外资券商2024年业绩出炉！高盛领跑，多家净利翻倍

Core Viewpoint - The performance of foreign securities firms in China showed overall improvement in 2024, with increased revenues and a return to profitability for many, although some firms still reported losses [2][3]. Financial Performance - In 2024, foreign securities firms achieved total assets of 50.71 billion yuan, a 10.2% increase from the previous year, with total operating income reaching 7.98 billion yuan, up 13.7% year-on-year, and net profit of 430 million yuan, marking a return to profitability [3]. - Goldman Sachs (China) led the performance with a net profit increase of 158% to 498 million yuan, while JPMorgan Securities reported a net profit of 259 million yuan, both achieving over 100% year-on-year growth [3][5]. - UBS Securities also saw significant growth, with a net profit of 150 million yuan, a 693% increase compared to 2023 [3]. - Morgan Stanley Securities turned a profit of 18 million yuan in 2024, benefiting from growth in investment banking [5]. Business Segmentation - Goldman Sachs (China) reported operating income of 1.841 billion yuan, a 20% increase from 2023, with net profit of 498 million yuan, a 158% increase [4]. - The breakdown of Goldman Sachs' business showed a 57% increase in brokerage fees to 871 million yuan, while investment banking revenue dropped by 97% to 477,500 yuan [4]. - JPMorgan Securities achieved revenue of 965 million yuan, a 27.37% increase, with brokerage fees also growing, but investment banking fees saw a significant decline [5]. - UBS Securities reported over 1 billion yuan in revenue, with brokerage fees netting 556 million yuan [6]. Losses Among Some Firms - Several foreign securities firms reported losses in 2024, including Nomura Orient International Securities, Daiwa Securities, Credit Suisse, DBS Securities, and Standard Chartered Securities [4]. - DBS Securities had revenue of 59.41 million yuan but reported a net loss of 169 million yuan, while Daiwa Securities saw revenue drop to 47.26 million yuan with a net loss of 135 million yuan [7]. - Standard Chartered Securities, after starting operations in March 2024, reported revenue of 20.5 million yuan and a loss of 78 million yuan [8]. Foreign Investment Landscape - Foreign firms play a crucial role in China's securities industry, with ongoing developments in establishing new firms and increasing capital [9]. - Currently, there are five wholly foreign-owned securities firms and seven joint venture firms with foreign control, with some firms awaiting approval to enter the market [9]. - Recent developments include the opening of BNP Paribas Securities in Shanghai and UBS Securities transitioning to a wholly foreign-owned entity [9].