Core Insights - The ABS market in Q1 2025 saw a significant increase in new issuances, with 462 projects totaling 397.5 billion yuan, marking a 31% year-on-year growth compared to 304.4 billion yuan in the same quarter last year [5][7][9]. Market Overview - As of March 31, 2025, the cumulative market size reached approximately 3,217.3 billion yuan, with credit ABS at 418.2 billion yuan, enterprise ABS at 1,991.9 billion yuan, ABN at 629.5 billion yuan, and public REITs at 177.7 billion yuan [3]. New Issuance Statistics - In Q1 2025, the credit ABS market had 29 new issuances totaling 22.8 billion yuan, a 40% decrease year-on-year. The largest share came from non-performing loans with 24 issuances totaling 11.2 billion yuan, followed by personal auto loans with 2 issuances totaling 7.2 billion yuan [7][9]. - The enterprise ABS sector performed strongly with 307 issuances totaling 263.7 billion yuan, reflecting a 38% increase year-on-year. The leading segment was financing lease receivables with 61 issuances totaling 65.7 billion yuan, followed by general small loan receivables with 55 issuances totaling 49.7 billion yuan [9][11]. - The ABN market also showed significant growth, with 120 issuances totaling 101 billion yuan, a substantial 59% increase year-on-year. Notably, bank/internet consumer loans accounted for 22 issuances totaling 18.5 billion yuan [11]. Underwriting Performance - In Q1 2025, Guotai Junan led the ABS underwriting rankings with 88 projects totaling 39.81 billion yuan, followed closely by CITIC Securities with 94 projects totaling 39.46 billion yuan, and Ping An Securities with 52 projects totaling 36.55 billion yuan [15][16]. Detailed Underwriting Rankings - For credit ABS, China Merchants Securities topped the rankings with 17 projects totaling 3.84 billion yuan, followed by CITIC Securities with 14 projects totaling 3.19 billion yuan [20][21]. - In the enterprise ABS segment, Ping An Securities led with 46 projects totaling 35.10 billion yuan, while Guotai Junan followed with 68 projects totaling 34.61 billion yuan [23][24]. - In the ABN market, China Merchants Securities again led with 19 projects totaling 10.23 billion yuan, followed by Jiangsu Bank with 35 projects totaling 9.15 billion yuan [25][26]. Asset Class Rankings - The top three asset classes by issuance volume were financing lease receivables, general small loan receivables, and bank/internet consumer loans, with significant underwriting contributions from various institutions [28]. - For financing lease ABS, Ping An Securities led with 15.83 billion yuan, followed by Guotai Junan and CITIC Securities [28]. - In general small loan ABS, Guotai Junan was the top underwriter with 7.76 billion yuan, while China Merchants Securities and CITIC Securities followed [30]. - For bank/internet consumer loans, China Merchants Securities led with 9.75 billion yuan, with CICC and Jiangsu Bank in second and third places [32]. Institutional Rankings - In the credit ABS market, Jianxin Trust led with 6.85 billion yuan from 7 projects, followed by Shanghai International Trust and Huaneng Guicheng Trust [38]. - In the enterprise ABS market, CITIC Trust topped the rankings with 21 billion yuan from 20 projects, followed by Shenghe Factoring and Far East Leasing [40]. - For the ABN market, Guotai Junan Trust led with 22.82 billion yuan from 26 projects, followed by Huaneng Guicheng Trust and Huaxin International Trust [48]. Public REITs Market - In the public REITs sector, Shenzhen Jiafeng Industrial Park Management led with 3.29 billion yuan, followed by Fujian Huawei Rural Commercial Group and Jinan Thermal Power Group [50][51].

Core Insights - Financial technology is becoming a significant driving force for the development of the securities industry, leading to profound changes in competition and service models as the industry accelerates into the digital age [1][4] - A total of 19 listed securities firms have disclosed their information technology investment plans for 2024, with a combined investment exceeding 17.5 billion yuan, and 14 firms reporting year-on-year growth in their IT investments [2][3] Investment Overview - As of March 31, 2024, 21 listed securities firms have released their annual reports, with 19 disclosing their IT investment, totaling 17.54 billion yuan, averaging over 170 million yuan per firm [2] - Leading firms dominate IT investments, with 8 firms investing over 1 billion yuan each, including Huatai Securities at 2.448 billion yuan and Guotai Junan at 2.2 billion yuan, showing a year-on-year increase of 1.8% [2][3] Growth Rates - The firms with the highest year-on-year growth in IT investment for 2024 are Everbright Securities (20.92%), Hongta Securities (13.76%), and Nanjing Securities (11.39%) [3] - Other firms like Shenwan Hongyuan and China Galaxy also reported growth rates of 9.17% and 7.09%, respectively [3] Technological Empowerment - The digital transformation in the securities industry is accelerating, with firms leveraging big data, AI, and blockchain technologies to innovate business models and enhance service capabilities [4] - Leading firms are adopting comprehensive strategies to enhance their technological strength, while smaller firms focus on specific business areas to reduce service costs and expand coverage [4] AI Integration - The development of AI models presents new opportunities for service enhancement, particularly for smaller firms, with many announcing the integration of AI technologies like DeepSeek to improve operational efficiency [5] - Companies like Northeast Securities and Great Wall Securities are deploying AI solutions in various business scenarios, enhancing compliance consulting and investment advisory services [5]

Core Insights - The A-share market experienced fluctuations with the CSI Securities Index dropping by 1.69% on March 31, 2023, while the leading securities ETF (560090) saw a decline of 1.68% and a premium of 0.18% during the day [3][6]. Industry Performance - As of March 28, 2023, 150 securities firms reported a total revenue of CNY 451.17 billion and a net profit of CNY 167.26 billion for the 2024 fiscal year, marking the highest revenue and profit in nearly three years [3]. - A total of 28 listed securities firms reported cumulative revenues of CNY 427.51 billion, reflecting a year-on-year increase of 6.16%, and net profits of CNY 125.56 billion, up 15.27% year-on-year [4]. Mergers and Acquisitions - Xiangcai Securities announced a merger with Dazhihui through a share swap, intending to issue A-shares to raise up to CNY 8 billion, which will increase its total share capital to 5.153 billion shares [3]. - The merger trend in the securities industry is expected to continue, driven by policies supporting mergers and acquisitions, indicating a shift towards supply-side reforms [3][6]. Financial Performance of Major Firms - Major securities firms such as CITIC Securities, Guotai Junan, and China Galaxy reported net profits exceeding CNY 10 billion, with Guotai Junan and China Galaxy returning to the "100 billion net profit club" [5]. - The performance of various firms varied, with CITIC Securities achieving a revenue of CNY 63.79 billion and a net profit of CNY 21.70 billion, while Guotai Junan reported a revenue of CNY 43.40 billion and a net profit of CNY 13.02 billion [5]. Market Outlook - The securities sector is expected to see significant recovery in 2024, driven by favorable policies, increasing proprietary income, and a low base effect from 2023 [6][7]. - The valuation of the securities sector is considered to have substantial upward potential with limited downside risk, as the current PB ratio is around 1.44, which is within a moderate range compared to the past five years [7].

| | | | 2 | 华泰联合 | 3 | | --- | --- | --- | | 2 | 中信证券 广司 | TITU 3 | | 4 | 、东兴证券TONWOOD TREE | | | 4 | 申万宏源 | 2 | | 4 | 中信建投 | 2 | | 7 | 华安证券 | 1 | | 7 | 广发证券 | 1 | | 7 | 国元证券 | 1 | | 7 | 平安证券 | 1 | | 7 | 申港证券 | 1 | | | 天风证券 | 1 | | 7 | 招商证券 | 1 | | 76 | 中金公司 | FOT 1 . | | 1 | 中国银河TONW( | on TREE | | 7 | 中泰证券 | 1 | | 7 | 中银国际 | 1 | | | 信计 | 27 | 二、律师事务所业绩排名 2025年1-3月，共有16家律师事务所为这27家新上市公司IPO提供了法律服务。 文/梧桐数据中心 随着3月28日开发科技（920029）在北交所上市，2025年1-3月A股合计新上市公司27家，其中沪市主板4家、科创板5家、深市主板3家、创业板12家、北交所3家。 相较去年同期的30家，同比下降10% ...

｜2025年3月31日 星期一｜ NO.1 国泰君安、招商证券、中国银河重回净利百亿俱乐部 近日，中国证券业协会发布券商2024年度经营数据，证券公司未经审计财务报表显示，150家证券公司 2024年度实现营业收入4511.69亿元，实现净利润1672.57亿元。在22家已披露2024年成绩单的上市券商 中，有17家归母净利润同比增长，占比接近八成。值得关注的是，中信证券、华泰证券、国泰君安、招 商证券和中国银河五家头部券商归母净利润超过百亿元，其中国泰君安、招商证券和中国银河等三家券 商2024年重新回到"净利百亿俱乐部"。此外，广发证券和东方财富归母净利润也均超95亿元，接近百亿 元。 NO.2 中央汇金持有ETF总市值突破万亿元 多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。Wind数据显示，截至2024年末，中 央汇金投资有限责任公司持有ETF的数量为21只，与2024年6月末保持一致；中央汇金投资有限责任公 司全资子公司中央汇金资产管理有限责任公司持有ETF的数量由2024年6月末的9只增至2024年末的15 只。以持有ETF总市值计算，截至2024年末，中央汇金投资有限责任公司 ...

Fundraising Overview - The company raised a total of RMB 3,089,043,000 through the issuance of convertible bonds, with a net amount of RMB 3,057,386,562 after deducting issuance costs [1][2] - As of December 31, 2023, the company had unutilized funds from its initial public offering (IPO) amounting to RMB 530.08 million and from the convertible bonds amounting to RMB 1.29 billion [2][3] Fund Management and Usage - The company has established a fundraising management system in compliance with regulatory requirements, including a tripartite supervision agreement with banks and the sponsor [3][4] - As of December 31, 2024, the total balance of the fundraising accounts was RMB 317.63 million, which includes interest income of RMB 37.73 million [6][9] Project Funding and Adjustments - The company has completed the funding for the "Supplementary Working Capital" project, utilizing RMB 233.93 million [4][12] - The "Chongqing Lithium Battery Cell Packaging Production Line Project" was terminated, and RMB 108.93 million was returned to the fundraising account [15][16] - The company has approved the use of surplus funds from completed projects to permanently supplement working capital [13][14] Cash Management - The company has approved the use of idle fundraising funds for cash management, allowing for investments in safe and liquid financial products, with a maximum of RMB 2 billion [10][11] - As of December 31, 2024, the balance of idle funds used for cash management was RMB 0.00 million, indicating all investments have matured and returned as expected [10][11] Regulatory Compliance - The company has adhered to the disclosure requirements set forth by regulatory bodies, ensuring timely and accurate reporting of fundraising storage and usage [16][17] - The sponsor has confirmed that the company's fundraising management practices comply with relevant regulations and accurately reflect the fundraising situation [17]

Core Viewpoint - The company has demonstrated resilience and growth in various business segments despite a challenging market environment, with significant increases in revenue and market share in key areas such as wealth management, investment banking, and asset management [5][19][30]. Group 1: Company Overview - The company is focused on providing a wide range of financial products and services to individual, institutional, and corporate clients, with major business segments including wealth management, investment banking, investment management, and trading [7][28]. - The company has appointed a new securities affairs representative effective February 21, 2025 [4]. Group 2: Financial Performance - In 2024, the company reported a total revenue distribution across its business segments: wealth management and institutional business (102.33 billion RMB), investment banking (8.58 billion RMB), investment management (9.24 billion RMB), trading (63.34 billion RMB), and other businesses (25.43 billion RMB) [7]. - The company plans to distribute a cash dividend of 3.77 RMB per 10 shares to shareholders, totaling approximately 3.28 billion RMB based on the total share count as of December 31, 2024 [3]. Group 3: Market Environment - The overall economic environment in China remained stable in 2024, with a focus on high-quality development and increased support for capital markets [5]. - The total market size of ETFs reached 3.78 trillion RMB by the end of 2024, reflecting an 85.05% year-on-year increase [5]. - A-share listed companies distributed dividends totaling 2.39 trillion RMB, marking a 7.15% increase year-on-year, the highest in history [5]. Group 4: Wealth Management and Institutional Business - The A-share market saw a significant increase in trading volume, with stock fund trading volume reaching 29.58 trillion RMB, a 22.90% increase year-on-year [8]. - The company has enhanced its wealth management services by focusing on digital transformation and improving customer experience through various initiatives [9][10]. Group 5: Investment Banking - The A-share equity financing market experienced a significant decline, with total equity financing down 72.76% year-on-year, while the Hong Kong IPO market saw a substantial increase of 89.47% [21][22]. - The company ranked 7th in A-share equity underwriting and 8th in IPO underwriting, showing resilience in a challenging market [24]. Group 6: Investment Management - The asset management sector is growing, with the company’s total asset management scale reaching 2.67 trillion RMB by the end of 2024 [30]. - The company has successfully launched new public fund products and is expanding its cross-border business [30]. Group 7: Trading and Investment - The company has actively developed its trading strategies, focusing on high-dividend investments and utilizing advanced technologies for market analysis [39][41]. - The company’s foreign exchange business has expanded significantly, maintaining a strong market presence [42]. Group 8: Future Outlook - The company aims to strengthen its wealth management and investment banking capabilities while enhancing digital services and risk management practices [19][27][36].

Financial Performance - In 2024, the company achieved operating revenue of 20.89 billion, a year-on-year increase of 5.40% compared to 19.82 billion in 2023 [3] - The net profit attributable to shareholders reached 10.39 billion, reflecting an 18.51% increase from 8.76 billion in the previous year [3] - The net profit after deducting non-recurring gains and losses was 10.38 billion, up 18.84% from 8.73 billion in 2023 [3] - The net cash flow from operating activities was 54.73 billion, a significant increase of 101.97% compared to 27.10 billion in 2023 [3] Business Segmentation - The wealth management and institutional business accounted for the highest revenue share at 48.98%, followed by investment banking at 4.11%, investment management at 4.42%, trading and investment at 30.32%, and other businesses at 12.17% [2] - Wealth management and institutional business generated revenue of 10.23 billion, with a year-on-year growth of 2.22% [4] - Investment banking revenue was 857.64 million, down 33.75% due to a slowdown in the A-share equity financing market [5] - Investment management revenue was 924.04 million, showing a slight decrease of 0.30% [6] - The trading and investment business saw a substantial increase in revenue to 6.33 billion, up 79.14% [6] User Metrics - As of the end of 2024, the company had approximately 19.30 million active trading clients, an increase of 8.68% year-on-year [4] - The total assets under custody reached 4.27 trillion, reflecting a growth of 14.78% [4] - The company's app ranked fifth in terms of monthly active users among securities firms, with the highest average daily usage time per user [4] Executive Compensation - The total compensation for the company's directors and senior management decreased by 30.64% to 17.47 million from 25.19 million in 2023 [7] - Only three executives received salaries exceeding 2 million, with the chairman earning 2.47 million, the president 2.36 million, and a vice president 2.01 million [7]

招商证券股份有限公司 2024 可持续发展报告 中国广东省深圳市福田街道 福华一路111号招商证券大厦 邮编: 518046 如需进一步了解，请致电: 0755-82943666 全国统一客服热线:95565 招商证券官方网站：www.cmschina.com 目 录 CONTENTS | 关于本报告 | 01 | 13 可持续发展治理 01 | | --- | --- | --- | | 董事会声明 | 03 | | | | | 15 1.1 利益相关方识别与沟通 | | 走进招商证券 | 05 | 1.2 重要性议题识别与分析 17 | | 公司概况 | 07 | 1.3 可持续发展治理体系 23 | | 主要业务及服务内容 | 09 | 25 1.4 可持续发展战略 | | 年度关键绩效 | 10 | 1.5 管理ESG风险和机遇 30 | | 奖项及荣誉 | 11 | | | 2.1 数字金融赋能 | 39 | | --- | --- | | 2.2 数据与隐私保护 | 43 | | 2.3 保障客户权益 | 46 | | 2.4 助力国民投教 | 51 | | 附录 | | | | | | | | ...

招商证券股份有限公司董事会审计委员会 对会计师事务所2024年度履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》以及财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会 《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，招商证券股 份有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽 职守，认真履职。现将董事会审计委员会对会计师事务所 2024 年度履行监督职 责情况报告如下： 一、2024 年度会计师事务所基本情况 1. 毕马威华振会计师事务所（特殊普通合伙）（以下简称"毕马威华振"） 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师 事务所（特殊普通合伙），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街 1 号东方广 场东 2 座办公楼 8 层。毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册 会计师资 ...