Core Viewpoint - Zhongtai Securities reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating challenges in proprietary trading but growth in brokerage and asset management services [1][2]. Financial Performance - In 2024, Zhongtai Securities achieved operating revenue of 10.89 billion, down 14.7% year-on-year, and a net profit attributable to shareholders of 940 million, down 47.9% year-on-year [1]. - For Q1 2025, the company reported a net profit of 370 million, up 11.6% year-on-year, and revenue of 2.54 billion, up 0.2% year-on-year [1]. - The main revenue breakdown for 2024 included brokerage, investment banking, asset management, net interest, and net investment income, totaling 9.49 billion, with year-on-year changes of +13.2%, -30.2%, +4.2%, -2.7%, and -53.1% respectively [1]. Asset Management and Investment - As of the end of 2024, total assets were 224.7 billion, up 14.8% year-on-year, while net assets were 42.7 billion, up 7.0% year-on-year [2]. - The investment asset scale was 73.7 billion at the end of 2024, up 7.5% year-on-year, with a significant increase in other equity instruments [2]. - Investment net income for 2024 was 1.32 billion, down 53.1% year-on-year, primarily due to a decrease in the fair value of alternative investment projects [2]. Brokerage and Financing Business - The brokerage business saw a slight decrease in market share, with a trading volume of 11.5 trillion in 2024, up 13.5% year-on-year, and a market share of 1.97%, down 0.15 percentage points [3]. - Margin financing and securities lending revenue was 1.87 billion, down 7.1% year-on-year, with a year-end balance of 37.6 billion, up 14.4% year-on-year [3]. Asset Management Performance - The asset management business generated revenue of 2.07 billion in 2024, up 4.2% year-on-year, with a slight increase in Q1 2025 revenue to 540 million, up 12.2% year-on-year [4]. - The AUM for Wanji Fund, in which Zhongtai holds a 60% stake, was 156.3 billion at the end of Q1 2025, down 6.4% from the beginning of the year [4]. Future Outlook - The company expects net profit attributable to shareholders for 2025-2027 to be 1.83 billion, 1.84 billion, and 1.99 billion respectively, indicating a growth of 95%, 0.5%, and 9% year-on-year [4].

Group 1 - Tianfeng Securities announced that its controlling shareholder intends to fully subscribe to the upcoming private placement shares and has committed not to transfer them for five years, which will strengthen the state-owned shareholder's control over the company [1] - The fundraising is expected to enhance the company's governance level and stabilize its equity structure, demonstrating the controlling shareholder's confidence in the company's high-quality development [1] - The securities industry is capital-intensive, and financing is crucial for enhancing comprehensive strength and risk resistance, as well as better serving the real economy [1] Group 2 - Several securities firms, including Guotai Junan and Guolian Minsheng, have successfully implemented private placements this year to raise funds for mergers and acquisitions, aiming for business expansion and integration [2] - As of May 6, 62 securities firms have issued a total of 229 bonds, with a combined issuance scale of 381.528 billion yuan, indicating a growing trend in bond issuance as a financing method [2] - Among the 62 firms, 11 have issued bonds exceeding 10 billion yuan, with Huatai Securities leading at 31.2 billion yuan, followed by GF Securities at 27.56 billion yuan [2] Group 3 - The advantages of bond issuance for financing include not diluting shareholder equity and lower costs in a relatively low-interest-rate environment, allowing firms to flexibly choose bond terms for short-term liquidity [3] - Funds raised through private placements typically provide long-term and stable financial support for the implementation of the company's long-term strategies [3]

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 中信证券：A股将继续呈现风偏回暖、主题轮动特征 展望5月，中信证券预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题轮动的特征，以低机构持仓 的主题型交易机会为主。但从经济层面来看，真实的影响已经悄然发生，中信证券预计中美经济在二季度尾声 可能会面临新的变数。 配置上，除了短期的热点主题轮动，中信证券依然建议聚焦三个不变的大趋势：一是中国自主科技能力的提升 趋势不会动摇；二是欧洲重建自主防务，提升能源、基建和资源储备的趋势不会动摇；三是中国势必要走 通"双循环"，加速完善社会保障并激发内需潜力是政策的必选项。 广发证券：景气投资回归 短期A股考虑三重因素：一是一些负面的一季报靴子落地；二是TMT反应度模型已经处于下限位置；三是国内 外大厂在大模型、算力芯片、端侧、AI应用的进展不断，5月—6月继续看好科技股的机会。 中期角度来说，回到三类资产对应的三个模型，在出现地产周期大反弹或科技应用大爆发之前，中长期对中性 股息组合保持关注。另外，考虑到国内科技大厂资本开支正在加大、产业链订单开始释放，景气成长组合以及 所代表 ...

互换便利工具在去年下半年推出，不少券商陆续获得了参与互换便利的业务资格。不过，究竟有哪些券商实际落地了互换 便利业务？参与额度又有多少？部分券商年报有披露。 有的券商在年报中表示，公司使用互换便利获得的资金持仓股票和股票ETF。还有的券商称，公司主动参与央行第二批互换便 利操作且积极配置A股市场。年报数据显示，有的券商互换便利质押式回购接近50亿元。 买入股票和股票ETF "作为首批获得互换便利业务资格的金融机构，整体参与进度属于同业前列；发挥做市商专业优势，为中小微企业提供专业化 的流动性支持，公司在北交所做市业务中创市场先例，首家通过互换便利账户开展北交所做市业务，向市场传递积极信号。" 申万宏源表示 。 财通证券称， 互换便利作为国家支持资本市场健康发展的增量政策，为资本市场和行业发展带来了重大政策机遇。公司积极 承接政策，获得互换便利业务资格，并在第一时间完成股票增持的首笔交易。据悉，财通证券使用互换便利获得的资金持仓 股票和股票ETF。 东吴证券称， 响应国家政策号召，成功取得互换便利操作资格，主动参与央行第二批互换便利操作且积极配置A股市场。 东方证券 稳妥使用互换便利资金，高效筛选合适的A股标的 ...

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

Core Viewpoint - The A-share market experienced significant fluctuations in 2024, with a notable recovery in market sentiment driven by favorable policies, leading to improved overall performance for securities firms [1] Group 1: Overall Performance - In 2024, 150 securities firms reported a total operating income of 451.17 billion yuan and a net profit of 167.26 billion yuan, marking a three-year high [1] - Compared to 2021, operating income decreased by 5.12 billion yuan, and net profit decreased by 2.38 billion yuan [1] - Among the 42 listed securities firms, 28 reported year-on-year growth in operating income, accounting for 70.37% [1] Group 2: Leading Firms - CITIC Securities led the industry with an operating income of 63.79 billion yuan, followed by Guotai Junan and Huatai Securities with 43.40 billion yuan and 41.47 billion yuan, respectively [3] - Six firms, including CITIC Securities, Huatai Securities, and Guotai Junan, achieved net profits exceeding 10 billion yuan [2][7] Group 3: Performance Disparities - Some firms, such as Zhongyuan Securities and Donghai Securities, reported net profits below 2 billion yuan, highlighting significant performance disparities [2][6] - The top performers in terms of net profit growth included Huayin Securities and Hongta Securities, with increases of over 100% [10] Group 4: Investment Income - Investment income growth was a common characteristic among high-performing firms, with CITIC Securities reporting 24.04 billion yuan in investment income, a 23.95% increase [12] - Conversely, firms like Zhongtai Securities and Guolian Minsheng experienced substantial declines in investment income due to poor investment decisions [12][13] Group 5: Market Outlook - The overall operating environment for the securities industry is expected to continue improving, with analysts predicting sustained growth in 2025 [17][18] - The recent supportive policies for the capital market are anticipated to enhance investor sentiment and improve the profitability of securities firms [17][18]

证券代码：600918 证券简称：中泰证券 公告编号：2025-016 中泰证券股份有限公司 关于召开2024年度股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2024年度股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 27 日 14 点 30 分 召开地点：山东省济南市市中区经七路 86 号证券大厦 23 楼会议室 (五)网络投票的系统、起止日期和投票时间 1 股东会召开日期：2025年5月27日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 27 日 至2025 年 5 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15- ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-013 中泰证券股份有限公司 第三届监事会第七次会议决议公告 本公司监事会及全体监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。 中泰证券股份有限公司（以下简称"公司"）第三届监事会第七次会议于 2025 年 4 月 29 日以通讯表决的方式召开。本次会议为临时会议，会议通知和会议材 料于 2025 年 4 月 25 日以电子邮件方式发出。会议应出席监事 7 名，实际出席监 事 7 名。本次会议由监事会召集人安铁先生召集，会议的召集、召开符合《中华 人民共和国公司法》等法律法规和《公司章程》《公司监事会议事规则》的规定。 本次会议形成以下决议： 一、审议通过了《公司 2025 年第一季度报告》。 监事会认为，公司 2025 年第一季度报告的编制、审议程序符合相关法律法 规、规范性文件、《公司章程》及公司内部制度的规定；内容和格式符合中国证 券监督管理委员会、上海证券交易所等有关机构的要求，能够真实、准确、完整 地反映公司 2025 年第一季度的经营管理和财务状况等事项；未发现参与报告 ...