zhongtai Securities and Guolian Minsheng experienced substantial declines in investment income due to poor investment decisions [12][13] Group 5: Market Outlook - The overall operating environment for the securities industry is expected to continue improving, with analysts predicting sustained growth in 2025 [17][18] - The recent supportive policies for the capital market are anticipated to enhance investor sentiment and improve the profitability of securities firms [17][18]

【导读】国泰海通首份季报公布，一季度净利润同比增长近392% 中国基金报记者 曹雯璟 4月29日晚间，国泰海通发布公告称，一季度营业收入为117.73亿元，同比增加47.48%；净利润为122.42亿元，同比增加391.78%。 国泰海通同时发布公告，宣布公司A股限制性股票激励计划首次授予部分第三个限售期和预留授予部分第二个限售期解除限售条件成就，解除限售的限制 性股票数量合计近2780万股，占公司当前总股本的0.31%，将在5月8日上市流通。 一季度净利润同比增长392% 4月29日晚间，国泰海通披露一季报。数据显示，2025年第一季度实现营业收入117.73亿元，同比增长47.48%；归属于母公司所有者的净利润为122.42亿 元，同比增长391.78%。扣除非经常性损益后的净利润为32.93亿元，同比增加60.65%。 根据季报，营业收入增长主要是金融工具投资收益净额、经纪业务手续费净收入同比增加。归属于母公司所有者的净利润增长主要是吸收合并海通证券产 生的负商誉带来营业外收入增加。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 海外監管公告 本公告乃由國泰海通證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《北京市海問律師事務所關於國泰君 安証券股份有限公司回購註銷部分A股限制性股票及首次授予的A股限制性股票第 三個解除限售期、預留授予的A股限制性股票第二個解除限售期部分A股限制性股 票解除限售條件成就的法律意見書》，僅供參閱。 承董事會命 國泰海通證券股份有限公司 朱健 董事長 中國上海 2025年4月30日 法律意见书 二零二五年二月 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 地址：北京市朝阳区东三环中路 5 号财富金融中心 20 层（邮编 10 ...