证券代码：600958 证券简称：东方证券 公告编号：2025-024 东方证券股份有限公司关于 以集中竞价交易方式回购公司 A 股股份方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：拟回购资金总额下限为人民币 2.5 亿元（含）， 上限为人民币 5 亿元（含） ● 回购股份资金来源：公司自有资金 ● 回购股份用途：维护公司价值及股东权益 ● 回购股份价格：不超过人民币 13.5 元/股（含） ● 回购股份方式：以集中竞价交易方式 ● 回购股份期限：自公司董事会审议通过本次回购 A 股股份方 案之日起不超过 3 个月 ● 相关股东是否存在减持计划：截至本公告披露之日，公司董 事、监事、高级管理人员、持股 5%以上的股东在未来 3 个月、未来 6 个月不存在减持公司股票的计划。上述主体如未来有减持计划，相关 方及公司将严格按照有关法律、法规及规范性文件的相关规定履行信 息披露义务。 ● 相关风险提示： 1.本次回购期限内，公司股票价格持续超出回购方案披露的价格 上限，导致回购方案 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-023 东方证券股份有限公司 本次会议审议通过了《关于以集中竞价交易方式回购公司 A 股股 份方案的议案》。 表决结果：15 票同意，0 票反对，0 票弃权。 为有序、高效协调回购股份过程中的具体事宜，在有关法律、法 规及规范性文件许可范围内及董事会审议通过的回购股份方案框架 和原则下，董事会授权经营管理层具体办理本次回购股份相关事宜。 授权内容及范围包括但不限于：1.设立回购专用证券账户及其他相关 事宜；2.在回购期限内择机回购股份，包括回购股份的具体时间、价 格和数量等；3.办理相关报批事宜，包括但不限于制作、修改、授权、 签署、执行与本次回购股份相关的所有必要的文件、合同、协议等； 4.如监管部门对于回购股份的政策发生变化或市场条件发生变化，除 涉及有关法律、法规及《公司章程》规定必须由董事会重新表决的事 项外，授权公司管理层对本次回购股份的具体方案等相关事项进行相 应调整；5.依据适用的法律、法规、监管部门的有关规定，办理其他 1 以上虽未列明但为本次回购股份所必须的事宜。 第六届董事会第六次会议（临时会议）决议公告 本公司董事会及全体董 ...

公司名稱: 東方證券股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | 1 | RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | 1 | RMB | | 7,469,482,864 | | 2 ...

智通财经5月6日电，东方证券(600958.SH)公告称，公司计划使用自有资金以集中竞价交易方式回购A股 股份，回购金额不低于2.5亿元且不超过5亿元，回购价格不超过13.5元/股。回购期限自董事会审议通过 之日起不超过3个月，回购股份用于维护公司价值及股东权益。 东方证券：拟2.5亿元-5亿元回购A股股份 ...

智通财经记者 | 陈靖 2025年一季度，券业迎来开门红。 据季报数据，今年一季度，42家上市券商合计实现营业收入1259.30亿元，同比增长24.6%；实现归属于 母公司股东的净利润521.83亿元，同比增加83.48%。 其中，37家券商净利润同比增长，22家增幅超50%，7家实现翻倍式增长。 头部券商优势依旧显著，其中，中信证券（600030.SH）以177.61亿元营收、65.45亿元净利润稳居行业 第一，同比分别增长29%和32%，经纪、自营、投行业务均贡献稳定收入。国泰海通（601211.SH）净 利润同比暴增391.78%至122.42亿元，主因并购重组带来的资产整合效应及自营业务收益提升。华泰证 券（601688.SH）营收82.32亿元、净利润36.42亿元，同比分别增长35%和59%，财富管理与机构服务业 务表现亮眼。 在营业收入方面，Choice金融终端显示，共有2家证券公司突破百亿大关。中信证券以177.61亿元的营 业收入稳居榜首，同比增长29.13%。合并后的国泰海通以117.73亿元位列第二，营业收入同比大幅增长 47.48%。 值得关注的是，营收前十的座次出现调整。东方证券（6 ...

Core Insights - The performance of listed securities firms in Q1 2025 shows significant growth, with over 70% of firms reporting increases in both revenue and net profit, indicating a potential new upward cycle for the securities industry [2][3] Group 1: Financial Performance - Total revenue for 42 listed securities firms reached 125.93 billion yuan, a year-on-year increase of 27.6%, while net profit attributable to shareholders was 52.18 billion yuan, up 83.48% [3] - CITIC Securities led the revenue rankings with 17.76 billion yuan, followed by the merged Guotai Junan and Haitong Securities at 11.77 billion yuan, and Huatai Securities at 8.23 billion yuan [3] - Over 70% of firms reported revenue growth, with Guolian Minsheng Securities showing the highest increase at 800.98% [3][4] Group 2: Profitability - More than 80% of securities firms experienced year-on-year net profit growth, with Northeast Securities showing the most significant increase at 859.84% [4] - Guotai Junan Securities achieved a net profit of 12.24 billion yuan, surpassing CITIC Securities, making it the only firm to exceed 10 billion yuan in net profit for the quarter [3][4] Group 3: Revenue Structure - Proprietary trading and brokerage services accounted for nearly 65% of total revenue, with net income from proprietary trading and brokerage services increasing by 51.02% and 48.70%, respectively [5] - 17 firms reported brokerage service net income growth exceeding 50%, with Guolian Minsheng Securities leading at 333.69% [5] Group 4: Market Conditions - The A-share market saw a significant increase in trading volume and new account openings, with 7.47 million new accounts opened in Q1 2025, a 31.7% increase from the previous year [6] - The average daily trading volume reached 1.7 trillion yuan, a 70% year-on-year increase, indicating a robust market environment [6] Group 5: Future Outlook - Analysts expect the securities industry to maintain a high level of prosperity in 2025, driven by high trading volumes and a recovering capital market [7] - The industry is anticipated to enter a new upward cycle, supported by ongoing policy initiatives and improving market sentiment [7]

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].