Group 1 - The core viewpoint of the article highlights that Wu Zongmin, the president of China Merchants Securities, ranked third in the comprehensive securities firms leadership power TOP list, which recognizes outstanding contributions and influence of leaders in the securities industry [1] - The TOP list is initiated by Sina Finance to honor the achievements of securities leaders over the past year, based on a multi-dimensional evaluation system that includes industry data, peer evaluations, and online presence, with a focus on creating economic and social value [1] Group 2 - Under Wu Zongmin's leadership, China Merchants Securities has demonstrated a cultural characteristic of "striving for innovation and long-term development," with stable growth in proprietary business and significant progress in wealth management transformation [5] - The company's financial asset scale increased to 378.82 billion yuan, with bond investments accounting for 69.81% of trading financial assets, and the investment yield rose by 0.57 percentage points to 2.57% [6] - The wealth management business saw a substantial increase in client scale, with the number of wealth management clients reaching 627,500, a year-on-year growth of 16.66%, and high-net-worth clients increasing by 9.46% [7] Group 3 - The investment banking business faced significant pressure, with net income from investment banking dropping to 856 million yuan, a decline of over 30%, while bond underwriting saw a 30.91% increase to 426.52 billion yuan [8] - China Merchants Securities' investment banking and bond business ratings improved from B to A, making it one of the fastest-rated firms among the 50 listed securities firms [9] - The company plans to continue focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance as part of its new five-year strategic plan [9]

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]

Investment Rating - The report maintains a "Buy" rating for CITIC Securities [2] Core Views - CITIC Securities reported a strong performance in Q1 2025, with revenue of 17.76 billion yuan, a year-on-year increase of 29.1%, and a net profit attributable to shareholders of 6.55 billion yuan, up 32.0% year-on-year [7] - The company's return on equity (ROE) for Q1 2025 was 2.37%, an increase of 0.49 percentage points compared to the same period last year [7] - The report highlights the growth in brokerage and proprietary trading businesses, with a significant increase in trading activity and client deposits [9] - The investment analysis suggests that the company is well-positioned for future growth, with a projected net profit of 241 billion yuan for 2025, reflecting an 11.2% year-on-year increase [9] Financial Data and Earnings Forecast - For 2025, the expected revenue is 70.15 billion yuan, with a year-on-year growth rate of 9.97% [8] - The forecasted net profit for 2025 is 24.13 billion yuan, representing an 11.17% increase compared to 2024 [8] - The report provides a detailed breakdown of revenue sources, with brokerage accounting for 20.6%, investment banking 6.1%, and asset management 15.9% of total revenue [9] - The company's financial investment assets and trading financial assets reached 922.8 billion yuan and 777.2 billion yuan respectively by the end of Q1 2025, showing a growth of 7.1% and 12.5% year-to-date [9]

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]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 7.56 billion yuan in Q1 2025, showing a year-on-year increase of 4.8% and a quarter-on-quarter decrease of 9.9%. The net profit attributable to the parent company was 3.02 billion yuan, reflecting a year-on-year increase of 84.9% and a quarter-on-quarter decrease of 1.7% [5][7] - The company's weighted average ROE for Q1 2025 was 2.44%, an increase of 1.14 percentage points compared to the same period last year [5] - The report highlights strong growth in both fee-based and proprietary businesses, with a significant increase in net investment income [7] Summary by Sections Financial Data and Earnings Forecast - The company is projected to achieve revenues of 41.65 billion yuan in 2025, with a year-on-year growth rate of 17.43% [6] - The net profit attributable to the parent company is expected to reach 11.29 billion yuan in 2025, reflecting a year-on-year growth of 12.50% [6] - The report provides a detailed breakdown of revenue sources, indicating a strong performance in brokerage and investment banking [7] Business Performance - The brokerage business generated 1.92 billion yuan in revenue, a year-on-year increase of 53.1% [7] - Investment banking revenue reached 150 million yuan, up 59.5% year-on-year, with notable growth in IPO and refinancing activities [7] - Proprietary investment net income was 3.16 billion yuan, showing a year-on-year increase of 94.0% [7] Market Position and Strategy - The company has established a strong institutional business line, with a focus on enhancing its service platform for institutional clients [7] - The report emphasizes the company's competitive position in the bond underwriting market, with a market share of 4.7% [7] - The company is expected to maintain its growth trajectory through effective cost control and strategic investments [7]

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 ...

自营业务是业绩重要支撑 自营业务成为中信证券近几年业绩的重要支撑。2024年，中信证券自营收入达到263.45亿元，同比增长 20.6%，在营收中贡献占比高达41.3%。 证券公司金融投资资产包括交易性金融资产、其他权益工具投资等。从财报来看，2024年末，中信证券 交易性金融资产6909亿元，较年初增长11%；衍生金融资产490亿元，较年初增长50%；其他权益工具 投资907亿元，为年初的9.5倍。 兴业证券非银金融行业首席分析师徐一洲认为，中信证券延续增配金融资产，截至2024年末，金融资产 投资规模较年初增长20.4%至8617.73亿元。以其他权益工具投资为主要增配目标，其规模同比增长 853.0%，预计通过永续债和高股息股票资产的配置来弱化市场波动的影响。 中信证券总经理邹迎光表示，近年来，中信证券积极践行国家战略，致力于完善市场功能，全力满足实 体经济与投资机构在全球交易风险管理及投资方面的需求。在固定收益、大宗商品、股权衍生品、证券 金融等领域成绩斐然，有力推动了公司经营业绩的稳定提升与资产规模的稳健增长。 新华财经北京3月31日电（记者闫鹏）近日，中信证券发布2024年年报。按照中国企业会计准 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company's Q4 2024 performance exceeded expectations, showcasing resilience with adjusted revenues of 161 billion and 579 billion yuan for the quarter and the year, respectively, representing year-on-year growth of 35.5% and 5.2% [1]. - The growth in revenue was driven by self-operated, asset management, and brokerage businesses, with Q4 2024 brokerage revenue increasing by 48.9% year-on-year [2]. - The capital market sentiment has improved, contributing to a year-on-year increase in self-operated business revenue for the full year [3]. - Regulatory policies have tightened, leading to pressure on investment banking and credit businesses, with significant declines in underwriting volumes [4]. - The company anticipates continued growth in market activity due to supportive policies, projecting net profit growth of 24.5% for 2025 [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved adjusted revenues of 161 billion yuan, with a net profit of 49 billion yuan, reflecting a 48.3% increase year-on-year [1]. - For the full year, the company reported revenues of 579 billion yuan and a net profit of 217 billion yuan, marking a 10.1% increase year-on-year [1]. Brokerage and Asset Management - Brokerage revenue for Q4 2024 was 35.6 billion yuan, up 48.9% year-on-year, driven by increased market trading activity [2]. - Asset management revenue reached 30.3 billion yuan in Q4 2024, a 23.5% increase year-on-year, with significant growth in non-monetary public fund management [2]. Self-Operated Business - The self-operated business generated revenues of 46.8 billion yuan in Q4 2024, with a full-year total of 263.5 billion yuan, reflecting a 20.6% increase year-on-year [3]. - The company's financial asset scale reached 861.8 billion yuan, with an investment return rate of 3.06% [3]. Investment Banking and Credit Business - Investment banking revenue for Q4 2024 was 13.4 billion yuan, but the full-year revenue declined by 33.9% to 41.6 billion yuan due to stricter regulatory policies [4]. - Credit business revenue fell sharply, with Q4 2024 revenue at 1.6 billion yuan, down 78.1% year-on-year [4]. Future Outlook - The company expects continued market activity growth supported by favorable policies, with revised net profit forecasts of 270 billion yuan for 2025, reflecting a 24.5% year-on-year increase [5].