Group 1 - The meeting between the Governor of the People's Bank of China and the IMF President signals China's commitment to deepening international financial cooperation, potentially enhancing cross-border capital flows and exchange rate policy coordination [1] - The dialogue may create a more stable external environment for domestic financial institutions to participate in global governance, with opportunities for innovation in cross-border payment and offshore RMB business [1] - The collaboration could optimize the allocation logic of sovereign funds and foreign institutions towards Chinese assets due to policy alignment [1] Group 2 - The People's Bank of China plans to implement more proactive macro policies, including potential reserve requirement ratio (RRR) cuts and interest rate reductions, to maintain ample liquidity and support key areas for employment and growth [2] - The expansion of the monetary policy toolbox highlights a structural focus, which may improve the financing environment for real enterprises, particularly in technology innovation and green transformation sectors [2] - The reasonable liquidity in the interbank market may alleviate pressure on small financial institutions, although pricing power disparities could intensify industry restructuring [2] Group 3 - In March, China's international balance of payments for goods and services trade reached 4.27 trillion yuan, a year-on-year increase of 6%, with a trade surplus of 603.4 billion yuan [3] - The improvement in foreign trade data is expected to reinforce the safe-haven attributes of RMB assets, injecting stability into the capital market [3] Group 4 - In Q1 2025, China's gold consumption decreased by 5.96% year-on-year, while gold production increased by 1.49% to 87.24 tons [4] - The significant structural differentiation in gold consumption reflects a trend towards physical gold as a safe-haven asset amid geopolitical risks, benefiting gold mining companies [4] - The retail jewelry sector faces pressure, but innovations in traditional gold and lightweight products may provide new opportunities, especially among younger consumers [4] Group 5 - Industrial and Commercial Bank of China (ICBC) shares reached a new historical high, closing at 7.29 yuan per share, up 1.11% [5] - The continuous rise in bank stocks, particularly among the four major state-owned banks, indicates a market re-evaluation of high dividend assets [6] - The deepening of financial supply-side reforms and the improvement of deposit rate marketization may accelerate the wealth management transformation of leading banks, reshaping the industry valuation system [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 6.29 billion yuan in 2024, a decrease of 3.55% year-on-year, while the net profit attributable to shareholders was 2.34 billion yuan, an increase of 3.9% year-on-year [8] - The brokerage business showed significant growth, with revenue of 1.41 billion yuan in 2024, up 17.7% year-on-year, and 4.2 billion yuan in Q1 2025, up 41.4% year-on-year [8] - Investment income, including fair value changes, decreased by 14.5% year-on-year to 1.5 billion yuan in 2024, and dropped by 94.5% year-on-year in Q1 2025 [8] - The company is experiencing a decline in its equity underwriting business, with revenue of 520 million yuan in 2024, down 31.3% year-on-year [8] - The asset management business showed a stable growth trend, with an asset management scale of 282.2 billion yuan at the end of 2024, up 2.0% year-on-year [8] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 6.29 billion yuan, with a year-on-year decrease of 3.55% [1] - Net profit attributable to shareholders is expected to be 2.34 billion yuan, reflecting a year-on-year increase of 3.9% [1] - Earnings per share (EPS) for 2024 is estimated at 0.50 yuan [1] Brokerage Business - The brokerage business revenue for 2024 reached 1.41 billion yuan, a growth of 17.7% year-on-year [8] - In Q1 2025, brokerage revenue was 4.2 billion yuan, marking a 41.4% increase year-on-year [8] Investment Banking - Investment banking revenue for 2024 was 520 million yuan, down 31.3% year-on-year [8] - The company ranked 31st in equity underwriting with a total scale of 1.42 billion yuan in 2024, a decrease of 83.3% year-on-year [8] Asset Management - The asset management business generated revenue of 1.55 billion yuan in 2024, a slight decrease of 0.3% year-on-year [8] - The total asset management scale was 282.2 billion yuan at the end of 2024, up 2.0% year-on-year [8] Investment Income - Investment income, including fair value changes, was 1.5 billion yuan in 2024, down 14.5% year-on-year [8] - In Q1 2025, investment income dropped to 20 million yuan, a significant decline of 94.5% year-on-year [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's wealth management transformation has shown significant results, although the self-operated investment has negatively impacted performance in the first quarter [4][5] - The total revenue and net profit for 2024 were 6.29 billion and 2.34 billion yuan, respectively, with a year-on-year change of -4% and +4%, aligning with expectations [4] - The first quarter of 2025 saw total revenue and net profit of 1.07 billion and 290 million yuan, respectively, reflecting a year-on-year decline of -24% and -37%, which was below expectations [4] - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.4 billion and 3.2 billion yuan, respectively, down from previous estimates [4] Financial Performance Summary - The company reported a weighted average ROE of 6.59% for 2024, a slight decrease of 0.08 percentage points year-on-year [4] - The first quarter of 2025 showed an annualized weighted average ROE of 3.16%, down by 2.1 percentage points year-on-year [4] - The company's self-operated investment income decreased significantly, with a year-on-year drop of -95% in Q1 2025, attributed to a weakening bond market [6] - The company's total assets were projected to grow from 133.75 billion yuan in 2023 to 190.26 billion yuan by 2027 [9] Business Segment Performance - The brokerage net income for 2024 and Q1 2025 was 1.41 billion and 420 million yuan, respectively, with year-on-year increases of +18% and +41% [5] - Investment banking net income for 2024 and Q1 2025 was 520 million and 110 million yuan, respectively, reflecting declines of -31% and -24% due to a sluggish primary market [5] - Asset management net income for 2024 and Q1 2025 was 1.55 billion and 260 million yuan, with a slight decrease of -0.3% and a more significant drop of -18% [5] Valuation Metrics - The current stock price corresponds to a price-to-book ratio (PB) of 0.9 for 2025, 0.9 for 2026, and 0.8 for 2027 [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.52, 0.68, and 0.78 yuan, respectively [9] - The company’s projected net profit margins are expected to improve from 37.2% in 2024 to 43.7% by 2027 [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Insights - The company's core business is characterized by fixed income, with performance closely linked to the bond market. In 2024, the company achieved a revenue of 3.53 billion yuan, a year-on-year increase of 41.9%, and a net profit of 904 million yuan, up 173.3% year-on-year [8]. - The company is transitioning towards wealth management by developing an advisory platform, with brokerage revenue reaching 380 million yuan in 2024, a growth of 8.1% year-on-year [8]. - The investment banking segment showed resilience with a revenue increase of 46.4% in 2024, despite a significant drop in IPO underwriting volume [8]. - Asset management revenue saw a slight increase of 1.8% in 2024, with the company maintaining a competitive edge in ESG and FOF investments [8]. - The company's investment income is highly correlated with the bond market, with a notable increase in investment net income in 2024 [8]. Financial Summary - The company forecasts net profits of 755 million yuan, 857 million yuan, and 956 million yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year decrease of 16% in 2025, followed by growth in subsequent years [8]. - The projected price-to-earnings ratios for 2025 to 2027 are 39.51, 34.83, and 31.22 respectively, indicating a favorable valuation trend [8].

本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音，并共同见证第七届新财富最佳投资顾问现场荣誉加冕。 0 1 积极拥抱财富管理转型浪潮， 2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标 ...

2 0 2 5 年 4 月 2 2 日 ， 第 七 届 新 财 富 最 佳 投 资 顾 问 颁 奖 典 礼 暨 财 富 管 理 发 展 论 坛 ， 在 上 海 隆 重举行。本次活动由新财富主办，广发基金作为特约合作伙伴，朝阳永续协办，全景网作为 战略支持机构。 本次论坛以"破茧.重构.共生"为主题。"破茧" 是突破依赖佣金和产品销售的传统模式，直面 投 顾 转 型 难 题 ；" 重 构 " 是 重 塑 服 务 模 式 、 考 核 机 制 和 技 术 工 具 ， 促 进 不 同 机 构 在 竞 争 中 合 作，找准生态位；"共生" 是构建各方价值共同体，实现相互依存与良性循环，推动行业可持 续发展。 当前资本市场风云变幻，机遇与挑战并存。全面注册制让 A 股市场生态焕然一新，资管新规 落地促使财富管理迈向规范化；指数化投资快速发展，ETF 规模目标已突破 4 万亿；AI技 术的飞速发展，也正在重构财富投研、营销、服务全链条的新范式。 本次活动汇聚了新财富最佳分析师、公募基金经理、证券公司财富管理业务负责人、优秀投 资顾问代表、行业专家等超过3 0 0位资本圈大咖，共论财富管理高质量发展之路，释放资本 市场最强音 ...

在近期举办的"第七届新财富最佳投资顾问颁奖典礼暨财富管理发展论坛"上，中国银河证券 凭借卓越的投顾服务能力，第七次斩获"新财富最佳投资顾问团队"称号，持续领跑行业。中 国银河证券执委会委员、业务总监、董事会秘书刘冰在会上分享了 中国 银河证券在财富管 理转型中的实践与思考。刘冰表示，当前财富管理行业正经历深刻变革，迎接财富管理大时 代的到来，唯有以买方投顾转型重塑服务生态、构建价值共同体，方能把握时代机遇，促进 高质量发展。 0 2 破茧：以客户为中心重塑服务生态 资本市场的深刻变革与快速发展，在带来新型财富管理模式的机遇和更为广阔的市场空间的 同时，也迫使财富管理行业去直面当下的诸多挑战与痛点。传统佣金水平不断下降，销售驱 动的"卖方投顾"模式难以为继，客户财富需求与金融供给错位的"服务鸿沟"，倒逼行业重新 思考未来业务模式。 中国银河证券自2 0 1 8年起，全面推进财富管理转型，率先推进买方投顾业务，以客户利益为 核心，重塑服务关系，深化数字化中台赋能，推进经营管理机制革新，构建差异化竞争力。 0 1 财富管理大时代：机遇与挑战并存 中国银河证券执委会委员、业务总监、董事会秘书 刘冰 刘冰表示，高质量发 ...

破茧·重构·共生 新财富诚邀您与 3 0 0位 领军者共探破局之道，共享转型红利！ 4月2 2日下午，第七届新财富最佳投资顾问颁奖典礼暨财富管理发展论坛将在上海浦东新区 香格里拉酒店隆重举行，期待您的参加！ 颁奖盛典倒计时1天，在此为您提前揭晓活动精彩看点！ 看点 0 1 荣耀时刻·最佳投顾颁奖 论坛议程抢先看！ 发言嘉宾 - 中国银河证券 刘 冰 执委会委员 业务总监 董事会秘书 财富管理大时代下的投顾转型之路 申万宏源证券 执委会成员 | 王苏龙 守正创新 行稳致远 夏浩洋 | 广发基金 指数投资部 基金经理 赋能投顾:指数一站式解决方案 朝阳永续 联合创始人副总经理 李 智 Al+投顾:智变服务新纪元 圆桌环节 破茧重构 畅谈财富管理发展新篇章 新财富最佳投资顾问评选自2 0 1 8年首次举办以来一直是国内最大的投顾竞技平台，本着依法 合规、诚实守信、公平公正、客观独立、专业严谨的原则展开。 本次第七届新财富最佳投资顾问评选共有来自9 6家证券公司的3 6 6 1 6名投顾参评，覆盖全国 3 1个地区，3 2 5个城市。本次评选影响广泛，参评投顾人数超1 0 0 0人的证券公司共计1 0家， 报名率达8 ...

Core Viewpoint - China Galaxy Securities has achieved significant growth in its financial performance, with a net profit exceeding 10 billion yuan and maintaining a strong industry ranking, attributed to strategic reforms and market recovery [1][4]. Financial Performance - In 2024, China Galaxy Securities reported operating revenue of 35.471 billion yuan, ranking fourth in the industry, with a year-on-year growth of 5.43% [4][6]. - The net profit for 2024 reached 10.031 billion yuan, reflecting a year-on-year increase of 27.31%, significantly outperforming the industry average [4][5]. - For Q1 2025, the company anticipates a net profit between 2.773 billion and 3.1 billion yuan, representing a year-on-year growth of 70% to 90% [4][5]. Business Segments - The investment trading business saw a remarkable increase of 45.91%, generating revenue of 6.344 billion yuan, closely linked to the recovery of the stock market [6][7]. - Wealth management revenue surpassed 10 billion yuan, reaching 10.496 billion yuan, with a year-on-year growth of 15.73%, making it the largest contributor to overall revenue [6][7]. - International business and investment banking also experienced growth, with increases of 8.29% and 11.80%, respectively, showcasing resilience amid market challenges [2][15]. Market Context - The overall performance of securities firms in China declined during 2022 and 2023 due to market volatility, but China Galaxy Securities maintained a stable position, leading to an improved ranking [3][4]. - The stock market indices, including the Shanghai Composite and Shenzhen Component, saw increases of 12.7% and 9.3%, respectively, contributing to the positive performance of the securities industry in 2024 [6]. International Expansion - China Galaxy Securities has made significant strides in international business, particularly in Southeast Asia, following the acquisition of local firms and establishing a strong market presence [9][13]. - The company has successfully hosted major financial events, such as the China-ASEAN Business Leaders Summit, enhancing its role as a bridge between Chinese and ASEAN markets [10][11]. Investment Banking Achievements - Despite a general decline in IPOs and refinancing activities in 2024, China Galaxy Securities' investment banking revenue grew by 11.80%, driven by strategic project management and international collaboration [15][16]. - The company successfully facilitated significant transactions, including a major asset restructuring deal valued at 11.5 billion yuan, marking a notable achievement in the investment banking sector [19].

Financial Performance - In 2024, the company achieved a revenue of 27.199 billion yuan (+16.74%) and a net profit attributable to shareholders of 9.637 billion yuan (+38.11%) [1] - The basic earnings per share were 1.15 yuan (+38.55%), with a return on equity (ROE) of 7.44%, an increase of 1.78 percentage points year-on-year [1] Brokerage and Wealth Management - The company reported net income from brokerage services of 6.650 billion yuan (+14.46%), with stock trading volume reaching 23.95 trillion yuan (+28.98%) [2] - The income from the sale of securities reached 4.855 billion yuan (+27.47%), and the scale of financial products sold exceeded 260 billion yuan, growing approximately 22% year-on-year [2] - The margin financing and securities lending balance was 103.686 billion yuan, an increase of 16.52% year-on-year, with a market share of 5.56% [2] Investment Banking - The net income from investment banking was 778 million yuan (+37.46%), with equity underwriting volume at 8.666 billion yuan (-47.05%) [3] - The bond underwriting volume was 29.632 billion yuan (+21.22%), with a significant increase in project scale, including 665 bond issuances [3] - In the offshore bond business, the company completed 60 bond issuances with an underwriting amount of 11.022 billion USD [3] Asset Management - The net income from asset management was 6.885 billion yuan (-10.91%), while the total asset management scale increased to 253.516 billion yuan (+23.87%) [4] - The scale of collective asset management rose by 30.11% to 154.383 billion yuan, and the scale of specialized asset management surged by 205.32% to 17.962 billion yuan [4] - Public fund management scales for subsidiaries increased, with Guangfa Fund and E Fund reaching 146.5507 billion yuan and 205.3608 billion yuan, respectively, reflecting increases of 19.93% and 22.43% year-on-year [4] Alternative Investment and Market Position - The company reported net income from alternative investment business of 7.753 billion yuan (+117.35%), focusing on sectors like hard technology, AI+, advanced manufacturing, and healthcare [4] - The company maintained a leading position in market-making, issuing 84,691 private products with a total scale of 900.744 billion yuan [4] Investment Outlook - The company retains significant advantages in wealth management and strong research capabilities, with expectations for valuation uplift following market recovery and policy reforms [5] - Forecasted basic earnings per share for 2025-2027 are 1.32 yuan, 1.43 yuan, and 1.68 yuan, with corresponding net asset values of 15.36 yuan, 16.64 yuan, and 17.74 yuan [5]