证券代码：601878 证券简称：浙商证券 浙商证券股份有限公司 2025 年第一季度报告 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法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 浙商证券股份有限公司2025 年第一季度报告 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同 上年同期 | | | --- | --- | --- | --- | | | | 期增减变动幅度(%) | | | 营业收入 | 2,993,854,049.22 | 3,882,423,873.09 | -22.89 | | 归属于上市公司股东的净利 润 | 555,582,922.16 | 447,423,004.80 ...

浙商证券（601878）公告，2025年第一季度营收为29.94亿元，同比下降22.89%；净利润为5.56亿元， 同比增长24.17%。 ...

2025年京东补贴小家电品类更广，京东自营全国发货，小家电除了微波炉、电饭煲是常规品类，截止 4.22新增36项(不完全统计)小家电品类纳入补贴。天猫、淘宝采取地区专享的政策，截止4.22小家电政 策覆盖的区域共16个，部分地区如浙江、广东、湖北、湖南、陕西等地区补贴的小家电品类范围明显扩 张，三方数据显示小家电行业多数品类25年恢复增长，偏刚需品类价增，长尾品类中养生壶、电动类量 价齐增。该行预期在国补小家电品类扩围的情况下，各公司内销有望提速。 国补覆盖面扩大，该行认为主要利好三类公司 1)刚需品类占比高且价格带定位中高端的公司(刚需品类Q1饭煲、微波炉纳入国补常规品类，补贴力度 大，可预期的国补持续性或更好)。2)长尾品类养生壶及动力类占比高的公司(养生壶和动力类在本轮国 补中刺激效果比较明显)。3)京东占比高，总部补贴力度大以及子公司布局广泛的公司(京东自营可以全 国发货，总部补贴力度大且子公司布局广泛可以更大程度享受地区专享补贴。) 智通财经APP获悉，浙商证券发布研报称，行业数据显示25年小家电多数品类恢复增长，刚需品类价 增，养生壶等长尾品类量价齐增。国补主要利好三类企业：1)刚需品类占比高且定 ...

Group 1 - The core viewpoint of the news is the announcement of the performance briefing for the Zhejiang Merchants Securities Hu-Hang-Ning REIT, which aims to provide investors with insights into the fund's 2024 operating results and financial status [1][2] - The fund is managed by Zhejiang Merchants Securities Asset Management Co., Ltd., and the fund code is 508001 [1] - The performance briefing will take place on April 24, 2025, from 14:00 to 17:10 at the Shanghai Stock Exchange Roadshow Center, and it will be conducted via video live streaming and text interaction [2] Group 2 - Investors can participate in the briefing online through the Shanghai Stock Exchange Roadshow Center website [2] - Questions from investors can be submitted via email until April 23, 2025, at 16:00 [2] - After the briefing, the main content and details will be available for viewing on the Shanghai Stock Exchange Roadshow Center [2]

Core Insights - The launch of the Hang Seng Tianjian 4.0 operation and maintenance platform at Zheshang Securities marks a significant step towards creating an integrated intelligent operation and maintenance system in the securities industry [1][3] - The platform aims to address the complexities of IT architecture in the securities sector, which has been exacerbated by digital transformation, by eliminating data silos and improving operational efficiency [1][3] Group 1 - The Hang Seng Tianjian 4.0 platform integrates full-stack operation and maintenance capabilities, covering infrastructure, operating systems, middleware, application services, and business logic [1][3] - The platform enhances operational efficiency, reducing fault discovery time from hours to seconds, and increasing fault prediction accuracy by nearly 80% [3][4] - The platform allows for automatic discovery of IT assets and the creation of monitoring indicators in seconds, reducing manual configuration workload by 80% [3][4] Group 2 - The system has improved incident response efficiency by 70% through automated processes, transitioning from manual intervention to self-healing workflows [4] - Daily automated reports generated by the platform enable the operations team to shift from reactive to proactive management, reducing report preparation time by 90% [4] - The platform has achieved full-stack adaptation for enterprise-level unified operation and maintenance, with a unique capability for million-level indicators to respond in seconds [4]

Core Viewpoint - The article emphasizes China's resilience in foreign trade amidst global trade headwinds, highlighting significant changes in the economic landscape compared to previous trade conflicts, particularly the 2018 trade war [1][2]. Group 1: Economic Resilience and Transformation - China's economic dependence on foreign trade has significantly decreased, with exports to the U.S. dropping to 14.7% and imports from the U.S. falling to 6.3%, indicating a reduced marginal impact from tariffs [2]. - The country has made substantial advancements in technology and military industries, enhancing its self-sufficiency and systemic risk defense capabilities [2]. - Domestic demand policies are being expanded, with a focus on releasing service consumption potential and addressing real estate challenges, which are expected to mitigate external demand fluctuations [2]. Group 2: Market Dynamics and Investor Sentiment - The A-share market has shown resilience compared to the 2018 trade war, with the Shanghai Composite Index experiencing a 6% drop during initial tariff announcements, while the Nasdaq fell by 13% [3]. - Following the initial shock, both Chinese and U.S. markets began to recover, driven by diminishing marginal impacts of tariff increases and effective financial market stabilization measures [3]. - Investors are becoming resistant to tariff-related "numerical games," with market pricing increasingly reflecting internal economic dynamics rather than external shocks [3]. Group 3: Investment Opportunities and Strategies - Five strategic responses to the tariff challenges have been identified: extraordinary expansion of domestic demand, expectations of monetary easing, accelerated fiscal spending, optimization of real estate policies, and targeted stabilization measures [4]. - Three main investment themes have emerged: technology self-sufficiency and industrial trends (semiconductors, rare earths, military), domestic demand recovery (consumer electronics, cultural tourism, logistics), and dividend assets (transportation, electricity, banking) [4]. - The article suggests that dividend assets are not merely defensive but can also provide growth potential, with consumer and financial dividend assets being closely tied to stable growth policies [4]. Group 4: Asset Allocation and Global Context - The article discusses a new paradigm in asset allocation, where gold is seen as a core hedge against credit risks, with optimistic price targets reaching $3,500 per ounce [5]. - The relationship between the U.S. dollar and gold is shifting, with gold gaining importance as a hedge against dollar credit issues [5]. - The article highlights the importance of monitoring the AH premium index for Hong Kong stocks, suggesting that a breakthrough could attract cross-market capital [5]. Group 5: Strategic Initiatives and Future Outlook - Initiatives like the Belt and Road and domestic circulation are viewed as proactive strategies to mitigate geopolitical risks rather than mere defensive measures [6]. - The article posits that the upcoming 90-day tariff exemption period represents a psychological game, with potential policy fluctuations affecting risk appetite [6]. - A new consensus is forming around themes of industrial chain restructuring, domestic demand transformation, and technological breakthroughs, which are expected to overshadow short-term market noise [6].

Core Insights - Zhejiang Securities has shown remarkable performance in its research business, ranking among the top ten in brand influence and achieving nearly 10% year-on-year growth in total clients [1] - The company has successfully climbed from 16th to 10th place in the public fund commission income ranking, marking five consecutive years of improvement [1] Group 1: Research Business Development - In 2020, Zhejiang Securities identified research as the top priority in its "Five-Year Enhancement Plan," aiming to accelerate investment research capabilities as a new growth engine [2] - The research institute established a strategic framework called "Six Major Areas and Three New Areas," focusing on sectors such as large assets, finance, consumption, health, manufacturing, and cycles [2] - The research team has expanded significantly, featuring renowned analysts and achieving top rankings in various categories, including "Fastest Growing Institution" and "Most Potential Institution" [2] Group 2: Strategic Upgrades and Innovations - The research institute aims to transition from "quality growth" to "large blue-chip" companies, aspiring to become a nationally recognized diamond research institute [3] - A new wealth management strategy was introduced, integrating research with wealth management to enhance service offerings [3] - The establishment of the Industry Research Institute and the "Specialized, Refined, New" research group reflects a commitment to exploring technological breakthroughs and business model transformations [3] Group 3: Comprehensive Reform of Research Business - In 2024, Zhejiang Securities initiated a comprehensive reform of its research business to align with its vision of becoming a mid-to-large scale brokerage [4] - The research division will focus on four core functions: sell-side research, industry think tank, institutional sales, and research advisory [4] Group 4: Targeted Directions for Research Business - The company aims to build an industry think tank by upgrading expert services and integrating high-end industry expert resources [5] - The "Research + Wealth" model will be further explored to enhance product configuration and maintain a wealth ecosystem [6] - The research division will provide customized research support and comprehensive financial service solutions to top-tier institutional investors and government clients [6]

Core Insights - Zhejiang Securities reported a total operating revenue of 15.816 billion yuan for 2024, a year-on-year decrease of 10.33%, while the net profit attributable to shareholders increased by 10.17% to 1.932 billion yuan [1][4] - The company's revenue is heavily reliant on its futures business, which accounted for over 60% of total revenue, but saw a decline of 17.89% in 2024 [6][7] - The investment banking segment also faced challenges, with revenue dropping by 20.93% [7] Revenue and Profit Analysis - For 2024, Zhejiang Securities achieved operating revenue of 15.816 billion yuan, down 10.33% year-on-year, while net profit attributable to shareholders was 1.932 billion yuan, up 10.17% [1][4] - The total assets of the company at the end of 2024 reached 154.086 billion yuan, reflecting a year-on-year growth of 5.88% [1] Quarterly Performance - In Q4 2024, the company reported revenue of 3.92 billion yuan, a decline of 21.86% year-on-year but a slight increase of 0.6% quarter-on-quarter [4] - The net profit for Q4 was 667 million yuan, showing a significant year-on-year increase of 57.61% and a quarter-on-quarter rise of 38.78% [4] Business Segment Performance - The futures business generated revenue of 10.365 billion yuan in 2024, down 17.89% from the previous year [6] - The investment banking business reported revenue of 677 million yuan, a decrease of 20.93%, with a gross margin of 33.84%, down 5.89 percentage points [7] - The company's net commission income was 3.611 billion yuan, accounting for 22.83% of total revenue, which represents a year-on-year decrease of 6.21% [7] Dividend Distribution - Zhejiang Securities proposed a cash dividend of 0.1 yuan per share, totaling 454 million yuan, which, combined with mid-year dividends, brings the total cash dividends for 2024 to 680 million yuan, representing 35.21% of the net profit attributable to shareholders [8][9]

Core Viewpoint - Zhejiang Securities reported a decline in revenue for 2024, while net profit increased, indicating a mixed financial performance amidst regulatory challenges [2][4]. Financial Performance - The company achieved a revenue of 15.82 billion yuan in 2024, a decrease of 10.33% compared to 2023 [3]. - Net profit attributable to shareholders was 1.93 billion yuan, reflecting a growth of 10.17% year-on-year [3]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 454 million yuan [2]. Business Segments - Futures business, the primary revenue source, generated 10.37 billion yuan, down 17.89% year-on-year [3]. - Investment banking revenue was 677 million yuan, a decline of 20.93% [3]. - Securities brokerage revenue increased by 3.53% to 3.64 billion yuan [3]. - Investment business revenue rose significantly by 35.93% to 1.15 billion yuan [3]. - Asset management revenue grew by 9.43% to 530 million yuan [3]. Regulatory Issues - The company holds a 34.25% stake in Guodu Securities, which reported a revenue of 1.80 billion yuan and a net profit of 928 million yuan in 2024 [4]. - Zhejiang Securities has faced multiple regulatory fines in 2025, including issues related to providing disguised financing services and non-compliance in internal controls [4][5]. - The China Securities Regulatory Commission mandated the company to rectify issues in its investment banking operations and issued warnings to two senior executives [5].

证券代码：601878 证券简称：浙商证券 公告编号：2025-026 2025 年 4 月 11 日，本公司按期兑付了本期短期融资券本息共计人民币 2,022,438,356.16 元。 特此公告。 浙商证券股份有限公司董事会 2025 年 4 月 15 日 浙商证券股份有限公司 2024 年度第三期短期融资券兑付完成公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 浙商证券股份有限公司（以下简称"本公司"）于 2024 年 10 月 11 日成功 发行了浙商证券股份有限公司 2024 年度第三期短期融资券（以下简称"本期短 期融资券"），本期短期融资券发行规模为人民币 20 亿元，票面利率为 2.25%， 短期融资券期限为 182 天，兑付日期为 2025 年 4 月 11 日（详见本公司于 2024 年 10 月 15 日登载于上海证券交易所网站 www.sse.com.cn 的《浙商证券股份有限 公司 2024 年度第三期短期融资券发行结果公告》）。 ...