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]

Core Insights - The brokerage industry is experiencing a "turnaround" in 2024, with five firms reporting net profits exceeding 10 billion yuan, an increase of three firms compared to 2023 [2] - CITIC Securities leads the industry with a net profit of 22.6 billion yuan, followed by Huatai Securities, Guotai Junan, China Merchants Securities, and Galaxy Securities [2] - The industry is undergoing a reshuffle, with leading firms optimizing costs and innovating services, while smaller firms seek survival through differentiated strategies [2] Brokerage Performance - In 2023, 27 out of 43 listed brokerages reported revenue growth, while 16 experienced declines [3] - The highest revenue growth was recorded by Dongxing Securities at 97.89%, while the lowest was by Xiangcai Securities at -24.36% [3] - 33 brokerages reported positive net profit growth, with 10 seeing declines; Hualin Securities achieved the highest net profit growth at 1014.54% [3][6] Financial Data - CITIC Securities reported revenue of 63.79 billion yuan, a year-on-year increase of 6.20%, and a net profit of 22.59 billion yuan, up 9.98% [4] - Guotai Junan achieved revenue of 43.40 billion yuan, a 20.08% increase, and a net profit of 13.55 billion yuan, up 37.06% [5] - Hualin Securities' net profit surged to 0.35 billion yuan from 0.032 billion yuan in 2023, driven by strong performance in proprietary trading and investment banking [6] Investment Banking and Proprietary Trading - The average revenue from investment banking for brokerages fell by 52.04% to 6.72 billion yuan, with CITIC Securities leading at 4.03 billion yuan, down 35% [8][9] - Proprietary trading revenues increased, with 8 brokerages exceeding 10 billion yuan in income, and 10 firms reporting over 100% growth [11][12] - The average proprietary trading income was 16.33 billion yuan, up 11.42%, while brokerage income from asset management and brokerage services declined [8] Notable Performers - First Capital and Shouchuang Securities reported over 90% growth in investment banking revenue, although First Capital remained in a loss position [10] - Among smaller firms, Hualin Securities and Hongta Securities saw significant profit increases, with net profit growth exceeding 100% [7] - The top-performing proprietary trading firms included CITIC Securities, Huatai Securities, and Guotai Junan, all exceeding 10 billion yuan in income [12][13]

Core Viewpoint - The regulatory scrutiny on margin financing and securities lending business has intensified, with multiple brokerage firms, including Everbright Securities and Galaxy Securities, being found in violation of regulations related to "circumventing standards for cashing out" [1] Group 1: Regulatory Actions - The Guangxi Securities Regulatory Bureau issued a warning letter to Everbright Securities' Nanning Jinpu Road branch due to multiple violations, including facilitating clients in "circumventing standards for cashing out" during margin financing operations [1] - Galaxy Securities was previously ordered to rectify its practices by the Beijing Securities Regulatory Bureau due to insufficient control over "circumventing standards for cashing out" [1] - Since the beginning of 2024, the regulatory environment for brokerage margin financing has become significantly stricter, with nearly 10 brokerage firms being identified for violations [1] Group 2: Common Violations - Common issues identified among brokerage firms include not only facilitating clients in "circumventing standards for cashing out" but also improperly assisting clients in opening margin financing accounts and failing to manage client trading behaviors effectively [1] - The China Securities Association has released guidelines to assist brokerages in managing client trading behaviors, specifically through the "Securities Business Demonstration Practice No. 5 - Management of Client Trading Behaviors in Margin Financing and Securities Lending" [1] Group 3: Industry Response - In response to the regulatory pressures, brokerages such as Galaxy Securities and Changjiang Securities have begun revising their margin financing business contracts to strengthen management over client behaviors [1]

中央分析研究当前经济形势和经济工作 4月 25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理 念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、 稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息，保持流动性充裕，加力 支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸。会议指出，要不断完善稳就业 稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的 基本面。（财联社） 点击上图 ▲立即报名 ｜点评｜ 中国一季度经济延续复苏态势，国际贸易环境却再生变化。本次中央政治局会议对中国经济发展状况做出了全面的分析，并及时为下 一步经济发展路径指明了方向。会议为中美贸易摩擦定调，以稳字当头来应对美国关税政策的不确定性，给国内外企业 ...

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Core Viewpoint - The article discusses the performance and ranking changes of the top ten listed securities firms in China for the year 2024, highlighting shifts in profitability and business performance across various segments [1][4]. Group 1: Performance Overview - As of April 22, 2024, 26 listed securities firms have released their annual reports, with all major firms disclosing their results, revealing a new ranking among the top ten [1]. - The top ten securities firms by net profit attributable to shareholders are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy Securities, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, with a total net profit of 106.48 billion yuan, accounting for 64% of the industry's total net profit [4]. - CITIC Securities stands out with a significant lead, reporting 63.79 billion yuan in revenue and 21.70 billion yuan in net profit, while the other firms are grouped closely behind [4]. Group 2: Business Segment Analysis - Proprietary trading has become a key performance driver for the top firms, with total proprietary income reaching 122.15 billion yuan, representing 38% of total revenue, an increase of approximately 6 percentage points from the previous year [6]. - Brokerage business has shown recovery, with the top ten firms generating 64.29 billion yuan in brokerage fees, a year-on-year increase of 10% [7]. - Asset management performance varied, with five firms reporting positive growth, notably Guosen Securities with a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [7]. Group 3: Strategic Developments - The industry is undergoing a transformation, with a focus on building first-class investment banks, as emphasized by major firms during their earnings calls [9][10]. - CITIC Securities plans to balance internal growth with external expansion to maintain its leading position, while Guotai Junan aims to leverage its stronger client base post-merger to enhance competitiveness [9]. - CITIC Construction Investment has outlined a two-step roadmap to strengthen its domestic and international competitiveness by 2035 [10].

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音，并共同见证第七届新财富最佳投资顾问现场荣誉加冕。 0 1 积极拥抱财富管理转型浪潮， 2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标 ...

2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标已突破 4 万亿；AI技 术的飞速发展，也正在重构财富投研、营销、服务全链条的新范式。 本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音 ...

在近期举办的"第七届新财富最佳投资顾问颁奖典礼暨财富管理发展论坛"上，中国银河证券 凭借卓越的投顾服务能力，第七次斩获"新财富最佳投资顾问团队"称号，持续领跑行业。中 国银河证券执委会委员、业务总监、董事会秘书刘冰在会上分享了 中国 银河证券在财富管 理转型中的实践与思考。刘冰表示，当前财富管理行业正经历深刻变革，迎接财富管理大时 代的到来，唯有以买方投顾转型重塑服务生态、构建价值共同体，方能把握时代机遇，促进 高质量发展。 0 2 破茧：以客户为中心重塑服务生态 资本市场的深刻变革与快速发展，在带来新型财富管理模式的机遇和更为广阔的市场空间的 同时，也迫使财富管理行业去直面当下的诸多挑战与痛点。传统佣金水平不断下降，销售驱 动的"卖方投顾"模式难以为继，客户财富需求与金融供给错位的"服务鸿沟"，倒逼行业重新 思考未来业务模式。 中国银河证券自2 0 1 8年起，全面推进财富管理转型，率先推进买方投顾业务，以客户利益为 核心，重塑服务关系，深化数字化中台赋能，推进经营管理机制革新，构建差异化竞争力。 0 1 财富管理大时代：机遇与挑战并存 中国银河证券执委会委员、业务总监、董事会秘书 刘冰 刘冰表示，高质量发 ...