NO.2券商资管最新规模出炉，基金经理股票仓位普遍抬升 2025年基金一季报近日披露完毕，券商资管旗下的最新公募管理规模及基金经理观点出炉。从机构管理 规模来看，截至2025年一季度末，有4家券商资管的公募基金管理规模超千亿元，东方红资产管理（即 东证资管）、华泰证券资管、中银证券位居前三。整体来看，多位券商资管的权益类基金经理在一季度 产品净值取得正增长，基金经理的股票仓位普遍提升。展望后市，基金经理普遍保持乐观。有基金经理 表示，今年很可能是AI（人工智能）应用兴起元年，人们常担心宏观问题，而忽略了科技进步带来的 影响。 点评：券商资管最新规模显示，多家券商资管公募基金管理规模超千亿，基金经理股票仓位普遍提升。 这表明市场信心增强，对股市整体有积极影响。AI应用被视为新兴增长点，科技板块或将受益。基金 经理的乐观态度可能带动更多资金流入股市，推动相关行业板块活跃。 ｜2025年4月24日 星期四｜ NO.1国泰海通证券副总裁谢乐斌履新海富通基金董事长 国泰海通证券"官宣"完成合并后，旗下子公司的人事调整正逐步落地。4月23日，海富通基金公告称， 路颖因工作调整离任董事长，国泰海通证券副总裁谢乐斌兼任公司董 ...

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...

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]

Core Insights - The latest rankings of the top ten listed securities firms for 2024 have been revealed, with changes in positions based on net profit attributable to shareholders compared to the previous year [1][3] - The industry is experiencing a structural shift, with proprietary trading becoming a key performance driver, while brokerage and investment banking businesses face challenges [1][5] Group 1: Ranking Changes - The top ten securities firms by net profit are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, collectively accounting for 1,064.78 billion yuan in net profit, representing 64% of the industry's total [3] - CITIC Securities leads with a significant margin, reporting 637.89 billion yuan in revenue and 217.04 billion yuan in net profit, while the other firms in the "billion club" include Huatai Securities, Guotai Junan, China Merchants Securities, and China Galaxy [3][4] - CITIC Construction Investment dropped from sixth to eighth place, while GF Securities and Guosen Securities improved their rankings to sixth and seventh, respectively [3] Group 2: Business Performance - Proprietary trading has become the "ballast" for the performance of the top ten securities firms, generating a total of 1,221.45 billion yuan, which is 38% of total revenue, an increase of approximately 6 percentage points from the previous year [5] - The brokerage business saw a recovery, with total net income from brokerage fees for the top ten firms reaching 642.86 billion yuan, a 10% year-on-year increase [5] - In asset management, five firms reported positive growth in net income from asset management fees, with Guosen Securities leading at a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [6] Group 3: Investment Banking Challenges - The investment banking sector remains under pressure, with an average decline of 30% in net income from investment banking fees across eight firms, while only GF Securities and China Galaxy reported positive growth [6][7] - The competition in the market remains stable, with CITIC Securities, Huatai Securities, and CITIC Construction Investment leading in equity financing underwriting and advisory projects [7] Group 4: Strategic Directions - Major securities firms are focusing on building first-class investment banks in 2024, with CITIC Securities planning to balance internal growth and external expansion to maintain its leading position [8] - Guotai Junan aims to leverage its stronger client base and capital utilization to enhance its competitive edge, while CITIC Construction Investment has outlined a two-step roadmap to achieve top-tier status in the industry by 2035 [8]

Core Insights - The competitive landscape of the ETF market in Shanghai remains stable, with leading institutions strengthening their advantages as of Q1 2025 [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1] Brokerage Business Performance - In February 2025, the top three brokerage firms by non-monetary ETF trading volume were Huatai Securities, CITIC Securities, and Guotai Junan, with market shares of 10.84%, 6.78%, and 6.2% respectively [2] - CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading in March, with CITIC's share rising from 6.15% to 8.42% and Dongfang's from 3.97% to 6.28% [2] - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have formed a duopoly, maintaining around 40% market share, which slightly increased to 39.38% in March 2025 [2][3] ETF Trading Accounts - Huatai Securities and Dongfang Wealth lead in the number of ETF trading accounts, holding 11.12% and 10% of the market respectively, while the second tier includes Ping An Securities, China Galaxy, and招商证券 [4] - The market shares of Guotai Junan and Haitong Securities in ETF trading accounts were 3.43% and 2.87%, respectively, indicating a stable competitive landscape [4] Market Making Services - CITIC Securities leads in the number of ETFs serviced, with 531 main market-making services, followed by GF Securities with a total of 549 services [5] - Haitong Securities experienced a drastic reduction in its market-making services, dropping from 299 to zero, following the announcement of its termination of key ETF market-making services [6]

Core Viewpoint - The company is experiencing fluctuations in its CDMO business due to various factors, including market price sensitivity and increased operational costs, but it aims to enhance its market position and profitability through strategic initiatives and technological advancements [3][5][7]. Industry Overview - The domestic CGT (Cell and Gene Therapy) industry is supported by government policies and regulatory guidelines, leading to a gradual recovery in demand and supply dynamics. The industry is currently in a "supply clearing" phase, with expectations of improved market conditions as macroeconomic factors stabilize [2]. - The CGT sector saw a 4% year-on-year increase in financing events among Chinese CGT companies, indicating sustained long-term value recognition despite a cautious investment environment [2]. Company Performance - In 2024, the company reported a main revenue of 248 million yuan, a year-on-year increase of 21.16%, but faced a net loss of 322 million yuan, a decline of 151.54% [8]. - The company's CDMO business is impacted by a slowdown in investment in the biopharmaceutical sector, leading to increased price sensitivity among clients and fluctuating gross margins [3][8]. Business Segments - The company's CDMO business is focused on advanced therapies in cell and gene treatment, with a significant market potential. The company plans to optimize its operational model and enhance project delivery efficiency to improve gross margins over time [3][5]. - The CRO (Contract Research Organization) segment is experiencing steady growth, with a sales revenue of 85.82 million yuan in 2024, reflecting an 8.02% increase year-on-year. The client base has expanded to over 12,800 research laboratories [4][8]. Future Strategies - The company aims to strengthen its core technology in cell and gene therapy, expand its service offerings, and enhance its international market presence. It plans to leverage strategic partnerships and technological collaborations to explore new business opportunities [7]. - The establishment of a subsidiary focused on regenerative medicine marks a significant step in the company's strategic layout, aiming to address industry challenges and enhance its service capabilities in cell therapy [5][7]. Market Outlook - The Chinese stem cell market is projected to reach 26.5 billion yuan in 2024, with a year-on-year growth of 14%. However, the industry faces challenges such as intensified competition and varying product quality [5]. - The company anticipates a gradual recovery in industry conditions, driven by improved macroeconomic factors and supportive policies, which will enhance the overall market landscape for CGT [2].

Core Viewpoint - The article discusses the recent evaluation results of market makers by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and ranking changes of various securities firms in the first quarter of 2025, with a focus on the shift towards the Beijing Stock Exchange (BSE) for market-making opportunities [2][3]. Group 1: Market Maker Evaluation Results - The NEEQ released the market maker evaluation results for Q1 2025, with Northeast Securities, Shanghai Securities, and Kaiyuan Securities ranking in the top 5% and receiving a 100% fee exemption [2]. - In the top 20% of the rankings, firms like Shanghai Securities, Tianfeng Securities, and Changjiang Securities saw improvements in their rankings compared to Q4 of the previous year [2][3]. - A total of 12 market makers received fee exemption qualifications, with 6 firms in the 10%-20% range receiving a 50% fee reduction, and 3 firms in the 5%-10% range receiving a 70% reduction [2]. Group 2: Strategic Adjustments by Securities Firms - Some securities firms are adjusting their market-making strategies in response to regulatory changes, focusing more on the BSE and reducing their involvement in the New Third Board market-making business [4]. - For instance, Hongta Securities has actively reduced its New Third Board market-making scale and is applying for qualifications to operate on the BSE, indicating a strategic shift towards more promising market opportunities [4]. - The report from Shichuang Securities noted that they have 23 market-making enterprises, ranking 15th in the industry, with a significant portion being innovative tier companies [4]. Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include a total score of 100 points, with categories such as market-making scale, liquidity provision, and quote quality [5]. - The NEEQ emphasizes the importance of the market maker system in improving market liquidity, price discovery, and fostering a healthy market cycle, indicating ongoing efforts to optimize the evaluation and incentive mechanisms [5].

Core Insights - The event marked the unveiling of Guotai Haitong Securities' Chongqing branch, emphasizing the importance of financial services in supporting local economic development [1][5]. Group 1: Company Developments - Guotai Haitong Securities Chongqing branch aims to leverage opportunities and contribute to the high-quality development of Chongqing's economy [1][5]. - The branch is positioned to provide diverse and efficient financial services to enhance the economic and social development of the Jiangbei District and Chongqing [5]. - The event was attended by nearly 800 high-net-worth investors and representatives from various financial institutions, indicating strong interest and support for the new branch [6]. Group 2: Industry Context - Chongqing is recognized as a key city for high-quality development, with the local government prioritizing the financial industry as a crucial pillar for growth [5]. - The forum highlighted the undervaluation of state-owned enterprises (SOEs) in the national economy, with SOEs contributing nearly 50% of profits and dividends in the A-share market [6]. - The increasing necessity for self-sufficiency in technology is expected to keep the tech sector active, while the current asset valuation environment presents a favorable opportunity for investment in Chinese assets [6].

Core Insights - The competitive landscape of the ETF market in Shanghai is stabilizing, with leading institutions strengthening their advantages [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1][12] - Huatai Securities continues to lead the market with a share of 10.84%, followed by CITIC Securities and Guotai Junan with shares of 6.78% and 6.2% respectively [1] Brokerage Business Performance - In March, CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading, with CITIC's share rising to 8.42% from 6.15% and Dongfang's from 3.97% to 6.28% [2] - The top ten brokerage firms in terms of ETF trading volume remained largely unchanged, indicating fierce competition among them [6] ETF Holdings - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have shown a slight upward trend, reaching 39.38% in March, up from 39.17% in February [5][11] - The top ten brokerage firms by ETF holdings have not changed, but there have been minor shifts in their rankings, reflecting intense competition [6] Market Structure and Trends - The ETF market is characterized by a "stronger gets stronger" dynamic, with leading firms leveraging technology to enhance customer loyalty and create significant competitive advantages [11] - As of March 2025, the Shanghai Stock Exchange had 21 primary market makers and 12 general market makers, providing liquidity for 700 fund products, with 98% of ETFs having market makers [11] Market Making Services - CITIC Securities leads in the number of primary market-making services, with 531 services, while Haitong Securities has seen a drastic reduction in its market-making activities, ceasing services for key ETFs [12]