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 establishment of the CITIC Entrepreneur Office in Qingdao aims to empower the local real economy, support advanced manufacturing going global, and assist the high-quality development of private enterprises in the region [1] - The event was co-hosted by the Qingdao Municipal Bureau of Private Economy Development and CITIC Bank Qingdao Branch, with participation from 120 representatives from local enterprises and CITIC Group's affiliated units [1] - The Qingdao Municipal Bureau of Private Economy Development emphasizes nurturing high-quality small and medium-sized enterprises and focusing on the revitalization of the manufacturing sector [1] Group 2 - CITIC Financial Holdings' Wealth Management Department introduced a comprehensive service model for entrepreneurs, leveraging CITIC Group's financial and industrial advantages to provide a one-stop financial service for local entrepreneurs [2] - CITIC Bank Qingdao Branch highlighted its development history and core business, emphasizing its "full license" advantage and commitment to providing comprehensive financial solutions [2] - CITIC Prudential Life Insurance introduced its high-end brand "Chuan Jia," which focuses on high-net-worth clients and offers a range of wealth management and risk management services [2] Group 3 - The event focused on the financial needs of private enterprises, discussing comprehensive financial services, overseas expansion, and private banking services [3] - CITIC Bank Qingdao Branch is building a private equity ecosystem and has designated April as "Private Equity Theme Month," inviting various private equity institutions for investment roadshows [3] - Future activities will continue to enhance the integration of public and private financial needs, ensuring support for entrepreneurs throughout their development journey [3]

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 ...

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]