股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年4月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the sector to outperform the overall market [2]. Core Insights - The recent notification from the Financial Regulatory Bureau expands the investment scope for insurance funds, allowing direct investments in unlisted companies and broadening the range of investable industries to include technology, big data, and modern agriculture [2]. - As of the end of 2024, the balance of long-term equity investments by insurance funds reached 2.46 trillion yuan, accounting for 7.4% of total investments, suggesting a shift towards equity investments to enhance returns amid declining long-term interest rates [2]. - The report highlights the potential for insurance companies to optimize asset allocation and support the real economy through these new investment opportunities [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,861.50 with a decline of 1.4% during the week of March 31 to April 4, 2025, while the non-bank index closed at 1,763.44, down 1.3% [5]. - The insurance sector saw a slight decline of 0.7%, while the multi-financial sector increased by 0.3% [5]. Non-Bank Industry Insights - The report notes that the insurance sector's performance is influenced by regulatory changes, with a focus on enhancing the investment landscape for insurance funds [2]. - The brokerage sector experienced a decline of 1.78%, with a notable increase in trading activity, as evidenced by a 70.2% year-on-year increase in stock trading volume for Q1 2025 [2]. Key Data Tracking - As of April 3, 2025, the average daily trading volume was 11,014.61 billion yuan, reflecting a decrease of 27.91% compared to the previous month [35]. - The margin trading balance reached 19,120.12 billion yuan as of April 2, 2025, indicating a growth of 474.29 billion yuan since the beginning of the year [37].

又见券商原高管"奔私"！ 日前，中基协官网披露了一批完成备案登记的私募基金管理人名单。其中，深圳市晓喆私募证券基金管理有限公司 （下称"晓喆私募"）的高管信息中，出现了长城证券原副总裁徐浙鸿、招商证券原投资经理彭小泉的身影，两位均曾 在证券行业耕耘数十年，在券商退休后共同选择了"奔私"。 来源：中基协官网 这家新成立的私募高管均具有券商背景。其中，法定代表人、执行董事彭小泉曾在招商证券投资银行部、研究发展中 心、证券投资部等多个部门任职。总经理徐浙鸿曾任长城证券副总裁、首席风险官、合规总监。合规风控负责人、信 息填报负责人李向志曾任长城证券资产托管部合规风控经理。 资深券业人士"奔私"并不罕见，近年来行业内时有发生，且不少私募基金的高管人员都有券商从业经历。业内人士认 为，券商从业背景能够为私募机构在多方面进行加持。但也有私募人士向记者透露，当前创办私募门槛并不低，一家 私募机构一年的运营成本保守估计也要200万元，不仅要满足注册资本、实缴资本、团队资质等硬性要求，后续的合规 运营也不可忽视，需要持续投入。 券商副总裁退休后再创业 中基协官网显示，晓喆私募成立于2024年11月28日，于今年3月31日完成私募 ...

一、券商金股股票池上月回顾 2025年3月，胜宏科技、科锐国际、芯原股份等券商金股股票的月度上涨幅度靠 前。 2025年3月，长江证券、国盛证券、招商证券收益排名前三，月度收益分别为 7.59%、7.41%、5.94%，同期偏股混合型基金指数收益0.20%，沪深300指数收 益-0.07%。 2025年以来，华鑫证券、东北证券、国联证券收益排名前三，年度收益分别为 33.12%、23.23%、16.52%，同期偏股混合型基金指数收益4.65%，沪深300指数收 益-1.21%。 二、券商金股股票池中选股因子表现 最近一个月，单季度ROE、单季度净利润增速、分析师净上调幅度表现较好，盈 余公告后跳空超额、单季度营收增速、波动率表现较差； 今年以来，总市值、经营性现金净流量、SUE表现较好，分析师净上调比例、预 期股息率、波动率表现较差。 三、券商金股股票池本月特征 截至2025年4月1日，共有41家券商发布本月金股。在对券商金股股票池进行去重 后，总共有259只A股。 从绝对占比来看，本期券商金股在电子(10.11%)、机械(7.98%)、医药(7.18%)、有 色金属(6.65%)、基础化工(6.12%)行业 ...

Core Viewpoint - The significant decline in brokerage commission income reflects the changing landscape of the public fund industry, emphasizing the importance of research capabilities among brokerages [2][4][21]. Summary by Sections Brokerage Commission Income - In 2024, the total brokerage commission income from fund distribution reached 10.7 billion yuan, a 36% decrease from 16.8 billion yuan in 2023 and a 51% drop from 22 billion yuan in 2021, marking three consecutive years of decline [2][5][21]. - The income trend from 2019 to 2024 shows a "U-shaped" curve, peaking at 22 billion yuan in 2021 before declining [5][21]. Top Brokerage Rankings - The top five brokerages by commission income in 2024 are CITIC Securities, GF Securities, Changjiang Securities, CITIC Construction Investment, and Guolian Minsheng, with Changjiang Securities moving up to third place [2][10]. - Only four brokerages surpassed 500 million yuan in commission income in 2024, with CITIC Securities leading at 757 million yuan, followed by GF Securities at 648 million yuan [7][11]. Changes in Market Dynamics - The competition among top brokerages has intensified, with Guolian Minsheng entering the top five for the first time, showing a 348% year-on-year increase in commission income [10][13]. - The threshold to enter the top ten for commission income is now over 320 million yuan, with 31 brokerages earning over 100 million yuan [9][10]. Research Capabilities and Market Trends - The decline in commission income has led to a greater focus on research capabilities as a key differentiator for brokerages, with fund managers increasingly selecting brokerages based on their research strength [21][22]. - The regulatory environment is shifting, with new rules on commission rates for public funds set to take effect, further impacting brokerage income [22][23]. Future Outlook - The merger of Guotai Junan and Haitong Securities is expected to disrupt the rankings in the coming year, similar to the impact of the Guolian Minsheng merger [15][26]. - Brokerages are encouraged to diversify their client base and explore international markets to mitigate the effects of declining commission income [26].

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 ...