Core Viewpoint - A document screenshot circulating online claims that the Lhasa trading team was fined 95.93 million yuan for insider trading by Dongfang Caifu Securities, which has been confirmed as false information by the company [1] Group 1 - The screenshot mentioned that the penalty was imposed on "Dongfang Caifu Securities Limited Liability Company," while the correct name is "Dongfang Caifu Securities Co., Ltd." [1]

非银金融行业资金流出榜：东方财富等5股净流出资金超亿元 （原标题：非银金融行业资金流出榜：东方财富等5股净流出资金超亿元） 沪指3月18日上涨0.11%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为家用电器、有色金属，涨幅分别为1.85%、1.44%。非银金融行 业今日上涨0.18%。跌幅居前的行业为食品饮料、美容护理，跌幅分别为0.74%、0.70%。 非银金融行业今日上涨0.18%，全天主力资金净流出28.56亿元，该行业所属的个股共84只，今日上涨的有39只；下跌的有34只。以资金流向数据 进行统计，该行业资金净流入的个股有11只，净流入资金居首的是国盛金控，今日净流入资金5074.97万元，紧随其后的是哈投股份、东北证券， 净流入资金分别为1041.08万元、858.59万元。非银金融行业资金净流出个股中，资金净流出超亿元的有5只，净流出资金居前的有东方财富、海南 华铁、中国银河，净流出资金分别为5.57亿元、4.55亿元、2.05亿元。（数据宝） 非银金融行业资金流向排名 | 600909 华安证券 | 0.34 | 0.49 | -1153.88 | | --- | --- | --- | ...

Summary of East Money Information (300059.SZ) Conference Call Company Overview - **Company**: East Money Information - **Ticker**: 300059.SZ - **Industry**: Online financial services, including brokerage, mutual fund distribution, and market data services [18][19] Key Financial Highlights - **4Q24 NPAT**: Increased by 79.8% year-on-year (y-y) to RMB3.57 billion, exceeding consensus by 11% [1] - **2024 NPAT**: Up 17.3% y-y to RMB9.61 billion [1] - **Brokerage Fee Income**: Rose by 120.6% quarter-on-quarter (q-q) and 111.0% y-y to RMB2.56 billion in 4Q24, accounting for 61% of gross income [2][7] - **Net Interest Income**: Increased by 82.7% q-q and 56.6% y-y to RMB875 million in 4Q24 [2] - **Cost-to-Income Ratio**: Improved to 24.8%, down 15.4 percentage points (ppt) q-q [2] - **Return on Assets (ROA)**: Jumped to 4.5%, up 1.82 ppt q-q [1] - **Return on Equity (ROE)**: Increased to 18.1%, up 7.65 ppt q-q [1] Revenue Drivers - **Brokerage Income**: Primarily volume-driven, with East Money gaining market share of 4.23% in 2H24, up 23 basis points (bp) half-on-half (h-h) [2] - **Mutual Fund Distribution**: Despite a surge in new fund sales (+247.5% q-q), non-brokerage fee revenue growth was weaker than expected, up only 21.9% q-q to RMB737 million [7] Challenges and Risks - **Earnings Growth Momentum**: Expected to taper off due to normalization of Average Daily Trading (ADT) and slowdown in mutual fund sales [8] - **Client Asset Outflow**: Customer funds for securities purchase shrank by 0.9% q-q, indicating a net outflow of RMB1 billion in 4Q24 [7] - **Provision Charge**: Increased to RMB43 million in 4Q24, indicating potential risks in the market [7] Valuation and Investment Strategy - **Target Price**: Raised to RMB19 from RMB18, applying a target PE of 25x for 2025E [1][8] - **Investment Rating**: Maintained at Sell/High Risk due to capped near-term upside and potential long-term growth challenges [19][20] Market Outlook - **Market Cap**: Approximately RMB385.64 billion (US$53.23 billion) [3] - **Expected Total Return**: -21.9% with a dividend yield of 0.4% [3] - **Long-term Positioning**: East Money is well-positioned to capture retail demand for mutual funds and gain market share in the brokerage business, despite current challenges [19][20] Conclusion East Money Information has shown strong financial performance in 2024, particularly in brokerage and interest income. However, challenges such as client asset outflows and a potential slowdown in earnings growth present risks. The investment strategy remains cautious, with a Sell rating reflecting the current market conditions and valuation concerns.

资金流向日报丨东方财富、胜宏科技、润和软件获融资资金买入排名前三 一、证券市场回顾 南财金融终端数据显示，昨日(3月17日,下同)上证综指日内上涨0.19%，收于3426.13点，最高3436.35点；深证成指日内下跌0.19%，收于10957.82点，最 高11015.47点；创业板指日内下跌0.52%，收于2215.13点，最高2233.33点。 二、融资融券情况 昨日沪深两市的融资融券余额为19360.11亿元，其中融资余额19238.64亿元，融券余额121.48亿元。两市融资融券余额较前一交易日增加119.76亿元。分 市场来看，沪市两融余额为9795.92亿元，相较前一交易日增加36.14亿元；深市两融余额9564.19亿元，相较前一交易日增加83.62亿元。 两市共有3396只个股有融资资金买入，其中东方财富、胜宏科技、润和软件排名前三，买入金额分别17.42亿元、13.87亿元、11.73亿元。融资买入额前 10个股详情见下表： | | 黑名称 | 融资买入额(亿元 | | --- | --- | --- | | 300059.SZ | 东方财富 | 17.42 | | 300476.SZ | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q4 2024, the company's performance improved significantly alongside the market, driven mainly by proprietary and securities businesses. The market share in securities continues to rise, while fee rates are on a downward trend. The self-operated income remains high due to balance sheet expansion and a bull market in bonds. Fund distribution is still affected by fee reductions, but the market share for actively managed equity funds has rebounded quarter-on-quarter. The company, as a benchmark internet brokerage, shows significant competitive advantages in customer acquisition and cost control, and its securities business growth is promising in the context of market recovery [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 11.6 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.3%. The weighted average return on equity increased by 0.7 percentage points to 12.6% [6][12]. Business Segments - The company's revenue from various business lines in 2024 includes e-commerce at 3.11 billion yuan (down 20.0%), net interest income at 2.38 billion yuan (up 6.9%), net commission income at 6.11 billion yuan (up 23.1%), and investment income at 3.37 billion yuan (up 50.8%). The decline in fund distribution revenue is noted, while securities brokerage and bond self-operation maintain high growth [12]. Market Share and Fee Trends - In 2024, the company’s agency trading volume for stock funds reached 24.2 trillion yuan, with a market share of 8.21%, an increase of 0.18 percentage points year-on-year. The estimated net commission rate for securities brokerage is 0.010%, down 4.4% year-on-year. The financing balance at the end of 2024 was 58.86 billion yuan, with a market share of 3.2%, up 0.24 percentage points year-on-year [12][14]. Self-Operated Income - The company’s investment asset scale reached 85.38 billion yuan at the end of 2024, a year-on-year increase of 7.4%. The estimated static investment return rate is 4.75%, up 1.36 percentage points year-on-year, benefiting from balance sheet expansion and a bull market in bonds [12][14]. Cost Control and Profitability - The company effectively controlled costs, with sales, management, and R&D expenses at 320 million yuan, 2.33 billion yuan, and 1.14 billion yuan respectively, showing a decrease in sales expenses by 31.2% year-on-year. The net profit margin improved to 64.2%, up 2.6 percentage points year-on-year, indicating significant enhancement in profitability [12][14]. Growth Outlook - The company is viewed positively for its securities business growth potential, with expected net profits of 9.67 billion yuan and 10.91 billion yuan for 2025 and 2026, corresponding to price-to-earnings ratios of 39.9 and 35.3 times [12][14].

东方财富、胜宏科技、润和软件获融资资金买入排名前三，东方财富获买入超 17亿元 一、证券市场回顾 南财金融终端数据显示，昨日(3月17日,下同)上证综指日内上涨0.19%，收于3426.13点，最高3436.35点；深证成指日内下跌0.19%，收于10957.82点，最高 11015.47点；创业板指日内下跌0.52%，收于2215.13点，最高2233.33点。 昨日有44只新基金发行,分别为:港股医疗ETF、南方上证科创板综合ETF联接C、国泰上证科创板综合ETF发起联接A、港股通创新药ETF工银、富达创新驱 动混合发起C、富达创新驱动混合发起A、招商上证科创板综合ETF联接C、鹏华上证科创综合ETF联接A、平安中证A500ETF、南方深证100ETF、富国深证 100ETF、富国上证科创板综合价格ETF联接C、招商上证科创板综合ETF联接A、国泰上证科创板综合ETF发起联接C、万家恒生互联网科技业ETF(QDII)、 汇添富上证科创板综合ETF联接A、鹏华上证科创综合ETF联接C、大成深证100ETF、汇添富上海地产租赁住房REIT、南方上证科创板综合ETF联接A、汇泉 均衡智选混合C、华夏上证科创板综 ...

资金流向日报丨东方财富、胜宏科技、润和软件获 融资资金买入排名前三，东方财富获买入超17亿元 一、证券市场回顾 | 10001000 | 平臺体六十九2个月得有演杂及馬A | DIGNAND | 填本区 | 平泰体六卷五百五十八公司 | | --- | --- | --- | --- | --- | | 023318 OF | 华泰保兴开元3个月持有债券发起C | 20250317 | 债费类 | 华泰保兴基金管理有限公司 | | 023723.OF | 景顺长城上证科创板综合价格ETF联接A | 20250317 | 股票型 | 景颇长城基金管理有限公司 | | 022879.OF | 汇泉均衡智选混合A | 20250317 | 混合型 | 汇泉基金管理有限公司 | | 159391.SZ | 博时周证大盘价值ETF | 20250317 | 股票型 | 博时基金管理有限公司 | | 022291.OF | 兴业中证红利指数C | 20250317 | 股票型 | 兴业基金管理有限公司 | | 023724.OF | 景观长城上证科创板综合价格ETF联袂C | 20250317 | 股票型 | 景观长城基 ...

Investment Rating - The report maintains a "Strong Buy" recommendation for Dongfang Caifu (300059.SZ) [7] Core Views - The company's securities business has fully recovered, while the fund business remains under pressure. In 2024, the company achieved total revenue of 11.6 billion, up 5% year-on-year, and net profit attributable to shareholders of 9.6 billion, up 17% year-on-year. The revenue from Dongcai Securities was 10.8 billion, up 26%, while Tian Tian Fund's revenue was 2.85 billion, down 22% [1][2] - The company is expected to benefit from a favorable market environment, with a projected net profit of 11.2 billion, 12.4 billion, and 13.8 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth of 16%, 11%, and 11% [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.6 billion, a 5% increase year-on-year, and a net profit of 9.6 billion, a 17% increase year-on-year. The total asset scale reached 306.4 billion, up 28% year-on-year, and the net asset attributable to shareholders was 80.7 billion, up 12% year-on-year [1][2] - The fourth quarter saw a significant increase in revenue and net profit, with total revenue of 4.3 billion, up 66% year-on-year, and net profit of 3.6 billion, up 80% year-on-year [1] Business Segments - The brokerage business showed strong performance with a net income of 5.1 billion, up 20% year-on-year, and a market share increase to 4.14% [2] - The fund business faced challenges, with total revenue of 3.1 billion, down 20% year-on-year, despite a 22% increase in fund sales volume to 1.88 trillion [3] Market Position - Dongcai Securities' margin financing market share increased to 3.10%, with a financing scale of 57.7 billion, up 27% year-on-year [2] - The company is focusing on "fixed income+" and stock index funds to align with market preferences, with a slight decrease in market share to 3.38% [3] Future Outlook - The company is expected to maintain a stable growth trajectory in its securities business, with a projected net profit margin of 83% in 2024, up 9 percentage points year-on-year [1][7] - The report highlights the potential of the "Miaoxiang" financial model and its collaboration with DeepSeek to enhance business capabilities and drive performance growth [7]

丨证券研究报告丨 公司研究丨点评报告丨东方财富（300059.SZ） [Table_Title] 东方财富 2024 年报点评：自营及证券业务高增， 平台及生态优势凸显 报告要点 [Table_Summary] 2024 年四季度，东财业绩随市场大幅改善，自营及证券业务为主要驱动。分业务条线来看，证 券业务市场份额继续提升，费率端延续下降趋势；得益于扩表及债券牛市，自营收益维持高增； 基金代销仍受降费影响，主动权益代销市场份额环比回升。东财作为互联网券商的标杆，在获 客端和成本控制端的竞争优势显著，在市场回暖背景下，看好其证券业务的成长性，短期内业 绩预计受到公募降费及债市震荡制约，中长期来看公司拥有较强的成长确定性及生态优势。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东方财富（300059.SZ） cjzqdt11111 [Table_Title 东方财富 2024 2] 年报点评：自营及证券业 ...

东方财富(300059)：证券业务全面复苏 基金业务仍 然承压 事件：东方财富发布2024 年年报，公司实现营业总收入116 亿元，同比+5%；归母净利润96 亿 元，同比+17%。 证券业务全面复苏，基金业务仍然承压。2024 年公司实现营业总收入116 亿，同比+5%，归母净利 润96 亿，同比+17%。其中，东财证券营收108 亿元，同比+26%，天天基金营收28.5 亿元，同比-22%。 公司总资产规模3064 亿，同比+28%；归母净资产807 亿，同比+12%。四季度股债双牛、加之往年低基 数效应，营收净利润同比高增，营业总收入43 亿元，同比+66%，归母净利润36 亿元，同比+80%。受 益市场景气度向好，证券业务全面复苏，2024年净利润率83%，上行9pct。2024 年公司ROE 为12.6%， 同比+0.7pct。 费率优惠挑战分成收入模式，基金业务整体承压。公司基金业务收入31 亿元，同比-20%。 （1）低基数影响，基金销售额同比高增。公司基金销售规模18812 亿元，同比+22%，其中非货基 金10867 亿元，同比+20%。 （2）迎合市场偏好，发力"固收+"和股票型指数基金。 ...