证券代码：600109 证券简称：国金证券 公告编号：临 2025－26 国金证券股份有限公司 第十二届董事会第二十三次会议决议公告 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。 国金证券股份有限公司第十二届董事会第二十三次会议于 2025 年 4 月 23 日在上海市浦东新区芳甸路 1088 号紫竹国际大厦 8 楼会议 室召开，会议通知于 2025 年 4 月 13 日以电话和电子邮件相结合的方 式发出。 会议应参加表决的董事十一人，实际表决的董事十一人。 一、审议通过公司《二〇二四年度董事会工作报告》 会议由董事长冉云先生主持，会议符合《公司法》和《公司章程》 的有关规定。 本议案提交董事会前已经公司董事会战略与 ESG 委员会审议通 过。 经审议，与会董事形成如下决议： 本议案尚需提交公司股东会审议。 表决结果：同意 11 票；弃权 0 票；反对 0 票。 二、审议通过公司《二〇二四年度独立董事述职报告》 本议案尚需提交公司股东会审阅。 表决结果：同意 11 票；弃权 0 票；反对 0 票。 三、审议通过公司《二 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2025－28 国金证券股份有限公司 2024 年年度利润分配方案公告 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 和完整性承担法律责任。 如有董事对临时公告内容的真实性、准确性和完整性无法保 证或存在异议的，公司应当在公告中作特别提示。 每股分配比例：拟每股派发现金红利 0.12 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本扣 除公司回购专用证券账户的股份为基数，具体日期将在权益分派实施 公告中明确。 本次利润分配不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简称《股票上市规则》）第 9.8.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形。 实施权益分派的股权登记日前，公司总股本扣除公司回购专 用证券账户的股份发生变动的，公司拟维持每股分配比例不变，相应 调整分配总额。 一、利润分配方案内容 （一）利润分配方案的具体内容 经天健会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，国金证券股份有限公司（以下简称"公 ...

前十大流通股东累计持有： 120672.54万股，累计占流通股比： 37.71%，较上期变化： -2637.95万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 长沙涌金(集团)有限公司 | 54707.52 | 17.10 | 不变 | | 涌金投资控股有限公司 | 24925.67 | 7.79 | 不变 | | 山东通汇资本投资集团有限公司 | 14058.27 | 4.39 | 不变 | | 香港中央结算有限公司 | 6710.14 | 2.10 | 136.83 | | 成都交子金融控股集团有限公司 | 4880.01 | 1.53 | 不变 | | 国泰中证全指证券公司ETF | 3788.32 | 1.18 | -1042.45 | | 南方中证500ETF | 3644.54 | 1.14 | -928.56 | | 华宝中证全指证券公司ETF | 3150.97 | 0.98 | -470.22 | | 武连章 | 2596.90 | 0.81 | 225.00 | | 国金证券股份有限公司回购专 ...

Group 1 - The core viewpoint of the article highlights the strong financial performance of Guojin Securities in the first quarter of 2025, with significant year-on-year growth in both revenue and net profit [1] Group 2 - The revenue for the first quarter of 2025 reached 1.885 billion yuan, representing a year-on-year increase of 27.14% [1] - The net profit for the same period was 583 million yuan, showing a year-on-year growth of 58.82% [1]

智通财经APP获悉，国金证券发布研报称，3月，燃料电池系统装机量165.44MW，同比上升177.8%； 2025年1~3月燃料电池系统累计装机量206.28MW，同比增长102%，行业数据季节性波动。由于统计口 径差异，中汽协公布的3月燃料电池汽车产销分别为365/377辆，同比增长36.2%/68.3%。2025Q1上险量 为1143辆，同比增长42.9%。3月均为高功率，以重卡为主，占比97.3%。2025年是氢能中长期规划的结 算时点，氢能及燃料电池行业将进入放量冲刺期，燃料电池汽车及绿氢项目落地将加速，氢能和燃料电 池制造是目前的两条主线。 国金证券主要观点如下： 25Q1装机势头上扬 3月，燃料电池系统装机量165.44MW，同比上升177.8%；2025年1~3月燃料电池系统累计装机量 206.28MW，同比增长102%，行业数据季节性波动。3月均为高功率，以重卡为主，占比97.3%。 3月上险量728辆，Q1淡季不淡 2025年3月上险量为728辆，同比增长87.2%。由于统计口径差异，中汽协公布的3月燃料电池汽车产销 分别为365/377辆，同比增长36.2%/68.3%。2025Q1上险量 ...

利安隆 国金证券股份有限公司杨翼荥,陈屹,王明辉近期对利安隆（300596）进行研究并发布了研究报告《主营业 务稳定，布局新材料和生命科学》，给予利安隆买入评级。 我们预测2025-2027年公司收入分别为62.22、70.10、81.34亿元，归母净利润分别为4.82、5.30、6.12亿 元，对应EPS分别为2.098、2.309、2.664元/股，对应的PE分别为13.21X、12.00X、10.40X，维持"买入"评 级。 风险提示 产能建设不及预期；抗老化剂需求不及预期；润滑油添加剂需求不及预期；产品竞争格局恶化。 最新盈利预测明细如下： 事件 4月21号，公司发布2024年年报，公司2024年实现营业收入56.87亿元，同比+7.74%，实现归母净利润4.26 亿元，同比+17.61%。 分析 2024年年度，公司销售费用1.65亿元，同比+20.54%。管理费用2.33亿元，同比+25.41%。财务费用0.26亿 元，同比-32.40%，主要系本期利息收入增加所致。研发费用2.47亿元，同比+5.89%。主营业务稳中有 增。2024年年度，公司抗氧化剂业务实现营业收入17.30亿元(同比+7.9 ...

另外，随着时间推进到4月下旬，按照惯例，4月底将召开更聚焦于经济工作相关的政治局会议，为二季 度的经济工作确定政策方向。在这样的时间节点，市场进入博弈后续超预期政策的时间窗口。从国常会 的通稿来看，虽然强调稳外贸，但由于外贸企业受到关税冲击，预估增量政策的效果只能起到对冲企业 盈利下滑的作用；而至于有增量利好的板块，该行判断主要仍是食品饮料和消费者服务这类促消费和扩 内需的板块。除此以外，前期持续强化的降准降息预期，也会推升金融地产板块的企稳回升。所以对于 未来一周，战术仓位建议关注于消费者服务等内需板块以及金融地产等潜在降息降准利好的板块。 本周央行通过7天逆回购投放了5681亿元，到期5014亿元，整体通过公开市场操作净投放667亿元。短端 1周SHIBOR和DR007，分别报1.654%和1.7116%，较上周分别上升3.5 BP和1.02 BP。1个月SHIBOR和3 个月SHIBOR分别报1.763%和1.761%，较上周分别下降2.4 BP和2.5 BP。 结合经济面和流动性来看，对于未来一周，建议核心仓位维持在大盘价值，而战术性仓位可以关注消费 者服务以及金融地产板块。 智通财经APP获悉，国金 ...

Group 1 - The core viewpoint of the news is that the recent evaluation results of securities companies by the Beijing Stock Exchange and the National Equities Exchange and Quotations reflect the competitive landscape and performance of various brokerages in the market, highlighting the strong performance of leading firms and the strategic positioning of smaller firms [1][2][4] Group 2 - In the first quarter of 2025, a total of 103 securities firms participated in the evaluation, with 102 firms scoring above 100 points. The top three firms were CITIC Securities with 152.22 points, Huatai Securities with 138.42 points, and Kaiyuan Securities with 128.03 points [2][3] - The evaluation system includes a professional quality score and compliance quality deductions, with a base score of 100 points, leading to significant changes in rankings compared to the previous year [2][3] - The top three firms in professional quality scores were CITIC Securities, Huatai Securities, and Kaiyuan Securities, with scores of 52.22, 38.42, and 30.31 respectively [3] Group 3 - Smaller securities firms are increasingly focusing on niche markets, particularly in the rapidly developing Beijing Stock Exchange and the New Third Board, to create differentiated competitive advantages [4][5] - Several smaller firms, such as Shichuang Securities and Guoyuan Securities, are actively developing their investment banking capabilities, targeting specialized clients and enhancing their service offerings [4][6] - The rapid growth of the Beijing Stock Exchange presents opportunities for smaller firms to establish a strong presence in specific business segments, avoiding direct competition with larger firms [5][6]

Quantitative Models and Factor Analysis Quantitative Models and Construction - **Model Name**: Macro Timing Strategy **Construction Idea**: This model evaluates macroeconomic signals to determine equity allocation recommendations. It incorporates economic growth and monetary liquidity signals to generate timing signals for equity investments[4][27]. **Construction Process**: 1. The model assigns weights to two dimensions: economic growth and monetary liquidity. 2. Signal strength is calculated for each dimension. For April, the economic growth signal strength was 0%, while the monetary liquidity signal strength was 50%[27]. 3. Based on these signals, the recommended equity allocation for April was 25%[27]. **Evaluation**: The model provides a systematic approach to macro timing, but its performance is subject to changes in macroeconomic conditions[27]. - **Model Name**: Micro-Cap Timing and Rotation Model **Construction Idea**: This model uses indicators related to market sentiment and fundamentals to monitor micro-cap stock performance and rotation opportunities[31]. **Construction Process**: 1. **Rotation Signal**: The model tracks the relative net value of the Micro-Cap Index and the "Mao Index" (a benchmark index). A signal was triggered on October 14, 2024, when the Micro-Cap Index crossed above its annual moving average[31]. 2. **Risk Warning Indicators**: - **Volatility Congestion**: This indicator reflects market sentiment. On October 15, 2024, the indicator fell below its threshold, deactivating the risk warning[31]. - **10-Year Treasury Yield YoY**: This fundamental indicator remained at -20.45%, below the risk control threshold of 0.3[31]. **Evaluation**: The model effectively combines sentiment and fundamental indicators to guide micro-cap stock investments[31]. Model Backtesting Results - **Macro Timing Strategy**: - Year-to-date return: 1.06% - Benchmark (Wind All A Index) return: 1.90%[27] - **Micro-Cap Timing and Rotation Model**: - Volatility Congestion YoY: -50.09% - 10-Year Treasury Yield YoY: -28.69%[31][32] --- Quantitative Factors and Construction - **Factor Name**: Volume-Price Factors **Construction Idea**: These factors capture market dynamics by analyzing trading volume and price volatility[5]. **Construction Process**: - **Low Trading Volume**: Measures stocks with lower trading activity. - **Low Volatility**: Identifies stocks with stable price movements[5]. **Evaluation**: These factors performed well in a low-risk appetite environment, benefiting from market stability[5]. - **Factor Name**: Consensus Expectation Factor **Construction Idea**: This factor reflects market expectations for stocks with strong earnings forecasts[5]. **Construction Process**: - Derived from analysts' earnings forecasts and target prices. - Tracks changes in consensus expectations over time[5]. **Evaluation**: The factor performed well due to investors' preference for certainty in volatile markets[5]. - **Factor Name**: Convertible Bond Selection Factors **Construction Idea**: These factors predict convertible bond performance based on their relationship with underlying stocks and valuation metrics[46]. **Construction Process**: - **Equity Factors**: Derived from the underlying stock's consensus expectations, growth, financial quality, and valuation. - **Valuation Factor**: Based on the premium rate between the convertible bond's parity and floor price[46]. **Evaluation**: The factors achieved positive returns, indicating their effectiveness in identifying outperforming convertible bonds[46]. Factor Backtesting Results - **Volume-Price Factors**: - Low Trading Volume: Positive performance in a low-risk appetite environment[5]. - Low Volatility: Positive performance in stable market conditions[5]. - **Consensus Expectation Factor**: - Positive performance due to strong earnings forecast alignment[5]. - **Convertible Bond Selection Factors**: - Positive multi-long-short returns for equity consensus expectation, equity valuation, and convertible bond valuation factors[46].

今天分享的是：国金证券：保险：低利率下保险资金入市必要性提升，高股息仍是重要配置方向 报告共计：25页 《国金证券：保险：低利率下保险资金入市必要性提升，高股息仍是重要配置方向》聚焦保险资金入市及配置问题，深入剖析 现状、趋势、规模测算等内容。 1. 险资资产配置现状：2024年保险资金运用余额增长显著，人身险公司、财产险公司均有增长，人身险占比达90.1%。资产配置 上，债券增配，股票占比提升，基金和长股投占比降低。得益于利率下行和权益市场好转，投资收益率大幅提升，上市公司配 置与行业趋势相符。 2. 险资权益配置趋势：长期来看，上市保险公司权益配置比例呈上升趋势。2024年，险资积极增配高股息，从股票、基金、长 期股权投资三方面来看：股票配置比例上升，高股息风格明显；基金配置比例有所下降，但部分公司有所提升，ETF成为重要 配置方向；长期股权投资受监管和偿二代二期影响，配置比例下降，不过新准则下或再受关注。 3. 入市规模测算 - 入市原因：资产端，长端利率低位、资产荒导致再配置压力大，需提升高股息股票配置提升收益率；负债端，产品预定利率下 调，分红险成主推产品，客户风险偏好高，险资有增配权益获取超额收益 ...