随着美元回落，国际油价企稳反弹，WTI原油近月合约涨2.39%，报61.50美元/桶。布伦特原油近月合约涨2.26%，报64.76美元/桶。 国际金价续创历史，纽约商品交易所4月交割的COMEX黄金期货合约涨2.12%，报3222.20美元/盎司。 机构指出，A股市场有望逐步摆脱短期扰动，受益于扩内需、促消费政策的行业值得关注，包括家用电器、食品饮料、社会服务、商贸零售等行业。 【财经日历】 中国3月贸易帐； 世界互联网大会亚太峰会； 第三届中国国际通用航空与无人机发展大会。 | 〜 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 40212.71 c 619.05 | | 1.56% | | 纳斯达克指数 | 16724.46 c 337.15 | | 2.06% | | 标普500 | 5363.36 c 95.31 1.81% | | | 截至上周五收盘，道指上涨619.05点，涨幅1.56%，报40212.71点，纳指涨2.06%，报16724.46点，标普500指数涨1.81% ...

Core Viewpoint - Multiple listed securities firms achieved a strong start in Q1 2025, with all reporting double-digit profit growth, driven primarily by wealth management and proprietary trading businesses [2][7]. Group 1: Performance Overview - As of April 11, 2025, 10 listed securities firms have released their Q1 performance forecasts, all showing double-digit net profit growth, with three firms reporting over 100% year-on-year increases [2][3]. - Guotai Junan Securities is expected to report a net profit of between 11.201 billion to 12.445 billion yuan, representing a year-on-year increase of 350% to 400%, making it the top performer [3][4]. - CITIC Securities reported a net profit of 6.545 billion yuan, marking the smallest growth among the firms at 32% [6][4]. Group 2: Growth Drivers - The growth in net profits is attributed to significant increases in wealth management and proprietary trading revenues, with active market trading contributing to these results [7][8]. - In Q1, the number of new A-share accounts increased by 32% year-on-year, with daily average trading volume rising by 74.7% [7]. - The issuance of equity funds also saw a substantial increase, with 72 new funds established, reflecting a growth rate of 66.06% [7]. Group 3: Analyst Predictions - Analysts predict a wide range of growth rates for the securities firms, with estimates for net profit growth varying from 23% to 77.7% [2][12]. - High expectations for brokerage and credit business revenues are noted, with predictions of increases of 65.7% and 77.1% respectively [12][13]. - Analysts agree that the overall performance of the securities sector is likely to benefit from a recovering market and increased trading activity [13].

证券代码：601881 证券简称：中国银河 公告编号：2025-025 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com）、中 国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司董事会 2025 年 4 月 11 日 2025年度第七期短期融资券发行结果公告 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。 中国银河证券股份有限公司 2025 年度第七期短期融资券已于 2025 年 4 月 10 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第七期短期融资券 | | --- | --- | --- | --- | | 债券简称 25 | 银河证券 CP007 | 债券流通代码 | 072510062 | | 发行日 | 2025 年 4 月 9 日 | 起息日 | 2025 年 4 ...

Core Viewpoint - Multiple Chinese securities firms, including China Galaxy and Huatai Securities, reported over 50% growth in net profit for the first quarter of 2025, driven by strong performance in wealth management, credit trading, and investment trading [2][12]. Group 1: Company Performance - China Galaxy expects a net profit of 2.773 billion to 3.1 billion yuan for Q1 2025, representing a year-on-year increase of 70% to 90% [3]. - Huatai Securities anticipates a net profit of 3.437 billion to 3.666 billion yuan for Q1 2025, reflecting a year-on-year growth of 50% to 60% [4]. - Huazhong Securities projects a net profit of 502 million to 558 million yuan for Q1 2025, with an increase of 80% to 100% year-on-year [6]. - CITIC Securities expects a net profit of approximately 6.545 billion yuan for Q1 2025, showing a year-on-year growth of about 32% [11]. - Guotai Haitong forecasts a net profit of 11.201 billion to 12.445 billion yuan for Q1 2025, indicating a significant increase of 350% to 400% year-on-year [11]. - Industrial Securities anticipates a net profit of 516 million yuan for Q1 2025, reflecting a year-on-year increase of 57.32% [11]. - Dongwu Securities expects a net profit of 912 million to 1.003 billion yuan for Q1 2025, with a growth of 100% to 120% year-on-year [11]. Group 2: Industry Outlook - Analysts express optimism regarding the securities industry, citing ongoing efforts by the China Securities Regulatory Commission to promote long-term capital inflows and enhance market activity [12]. - Predictions indicate that listed securities firms will see a 21% increase in operating revenue and a 23% increase in net profit year-on-year for Q1 2025 [12]. - The securities sector is viewed as a high-beta segment, with major firms likely to benefit from government support and market stabilization efforts [12][13].

Core Viewpoint - Multiple securities firms are expected to report strong performance in the first quarter of 2025, driven by significant growth in wealth management, investment trading, and investment banking businesses [2][3][4]. Group 1: Earnings Forecasts - Galaxy Securities anticipates a net profit of 27.73 billion to 31 billion yuan for Q1 2025, representing a year-on-year increase of 70% to 90% [3]. - CITIC Securities expects a net profit of approximately 65.45 billion yuan for Q1 2025, reflecting a growth of around 32% year-on-year [4]. - Guotai Junan forecasts a net profit of 112.01 billion to 124.45 billion yuan for Q1 2025, with an expected increase of 350% to 400% year-on-year [4][5]. - Industrial Securities reported a revenue of 27.92 billion yuan for Q1 2025, up 17.48% year-on-year, and a net profit of 5.16 billion yuan, increasing by 57.32% [6]. - Dongwu Securities projects a net profit of 9.12 billion to 10.03 billion yuan for Q1 2025, indicating a growth of 100% to 120% year-on-year [7]. Group 2: Business Growth Drivers - The growth in net profits for these firms is primarily attributed to substantial increases in wealth management and investment trading revenues [4][5][6]. - Guotai Junan's profit growth is also linked to the absorption merger that generated negative goodwill, enhancing its competitive position in core business areas [5]. - The overall market activity has improved, leading to expectations of better-than-expected earnings reports from securities firms [8]. Group 3: Share Buybacks - Several securities firms are initiating share buyback programs to boost market confidence, including Guojin Securities, which plans to repurchase shares worth between 50 million and 100 million yuan [8][9]. - Guotai Junan has proposed a buyback plan with a total fund of 1 billion to 2 billion yuan to enhance shareholder value [9]. - Dongfang Securities intends to repurchase A-shares with a budget of 250 million to 500 million yuan, further indicating a trend among firms to stabilize their stock prices [9].

Financial Performance Forecast - China Galaxy Securities Co., Ltd. expects Q1 2025 net profit attributable to shareholders to be between RMB 2.773 billion and RMB 3.1 billion, representing a year-on-year growth of 70% to 90%[2] - The net profit for Q1 2024 was RMB 1.631 billion, with a basic earnings per share of RMB 0.12[4] - The significant growth in Q1 2025 is attributed to the company's proactive market strategies and substantial increases in wealth management, investment trading, and investment banking businesses[5] Performance Forecast Reliability - The performance forecast data is preliminary and has not been audited by registered accountants[3] - The company has not identified any major uncertainties that could affect the accuracy of the performance forecast[6] Investor Considerations - Investors are advised to consider various factors, including macroeconomic conditions and market trends, that may impact the company's stock price[7]

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].

证券代码：601881 证券简称：中国银河 公告编号：2025-023 一、 说明会类型 本次投资者说明会以视频直播和网络互动形式召开，公司将针对 2024 年度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 4 月 16 日下午 15:00-16:00 中国银河证券股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 4 月 9 日（星期三）至 4 月 15 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过中国银河证 券股份有限公司（以下简称"公司"）邮箱 zgyh@chinastock.com.cn 进行 提问。公司将在说明会上对投资者普遍关注的问题 ...

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: 中國銀河證券股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 ...