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]

南京证券股份有限公司 2024 年度第三期短期融资券兑付完成公告 证券代码：601990 证券简称：南京证券 公告编号：临 2025-012 号 特此公告。 南京证券股份有限公司董事会 2025 年 4 月 16 日 1 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。 南京证券股份有限公司（以下简称"公司"）于 2024 年 10 月 11 日发行了 2024 年度第三期短期融资券，发行金额为人民币 15 亿元，票面利率为 2.13%， 期限为 183 天，兑付日期为 2025 年 4 月 15 日（详见公司于 2024 年 10 月 15 日 披露的《南京证券股份有限公司 2024 年度第三期短期融资券发行结果公告》）。 2025 年 4 月 15 日，公司完成了本期短期融资券的本息兑付工作。 ...

Core Insights - The A-share listed securities firms are experiencing a significant recovery in 2024, driven by a series of favorable policies and a rebound in market trading activity [1][2][4] - Major securities firms reported impressive results, with many achieving year-on-year growth in both revenue and net profit [1][2] Industry Performance - In 2024, the overall revenue of 150 securities companies reached 4,511.69 billion yuan, with a net profit of 1,672.57 billion yuan, reflecting year-on-year growth of 11.2% and 21.3% respectively [2] - The self-operated business has become a crucial growth driver, with the industry generating 1,740.7 billion yuan in self-operated income, a 43% increase year-on-year [2][3] Company Highlights - CITIC Securities achieved a revenue of 63.789 billion yuan, up 6.2%, and a net profit of 21.704 billion yuan, up 10.06% [1] - Huatai Securities, Guotai Junan, and other major firms also reported significant revenue and profit growth, with Huatai Securities achieving a revenue of 41.466 billion yuan, up 13.37% [1] - Smaller firms like Hualin Securities and Hongta Securities showed remarkable performance, with Hualin's revenue growing over 41% and net profit increasing approximately 1015% [2] Business Segments - Brokerage and wealth management businesses are showing signs of recovery, with over 90% of the nearly 30 listed securities firms reporting positive growth in brokerage revenue [3] - The investment banking sector remains under pressure, primarily due to a slowdown in IPO activities [3] Future Outlook - The recovery in the securities industry is expected to continue into 2025, with anticipated increases in stock trading volume, financing balances, and equity fund issuance [4] - The trend towards higher asset returns and valuations for securities firms is expected to persist, supported by ongoing capital market reforms and consolidation among quality firms [4]

Group 1 - The company, Nanjing Securities Co., Ltd., will implement a preferential sales service fee rate for the Nanjing Securities Shenzhou Tiantianli Money Market Collective Asset Management Plan starting from April 8, 2025, to July 3, 2025 [1][2] - The applicable product is identified as the Nanjing Securities Shenzhou Tiantianli Money Market Collective Asset Management Plan, with the product code 970178 [1] - During the promotional period, the sales service fee rate for investors holding shares of this collective plan will be set at 0.10% [2] Group 2 - The company will announce any changes to the above promotional activities separately, urging investors to stay informed [3] - Investors are encouraged to read the asset management contract, prospectus, and product information summary for detailed information about the collective plan [3][4] - The company provides contact information for inquiries, including its website and customer service number [5]

Core Viewpoint - Nanjing Securities reported a significant increase in revenue and net profit for the year 2024, driven primarily by growth in securities investment and brokerage services [1][4]. Financial Performance - In 2024, Nanjing Securities achieved operating revenue of 3.147 billion yuan, a year-on-year increase of 27.12%, and a net profit attributable to shareholders of 1.002 billion yuan, up 47.95% year-on-year [1][4]. - The fourth quarter of 2024 saw revenue of 779 million yuan, reflecting a year-on-year increase of 10.86% and a quarter-on-quarter increase of 12.87%. Net profit for the same quarter was 306 million yuan, up 180.26% year-on-year and 103.89% quarter-on-quarter [4]. Business Segments - The revenue growth was primarily attributed to the securities investment business, which saw a revenue increase of 34.46% [1][4]. - The securities and futures brokerage business also contributed to revenue growth, with a year-on-year increase of 12.71% [6]. Profit Distribution - Nanjing Securities announced a profit distribution plan, proposing a cash dividend of 0.08 yuan per share (including tax), totaling 295 million yuan. Combined with the mid-year dividend, the total cash dividend for 2024 will be 472 million yuan, representing 47.11% of the net profit [1][7]. Asset and Capital Metrics - As of the end of 2024, total assets reached 69.768 billion yuan, a year-on-year growth of 19.25%. Core net capital was approximately 14.725 billion yuan, up 6.95% [4]. - Key risk indicators included a risk coverage ratio of 459.96%, a capital leverage ratio of 27.49%, a liquidity coverage ratio of 327.31%, and a net stable funding ratio of 229.45% [4]. Revenue Composition - Revenue sources included investment income and fair value changes (35.24%), net interest income (25.61%), net commission income (25.27%), and other business income (13.46%). Investment income and fair value changes saw a year-on-year increase of 143.48% [7].

南京证券股份有限公司（以下简称"公司"）近日收到中国证监会《关于同 意南京证券股份有限公司向专业投资者公开发行公司债券注册的批复》（证监许 可﹝2025﹞624 号）（以下简称"批复"）。 根据该批复，中国证监会同意公司向专业投资者公开发行面值总额不超过 150 亿元公司债券的注册申请。该批复自同意注册之日起 24 个月内有效，公司 在注册有效期内可以分期发行公司债券。 证券代码：601990 证券简称：南京证券 公告编号：临 2025-011 号 南京证券股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 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。 公司将按照有关法律法规、批复要求及公司股东大会的授权，办理本次公司 债券发行的相关事宜。 特此公告。 南京证券股份有限公司董事会 2025 年 4 月 4 日 1 ...

2024年，中国证券行业在经历市场波动后，迎来了业绩的分化与回暖。截至3月底，已有10家上市券商 披露了2024年年报，整体来看，半数以上券商实现了归母净利润的增长，但各机构之间的业绩表现差异 显著。其中，自营业务成为推动券商业绩回暖的核心动力，而经纪、财富管理等业务也呈现出不同程度 的复苏。 业绩分化：头部券商领跑，中小券商表现各异 投行业务承压：IPO及再融资市场变化影响显著 与自营和经纪业务相比，券商投行业务在2024年普遍承压。受IPO及再融资市场规模变化影响，7家上 市券商的投行业务收入同比下降，降幅最高超过40%。然而，仍有部分券商逆势增长。南京证券的投行 业务收入达1.88亿元，同比增长17.03%；信达证券（601059）的投行业务收入为1.56亿元，同比增长 11.74%。 展望未来：市场预期积极，业绩改善趋势有望延续 市场机构对券商基本面修复的预期较为积极。开源证券非银金融行业首席分析师高超认为，券商2024年 四季度业绩有望超预期，目前券商板块估值水平仍偏低，2025年上半年业绩有望延续同比改善趋势。山 西证券（002500）非银金融团队也表示，在相关政策引领下，市场表现逐步企稳，202 ...

Core Insights - Nanjing Securities reported a significant increase in new account openings, with a year-on-year growth of 51% in 2024 [1] - The company achieved a total operating revenue of 3.147 billion RMB and a net profit attributable to shareholders of 1.002 billion RMB, representing year-on-year increases of 27.12% and 47.95% respectively [1] Financial Performance - The securities and futures brokerage business generated an operating revenue of 1.655 billion RMB, reflecting a year-on-year growth of 12.71% [1][3] - The net income from agency trading of securities reached 447 million RMB, with a growth of over 30% year-on-year [1] - The gross margin for the securities and futures brokerage business increased by 1.95 percentage points to 29.10% [3] Business Segmentation - The securities investment business reported an operating revenue of 1.628 billion RMB, with a year-on-year growth of 34.46%, but a slight decrease in gross margin by 0.65 percentage points to 92.22% [3] - The wealth management and investment management business generated 106 million RMB in revenue, with a year-on-year growth of 23.24%, but a decrease in gross margin by 1.44 percentage points to 42.21% [3] Regional Performance - In Jiangsu province, the operating revenue was 3.342 billion RMB, with an 18.75% year-on-year growth and an increase in gross margin by 14.54 percentage points to 34.77% [3] - Other regions contributed 3.030 billion RMB in revenue, reflecting a year-on-year growth of 26.70% and an increase in gross margin by 17.66 percentage points to 17.95% [3]

Key Points - The article emphasizes the Chinese government's commitment to implementing proactive macro policies to support economic stability and growth, including potential new policies if necessary [2] - The article highlights the importance of enhancing the business environment for various enterprises through economic reforms and addressing bottlenecks in economic circulation [2] - The article discusses the upcoming significant events in the global market, including earnings reports from major companies and important economic data releases [4] Macro - Premier Li Qiang met with U.S. senators, stating that trade wars yield no winners and emphasizing the need for cooperation to address trade imbalances [6] - Vice Premier He Lifeng welcomed multinational companies to invest in China, highlighting the resilience and potential of the Chinese economy [6] - The government plans to deepen supply-side structural reforms and regulate competition to promote high-quality development [6] Domestic Stock Market - CITIC Securities identified two critical time points for the market: the first in early April when external risks are expected to materialize, and the second mid-year when U.S. economic and policy cycles may align with China's [9] - The "Leading Enterprise" action plan in Guangzhou aims to enhance the integration of industry and capital, promoting more competitive companies to go public [9] - The report notes a significant increase in new account openings at several securities firms, indicating growing market participation [10] Financial - A surge in the number of funds focusing on free cash flow indicates a market trend towards financial health metrics, driven by demand and policy direction [14] - The head of the Industrial and Commercial Bank of China emphasized the shift from a capital-centric to a technology-centric financial service model [14] Real Estate - Suggestions were made to stabilize asset prices and improve income levels to boost consumer spending, particularly in real estate and equity markets [17] Industry - XPeng Motors' chairman discussed the future of high-level autonomous driving technology, predicting significant advancements in the coming years [19] - The Henan province announced plans for extensive 5G infrastructure development, aiming for over 270,000 5G base stations in the next three years [19] Overseas - The WTO Director-General highlighted the U.S. as a major beneficiary of global trade, countering claims of trade disadvantages [21] - The UK government plans to invest £600 million to address skill shortages in the construction sector, crucial for housing development [22] International Stock Market - SpaceX aims to achieve a weekly launch frequency for its Starship within a year, enhancing its operational capabilities [23] Commodity - The China Iron and Steel Association noted that supply-demand imbalances are a key issue in the industry, advocating for the closure of new production capacity [26] - Methanol port inventories have decreased, indicating a market shift towards destocking [26] - BHP's CEO projected a significant copper supply gap in the next decade, emphasizing the need for substantial investment in mining [26] Bonds - The government plans to issue long-term special bonds to support various initiatives, with a focus on local government debt management [28] - The AI and robotics sectors are identified as key drivers of market growth, with expectations for increased investment opportunities [28]

南京证券股份有限公司 2024 年度财务报表审计报告 天衡审字（2025）00085 号 天衡会计师事务所（特殊普通合伙） 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进 审计报告 天衡审字(2025) 00085 号 南京证券股份有限公司全体股东: 一、审计意见 我们审计了南京证券股份有限公司(以下简称"南京证券")财务报表,包括2024年12 月31日的合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 南京证券2024年12月31日的合并及母公司财务状况以及2024年度的合并及母公司经营成果 和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于南京证券,并履行了职业道德方面的其他责任。我们相信,我们获 取的审计证据是充分 ...