Core Viewpoint - Dongfang Securities reported significant growth in Q1 2025, with operating revenue and net profit attributable to shareholders reaching 5.38 billion and 1.44 billion yuan, respectively, reflecting year-on-year increases of 49.1% and 62.0% [1][2] Financial Performance - In Q1 2025, the company achieved operating revenue of 5.38 billion yuan and net profit of 1.44 billion yuan, with year-on-year growth rates of 49.1% and 62.0% respectively [1][2] - The weighted average return on equity (ROE) increased by 0.68 percentage points to 1.79% year-on-year [1][2] - The operating leverage, excluding customer funds, decreased from -1.2% at the beginning of the year to 3.69 times [1] Business Segments - Revenue from various business lines in Q1 2025 included brokerage (0.7 billion yuan, +44.6%), investment banking (0.32 billion yuan, +17.0%), asset management (0.30 billion yuan, -16.5%), interest income (0.22 billion yuan, -26.3%), and proprietary trading (2.21 billion yuan, +144.5%) [2] - The significant growth in proprietary trading contributed to the overall performance, with self-operated investment income reaching 2.21 billion yuan, a year-on-year increase of 144.5% [2][3] Market Conditions - The average daily trading volume in the stock market was 1.74646 trillion yuan in Q1 2025, reflecting a year-on-year increase of 70.9%, which positively impacted the brokerage business [3] - The company’s investment banking revenue improved, with equity financing reaching 8.02 billion yuan and bond underwriting at 120.58 billion yuan, marking year-on-year increases of 104.4% [3] Asset Management - The asset management business saw a revenue decline of 16.5% to 0.30 billion yuan, but the decline was narrowing [3] - The company’s asset management scale was 216.57 billion yuan at the end of 2024, down 8.1% year-on-year, but it maintained a leading position in active management returns [3] Long-term Outlook - The company is positioned as a benchmark in wealth management and asset management, with expectations for its large asset management and wealth management advantages to become evident [4] - Projected net profits for 2025 and 2026 are 3.67 billion and 3.89 billion yuan, corresponding to price-to-earnings ratios of 21.1 and 19.9, and price-to-book ratios of 0.94 and 0.91 [4]

Core Viewpoint - The company reported strong Q1 2025 results with revenue of 5.382 billion yuan, a year-on-year increase of 49%, and a net profit attributable to shareholders of 1.436 billion yuan, up 62% year-on-year, consistent with preliminary performance reports [1] Group 1: Financial Performance - Investment income reached 2.108 billion yuan in Q1 2025, a significant year-on-year increase of 164%, marking the highest quarterly figure since Q4 2015, and serving as a key driver for net profit growth [2] - Brokerage net income was 703 million yuan, reflecting a 45% year-on-year increase, driven by active market trading with an average daily trading volume of 1.7465 trillion yuan, up 71% year-on-year [3] - The investment banking segment showed recovery with net income of 320 million yuan, a 17% year-on-year increase, alongside bond underwriting amounting to 127.1 billion yuan, up 34% year-on-year [3] Group 2: Asset Management and Interest Income - Asset management net income decreased by 17% year-on-year to 301 million yuan, with the net asset value of public funds managed by subsidiaries showing mixed results [4] - Interest income fell by 26% year-on-year to 220 million yuan, primarily due to a 7.8% increase in interest expenses [4] Group 3: Earnings Forecast and Valuation - The company adjusted its full-year investment income assumptions upward, projecting EPS for 2025-2027 to be 0.49, 0.57, and 0.66 yuan respectively, with a slight increase from previous estimates [5] - The target price is set at 12.95 yuan for A-shares and 8.04 HKD for H-shares, maintaining a buy rating based on strong investment performance and brand advantages in the asset management sector [5]

Investment Rating - The report maintains a "Recommendation" rating for Dongfang Securities (600958) with a target price of 11.87 CNY [1]. Core Views - The performance of Dongfang Securities slightly exceeded expectations, with total operating revenue (excluding other business income) reaching 3.9 billion CNY, a year-on-year increase of 57.3%. The net profit attributable to the parent company was 1.44 billion CNY, up 62% year-on-year [1]. Financial Summary - Main revenue (million CNY) for 2024A is projected at 19,190, with a year-on-year growth rate of 12%. For 2025E, it is expected to be 21,109 million CNY, with a growth rate of 10%. The net profit attributable to the parent company is forecasted to be 3,350 million CNY for 2024A, increasing to 3,827 million CNY in 2025E, reflecting a growth rate of 22% and 14% respectively [4]. - Earnings per share (EPS) is projected to be 0.37 CNY for 2024A, increasing to 0.45 CNY in 2025E, and further to 0.50 CNY in 2026E [4]. - The price-to-earnings ratio (P/E) is expected to decrease from 24.8 in 2024A to 20.3 in 2025E, and further down to 18.2 in 2026E [4]. - The price-to-book ratio (P/B) is projected to be 1.02 in 2024A, decreasing to 1.00 in 2025E, and further to 0.98 in 2026E [4]. Business Performance - The report highlights that the company's self-operated business income reached 2.11 billion CNY, with a quarterly self-operated return rate of 2.2%, showing a significant increase compared to previous periods [8]. - The brokerage business revenue was reported at 700 million CNY, with a year-on-year increase of 44.6% [8]. - Investment banking revenue was 320 million CNY, showing a year-on-year increase of 0.5 billion CNY [8]. Market Outlook - The report expresses optimism regarding the company's growth opportunities in the context of industry supply-side reforms and the anticipated market recovery [8]. - The expected EPS for 2025, 2026, and 2027 is projected to be 0.45 CNY, 0.50 CNY, and 0.58 CNY respectively, with corresponding BPS of 9.13 CNY, 9.34 CNY, and 9.53 CNY [8].

Core Viewpoint - The article discusses the implementation and impact of the "swap convenience tool" introduced by the central bank, highlighting how various securities firms have engaged with this tool to enhance liquidity and support the capital market [1][13]. Group 1: Participation and Impact of Swap Convenience Tool - Several securities firms have successfully obtained qualifications to participate in the swap convenience business, with some reporting significant engagement in their annual reports [1][2]. - Firms like Shenwan Hongyuan and Caitong Securities have actively utilized the swap convenience to acquire stocks and ETFs, indicating a proactive approach to capital market support [3][4]. - Dongwu Securities and other firms have reported successful participation in the second batch of swap convenience operations, contributing to the A-share market [4][5]. Group 2: Financial Metrics and Performance - Some firms disclosed that their swap convenience-related repurchase agreements approached 5 billion yuan, showcasing the scale of their operations [2][7]. - Citic Securities reported being the first to complete a swap convenience transaction on the Shanghai and Shenzhen exchanges, emphasizing their role in maintaining market stability [5]. - By the end of 2024, Guosen Securities noted that the fair value of bonds obtained through swap convenience for repurchase agreements was 2.944 billion yuan, reflecting the financial implications of these operations [9]. Group 3: Future Outlook and Strategic Plans - Firms like Caitong Securities and Dongwu Securities expressed intentions to continue leveraging the swap convenience tool to enhance their investment strategies and contribute to market stability [12][4]. - Guosen Securities plans to refine its asset allocation strategy while balancing non-directional and directional investment approaches, indicating a strategic focus on stability and flexibility [12]. - Zhongtai Securities aims to improve its research and investment capabilities, highlighting the importance of the swap convenience tool in enhancing asset allocation effectiveness and return stability [11][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 5.382 billion yuan, a year-on-year growth of 49.06%, and net profit of 1.436 billion yuan, up 62.00% year-on-year [1][3] - The company's strategic focus on "large wealth, large investment banking, and large institutions" is expected to continue driving growth [1] - The self-operated investment segment showed a rebound, with a diversified asset allocation strategy leading to a 1.14% increase in financial assets to 224.461 billion yuan by the end of Q1 2025 [1] Summary by Sections Self-Operated Investment - The company increased its financial asset allocation by 2.5 billion yuan since the beginning of the year, with a total holding of 224.461 billion yuan at the end of Q1 2025, reflecting a 1.14% growth [1] - The TPL account saw an increase of 6.93% to 96.443 billion yuan, while the OCI equity account increased by 26.20% to 24.8 billion yuan [1] Brokerage Business - The brokerage business generated 703 million yuan in revenue, a year-on-year increase of 44.60%, driven by a 68% increase in stock trading volume to 99.55 trillion yuan [2] - As of the end of 2024, the company’s total custodial assets reached 878.273 billion yuan, with a non-monetary holding scale of 55.824 billion yuan, reflecting year-on-year increases of 17.74% and 8.12% respectively [2] Investment Banking - The investment banking segment achieved revenue of 320 million yuan, up 16.97% year-on-year, with equity financing totaling 7.804 billion yuan and a market share of 9.39%, ranking second [2] - The company’s bond underwriting scale reached 127.111 billion yuan, a year-on-year increase of 33.70%, with a market share of 3.90% [2] Asset Management and Credit Business - The asset management and credit business faced challenges, with credit business revenue declining by 26.27% to 220 million yuan due to rising interest expenses outpacing income [3] - Asset management revenue also decreased by 16.53% to 301 million yuan [3] Financial Forecasts - The company maintains its profit forecast, expecting net profits of 3.6 billion yuan, 3.77 billion yuan, and 3.92 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.4%, 4.8%, and 4.1% [3][4]

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in investment income, with both year-on-year and quarter-on-quarter growth exceeding 100%. The quarterly stock quality impairment provision was reversed, contributing positively to profits [1][6] - For Q1 2025, the company achieved revenue of 5.38 billion yuan, a year-on-year increase of 49.1% and a quarter-on-quarter increase of 5.3%. The net profit attributable to the parent company was 1.44 billion yuan, representing a year-on-year increase of 62.0% and a quarter-on-quarter increase of 28.8 times [4][6] - The company’s weighted ROE for Q1 2025 was 1.79%, an increase of 0.68 percentage points year-on-year [4] Financial Data and Profit Forecast - The company’s revenue for 2025 is projected to be 24.69 billion yuan, with a year-on-year growth rate of 28.7% [5] - The net profit attributable to the parent company for 2025 is estimated at 5.81 billion yuan, reflecting a year-on-year growth of 73.3% [5] - The annualized investment return rate for Q1 2025 reached 8.99%, compared to 5.32% in 2024 and 3.34% in Q1 2024 [6] Business Performance - The company’s management expenses for Q1 2025 were 2.21 billion yuan, showing a year-on-year increase of 38% but a quarter-on-quarter decrease of 18%, leading to a net profit margin of 27%, up 2 percentage points year-on-year [6] - The company’s brokerage and margin financing performance was below industry standards, with a decline in customer assets by 11% compared to the end of 2024 [6] - The company’s financial investment scale at the end of Q1 2025 was 226 billion yuan, a 1% increase from the end of the previous year [6]

东方证券股份有限公司 "提质增效重回报"行动方案 2024 年度落实情况评估报告 为深入贯彻落实党的二十大及中央金融工作会议精神，践行 "金融服务实体经济"根本宗旨，坚守"以人民为中心"价值取 向，东方证券股份有限公司（以下简称"公司"）立足资本市场 深化改革要求，围绕高质量发展主题，于 2024 年 4 月制定并发 布了《公司"提质增效重回报"行动方案》。 2024 年，公司积极落实行动方案各项工作，在聚焦做强主 业、强化功能定位、提升经营质效、提升股东回报等方面取得了 积极进展和良好成效，现就年度落实情况报告如下： 一、坚持初心使命，坚守功能定位 锚定战略航向，走好东方特色发展道路。公司于 2025 年 3 月制定的 2025-2027 年战略规划，全面践行金融工作的政治性、 人民性，正确处理好功能性和盈利性关系，以建设具有国内竞争 力和国际影响力的一流现代投资银行为目标，为金融强国和上海 "五个中心"建设贡献更大力量。公司以"集团化、数字化、国 际化"作为战略驱动，坚持推进有东方证券特色的高质量发展的 一个总体定位，聚焦大财富和大投行两大重点领域，锻造综合化 客群经营、数字化科技驱动、内生性合规风控三大 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-021 东方证券股份有限公司 第六届监事会第三次会议决议公告 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。 东方证券股份有限公司（以下简称"公司"）第六届监事会第三 次会议通知于 2025 年 4 月 29 日以通讯表决方式召开。本次会议通知 于 2025 年 4 月 15 日以电子邮件和专人送达方式发出，2025 年 4 月 29 日完成通讯表决形成会议决议。本次会议应出席监事 7 名，实际 出席监事 7 名，有效表决数占监事总数的 100%。本次会议的召集召 开符合《公司法》《公司章程》和《公司监事会议事规则》等有关规 定。本次会议审议并通过了以下议案： 一、审议通过《公司 2025 年第一季度报告》 表决结果：7 票同意，0 票反对，0 票弃权。 监事会认为： 1、同意公司按中国境内相关法律法规及中国企业会计准则等要 求编制的《公司 2025 年第一季度报告》。 2、《公司 2025 年第一季度报告》的编制和审议程序符合法律、 法规及《公司章程》等规定；报 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-020 东方证券股份有限公司 第六届董事会第五次会议决议公告 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法律责任。 东方证券股份有限公司（以下简称"公司"）第六届董事会第五 次会议于 2025 年 4 月 29 日以通讯表决方式召开。本次会议通知于 2025 年 4 月 15 日以电子邮件和专人送达方式发出，2025 年 4 月 29 日完成通讯表决形成会议决议。本次会议应表决董事 15 人，实际表 决董事 15 人。本次会议的召集召开符合《公司法》《公司章程》及 《公司董事会议事规则》等有关规定。本次会议审议并通过了以下议 案： 一、审议通过《公司 2025 年第一季度报告》 表决结果：15 票同意，0 票反对，0 票弃权。 本议案的具体内容详见公司同日披露的《公司 2025 年第一季度 报告》。 本议案已经公司董事会审计委员会成员审议通过。 二、审议通过《公司"提质增效重回报"行动方案 2024 年度落 实情况评估报告》 表决结果：15 票同意，0 票反对，0 票弃 ...