证券代码：601377 证券简称：兴业证券 公告编号：临 2025-013 兴业证券股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 兴业证券股份有限公司（以下简称"公司"或"兴业证券"）第六届董事会 第三十次会议于 2025 年 4 月 25 日以电子邮件方式发出会议通知，于 2025 年 4 月 30 日以通讯方式召开。公司现有董事 9 名，全体董事参加会议。会议的召集、 召开及表决程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 蒋剑飞先生未持有本公司股票，与公司其他董事、监事、高级管理人员、实 际控制人及持股 5%以上股东不存在关联关系，未受过中国证监会及其他有关部 门的处罚和证券交易所惩戒，不存在相关法律法规、部门规章、规范性文件和《公 司章程》等以及上海证券交易所规定的不得担任高级管理人员的情形，符合《公 司法》《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》 《证券基金经营机构信息技术管理办法》《兴业证券股份有限公司章程》《兴业 证券股份 ...

Core Insights - The main contract of the CSI 1000 Index futures closed at 2506, with a change of +0.70% and a trading volume of 116,200 contracts as of April 29 [1][2] - Total trading volume for all contracts was 178,800 contracts, a decrease of 9,018 contracts from the previous day [1][4] - The top 20 positions showed a net short position with a difference of 17,010 contracts [1] Group 1: Trading Volume and Positions - The total long positions for the top 20 contracts were 219,500 contracts, down by 3,655 contracts from the previous day [1][4] - The total short positions for the top 20 contracts were 247,900 contracts, down by 2,709 contracts from the previous day [1][4] - The top three long positions were held by Guotai Junan (45,437 contracts), CITIC Futures (41,114 contracts), and Guotou Futures (13,619 contracts) [1][4] Group 2: Changes in Long and Short Positions - The top three increases in long positions were from Guotai Junan (22,105 contracts, +1,074), CITIC Futures (21,092 contracts, +552), and Donghai Futures (2,214 contracts, +284) [1][3] - The top three decreases in long positions were from Zhongtai Futures (4,891 contracts, -466), Guoxin Futures (2,611 contracts, -376), and Huatai Futures (4,035 contracts, -279) [1][3] - The top three increases in short positions were from Guotai Junan (17,974 contracts, +657), Huawen Futures (2,969 contracts, +617), and Guoxin Futures (4,713 contracts, +371) [1][3] - The top three decreases in short positions were from Zhongtai Futures (2,971 contracts, -297), Galaxy Futures (4,399 contracts, -155), and Yong'an Futures (2,080 contracts, -150) [1][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in retail business capabilities and high elasticity in self-operated investment returns. The revenue and net profit attributable to the parent company for 2024 are projected to be 12.35 billion and 2.16 billion yuan, respectively, representing year-on-year increases of 16.25% and 10.16%. For Q1 2025, the revenue and net profit are expected to be 2.79 billion and 516 million yuan, with year-on-year growth of 17.48% and 57.32% [5][6] Financial Performance Summary - In 2024, the company's operating income is expected to be 12.35 billion yuan, with a year-on-year growth of 16.2%. The net profit attributable to the parent company is projected to be 2.16 billion yuan, reflecting a year-on-year increase of 10.2% [10] - The company’s return on equity (ROE) for 2024 and Q1 2025 is estimated at 3.81% and 3.60%, with year-on-year increases of 0.11 and 1.36 percentage points [5] - The company’s self-operated investment income for 2024 and Q1 2025 is expected to be 2.82 billion and 600 million yuan, with year-on-year growth of 370% and 81% [7] Business Segment Performance - The brokerage business net income for 2024 is projected to be 2.13 billion yuan, down 5% year-on-year, while the investment banking business net income is expected to be 700 million yuan, down 33% year-on-year [6] - The asset management business net income for 2024 is expected to be 159 million yuan, with a year-on-year increase of 7.6% [6] Valuation Metrics - The current price-to-book (PB) ratio is projected to be 0.9 for 2024 and 0.8 for 2025 and 2026 [5] - The earnings per share (EPS) for 2025 is estimated at 0.30 yuan, with a projected increase to 0.39 yuan by 2027 [5][10]

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Views - The company's performance is recovering, with strong results in proprietary wealth management. The outlook is positive due to market recovery and the company's dual-driven growth strategy in wealth management and accelerated institutionalization [2][12]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 12.35 billion yuan and net profit attributable to shareholders of 2.16 billion yuan, representing year-on-year increases of 16.2% and 10.2% respectively. For Q1 2025, the figures were 2.79 billion yuan in revenue and 520 million yuan in net profit, with year-on-year increases of 17.5% and 57.3% respectively [7][12]. - The weighted average return on equity (ROE) increased by 0.11 percentage points to 3.81% in 2024 and by 0.34 percentage points to 0.90% in Q1 2025 [7][12]. Business Segments - In Q1 2025, revenue from brokerage, investment banking, asset management, interest, and proprietary trading were 660 million yuan, 130 million yuan, 40 million yuan, 320 million yuan, and 610 million yuan respectively, with year-on-year growth rates of 41.9%, 8.0%, 1.8%, 16.7%, and 82.2% [12]. - The company’s proprietary investment income for 2024 was 2.84 billion yuan, a significant year-on-year increase of 330.9%, with an estimated investment return rate of 3.01% [12]. Wealth Management and Asset Management - The company is deepening its wealth management efforts, with Q1 2025's average daily trading volume in the two markets reaching 1.52 trillion yuan, a year-on-year increase of 70.3%. The brokerage business revenue for Q1 2025 was 660 million yuan, up 41.9% year-on-year [12]. - The asset management business showed steady growth, with revenue of 160 million yuan in 2024, a year-on-year increase of 7.6%. The total asset management scale of the company reached 697.26 billion yuan by the end of 2024, with public fund scale growing by 16.0% [12]. Future Outlook - The report forecasts net profits of 2.367 billion yuan and 2.532 billion yuan for 2025 and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 21.38 and 19.98 [12].

Core Viewpoint - The financial performance of Industrial Securities for the year 2024 shows a positive trend with significant growth in total revenue and net profit, indicating a stable operational environment and potential for future growth [1][2]. Financial Performance - Total operating revenue (excluding other business income) reached 9.8 billion RMB, a year-on-year increase of 10.9%, with a quarterly revenue of 3.2 billion RMB, up by 6.9% quarter-on-quarter [1]. - The net profit attributable to shareholders was 2.16 billion RMB, reflecting a year-on-year growth of 10.2%, with a quarterly net profit of 840 million RMB, up by 4.7% quarter-on-quarter [2]. Return on Equity (ROE) - The overall ROE for the reporting period was 3.7%, an increase of 0.3 percentage points year-on-year [3]. - The quarterly ROE was 1.5%, showing a quarter-on-quarter increase of 0.8 percentage points and a year-on-year increase of 0.8 percentage points [4]. Financial Ratios - The financial leverage ratio (total assets excluding client funds) was 3.85 times, up by 0.17 times year-on-year and 0.2 times quarter-on-quarter [4]. - The asset turnover ratio was 4.4%, an increase of 0.1 percentage points year-on-year, with a quarterly asset turnover ratio of 1.4%, up by 0.2 percentage points quarter-on-quarter and 0.7 percentage points year-on-year [4]. - The net profit margin was 22.1%, a slight decrease of 0.1 percentage points year-on-year, while the quarterly net profit margin was 26.7%, up by 11.4 percentage points quarter-on-quarter and 1.6 percentage points year-on-year [4]. Business Segments - Proprietary business revenue for the quarter was 11.6 billion RMB, down by 1.6 billion RMB quarter-on-quarter, with a net yield of 2.2% [5]. - The brokerage business saw significant growth, with revenue of 21.3 billion RMB, a quarter-on-quarter increase of 111.8% and a year-on-year increase of 70% [6]. - Investment banking revenue was 7 billion RMB, with a quarterly revenue of 2.6 billion RMB, reflecting a quarter-on-quarter increase of 0.8 billion RMB [6]. Asset Management and Regulatory Metrics - Asset management revenue was stable at 1.6 billion RMB, with a quarterly revenue of 0.4 billion RMB, remaining flat both quarter-on-quarter and year-on-year [7]. - The risk coverage ratio was 272.9%, down by 48.1 percentage points from the previous period, with risk capital reserves at 14.1 billion RMB, an increase of 29.9% [7]. Investment Outlook - The company is expected to benefit from supply-side reforms and growth in asset management business, with projected EPS for 2025, 2026, and 2027 at 0.27, 0.29, and 0.32 RMB respectively [9]. - The target price is set at 6.79 RMB, with a recommendation to maintain a "buy" rating based on historical valuation and current business conditions [9].

Group 1 - The core viewpoint is that a new international order is emerging, and Chinese assets have significant potential for revaluation in the medium to long term [1][2] - Short-term strategies should focus on strategically positioning in technology, new consumption, gold, and military industries while being cautious of geopolitical uncertainties and trade policy disruptions [1][3] - The trade war is seen as having no winners, with potential impacts on both the US and global economies, and a typical bear market in US stocks is anticipated for 2025 [1][2] Group 2 - The revaluation of Chinese assets is a medium to long-term logic, with internal factors being the core variable influencing the capital market [2] - The development of new productive forces in China is expected to play a significant role in the future growth of A-shares and Hong Kong stocks, particularly in technology and new consumption sectors [2] - Defensive strategies are recommended in the short term, with a focus on technology as a primary investment line, while gold and military assets are suggested as traditional safe-haven investments [3]

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-012 兴业证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获中国证监会注册批复的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 近日，兴业证券股份有限公司（以下简称"公司"）收到中国证券监督管理 委员会《关于同意兴业证券股份有限公司向专业投资者公开发行永续次级公司债 券注册的批复》（证监许可〔2025〕837 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 100 亿元永续次级公司 债券的注册申请。 二、本次发行永续次级公司债券应严格按照报送上海证券交易所的募集说明 书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行永续次级公司债券。 四、自同意注册之日起至本次永续次级公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规、批复要求及公司股东大会的授权，办理本次公开 发行永续次级公司债券相关事宜，并及时履行信息披露义务。 特此公告。 兴业证券 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 6.79 RMB [1][9]. Core Views - The company's return on equity (ROE) has shown improvement, with a reported ROE of 3.7%, up by 0.3 percentage points year-on-year [1]. - The company's total assets, excluding client funds, reached 222.4 billion RMB, an increase of 14.9 billion RMB year-on-year [1]. - The report highlights a significant increase in brokerage business revenue, which rose to 21.3 billion RMB, reflecting a year-on-year growth of 70% [8]. Financial Performance Summary - The company's total revenue, excluding other business income, was 9.8 billion RMB, representing a year-on-year increase of 10.9% [7]. - The net profit attributable to the parent company was 2.16 billion RMB, up 10.2% year-on-year [7]. - The company reported a net profit margin of 22.1%, with a quarterly net profit margin of 26.7%, showing a quarter-on-quarter increase of 11.4% [1]. Business Segment Performance - The self-operated business generated a total revenue of 4.24 billion RMB, with a quarterly revenue of 1.16 billion RMB, reflecting a decline of 1.6 billion RMB quarter-on-quarter [1]. - The credit business generated interest income of 5.01 billion RMB, with a quarterly income of 1.47 billion RMB, marking a quarter-on-quarter increase of 311 million RMB [2]. - The investment banking business saw a revenue of 700 million RMB, with a quarterly revenue of 260 million RMB, indicating a quarter-on-quarter increase of 80 million RMB [8].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 6.79 RMB [1]. Core Views - The company's return on equity (ROE) has shown improvement, with a reported ROE of 3.7%, up by 0.3 percentage points year-on-year [1]. - The company's total assets, excluding client funds, reached 222.4 billion RMB, an increase of 14.9 billion RMB year-on-year [1]. - The report highlights a significant increase in brokerage business revenue, which rose to 21.3 billion RMB, reflecting a year-on-year growth of 70% [8]. Financial Performance Summary - The company's total revenue, excluding other business income, was 9.8 billion RMB, representing a year-on-year increase of 10.9% [7]. - The net profit attributable to the parent company was 2.16 billion RMB, up 10.2% year-on-year [7]. - The company's interest income from credit business was 5.01 billion RMB, with a quarterly increase of 3.11 million RMB [2]. - The company's asset-liability ratio stands at 78.33% [4]. Business Segment Performance - The self-operated business generated a total income of 4.24 billion RMB, with a quarterly income of 1.16 billion RMB, showing a decline of 1.6 billion RMB quarter-on-quarter [1]. - The investment banking business reported a revenue of 700 million RMB, with a quarterly increase of 80 million RMB [8]. - The asset management business income remained stable, totaling 1.6 billion RMB [8]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.27, 0.29, and 0.32 RMB respectively [9]. - The report anticipates a weighted average ROE of 4.22%, 4.46%, and 4.82% for the years 2025, 2026, and 2027 [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18][22] Core Views - The company's revenue for 2024 reached 12.354 billion yuan, a year-on-year increase of 16.25%, while the net profit attributable to shareholders was 2.164 billion yuan, up 10.16% year-on-year [1][4] - The increase in performance is primarily attributed to the active trading in the capital market and the implementation of favorable policies, leading to growth in investment income and asset management business [1][3] - The company has seen a significant increase in its financial asset scale, which grew by 18.28% year-on-year to 153.4 billion yuan, with investment income rising dramatically by 370% year-on-year [2][3] Summary by Sections Financial Performance - In 2024, the company achieved operating income of 12.354 billion yuan, a 16.25% increase year-on-year, and a net profit of 2.164 billion yuan, reflecting a 10.16% growth [1][4] - The first quarter of 2025 showed an operating income of 2.792 billion yuan, up 17% year-on-year, and a net profit of 516 million yuan, a significant increase of 57% [1] Business Segments - Brokerage business revenue decreased by 5.47% to 2.13 billion yuan due to commission rate reductions, despite a 13% increase in stock trading volume [2] - Investment banking revenue fell by 32.87% to 701 million yuan, with equity underwriting down 89% to 1.906 billion yuan, while bond underwriting increased by 32% to 175.8 billion yuan [2] - Asset management fees increased by 7.6% to 159 million yuan, with assets under management (AUM) reaching 100.995 billion yuan, a 20% increase [3] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 2.393 billion yuan, 2.677 billion yuan, and 2.896 billion yuan respectively, with year-on-year growth rates of 10.6%, 11.9%, and 8.2% [4][18] - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 22.6, 20.2, and 18.7 respectively, while the price-to-book (PB) ratios are expected to be 0.9 for 2025 and 2026, and 0.8 for 2027 [4][18]