Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [8]. Core Insights - The company's wealth management business shows strong performance, while investment income has declined year-on-year [8]. - In 2024, the company achieved total revenue of 77.18 billion yuan, a year-on-year increase of 8.4%, and a net profit attributable to shareholders of 2.21 billion yuan, up 2.6% year-on-year [8]. - The report anticipates that the company's net profit for 2025-2027 will be 2.38 billion, 2.52 billion, and 2.66 billion yuan respectively, with corresponding EPS of 0.29, 0.31, and 0.32 yuan per share [8]. Revenue and Profit Analysis - The company's brokerage business revenue reached 4.04 billion yuan in 2024, a year-on-year increase of 23.3%, accounting for 52.5% of total revenue [8]. - Investment banking revenue declined to 180 million yuan, down 16.7% year-on-year, while bond underwriting volume increased to 18.4 billion yuan, up 8.0% year-on-year [8]. - Asset management revenue grew by 31.9% year-on-year to 240 million yuan, with total asset management scale at 60.4 billion yuan, a decrease of 21.4% [8]. Investment Income and Market Activity - The company's investment income (including fair value changes) was 1.42 billion yuan, a decline of 16.6% year-on-year, primarily due to valuation declines in equity investments and real estate [8]. - The report highlights a significant increase in market activity, with the average daily trading volume of stock funds rising by 23.1% year-on-year to 11.85 trillion yuan [8].

报告中称，25Q1化工景气底部，企业端延续量增价减，春季行情涨价逻辑对板块的估值修复力度较为 有限。2025.2国内制造业PMI位于荣枯线上方。化工需求侧国内房地产新建商品房销售显著回暖，核心 城市率先回稳;新能源车销量维持高增长，以旧换新政策有望加速需求释放;社零增速平稳，促消费政策 持续发力。供给侧欧盟化工生产乏力已对下游制造业造成影响，国内维持稳健增长，但化工总体仍位于 产能扩张阶段，供过于求对价格的短期压制因素仍在。 量增价减表现为企业增收不增利，化工大宗价差短期仍在历史底部，利润向上游转移，对应资源型企业 ROE相对高位。从估值修复程度看，虽然年后化工在钛白粉、有机硅、氟化工、农化、香精香料等板块 均有涨价逻辑演绎，但看子板块整体的PB分位，修复的力度仍然有限。机构持仓方面，4Q24主动基金 降低化工板块配置，偏资源侧炼油化工板块为主要加仓方向。从交易的时间窗口期看，当前化工子板块 位于底部也有两年时间跨度了，离反转或已不远。 方正证券发布研报称，制冷剂进入需求旺季，涨价确定性强。制冷剂已经进入需求旺季，制冷剂企业生 产负荷逐步提升，行业产量和库存同比提升，旺盛的下游需求带动制冷剂价格上行，二季度价 ...

行业观点 方正证券发布研报称，当前煤炭现货价格跌破长协基准价格，后期可关注长协价格对现货价格的支撑作 用。此前该行认为煤价当前价格附近有一定支撑，公式定价的长协价格受影响较小，长协占比较高业绩 稳定性较强。新资金的流入使红利有望成为2025年的投资主线。此外能提升经营久期、回收让利，提升 经营抗风险能力的煤电联营模式，有望在2025年成为市场关注焦点。 方正证券主要观点如下： 投资观点 在低利率环境下高股息板块依旧值得重视，而对中长期资金而言高股息是其投资主要选择，尤其是险 资、社保基金等，新资金的流入使红利有望成为2025年的投资主线。此外能提升经营久期、回收让利， 提升经营抗风险能力的煤电联营模式，有望在2025年成为市场关注焦点。 投资逻辑一 在供需环境、价格水平、行业利润均有望稳中向好的当下，行业高分红股息标的优势逐渐显著，建议关 注资源禀赋优秀，经营业绩稳定且分红比例预期较高的标的：中国神华（601088）、陕西煤业 （601225）、中煤能源（601898）。 投资逻辑二 本周煤价再度下行，至655元后止跌，价格一度跌破长协基准线675元。由于近两个月煤价下行，部分产 地部分地区煤矿开启检修，产地 ...

核心结论 过去50余年，美股长期收益大幅领先其他资产：（1）复合收益率达10.7%：1972-2024年，美股以10.7%的复合收益率大幅跑赢其他资产，2012年以来美 股的超额优势显著；（2）美股的高收益但波动较低特征，使其成为全球风险资产中占优：风险-收益角度看，美国资产的风险收益比贴近有效边界，美股 收益率最高，波动率高于债券、房地产，但远低于大宗商品。 美股长牛的背后：盈利驱动+驱动宏观：（1）企业盈利的优势地位，是美股在全球权益市场领先的重要原因：对1970-2024年的标普500收益进行拆分，其 10.9%的复合收益中，盈利增长年化收增长6.6%，股息增长2.2%，估值变动1.8%，也即约六成是盈利贡献；（2）美股市场的相对稳定性，也即"牛长熊 短"的特征，很大程度上归因于其已成为美国居民的核心资产，"驱动宏观"属性较强：美股已成为美国居民最重要资产构成，美股大跌时，美联储倾向于 采取宽松货币政策以救市，Fed Put效应在美股市场上屡见不鲜，上市公司通过分红回购行动，同样起到股市稳定器作用。 往后看，按10年维度判断，美股长期收益大概率边际下滑：（1）按海外机构预期，未来10年美股年化收益率中位 ...

Overview of Operating Performance - The total operating revenue of the company reached 7.718 billion yuan, an increase of 8.42% year-on-year; net profit attributable to shareholders was 2.207 billion yuan, up 2.55% year-on-year; and net profit after deducting non-recurring items was 2.793 billion yuan, an increase of 49.88% year-on-year [1] - In the fourth quarter, total operating revenue was 2.286 billion yuan, a year-on-year increase of 57.56%; net profit attributable to shareholders was 242 million yuan, up 11.87% year-on-year; and net profit after deducting non-recurring items was 865 million yuan, an increase of 12138.9% year-on-year [1] Key Financial Indicators - Wealth management business generated revenue of 5.664 billion yuan, accounting for 73.38% of total revenue, with a profit of 1.858 billion yuan, representing 82.77% of total profit and a gross margin of 32.81% [2] - Securities brokerage business achieved revenue of 4.313 billion yuan, with net income from agency trading of 3.102 billion yuan, a year-on-year increase of 42.70% [2] - The monthly retention rate of users on the Xiao Fang APP peaked at 90.16%, with a peak monthly active user count of 3.1233 million, an increase of 37.69% year-on-year [2] Investment and Trading Business - The investment and trading business generated revenue of 2.496 billion yuan, accounting for 32.34% of total revenue, with a profit of 2.069 billion yuan, representing 92.17% of total profit and a gross margin of 82.90% [3] - The company capitalized on market opportunities to increase A-share investment scale, achieving good absolute returns [3] Asset Management Business - The asset management business generated revenue of 134 million yuan, accounting for 1.74% of total revenue, with a loss of 380 million yuan, representing -16.94% of total profit and a gross margin of -283.60% [4] - Fangzheng Fubon Fund has established and managed 48 publicly offered securities investment funds, with a total managed public fund asset scale of 80.861 billion yuan, an increase of 19.694 billion yuan year-on-year [4] Investment Banking Business - The investment banking business reported revenue of -370 million yuan, accounting for -4.79% of total revenue, with a loss of 593 million yuan, representing -26.43% of total profit [5] - The company saw an increase in bond underwriting scale and bond business revenue, completing one IPO project pending registration on the Growth Enterprise Market and three projects on the New Third Board [5] Financial Condition - The net profit margin was 28.07%, a year-on-year decrease of 11.09% [7] - Earnings per share increased by 3.85% year-on-year to 0.27 yuan [7] - Total assets reached 255.628 billion yuan, an increase of 14.92% year-on-year, while net assets rose by 6.26% to 48.978 billion yuan [8] Development Review and Future Outlook - The company aims to enhance capabilities in technology finance, green finance, inclusive finance, pension finance, and digital finance, adhering to the operational principle of "rapid development, efficient operation, and leveraging strengths while compensating for weaknesses" [9] - The company plans to focus on its core business, pursue high-quality, efficient, and sustainable development, and optimize management to ensure risks are measurable, controllable, and bearable [9]

Market Size - The electric two-wheeler industry is expected to experience double-digit growth in sales in 2025, with an average price increase of approximately 3% due to national subsidies [1] - Historical trends show rapid growth from 2005 to 2013, a decline from 2014 to 2019, and a recovery from 2019 to 2023, driven by increasing ownership and the introduction of the new national standard in 2019 [1] - The 2025 national subsidy policy for trade-ins is anticipated to further stimulate demand, especially in provinces with room for increased subsidy levels compared to Zhejiang, Jiangsu, and Hubei [1] Competitive Landscape - The industry is becoming increasingly concentrated, with leading brands benefiting from product definition and technological innovation [2] - Yadea has significantly increased its market share by correctly identifying consumer demand for mid-to-high-end products and expanding its sales network [2] - The first tier of brands includes Jike, Niu, and Ninebot, while the second tier includes Aima and Yadea, and the third tier includes Luyuan and New Day [2] Profitability - The industry is expected to raise prices and improve profit margins in response to the new national standard and new models, benefiting all companies [3] - Yadea and Aima, with high market shares, are likely to see greater performance improvements from enhancing profitability rather than merely increasing market size [3] - The industry is focusing on product upgrades to boost gross margins in the short term, while long-term profitability will be enhanced through channel reforms [3]

2024年，A股市场跌宕起伏，9月后，在一揽子政策利好的推动下，A股市场情绪得到显著提振，券商业绩整体回升。 3月28日，中国证券业协会发布券商2024年度经营数据，证券公司未经审计财务报表显示，150家证券公司2024年度实现营业收 入4511.69亿元，实现净利润1672.57亿元。2024年券商的营收和净利润创下了近三年新高。 在22家已披露2024年成绩单的上市券商中，有17家归母净利润同比增长，占比接近八成，仅有中金公司、光大证券、中泰证 券、信达证券和国联民生证券五家券商净利同比下滑。 值得关注的是，中信证券、华泰证券、国泰君安、招商证券和中国银河五家头部券商归母净利润超过百亿元，其中国泰君安、 招商证券和中国银河等三家券商2024年重新回到"净利百亿俱乐部"。此外，广发证券和东方财富归母净利润也均超95亿元，接 近百亿元。 "2024年，公司大力提升三种能力，分别是持续增强服务的专业性，不断提升业务的协同性和深入强化战略的敏捷性。"国泰君 安董事长朱健表示，2025年，公司要努力实现四个跨越，为建设具备国际竞争力和市场引领力的一流投资银行奠定坚实基础。 | | | | 归属母公司股东的净利润 | ...

Summary of Key Points Core Viewpoint - The company plans to temporarily use part of its idle raised funds to supplement working capital, ensuring that this does not affect the progress of its investment projects and complies with relevant regulations [1][6]. Fundraising Basic Information - The company issued 3.325 million convertible bonds on August 5, 2022, with a total fundraising amount of CNY 332.5 million, net of issuance costs [1]. Fund Usage Situation - The total amount raised was CNY 332.5 million, with a net amount of CNY 327.0472 million available for investment projects [2]. - The company has used CNY 241.3996 million of the raised funds, leaving a balance of CNY 85.6475 million [2]. Previous Use of Idle Funds - On March 29, 2023, the company approved the use of up to CNY 90 million of idle funds for working capital, which was fully returned by March 28, 2024 [3]. - On April 19, 2024, the company approved the use of up to CNY 80 million of idle funds for working capital, which was also fully returned by March 30, 2025 [4]. Current Plan for Idle Funds - The company plans to use up to CNY 80 million of idle funds temporarily for working capital, with a usage period not exceeding 12 months [5]. Impact on the Company - The use of idle funds will only be for operations related to the company's main business and will not affect the normal progress of investment projects [6]. Board and Supervisory Committee Review - The board and supervisory committee approved the use of idle funds, confirming that the decision complies with legal regulations and does not harm shareholder interests [5][6]. Sponsor Institution's Verification Opinion - The sponsor institution confirmed that the company's plan to use idle funds complies with relevant regulations and will not change the intended use of the raised funds [6].

公司研究 点评： ❖ 全年 ROE 同比下滑，主要或受账面非母公司资产公允价值调整等影响。公司 报告期内 ROE 为 4.6%，同比-0.2pct。单季度 ROE 为 0.5%，环比-0.8pct，同 比稳定，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：4.08 倍，同比-0.13 倍，环比+0.2 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 3.9%，同比+0.2pct，单季度资产周转率为 1.2%，环比+0.2pct，同比 +0.4pct。 3）公司报告期内净利润率为 28.7%，同比-1.6pct，单季度净利润率为 10.6%， 环比-25.5pct，同比-4.1pct。 证 券 研 究 报 告 方正证券（601901）2024 年报点评 推荐（维持） 经纪业务显著增长带来业绩维稳 目标价：9.65 元 事项： 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 14.2 亿元，单季度为-2 亿元，环比-6.2 亿元。单季度自 营收益率为-0.3%，环比-1.1pct，同比-0.8pct。 对比来 ...

Core Insights - The company reported a revenue of 7.718 billion yuan and a net profit of 2.207 billion yuan for the last year, representing year-on-year increases of 8.42% and 2.55% respectively [2] - Total assets reached 255.628 billion yuan, marking a year-on-year increase of 14.92% [2] Revenue Growth Drivers - Brokerage business emerged as a key revenue growth engine, generating 4.313 billion yuan in income [4] - Investment and trading business showed strong growth with revenues of 2.496 billion yuan, a year-on-year increase of over 127% [3] - Investment income reached 3.27 billion yuan, reflecting a significant year-on-year increase of 187.84% [3] Wealth Management and Brokerage Performance - Wealth management business also saw a year-on-year revenue increase of 12.84%, totaling 5.664 billion yuan [4] - The net income from agency securities trading was 3.102 billion yuan, up 42.70% year-on-year, with a market share of 3.09% [4] Challenges in Investment Banking - The tightening of IPOs in 2024 continued to pressure the company's investment banking business, resulting in a loss of nearly 370 million yuan, a year-on-year decline of 270.06% [4] - Asset management revenue fell to 134 million yuan, a decline of over 80% year-on-year [4] Asset Management Progress - The company made progress in asset management, including the transfer of a 49% stake in Credit Suisse Securities to Beijing State-owned Assets Management for 885 million yuan [5] - Additionally, the company announced the sale of distressed assets, specifically properties in Zhengzhou, for a total price of 730 million yuan [5]