维持"增持" 评级，维持目标价19.60元，对应2025 年1.8xPB。公司2025 年第一季度营收/归母净利润 75.6/30.2 亿元， 同比+4.8%/+84.9%，与业绩预告一致（+70~90%）；加权平均ROE 同比+1.14pct 至 2.44%。行业供给侧改革加速推进，公司持续推进三年战略落地，有望实现超预期发展。维持此前盈利 预测（25-27 年归母利润108.1/118.6/130.8 亿元），维持目标价19.60 元，对应2025 年1.8xPB，维持"增 持"评级。 投资修复叠加财富管理业务高增，驱动盈利增长。1）受益于市场改善以及公司自身战略转型，公司经 纪/投行/资管/投资业务均实现正增，分别同比+53%/+59%/+19%/+94%，其中投资收入贡献了净营收 （营业收入-其他业务成本）增量的68%，是业绩增长的主因，经纪业务则贡献了增量的30%；2）投资 业务高增主因低基数下投资收益率改善，公司单季年化投资收益率3.3%，同比+1.6pct，投资规模有所 收缩，期末金融资产规模3863 亿元，同比下滑9%。 加速推进三年战略落地，有望把握一流投行建设机遇期，实现超预期发展。新"国 ...

丨证券研究报告丨 公司研究丨点评报告丨中国银河（601881.SH） [Table_Title] 中国银河 2025 一季报点评：经纪业务随市高增， 自营投资韧性凸显 报告要点 [Table_Summary] 2025 年一季度，中国银河业绩维持较快增长。具体来看，经纪业务随市高增，融资业务市场份 额提升；债市震荡中投资收益亮眼，扩表节奏放缓；投行收入快速增长，债券承销份额持续提 升；看好公司作为头部央企券商，受益于扶优限劣与并购重组政策导向，同时投行及资管业务 在新管理层与新战略下有望继续发力。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国银河（601881.SH） cjzqdt11111 [Table_Title 中国银河 2025 2] 一季报点评：经纪业务随市高 增，自营投资韧性凸显 [Table_Summary2] 事件描述 中国银河发布 2025 一季报，报告期内实现营业收入 75.6 ...

中国银河（601881）证券股份有限公司赵良毕,洪烨近期对润建股份（002929）进行研究并发布了研究报告 《2025Q1营收双位数增长，算力网络生态良好》，给予润建股份买入评级。 证券之星数据中心根据近三年发布的研报数据计算，东北证券韩金呈研究员团队对该股研究较为深入，近三 年预测准确度均值为19.43%，其预测2025年度归属净利润为盈利11.21亿，根据现价换算的预测PE为10.91。 最新盈利预测明细如下： 通信网络基石牢筑，算力网络生态良好。分业务看，2024年公司通信网络与数字网络营业收入占比分别约 49.7%与26.6%，算力网络营业收入同比高增约71.7%。通信网络方面，2024年公司实现运营商业务数字化产 品赋能，在广东、江苏、贵州等多个省份中标，数字网络方面，围绕通信、教育、能源、园区管理、企业管 理等领域，打造超60款智能体应用，取得"某央企知识管理大模型开发服务"等典型项目，能源网络方面，由 于部分项目未达收入确认条件对业绩形成主要拖累，服务与储备的风力、光伏、储能项目装机总容量超 20GW，完成能源行业巡检作业里程超43万公里，新能源巡检作业规模累计超1.7GW，通信光伏、铁塔高温整 ...

风险提示：经济下行压力增大；市场股基成交活跃度大幅下降；居民资金入市进程放缓。 经营杠杆环比略增、金融投资资产规模稳定，单季度投资收益率同环比提升。1Q25 末公司经营杠杆 4.09x/yoy-0.41x/qoq+0.02x，期末投资杠杆2.72x/yoy-0.48x/qoq-0.04x，金融投资规模为3862 亿元/yoy- 9.1%/qoq-0.1%；从母公司口径看，1Q25 末公司自营权益类证券及其衍生品规模为293 亿元/较年 初-3.4%，自营非权益类证券及其衍生品规模为3336 亿元/qoq+3.9%。投资业务方面，1Q25 公司净投资 收入31.6 亿元/yoy+94.0%/qoq+14.8%，测算1Q 年化投资收益率3.27%/yoy+1.61pct/qoq+0.48pct。 经纪业务表现优于行业，两融市占率略增。经纪业务方面，1Q25 公司经纪业务收入19.2 亿/yoy+53.1%/qoq-23.0%（1Q25 市场股基日均成交额yoy+72%、佣金率延续下滑趋势，上市券商1Q25 经纪收入yoy+48%）；信用业务方面：1Q25 末公司融出资金规模1054 亿元/较年初+3.8%，两融市 ...

4月30日，中国银河今日收盘15.64元，下跌1.45%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到14.98倍，总市值1710.14亿元。 从行业市盈率排名来看，公司所处的证券行业市盈率平均25.66倍，行业中值23.38倍，中国银河排名第 12位。 股东方面，截至2025年3月31日，中国银河股东户数176605户，较上次增加8342户，户均持股市值35.28 万元，户均持股数量2.76万股。 中国银河证券股份有限公司的主营业务是财富管理业务、投资银行业务、机构业务、国际业务、投资交 易业务和其他母子公司一体化业务。公司的主要产品是零售经纪及财富管理、金融产品销售业务、信用 业务、投资银行业务、机构业务、国际业务、投资交易业务、期货业务、资产管理业务、另类投资业 务、私募股权投资管理业务。2024年，公司获评《证券时报》"2024中国证券业服务民营企业项目君鼎 奖"，第十七届新财富"最佳债权承销投行"、"最具潜力投行"，第九届CNABS"金桂奖"最佳绿色金融产 品奖，第十届中国资产证券化论坛（CSF）"年度杰出机构"，第六届Wind最佳投行"最佳中国并购重组 财务顾问"、"最佳信贷ABS ...

汽车行业竞争导致车载照明业务毛利率承压。2024年我国汽车产销量同比分别增长3.7%和4.5%，实现历 史新高；其中新能源车产销量同比分别增长34.4%和35.5%，新能源汽车渗透率突破40%，较上一年提升 9.3PCT。但2024年汽车行业竞争激烈，竞争传递到上游配件企业。2024年公司车载业务板块实现营业收 入5.96亿元，同比下降4.43%；毛利率15.8%，同比减少3.45PCT。公司持续聚焦"车用照明+车载控制器"领 域，多个项目正式量产，实现了发光总成和主机厂客户的突破，与零跑汽车达成战略合作，业务稳步推 进。 中国银河（601881）证券股份有限公司杨策,何伟近期对得邦照明（603303）进行研究并发布了研究报告 《2024年&2025年一季报业绩点评：供应链全球化应对出口压力》，给予得邦照明增持评级。 得邦照明 核心观点 事件：2024年公司实现营业收入44.31亿元，同比下降5.66%；归母净利润合计达3.47亿元，同比下降 7.53%。2025年一季度，公司实现营业收入9.98亿元，同比下降8.09%；归母净利润0.62亿元，同比下降 17.11%。2021至2023年公司现金分红率分别为 ...

上 市 公 司 非银金融 2025 年 04 月 30 日 中国银河 (601881) ——股权投行业务实现突破，自营业务增长亮眼 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 15.87 | | 一年内最高/最低（元） | 19.33/9.70 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 1.92 | | 流通 A 股市值（百万元） | 114,953 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.28 | | 资产负债率% | 81.03 | | 总股本/流通 A 股(百万) | 10,934/7,243 | | 流通 B 股/H 股（百万） | -/3,691 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 ...

Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Overweight" rating for the H-shares of the company [9]. Core Views - The company reported a Q1 2025 revenue of 7.558 billion RMB, representing a year-over-year increase of 4.77% but a quarter-over-quarter decrease of 9.87%. The net profit attributable to the parent company was 3.016 billion RMB, showing a year-over-year increase of 84.86% and a quarter-over-quarter decrease of 1.67% [1][2]. - The company's investment income saw significant growth, with brokerage, investment banking, and asset management businesses continuing to expand [1][4]. - The report highlights a slight increase in leverage, with the leverage ratio reaching 4.09x at the end of Q1 2025, which is a year-over-year decrease of 0.41x but a quarter-over-quarter increase of 0.02x [2]. Summary by Sections Revenue and Profitability - Q1 2025 investment income was 3.156 billion RMB, accounting for 42% of total revenue, with a year-over-year increase of 93.74% and a quarter-over-quarter increase of 14.52% [2]. - Brokerage business net income for Q1 2025 was 1.922 billion RMB, up 53.05% year-over-year but down 22.99% quarter-over-quarter. Asset management net income was 131 million RMB, reflecting a year-over-year increase of 19.31% and a quarter-over-quarter decrease of 2.38% [3]. Investment Banking Performance - The investment banking segment reported a net income of 151 million RMB in Q1 2025, a year-over-year increase of 59.48% but a quarter-over-quarter decrease of 37.05%. The underwriting scale for equity business was 1.5 billion RMB, with a market share of 1.0% [4]. Earnings Forecast and Valuation - The report adjusts the earnings forecast for 2025-2027, predicting net profits of 11.349 billion RMB for 2025, with EPS estimates of 1.04 RMB for 2025 [5][20]. - The target prices are set at 20.06 RMB for A-shares and 9.10 HKD for H-shares, reflecting a premium PB valuation of 1.9x for A-shares and 0.8x for H-shares [5][10].

Core Viewpoint - The announcement details the first quarter report of China Galaxy Securities Co., Ltd., emphasizing the accuracy and completeness of the financial information provided by the board and management [1][2]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, with specific attention to risk control indicators that comply with regulatory standards [3][4]. - Non-recurring gains and losses are applicable, with a requirement to explain significant items not listed in the regulatory guidelines [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed, with a notable mention of Hong Kong Central Clearing Limited as a nominal holder for H shares [6][7]. Board Meeting Resolutions - The board meeting on April 29, 2025, approved several key proposals, including the first quarter report, the annual work plan for 2025, and the capital expenditure budget [12][13][16][18]. - The board also approved a donation plan for 2025 and matters related to issuing perpetual subordinated bonds [21][23]. Supervisory Review - The supervisory board confirmed that the first quarter report meets regulatory requirements and accurately reflects the company's operational and financial status [29]. - The supervisory board also approved the annual work plan for 2025 during the same meeting [31].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit growth of over 80% driven by a doubling of investment net income from a low base [1] - The report highlights strong performance in brokerage and margin financing businesses, with brokerage revenue increasing by 53.1% year-on-year [7] - The investment banking segment showed resilience with a 59.5% year-on-year increase in revenue, particularly in bond underwriting [7] - Asset management revenue also saw a year-on-year increase of 19.3%, indicating a further improvement in product offerings [7] - The company is expected to maintain a robust growth trajectory with projected net profits of 126 billion, 135 billion, and 142 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 26%, 7%, and 5% [7] Financial Summary - Total revenue for 2023 is projected at 33,646 million, with a year-on-year growth of 0.01% [1] - The forecasted net profit for 2023 is 7,880 million, with a year-on-year increase of 1.53% [1] - The earnings per share (EPS) for 2023 is estimated at 0.65 yuan, with a price-to-earnings (P/E) ratio of 18.18 [1] - The company’s total assets are projected to reach 737,471 million by 2025, with a total equity of 140,481 million [13]