2023年，公司营业收入27.62亿元，同比下降14.78%；归母净利润2952.76万元，同比扭亏；扣非净利润 1185.33万元，同比扭亏；经营活动产生的现金流量净额为2.18亿元，同比增长63.50%。 2020年9月29日，丽人丽妆在上交所主板上市，公开发行4,001.00万股新股，发行价格为12.23元/股。 丽人丽妆募集资金总额48,932.23万元，募集资金净额为42,012.38万元。2020年9月16日披露的招股书显 示，公司拟募集资金43,212.68万元，用于"品牌推广与渠道建设项目""数据中心建设及信息系统升级项 目""综合服务中心建设项目"和"补充流动资金项目"。 丽人丽妆的保荐机构(主承销商)是中信证券，保荐代表人是王建文、鞠宏程；华泰联合证券有限责任公 司担任联席主承销商，南京证券（601990）任副主承销商。丽人丽妆首次公开发行新股的发行费用合计 6,919.85万元，其中承销及保荐费3,867.92万元。 中国经济网北京3月28日讯丽人丽妆（605136）(605136.SH)昨晚发布2024年年度报告。报告期内，丽人 丽妆全年实现营业收入17.28亿元，同比下滑37.44% ...

中信证券 近期地方融资的四个关注点 20250327 摘要 Q&A 如何评估地方政府获取债务置换额度及其对市场的影响？ 自 2015 年以来，投资者和研究人员一直关注如何评估某个省或地市可能获取的 债务置换额度。随着三次债务置换后，许多地方政府缓解了一定的压力。如果 我们能了解某地可能获取的专项债基金，将有助于利差修复。在 2、3 月份债市 回调及近期波动环境中，我们尝试构建了一种方法论，通过动态拆解来推导自 上而下的专项债资金规模，以及特殊融资规模。同时，我们分析地方政府发债 或平台公司融资环境中的再融资、流动性补充及项目投入资金来源，包括银行 • 专项债基金或助力利差修复，通过动态拆解方法推导专项债和特殊融资规 模，反向验证评估银行信贷数据，为二季度地方政府专项债和信贷融资释 放提供参考。 • 2023 年以来，地方政府募资用途受监管趋严影响，通过构建募资现状并推 演投资动力，发现城投投资修复将影响二季度权益市场表现，需关注 2025 年城投融资是否放松。 • 科创债发行规模增长显著，部分由地方政府融资平台借壳操作，是积极因 素。传统基建饱和，地方政府需转型为孵化高科技产业，通过科创债融资， 关注科创与城 ...

中信证券业绩发布会现场 分业务看，2024年，中信证券经纪、资管、投资业务均呈现向好态势。其中，证券投资业务收入是最大收入来源，达到240.4亿元，同比增加23.95%，成为 拉动公司业绩的重要因素。经纪业务、资管业务收入分别达到165.57亿元、114.73亿元，同比分别增长8.92%、5.78%。 央广网北京3月28日消息（记者 樊瑞）3月26日晚，中信证券发布2024年年报。按照中国企业会计准则，2024年中信证券实现营收637.89亿元，同比增长 6.20%；实现归属于母公司股东净利润217.04亿元，同比增长10.06%。 27日，中信证券在香港举办2024年度业绩发布会。公司董事长张佑君、总经理邹迎光携中信证券的高管出席，就打造一流投资银行、并购、拓展境外业务等 投资者关注的问题进行解答。 在回应行业并购趋势变化时，张佑君表示，中信证券将继续保持内生式发展与外延式增长在战略上的平衡，巩固境内领先地位，做大做强国际业务，加快建 设一流投资银行和投资机构。 全年拟派发现金分红77亿元 业绩方面，2024年，中信证券实现营业收入637.89亿元，同比增长6.20%；实现归属于公司股东净利润217.04亿 ...

营收净利均止降回升 长江商报消息 ●长江商报记者 沈右荣 "券商一哥"中信证券（600030.SH，06030.HK）交出了一份业绩增长的成绩单。 3月26日晚，中信证券披露了2024年年度报告。报告期公司实现营业收入637.89亿元，同比增长6.20%；归属母公 司股东的净利润（以下简称"归母净利润"）217.04亿元，同比增长10.06%。 过去的2022年、2023年，受市场波动影响，中信证券营收及净利双降。2024年，公司结束了连降趋势，逆转为双 增，其中，归母净利润重新回到200亿元上方。 作为行业龙头，2024年，中信证券的多项业务表现出色。受资本市场回暖影响，证券投资业务收入240.40亿元， 成为营业收入的第一大来源；经纪业务收入继续保持增长，达到165.57亿元。此外，国际业务收入超过百亿元， 约占营业收入的17.2%。 中信证券的资产规模继续增长，2024年底突破1.71万亿元，归母净资产2931.09亿元，均为历史最高水平。 备受关注的是，中信证券的董监高薪酬大幅缩水。2024年，公司董监高薪酬总额为2875.73万元，较2023年的 9463.06万元，减少69.61%。 长江商报记者 ...

【24 年Q4 业绩超预期上涨，全年业绩韧性凸显】 中信证券24 年Q4 单季/ 全年实现调整后营收161/579 亿元， 同比+35.5%/+5.2％；分别实现归母净利润 49/217 亿元，同比+48.3%/+10.1％。 【资本市场情绪回暖，带动全年自营业务收入增长】 自营业务方面，公司24 年Q4 单季/全年分别实现自营业务收入46.8 亿/263.5亿元，分别同 比-22.8%/+20.6%；24 年全年自营金融资产规模为8618 亿元，较去年同期+20.4%，投资收益率小幅提升 至3.06%。自24 年9 月末，频频出台稳定资本市场的相关政策，24 年沪深300 指数上涨14.7%，投资收 益率实现正增长，带动全年自营业务收入回暖，为全年业绩的主要驱动力。 【监管政策的边际趋严，导致投行与信用业务有所承压】 ①投行业务方面：公司24 年Q4 单季/全年实现投行业务收入13.4/41.6 亿元，同比+29.5%/-33.9%，业绩 承压的主要原因为受到监管政策边际趋严影响，证券承销规模下滑明显，其中全年IPO/再融资规模分别 为132.8/574.9亿元，分别同比-73.5%和-74.7%。 【市场 ...

事件描述 综合优势凸显，大财富+自营共同催化。1）2024 年，中信证券实现营业收入、归母净利润637.9、217.0 亿元，同比分别+6.2%、+10.1%，加权ROE 同比+0.28pct 至8.09%；2）单季度来看，市场回暖下单季业 绩同环比明显回升，Q4 单季实现营收、归母净利润分别为176.5、49.0 亿元，同比分别+23.7%、 +48.3%；环比分别+10.6%、-21.3%；3）分业务条线来看，经纪、投行、资管、利息、自营收入分别为 107.1、41.6、105.1、10.8、264.6 亿元，同比分别+4.8%、-33.9%、+6.7%、-73.1%、+17.7%，龙头综合 优势凸显，经纪、资管及自营业务为主要驱动力。 1、权益市场大幅回调； 市场升温下经纪业务回暖，大财富优势持续巩固。1）Q4 市场热度维持高位，两市日均成交额18529 亿，同比+122.5%，公司经纪业务随市回暖，同比+4.8%至107.1 亿元。财富管理持续推进，截至年底公 司客户数量累计超1580 万户，较上年末增长12%；托管客户资产规模突破人民币12 万亿元，较上年末 增长18%；2）截至2024 年末，公司 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company's Q4 2024 performance exceeded expectations, showcasing resilience with adjusted revenues of 161 billion and 579 billion yuan for the quarter and the year, respectively, representing year-on-year growth of 35.5% and 5.2% [1]. - The growth in revenue was driven by self-operated, asset management, and brokerage businesses, with Q4 2024 brokerage revenue increasing by 48.9% year-on-year [2]. - The capital market sentiment has improved, contributing to a year-on-year increase in self-operated business revenue for the full year [3]. - Regulatory policies have tightened, leading to pressure on investment banking and credit businesses, with significant declines in underwriting volumes [4]. - The company anticipates continued growth in market activity due to supportive policies, projecting net profit growth of 24.5% for 2025 [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved adjusted revenues of 161 billion yuan, with a net profit of 49 billion yuan, reflecting a 48.3% increase year-on-year [1]. - For the full year, the company reported revenues of 579 billion yuan and a net profit of 217 billion yuan, marking a 10.1% increase year-on-year [1]. Brokerage and Asset Management - Brokerage revenue for Q4 2024 was 35.6 billion yuan, up 48.9% year-on-year, driven by increased market trading activity [2]. - Asset management revenue reached 30.3 billion yuan in Q4 2024, a 23.5% increase year-on-year, with significant growth in non-monetary public fund management [2]. Self-Operated Business - The self-operated business generated revenues of 46.8 billion yuan in Q4 2024, with a full-year total of 263.5 billion yuan, reflecting a 20.6% increase year-on-year [3]. - The company's financial asset scale reached 861.8 billion yuan, with an investment return rate of 3.06% [3]. Investment Banking and Credit Business - Investment banking revenue for Q4 2024 was 13.4 billion yuan, but the full-year revenue declined by 33.9% to 41.6 billion yuan due to stricter regulatory policies [4]. - Credit business revenue fell sharply, with Q4 2024 revenue at 1.6 billion yuan, down 78.1% year-on-year [4]. Future Outlook - The company expects continued market activity growth supported by favorable policies, with revised net profit forecasts of 270 billion yuan for 2025, reflecting a 24.5% year-on-year increase [5].

Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The report highlights that since Q3 2024, the favorable market trend, combined with the company's wealth management and proprietary trading, has further emphasized its leading comprehensive advantages. The company is expected to benefit from ongoing supply-side reforms in the industry and gradually increasing contributions from international business, enhancing its profitability and competitive edge [2][5]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue and net profit attributable to shareholders of 63.79 billion and 21.70 billion yuan, respectively, representing year-on-year increases of 6.2% and 10.1%. The weighted average return on equity (ROE) increased by 0.28 percentage points to 8.09%. The operating leverage, excluding customer funds, rose by 5.8% from the beginning of the year to 4.51 times [5][10]. Business Segments - The report details that in Q4, the company recorded operating revenue and net profit attributable to shareholders of 17.65 billion and 4.90 billion yuan, showing year-on-year increases of 23.7% and 48.3%, respectively. The revenue from brokerage, investment banking, asset management, interest, and proprietary trading was 10.71 billion, 4.16 billion, 10.51 billion, 1.08 billion, and 26.46 billion yuan, with year-on-year changes of +4.8%, -33.9%, +6.7%, -73.1%, and +17.7% respectively [10]. Wealth Management and Market Position - The brokerage business rebounded with the market's recovery, achieving a year-on-year increase of 4.8% to 10.71 billion yuan. The company’s wealth management efforts have led to a cumulative client base exceeding 15.80 million, a 12% increase from the previous year, and the total assets under custody surpassed 12 trillion yuan, up 18% year-on-year [10]. International Development - The report notes that despite a contraction in the equity financing market, the company maintained its leading position with market shares of 19.4% for IPOs and 22.5% for equity refinancing, both ranking first in the industry. The company is also advancing its international business, with its ranking in Hong Kong equity financing rising to second place and first in offshore debt business [10]. Future Outlook - The company is expected to benefit from regulatory policies favoring strong performers while gradually increasing contributions from international business. The projected net profits attributable to shareholders for 2025 and 2026 are 23.14 billion and 24.28 billion yuan, corresponding to price-to-earnings (PE) ratios of 17.3 and 16.5 times, and price-to-book (PB) ratios of 1.40 and 1.29 times, respectively [10].

中信证券股份有限公司（以下简称"保荐人"或"中信证券"）作为中国海洋石 油有限公司（以下简称"中国海油"或"公司"）首次公开发行 A 股股票并上市的保 荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》 中信证券股份有限公司 关于中国海洋石油有限公司 2024 年度涉及中海石油财务有限责 任公司关联交易的核查意见 注册资本：40 亿元人民币，其中：中国海洋石油集团有限公司占股比 62.90%； 中海石油（中国）有限公司占股比 31.80%；中海石油炼化有限责任公司占股比 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》等有关规定，就中国海油 2024 年度涉及 中海石油财务有限责任公司（以下简称"海油财务"）关联交易的有关事项进行 了核查，具体情况如下： 机构地址：北京市东城区东直门外小街 6 号海油大厦 一、基本情况 （一）交易背景情况 公司和海油财务于 2022 年 12 月 22 日订立了金融服务框架协议。根据金融 服务框架协议，海油财务 ...

Core Viewpoint - The company intends to utilize part of its idle raised funds and idle self-owned funds for cash management, ensuring that it does not affect the normal operation of fundraising investment projects and aims to improve fund utilization efficiency and returns for shareholders [1][4][10]. Fundraising Situation - The company successfully issued 17 million shares at a price of 44.48 RMB per share, raising a total of 756.16 million RMB, with a net amount of 675.72 million RMB after deducting related issuance costs [1][2]. Fund Usage and Idle Reasons - The company has adjusted its fundraising investment projects, reallocating funds to a new project for producing 300 tons of A-40 (Atorvastatin Calcium) raw materials, with a total investment of 694.85 million RMB [2][3]. Previous Cash Management - The company approved the use of up to 100 million RMB of idle raised funds and 50 million RMB of excess raised funds for cash management, focusing on low-risk, high-liquidity financial products [3][4]. Current Cash Management Plan - The company plans to use up to 300 million RMB of idle raised funds and 300 million RMB of idle self-owned funds for cash management, with a maximum investment period of 12 months [5][6][9]. Decision Approval Process - The independent directors and the board of supervisors have reviewed and approved the cash management proposals, confirming compliance with relevant regulations and ensuring no harm to shareholder interests [8][10].