Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The company's revenue growth is primarily driven by brokerage and proprietary trading, with a significant increase in net profit attributed to a decline in management fee rates [9] - The company reported a first-quarter revenue of 4.92 billion yuan, a year-on-year increase of 14.5%, and a net profit of 1.84 billion yuan, up 50.1% year-on-year [7][9] - The company has a strong project reserve in the investment banking sector, which is expected to contribute to future performance [9] Financial Data and Profit Forecast - The company’s financial performance for 2025 is projected as follows: - Revenue: 24.21 billion yuan, with a year-on-year growth rate of 14.59% [8] - Net profit: 8.27 billion yuan, with a year-on-year growth rate of 14.46% [8] - Return on Equity (ROE): Expected to be 9.13% in 2025 [8] - The company’s financial investment assets reached 325.7 billion yuan, a 10.6% increase from the beginning of the year [9] Business Segment Performance - Brokerage revenue for Q1 2025 was 1.74 billion yuan, a year-on-year increase of 38.4% [9] - Investment banking revenue decreased to 360 million yuan, down 20.1% year-on-year due to a decline in IPO activity [9] - The company’s asset management revenue was 330 million yuan, reflecting a year-on-year increase of 19.7% [9] Market Position and Outlook - The company’s market capitalization is approximately 150.375 billion yuan, with a price-to-book ratio of 2.3 [2] - The company has a solid reserve of 17 IPO projects, ranking third in the securities industry [9] - The report anticipates that the company’s self-operated equity allocation will enhance future performance [9]

Core Viewpoint - The financial performance of China Merchants Securities for 2024 shows a steady increase in revenue and net profit, driven by brokerage and proprietary trading, while the first quarter of 2025 indicates pressure on investment income due to market adjustments [1][2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 20.89 billion, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 10.39 billion, up 18.5% year-on-year [1]. - The breakdown of 2024 main revenue includes brokerage at 6.18 billion (up 11.8%), investment banking at 0.86 billion (down 34.2%), asset management at 0.72 billion (up 0.6%), net interest at 1.13 billion (down 21.9%), net investment at 9.65 billion (up 42.2%), and long equity investment at 1.48 billion (down 3.4%) [1]. - For Q1 2025, the net profit attributable to shareholders was 2.31 billion, reflecting a year-on-year increase of 7.0% but a quarter-on-quarter decrease of 28.7% [1]. Group 2: Asset and Investment Metrics - As of the end of 2024, total assets were 721.2 billion, a year-on-year increase of 3.6%, and net assets were 130.2 billion, up 6.7% [2]. - By the end of Q1 2025, total assets decreased to 661.3 billion, down 8.3% from the beginning of the year, while net assets increased slightly to 131.6 billion, up 1.1% [2]. - The investment net income for 2024 was 9.65 billion, a year-on-year increase of 42.2%, with an investment return rate of 2.56%, up 0.57 percentage points [2]. Group 3: Brokerage and Client Growth - The brokerage business showed robust performance with 19.3 million trading clients, an increase of 8.7% year-on-year, and managed client assets of 4.27 trillion, up 14.8% year-on-year [3]. - The company’s market share in stock-based funds was 4.51%, a decrease of 0.72 percentage points year-on-year, while the net income from agency buying business was 5.33 billion, up 16.2% year-on-year [3]. - In Q1 2025, brokerage revenue reached 1.97 billion, reflecting a year-on-year increase of 49.0% [3]. Group 4: Public Fund Performance - In 2024, the public fund business contributed stable profits, with China Merchants Fund achieving revenue of 5.31 billion (up 0.3%) and net profit of 1.65 billion (down 5.9%) [4]. - By the end of 2024, the non-money market fund AUM for China Merchants Fund was 561.5 billion, down 2.4% from the beginning of the year [4]. - For Q1 2025, the long equity investment revenue was 0.37 billion, up 6.1% year-on-year, while the non-money market fund AUM for China Merchants Fund was 551.1 billion, down 1.9% from the beginning of the year [4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 29.94 yuan [6]. Core Insights - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.20%. The net profit attributable to shareholders was 21.7 billion yuan, up 10.06% year-on-year, with a weighted average ROE of 8.09% [1]. - The company's self-operated business significantly contributed to its revenue, accounting for 50% of the total net income across five major business lines [3]. - The brokerage business saw a slight growth, with net income reaching 10.7 billion yuan, a 5% increase year-on-year, driven by a 22% rise in average daily trading volume in the market [2]. - The asset management business also showed steady growth, with net income of 10.5 billion yuan, up 7% year-on-year, and the company maintained the leading market share in private asset management at 13.43% [2]. - The investment banking segment faced challenges, with net income declining by 34% to 4.2 billion yuan, although it maintained the top position in both equity and bond underwriting in the domestic market [3]. - The company expects EPS for 2025 to be 1.80 yuan, with projections of 2.02 yuan and 2.22 yuan for 2026 and 2027, respectively [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 63.8 billion yuan and a net profit of 21.7 billion yuan, with an EPS of 1.41 yuan [1]. - The brokerage business generated 10.7 billion yuan in net income, while the asset management business brought in 10.5 billion yuan [2]. - The investment banking segment's net income was 4.2 billion yuan, and the self-operated business generated 26.3 billion yuan [3]. Business Segments - Brokerage: Net income of 10.7 billion yuan, up 5% YoY, with a significant increase in securities trading revenue [2]. - Asset Management: Net income of 10.5 billion yuan, with a leading market share in private asset management [2]. - Investment Banking: Net income of 4.2 billion yuan, down 34% YoY, but maintained top rankings in underwriting [3]. - Self-Operated Business: Net income of 26.3 billion yuan, up 21% YoY, contributing significantly to overall revenue [3]. Future Projections - The company projects EPS of 1.80 yuan for 2025, with further increases expected in subsequent years [3].

丨证券研究报告丨 公司研究丨点评报告丨中国银河（601881.SH） [Table_Title] 中国银河 2024 年报点评：自营推动业绩回暖， 经纪客户增长提速 报告要点 [Table_Summary] 2024 年，自营及经纪业务推动公司业绩改善回暖。具体来看，经纪业务维持稳健，客户数量增 长提速；债券承销规模高增，资管优化业务结构；自营延续扩表，投资收益显著回升。看好公 司作为头部央企券商，受益于扶优限劣与并购重组政策导向，同时投行及资管业务在新管理层 与新战略下有望继续发力。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 %% %% %% %% research.95579.com 1 中国银河（601881.SH） cjzqdt11111 [Table_Title 中国银河 2024 2] 年报点评：自营推动业绩回暖， 经纪客户增长提速 [Table_Summary2] 事件描述 中国银河发布 2024 年报，报告期内实现营业收入 354.7 亿元，同比+5.4%，实现归母净利润 10 ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Securities [4] Core Views - Dongfang Securities reported a 2024 revenue increase of 12.3% year-on-year, with a net profit attributable to shareholders rising by 21.7%, resulting in a return on equity (ROE) of 4.14% [2][3] - The significant growth in revenue is primarily driven by the investment business, which saw a 106% increase year-on-year [2][3] - In Q4 2024, the company achieved a revenue of 5.11 billion yuan, reflecting a 50.5% year-on-year increase, although the net profit for the quarter decreased by 146.6% to 0.05 billion yuan [2][3] Summary by Sections Revenue Breakdown - For the full year 2024, the revenue from various business segments is as follows: - Brokerage: 2.51 billion yuan, down 10% - Investment Banking: 1.17 billion yuan, down 23% - Asset Management: 1.34 billion yuan, down 34% - Investment: 4.93 billion yuan, up 106% - Credit Business: 1.32 billion yuan, down 25% [2][3] Financial Performance - The total revenue for 2024 was 19.19 billion yuan, with a net profit of 3.35 billion yuan [2][3] - The company’s financial investment assets reached 221.93 billion yuan, a 13% increase year-on-year [3] Future Projections - Revenue projections for 2025 and 2026 are estimated at 20.9 billion yuan and 22.5 billion yuan, respectively, with year-on-year growth rates of 9% and 8% [3] - Expected net profits for 2025 and 2026 are 4.6 billion yuan and 5.1 billion yuan, with growth rates of 38% and 11% [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved operating revenue of 43.4 billion yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 13.02 billion yuan, a year-on-year increase of 39% [2] - The company plans to distribute a dividend of 0.43 yuan per share for the year 2024, accounting for 48% of the annual net profit attributable to shareholders [2] - The company has seen significant growth in brokerage and proprietary trading income, with respective growth rates of 16% and 62% [3] - The company's market share in stock trading has improved, with a retail brokerage income increase of 29% [4] - Investment banking revenue has declined by 21%, while bond underwriting revenue has increased by 23% [5] - Asset management income has decreased by 5%, with fund management income down by 7% [6] - The company has increased its leverage ratio to 5.17 times, with proprietary trading income rising by 62% [7] - Following the merger with Haitong Securities, the company's total assets are projected to reach 1.73 trillion yuan, making it the largest in the industry [8] - The company is expected to benefit from a balanced business layout and strong risk control, maintaining a "Buy" rating based on improved revenue forecasts for 2025-2027 [9] Summary by Sections Financial Performance - Operating revenue for 2024 is projected at 54.39 billion yuan, with a year-on-year growth of 25.33% [11] - Net profit attributable to shareholders is expected to reach 18.49 billion yuan in 2025, reflecting a year-on-year growth of 41.96% [11] - The company's gross profit margin is anticipated to increase to 33.99% by 2025 [11] Revenue Breakdown - Brokerage and proprietary trading income contribute significantly to revenue, with respective shares of 23% and 44% [3] - Investment banking and asset management revenues have seen negative growth, contributing to the overall revenue decline in those segments [3][5] Market Position - The company has improved its market share in stock trading, with a retail brokerage market share of 5.17%, an increase of 0.41 percentage points from the previous year [4] - The company ranks third in the bond underwriting market with a market share of 9.70% [5] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts for 2025 and 2026 set at 54.39 billion yuan and 70.49 billion yuan, respectively [11] - The merger with Haitong Securities is anticipated to enhance operational efficiency and risk management capabilities [9]

Core Viewpoint - Shenwan Hongyuan reported a strong financial performance for 2024, with significant growth in revenue and net profit, indicating a positive trend in the company's operations and investor returns [1][2]. Financial Performance - In 2024, Shenwan Hongyuan achieved an operating revenue of 24.735 billion yuan, a year-on-year increase of 15.04% [2]. - The net profit for the year was 6.251 billion yuan, reflecting a growth of 14.16% compared to the previous year [2]. - The net profit attributable to shareholders was 5.211 billion yuan, up by 13.12% year-on-year [2]. - The company’s basic and diluted earnings per share were both 0.21 yuan, representing a 16.67% increase from the previous year [2]. Business Segments - The institutional services and trading segment generated 13.426 billion yuan in revenue, marking a substantial growth of 44.12% [4]. - The personal financial services segment reported revenue of 7.868 billion yuan, a modest increase of 2.37% [4]. - The company sold financial products worth 5.912 trillion yuan, a growth of 25.08% year-on-year [4]. Investment and Market Activity - Investment income reached 11.631 billion yuan, a significant increase of 49.24%, accounting for 47.02% of total operating revenue [5]. - The brokerage business generated net income of 4.603 billion yuan, up 6.19%, contributing 18.61% to total commission income [4][5]. - However, the investment banking segment saw a decline in revenue to 973 million yuan, down 32.64%, primarily due to a slowdown in IPO activities [5]. Dividend Policy - The company announced its first interim dividend, proposing a cash dividend of 0.46 yuan per 10 shares, with a total dividend payout of 1.578 billion yuan, a 12.55% increase from the previous year [3]. - Shenwan Hongyuan has maintained a consistent cash dividend policy over the past ten years, with cumulative dividends amounting to 17.2 billion yuan [3]. Market Performance - On March 28, the company's stock price increased by 0.39%, closing at 5.09 yuan per share, with a market capitalization of 127.5 billion yuan [6].

营收净利均止降回升 长江商报消息 ●长江商报记者 沈右荣 "券商一哥"中信证券（600030.SH，06030.HK）交出了一份业绩增长的成绩单。 3月26日晚，中信证券披露了2024年年度报告。报告期公司实现营业收入637.89亿元，同比增长6.20%；归属母公 司股东的净利润（以下简称"归母净利润"）217.04亿元，同比增长10.06%。 过去的2022年、2023年，受市场波动影响，中信证券营收及净利双降。2024年，公司结束了连降趋势，逆转为双 增，其中，归母净利润重新回到200亿元上方。 作为行业龙头，2024年，中信证券的多项业务表现出色。受资本市场回暖影响，证券投资业务收入240.40亿元， 成为营业收入的第一大来源；经纪业务收入继续保持增长，达到165.57亿元。此外，国际业务收入超过百亿元， 约占营业收入的17.2%。 中信证券的资产规模继续增长，2024年底突破1.71万亿元，归母净资产2931.09亿元，均为历史最高水平。 备受关注的是，中信证券的董监高薪酬大幅缩水。2024年，公司董监高薪酬总额为2875.73万元，较2023年的 9463.06万元，减少69.61%。 长江商报记者 ...