Core Viewpoint - Six securities firms reported strong growth in both revenue and net profit for Q1 2025, indicating a robust performance in the industry [2][4][7]. Group 1: Financial Performance - CICC achieved revenue of 5.721 billion yuan, a year-on-year increase of 47.69%, and a net profit of 2.042 billion yuan, up 64.85% [3][4]. - China Merchants Securities reported revenue of 4.713 billion yuan, a 9.64% increase, and a net profit of 2.308 billion yuan, up 6.97% [3][5]. - Changjiang Securities saw significant growth with revenue of 2.514 billion yuan, an 88.81% increase, and a net profit of 980 million yuan, up 143.76% [3][5]. - Guoyuan Securities reported revenue of 1.519 billion yuan, a 38.37% increase, and a net profit of 641 million yuan, up 38.40% [3][6]. - Huazhong Securities achieved revenue of 1.431 billion yuan, a 72.02% increase, and a net profit of 525 million yuan, up 87.79% [3][5]. - Great Wall Securities reported revenue of 1.277 billion yuan, a 41.02% increase, and a net profit of 605 million yuan, up 71.56% [3][5]. Group 2: Industry Trends - The growth in performance is attributed to increased brokerage and investment banking activities, supported by a rise in new A-share accounts [7][9]. - In March 2025, new A-share accounts reached 3.0655 million, a 26.67% increase compared to March 2024 [7]. - The total number of new accounts for Q1 2025 was 7.4714 million, a 31.74% increase year-on-year [7][8]. - Analysts believe that the capital market's recovery since September 2024 has led to increased trading activity, contributing to the strong performance of securities firms [9].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Insights - The company achieved a revenue of 5.721 billion RMB in Q1 2025, representing a year-over-year increase of 47.69% but a quarter-over-quarter decrease of 27.44%. The net profit attributable to the parent company was 2.042 billion RMB, up 64.85% year-over-year and down 28.00% quarter-over-quarter, falling within the expected range of 1.858 to 2.106 billion RMB [1][2]. - The strong growth in Q1 is primarily driven by excellent investment performance and growth in brokerage services. The company has a well-established wealth management ecosystem and significant advantages in international business [1][2]. - The investment business generated 3.396 billion RMB in revenue, accounting for 59% of total revenue, with a year-over-year increase of 83%, marking it as the core driver of the high growth in performance [2][3]. Summary by Sections Financial Performance - As of the end of Q1 2025, the company's total assets were 673.2 billion RMB, a slight decrease of 0.22% from the beginning of the year. The leverage ratio was 4.83x, down 0.15x from the start of the year [2]. - The financial investment scale reached 380.254 billion RMB, up 2.29% year-to-date, with trading financial assets at 285.434 billion RMB, also up 2.31% [2]. Brokerage and Asset Management - The net income from brokerage services was 1.298 billion RMB, reflecting a year-over-year increase of 56.27%. The company is transitioning towards a "buy-side advisory" business model, launching various product systems [3]. - The net income from asset management was 308 million RMB, up 15.25% year-over-year [3]. Investment Banking - Investment banking revenue faced pressure, with net income of 403 million RMB in Q1 2025, down 10.5% year-over-year. The underwriting scale for equity business was 4.7 billion RMB, down 44% year-over-year, while bond underwriting increased by 36% to 298.4 billion RMB [4]. Earnings Forecast and Valuation - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.55, and 1.70 RMB, respectively, reflecting a downward adjustment of 1%, 4%, and 5% [5]. - The target price for A/H shares is set at 42.59 RMB and 18.88 HKD, with a price-to-book (PB) valuation premium of 1.70 and 0.70 times, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [8][9]. Core Insights - The company reported Q1 2025 revenue of 5.721 billion RMB, a year-over-year increase of 47.69% but a quarter-over-quarter decrease of 27.44%. The net profit attributable to shareholders was 2.042 billion RMB, up 64.85% year-over-year and down 28.00% quarter-over-quarter, falling within the expected range of 1.858 to 2.106 billion RMB [1]. - The strong growth in Q1 was primarily driven by excellent investment performance and growth in brokerage services. The company has a well-established wealth management ecosystem and significant advantages in international business [1]. - As of the end of Q1 2025, total assets were 673.2 billion RMB, a slight decrease of 0.22% from the beginning of the year. The financial investment scale increased by 2.29% to 380.254 billion RMB, with investment income rising by 83% year-over-year, accounting for 59% of total revenue [2]. - Brokerage net income for Q1 2025 was 1.298 billion RMB, a year-over-year increase of 56.27%. The company is transitioning to a "buy-side advisory" business model, launching various product systems [3]. - Investment banking revenue faced pressure, with net income of 403 million RMB, down 10.5% year-over-year. The underwriting scale for equity business decreased by 44% year-over-year, while bond underwriting increased by 36% [4]. Financial Forecast and Valuation - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.55, and 1.70 RMB, respectively, reflecting a downward revision of 1%, 4%, and 5% [5]. - The report assigns a price-to-book (PB) valuation premium of 1.70 for A shares and 0.70 for H shares, with target prices set at 42.59 RMB and 18.88 HKD, respectively [5].

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 5.72 billion yuan, a year-on-year growth of 47.69%, and net profit of 2.04 billion yuan, up 64.85% [1][3]. Financial Performance - Revenue growth was primarily driven by increased net gains from financial instrument investments and higher commission income [1]. - The net cash flow from operating activities decreased by 31.38% to 8.79 billion yuan [3]. - Basic earnings per share rose to 0.38 yuan from 0.22 yuan in the same period last year, marking a 71.55% increase [3]. - Total assets slightly decreased by 0.22% to approximately 673.2 billion yuan compared to the beginning of the year [3]. Revenue Breakdown - The company achieved a net commission income of 2.57 billion yuan, reflecting a 23% increase year-on-year [5]. - Brokerage business showed strong performance, with net commission income rising over 56% to 1.30 billion yuan [5]. - Asset management fees increased by 15.22% to 308 million yuan, while investment banking fees declined by 10% [5]. Investment Gains - Investment income and fair value changes amounted to 3.41 billion yuan, an increase of 84.44% compared to the previous year [8]. - The company reported a narrowing loss in net interest income to 514 million yuan from 594 million yuan year-on-year [6]. Currency and Other Income - Foreign exchange gains decreased significantly by 56.56% due to fluctuations in currency rates affecting hedging activities [7]. - Gains from asset disposals increased by 276.65%, indicating improved performance in asset management [8]. Employee Compensation - Total employee compensation expenses slightly decreased by 1.26% to 4.94 billion yuan [10]. - Business and management expenses rose by 37% to 3.28 billion yuan, attributed to increased operational performance [12]. Shareholder Structure - Central Huijin Investment Co., Ltd. remains the largest shareholder with a 40.11% stake, while Hong Kong Central Clearing (Agent) Co., Ltd. holds nearly 40% [12]. - The number of A-share shareholders decreased by 9.72% to 139,215 households as of March 31, 2025 [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported Q1 2025 earnings that approached the upper limit of its forecast, with revenue of 5.72 billion yuan, a year-on-year increase of 47.7%, and a net profit of 2.04 billion yuan, up 64.9% year-on-year [4] - The company is recognized for its advantages in overseas investment banking, with a strong performance in the Hong Kong IPO market [6] - The report highlights an increase in management efficiency, leading to an upward revision of profit forecasts for 2025-2027 [6] Financial Data and Earnings Forecast - Q1 2025 revenue is reported at 5.72 billion yuan, with a year-on-year growth rate of 47.69% [5] - The estimated net profit for 2025 is projected to be 8.16 billion yuan, reflecting a year-on-year growth of 43.3% [5] - The company's return on equity (ROE) for Q1 2025 is 1.98%, an increase of 0.77 percentage points year-on-year [4] Business Performance - The brokerage segment generated revenue of 1.3 billion yuan in Q1 2025, a year-on-year increase of 56% [6] - The company’s market share in IPO underwriting in the Hong Kong market increased significantly, ranking first with an underwriting scale of 1.39 billion yuan, up 207% year-on-year [6] - The company’s self-owned assets slightly decreased, but the investment growth foundation remains strong due to a low base in Q1 2024 [6]

证券研究报告 | 公司点评报告 2025 年 04 月 28 日 （1）市场活跃、经纪显著向好。25Q1 经纪收入 13.0 亿，同比+56%，环比 -24%。考虑到日均股基成交额 17465 亿，同比+71%，环比-16%，预计佣金 政策性调降和 Q1 量化交易活跃影响、业务综合费率持续下滑。 （2）投行持续磨底，基数影响环比表现，业务市占率稳定。25Q1 投行收入 4.0 亿，同比-10%，环比-61%。按发行日计，25Q1 A 股 IPO 募集金额 11.6 亿，同比-2%，市占率 7.0%，同比+1.7 pct，行业排名维持第六；再融资金 额 33.8 亿，同比-53%，环比-11%，市占率 3.6%，同比-9.3 pct，环比+0.6 pct， 行业排名下滑至第七；债券承销金额 2989 亿，同比+36%，环比-14%，市占 率 9.2%，同比+1.3 pct，环比+0.5 pct，行业排名维持第五。港股方面，25Q1 承销金额 41.2 亿港元，低基数同比高增+807%，环比-39%，市占率 7.0%， 同比-0.3pct，环比-5.7pct，行业排名维持第五。此外，公司项目储备充足，3 月末进行 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q1 2025, the company achieved a revenue of 5.72 billion yuan, a year-on-year increase of 47.7%, and a net profit of 2.04 billion yuan, up 64.9% year-on-year, with an EPS of 0.38 yuan [7] - The brokerage income saw a significant increase of 56.3% year-on-year, contributing to 22.7% of total revenue, driven by a 70.3% increase in average daily trading volume [7] - The investment income, including fair value gains, reached 3.4 billion yuan, reflecting an 83.3% year-on-year growth, indicating strong performance in proprietary and derivative trading [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 35.446 billion yuan, with a decline of 5.22% year-on-year, while net profit is expected to be 6.156 billion yuan, down 18.97% year-on-year [1] - For 2025, net profit is forecasted to be 6.621 billion yuan, representing a growth of 16.28% [1] Business Segments - Brokerage business revenue increased significantly, while underwriting revenue decreased by 10.5% year-on-year [7] - Asset management revenue grew by 15.2% year-on-year, indicating a stable expansion in this segment [7] - Proprietary trading and derivatives business showed a robust increase, with investment income rising by 83.3% year-on-year [7] Market Position - The company maintains a leading position in the asset management industry, with a total asset management scale of 552 billion yuan, despite a slight year-on-year decline [7] - The company continues to strengthen its competitive barriers in investment banking and wealth management, benefiting from a recovering market environment [7]

Mergers and Acquisitions - Fushun Special Steel plans to absorb and merge its wholly-owned subsidiary Fushun Xinxing Steel Plate Co., Ltd, aiming to optimize management structure, reduce management costs, and improve operational efficiency [1] - Shenghang Co., Ltd. has completed the acquisition of 25.2762% of Shenghang Haoyuan's shares, now holding a total of 78.3316% of the company [2] - Yuanshang Co., Ltd. has completed the industrial and commercial change registration for the acquisition of 60% of Wuhan Hechuan You's shares [3] Earnings Disclosure - Sinopec reported Q1 2025 revenue of 735.36 billion yuan, a decrease of 6.9% year-on-year, with a net profit of 13.26 billion yuan, down 27.6% [4] - Yunnan Baiyao achieved Q1 2025 revenue of 10.841 billion yuan, a year-on-year increase of 0.62%, with a net profit of 1.935 billion yuan, up 13.67% [5] - Haitian Flavor Industry reported Q1 2025 revenue of 8.315 billion yuan, an increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% [6] - CICC reported Q1 2025 revenue of 5.721 billion yuan, a significant increase of 47.69%, with a net profit of 2.042 billion yuan, up 64.85% [7] Share Buybacks - China Nuclear Power plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum price of 13.98 yuan per share [8] - Yituo Co., Ltd. intends to repurchase up to 10% of its issued H shares, using self-owned and raised funds [9] - Xingguang Co., Ltd.'s actual controller plans to increase shareholding by no less than 10 million yuan and no more than 20 million yuan within three months starting from April 29, 2025 [10] - Haiou Co., Ltd. plans to repurchase shares worth between 60 million and 120 million yuan, with a maximum price of 17 yuan per share [11] Risk Matters - Lifang Shuke received a notice from the CSRC regarding an investigation into suspected information disclosure violations [12] - Boda Co., Ltd. will implement a delisting risk warning starting April 30 due to negative net profit and revenue below 300 million yuan [13] - Sitong Co., Ltd. will also face a delisting risk warning starting April 30 for similar financial issues [14] - Yuanshang Co., Ltd. will implement a delisting risk warning starting April 30 due to negative financial results [15]

（一）《关于 2025 年度经营计划的议案》 表决结果：7 票赞成，0 票反对，0 票弃权。 （二）《关于<2025 年第一季度报告>的议案》 表决结果：7 票赞成，0 票反对，0 票弃权。 证券代码：601995 证券简称：中金公司 公告编号：临 2025-013 中国国际金融股份有限公司 第三届董事会第七次会议决议公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）于 2025 年 4 月 14 日以书面方式发出第三届董事会第七次会议（以下简称"本次会议"） 通知，并于 2025 年 4 月 28 日通过现场结合电话的形式召开本次会议。本次会议 应出席董事 7 名，亲自出席董事 7 名，由董事长陈亮先生主持，公司监事和高级 管理人员列席。本次会议的召集、召开及表决程序符合有关法律法规和《中国国 际金融股份有限公司章程》的规定。 二、董事会会议审议情况 该议案提交董事会审议前已经董事会审计委员会审议通过。 《中金公司 202 ...