证券代码：601901 证券简称：方正证券 公告编号：2025-014 方正证券股份有限公司 关于股东集中竞价减持股份计划的公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露之日，中国信达资产管理股份有限公司（简称"中国信达"） 持有公司股份数量为 593,050,000 股，占公司总股本的 7.20%，股份来源为协议 转让取得。 集中竞价减持计划的主要内容 中国信达因公司经营需要，拟于本公告发布之日起十五个交易日后的三个月 内，即 2025 年 4 月 29 日至 2025 年 7 月 28 日期间，以集中竞价方式减持公司股 份不超过 82,321,014 股，约占公司总股本的 1.00%。 | 股东名称 | 中国信达 | | --- | --- | | 计划减持数量 | 不超过：82,321,014 股 | | 计划减持比例 | 不超过：1.00% | | 减持方式及对应减持数量 | 集中竞价减持，不超过：82,321,014 股 | | 减持期间 | 202 ...

自营业务收入下行，预计主要系投资性房地产公允价值变动：2024 年公司投资收益（含公允价值）14.2 亿元，同比-16.6%；第四季度投资收益（含公允价值）-2.0 亿元，同比由正转负。公司投资收益下滑， 预计主要影响因素为一级市场股权投资项目估值下滑以及郑州裕达国贸大楼公允价值变动损失。 盈利预测与投资评级：结合公司2024 年经营情况，我们预计公司2025-2027 年归母净利润分别为 23.80/25.22/26.63 亿元，对应同比增速分别为7.83%/5.97%/5.56%，对应EPS 分别为0.29/0.31/0.32 元/ 股，当前市值对应PB 估值分别为1.21x/1.14x/1.07x。看好公司在市场活跃度提升的环境中逐步兑现财富 管理业务优势，同时在平安集团深度赋能下进一步提升竞争力，首次覆盖给予"买入"评级。 风险提示：1）市场成交活跃度下降；2）股市波动冲击自营投资收益。 投行业务收入同比下滑，债承规模有所提升：2024 年公司投行业务收入1.8 亿元，同比-16.7%。2024 年 公司发挥资本市场融资中介功能，优化内部管理，债券业务得到提升，债券主承销规模184 亿元，同比 +8. ...

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].