Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting high profitability and valuation discrepancies under favorable market conditions [8]. Core Insights - In Q1 2025, the brokerage sector's net profit attributable to shareholders increased by 83% year-on-year and 19% quarter-on-quarter, driven by strong performance in brokerage and proprietary trading [3][14]. - The report emphasizes the growth in light capital business, particularly in retail brokerage, while investment banking faced challenges with IPOs but saw significant growth in refinancing [4][8]. - The investment business is identified as a key driver for the substantial year-on-year growth in performance, with a notable improvement in investment yield and a reduction in funding costs contributing to net interest income growth [5][8]. Summary by Sections 1. Overview - The brokerage sector experienced double-digit asset expansion and significant year-on-year profit growth, with improved operational efficiency [10][11]. 2. Light Capital Business - Retail brokerage business thrived, with brokerage income rising to 32.7 billion yuan, a 49% increase year-on-year, while investment banking income grew by 5% to 6.7 billion yuan [4][12]. 3. Capital Business - Investment income surged by 44% to 59.1 billion yuan, with proprietary trading income reaching 48.7 billion yuan, a 45% increase year-on-year [8][14]. 4. Investment Analysis and Valuation - The report recommends focusing on companies with strong merger and acquisition potential and those with high earnings elasticity, such as China Galaxy and CICC [8][19].

Core Viewpoint - Six securities firms reported strong growth in both revenue and net profit for Q1 2025, indicating a robust performance in the industry [2][4][7]. Group 1: Financial Performance - CICC achieved revenue of 5.721 billion yuan, a year-on-year increase of 47.69%, and a net profit of 2.042 billion yuan, up 64.85% [3][4]. - China Merchants Securities reported revenue of 4.713 billion yuan, a 9.64% increase, and a net profit of 2.308 billion yuan, up 6.97% [3][5]. - Changjiang Securities saw significant growth with revenue of 2.514 billion yuan, an 88.81% increase, and a net profit of 980 million yuan, up 143.76% [3][5]. - Guoyuan Securities reported revenue of 1.519 billion yuan, a 38.37% increase, and a net profit of 641 million yuan, up 38.40% [3][6]. - Huazhong Securities achieved revenue of 1.431 billion yuan, a 72.02% increase, and a net profit of 525 million yuan, up 87.79% [3][5]. - Great Wall Securities reported revenue of 1.277 billion yuan, a 41.02% increase, and a net profit of 605 million yuan, up 71.56% [3][5]. Group 2: Industry Trends - The growth in performance is attributed to increased brokerage and investment banking activities, supported by a rise in new A-share accounts [7][9]. - In March 2025, new A-share accounts reached 3.0655 million, a 26.67% increase compared to March 2024 [7]. - The total number of new accounts for Q1 2025 was 7.4714 million, a 31.74% increase year-on-year [7][8]. - Analysts believe that the capital market's recovery since September 2024 has led to increased trading activity, contributing to the strong performance of securities firms [9].

Core Viewpoint - Securities firms are increasingly engaging in the underwriting of non-financial corporate debt financing tools in the interbank bond market, with several firms obtaining independent underwriting qualifications and successfully executing their first deals [1][2]. Group 1: Independent Underwriting Qualifications - Multiple securities firms, including Dongwu Securities and Changcheng Securities, have been approved to independently underwrite non-financial corporate debt financing tools [2][3]. - As of March, Dongwu Securities received approval from the China Interbank Market Dealers Association to conduct independent underwriting [2]. - Changcheng Securities announced its qualification for independent underwriting and has initiated 107 projects, issuing 70 bonds in 2024 [2]. Group 2: Conditions for Independent Underwriting - Non-financial corporate debt financing tools are securities issued by non-financial enterprises in the interbank bond market, with various types including short-term financing bonds and medium-term notes [3]. - Underwriting firms are categorized into underwriters, general underwriters, and independent underwriters, with increasing qualification requirements [3]. - A well-known securities firm was warned for conducting underwriting activities without the necessary qualifications [3]. Group 3: Successful First Deals - Several securities firms have successfully executed their first deals in the independent underwriting space, including Chengtong Securities and Huazhong Securities [4][5]. - Chengtong Securities participated in the successful issuance of super short-term financing bonds for Overseas Chinese Town Group, marking its entry into the interbank market [5]. - Changcheng Securities successfully issued its first independent medium-term note, indicating a significant breakthrough in its debt financing tool capabilities [6].

Core Viewpoint - The speech by Wang Yi, Chief Economist of Great Wall Securities, emphasizes the need to enhance consumer spending through improved income distribution, social security systems, and stabilization of the real estate and capital markets [2][4]. Group 1: Consumer Market Insights - The "old-for-new" policy has been significantly strengthened this year, leading to a notable increase in consumer spending [3]. - In the first quarter, the total retail sales of consumer goods reached 12.47 trillion yuan, a year-on-year increase of 4.6%, which is 1.1 percentage points faster than the overall growth rate for 2024 [3]. - Retail sales of green and smart products have surged, with significant growth in categories such as communication equipment (26.9%), cultural and office supplies (21.7%), home appliances (19.3%), and furniture (18.1%) [3]. Group 2: Recommendations for Sustained Growth - To boost consumption, it is essential to improve the social security system, as the current low consumption ratio and high savings rate are linked to inadequate social security coverage [4]. - Optimizing the income redistribution mechanism is crucial, as the current income distribution shows a low share for households, which contributes to insufficient domestic demand [4]. - The supply side should also be developed to promote consumption, including new consumption models such as the ice and snow economy, silver economy, and cruise economy [4]. Group 3: Real Estate Market Stability - The stability of the real estate market is critical as it holds a significant portion of residents' wealth, and various measures have been implemented to stabilize the market [5]. - In March, 24 out of 70 major cities saw an increase in new residential property prices, indicating a recovery trend [5]. - Wang Yi suggests lifting certain purchase restrictions in major cities and lowering interest rates to enhance market confidence [6]. Group 4: A-Share Market Outlook - The A-share market is currently at a historical low valuation, presenting opportunities for growth [7]. - Future market performance will depend on trends in industries like artificial intelligence and the effectiveness of domestic demand stimulation [7].

长城证券股份有限公司董事会 2025 年 4 月 27 日 根据《上市公司独立董事管理办法》《证券基金经营机构董事、监事、高级 管理人员及从业人员监督管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《公司章程》和公司《独立董事工作制度》的 规定，公司在任独立董事吕益民先生、周凤翱先生、陈红珊女士和林斌先生对自 身独立性情况进行了自查，并向公司董事会提交了《2024 年度独立董事独立性 自查情况表》（以下简称《自查情况表》）。公司董事会根据《自查情况表》，对四 位在任独立董事的独立性情况进行了评估，并出具如下专项意见： 经评估，公司在任独立董事吕益民先生、周凤翱先生、陈红珊女士和林斌先 生在 2024 年度严格按照法律、行政法规、中国证监会规定、深圳证券交易所业 务规则、《公司章程》和公司《独立董事工作制度》的规定，独立履行职责，不 受公司及其主要股东、实际控制人等单位或者个人的影响，不存在违反《上市公 司独立董事管理办法》《证券基金经营机构董事、监事、高级管理人员及从业人 员监督管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》《公司章程》和 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-024 第三届监事会第五次会议决议公告 本议案尚须提交公司股东大会审议。 本公司及公司全体监事会成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 （二）《关于公司 2024 年年度报告的议案》 公司监事会就公司 2024 年年度报告出具如下审核意见： 长城证券股份有限公司（以下简称公司）于 2025 年 4 月 15 日发出第三届监 事会第五次会议书面通知。本次会议由监事会主席王寅先生召集并主持，于 2025 年 4 月 27 日在公司总部 18 楼 1 号会议室以现场结合视频方式召开，应出席监事 5 名，实际出席监事 5 名，公司监事会主席王寅先生，监事顾文君女士，职工监 事苗伟民先生、何美才先生现场出席本次会议，监事蔡飞先生以视频方式出席本 次会议；总裁李翔先生，副总裁、董事会秘书周钟山先生及副总裁、合规总监、 首席风险官赵昕倩女士列席本次会议。本次会议的召集、召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定。 一、本次会议审议并通过了以下议案： （一）《关于公司 2024 年度监事会工作报 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-023 《2024 年年度报告》和《2024 年年度报告摘要》于同日在巨潮资讯网 （www.cninfo.com.cn）披露，《2024 年年度报告摘要》同时刊登于《证券时报》 《中国证券报》《上海证券报》及《证券日报》。 本议案已经公司董事会审计委员会审议通过，尚须提交公司股东大会审议。 （二）《关于公司 2025 年第一季度报告的议案》 表决情况：同意 12 票，反对 0 票，弃权 0 票。 长城证券股份有限公司 第三届董事会第十次会议决议公告 本公司及公司全体董事会成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 长城证券股份有限公司（以下简称公司）于 2025 年 4 月 15 日发出第三届董 事会第十次会议书面通知。本次会议由董事长王军先生召集并主持，于 2025 年 4 月 27 日在公司总部 18 楼 1 号会议室以现场结合视频方式召开，应出席董事 12 名，实际出席董事 12 名，公司董事长王军先生，副董事长敬红先生，董事麦宝 洪先生，独立董事陈红珊女士、林斌先生现场出席本次会议，其他董事以视频方 式 ...

一、审议程序 长城证券股份有限公司（以下简称公司）于 2025 年 4 月 27 日召开第三届董 事会第十次会议，全票审议通过了《关于公司 2024 年度利润分配预案的议案》。 本次利润分配预案尚需提交公司 2024 年度股东大会审议。 二、利润分配预案的基本情况 证券代码：002939 证券简称：长城证券 公告编号：2025-026 长城证券股份有限公司 关于公司 2024 年度利润分配预案的公告 本公司及公司全体董事会成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 1.分配基准：2024 年度 2.公司（母公司）2024 年度实现净利润 1,499,056,041.37 元，其他综合收益 结转留存收益等影响 24,170,526.63 元，年初未分配利润为 4,254,675,696.11 元， 扣除 2024 年向股东派发 2023 年度现金红利 463,959,098.87 元及 2024 年中期现 金红利 153,308,222.76 元，截至 2024 年 末 公 司 可 供 分 配 利 润 余 额 为 5,160,634,942.48 元。根据《公司法》《证券法》 ...

长城证券股份有限公司 2024 年度监事会工作报告 2024 年，公司监事会本着对全体股东负责的精神，严格遵守《公司法》和 《公司章程》等有关规定，加强自身建设，认真履行职责，对公司财务以及公司 董事会、经营管理层履职的合法合规性进行了有效监督。公司监事会向股东大会 提交了监事会工作报告及相关议案，监事通过出席股东大会、列席董事会会议， 依法对会议程序和决策过程进行了监督，并在会上对公司各项工作报告、定期报 告、薪酬绩效、关联交易、内控体系、风险控制、合规管理等相关事项提出了建 议，积极维护公司和股东的权益。 一、监事会 2024 年主要工作 （一）监事会会议召开情况 2024 年，公司监事会共召开了 7 次会议，具体如下： 1.第二届监事会第十九次会议 公司第二届监事会第十九次会议于 2024 年 4 月在北京和深圳以现场结合视 频方式召开。经与会监事认真审议，会议通过了《关于公司 2023 年度监事会工 作报告的议案》《关于公司 2023 年年度报告的议案》《关于公司 2023 年度财务 决算报告的议案》《关于公司 2023 年度利润分配预案的议案》《关于公司 2023 年度内部控制自我评价报告的议案》《 ...