近日，中国工商银行"828·工银财富季"活动拉开帷幕。活动将持续通过优化产品供给、创新线上投资服 务、丰富投教资讯等方式，为广大客户带来更加丰富和个性化的财富管理体验。 在优化产品供给方面，工商银行升级扩充"天天盈"系列现金管理服务，为客户提供更多财富增值选择。 其中，"天天盈1号"关联货币基金扩充至106只，可满足客户更高额度的资金流动性需求，并提供余额自 动购买和自动快赎服务，让客户管理闲置资金更省心、更有效；"天天盈2号"关联10只优选现金管理类 理财产品，并提供"理财夜市"服务，申购赎回时间延长至每日20：00，便利客户从容安排资金。目 前，"天天盈"服务规模已超过1200亿元。 在创新投资服务方面，工商银行联合基金公司共研共判市场趋势，每月研选"进取策略"与"稳健策略"基 金产品配置方案，定期推出"数字看市 指数选基"活动，帮助客户把握市场节奏，选好投资工具。推 出"偏债基金"栏目，优化产品展示与筛选功能，创新"目标选+省心选"双维度服务。上线"心愿定投"功 能，支持客户同时选择理财、基金、存款等品种，为客户提供跨品类、个性化、便捷性的投资理财产品 定投服务。优化黄金资产配置服务，支持客户通过主动积 ...

Core Viewpoint - The report indicates that China Merchants Bank has shown improvement in profit growth and asset quality, leading to a recommendation for an "overweight" rating [1][6]. Financial Performance - In the first half of 2025, China Merchants Bank reported operating revenue of approximately 169.97 billion yuan, a year-on-year decrease of 1.72%, with the decline narrowing by 1.36 percentage points compared to the first quarter [3]. - The net profit attributable to shareholders increased by 0.25% year-on-year, marking a turnaround from previous declines [2][3]. - The bank's non-performing loan ratio stood at 0.93%, a decrease of 1 basis point from the previous quarter and 2 basis points from the end of 2024 [5]. Revenue Composition - Net interest income was 106.09 billion yuan, representing a year-on-year increase of 1.57%, accounting for 62.41% of total revenue [3]. - Non-interest income was 63.88 billion yuan, down 6.73% year-on-year, making up 37.59% of total revenue [3]. Asset Quality - The bank's provision coverage ratio was 410.93%, indicating a strong buffer against potential loan losses [5]. - The bank's asset and liability growth rates improved compared to the end of the first quarter, with total assets growing by 9.35% year-on-year [4][5]. Investment Outlook - The bank is expected to see net profit growth of 0.80%, 3.93%, and 4.42% for the years 2025 to 2027, respectively [6]. - The bank's first implementation of a mid-term dividend in 2025 is noted as a positive development [6].

Core Viewpoint - The company's profitability is expected to continue to outperform peers due to improvements in retail and proprietary businesses, supported by governance enhancements and operational efficiency driven by Ping An [1][2][3]. Financial Performance - The company maintains a "Buy" rating and raises the target price to 10.55 CNY per share, corresponding to a 1.7x P/B for 2025 [2]. - For the first half of 2025, the company forecasts revenue and net profit attributable to shareholders at 5.66 billion CNY and 2.38 billion CNY, respectively, representing year-on-year increases of 52.1% and 76.4% [2]. - The weighted average ROE increased by 1.91 percentage points to 4.84% year-on-year [2]. - The company has revised its profit forecasts for 2025-2027 to 3.65 billion CNY, 3.92 billion CNY, and 4.18 billion CNY, up from previous estimates of 2.56 billion CNY, 2.66 billion CNY, and 2.76 billion CNY [2]. Business Segments - Revenue growth contributions from various business segments include brokerage (+46%), investment banking (+26%), asset management (+5%), proprietary trading (+66%), and net interest income (+35%) [2]. - Retail and proprietary businesses are key drivers of the company's high profit growth, contributing 48% and 41% to adjusted revenue growth, respectively [2]. - The proprietary trading income saw significant growth due to improved investment returns, with an annualized investment return rate of 3.5%, up by 1.2 percentage points year-on-year [2]. Market Position and Outlook - The company is positioned as a large to mid-sized brokerage firm focused on wealth management, benefiting from operational efficiency improvements under Ping An's support [3]. - Future performance is expected to exceed peer growth due to the resolution of historical issues such as the sale of shares in Credit Suisse Securities (China) and enhanced management capabilities [3]. - The company is also addressing competition issues with Ping An Securities, which need to be resolved within five years [3]. Catalysts - Key catalysts for the company include the release of profits and progress in resolving competition issues with Ping An Securities [4].

银行 2025 年 9 月 2 日 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cmbchina.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.06% | | 实际控制人 | | | 总股本(百万股) | 25,220 | | 流通 A 股(百万股) | 20,629 | | 流通 B/H 股(百万股) | 4,591 | | 总市值（亿元） | 10,629 | | 流通 A 股市值(亿元) | 8,660 | | 每股净资产(元) | 42.10 | | 资产负债率(%) | 89.8 | 行情走势图 相关研究报告 【平安证券】招商银行（600036.SH）*季报点评*存款 扩张积极，非息拖累营收负增*强烈推荐20250430 证券分析师 招商银行(600036.SH) 盈利增速稳健，财富管理回暖持续 强烈推荐（维持） 股价：41.98 元 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 ...

Core Viewpoint - The securities industry is experiencing a comprehensive recovery, with significant growth in revenue and net profit for many brokerages in the first half of 2025, driven by favorable policies and a recovering market [1][2][6]. Group 1: Revenue and Profit Growth - Ten brokerages reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.039 billion yuan, the only brokerage to surpass 30 billion yuan [1][2]. - The overall net profit for A-share listed brokerages showed varying degrees of increase, with some firms like Huaxi Securities and Guolian Minsheng achieving over 100% growth [2][3]. - The total net income from brokerage services for 44 brokerages reached 64.437 billion yuan, marking a year-on-year increase of 44% [3]. Group 2: Brokerage and Proprietary Trading Performance - Brokerage and proprietary trading businesses are the main drivers of the recovery in brokerage performance, with nearly all A-share listed brokerages reporting growth in brokerage services, except for Huachuang Yuxin, which saw a slight decline of 2% [2][3]. - The total income from proprietary trading for listed brokerages reached 117.826 billion yuan, up from 78.199 billion yuan in the same period last year [4][5]. - Among the leading brokerages, CITIC Securities reported proprietary trading income of 19.052 billion yuan, a 62% increase year-on-year [5]. Group 3: Market Conditions and Future Outlook - The overall market conditions have improved, with increased trading activity and a rise in key indicators such as transaction volume and margin financing balance, contributing to the recovery of the brokerage sector [6][7]. - Analysts expect further growth in the third quarter, driven by increased market activity and low base effects, with improvements anticipated in investment banking, derivatives, and public fund businesses [6][7]. - The regulatory environment is encouraging industry consolidation, which is seen as a means to enhance competitiveness and optimize resource allocation within the brokerage sector [7].

证券代码：000166 证券简称：申万宏源 申万宏源集团股份有限公司投资者关系活动记录表 编号：2025-0901 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □新闻发布会 | ☑业绩说明会 □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | 参与单位名称及 | 参加申万宏源 2025 年半年度业绩说明会的分析师和投资者 | | | 人员姓名 | | | | 时 间 | 2025 年 9 月 1 日 15:00-17:00 | | | 地 点 | 网络平台 | | | | 黄昊，申万宏源集团股份有限公司副董事长、总经理、执委 会副主任 | | | 上市公司接待人 | | | | 员姓名 | 杨小雯，申万宏源集团股份有限公司独立非执行董事 | | | | 任全胜，申万宏源集团股份有限公司执委会成员、财务总监 | | | | 徐亮，申万宏源集团股份有限公司董事会秘书 | | | | 本次投资者关系活动主要内容请见附件。 | | | 投资者关系活动 | 接待过程中，公司接待人员与投资者进行了充分交流与沟通， | ...

证券代码：000001 证券简称：平安银行 优先股代码：140002 优先股简称：平银优 01 平安银行股份有限公司投资者关系活动记录表 编号： 投资者关系活动类别 □特定对象调研 □分析师会议 □媒体采访 ☑ 业绩说明会 □新闻发布会 路演活动 □现场参观 □其他 （投行会议） 参与单位名称及人员姓名 境内外投资者 时间 2025 年 8 月 25 日 地点 深圳 形式 实地会议 投资者关系活动主要内容 介绍 介绍公司发展战略、经营业绩，回答投资者提问 1. 上半年总体业绩情况如何？ 2025年上半年，我行实现营业收入694亿元，同比下降10.0%， 主要受市场利率下行、贷款业务结构调整等因素影响，净息差较去 年同期下降；受市场波动影响，债券投资等业务非利息净收入下降。 通过数字化转型驱动降本增效，业务及管理费192亿元，同比下降 9.0%；同时，我行加强资产质量管控，加大不良资产清收处置力度， 信用及其他资产减值损失195亿元，同比下降16.0%。实现净利润249 亿元，同比下降3.9%，降幅较第一季度有所收窄。 2. 对下半年净息差的趋势展望？ 2025年上半年，我行净息差1.80%，较去年同期下降16 ...

1 奥普拉·盖尔·温弗瑞（Oprah Gail Winfrey，本名Orpah Gail Winfrey）因主持脱口秀《奥普拉·温弗瑞秀》而享誉全球。该节目自1986年起全国联 播25年，成为美国电视史上的经典，她也因此被誉为 "脱口秀女王"。 2003年，奥普拉登上《福布斯》榜单，成为首位非裔美国女性亿万富翁，一度是全球唯一的黑人亿万富翁。2007年，她多次被评为"世界最具 影响力女性"。 2010年，她创立了单一家族办公室OW Management，全面管理庞大财富版图，并在房地产领域拥有多处布局。根据福布斯实时数据，她的净 资产约31亿美元。 本期，家办新智点将带你走近奥普拉的家办与投资人生，探寻这位"脱口秀女王"在财富管理背后的故事。 母亲韦尼塔·李是女佣，青少年时便生下她；父亲弗农·温弗瑞曾做过煤矿工、理发师，后来担任市议员。父母从未结婚。2006年基因检测显示，她约有 89%撒哈拉以南非洲、8%美洲原住民和3%东亚血统。 奥普拉童年由外祖母抚养，家境贫困，常穿麻布袋改的衣服而遭嘲笑。但外祖母在她三岁前就教会她识字，并带她去教堂，她因背诵《圣 经》而被称 为"小传教士"。外祖母笃信"棒下出孝子"的格 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with operating income reaching 5.66 billion yuan, a year-on-year increase of 52.1%, and net profit attributable to shareholders at 2.38 billion yuan, up 76.4% [1] Financial Performance - The company achieved a second-quarter revenue of 2.70 billion yuan, reflecting a year-on-year increase of 55.3% but a quarter-on-quarter decrease of 9.0% [1] - The earnings per share (EPS) for the first half of 2025 was 0.29 yuan, with a return on equity (ROE) of 4.8%, an increase of 1.9 percentage points year-on-year [1] Business Segments - The substantial profit increase was primarily driven by high investment returns from proprietary trading in Q2 [2] - Brokerage business revenue for the first half of 2025 was 2.33 billion yuan, up 46.3% year-on-year, accounting for 41.4% of total revenue [2] - The average daily trading volume in the stock market was 15,703 billion yuan, a year-on-year increase of 63.3% [2] - The company's investment banking revenue rose to 100 million yuan, a year-on-year increase of 26.3%, with both equity and debt underwriting scales improving [2] - The asset management business generated 130 million yuan in revenue, a year-on-year increase of 4.6%, while the asset management scale was 50 billion yuan, down 4.6% year-on-year [3] Investment Outlook - The company has revised its net profit forecasts for 2025-2027 to 4.111 billion, 4.036 billion, and 4.281 billion yuan, respectively, reflecting a strong growth outlook [4] - The expected EPS for the same period is projected to be 0.50, 0.49, and 0.52 yuan per share, with corresponding price-to-book (PB) ratios of 1.33x, 1.21x, and 1.10x [4] - The company is expected to leverage its wealth management business advantages in a more active market environment, supported by deeper integration with Ping An Group [4]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's net profit has significantly increased, driven by both proprietary trading and brokerage services, with a projected net profit of 41.11 billion, 40.36 billion, and 42.81 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of +86.22%, -1.82%, and +6.07% [3] - The report highlights the company's ability to leverage its wealth management business advantages in a more active market environment, further enhanced by deep support from the Ping An Group [3] Financial Forecasts - Total revenue is projected to reach 12,651 million in 2025, with a year-on-year growth of 63.91% [3] - The earnings per share (EPS) are expected to be 0.50, 0.49, and 0.52 for 2025, 2026, and 2027 respectively [3] - The current market capitalization corresponds to price-to-book (PB) ratios of 1.33x, 1.21x, and 1.10x for the years 2025, 2026, and 2027 [3] Business Performance - In the first half of 2025, the company achieved an operating income of 56.6 billion, a year-on-year increase of 52.1%, and a net profit of 23.8 billion, up 76.4% [8] - The brokerage business revenue for the first half of 2025 was 23.3 billion, reflecting a year-on-year growth of 46.3% [8] - The proprietary trading segment saw a significant increase in investment income, with 20.0 billion in the first half of 2025, marking a year-on-year growth of 66.6% [8]