Core Viewpoint - Zhejiang Securities predicts that under a relatively stable domestic demand environment, the revenue and profit growth of major brand apparel leaders are expected to improve on a quarter-on-quarter basis in Q1 2025, despite fluctuations in external demand [1][2] Group 1: Brand Apparel - Retail performance for apparel, footwear, and textiles showed a cumulative growth of 0.3% in 2024 and 3.3% in January-February 2025, driven by consumer confidence boosted by consumption promotion policies [2] - Haier's revenue is expected to grow positively in Q1 2025 due to benefits from FCC and JD Outlet projects, while Semir Apparel is anticipated to see slower profit growth due to ongoing channel investments [2] - In the sports fashion segment, BiYin is expected to lead revenue growth in Q1 2025, although new brand KC's profit growth is projected to lag behind revenue [2] Group 2: Textile Manufacturing - Despite a high base for Q1 2025 manufacturing orders, leading manufacturers are expected to maintain positive order growth, with most manufacturers having a stable demand outlook [4] - Companies like Huali Group, Kairun Co., and Taihua New Materials are expected to achieve double-digit revenue growth in Q1 2025, while others like Weixing Co. and Jiasheng Group are projected to maintain single-digit revenue growth [4] - Profit performance may vary, with some companies experiencing a decline in net profit margins due to new factory launches, while most are expected to maintain stable or slightly improved margins [4] Group 3: Investment Recommendations - Focus on industry leaders with positive operational changes or attractive valuations, such as Haier, Weiguan Medical, Semir Apparel, and others [3] - Hong Kong-listed sports and functional apparel companies are expected to show resilience, with recommendations for Anta Sports, Bosideng, and Li Ning [3] - High-dividend home textile leaders supported by clear subsidy policies include Luolai Life and Mercury Home Textiles [3]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [8]. Core Insights - The company's performance in 2024 was driven by proprietary trading, with total revenue of 15.82 billion yuan, a year-on-year decrease of 10.3%, while net profit attributable to shareholders increased by 10.2% to 1.93 billion yuan [8]. - The report highlights significant growth in agency trading income, with a net income of 1.20 billion yuan, reflecting a year-on-year increase of 22% [8]. - The investment banking segment faced challenges, with revenues declining by 17.9% to 720 million yuan, primarily due to a tightening equity financing market [8]. - Asset management revenue saw a slight decline of 6.2%, but the total asset management scale increased by 4.6% to 953 billion yuan [8]. - The company achieved substantial growth in investment income, which rose by 69.3% to 1.74 billion yuan, benefiting from effective asset allocation strategies [8]. Financial Forecast - The report projects net profits for 2025, 2026, and 2027 to be 2.17 billion yuan, 2.30 billion yuan, and 2.54 billion yuan respectively, with corresponding year-on-year growth rates of 12.05%, 6.16%, and 10.56% [8]. - Earnings per share (EPS) are expected to be 0.47 yuan, 0.59 yuan, and 0.66 yuan for the years 2025, 2026, and 2027 respectively [8]. - The current market capitalization corresponds to a price-to-book (PB) ratio of approximately 1.11x, 1.07x, and 1.02x for the years 2025, 2026, and 2027 [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [8]. Core Insights - The company's 2024 performance shows a total revenue of 15.82 billion yuan, a decrease of 10.3% year-on-year, while the net profit attributable to shareholders is 1.93 billion yuan, an increase of 10.2% year-on-year [8]. - The report highlights significant growth in agency trading income, with a net income of 1.20 billion yuan, reflecting a 22% increase year-on-year, amidst a backdrop of increased market trading activity [8]. - The investment income for 2024 reached 1.74 billion yuan, marking a substantial increase of 69.3% year-on-year, driven by effective asset allocation strategies [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 15.82 billion yuan, down 10.3% from the previous year, while net profit attributable to shareholders rose to 1.93 billion yuan, up 10.2% [8]. - The earnings per share (EPS) for 2024 is projected at 0.49 yuan, with a return on equity (ROE) of 6.8%, an increase of 0.1 percentage points year-on-year [8]. Business Segments - The brokerage business generated 2.35 billion yuan in revenue, a decrease of 4.9% year-on-year, primarily due to a decline in futures brokerage income [8]. - The investment banking segment saw revenues drop to 720 million yuan, down 17.9% year-on-year, with a significant decline in equity underwriting [8]. - Asset management revenue decreased slightly to 390 million yuan, down 6.2% year-on-year, while the total asset management scale increased by 4.6% to 95.3 billion yuan [8]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 2.17 billion yuan, 2.30 billion yuan, and 2.54 billion yuan respectively, with corresponding year-on-year growth rates of 12.05%, 6.16%, and 10.56% [8]. - The projected EPS for the next three years is expected to be 0.47 yuan, 0.59 yuan, and 0.66 yuan per share [8].

非银金融 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 | 市场数据： 2025 年 04 月 10 日 | | | --- | --- | | 收盘价（元） | 10.64 | | 一年内最高/最低（元） | 15.87/9.72 | | 市净率 | 1.8 | | 息率（分红/股价） | 1.79 | | 流通 A 股市值（百万元） | 48,665 | | 3,223.64/9,754.64 上证指数/深证成指 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 7.69 | | 资产负债率% | 76.30 | | 总股本/流通 A 股(百万) | 4,574/4,574 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 2025 年 04 月 11 日 浙商证券 (601878) ——自营股债再平衡，收购国都再进一步 事件：4/10，浙商证券披露 2024 年年报，业绩与快报一致。2024 公司实现营收 158.2 亿元，同比-10.3% ...

Core Insights - Zhejiang Merchants Securities Co., Ltd. (浙商证券) reported its first annual report after acquiring Guodu Securities, showing a revenue of 15.816 billion yuan, a year-on-year decrease of 10.33%, while net profit increased by 10.17% to 1.932 billion yuan [2][3] Financial Performance - The company's total assets reached 154.086 billion yuan, up 5.88% year-on-year, and equity attributable to shareholders increased by 30.26% to 35.193 billion yuan [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares (including tax) [2] Business Segments - The main business segments include brokerage, wealth management, credit, investment banking, asset management, investment, futures, and research, with futures and investment banking being the primary revenue sources [2] - Futures business revenue was 10.365 billion yuan, down 17.89% year-on-year, while the total futures agency trading volume reached 83.1 trillion yuan, an increase of 26.58% [3] - Investment banking revenue fell by 20.93% to 677 million yuan, with 292 underwriting projects completed, raising a total of 107.1 billion yuan [3] - Brokerage business revenue increased by 3.53% to 3.636 billion yuan, benefiting from favorable national policies and active market trading in the fourth quarter [3] Investment and Asset Management - Investment business revenue grew by 35.93% to 1.149 billion yuan, driven by strong performance in the bond market and recovery in the equity market [4] - Asset management revenue increased by 9.43% to 530 million yuan, with total asset management scale reaching 95.304 billion yuan, up 4.61% year-on-year [4] Quarterly Performance - In 2024, the second quarter had the highest revenue at 4.118 billion yuan, while the first, third, and fourth quarters showed consistent performance around 3.9 billion yuan [4] - The net profit in the fourth quarter was particularly strong at 667 million yuan, compared to 447 million yuan, 337 million yuan, and 481 million yuan in the first three quarters [4] Executive Compensation - The compensation for the board of directors and supervisors decreased from 17.8041 million yuan in 2023 to 16.657 million yuan in 2024 [5]

按申万行业统计，浙商证券所属的非银金融行业共有39家公司公布了2024年度分配方案，派现金额最多 的是中国平安，派现金额为293.34亿元，其次是中国人寿、中国太保，派现金额分别为127.19亿元、 103.90亿元。（数据宝） 2024年度非银金融行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601318 | 中国平 | 0.00 | 16.2 | 2933438.00 | 23.17 | 3.42 | | --- | --- | --- | --- | --- | --- | --- | | | 安 | | | | | | | 601628 | 中国人 | 0.00 | 4.5 | 1271900.00 | 11.89 | 1.30 | | | 寿 | | | | | | | 601601 | 中国太 | 0.00 | 10.8 | 1038996.88 | 23.1 ...

践行社会责任擘画发展蓝图 多业务协同发力核心指标稳中有进 2024年，浙商证券以服务实体经济为根本，推动各业务板块提质增效，实现高质量发展。 经纪与财富管理双轮驱动。经纪业务方面，公司聚焦私募机构服务与居民财富管理，全年私募服务规模 突破千亿大关，达1007亿元。通过"股道行""私募沙龙"等系列活动提升客户覆盖，并依托"鑫管家"金融 科技平台打造私募综合服务品牌。财富管理业务持续创新，深化"以客户利益为中心"的服务体系，全年 荣获"成长财富管理示范机构""最佳成长财富管理奖"等多项行业权威奖项，品牌影响力显著提升。信用 业务方面，截至2024年末，公司融资融券余额为238.33亿元，较2023年末增加43.15亿元，增长幅度为 22.11%，高于市场平均水平。 投行与投资业务逆势突破。投行业务全年完成股权、债券主承销项目292单，融资规模1071亿元。其 中，债券承销规模1055.9亿元，公司债承销排名全国第9位，浙江省内稳居榜首。投资业务紧抓市场机 遇，自营投资收益同比大幅增长；直投业务规模持续扩大，并新设股权投资基金4支，新增管理规模逾 30亿元，积极响应国家"投早、投小、投硬科技"政策导向。 资管与期货 ...

香港交 易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 （股份代號：0576） （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 公 告 浙商證券 截 至2024年12月31日止年度之主要財務資料及指標 浙 江 滬 杭 甬 高 速 公 路 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 公 佈 本 公 司 之 子 公 司，浙 商 證 券 股 份 有 限 公 司（「浙商證券」，其 股 份 於 上 海 證 券 交 易 所 上 市 及 買 賣）（證 券 代 碼：601878）於2025年4月10日刊發其 2024年 度 報 告（「該報告」）。 董事會謹請本公司股東及公眾投資者留意以下該報告所載浙商證券截 至2024年12月31日 止 年 度 之 主 要 財 務 數 據 及 指 標： 一. 主要財務資料 單 位：元 幣 種：人 民 幣 | | ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-025 浙商证券股份有限公司 2025 年度第三期短期融资券发行结果公告 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个别及连带责任。 浙商证券股份有限公司 2025 年度第三期短期融资券已于 2025 年 4 月 9 日发 行完毕，相关发行情况如下： | 短期融资券名称 | | 浙商证券股份有限公司 | 2025 | 年度第三期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | | 短期融资券发行简称 | 25 | 浙商证券 | CP003 | 短期融资券流通代码 | | 072510058 | | 发行日 | 2025 | 年 4 月 | 8 日 | 起息日期 | 2025 年 | 4 月 9 日 | | 兑付日期 | 2025 | 年 7 月 | 9 日 期限 | | | 91D | | 计划发行总额 | 20 | 亿元人民币 | | 实际发行总额 | 20 | 亿元人民币 | | 票面利率 | | 1.7 ...

浙商证券股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road. Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhepa.cn 告是否由具有执业许可的会计师事务 管平台（http://acc.mof.gov.cn）" 进 11 318 您可使用手机"扫一扫"或进入"注册 H 录 | 一、审计报告 | 页 次 1-6 | | --- | --- | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (三) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17 ...