Core Viewpoint - Lloyds Banking Group reported a 7% year-on-year decline in pre-tax profit for Q1 FY2025, amounting to £1.52 billion (approximately $2 billion), slightly below market expectations, amid economic uncertainty impacting business growth [1] Group 1: Financial Performance - The bank's loan balance increased by 4% year-on-year, reaching £466.2 billion [1][2] - Operating costs rose by 6% year-on-year to £2.5 billion, including £80 million in redundancy costs related to technology system integration [2] - The bank's stock price has surged 33% year-to-date, yet it fell 2.6% on the day of the earnings report [2] Group 2: Risk Management - The bank set aside £309 million for impairment charges this quarter, exceeding market expectations by £35 million, which included a £35 million provision for potential impacts from U.S. tariff policies [1] - The bank has not allocated additional provisions for its auto finance business, having previously set aside £700 million for regulatory investigations [3] Group 3: Strategic Focus - Lloyds continues to focus on domestic retail and corporate services, reaffirming its financial guidance for 2025-2026 [2] - The CEO is pushing for expansion in wealth management and insurance to diversify the bank's revenue streams [3] - Balancing risk management with business growth amid economic slowdown expectations is a core challenge for management [3]

公司报告 | 公司定期报告点评 华泰证券（601688） 证券研究报告 业绩高增，经纪、信用与自营业务为主要推动力—25 年一季报点评 【信用与自营业务收入大幅提升，带动净利润高增】 华泰证券 25 年 Q1 实现调整后营收 73 亿元，同比+28.2％；实现归母净利 润 36 亿元，同比+59.0％。公司经纪、信用与自营业务为业绩高增的主要 推手， 经 纪 / 投 行 / 资 管 / 信 用 / 自营营收同比增速分别为 +42.6%/-5.9%/-61.7%/+319.5%/+46.5%。ROE 为 8.4%，较 24 年同期+2.9Pct； 杠杆率下滑 0.69x 至 3.27x。 【轻资产业务：经纪业务受市场提振大幅上升，其余轻资产业务略有承压】 经纪业务方面，公司 25 年 Q1 实现经纪业务收入 19.4 亿元，同比+42.6%，25 年一 季度市场成交量改善明显，25 年 Q1 累计股基日均成交额 17465 亿，较 24 年同期 同比+70.9%，资本市场交投回暖为经纪业务收入增长的主要原因，也为公司持续打 造兼具规模化优势与专业化特色的一流财富服务平台打好坚固的基础。 投行业务方面，公司 25 ...

蚂蚁集团在香港证券市场掀起了一轮风暴。 4月25日，耀才证券公告称，蚂蚁集团通过旗下一家全资控股的境外主体，以每股3.28港元的价格向香 港老牌券商耀才证券发起要约收购，总代价28.14亿港元，目标直指其50.55%控股权。这一收购价格较 其停牌前收盘价（4月23日）溢价7.5%，较2025年中期财报披露的每股净资产（BPS）溢价365%。 若交易最终落地，耀才证券实控人叶茂林不再持股耀才证券，耀才证券将成为蚂蚁旗下的控股子公司。 随后两个交易日，耀才证券股价分别大涨81.97%和31.53%，直至4月30日，该股股价终于翻绿，跌 6.03%，市值116.43港元——在本轮上涨前，该股市值仅50多亿港元。 受此影响，4月25日美股交易时段，"腾讯系"参股的香港第一大零售券商富途控股大跌6.43%，报收 87.85美元。但在随后的交易日中再度翻红。目前市值近130亿美元。 蚂蚁集团对于证券牌照的追逐已久。2015年11月，蚂蚁集团宣布入股德邦证券，拟持股75%并积极推进 收购，但最终因监管审批未通过而失败。2024年2月，彭博社报道称，蚂蚁集团高价竞购瑞信证券中华 区业务间接获牌照，也未成功。 谁是耀才 这家即 ...

4月28日晚，苏州银行发布2024年年报和2025年一季报，近15个月经营发展成果全面亮相。苏州银 行紧跟时代发展步伐，始终坚持党的领导，立足区域经济发展大局，坚定"以客户为中心"的一体化 经营战略，"科创+跨境""民生+财富"双引擎强劲发力，保持稳中有进、进而有为的良好发展态势。 稳健长行擦亮发展底色 资产规模再上新台阶 2 0 2 4年，面对市场快速变化、竞争日趋激烈的种种挑战，苏州银行迎难而上、稳步前行。 该行总资产、存款、贷款增速均保持较快发展态势，存款增量创历年新高，在江苏、苏州 市场份额中，存款占比分别提升0 . 1 8、0 . 7 4个百分点。截至2 0 2 4年末，苏州银行资产总额 6 9 3 7 . 1 4亿元，较上年末增加9 1 8 . 7 3亿元，增幅1 5 . 2 7%；各项存款4 1 6 9 . 6 5亿元，较上年 末增加5 3 1 . 4 4亿元，增幅1 4 . 6 1%；各项贷款3 3 3 3 . 5 9亿元，较上年末增加3 9 9 . 5 8亿元，增 幅1 3 . 6 2%。同时，该行保持良好经营效益，2 0 2 4年度，实现营业收入1 2 2 . 2 4亿元，比上 年同期增长 ...

证券研究报告 | 公司点评报告 2025 年 04 月 30 日 华泰证券（601688.SH） 自营高增贡献良多、期待资负梳理下资金业务动能 总量研究/非银行金融 25Q1 公司实现营业收入 82.3 亿，同比+35%，环比-18%；归母净利润 36.4 亿， 同比+59%，环比+29%。年化 ROE 为 8.4%，同比+2.9pct；经营杠杆为 3.36 倍，较年初略有增长。 （3）资管稳健。25Q1 资管收入 4.2 亿，同比-62%。同比下滑和市场走势出 现明显分歧，是由于 24Q3 公司出售 AssetMark 后、对应收入减少。公司旗 下南方基金、华泰柏瑞基金非货规模同比分别为+18%、+58%，非货 ETF 规 模同比分别为+60%、+74%。 ❑ 总体概览：自营高增贡献良多、期待资负梳理下资金业务动能。25Q1 公司实 现营业收入 82.3 亿，同比+35%，环比-18%；归母净利润 36.4 亿，同比+59%， 环比+29%。截至 25Q1，公司总资产 8233 亿，较年初+1%；归母净资产 1953 亿，较年初+2%。年化 ROE 为 8.4%，同比+2.9pct；经营杠杆为 3.36 倍 ...

本报讯 （记者马宇薇）4月30日，《证券日报》记者从湘财股份有限公司（以下简称"湘财股份"）获 悉，公司全资子公司湘财证券股份有限公司（以下简称"湘财证券"）正加速开辟增长空间。 湘财证券经纪交易收入成为一季度经纪业务主要的收入利润增长点，通过搭建多场景、多客户、多策略 的交易服务体系，如面向个人客户的量化交易产品与网格交易工具，面向机构客户的自研策略平台与交 易通道等交易服务带动一季度证券交易量同比大幅度跃升96%，远超市场交易量提升幅度近50%；两融 利率市场竞争力承压，通过完善两融投顾产品矩阵，实现客户服务增值，提升两融账户转化率。一季度 两融日均余额规模环比提升超20%，市场占有率环比提升4%；投顾业务进入高速发展通道，通过聚 焦"客户-产品-运营-制度-投顾队伍-科技能力"六大核心，发挥明星投顾工作室投顾服务的标杆作用，全 面提升投顾产品与工具的客户服务能力与市场竞争力，实现投顾业务收入爆发性增长。 据介绍，金融产品费改背景下，湘财证券持续探索产品收入增长的新来源。围绕一季度市场配置方向， 聚焦自有资管品牌发力，实现资管权益产品销售额同比提升近6倍。 近年来，湘财证券经纪业务通过加速数智化服务落地、 ...

上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.79 | | 资产负债率% | 78.42 | | 总股本/流通 A 股(百万) | 4,574/4,574 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% 0% 20% 40% 浙商证券 沪深300指数 (收益率) 证券分析师 非银金融 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 04 月 29 日 | | | --- | --- | | 收盘价（元） | 10.46 | | 一年内最高/最低（元） 15.87/10.02 | | | 市净率 | 1.4 | | 息率（分红/股价） | 1.82 | | 流通 A 股市值（百万元） | 47,842 | | 上证指数/深证成指 3,286.65/9,849.80 | | | 注："息率"以最近一年已公布分红计算 | ...

Financial Performance - In 2024, the company achieved revenue of 41.466 billion yuan (+13.37%) and a net profit attributable to shareholders of 15.351 billion yuan (+20.40%) [1] - The basic earnings per share increased to 1.62 yuan (+20.00%), while the return on equity (ROE) for 2023 was 9.24%, an increase of 1.12 percentage points year-on-year [1] Wealth Management - The company reported net income from brokerage services of 6.447 billion yuan (+8.19%) in 2024 [2] - By the end of 2024, the company had 1,776.39 billion yuan in cash, a year-on-year increase of 18.17% due to increased client funds [2] - The number of financial products sold (excluding cash management products) reached 16,760, an increase of 51.40%, with a sales scale of 503.991 billion yuan (+13.63%) [2] - The company maintained a leading position in public fund sales, with significant holdings in various fund categories [2] Investment Banking - The company achieved net income from investment banking of 2.097 billion yuan (-30.95%) in 2024, with equity underwriting reaching 54.897 billion yuan (-39.87%) [3] - The company ranked second in the industry for IPO and refinancing projects, participating in two of the top ten IPOs and two of the top ten refinancing projects [3] - Bond underwriting reached 12,960.48 billion yuan (+3.12%), ranking third in the industry [3] Asset Management - The company reported net income from asset management of 4.146 billion yuan (-2.58%) [4] - The total asset management scale grew significantly to 556.267 billion yuan (+16.98%), driven by increases in collective and single asset management [4] - The company's fund subsidiary, Southern Fund, managed assets totaling 2.47 trillion yuan (+30.54%), while Huatai-PineBridge managed 688.208 billion yuan (+72.82%) [4] Proprietary Trading - The company generated 14.5 billion yuan (+24.24%) in proprietary trading income, which was a major driver of performance growth [5] - The proportion of bond investments increased, accounting for 56.86% of the investment portfolio, while equity investments slightly decreased [5] International Business - International business revenue surged to 14.34 billion yuan (+80.93%), accounting for 34.58% of total revenue [6] - The company ranked third in the market for Hong Kong IPO sponsorship projects [6] Investment Outlook - The company is expected to benefit from a gradually improving economic environment and ongoing reforms in the capital market, which may lead to valuation increases [7] - Forecasted basic earnings per share for 2025-2027 are 1.73 yuan, 1.80 yuan, and 1.95 yuan, respectively [7]

Financial Performance - In 2024, the company achieved revenue of 20.891 billion yuan (+5.40%) and a net profit attributable to shareholders of 10.386 billion yuan (+18.51%) [1] - The basic earnings per share reached 1.13 yuan (+20.21%), with a return on equity (ROE) of 8.82%, an increase of 0.91 percentage points year-on-year [1] Wealth Management Transformation - The company reported net income from brokerage business of 6.183 billion yuan (+11.79%) and income from agency securities trading of 6.779 billion yuan (+18.29%) [2] - The total transaction volume for stock-based transactions was 26.71 trillion yuan (+6.08%), with a market share of 4.51% [2] - The number of wealth management clients reached 627,500 (+16.66%), including 34,700 high-net-worth clients (+9.46%) [2] Investment Banking Performance - The investment banking segment saw a significant decline, with net income of 856 million yuan (-34.25%) and equity underwriting volume of 9.126 billion yuan (-54.84%) [3] - Bond underwriting performed well, with a total underwriting volume of 426.524 billion yuan (+30.91%), including financial bonds at 166.136 billion yuan (+36.14%) [3] - Asset-backed securities underwriting volume increased to 144.9 billion yuan (+57.84%) [3] Asset Management - The asset management business generated net income of 717 million yuan (+0.56%), but the total asset management scale decreased to 267.392 billion yuan (-9.31%) [4] - The scale of collective asset management increased to 126.562 billion yuan (+9.87%), while single and special asset management continued to decline [4] Credit Business - The credit business reported income of 1.134 billion yuan (-21.90%), with a financing margin balance of 90.879 billion yuan (+9.81%) [5] - The balance of stock pledge repurchase business decreased to 18.489 billion yuan (-18.82%) [5] Proprietary Trading and Derivatives - The proprietary trading segment showed strong performance with income of 9.527 billion yuan (+41.56%) [6] - The scale of financial assets reached 378.822 billion yuan (+1.13%), with a focus on bond investments [6] Investment Outlook - The company is expected to enhance overall performance due to strong capabilities in proprietary and wealth management businesses, alongside a moderate upward trend in the secondary market [7] - Earnings per share forecasts for 2025-2027 are 1.32 yuan, 1.36 yuan, and 1.45 yuan, respectively [7]

证券研究报告 | 2025年04月30日 招商银行（600036.SH）2025 年一季报点评 优于大市 净利息收入实现正增长，核心竞争力深化 业绩小幅负增。2025 年一季度实现营收 837.5 亿元，同比下降 3.1%，归母 净利润 372.9 亿元，同比下降 2.1%。年化后 ROAA 和 ROAE 分别为 1.21%和 14.13%，同比分别下降 0.14 个和 1.95 个百分点。 净利息收入增速转正，其他非息收入下降拖累营收。一季度净利息收入同比 增长 1.9%，较 2024 年全年增速提升了 3.5 个百分点；手续费净收入同比下 降 2.5%，其他非息收入同比下降 22.2%，主要是金融投资公允价值下降。 净息差同比降幅收窄，规模扩张稳健。公司披露的净息差 1.91%，同比下降 11bps，环比下降 3bps。其中，生息资产收益率同比下降 44bps，贷款收益 率同比下降 54bps；负债端，活期存款日均余额占比达到 50.5%，存款成本 率同比下降 34bps，计息负债成本率同比下降 36bps。期末资产总额 12.53 万亿元，贷款总额 7.13 万亿元，存款总额 9.32 万亿元，较年初分 ...