【导读】券商密集裁撤营业部，分支机构管理趋向"集约化" 见习记者 舍梨 6月18日，财通证券发布公告称，为了进一步优化营业网点布局，决定撤销3家营业部。虽然 今年以来市场交投维持活跃，但裁撤营业网点仍是行业主基调。据不完全统计，年内已有逾 20家券商发布公告，裁撤超50家营业部。 业内人士认为，一方面，传统经纪业务面临降本增效，分支机构管理更趋向"集约化"，另一 方面，券商财富管理业务主阵地转向"线上"是大势所趋。 券商网点持续"做减法" 西部证券此前在2024年至2026年营业网点规划方案中称，在财富管理需求旺盛的、公司有区 位优势的、公司网点空白但经济发达等地区增设营业网点，或根据业务发展需要，将现有营 业部升级为分公司；对连续三年亏损且扭亏无望的分支机构或区位设置不合理的分支机构， 公司根据实际情况综合评估后可进行撤并。 此外，近年来，券商通过金融科技手段加强线上获客，重塑新的管理模式，很大程度上替代 线下营业部的部分服务功能。 据悉，不少券商在推进零售客户集约化运营的转型，对客户进行分层，将"长尾客户"收归到 总部，由券商通过科技手段、整合资源等措施来提高服务效率，实现业务的集中化、规模化 管理。业内 ...

Core Viewpoint - The Shanghai Stock Exchange has raised five key questions regarding the 2024 annual report of Founder Securities, focusing on financial asset investments, pledged stock business, and impairment losses, which have drawn significant market attention [1][2]. Financial Asset Investment Losses - Founder Securities reported a significant loss in financial asset investments, with a total revenue of 7.718 billion yuan, up 8.42% year-on-year, and a net profit of 2.207 billion yuan, up 2.55% year-on-year for 2024 [2]. - The company's total assets reached 255.628 billion yuan, and net assets were 48.978 billion yuan by the end of 2024 [2]. - The book value of various financial investments was 113.664 billion yuan, a 14.54% increase year-on-year, but net investment income and fair value changes totaled only 1.349 billion yuan, a 13.91% decrease [2]. - Losses included 649 million yuan from trading financial assets and 1.475 billion yuan from derivative financial instruments [2]. Impairment of Core Collateral Assets - The value of collateral assets has significantly decreased, with investment properties valued at 1.188 billion yuan at the end of 2024, down from 1.763 billion yuan at the end of 2023, resulting in a fair value change loss of 590 million yuan [4]. - Major losses were attributed to the Zhengzhou Yuda International Trade Building and Beijing Jinqianguang Cinema, with losses of 493 million yuan and 87 million yuan, respectively [4][5]. Stock Pledge Business and Impairment Provisions - All stock pledge businesses were overdue, with a total balance of 886 million yuan for buy-back financial assets, and impairment provisions increased to 659 million yuan in 2024 [6]. - The company has ceased new stock pledge repurchase business, with existing projects being managed for risk [6]. Fund Lending and Impairment Discrepancies - By the end of 2024, the balance of funds lent was 42.021 billion yuan, a 28.14% increase year-on-year, with impairment provisions rising by 43.52% to 451 million yuan [7]. - Domestic impairment provisions increased significantly due to market volatility, while overseas provisions were high due to a single counterparty default [7]. Goodwill Impairment Provisions - The company reported goodwill of 4.523 billion yuan with provisions of 183 million yuan, primarily related to the acquisition of subsidiaries [8]. - Despite poor performance from one subsidiary, the company did not recognize additional goodwill impairment, citing non-recurring losses and stable operations from another subsidiary [8].

Core Viewpoint - The announcement from the company highlights significant concerns regarding its financial performance, particularly in investment income and asset valuation, leading to regulatory scrutiny and potential risks in its operations [1][2][3] Financial Performance - In 2024, the company achieved operating revenue of 7.718 billion yuan, a year-on-year increase of 8.42%, and a net profit of 2.207 billion yuan, up 2.55% year-on-year [1] - The financial investment scale reached 113.664 billion yuan, a year-on-year growth of 14.54%, but net investment income and fair value changes combined were only 1.349 billion yuan, a decline of 13.91% year-on-year [1] Investment Asset Issues - The company's investment properties significantly impacted performance, with the book value dropping from 1.763 billion yuan to 1.188 billion yuan, resulting in a fair value loss of 590 million yuan [2] - Major losses were attributed to two key assets: Zhengzhou Yuda International Trade Building and Beijing Jinqianguang Cinema, with losses of 493 million yuan and 87 million yuan respectively due to adverse market conditions [2] Stock Pledge Business Risks - The stock pledge repurchase balance remained at 886 million yuan from 2022 to 2024, with all accounts overdue and impairment provisions increasing from 499 million yuan to 659 million yuan, resulting in a 74% impairment ratio [3] - Notable default projects included "Modern Avenue" and "Hainan Airport," with total financing balances of 359 million yuan and 527 million yuan respectively [3] - The company has ceased new stock pledge business and is working on clearing existing projects through judicial disposal and debt restructuring [3] Impairment and Valuation - The company reported significant impairment in its overseas lending, with a balance of 216 million yuan and an impairment of 140 million yuan, reflecting a 64.75% impairment rate due to a single counterparty default [3] - In contrast, domestic lending of 42.021 billion yuan had an impairment ratio of only 0.74%, consistent with industry levels [3] - The company did not recognize impairment on goodwill valued at 4.34 billion yuan, citing market method tests indicating recoverable amounts exceeding book values [3]

一家券商回复交易所的问询函的部分内容，直接成为观察二三线商业地产困局的样本。 近日，方正证券针对上海证券交易所对其2024年报的信息披露监管问询函进行了详细回复，其中投资性房地 产、抵债资产以及子公司股权估值变动所带来的损失成为关注焦点。 值得一提的是，方正证券持有的抵债资产郑州裕达国贸大楼，初始入账12.49亿元，2024年评估价值较2023年 下降3.48亿元至8.75亿元，最终成交价格为7.3亿元，大幅折价背后折射的正是郑州商业地产空置率攀升、租金 持续下滑的困境。 答复交易所问询函焦点问题 上交所首先问及方正证券金融资产投资情况，年报显示，截至报告期末，方正证券持有的交易性金融资产、其 他债权投资、其他权益工具投资和衍生金融资产等各类金融投资合 计 1136.64亿元，同比增长14.54%。本期实 现投资净收益和公允价值变动净收益合计13.49亿元，同比下降13.91%；其中交易性金融资产确认公允价值损 失6.49亿元，衍生金融工具确认投资损失和公允价值变动损失合计14.75亿元。 上交所尤其提及，要求方正证券解释，报告期内公司相关金融资产公允价值变动或投资收益确认的关键时点、 判断依据及相关会计处理 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the disclosure of financial asset investments and related losses [1][2]. Financial Asset Investments - As of the end of 2024, the company held various financial investments totaling CNY 1136.64 billion, a year-on-year increase of 14.54% [2][3]. - The net investment income and fair value change net income for the period amounted to CNY 13.49 billion, a decrease of 13.91% year-on-year, primarily due to losses in trading financial assets and derivative financial instruments [1][2]. - The company reported a fair value loss of CNY 6.49 billion in trading financial assets and a total loss of CNY 14.75 billion in derivative financial instruments [1][2]. Specific Financial Asset Details - The initial cost of various financial assets includes CNY 492.55 billion for trading financial assets and CNY 29.73 billion for other equity instruments [2][3]. - The breakdown of financial assets includes perpetual bonds, government bonds, corporate bonds, and public funds, with specific risk ratings and overdue situations detailed [3][4]. Losses and Valuation Adjustments - The company experienced significant losses in fair value changes and investment income due to market conditions and the performance of underlying assets, particularly in non-listed equity investments [7][9]. - The company conducted regular valuations of its financial assets, with adjustments made based on market conditions and the performance of underlying investments [7][9]. Derivative Financial Instruments - The company reported a fair value change loss of CNY 4.72 billion in derivative financial instruments, attributed to hedging activities against investment risks [9][10]. - The losses were primarily due to the opposing performance of the spot and futures positions, with the spot positions generating profits while futures positions incurred losses [9][10]. Wealth Management and Asset Management - The company does not engage in self-funded investments in its wealth management or asset management businesses [10][12]. - The company has established a warning and tracking disposal team to manage overdue or defaulted financial assets, ensuring adequate valuation adjustments are made [12][13]. Buyback Financial Assets - The company reported that all stock pledge repurchase agreements had defaulted, with cumulative impairment provisions increasing over the years [14][15]. - The company has ceased new stock pledge repurchase business and is managing existing contracts based on the recoverability of pledged assets [15][16].

Tel 电话: +86 10 5815 3000 真: +86 10 8518 8298 Dongcheng District Ernst & Young Hua Ming LLP 安永华明会计师事务所（特殊普通合伙） Level 16, Ernst & Young Tower 中国北京巿东城区东长安街 1 号 Fax 传 Oriental Plaza, 1 East Chang An Avenue 东方广场安永大楼 16 层 ey.com 邮政编码: 100738 Beijing, China 100738 就上海证券交易所 《关于对方正证券股份有限公司 2024 年年度报告的信息披露监管问询函》 第 1-5 项涉及财务报表项目问询意见的专项说明 上海证券交易所： 安永华明会计师事务所（特殊普通合伙） （以下简称"我们"）接受委托，审计了方正证 券股份有限公司（以下简称"方正证券"或"公司"）2024 年度按照企业会计准则编制的财 务报表，并于 2025 年 3 月 28 日出具了编号为安永华明(2025)审字第 70023021_A01 号的 无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司 ...

Ernst & Young Hua Ming LLP Level 16, Ernst & Young Tower Oriental Plaza, 1 East Chang An Avenue Dongcheng District Beijing, China 100738 安永华明会计师事务所（特殊普通合伙） 中国北京巿东城区东长安街 1 号 东方广场安永大楼 16 层 邮政编码: 100738 Tel 电话: +86 10 5815 3000 Fax 传真: +86 10 8518 8298 ey.com 就上海证券交易所 《关于对方正证券股份有限公司 2024 年年度报告的信息披露监管问询函》 第 1-5 项涉及财务报表项目问询意见的专项说明 上海证券交易所： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了方正证 券股份有限公司（以下简称"方正证券"或"公司"）2024 年度按照企业会计准则编制的财 务报表，并于 2025 年 3 月 28 日出具了编号为安永华明(2025)审字第 70023021_A01 号的 无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理 ...

证券代码：601901 证券简称：方正证券 公告编号：2025-023 方正证券股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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法律责任。 公司收到了上海证券交易所《关于方正证券股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证公函【2025】0624 号）。公司高度重视，会同 年审会计师安永华明会计师事务所（特殊普通合伙）（简称"年审会计师"）对 问询函提及的事项逐项认真核实，现将有关问题回复如下 1： 一、关于金融资产投资。年报显示，截至报告期末，公司持有的交易性金 融资产、其他债权投资、其他权益工具投资和衍生金融资产等各类金融投资合 计 1,136.64 亿元，同比增长 14.54%。公司本期实现投资净收益和公允价值变动 净收益合计 13.49 亿元，同比下降 13.91%；其中交易性金融资产确认公允价值 损失 6.49 亿元，衍生金融工具确认投资损失和公允价值变动损失合计 14.75 亿 元。请公司核实并补充披露： （1）公司相关金融资产投资的具 ...

Core Viewpoint - China National Building Material (CNBM) is expected to see revenue growth from 2025 to 2027, with projected revenues of 191.22 billion, 199.33 billion, and 207.00 billion yuan, representing year-on-year growth rates of +5.5%, +4.2%, and +3.8% respectively. Net profit attributable to shareholders is forecasted to be 4.12 billion, 4.89 billion, and 5.48 billion yuan, with year-on-year growth rates of +72.4%, +18.7%, and +12.1% respectively, leading to corresponding PE ratios of 6.7, 5.7, and 5.1. The report initiates coverage with a "Buy" rating [1][2]. Group 1: Company Overview - CNBM is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, and it is the largest non-metallic materials platform in China, with a strategic shift towards new materials and related capital investments [2]. - In 2024, CNBM reported revenues of 181.3 billion yuan (down 13.8% year-on-year) and a net profit of 2.39 billion yuan (down 38.2% year-on-year) [2]. Group 2: New Materials Segment - The new materials segment generated 48.5 billion yuan in revenue in 2024 (up 1.9% year-on-year) and contributed significantly to the company's profit, with a net profit of 2.61 billion yuan (down 23.8% year-on-year) [3]. - The segment is structured into three tiers: 1) Mature industries contributing over 85% of revenue, including gypsum board and fiberglass, with gypsum board holding a market share of over 60% [3]. 2) Emerging industries like lithium battery separators and carbon fiber, which are rapidly growing despite recent revenue declines [3][4]. 3) Cutting-edge technologies such as silicon nitride ceramic balls, which enhance product performance in high-tech applications [4]. Group 3: Financial Performance and Strategy - The basic building materials segment, while under pressure from low demand and overcapacity, is expected to recover, with revenues of 91.1 billion yuan in 2024 (down 23% year-on-year) and a net loss of 0.825 billion yuan [6]. - The company is implementing cost reduction strategies and expanding internationally, with overseas cement sales increasing by 15% year-on-year in 2024 [6]. Group 4: Engineering Services - The engineering services segment achieved revenues of 45.5 billion yuan in 2024 (up 0.8% year-on-year) and a net profit of 1.407 billion yuan (down 3.1% year-on-year), maintaining a strong market position [7]. - The company secured new orders worth 63.4 billion yuan in 2024, with a significant portion coming from international markets, which helps mitigate domestic demand pressures [7]. Group 5: Capital Expenditure and Shareholder Returns - CNBM's capital expenditure decreased to 23.5 billion yuan in 2024 (down 23.1% year-on-year), with a focus on new materials and international expansion [8]. - The company maintains a high dividend policy, with a cash dividend rate of over 50% in 2024, corresponding to a dividend yield of 4.81% [8].

Group 1: Management Changes - Yuan Yuping, Vice President of Founder Securities, resigned from his position due to personal reasons, marking a significant change in the company's executive team [1] - Recent management changes include the resignation of President He Yagang due to retirement age and the appointment of Jiang Zhijun as the new president [1][2] - The company has experienced frequent personnel adjustments and asset restructuring over the past two years, indicating a turbulent management environment [1][2] Group 2: Asset Sales - Founder Securities is actively selling assets, including a 49% stake in Credit Suisse for 885 million yuan, which is a decrease from the previously agreed price of 1.14 billion yuan [4][2] - The sale of the Zhengzhou Yuda International Trade Building for 730 million yuan represents a significant loss compared to its book value of 1.249 billion yuan, reflecting a decline of 473 million yuan [5][6] - The company aims to focus on its core business and improve cash flow through these asset sales, which are part of a broader strategy to enhance capital efficiency [6] Group 3: Financial Performance - In 2023, Founder Securities reported a revenue of 7.119 billion yuan, a year-on-year decrease of 8.4%, while net profit slightly increased by 0.21% to 2.152 billion yuan [6] - The financial outlook improved in 2024, with revenues rising to 7.718 billion yuan, an increase of 8.42%, and net profit reaching 2.207 billion yuan, up by 2.55% [6] - Wealth management and investment trading businesses showed significant growth, with revenues of 5.664 billion yuan and 2.496 billion yuan, respectively, marking increases of 12.84% and 127.88% [6] Group 4: Challenges in Investment Banking - The asset management and investment banking sectors are facing significant challenges, with asset management revenue dropping to 134 million yuan, a decrease of 82.18%, and investment banking operations reporting losses [7] - The company has faced scrutiny from the China Securities Regulatory Commission due to inadequate due diligence and internal management issues, which have undermined market confidence in its capabilities [8] - The competitive landscape in investment banking has intensified, with a scarcity of quality project resources and stricter regulatory standards impacting project approvals [9] Group 5: Potential Mergers and Acquisitions - Following the acquisition of Founder Securities by New Founder Group, which is controlled by China Ping An, there are concerns about overlapping business operations with Ping An Securities [9][10] - The regulatory body has mandated that Founder Securities address the issue of competition with Ping An Securities within a year and complete rectification within five years [10] - There is speculation about a potential merger between Founder Securities and Ping An Securities, although no concrete plans have been publicly announced [10]