| | | | 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% ...

2024年，中国证券行业在经历市场波动后，迎来了业绩的分化与回暖。截至3月底，已有10家上市券商 披露了2024年年报，整体来看，半数以上券商实现了归母净利润的增长，但各机构之间的业绩表现差异 显著。其中，自营业务成为推动券商业绩回暖的核心动力，而经纪、财富管理等业务也呈现出不同程度 的复苏。 业绩分化：头部券商领跑，中小券商表现各异 投行业务承压：IPO及再融资市场变化影响显著 与自营和经纪业务相比，券商投行业务在2024年普遍承压。受IPO及再融资市场规模变化影响，7家上 市券商的投行业务收入同比下降，降幅最高超过40%。然而，仍有部分券商逆势增长。南京证券的投行 业务收入达1.88亿元，同比增长17.03%；信达证券（601059）的投行业务收入为1.56亿元，同比增长 11.74%。 展望未来：市场预期积极，业绩改善趋势有望延续 市场机构对券商基本面修复的预期较为积极。开源证券非银金融行业首席分析师高超认为，券商2024年 四季度业绩有望超预期，目前券商板块估值水平仍偏低，2025年上半年业绩有望延续同比改善趋势。山 西证券（002500）非银金融团队也表示，在相关政策引领下，市场表现逐步企稳，202 ...

｜2025年3月31日 星期一｜ NO.1 国泰君安、招商证券、中国银河重回净利百亿俱乐部 近日，中国证券业协会发布券商2024年度经营数据，证券公司未经审计财务报表显示，150家证券公司 2024年度实现营业收入4511.69亿元，实现净利润1672.57亿元。在22家已披露2024年成绩单的上市券商 中，有17家归母净利润同比增长，占比接近八成。值得关注的是，中信证券、华泰证券、国泰君安、招 商证券和中国银河五家头部券商归母净利润超过百亿元，其中国泰君安、招商证券和中国银河等三家券 商2024年重新回到"净利百亿俱乐部"。此外，广发证券和东方财富归母净利润也均超95亿元，接近百亿 元。 NO.2 中央汇金持有ETF总市值突破万亿元 多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。Wind数据显示，截至2024年末，中 央汇金投资有限责任公司持有ETF的数量为21只，与2024年6月末保持一致；中央汇金投资有限责任公 司全资子公司中央汇金资产管理有限责任公司持有ETF的数量由2024年6月末的9只增至2024年末的15 只。以持有ETF总市值计算，截至2024年末，中央汇金投资有限责任公司 ...

Core Insights - The A-share market has shown significant recovery in sentiment post-September 2024, driven by a series of favorable policies, leading to an overall rebound in brokerage performance [1] - 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 the highest figures in nearly three years [1] - Among the 22 listed brokerages that disclosed their 2024 results, 17 reported year-on-year growth in net profit, indicating a strong recovery trend in the industry [1] Group 1: Brokerage Performance - The top five brokerages by net profit in 2024 were CITIC Securities (21.70 billion yuan), Huatai Securities (15.35 billion yuan), Guotai Junan (13.02 billion yuan), China Merchants Securities (10.39 billion yuan), and China Galaxy Securities (10.03 billion yuan) [3][5] - Guotai Junan, China Merchants Securities, and China Galaxy Securities re-entered the "100 billion net profit club" in 2024, highlighting a significant recovery in their financial performance [1][5] - The overall brokerage industry saw a rebound in trading activity, with increased investor sentiment contributing to improved financial results [5] Group 2: Strategic Developments - Guotai Junan aims to enhance service professionalism, business synergy, and strategic agility as part of its growth strategy for 2025 [1] - China Merchants Securities plans to deepen its wealth management transformation and develop a modern investment banking model, including the launch of a new trading system [2] - The merger between Guotai Junan and Haitong Securities is expected to strengthen their market position, with combined total assets projected at 1.73 trillion yuan and net assets at 328.3 billion yuan [5] Group 3: Wealth Management Trends - Several brokerages, including Founder Securities, reported robust growth in wealth management and investment management sectors, with Founder Securities achieving a 42.70% year-on-year increase in brokerage income [7] - Founder Securities also expanded its ETF offerings, with peak ETF scale exceeding 24.9 billion yuan, reflecting a growing demand for diversified investment products [7] - GF Securities reported a 22% increase in the scale of financial products sold, indicating a strong market response to wealth management initiatives [8]

Core Viewpoint - The report indicates that Zhuhai Guanyu Battery Co., Ltd. has complied with relevant regulations during the continuous supervision period, demonstrating effective governance, internal control, and proper use of raised funds [1][9]. Group 1: Company Governance and Internal Control - The company has a complete and compliant governance structure, with effective execution of internal control systems [2][3]. - The board of directors, supervisors, and senior management are fulfilling their responsibilities as per regulations [2]. Group 2: Information Disclosure - The company has established a comprehensive information disclosure system and has fulfilled its disclosure obligations accurately and timely [2][3]. Group 3: Independence and Related Party Transactions - The company maintains independence in its operations, with no violations regarding the use of funds by related parties [3][4]. Group 4: Use of Raised Funds - All raised funds are stored in a dedicated account, and the company has signed a tripartite supervision agreement with the underwriter and the bank [4][5]. - There are no instances of misappropriation or unauthorized changes in the use of raised funds [4]. Group 5: Related Transactions and Major Investments - The company has established sound management systems for related transactions, external guarantees, and major investments, with no violations reported [4][5]. Group 6: Operational Status - The company’s business model and structure have not undergone significant changes, and the operational management status is normal [5][6]. - The market outlook for the company’s main business remains stable without major adverse changes [5]. Group 7: Recommendations - The company is advised to continue improving its governance structure and timely fulfill information disclosure obligations [5][8]. - It is recommended to manage the use of raised funds effectively and to advance investment projects in an orderly manner [5][8].

Fundraising Overview - The company raised a total of RMB 3,089,043,000 through the issuance of convertible bonds, with a net amount of RMB 3,057,386,562 after deducting issuance costs [1][2] - As of December 31, 2023, the company had unutilized funds from its initial public offering (IPO) amounting to RMB 530.08 million and from the convertible bonds amounting to RMB 1.29 billion [2][3] Fund Management and Usage - The company has established a fundraising management system in compliance with regulatory requirements, including a tripartite supervision agreement with banks and the sponsor [3][4] - As of December 31, 2024, the total balance of the fundraising accounts was RMB 317.63 million, which includes interest income of RMB 37.73 million [6][9] Project Funding and Adjustments - The company has completed the funding for the "Supplementary Working Capital" project, utilizing RMB 233.93 million [4][12] - The "Chongqing Lithium Battery Cell Packaging Production Line Project" was terminated, and RMB 108.93 million was returned to the fundraising account [15][16] - The company has approved the use of surplus funds from completed projects to permanently supplement working capital [13][14] Cash Management - The company has approved the use of idle fundraising funds for cash management, allowing for investments in safe and liquid financial products, with a maximum of RMB 2 billion [10][11] - As of December 31, 2024, the balance of idle funds used for cash management was RMB 0.00 million, indicating all investments have matured and returned as expected [10][11] Regulatory Compliance - The company has adhered to the disclosure requirements set forth by regulatory bodies, ensuring timely and accurate reporting of fundraising storage and usage [16][17] - The sponsor has confirmed that the company's fundraising management practices comply with relevant regulations and accurately reflect the fundraising situation [17]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, highlighting strong performance in 2024 and limited impact from adjusted economic assumptions on core indicators [1]. Core Insights - The overall performance of the brokerage sector is strong, with 76% of listed brokerages reporting positive net profit growth in 2024, and a year-on-year increase in net profit of 15% [2]. - The insurance sector also showed impressive results, with a total net profit of 3,476 billion yuan in 2024, reflecting a year-on-year growth of 77.7% [2]. - The report emphasizes the stability of the industry structure, with major players like CITIC Securities, Huatai Securities, and Guotai Junan leading the market [2]. - Investment strategies are shifting towards high-dividend stocks, with a significant increase in equity investments among brokerages [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,915.17 with a slight increase of 0.01%, while the non-bank index decreased by 0.10% [5]. - The brokerage index reported a decline of 0.51%, while the insurance index increased by 0.63% [5]. Non-Bank Industry Data - As of March 28, 2025, the average daily stock trading volume was 15,420.55 billion yuan, indicating a decrease of 16.22% from the previous month [15][54]. - The financing balance reached 19,265.50 billion yuan, showing a year-to-date increase of 3.3% [15][57]. Key Company Announcements - China Life reported a net profit of 1,069.35 billion yuan in 2024, a year-on-year increase of 108.9% [22]. - New China Life achieved a net profit of 262 billion yuan, reflecting a growth of 201.1% [25]. - CITIC Securities reported a net profit of 217.04 billion yuan, up 10.06% year-on-year [26]. Investment Analysis - The report recommends focusing on mergers and acquisitions in the brokerage sector, particularly for companies like China Galaxy and CITIC Securities [2]. - In the insurance sector, it suggests continued investment in New China Life and China Life due to their strong performance [2].

券业并购风起云涌，行业榜首能否稳坐如初？ 随着时间步入年报季，多家上市券商陆续披露2024年成绩单。截至3月29日，已有21家上市券商发布2024年年报，在43家上市券商中占比接近一半。 其中，有9家大型券商业绩亮相，盈利前十座次已初具雏形。共有5家券商归属于母公司所有者的净利润超过百亿。其中，中信证券凭借637.89亿元的营业收 入和217.04亿元的归母净利润，稳居"双料"冠军。 而对于备受瞩目的大型券商并购案——"国泰君安+海通证券"，国泰君安发布模拟合并后的2024年业绩，数据显示合并后的资本实力将跃至行业第一，营收规 模与中信证券的差距有所收窄，但归母净利润可能跌出行业前五。不过部分单项业务的表现将逆袭，排名第一。 截至目前，21家上市券商中有16家归母净利润同比增长，占比77%。而自营业务仍是券商业绩的"胜负手"，相关券商业绩高增或下滑均与自营业务表现有密 切的关系。 "国君+海通"合并利润未达百亿 近日，多家大型券商密集发布2024年年报，前十阵容已大致显现。根据券商中国记者梳理，截至目前大型券商2024年业绩表现有四大看点： 一是中信证券营业收入、归母净利润双双稳居第一。 该头部券商2024年 ...

Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [11][23]. Core Views - The company's ROE has shown significant improvement both year-on-year and quarter-on-quarter, with a reported ROE of 8%, up by 0.8 percentage points year-on-year. The quarterly ROE stands at 2.5%, reflecting a 0.6 percentage point increase quarter-on-quarter and a 0.5 percentage point increase year-on-year [2]. - The total revenue for the reporting period, excluding other business income, reached 20.7 billion yuan, representing a year-on-year increase of 14.1%. The net profit attributable to the parent company was 10.39 billion yuan, up 18.5% year-on-year [8][11]. - The company benefits from a robust regulatory framework, with a risk coverage ratio of 216.7%, significantly above the warning line of 120% [4]. Financial Performance Summary - The company's self-operated business revenue totaled 9.53 billion yuan, with a quarterly revenue of 2.36 billion yuan, showing a slight decrease quarter-on-quarter [3]. - Interest income from credit business amounted to 10.02 billion yuan, with a quarterly income of 2.68 billion yuan, reflecting a quarter-on-quarter increase of 3.75 billion yuan [3]. - The brokerage business revenue reached 6.18 billion yuan, with a quarterly revenue of 2.51 billion yuan, marking a substantial increase of 128.9% quarter-on-quarter and 100.5% year-on-year [10]. Valuation and Price Target - The target price for the company's stock is set at 22.37 yuan, with the current price at 18.17 yuan, indicating a potential upside [5][11]. - The expected EPS for 2025, 2026, and 2027 is projected to be 1.45, 1.56, and 1.67 yuan respectively, with corresponding PB ratios of 1.28, 1.19, and 1.11 [11][12].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 22.37 CNY, compared to the current price of 18.17 CNY [5][11]. Core Insights - The company's ROE has shown significant improvement, with a reported ROE of 8%, up by 0.8 percentage points year-on-year. The quarterly ROE stands at 2.5%, reflecting a 0.6 percentage point increase quarter-on-quarter and a 0.5 percentage point increase year-on-year [2]. - The total revenue for the reporting period, excluding other business income, reached 20.7 billion CNY, marking a 14.1% increase year-on-year. The net profit attributable to the parent company was 10.39 billion CNY, up 18.5% year-on-year [8][11]. - The company has demonstrated a robust performance in its brokerage business, with revenues of 6.18 billion CNY, which is a 100.5% increase year-on-year and a 128.9% increase quarter-on-quarter [10]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.96 times, a decrease of 0.41 times year-on-year [2]. - The asset turnover ratio improved to 4%, with a quarterly turnover of 1.3%, reflecting a 0.3 percentage point increase quarter-on-quarter [2]. - The net profit margin for the reporting period was 50.1%, an increase of 1.9 percentage points year-on-year [2]. - The company's interest income from credit business was 10.02 billion CNY, with a quarterly income of 2.68 billion CNY, showing a quarter-on-quarter increase of 3.75 billion CNY [3][10]. Regulatory Indicators - The company's risk coverage ratio stands at 216.7%, an increase of 39.5 percentage points from the previous period, indicating a strong regulatory position [4]. - The net capital is reported at 87.4 billion CNY, reflecting a 10.1% increase from the previous period [4].