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 ...

Core Viewpoint - The announcement details the first quarter report of China Galaxy Securities Co., Ltd., emphasizing the accuracy and completeness of the financial information provided by the board and management [1][2]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, with specific attention to risk control indicators that comply with regulatory standards [3][4]. - Non-recurring gains and losses are applicable, with a requirement to explain significant items not listed in the regulatory guidelines [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed, with a notable mention of Hong Kong Central Clearing Limited as a nominal holder for H shares [6][7]. Board Meeting Resolutions - The board meeting on April 29, 2025, approved several key proposals, including the first quarter report, the annual work plan for 2025, and the capital expenditure budget [12][13][16][18]. - The board also approved a donation plan for 2025 and matters related to issuing perpetual subordinated bonds [21][23]. Supervisory Review - The supervisory board confirmed that the first quarter report meets regulatory requirements and accurately reflects the company's operational and financial status [29]. - The supervisory board also approved the annual work plan for 2025 during the same meeting [31].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit growth of over 80% driven by a doubling of investment net income from a low base [1] - The report highlights strong performance in brokerage and margin financing businesses, with brokerage revenue increasing by 53.1% year-on-year [7] - The investment banking segment showed resilience with a 59.5% year-on-year increase in revenue, particularly in bond underwriting [7] - Asset management revenue also saw a year-on-year increase of 19.3%, indicating a further improvement in product offerings [7] - The company is expected to maintain a robust growth trajectory with projected net profits of 126 billion, 135 billion, and 142 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 26%, 7%, and 5% [7] Financial Summary - Total revenue for 2023 is projected at 33,646 million, with a year-on-year growth of 0.01% [1] - The forecasted net profit for 2023 is 7,880 million, with a year-on-year increase of 1.53% [1] - The earnings per share (EPS) for 2023 is estimated at 0.65 yuan, with a price-to-earnings (P/E) ratio of 18.18 [1] - The company’s total assets are projected to reach 737,471 million by 2025, with a total equity of 140,481 million [13]

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

证券代码：601881 证券简称：中国银河 公告编号：2025-029 会议形成如下决议： 一、审议通过《关于提请审议<中国银河证券股份有限公司 2025 年第一季 度报告>的议案》 监事会就公司 2025 年第一季度报告审核意见如下： 1.公司 2025 年第一季度报告的内容和格式符合监管机构的规定，能够真实、 准确、完整地反映公司 2025 年第一季度经营管理和财务状况的实际情况； 2.公司 2025 年第一季度报告编制和审议程序符合相关法律、法规及《公司 章程》和公司内部管理制度的规定； 3.未发现参与公司 2025 年第一季度报告编制和审议的人员有违反保密规定 的行为。 议案表决情况：同意 5 票，反对 0 票，弃权 0 票。 中国银河证券股份有限公司 第五届监事会第三次会议（定期）决议公告 本公司监事会及全体监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个别及连带 责任。 2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届监事会第三次会议（定期）。本次会议通知 已于 2025 年 4 ...

2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）在 北京市丰台区西营街 8 号青海金融大厦 M1912 会议室以现场和通讯相结合的方 式召开第五届董事会第四次会议（定期）。本次会议通知已于 2025 年 4 月 15 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应出席 董事 9 名，实际出席董事 9 名，其中委托出席董事 1 名，2 名董事以通讯表决方 式出席本次会议。董事罗卓坚先生因工作原因未能亲自出席会议，书面委托董事 麻志明先生代为出席会议并表决。董事会全体董事按照董事会议事规则的相关规 定参加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共 和国公司法》和《中国银河证券股份有限公司章程》的规定。公司监事和有关高 级管理人员列席了会议。 会议形成如下决议： 证券代码：601881 证券简称：中国银河 公告编号：2025-028 中国银河证券股份有限公司 第五届董事会第四次会议（定期）决议公告 本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个别及连带 责任。 三、通过《 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥7,558,000,323.61, an increase of 4.77% compared to ¥7,214,073,753.02 in the same period last year[3]. - Net profit attributable to shareholders reached ¥3,015,845,560.34, marking an 84.86% increase from ¥1,631,459,082.73 year-on-year[3]. - The basic earnings per share rose to ¥0.25, up 108.33% from ¥0.12 in the previous year[3]. - The net profit excluding non-recurring gains and losses was ¥3,021,125,942.69, an increase of 85.06% from ¥1,632,526,324.08 year-on-year[3]. - Net profit for Q1 2025 was CNY 3,015,898,121, up 84.66% from CNY 1,631,553,901 in Q1 2024[23]. - Net profit for Q1 2025 was ¥2,791,431,629.52, compared to ¥1,512,702,645.52 in Q1 2024, marking an increase of about 84.5%[31]. Asset and Equity Management - The total assets at the end of the reporting period were ¥749,980,342,361.54, reflecting a 1.70% increase from ¥737,470,691,457.89 at the end of the previous year[3]. - The company's equity attributable to shareholders rose to CNY 142,216,396,687 as of March 31, 2025, from CNY 140,480,735,424 at the end of 2024[21]. - The total equity increased to ¥136,976,358,314.67 as of March 31, 2025, from ¥135,500,054,764.83 at the end of 2024[28]. Cash Flow Analysis - The net cash flow from operating activities decreased significantly by 91.04%, totaling ¥7,379,071,396.39 compared to ¥82,344,456,666.09 in the previous year[3]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥125,417,327.51, a significant decrease compared to a net inflow of ¥86,476,388,358.25 in Q1 2024[33]. - The company's cash and cash equivalents at the end of Q1 2025 were ¥150,424,298,926.40, a decrease from ¥165,703,371,976.48 at the end of Q1 2024[26]. - The net cash flow from financing activities in Q1 2025 was -¥4,458,346,211.74, slightly improved from -¥4,920,927,200.03 in Q1 2024[26]. - The net cash flow from investing activities for Q1 2025 was ¥1,510,185,543.90, a recovery from a net outflow of ¥30,234,999,975.89 in Q1 2024[34]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 177,197, including 176,605 A-shareholders and 592 H-shareholders[14]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, representing 47.43% of total shares[14]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 3,689,040,986 shares, accounting for 33.74%[14]. - The top 10 shareholders collectively hold a significant portion of the company's shares, with the first two shareholders alone accounting for over 81%[15]. Management and Governance - The independent director, Liu Chun, resigned due to the expiration of her six-year term, effective immediately upon delivery of the resignation[17]. - The board of directors approved the election of Ma Zhiming as the new chairman of the audit committee on March 28, 2025[17]. - The company has not provided any audit opinion type for the financial statements as of March 31, 2025[18]. - The financial statements are prepared by China Galaxy Securities Co., Ltd., indicating ongoing compliance with regulatory requirements[19]. Revenue and Income Breakdown - The company reported a significant increase in net commission income, which reached ¥2,224,985,044.50, a growth of 50.87% compared to the previous year[12]. - Investment income for Q1 2025 was CNY 2,741,702,074, a recovery from a loss of CNY 2,280,461,015 in Q1 2024[23]. - Fee and commission income surged to CNY 2,224,985,045, a significant increase of 50.7% from CNY 1,474,789,383 in Q1 2024[23]. - Total operating revenue for Q1 2025 reached ¥5,277,260,654.66, a significant increase from ¥3,292,340,955.97 in Q1 2024, representing a growth of approximately 60.3%[30]. - Other comprehensive income for Q1 2025 showed a loss of CNY 1,280,184,298, contrasting with a gain of CNY 907,702,449 in Q1 2024[24].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 7,558,000,324, representing a 4.77% increase compared to RMB 7,214,073,753 in the same period last year[6]. - Net profit attributable to shareholders increased by 84.86% to RMB 3,015,845,560 from RMB 1,631,459,083 year-on-year[6]. - The net profit excluding non-recurring gains and losses also rose by 85.06% to RMB 3,021,125,943 compared to RMB 1,632,526,324 in the previous year[6]. - Basic and diluted earnings per share increased by 108.33% to RMB 0.25 from RMB 0.12 in the same period last year[6]. - Total operating income for Q1 2025 was CNY 7.56 billion, up 4.8% from CNY 7.21 billion in Q1 2024[38]. - Net profit for Q1 2025 reached CNY 3.02 billion, a significant increase of 84.7% compared to CNY 1.63 billion in Q1 2024[38][39]. - Total comprehensive income for Q1 2025 was approximately CNY 1.74 billion, a decrease of 31.6% compared to CNY 2.54 billion in Q1 2024[40]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 749,980,342,362, a 1.70% increase from RMB 737,470,691,458 at the end of the previous year[9]. - Total liabilities increased to CNY 607.75 billion as of March 31, 2025, compared to CNY 596.97 billion as of December 31, 2024, marking an increase of approximately 1.3%[34]. - Total liabilities as of March 31, 2025, amounted to ¥512,186,330,151.12, slightly up from ¥510,205,709,946.22 as of December 31, 2024[48]. - Total assets increased to CNY 749.98 billion as of March 31, 2025, from CNY 737.47 billion as of December 31, 2024, reflecting a growth of approximately 1.9%[33][36]. Cash Flow - The net cash flow from operating activities decreased significantly by 91.04% to RMB 7,379,071,396 from RMB 82,344,456,666 in the previous year[6]. - The company reported a net cash flow from operating activities of -¥125,417,327.51 for Q1 2025, a decrease from ¥86,476,388,358.25 in Q1 2024[57]. - Cash inflow from investment activities in Q1 2025 totaled CNY 13.56 billion, significantly higher than CNY 810.31 million in Q1 2024[43]. - The company received CNY 7.40 billion from issuing bonds in Q1 2025, compared to CNY 12.00 billion in Q1 2024, indicating a decrease of 38.3%[43]. - The company reported a net increase in cash from operating activities of CNY 19.71 billion in Q1 2025, down from CNY 116.48 billion in Q1 2024[42]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 177,197, with 176,605 A-share shareholders and 592 H-share registered shareholders[22]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 47.43% of shares, totaling 5,186,538,364 shares[24]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 33.74% of shares, totaling 3,689,040,986 shares[24]. Income and Expenses - The company’s operating expenses decreased to CNY 4.07 billion in Q1 2025 from CNY 5.43 billion in Q1 2024, a reduction of about 25.1%[39]. - Interest and commission income for Q1 2025 was CNY 7.31 billion, compared to CNY 6.89 billion in Q1 2024, reflecting a growth of 20.6%[42]. - The company’s total operating expenses for Q1 2025 were ¥2,093,978,522.72, up from ¥1,669,246,798.48 in Q1 2024[51]. Other Financial Metrics - The weighted average return on equity improved by 1.14 percentage points to 2.44% from 1.30% year-on-year[6]. - The liquidity coverage ratio improved to 386.12% from 376.07% year-on-year, indicating better liquidity management[11]. - The company reported a significant increase in asset disposal gains by 293.11% to ¥807,929.59 from ¥205,524.99, due to higher proceeds from non-current asset disposals[21]. - Other comprehensive income after tax showed a decline of 241.04%, resulting in a loss of ¥1,280,184,297.62 compared to a gain of ¥907,702,448.56, influenced by changes in the fair value of other debt investments[21].

中国银河（601881）公告，2025年第一季度营收为75.58亿元，同比增长4.77%；净利润为30.16亿元， 同比增长84.86%。 ...

Core Viewpoint - In December 2024, Galaxy Securities issued a yield certificate product linked to the 10-year China government bond futures yield index to meet the increasing diversification needs of clients in financial products and services [1] Group 1: Product Development - The issuance of the yield certificate enriches the product line of Galaxy Securities' FICC business, with approximately 30 yield certificates issued to date, covering various professional investors across multiple industries, including state-owned enterprises, private enterprises, and individual investors [1] - The "small giant" high-tech enterprises recognized as national-level specialized and innovative firms have shown active subscription interest [1] Group 2: Market Impact - The China Government Bond Futures Yield Index series launched by the China Securities Index Company fills a gap in the domestic government bond futures index market, providing a productizable index that is investable and easily replicable, which is beneficial for developing off-exchange products linked to the index [1] - The index reflects the supply-demand relationship and price changes in the government bond futures market, complementing existing government bond spot indices and offering investors a more comprehensive market tracking benchmark [1] Group 3: Future Plans - In addition to the 10-year yield certificate, Galaxy Securities plans to introduce yield certificates linked to the 5-year and 2-year government bond futures yield indices, as well as yield swaps and off-exchange options [2] - The development of index productization is supported by policies and market demand, with the "14th Five-Year Plan" and the State Council's opinions on promoting high-quality development of the futures and derivatives market clearly supporting innovation in index tools [2] - Future integration of government bond futures indices and commodity indices is anticipated, exploring "government bond + commodity" inflation hedging combinations, which may play a more significant role in serving national strategies and wealth management for residents [2]