华夏时报记者李凯旋北京报道 值得关注的是，方大特钢今年一季度的利润可以说是非常优异。2024年，方大特钢的营业收入为215.59亿元，同 比下降18.67%；归属于上市公司股东的净利润为2.48亿元，同比下降64.02%。对比来看，今年一季度，方大特钢 用了3个月的时间便赚了去年一年的利润。 有人盈利增加，但有人盈利大幅下降，甚至出现亏损。数据显示，抚顺特钢今年一季度的营业收入为17.56亿元， 同比下降15.25%；归属于上市公司股东的净利润则为-1.25亿元，同比下降209.33%。关于亏损的原因，抚顺特钢 方面表示，受行业竞争加剧影响，公司产销量及产品价格均比同期有不同程度的减少和下降。 西宁特钢今年一季度则处于亏损状态，财务压力较大。数据显示，今年一季度，西宁特钢的营业收入为11.06亿 元，同比下降4.87%；归属于上市公司股东的净利润为-1.49亿元。 《华夏时报》记者注意到，西宁特钢在2024年就出现了较大额度的亏损。数据显示，2024年，西宁特钢的营业收 入为57.17亿元，同比增加15.75%；归属于上市公司股东的净利润为-8.63亿元，同比下降151.19%。2024年，西宁 特钢进行了重 ...

Core Viewpoint - The year 2024 marks the tenth anniversary of private banks in China, revealing a stark performance disparity within the industry, with some banks thriving while others struggle significantly [1][7]. Asset Scale Disparity - The total asset scale of 19 private banks reached 21,459.3 billion yuan by the end of 2024, reflecting a growth of 9.49% compared to the end of 2023, with 16 banks showing positive growth [2][6]. - Leading banks include WeBank with total assets of 651.78 billion yuan and Ant Bank with 471.03 billion yuan, maintaining their positions as top-tier institutions [2][6]. - Yilian Bank experienced a significant contraction in total assets, decreasing from 51.775 billion yuan in 2023 to 40.822 billion yuan in 2024, a decline of 21.15% [2][3]. Revenue Performance - The total operating revenue of the 19 private banks was 93.423 billion yuan in 2024, a year-on-year increase of 1.88%, but with a notable divergence in performance [4][7]. - WeBank led the revenue with 38.128 billion yuan, followed by Ant Bank at 21.314 billion yuan, while other banks struggled to exceed 10 billion yuan in revenue [4][6]. - Blue Ocean Bank reported the largest revenue decline at 39.42%, with several other banks also experiencing significant drops [4][5]. Net Profit Disparity - The total net profit for the 19 private banks was 18.791 billion yuan, down 10.41% year-on-year, with Yilian Bank being the only bank to report a loss of 590 million yuan [6][7]. - WeBank accounted for 58.02% of the total net profit, highlighting the increasing disparity between top-performing and underperforming banks [6][7]. - The gap between the highest and lowest net profit banks widened from 245 times in 2023 to 1,112 times in 2024, indicating a growing performance divide [6][7]. Asset Quality - The overall asset quality of private banks remained stable, with most banks reporting non-performing loan (NPL) ratios below 2% [8][9]. - Yilian Bank had the highest NPL ratio, increasing from 1.61% in 2023 to 2.77% in 2024, indicating significant asset quality deterioration [9]. - Conversely, nine banks improved their NPL ratios, with Zhongbang Bank showing a notable decrease from 1.73% to 1.50% [9].

在30家A股和H股上市城商行中，泸州银行归母净利润增速排名第一，西安银行营收增速排名第一，杭州银行和成都银行ROE在15%以上。 随着年报的披露完毕，30家A股、H股上市城商行的业绩排名新鲜出炉。 在经济增速换挡、银行业息差收窄的背景下，城商行阵营呈现出"强者恒强、尾部承压"的鲜明格局。江苏银行以318.43亿元的归母净利润登顶，宁波银 行、北京银行紧随其后，而贵阳银行等4家银行则陷入利润负增长的困境。 8家净利润双位数增长，2家净息差超2% 从归母净利润表现来看，江苏银行2024年实现归母净利润318.43亿元，排名城商行第一，宁波银行、北京银行分别以271.27亿元、258.31亿元位列第二、 三名。 在30家上市城商行，有6家银行的营收出现下滑，分别为贵阳银行、郑州银行、兰州银行、中原银行、甘肃银行和盛京银行。 从净息差来看，泸州银行、长沙银行和南京银行排名前三，分别为2.49%、2.11%和1.94%。 从归母利润增速来看，2024年泸州银行、哈尔滨银行和青岛银行，排名前三，分别同比增长28.31%、24.28%和20.16%。另外，杭州银行、齐鲁银行、江 苏银行、成都银行和苏州银行的利润增速也保持在 ...

在关税的冲击下，上个月私募基金的业绩普遍遭到考验。 据渠道最新数据，4月私募产品的业绩整体表现不佳，100家头部股票多头私募旗下代表产品仅有20家取得正收 益，头部量化旗下指增产品仅有10%收获正收益。 随着关税冲击的缓和以及市场的回暖，近期不少私募净值开始企稳，管理规模也迎来回升，尤其是百亿私募。 私募排排网数据显示，当前百亿证券私募管理人数量为87家，较3月的84家增加3家，百亿私募阵营小幅扩容， 百亿量化数量占比持续提升，行业洗牌加剧。 头部私募净值普遍回撤 由于4月初A股和港股遭遇大幅调整，私募基金也损失惨重，不少私募管理人不仅将前三个月的收益损失殆 尽，部分还陷入亏损，显示出这轮行情的惨烈。 据渠道最新数据，4月，私募产品的业绩整体表现不佳，100家头部股票多头私募旗下代表产品仅有20家取得正 收益，超过80%的产品浮亏。其中，同犇、勤辰、进化论、复胜等私募旗下的某代表产品表现亮眼，4月均获 得了超过5%的正收益；玖瀛资产、希瓦、鸿道投资等私募旗下某代表产品4月浮亏超过10%。 头部量化私募在4月也纷纷折戟。整体来看，头部量化旗下指增产品仅有10%收获正收益，市场中性策略和量 化CTA策略则表现亮眼 ...

Core Viewpoint - The recent IPO of "沪上阿姨" on the Hong Kong Stock Exchange has shown a significant initial surge in stock price, but the subsequent decline raises concerns about the competitive landscape and financial performance of new tea beverage companies [1][3]. Group 1: Market Performance - "沪上阿姨" opened at HKD 190.6 per share, a 68.5% increase from the issue price, with a market capitalization exceeding HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1]. - On the second day, the stock price fell to HKD 160, closing at HKD 144.5, a decrease of 8.78% [1][3]. Group 2: Industry Competition - The new tea beverage market is highly saturated, with many established players like "奈雪的茶," "古茗," "茶百道," "蜜雪冰城," and "霸王茶姬" already in the space, leading to intense competition [4]. - The presence of over 40,000 stores for "蜜雪冰城" and nearly 10,000 for "沪上阿姨" indicates significant scale but also highlights the competitive pressures within the industry [4]. Group 3: Financial Performance - "沪上阿姨" is experiencing a decline in revenue and profits, with projections indicating a 15% drop in profit for 2024, which is significantly lower than competitors like "蜜雪冰城" [4]. - The valuation of "沪上阿姨" is considered high relative to its financial performance, especially when compared to "蜜雪冰城" and "霸王茶姬," which are viewed as having more reasonable valuations based on their earnings growth [4]. Group 4: Future Outlook - The industry is expected to see continued mergers and acquisitions as companies strive for efficiency and scale amidst fierce competition [5]. - The performance of new tea beverage companies post-IPO will heavily depend on their ability to grow profits, with significant disparities in valuations based on financial results [4][5].

【导读】券商一季报收官，"最牛"自营暴增超2300% 上市券商一季报披露"收官"。 据记者统计，49家券商中，共有9家券商归母净利润同比翻倍，16家增速超过50%，天风证券和国联民生证券扭亏 为盈，华创证券是唯一一家由盈转亏的券商。 因并购重组，国泰海通一季度归母净利润以122亿元的规模位居榜首，同比增长391.78%，不过也正是因为吸收合 并产生的负商誉，国泰海通扣非后净利润为32.93亿元，不敌中信证券和华泰证券。 综合来看，受益于A股市场强势回暖，券商的经纪业务全面向好，自营业务板块成为业绩"胜负手"。去年从"配 角"化身增长"新引擎"的券商资管业务则格局显著分化，42家数据可比上市券商中，仅19家券商同比增速为正，占 比为45.24%。投行业务方面，42家数据可比上市券商中，24家券商投行业务增速为正，其中包括中银证券、招商 证券在内的5家券商增速达到一倍以上。 最牛"自营"暴增2300% 今年一季度，自营业务是证券公司业绩分化的关键因素。例如东北证券、长江证券、华西证券、东吴证券等归母净 利润翻倍增长的券商，主要因自营业务大幅增长；而财通证券、中原证券、第一创业等券商的业绩减少则受自营业 务收入下滑 ...

Core Viewpoint - The performance of 13 private banks in 2024 shows significant differentiation, with leading banks like WeBank and MyBank continuing to excel in asset scale and revenue despite a challenging environment characterized by narrowing net interest margins and revenue pressures [1][2]. Group 1: Overall Performance - The total assets of the 13 banks reached 1.9 trillion yuan, reflecting a year-on-year growth of 11.4% [1][3]. - Among the 12 banks that reported revenue, 7 achieved positive growth, with 5 experiencing double-digit increases [1]. - WeBank and MyBank led the sector with asset scales exceeding 450 billion yuan and revenues surpassing 20 billion yuan [1]. Group 2: Individual Bank Performance - WeBank reported a revenue of 38.128 billion yuan and a net profit of 10.903 billion yuan, while MyBank achieved a revenue of 21.314 billion yuan and a net profit of 3.166 billion yuan [2]. - WeBank's profits are primarily derived from microloans to individuals, while MyBank focuses on small and micro enterprises, indicating different risk profiles and customer bases [2]. - SuShang Bank and ZhongBang Bank emerged as growth benchmarks among smaller private banks, with SuShang Bank's revenue exceeding 5 billion yuan and a net profit of 1.159 billion yuan, reflecting a year-on-year growth of 10.34% [4]. Group 3: Challenges and Declines - The third-tier banks, such as Zhongguancun Bank and Minshang Bank, faced declines in revenue and net profit, with Minshang Bank's net profit dropping by 43.48% [5]. - Blue Ocean Bank and Xishang Bank experienced significant revenue declines of 39.42% and 25.17%, respectively, with Blue Ocean Bank's net profit also falling by 47.86% [7]. - The asset scale growth of NewNet Bank slowed dramatically from 21.36% in 2023 to just 0.68% in 2024, marking it as the slowest among the 13 banks [8]. Group 4: Future Outlook - The private banking sector may face challenges in 2025 due to deepening interest rate adjustments and continued narrowing of net interest margins, necessitating a focus on differentiated services and technological innovation to remain competitive [9].

Core Insights - The overall performance of the brokerage industry is showing signs of recovery, driven by active market trading and growth in brokerage and margin financing businesses, while proprietary trading has become a source of performance divergence among brokerages due to the recent bond market pullback [1][6] Group 1: Financial Performance - As of April 28, over 20 listed brokerages have reported their Q1 2025 results, with more than 80% achieving year-on-year growth in both revenue and net profit, and several small to mid-sized brokerages seeing net profit growth exceeding 100% [2][4] - Major brokerages like China International Capital Corporation (CICC) and China Merchants Securities reported Q1 net profits exceeding 2 billion yuan, with year-on-year growth rates of 47.69% and 9.64% respectively [2][4] - The overall revenue for 150 securities firms in 2024 reached 451.17 billion yuan, marking an 11.15% increase year-on-year, while net profit was 167.26 billion yuan, up 21.35% [4][5] Group 2: Business Segment Performance - Brokerage fee income has increased by over 30% year-on-year for the brokerages that have disclosed their Q1 results, while proprietary trading income has shown significant divergence, with some firms like Huaxi Securities and Dongwu Securities reporting over 100% growth [3][5] - Investment banking and asset management revenues have varied, with some large brokerages experiencing declines in investment banking income, while others, including China Merchants Securities, reported increases exceeding 100% [3][5] - The proprietary trading business has become a key factor in performance divergence, with firms like Caitong Securities reporting declines in revenue and net profit due to the bond market adjustment [6]