Group 1 - The company announced a reduction in the maximum subscription limit for certain funds from 50 million yuan to 1 million yuan starting April 24, 2025, for specific distribution channels [1][2] - From April 25, 2025, the maximum subscription limit will be restored to 50 million yuan for direct sales channels and other distribution institutions, excluding certain exceptions [1][2] - The fund will suspend subscription, redemption, and regular investment business on non-Hong Kong Stock Connect trading days in 2025, with operations resuming on the next trading day [3][5] Group 2 - The company has added Ping An Bank as a distribution agency for the Hua Bao Overseas Technology Equity Fund (QDII-LOF) effective April 23, 2025, allowing investors to conduct various transactions through this bank [7][8] - The company will adjust the main liquidity service provider for the Hua Bao CSI Financial Technology Theme ETF to a general liquidity service provider starting April 21, 2025 [11]

稳定股市是资本市场当前的关键词。日前召开的国务院常务会议提出"持续稳定股市"，延续了此前中央 政治局会议、中央经济工作会议、2025年政府工作报告等重要会议和政策中的表述，体现了国家层面对 股市的呵护之意。方正证券（601901）首席经济学家燕翔认为，在当前时点提出"持续稳定股市"意义重 大，美国所谓的"对等关税"冲击全球金融市场，我国各项措施"组合拳"快速出击、强而有效，有力稳住 了股票市场。未来我国资本市场改革将着力于吸引中长期资金入市，持续完善稳市举措，保持股市稳 定，中国市场有望成为全球资金"避风港"，为全球市场带来更多确定性。(证券时报) ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [5][6][25]. Core Insights - The company achieved a revenue of 7.718 billion yuan in 2024, representing an 8.42% year-on-year increase, and a net profit attributable to shareholders of 2.207 billion yuan, up 2.55% year-on-year [4][8]. - The report highlights a significant growth in the brokerage and asset management business, with net income from brokerage services increasing by 23.27% year-on-year [5][12]. - The company has successfully increased its market share in the securities trading business, reaching a market share of 3.09%, the highest in five years [12][25]. - The report anticipates earnings per share (EPS) of 0.28 yuan and 0.31 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 6.14 yuan and 6.40 yuan [6][25]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 255.628 billion yuan and a return on equity (ROE) of 4.72% [4][8]. - The company plans to distribute a dividend of 0.583 yuan per share, which represents 40.02% of the net profit attributable to shareholders [8][25]. Business Segments - The brokerage business saw a substantial increase in net income, with a total of 4.036 billion yuan, while investment banking revenue decreased by 16.59% [5][14]. - The asset management segment reported a net income of 2.38 billion yuan, reflecting a 31.49% increase year-on-year [19][25]. - The company’s proprietary trading achieved absolute returns, although overall investment income decreased by 13.91% [20][25]. Market Position - The company’s margin financing and securities lending balance reached a historical high of 40.403 billion yuan, marking a 30.78% increase year-on-year [23][25]. - The report notes that the company has been actively disposing of inefficient assets, enhancing operational efficiency [6][25].

方正证券："持续稳定股市"在当前时点具有重要且深远意义 中国资本市场有望成为全球资金"避风港" 智通财经4月18日电，4月18日召开的国务院常务会议提出，要持续稳定股市。方正证券首席经济学家燕 翔认为，"持续稳定股市"在当前时点具有重要且深远意义。去年9月24日以来，在一系列政策措施支持 下，中国股市持续回升向好，"稳住楼市股市"取得了显著效果。今年4月以来，美国"对等关税"政策尽 显霸权主义，引发全球资本市场剧烈波动，美国、欧洲等地区股市均出现较大幅度下跌；同时，中国市 场各项措施组合拳快速出击、强而有效，有力稳定住了股票市场。"股票市场是宏观经济的晴雨表、是 社会预期信心的风向标。" 燕翔说，"持续稳定股市"有利于促进国内社会预期稳定向好，能够更好形成 社会合力，应对外部风险挑战，实现高质量发展。从全球角度来看，中国资本市场保持持续稳定，将有 望成为全球资金"避风港"，为变乱交织的全球市场带来更多确定性。 (上证报) ...

证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 财富管理份额持续提升，归母净利实现连续增长 ——方正证券(601901)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 7.39 | | --- | --- | | 一年内最高/最低(元) | 10.27/6.68 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 1.26 | | 总市值(亿元) | 608.35 | | 流通市值(亿元) | 608.35 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.85 | | 总资产(亿元) | 2,556.28 | | 所有者权益(亿元) | 481.80 | | --- | --- | | 净资产收益率(%) | 4.72 | | 总股本(亿股) | 82.32 | | H 股(亿股) | 0.00 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -13% -7% 0% 7% 13% 20% 27% 33% 2024.04 2024.08 ...

龙软科技于2019年12月30日在上海证券交易所科创板上市。A股公开发行的股份数为17,690,000股，均 为新股，无老股转让。发行价格为21.59元/股。保荐机构为方正证券承销保荐有限责任公司，保荐代表 人为代礼正和马倬峻。 龙软科技发行募集资金总额为38,192.71万元，扣除发行费用5,829.61万元(不含税)后，募集资金净额为 32,363.10万元。龙软科技招股说明书显示，龙软科技原拟募集资金2.55亿元，其中4820.00万元用于矿山 安全生产大数据云服务平台项目，8931.00万元用于基于"LongRuanGIS"的智慧矿山物联网管控平台项目 开发，4218.00万元用于基于时空智能的应急救援综合指挥与逃生引导系统与装备，7500.00万元用于补 充流动资金。 龙软科技发行费用总额为5,829.61万元，其中，保荐费用为150.00万元，承销费用为4,319.27万元。 中国经济网北京4月18日讯龙软科技(688078.SH)昨晚发布2024年年度报告。龙软科技报告期内营业总收 入为3.29亿元，同比下滑17.04%；归属于上市公司股东的净利润为3302.90万元，同比下滑60.83%；归 ...

调研纪要：普门科技在IVD领域具备进口替代能力，强调技术创新和差异化能力，持续投入研发，掌握 核心技术，形成产品技术、品质差异化。公司中速发光产品预计2025年下半年上市，面向县二级医院及 国际市场。皮肤医美业务将拓展公立医院市场，消费者健康业务面向院外市场，增长可观。公司在多地 布局研发和制造基地，多个项目正在推进中。公司管理层及核心员工对公司未来发展充满信心，股权激 励行权情况受多种因素影响。2024年度公司综合毛利率为67.21%，净利润同比增长5.12%。公司业务布 局包括体外诊断、临床医疗、皮肤医美、消费者健康四大产品线，市场拓展空间大。全球关税大战对公 司影响很小。医疗器械行业保持高速增长，中国市场份额扩大，正朝着国际化、高端化方向迈进。公司 重视研发投入，国际化发展，持续现金分红，并加强与投资者沟通。 调研纪要：公司环保装备销售订单交货周期一般在1-2年，2024年收入约1.08亿元，同比增长131.28%， 主要为以前年度签订、2024年完成验收的订单。公司项目的质量较好，项目所在地财政情况普遍不错， 应收账款周期基本控制在1年以内，截至2024年末，一年以内的应收账款占比约74.6%。公司在 ...

金十数据4月16日讯，国家统计局发布2025年一季度及3月份经济数据，多项经济指标表现亮眼。初步核 算，一季度，中国国内生产总值318758亿元，同比增长5.4%。方正证券分析称，展望未来，中国作为 大国经济体，正逐渐形成内需主导型的发展新格局，中国内需增长现在有实力、未来有潜力，经济中长 期向好的趋势没有变。一方面，中国已经拥有全球最完备的产业体系，产业规模大、配套能力强，具有 明显的成本优势、品类优势和速度优势。我国已经成为全球产业基础设施最发达国家之一，能够快速满 足大规模生产需求，经济发展底盘稳固。另一方面，中国经济的超大规模市场优势非常突出，我国拥有 14亿多人口，人均GDP超过1.3万美元，中国消费市场需求空间广阔。在更加积极的宏观政策推动下， 国内需求有望持续回升，推动中国经济不断向好。 （上证报） 方正证券：中国内需增长现在有实力、未来有潜力 经济中长期向好趋势不变 ...

Group 1 - The brokerage business, traditionally a core area for securities firms, has shown positive performance in 2024 due to increased market activity and trading volume [1][2] - The overall net income from brokerage services for 150 securities firms reached 115.15 billion yuan, a year-on-year increase of 16.98% [2] - Among 25 listed securities firms, the total net income from brokerage fees was 81.42 billion yuan, reflecting a year-on-year growth of 8.77%, with 21 firms reporting growth [2][3] Group 2 - Leading firms such as CITIC Securities reported a net income of 10.71 billion yuan from brokerage fees, a growth of 4.79%, while other top firms also performed well [3] - Smaller firms like Guolian Minsheng and Hualin Securities showed remarkable growth rates of 39.44% and 30.02% respectively in their brokerage income [3] Group 3 - The ability to sell financial products has become a key indicator of the success of wealth management transformation for securities firms, with CITIC Securities leading in this area [4] - The total income from selling financial products among the 25 firms reached significant figures, with Guolian Minsheng and Hualin Securities showing high growth rates in this segment [4] Group 4 - Securities firms are enhancing their wealth management capabilities by improving service models and expanding product offerings to meet diverse client needs [5][6] - By the end of 2024, firms managed a total of 84.1 trillion yuan in client assets, with a 19.9% year-on-year increase in the scale of financial products sold [5] Group 5 - The construction of a buyer advisory system is becoming a core element of wealth management strategies, with firms focusing on differentiated strategies in client operations and product innovation [6] - CITIC Securities has adopted a comprehensive financial solution approach, while Guolian Minsheng is building a service system centered on asset allocation for different client categories [6] Group 6 - Looking ahead, firms like Shenwan Hongyuan and Huatai Securities are planning to enhance their asset allocation capabilities and develop a diverse product matrix to strengthen their wealth management brands [7]

Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [39]. Core Views - The report highlights that the insurance capital's equity investment space has been expanded, allowing for greater support to the capital market and the real economy [33]. - The report notes a decline in major indices, with the Shanghai Composite Index, CSI 300, and ChiNext Index showing declines of -3.11%, -2.87%, and -6.73% respectively [9]. - The non-bank financial sector index experienced a decline of -5.19%, underperforming the CSI 300 Index by 2.31 percentage points [9]. Summary by Sections Market Review - The report provides a review of the market performance, indicating that the non-bank financial sector has underperformed compared to the broader market indices [9]. - Specific stock performances are noted, with leading declines in the insurance sector including China Life (-4.23%) and Ping An (-4.14%) [11]. Data Tracking - The report includes valuation metrics for the brokerage sector, with a PE-TTM of 22.34x and a PB-LF of 1.44x as of April 11, 2025 [5]. - The insurance sector's PEV valuations are reported as 0.60x for China Life and 0.57x for Ping An, with PB valuations of 1.98x and 0.97x respectively [6]. Industry Dynamics - Recent regulatory changes by the National Financial Regulatory Administration have increased the upper limit for equity asset allocation for insurance funds, aiming to enhance support for the capital market [33]. - The report discusses the revision of the "Insurance Group Consolidated Supervision Management Measures" to strengthen supervision and risk management within insurance groups [35].