2024 年公司实现营业收入 115.34 亿元，同比增长 2.24%，实现归母净利 润 23.66 亿元，同比增长 18.19%。加权平均净资产收益率 5.81%，提升 0.65pct。 2025 年一季度实现营业收入 30.92 亿元，同比增长 38.95%，归母净利润 9.80 亿元，同比增长 114.86%。 事件点评 投资业务成为业绩增长重要驱动。固定收益类投资业务采用配置和交易 并重的投资策略，连续多年实现投资收益率领先市场水平。丰富交易品种及 策略，扩大交易对手范围，专业化投资交易能力有效提升。2024 年投资业务 实现收入 27.34 亿元，同比增长 16.36%，一季度实现投资业务收入 11.20 亿 元，同比增长 104.08%。 公募管理规模大幅提升。通过渠道拓展与机构合作，落地多笔机构委外 专户，积极拓展债券投顾，年末受托管理规模 595.27 亿元，同比增长 4.01%。 东吴基金规模大幅增长 55.81%达到 398.57 亿元，其中权益类基金增长 75.66%，债券类基金增长 105.27%，通过打造中长期绝对收益优势和销售体 系转型推动品牌建设，资管业务实现收入 1.69 亿元 ...

Core Viewpoint - The retirement of Wu Zongmin as the president of China Merchants Securities marks a significant leadership change, with the company expressing gratitude for his contributions during his tenure, which lasted over three years [1][4]. Group 1: Leadership Transition - Wu Zongmin has retired due to reaching the retirement age, and he will not hold any position in the company or its subsidiaries after his departure [1]. - The company will promptly select a new president and board members, with the chairman, Huo Da, temporarily assuming the president's responsibilities during this transition [1][4]. - There is speculation regarding the new president's identity, but sources indicate that no successor has been finalized yet [1][5]. Group 2: Performance During Tenure - Under Wu Zongmin's leadership, China Merchants Securities has seen steady growth in net profit, with projections of 8.072 billion yuan, 8.764 billion yuan, and 10.386 billion yuan for 2022, 2023, and 2024 respectively [1][4]. - The company maintained its position as the fourth largest in the industry during Wu's tenure, with a projected revenue of 20.891 billion yuan in 2024, reflecting a year-on-year growth of 5.4% [4]. - The integration of AI technology into business operations was a significant achievement during his leadership, enhancing productivity in wealth management by 23% [3]. Group 3: Future Challenges - The new leadership will face challenges, particularly in the investment banking sector, which is expected to experience a downturn in 2024 following a cooling financing market in 2023 [5]. - The investment banking revenue of China Merchants Securities has reportedly shrunk by over 50% compared to three years ago, indicating a need for strategic planning and client engagement [5].

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]

A股上市银行2024年业绩全部揭晓。4月29日，随着西安银行、苏州农商行2024年年度报告的发布，42家A股上市银行2024年"成绩单"全部放榜。从业绩表现 来看，过去一年，42家上市银行合计实现归母净利润2.14万亿元，合计日赚约58.58亿元。其中，38家银行归母净利润实现增长。但"增利不增收"压力持续凸 显，10家银行营业收入出现负增长，同时，4家银行归母净利润缩水。 在2025年一季度，部分银行业绩降幅进一步扩大，例如，一季度，厦门银行实现营业收入12.14亿元，同比下降18.42%，归母净利6.45亿元，同比下降 14.21%。对此，厦门银行解释称，主要是受银行间市场资金面收紧、风险偏好提升、净息差同比收窄等因素影响。平安银行、贵阳银行营收净利"双降"趋势 持续。 两成"增利不增收" A股上市银行交出了2024年"成绩单"，过去一年，42家银行合计实现归母净利润超2.14万亿元，其中，38家银行归母净利润实现增长。 从净利润规模来看，中、农、工、建国有四大银行依旧霸榜，归母净利润均超过2000亿元，其中，工商银行、建设银行超3000亿元，工商银行继续蝉联最赚 钱商业银行。招商银行凭借1483.91亿 ...

Core Viewpoint - The company reported a decline in overall revenue for 2024, but showed growth in net profit, with significant fluctuations in different business segments [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 6.29 billion, a year-on-year decrease of 3.6%, while net profit attributable to shareholders was 2.34 billion, an increase of 3.9% [1] - The fourth quarter of 2024 saw operating revenue of 1.84 billion, up 18.0% year-on-year and 30.3% quarter-on-quarter, with net profit of 868 million, up 15.5% year-on-year and 59.2% quarter-on-quarter [1] - For Q1 2025, operating revenue was 1.07 billion, down 24.2% year-on-year, and net profit was 290 million, down 36.5% year-on-year [1] Brokerage Business - The brokerage business showed significant growth in 2024, with revenue of 1.41 billion, an increase of 17.7%, accounting for 22.5% of total operating revenue [2] - In Q1 2025, brokerage revenue reached 420 million, up 41.4% year-on-year, representing 39.4% of total operating revenue [2] - The average daily trading volume for the entire market in 2025 was 17.031 trillion, a year-on-year increase of 70.3% [2] Investment Banking - The investment banking sector continued to decline, with revenue of 520 million in 2024, down 31.3% year-on-year [3] - The equity underwriting scale for 2024 was 1.42 billion, a significant drop of 83.3%, ranking 31st [3] - In Q1 2025, the equity underwriting scale was 700 million, with two IPO projects in reserve, ranking 23rd [3] Asset Management - Asset management revenue for 2024 was 1.55 billion, a slight decrease of 0.3%, with total assets under management at 282.2 billion, up 2.0% year-on-year [4] - The net profit for the asset management subsidiary was 520 million, an increase of 12% year-on-year [4] - Investment income (including fair value) for 2024 was 1.5 billion, down 14.5% year-on-year [4] Profit Forecast - The company revised its profit forecast, expecting net profits of 2.485 billion and 2.631 billion for 2025 and 2026, respectively, with year-on-year growth rates of 6.21% and 5.86% [5] - The estimated net profit for 2027 is projected to be 2.761 billion, a year-on-year increase of 4.94% [5] - The current market capitalization corresponds to PE ratios of 11.87x, 11.21x, and 10.68x for 2025, 2026, and 2027, respectively [5]

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 ...