Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

港股部分中资券商股走强，国联民生(01456.HK)盘中一度涨超30%，现涨超20%，兴证国际(06058.HK) 涨超7%。 ...

Summary of Key Points Core Viewpoint - As of July 11, a total of 167 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the stock price increases [1]. Group 1: Top Performing Stocks - The top three stocks with the highest increase rates are: - Mistrategy Equity (02902) with a high rate of 67.86% and a closing price of 1.600 [1] - Kexuan Power Holdings (00476) with a high rate of 58.73% and a closing price of 1.000 [1] - Xingzheng International (06058) with a high rate of 36.00% and a closing price of 0.590 [1] Group 2: Notable Stock Performance - Other notable stocks include: - China National Cultural Industry (00745) with a high rate of 34.62% [1] - Aluminum Corporation of China International (02068) with a high rate of 28.21% [1] - Shandong Xinhua Pharmaceutical (00719) with a high rate of 13.20% [1] Group 3: Additional Stocks with Significant Increases - Additional stocks with significant increases include: - Yuyuan Agriculture (09858) with a high rate of 12.62% [1] - WuXi AppTec (02359) with a high rate of 11.70% [1] - Kailai Ying (06821) with a high rate of 10.90% [1] Group 4: 52-Week Low Rankings - The 52-week low rankings show: - XI II Nan CO (07311) with a low rate of -12.60% [5] - XI II Nan Strategy (07399) with a low rate of -11.18% [5] - Ying Tai Medical (01501) with a low rate of -10.67% [5]

Core Viewpoint - The A-share market has entered a bullish phase, driven by various positive factors including policy changes and economic stabilization, with significant movements in major indices and stocks [1][4]. Group 1: Market Performance - A-shares experienced a significant rally, with the CSI 300 index rising by 1% and the Shanghai Composite Index increasing by 0.92%, indicating a strong market volume [1]. - The A50 index saw a sharp increase, particularly after 9:50 AM, suggesting a bullish technical indicator [1]. - Major blue-chip stocks showed resilience, with only three out of the top 33 stocks declining [2]. Group 2: Sector Analysis - Bank stocks, including Industrial and Commercial Bank of China and Agricultural Bank of China, reached historical highs, reflecting strong expectations for stability in their fundamentals [2]. - The brokerage sector also saw significant gains, with multiple stocks hitting their daily limits, indicating robust investor interest [2]. Group 3: External Influences - The A-share market's surge occurred despite a downturn in global stock index futures, highlighting its relative strength [3]. - External factors such as potential tariffs announced by Trump and geopolitical tensions have not adversely affected the A-share market, which has shown increased buying activity in large-cap stocks [3]. Group 4: Economic Outlook - The current bullish trend is attributed to increasing certainty in the market, driven by policies aimed at reducing internal competition and stabilizing the economy [4]. - Analysts suggest that the upcoming significant events and a favorable trade environment between China and the U.S. provide a clear window for bullish market activity [4]. Group 5: Global Market Sentiment - Goldman Sachs has raised its outlook for Asian equities, citing a more favorable macroeconomic environment and increased certainty regarding tariffs [5]. - The MSCI Asia Pacific (excluding Japan) index target was increased by 3%, indicating a projected 9% return in USD terms over the next 12 months [5].

Group 1 - Chinese brokerage stocks in the Hong Kong market have shown strong performance, with notable increases in share prices [1] - Zhongzhou Securities (01375.HK) has surged by 64.65%, indicating significant investor interest [1] - Other brokerage firms also experienced substantial gains, including Guolian Minsheng (01456.HK) up by 25.81%, Xingsheng International (06058.HK) up by 17.89%, and Hongye Futures (03678.HK) up by 15.15% [1]

Core Insights - Chinese securities firms have made significant progress in Hong Kong's capital market by being selected as the first distributors for the Integrated Fund Platform (IFP) launched by the Hong Kong Stock Exchange (HKEX) [1][2] - The IFP aims to enhance the efficiency of the fund distribution ecosystem by integrating order processing for subscriptions and redemptions, thereby improving communication between fund distributors and registered agents [1][2] Industry Developments - The HKEX announced the launch of order transmission services on the IFP, which will streamline the processing of fund orders and enhance collaboration among participants in the fund distribution ecosystem [1][2] - The first batch of distributors includes 12 Chinese securities firms, which are expected to leverage their technological and asset allocation advantages to strengthen their roles in connecting mainland China and Hong Kong's capital markets [2] Company Strategies - Selected Chinese securities firms plan to enhance their service offerings and expand their wealth management business by providing a wider range of fund products and improving the transparency of investment information [1][3] - Companies like CITIC Securities and China Galaxy International are focusing on optimizing their service platforms and integrating digital order transmission to improve efficiency in fund subscription and redemption processes [3][4] - Guangfa Securities (Hong Kong) aims to leverage Hong Kong's position as an international asset and wealth management center by continuously innovating its wealth management services [4]

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

在港股市场春潮涌动的2024年，券商板块以"牛市旗手"的姿态再度成为市场焦点，市场热度与投资者关注度持续攀 升。 年报季的来临为投资者提供了关键验证窗口。已披露业绩的港股国际化券商中，业绩分化显著：部分机构展现韧性， 而部分券商出现负增长。其中，兴证国际交出一份远超同业水平的答卷。 一、年内溢利接近翻倍，远超行业平均水平 兴证国际2024年业绩表现亮眼，多项核心财务指标实现跨越式增长。公司全年总收入达8.81亿港元，较2023年的5.4亿 港元大幅增长62.16%；税前溢利从7316万港元跃升至1.34亿港元，同比增长83.55%；年内溢利更是从5456万港元翻倍 至1.08亿港元，同比增幅高达98.11%，展现出强劲的盈利能力。 | | 2023 年 | 2024 年 | 同比增速 | | --- | --- | --- | --- | | 营业收入 | 5.4亿港元 | 8.81 亿港元 | 62.16% | | 税前利润 | 7316万港元 | 1.34 亿港元 | 83.55% | | 归母净利润 | 5456 万港元 | 1.08 亿港元 | 98.11% | 这一业绩表现同一赛道的竞争对手。根据公 ...

Core Viewpoint - The capital market has seen a significant increase in activity since late September 2023, positively impacting brokerage firms' performance and leading to strong financial results for companies like Xingsheng International [1][2]. Group 1: Financial Performance - Xingsheng International reported a revenue of HKD 881 million for the fiscal year 2024, a year-on-year increase of 62.16%, and a net profit of HKD 108 million, up 98.11% [1]. - The company's wealth management service revenue reached HKD 196 million, a growth of 38.01%, while corporate financing services surged by 219.84% to HKD 131 million [2][5]. - Financial products and investment business revenue amounted to HKD 543 million, reflecting a 56.87% increase [2]. Group 2: Market Trends - The A-share and Hong Kong stock markets have rebounded significantly, with the Hong Kong market seeing new stock listings raising over HKD 80 billion and the Hang Seng Index rising approximately 17.7% [2]. - The bond market also experienced growth, with G3 currency bond issuance in Asia (excluding Japan) increasing by 38.41% year-on-year to USD 175.5 billion [2]. Group 3: Strategic Developments - Xingsheng International obtained the "Cross-Border Wealth Management Connect" pilot qualification, allowing it to provide cross-border investment services to investors in the Greater Bay Area [3][4]. - The company is transitioning its wealth management business from traditional commission-based income to a diversified revenue model that includes products, transactions, and services [4][6]. Group 4: Competitive Positioning - The corporate financing service has become a significant growth driver, with bond underwriting projects increasing by 137% year-on-year, totaling 225 projects and USD 21.33 billion in underwriting scale [5]. - Xingsheng International is focusing on a platform-based and ecological growth strategy, enhancing its competitiveness in the market by integrating its investment banking and wealth management services [5][6]. Group 5: Future Outlook - The ongoing policy support and market recovery are expected to continue benefiting brokerage firms, with Xingsheng International positioned to leverage its strengths in wealth management and institutional services [7][9]. - The company's strong performance and growth potential in both the brokerage and wealth management sectors are likely to enhance its market confidence and valuation [9].

Financial Performance - The company achieved a revenue of HKD 881.08 million for the year ended December 31, 2024, representing a 62.2% increase compared to HKD 543.35 million in 2023[18]. - Net profit for the year reached HKD 108.09 million, a significant increase of 98.1% from HKD 54.56 million in the previous year[18]. - Basic earnings per share increased by 69.1% to HKD 0.0231, compared to HKD 0.0136 in the previous year[8]. - The company maintained a net profit margin of 12.3%, up from 10.0% in 2023, indicating improved profitability[12]. - The return on equity (ROE) improved to 3.3% from 1.8% in the previous year, reflecting better utilization of equity[12]. - The group achieved a revenue of HKD 881.08 million for the year ended December 31, 2024, representing a year-on-year growth of 62.16% compared to HKD 543.35 million in 2023[26]. - The net profit after tax for the group was HKD 108.09 million, a significant increase of 98.11% from HKD 54.56 million in 2023[26]. - Wealth management services revenue grew by 38.01% to HKD 195.03 million, driven by a shift towards diversified income models[32]. - The group’s financial performance in 2024 demonstrated a steady increase, with shareholder returns also improving significantly[22]. Revenue Sources - Commission and fee income from brokerage services rose by 43.1% to HKD 158.86 million, while corporate finance service income surged by 219.8% to HKD 130.59 million[8]. - The group's corporate finance business revenue reached HKD 130.59 million, a year-on-year increase of 219.84% from HKD 40.83 million in 2023, driven by significant growth in bond underwriting[33]. - Financial products and investment revenue increased by 56.87% to HKD 543.05 million from HKD 346.18 million in 2023, with a focus on low-risk fixed-income bond investments[36]. Asset and Liability Management - The company's total assets decreased by 4.9% to HKD 15.73 billion from HKD 16.55 billion in 2023[12]. - Total assets decreased by 4.95% to HKD 15,732.77 million from HKD 16,552.02 million in 2023, while total liabilities decreased by 7.49% to HKD 11,496.69 million[37]. - The group’s net cash inflow was HKD 69.14 million, a significant improvement from a cash outflow of HKD 811.80 million in 2023[38]. Risk Management - The company has established a comprehensive risk management framework involving the board of directors, management, risk management committee, and various departments to ensure effective risk oversight and control[48]. - The company implements a three-line defense model for risk management, with self-control at the departmental level as the first line, professional risk management by the risk management department as the second line, and post-event supervision by the audit department as the third line[49]. - The company maintains a neutral to conservative risk appetite as determined by the board, focusing on prudent operations and long-term development while managing various risks including liquidity, market, credit, operational, and reputational risks[49]. - The company closely monitors credit risk exposure and conducts regular stress tests to mitigate potential losses from clients' non-fulfillment of obligations[51]. - The company has established liquidity risk management processes to ensure timely access to sufficient funds to meet obligations and maintain compliance with applicable regulations[52]. - The company has set market risk limits and regularly reviews market strategies to adapt to changes in operational performance and market conditions[54]. - The company has implemented a robust operational risk management framework to reduce the frequency and impact of operational risk events[55]. - The company has developed business continuity management mechanisms, including emergency plans and regular drills to enhance its ability to respond to unexpected events[56]. Corporate Governance - The company has a complete corporate governance structure to proactively manage and mitigate reputation risks[59]. - The board of directors is collectively responsible for the long-term success of the company and oversees strategic decisions[142]. - The company has complied with the corporate governance code, with one exception regarding the attendance of independent non-executive directors at the special general meeting[141]. - The company has established a governance framework to monitor compliance with legal and regulatory requirements[151]. - The company has adopted a board diversity policy, aiming for a balanced representation of gender, age, cultural background, and professional experience[150]. - The company has a code of conduct for securities trading, ensuring compliance with standard regulations by all directors[157]. Shareholder Engagement - The board recognizes the importance of effective communication with shareholders and strives to provide accurate and comprehensive information[184]. - The company’s website serves as a communication platform for the public and shareholders to access business developments and financial performance[184]. - Shareholder meetings provide a platform for dialogue between shareholders and the board, with independent resolutions presented for voting[190]. Environmental, Social, and Governance (ESG) Initiatives - The group issued 42 green bonds, raising over HKD 80 billion, showcasing its commitment to green finance[29]. - The group received a BBB rating in ESG from Wind and improved its climate change rating to "B" from the CDP, indicating significant progress in its ESG initiatives[29]. - The company emphasizes environmental policies, including energy conservation and participation in carbon reduction programs[134]. Board Composition and Changes - The new non-executive director, Mr. Xiong, has over 24 years of experience in the financial services industry and has been appointed as the chairman of the board[60]. - The new executive director, Ms. Zhang, has over 16 years of experience in the financial services industry and has held various senior positions within the group[63]. - The independent non-executive director, Ms. Hong, has over 46 years of experience in the accounting industry and holds several prestigious positions in various organizations[67]. - The company has undergone changes in its board of directors, with significant appointments and resignations noted[87]. Financial Obligations and Agreements - The company entered into a non-committed short-term loan agreement with a bank for a maximum amount of HKD 900,000,000, with a guarantee provided by the company[106]. - A revolving loan agreement was established for a maximum amount of USD 25,000,000, with a requirement to maintain at least 51% equity ownership[107]. - The company secured a non-committed revolving loan of HKD 300,000,000, with the same equity ownership requirement[108]. - A new financing agreement was established for a maximum of RMB 50,000,000, requiring the maintenance of ultimate holding company status[110]. Compliance and Legal Risks - The compliance department has implemented a three-line defense structure to monitor compliance operations and ensure adherence to regulatory requirements[58]. - The compliance department conducts regular training for employees to enhance compliance awareness and provide guidance on regulatory developments[58]. - The group has engaged five long-term legal advisors to ensure timely prevention and handling of legal risks[58]. Dividend Policy - The board proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2024, compared to no dividend in 2023[46]. - The company has adopted a dividend policy aiming for a total annual dividend of no less than 40% of the net profit attributable to shareholders[186]. - The board will review the dividend policy periodically based on factors such as operational and capital requirements, legal restrictions, and overall economic conditions[187].