中国经济网北京5月16日讯四方新材（605122）(605122.SH)近日披露2025年第一季度报告。报告期内， 该公司实现营业收入2.48亿元，同比下降23.69%；实现归属于上市公司股东的净利润-85.89万元，上年 同期为1540.04万元；实现归属于上市公司股东的扣除非经常性损益的净利润-1395.34万元，上年同期为 1361.07万元；经营活动产生的现金流量净额为1.03亿元，同比增长298.44%。 2024年，四方新材实现营业收入14.12亿元，同比下降28.93%；实现归属于上市公司股东的净利润-1.64 亿元，上年为1296.45万元；实现归属于上市公司股东的扣除非经常性损益的净利润-1.76亿元，上年为 961.13万元；经营活动产生的现金流量净额为1180.28万元，同比下降87.50%。 四方新材首次公开发行股票募集资金总额132,499.20万元，扣除发行费用后募集资金净额123,512.30万 元。四方新材于2021年2月25日披露的招股说明书显示，该公司原拟募集资金123,512.30万元，拟用于装 配式混凝土预制构件项目、干拌砂浆项目、物流配送体系升级项目、补充流动资金。 ...

53岁的张秋云是雷厉风行的实干家，刚出任中原证券董事长没几天，就带着团队开始拜访企业，2025年5月初去了河南种业集团。 "（中原证券）应积极发挥'河南资本市场战略性载体'功能作用和社会职能……助力河南种业集团在资本赛道上腾飞"带着公司常务副总 裁、执委会委员、郑州投行总部、企业融资总部等部门的相关负责人，张秋云向河南种业集团董事长赵博表达了中原证券的合作希望。 之所以才上任就马不停蹄地"跑业务"，是因为张秋云接手的中原证券，正面临着"业绩下滑、自营不佳、IPO项目停滞"的局面，如何带领 这家老牌券商实现业绩提升，是她必须考虑的问题。 衍生品亏损9亿拖累利润 天眼查显示，中原证券成立于2002年11月8日，注册资本464288.47万元，法定代表人鲁智礼。鲁此前的身份是公司董事长。 截图来源于天眼查 成立12年之后，2014年6月，中原证券实现了在香港上市；2017年1月又完成了在上交所主板上市，成为在香港和境内主板上市的券商，风 头一时无两。 但是2024年，中原证券的营收、利润开始遭遇严峻挑战。 财报数据显示，2024年，中原证券实现营收16.90亿元，同比下降14.13%；归母净利润同比增长16.18% ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The company, Wuxi Intelligent Control Engineering Co., Ltd., is facing significant challenges in its investment project, specifically the "Switch Control Valve Manufacturing Base Project," which has not progressed as expected due to changes in the macroeconomic environment [1][2] - The company's net profit for the third quarter is reported at 33.68 million yuan, a year-on-year decrease of 78.37%, attributed to declining sales prices and increased costs and expenses [3][1] - The company has been advised by its sponsor, Zhongyuan Securities, to actively monitor its operational status and implement effective measures to improve performance and protect investor interests [3][1] Group 2 - The company has conducted 12 monthly checks on its fundraising account and has confirmed that the progress of fundraising projects aligns with disclosed information [1] - A training session was held on November 22, 2024, covering key points on shareholder reduction rules, cash dividends, and interpretations of regulatory opinions on mergers and acquisitions [2] - The company has made adjustments to its investment pace in response to significant changes in the macroeconomic environment and market demand, leading to a current investment progress of 21.91% as of December 31, 2024, which is below the planned schedule [2][1]

中原证券股份有限公司 关于无锡智能自控工程股份有限公司 2023 年度以简易程序 向特定对象发行股票持续督导之保荐总结报告书 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为无锡 智能自控工程股份有限公司（以下简称"智能自控"、"发行人"或"公司"） 券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》等有关规定，对智能自控的 持续督导时间为该公司发行股票上市当年剩余时间及其后 1 个完整的会计年度， 智能自控股票于 2023 年 9 月 11 日起在深圳证券交易所上市，其持续督导期为 限已满，中原证券根据相关法律法规，出具本保荐总结报告。 一、保荐机构及保荐代表人承诺 遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 证监会"）对保荐总结报告书相关事项进行的任何质询和调查。 管理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | | | --- | --- | --- | --- | | 保荐机构名称 | 中原证券股份有限公司 | | | | 注册地址 | 10 郑州市郑东新 ...

Core Viewpoint - The appointment of Zhang Qiuyun as the new chairperson of Zhongyuan Securities marks a significant leadership change, following the retirement of the previous chairman, and comes amid challenges in the company's performance and the broader securities industry [1][3][6]. Company Leadership Change - Zhang Qiuyun will assume the role of chairperson starting April 29, 2025, after being recommended by the Henan Provincial Committee of the Communist Party [2][3]. - Zhang is not a newcomer to the company, having previously served as the deputy general manager of the major shareholder, Henan Investment Group, and as a board member of Zhongyuan Securities since November 2021 [2][4]. - The previous chairman, Lu Zhilie, will continue as a board member but has stepped down from the chairperson role after a tenure of less than two years [3][5]. Company Performance - Zhongyuan Securities reported a decline in revenue for 2024, with total operating income of 1.69 billion yuan, a decrease of 14.13% year-on-year, while net profit attributable to shareholders increased by 16.18% to 246 million yuan [6]. - The decline in revenue was attributed to reduced investment income and fair value changes, while the increase in net profit was driven by higher brokerage income and lower management fees [6]. - The self-operated and investment banking businesses significantly impacted the company's performance, with revenues of -84.5 million yuan and 47.8 million yuan, respectively, reflecting year-on-year decreases of 115.31% and 43.65% [6]. - In contrast, the brokerage business performed well, generating 815 million yuan in revenue, an increase of 24.98% [6]. Industry Context - The broader securities industry saw a positive trend in 2024, with 150 securities firms reporting a total revenue of 451.17 billion yuan, a year-on-year increase of 11.15%, and a net profit of 167.26 billion yuan, up 21.35% [6]. - In the first quarter of 2025, 42 listed securities firms achieved a combined revenue of 125.93 billion yuan, a growth of 24.6%, and a net profit of 52.18 billion yuan, an increase of 83.5% [7]. - Despite the overall industry growth, Zhongyuan Securities continued to experience declines in both revenue and net profit in Q1 2025, with revenues of 40.1 million yuan, down 37.73%, and net profit of 10.3 million yuan, down 21.28% [7].

私募透视镜 最后的股东会，巴菲特论后市看法；中原证券迎女掌门张秋云，曾任中学教师；这两家私 募被撤销登记… 热点聚焦 巴菲特股东大会核心观点速览：贸易、经济、投资与AI五大焦点 当地时间5月3日，一年一度的伯克希尔·哈撒韦公司（简称"伯克希尔"）股东大会在小镇奥马哈举行。 在长达5小时的问答环节中，巴菲特就市场热点、政治观点及公司未来规划作出深度回应。 一、贸易与关税：巴菲特在股东大会上直言"贸易不应成为武器"，强调美国应通过开放合作实现共同繁 荣。他指出，美国已从250年前的零起点成长为全球工业强国"在我看来，当有75亿人不太喜欢你，而你 国内有3亿人却在以某种方式吹嘘自己做得有多好时，这是一个很大的错误"巴菲特说。 二、美国经济：针对美国一季度GDP萎缩0.4%的现状，巴菲特警告称美国财政决策机制正系统性削弱 美元价值，货币贬值风险如"达摩克利斯之剑"。他淡看美股年内标普500指数19%的波动，称"30天至 100天内的短期调整难称熊市"。对于减持苹果股票的质疑，他仅表示，苹果选择库克作为继任者是无比 正确的决定。 三、现金储备：针对超3000亿美元现金储备的争议，巴菲特明确表示其核心逻辑在于投资机会的" ...

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]

4月29日晚，中原证券公布2025年一季报，公司营业收入为4.01亿元，同比下降37.7%；归母净利润为 1.03亿元，同比下降21.3%；扣非归母净利润为9863万元，同比下降22.1%。 中原证券在投资业务和子公司大宗商品销售方面出现了收入减少，导致一季度营业收入大幅下降。 事实上，中原证券2024年就出现了营收下滑。2024年，中原证券实现营收16.9亿元，同比下降14.13%。 分业务看，公司2024年自营业务亏损8449.51万元，较上年同期减少6.37亿元。投资银行业务收入同比下 降38.79%，一个原因是公司债券承销业务被暂停半年。 2024年10月公告显示，由于中原证券个别投行类业务存在违规行为，证监会决定对公司在2024年10月17 日至2025年4月16日期间，暂停公司债券承销业务。 然而，中原证券2024年自营业务竟然亏损8449.51万元。2025年一季度，公司投资收入继续下滑，公司 投资能力可见一斑。中原证券自营亏损并非单一因素导致，而是激进策略、风控失效、行业竞争共同作 用的结果。2025年一季度自营业务仍未改善，显示深层矛盾尚未解决。 中原证券的业绩波动，折射出区域券商在全面注册 ...

Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 董事名單及其角色和職能 中原證券股份有限公司董事（「董事」）會（「董事會」）成員自2025年4月29日起調 整如下，即張秋雲女士由非執行董事調任執行董事，魯智禮先生由執行董事調 任非執行董事；另外，張秋雲女士自2025年4月29日擔任發展戰略委員會及風 險控制委員會主任委員，魯智禮先生繼續擔任發展戰略委員會及風險控制委 員會委員。張秋雲女士和魯智禮先生的簡歷詳情請見附件一。 執行董事 張秋雲女士 （董事長） 非執行董事 魯智禮先生 李興佳先生 唐 進先生 田聖春先生 獨立非執行董事 陳志勇先生 – 1 – 董事會下設四個董事會專門委員會。各董事於該等委員會中擔任的職位載列 如下： | | | 發展戰略 | 薪酬與提名 | 審計 | 風險控制 | | --- | --- | --- | --- | --- | --- | | | | 委員會 | 委員會 | 委員會 | 委員會 | | 張 ...