券商2024年一季报综述：投资收益拖累行业利润

Investment Rating - The report maintains a "Outperform" rating for the securities industry [2]. Core Insights - The securities industry experienced a significant decline in performance in Q1 2024, with total revenue down 23% year-on-year and net profit down 30% [6][12]. - The report highlights that the brokerage business, investment banking, and asset management sectors are under pressure due to market conditions and regulatory changes [18][21][25]. Summary by Sections 1. Profit Overview - In Q1 2024, the total securities revenue for 44 listed brokers was 877 billion yuan, a decrease of 23% year-on-year, with net profit at 313 billion yuan, down 30% [6][12]. - The average ROE for the industry was 1.02%, a decline of 0.7 percentage points compared to the previous year [14][16]. 2. Fee-based Business - Brokerage business revenue accounted for 26% of total revenue, down 9% year-on-year, despite a 3.9% increase in average daily trading volume [18][20]. - Investment banking revenue fell by 36% year-on-year, primarily due to a significant reduction in equity financing, with IPO financing down 66% and refinancing down 75% [21][24]. - Asset management revenue was stable, with a slight decrease of 0.1% year-on-year, while the market size for non-money market funds reached 16.7 trillion yuan, a 6.3% increase year-on-year [25][27]. 3. Capital Business - Net investment income accounted for 40.5% of total revenue, down 28% year-on-year, reflecting pressure from high market bases despite better performance in the bond market [12][16]. - The average cost of liabilities for the industry was 3.03%, a decrease of 0.19 percentage points year-on-year [12][16].