Core Viewpoint - Huazhong Securities Co., Ltd. expects a significant increase in net profit for the first quarter of 2025, projecting a year-on-year growth of 80% to 100% [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders ranging from RMB 502 million to RMB 558 million for Q1 2025 [2][4]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between RMB 499 million and RMB 554 million, also reflecting a year-on-year increase of 80% to 100% [2][4]. Group 2: Previous Year Comparison - For Q1 2024, the net profit attributable to shareholders was RMB 279 million, and the net profit excluding non-recurring items was RMB 277 million [9]. Group 3: Reasons for Performance Increase - The growth in performance is attributed to significant increases in securities investment, brokerage business, and investment banking activities, alongside a focus on wealth management transformation and risk control [6].

Core Viewpoint - The article highlights the increasing trend of share buybacks among Chinese securities firms, indicating strong confidence in the capital market's resilience and long-term growth potential supported by robust economic fundamentals [1][6][8]. Group 1: Share Buyback Plans - Guotai Junan Securities plans to repurchase A-shares with an estimated amount between 1 billion to 2 billion yuan, with a maximum price of 26.35 yuan per share, within a period not exceeding 3 months [2]. - Guotai Capital intends to repurchase A-shares for an amount between 200 million to 400 million yuan, with a maximum price of 8.90 yuan per share, within a period not exceeding 12 months [2]. - Zhongtai Securities and Caitong Securities have also announced share buyback proposals, with Zhongtai planning to repurchase shares for 300 million to 500 million yuan and Caitong for 150 million to 300 million yuan [3]. Group 2: Broader Market Context - Multiple securities firms, including Huatai Securities and China Galaxy Securities, have reported significant profit growth for Q1 2025, with Huatai expecting a net profit increase of 50% to 60% year-on-year [11][12]. - The overall securities sector showed strong performance on April 9, with the securities index rising by 2.02%, indicating positive market sentiment [1]. Group 3: Economic Resilience and Investment Opportunities - The article emphasizes that the strong economic resilience of China supports the development of the capital market, with continuous inflow of incremental funds enhancing market liquidity [6][7]. - Institutional investors are actively looking for opportunities in undervalued sectors, particularly those related to domestic demand and domestic substitution [8][10]. - The article notes that despite external pressures, China's economy has a robust self-repairing capability, which presents new investment opportunities in the capital market [7][8].

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].

Financial Performance Expectations - The company expects a net profit attributable to shareholders for Q1 2025 to be between RMB 502 million and RMB 558 million, representing a year-on-year increase of 80% to 100%[1]. - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between RMB 499 million and RMB 554 million, also reflecting a year-on-year increase of 80% to 100%[3]. - In Q1 2024, the net profit attributable to shareholders was RMB 279 million, indicating significant growth in the upcoming quarter[5]. Business Growth Drivers - The increase in performance is primarily driven by substantial year-on-year growth in securities investment, brokerage business, and investment banking services[6]. Business Strategy and Risk Management - The company emphasizes a balanced approach to business development and risk control, focusing on wealth management transformation and enhancing self-operated and equity investment businesses[6]. Financial Data and Forecast Accuracy - The preliminary financial data provided is subject to final confirmation in the official Q1 2025 report, as it has not yet been audited by registered accountants[4][8]. - There are no significant uncertainties affecting the accuracy of the performance forecast[7].

华安证券（600909）公告，预计2025年第一季度实现归属于上市公司股东的净利润为人民币5.02亿元至 人民币5.58亿元，同比增加80%至100%。预计归属于上市公司股东的扣除非经常性损益的净利润为人民 币4.99亿元至人民币5.54亿元，同比增加80%至100%。公司坚持稳中求进工作总基调，协调推进业务发 展与风险防控，深入推进财富管理转型，稳慎发展自营投资和股权投资业务，努力缩小投资银行业务发 展差距，经营业绩实现稳步提升。 ...

Core Insights - The impact of highly pathogenic avian influenza (HPAI) from the US and New Zealand is expected to continue into 2025, with zero import of breeding stock from these countries since December 2024, leading to potential supply shortages in the domestic market [1][4] - The parent stock chick sales remain high, but the meat chicken industry chain prices have been relatively weak since 2025 [2][3] Group 1: Industry Overview - As of March 2025, the stock of breeding chickens is at a record high since 2019, with 1.3586 million breeding stock and 22.8669 million parent stock [1] - Parent stock chick sales in 2024 reached 75.2214 million sets, a year-on-year increase of 13.3% [1] - The average price of parent stock chicks in January and February 2025 was 53.63 CNY/set and 46.5 CNY/set, showing significant year-on-year growth of 43.4% and 32.1% respectively [2] Group 2: Price Trends - The prices of commodity chicks have shown a downward trend, with averages of 2.06 CNY/bird and 1.84 CNY/bird in January and February 2025, reflecting year-on-year declines of 23.2% and 58.7% [2] - White feather chicken prices were recorded at 7.41 CNY/kg, 6.05 CNY/kg, and 7.13 CNY/kg from January to March 2025, marking the lowest levels since 2018 [2] Group 3: Supply Chain Dynamics - The total breeding stock update in 2024 was 1.5007 million sets, the highest since 2014, but the update volume dropped significantly in early 2025 due to HPAI impacts [3][4] - The overseas breeding stock update is expected to decline significantly in 2025 due to ongoing outbreaks of HPAI in the US and New Zealand, which have halted imports [4]

Group 1 - The core point of the news is that Anhui Anyuan Investment Fund Co., Ltd. plans to reduce its shareholding in Jingsong Intelligent by up to 2,000,000 shares, which is approximately 2.3029% of the total share capital, within a three-month period starting from April 24, 2025 [1] - As of the announcement date, Anhui Anyuan holds 9,571,296 shares in Jingsong Intelligent, accounting for 11.0209% of the total share capital [1] - The shares held by Anhui Anyuan were acquired prior to the company's initial public offering and through capital reserve increases from the 2023 annual equity distribution [1] Group 2 - Jingsong Intelligent was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 6, 2022, with an issuance of 14,857,116 shares, representing 25% of the total share capital post-issuance, at a price of 35.62 yuan per share [2] - The stock reached a peak price of 65.00 yuan on its first trading day but has since experienced a decline, currently trading below its initial offering price [2] - The total funds raised by Jingsong Intelligent amounted to 529 million yuan, with a net amount of 465 million yuan after deducting issuance costs, exceeding the original fundraising plan by 127 million yuan [2] Group 3 - The total issuance costs for Jingsong Intelligent were 63.7213 million yuan, with Huazhong Securities receiving 44.4571 million yuan as underwriting fees [3] - The company announced a cash dividend of 0.22 yuan per share and a stock dividend of 0.45 shares per share for the 2023 annual equity distribution, with the record date set for June 28, 2024 [3]

| | | | 2 | 华泰联合 | 3 | | --- | --- | --- | | 2 | 中信证券 广司 | TITU 3 | | 4 | 、东兴证券TONWOOD TREE | | | 4 | 申万宏源 | 2 | | 4 | 中信建投 | 2 | | 7 | 华安证券 | 1 | | 7 | 广发证券 | 1 | | 7 | 国元证券 | 1 | | 7 | 平安证券 | 1 | | 7 | 申港证券 | 1 | | | 天风证券 | 1 | | 7 | 招商证券 | 1 | | 76 | 中金公司 | FOT 1 . | | 1 | 中国银河TONW( | on TREE | | 7 | 中泰证券 | 1 | | 7 | 中银国际 | 1 | | | 信计 | 27 | 二、律师事务所业绩排名 2025年1-3月，共有16家律师事务所为这27家新上市公司IPO提供了法律服务。 文/梧桐数据中心 随着3月28日开发科技（920029）在北交所上市，2025年1-3月A股合计新上市公司27家，其中沪市主板4家、科创板5家、深市主板3家、创业板12家、北交所3家。 相较去年同期的30家，同比下降10% ...

中信证券指出，近期黄金价格再创新高，主要是海外市场衰退交易与关税恐慌交易所致。综合通胀、增 长、关税、地缘等多个因素来看，当前黄金行情难言结束。二季度至年中，海外市场或持续出现类滞胀 交易的主线，并利好黄金表现，而关税和地缘冲突对黄金的扰动仍未到终点，在不确定性情绪积聚以及 释放以前，上述因素对黄金的驱动难言结束。从资金面看，黄金多头对黄金当前走向的影响程度已经来 到历史最高水平，不过交投规模以及热度并未达到历史"最拥挤"区间，资金仍有进一步加仓的空间。综 合当前基本面和资金面数据，我们预计年内黄金行情可能仍未结束。 凤凰网财经讯 3月31日，A股开盘，上证指数跌0.24%，深证成指跌0.45%，创业板指跌0.49%。影视传 媒、光刻胶、智谱AI等板块指数跌幅居前。 机构观点： 中信建投：关注经济超预期或科技新催化，重视科技和顺周期主线的结构性机会 中信建投指出，近期市场趋弱是市场结构、流动性转弱和季节效应共同引起的，目前看季节性回调尚未 结束。当前A股面临关税带来的宏观经济和美元指数的不确定性，国内经济增长和通胀低迷的冲突，指 数向上突破阻力位动能不足而向下大跌风险有限。因此短期市场上下空间皆有限，预计仍以 ...

一、2024年年审会计师事务所基本情况 (一)会计师事务所基本情况 容诚会计师事务所(特殊普通合伙)由原华普天健会 计师事务所(特殊普通合伙)更名而来,初始成立于1988年 8月,2013年12月10日 改制为特殊普通合伙企业,是国内最早 获准从事证券服务业务的会计师事务所之一,长期从事证券 服务业务。注册地址为北京市西城区阜成门外大街22号1幢 外经贸大厦901-22至901-26,首席合伙人刘维。截至2024年 12月31日,容诚会计师事务所共有合伙人212人,共有注册 会计师1552人,其中781人签署过证券服务业务审计报告。 (二) 聘任会计师事务所履行的程序 华安证券董事会审计委员会对会计师事务所2024年度 履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司治理准则》《国有企业、上市公司选聘 会计师事务所管理办法》《上海证券交易所上市公司自律 监管指引第1号 -- 主板上市公司规范运作》和《公司章程》 等规定和要求,董事会审计委员会本着勤勉尽责的原则, 恪尽职守,认真履职。现将董事会审计委员会对容诚会计 师事务所2024年年度审计履职评估及履行监 ...