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 ...

文/李悦 券商年报季步入半程，拆解21家A股上市券商成绩单，自营投资成券商胜负手。 在资本市场改革深化与政策红利的交织中，2024年证券行业上演了"冰与火"的碰撞。自营业务强势 崛起，扛起增长大旗，而投行业务却在IPO阶段性收紧的寒流中腰斩。 自营"扛旗"、投行"哑火"，在并购重组对行业竞争版图的重塑中，谁在逆袭？谁又在跌落？ 规模方面，中信证券资产总计1.71万亿元，合并之前的国泰君安总资产为1.05万亿元。不过，据国 泰君安测算，与海通证券合并后的公司总资产达1.73 万亿元、归母净资产 3283 亿元，资本实力已 位居行业第一。 经营业绩方面，21家券商中，11家券商营业收入超百亿元。中信证券一骑绝尘，是目前唯一一家 2024年营业收入超过600亿元的券商， 国泰君安、华泰证券、中国银河营业收入超300亿元。净利 润方面，仅中信证券归母净利润超过200亿元，华泰证券、国泰君安、招商证券、中国银河净利润超 百亿元。 纵向看，头部券商中，中信证券在2022年、2023年净利润连续下降后，2024年重回增长轨道，净 利润增幅超一成；国泰君安、广发证券、中国银河、华泰证券净利润增幅均超两成。中金公司则是截 至目 ...

Core Insights - The Chinese securities industry is experiencing performance divergence and recovery in 2024, with over half of the listed brokers reporting growth in net profit attributable to shareholders as of the end of March [1] - Proprietary trading has emerged as the main driver of performance recovery, while brokerage and wealth management businesses are also showing varying degrees of recovery [1] Group 1: Performance Divergence - Leading brokers like CITIC Securities, with total revenue of 63.789 billion yuan, are outperforming smaller firms, which show mixed results [2] - Nanjing Securities and Huaan Securities reported over 20% year-on-year growth in total revenue, while Zhongtai Securities experienced a decline of over 10% [2] - In terms of net profit, CITIC Securities led with 21.704 billion yuan, while Nanjing Securities achieved the highest growth rate at 47.95% [2] Group 2: Recovery in Proprietary Trading - Proprietary trading has become the key driver of revenue growth, with significant increases in income reported by brokers following policy changes that boosted market activity [3] - Nanjing Securities saw a 34.46% year-on-year increase in securities investment income, while CITIC Securities reported 240.40 billion yuan in securities investment income, a 23.95% increase [3] - Some brokers, like Zhongtai Securities, faced losses in investment business, contributing to their declining performance [3] Group 3: Resurgence in Brokerage and Wealth Management - Brokerage and wealth management businesses have shown clear recovery, with year-on-year growth rates ranging from 10% to 31% among the listed brokers [4] - Dongfang Caifu attributed its growth to a comprehensive wealth management service strategy, reporting a trading volume of 24.24 trillion yuan in 2024 [4] Group 4: Pressure on Investment Banking - The investment banking sector is under pressure, with seven listed brokers reporting a decline in investment banking revenue, with the highest drop exceeding 40% [5] - However, Nanjing Securities and Xinda Securities managed to achieve growth in their investment banking revenues, with increases of 17.03% and 11.74% respectively [5] Group 5: Future Outlook - Market expectations for the recovery of brokers' fundamentals are positive, with analysts predicting that performance in Q4 2024 may exceed expectations [6] - The overall sentiment is that with active market trading and supportive policies, the performance of brokerage and wealth management businesses will continue to improve [6]

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]

Group 1 - The core viewpoint of the articles highlights that the brokerage industry has seen significant growth in 2024, with nearly 90% of companies reporting improved performance, driven by a bullish market for both stocks and bonds, as well as increased trading activity since September 24 [1] - Several brokerages reported substantial increases in new account openings for 2024, with Zhongtai Securities adding 1.0508 million accounts (up 93.12% year-on-year), Nanjing Securities seeing a 51% increase, and Ping An Securities exceeding 1.7 million new accounts [1] - Among the brokerages that have released their 2024 annual reports, Dongfang Caifu achieved a net profit of 9.610 billion yuan, up 17.29% year-on-year, Nanjing Securities reported a net profit of 1.002 billion yuan, up 47.95%, while Zhongtai Securities saw a decline in net profit to 937 million yuan, down 47.92% [1] Group 2 - The brokerage sector is expected to experience a fundamental reversal in Q1 2025, supported by a low base effect, with increased expectations for mergers and acquisitions within the industry [2] - The brokerage ETF fund (515010) tracks the CSI All Share Securities Company Index, providing efficient exposure to the brokerage sector and benefiting from the market recovery [2]

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 ...

南京证券股份有限公司 2024 年度内部控制审计报告 天衡会计师事务所（特殊普通合伙） 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是南京证券董事会的责任。 二、注册会计师的责任 是否由具有执业许可的会计师 您可使用手机"扫一扫"或进入"注册会计师行业统一监管 内部控制审计报告 天衡专字(2025) 00084 号 南京证券股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了南 京证券股份有限公司(以下简称"南京证券")2024年12 月 31 目财务报告内部控制的有效 性。 一、企业对内部控制的责任 天衡专字（2025）00084 号 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化 可能导致内部控制变得不恰当,或对控制政策和程序的遵循程度降低,根据内部控制审计结 果推测未来内部控制的有效性具有 ...

报告期内，本人作为独立董事候选人出席股东大会 1 次，就本人 履职能力、专业能力、从业经历、违法违规情况、与公司是否存在利 益冲突，与公司控股股东、实际控制人以及其他董事、监事和高级管 理人员的关系等情况向大会进行说明。报告期内，本人正式任职后， 1 南京证券股份有限公司 2024 年度独立董事述职报告 （陈传明） 本人作为南京证券股份有限公司（以下简称"公司"）独立董事， 在任职期间严格按照相关法律法规、规范性文件以及公司《章程》《独 立董事制度》等规定，忠实、勤勉履职，切实发挥独立董事职能作用， 推进公司治理水平提升，积极维护公司和股东的整体利益。现将本人 2024 年度履职情况报告如下： 一、独立董事基本情况 本人陈传明，1957 年 9 月出生，中共党员，博士，教授、博士 生导师。曾任南京大学工商管理系主任、商学院副院长、管理学院院 长、商学院党委书记等职务，现任南京大学商学院教授，兼任江苏溧 水农村商业银行股份有限公司独立董事、中国企业管理研究会副会长、 江苏省科技创新协会副会长等职务。本人于 2024 年 6 月 21 日经公司 股东大会选举通过，正式任职公司独立董事。 本人未在公司担任董事会外的 ...

南京证券股份有限公司 前次募集资金使用情况鉴证报告 天衡专字（2025）00162 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买台（http://acom.co 前次募集资金使用情况鉴证报告 南京证券股份有限公司全体股东: 天衡专字(2025)00162号 我们鉴证了后附的南京证券股份有限公司(以下简称"南京证券公司")管理层编制的 截至2024年12月31日止的《关于前次募集资金使用情况的报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供南京证券公司向中国证券监督管理委员会申请向特定对象发行股票募 集资金时使用,不得用作任何其他目的。我们同意本鉴证报告作为南京证券公司向特定对象 发行股票募集资金的必备文件,随其他申报材料一起上报。 二、管理层的责任 南京证券公司管理层的责任是提供真实、合法、完整的相关资料,按照中国证券监督管 理委员会《监管规则适用指引一发行类第7号》的规定编制《关于前次募集资金使用情况的 报告》,并保证其编制的《关于前次募集资金使用情况的报告》内容真实、准确、完整,不 存在虚假记载、误导性陈述或重大遗漏。 三、注册会计师的责任 我们的 ...