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 规模目标已突破 4 万亿；AI技 术的飞速发展，也正在重构财富投研、营销、服务全链条的新范式。 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 ...

在近期举办的"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"上，中国银河证券 凭借卓越的投顾服务能力，第七次斩获"新财富最佳投资顾问团队"称号，持续领跑行业。中 国银河证券执委会委员、业务总监、董事会秘书刘冰在会上分享了 中国 银河证券在财富管 理转型中的实践与思考。刘冰表示，当前财富管理行业正经历深刻变革，迎接财富管理大时 代的到来，唯有以买方投顾转型重塑服务生态、构建价值共同体，方能把握时代机遇，促进 高质量发展。 0 2 破茧：以客户为中心重塑服务生态 资本市场的深刻变革与快速发展，在带来新型财富管理模式的机遇和更为广阔的市场空间的 同时，也迫使财富管理行业去直面当下的诸多挑战与痛点。传统佣金水平不断下降，销售驱 动的"卖方投顾"模式难以为继，客户财富需求与金融供给错位的"服务鸿沟"，倒逼行业重新 思考未来业务模式。 中国银河证券自2 0 1 8年起，全面推进财富管理转型，率先推进买方投顾业务，以客户利益为 核心，重塑服务关系，深化数字化中台赋能，推进经营管理机制革新，构建差异化竞争力。 0 1 财富管理大时代：机遇与挑战并存 中国银河证券执委会委员、业务总监、董事会秘书 刘冰 刘冰表示，高质量发 ...

破茧·重构·共生 新财富诚邀您与 3 0 0位 领军者共探破局之道，共享转型红利！ 4月2 2日下午，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将在上海浦东新区 香格里拉酒店隆重举行，期待您的参加！ 颁奖盛典倒计时1天，在此为您提前揭晓活动精彩看点！ 看点 0 1 荣耀时刻·最佳投顾颁奖 论坛议程抢先看！ 发言嘉宾 - 中国银河证券 刘 冰 执委会委员 业务总监 董事会秘书 财富管理大时代下的投顾转型之路 申万宏源证券 执委会成员 | 王苏龙 守正创新 行稳致远 夏浩洋 | 广发基金 指数投资部 基金经理 赋能投顾:指数一站式解决方案 朝阳永续 联合创始人副总经理 李 智 Al+投顾:智变服务新纪元 圆桌环节 破茧重构 畅谈财富管理发展新篇章 新财富最佳投资顾问评选自2 0 1 8年首次举办以来一直是国内最大的投顾竞技平台，本着依法 合规、诚实守信、公平公正、客观独立、专业严谨的原则展开。 本次第七届新财富最佳投资顾问评选共有来自9 6家证券公司的3 6 6 1 6名投顾参评，覆盖全国 3 1个地区，3 2 5个城市。本次评选影响广泛，参评投顾人数超1 0 0 0人的证券公司共计1 0家， 报名率达8 ...

Core Viewpoint - China Galaxy Securities has achieved significant growth in its financial performance, with a net profit exceeding 10 billion yuan and maintaining a strong industry ranking, attributed to strategic reforms and market recovery [1][4]. Financial Performance - In 2024, China Galaxy Securities reported operating revenue of 35.471 billion yuan, ranking fourth in the industry, with a year-on-year growth of 5.43% [4][6]. - The net profit for 2024 reached 10.031 billion yuan, reflecting a year-on-year increase of 27.31%, significantly outperforming the industry average [4][5]. - For Q1 2025, the company anticipates a net profit between 2.773 billion and 3.1 billion yuan, representing a year-on-year growth of 70% to 90% [4][5]. Business Segments - The investment trading business saw a remarkable increase of 45.91%, generating revenue of 6.344 billion yuan, closely linked to the recovery of the stock market [6][7]. - Wealth management revenue surpassed 10 billion yuan, reaching 10.496 billion yuan, with a year-on-year growth of 15.73%, making it the largest contributor to overall revenue [6][7]. - International business and investment banking also experienced growth, with increases of 8.29% and 11.80%, respectively, showcasing resilience amid market challenges [2][15]. Market Context - The overall performance of securities firms in China declined during 2022 and 2023 due to market volatility, but China Galaxy Securities maintained a stable position, leading to an improved ranking [3][4]. - The stock market indices, including the Shanghai Composite and Shenzhen Component, saw increases of 12.7% and 9.3%, respectively, contributing to the positive performance of the securities industry in 2024 [6]. International Expansion - China Galaxy Securities has made significant strides in international business, particularly in Southeast Asia, following the acquisition of local firms and establishing a strong market presence [9][13]. - The company has successfully hosted major financial events, such as the China-ASEAN Business Leaders Summit, enhancing its role as a bridge between Chinese and ASEAN markets [10][11]. Investment Banking Achievements - Despite a general decline in IPOs and refinancing activities in 2024, China Galaxy Securities' investment banking revenue grew by 11.80%, driven by strategic project management and international collaboration [15][16]. - The company successfully facilitated significant transactions, including a major asset restructuring deal valued at 11.5 billion yuan, marking a notable achievement in the investment banking sector [19].

Financial Performance - In 2024, the company achieved a revenue of 27.199 billion yuan (+16.74%) and a net profit attributable to shareholders of 9.637 billion yuan (+38.11%) [1] - The basic earnings per share were 1.15 yuan (+38.55%), with a return on equity (ROE) of 7.44%, an increase of 1.78 percentage points year-on-year [1] Brokerage and Wealth Management - The company reported net income from brokerage services of 6.650 billion yuan (+14.46%), with stock trading volume reaching 23.95 trillion yuan (+28.98%) [2] - The income from the sale of securities reached 4.855 billion yuan (+27.47%), and the scale of financial products sold exceeded 260 billion yuan, growing approximately 22% year-on-year [2] - The margin financing and securities lending balance was 103.686 billion yuan, an increase of 16.52% year-on-year, with a market share of 5.56% [2] Investment Banking - The net income from investment banking was 778 million yuan (+37.46%), with equity underwriting volume at 8.666 billion yuan (-47.05%) [3] - The bond underwriting volume was 29.632 billion yuan (+21.22%), with a significant increase in project scale, including 665 bond issuances [3] - In the offshore bond business, the company completed 60 bond issuances with an underwriting amount of 11.022 billion USD [3] Asset Management - The net income from asset management was 6.885 billion yuan (-10.91%), while the total asset management scale increased to 253.516 billion yuan (+23.87%) [4] - The scale of collective asset management rose by 30.11% to 154.383 billion yuan, and the scale of specialized asset management surged by 205.32% to 17.962 billion yuan [4] - Public fund management scales for subsidiaries increased, with Guangfa Fund and E Fund reaching 146.5507 billion yuan and 205.3608 billion yuan, respectively, reflecting increases of 19.93% and 22.43% year-on-year [4] Alternative Investment and Market Position - The company reported net income from alternative investment business of 7.753 billion yuan (+117.35%), focusing on sectors like hard technology, AI+, advanced manufacturing, and healthcare [4] - The company maintained a leading position in market-making, issuing 84,691 private products with a total scale of 900.744 billion yuan [4] Investment Outlook - The company retains significant advantages in wealth management and strong research capabilities, with expectations for valuation uplift following market recovery and policy reforms [5] - Forecasted basic earnings per share for 2025-2027 are 1.32 yuan, 1.43 yuan, and 1.68 yuan, with corresponding net asset values of 15.36 yuan, 16.64 yuan, and 17.74 yuan [5]

2025年04月15日 证券研究报告|公司研究|公司点评 广发证券（000776）2024 年年报点评: 自营业务表现亮眼,财富管理转型稳步推进 ◆ 公司披露 2024 年年报 2024 年公司实现营收 271.99 亿元（+16.74%），实现归母净利润 96.37 亿 元（+38.11%），扣非后归母净利润 89.15 亿元（+36.99%），基本每股收益 1.15 元(+38.55%)。公司 2024年 ROE 为 7.44%, 较上年同期增加 1.78pct。 ◆ 持续财富管理改革 股基交易量增长 2024 年,公司实现经纪业务净收入 66.50 亿元 (+14.46%),公司股基交易 量达 23.95 万亿元（+28.98%）。公司实现代销买卖证券业务收入 48.55 亿 元（+27.47%）,截至 2024 年 12 月末, 公司代销金融产品保有规模超过 2,600 亿元, 较上年末增长约 22%, 代销金融产品销售额 9,558.93 亿元 (+7.45%)。公司融资融券余额为 1,036.86 亿元,较上年末增长 16.52%, 市场份额 5.56%。 ◆ 债券业务带动投行业务净收入增长 20 ...

公司披露2024年年报 2024年公司实现营业收入637.89亿元（+6.20%），实现归母净利润217.04亿元（+10.06%），扣非后归 母净利润215.66亿元（+11.24%），基本每股收益1.41元（+8.46%）。公司2024年ROE为8.09%，较上年 同期增长o.28pct 财富管理业务规模稳步增长 2024年公司实现经纪业务收入130.06亿元（+6.93%），其中代理买卖证券业务收103.18亿元 （+15.66%），代销金融产品业务收入14.83亿元（12.43%）。经纪业务的主要增长原因得益于市场交易 量增加，2024年国内证券市场股票基金交易量日均规模12.102亿元（+22.03%）。截至报告期未，客户 数量累计超1,580万户，较上年未增长12%，托管客户资产规模突破人民币12万亿元，较上年未增长18% 投行业务稳居行业第一 2024年公司实现投行业务净收入41.59亿元（-33.91%）。主要受政策影响市场IPO大幅收缩。尽管如 此，公司2024年境内业务持续保持市场领先，完成A股公司主承销项目55单，实现规模703.59亿元，市 场份额21.87%，IPO与再融资承销规模均 ...

Core Viewpoint - Dongxing Securities has achieved remarkable performance in the A-share market, leading the industry in revenue and profit growth for 2024, driven by its strong futures and investment trading businesses [1][4][5]. Financial Performance - In 2024, Dongxing Securities reported operating revenue of 9.37 billion yuan, a year-on-year increase of 97.89%, and a net profit of 1.544 billion yuan, up 88.39% [1][4]. - The net profit after deducting non-recurring gains and losses was 1.591 billion yuan, reflecting a growth of 67.46% [1][4]. - The company's total assets reached 105.229 billion yuan, a growth of 5.99% compared to the previous year [5]. Business Segments - The futures business generated operating revenue of 5.244 billion yuan, marking a significant increase of 293.48%, and accounted for 55.97% of total revenue [2][8]. - The investment trading business achieved revenue of 1.849 billion yuan, with an increase of 82.58%, representing 19.73% of total revenue [9]. - Wealth management business revenue was 1.655 billion yuan, showing a slight increase of 0.19%, but its proportion of total revenue decreased to 17.67% [9]. Market Context - As of April 6, 2024, 24 listed brokerages in A-shares had released their annual reports, with Dongxing Securities recording the highest revenue growth [2][5]. - The overall securities industry in China saw a revenue increase of 11.15% year-on-year, with net profits rising by 21.35% [4]. Control Changes - The Ministry of Finance is in the process of transferring its stake in China Orient Asset Management to Central Huijin Investment, which will change the actual controller of Dongxing Securities from the Ministry of Finance to Huijin [3][7].

Group 1: Investment Banking Business - The company actively responds to the tightening of industry and refinancing issuance rhythms, maintaining a client-centered approach and leveraging its "research + investment + banking" advantages to provide quality comprehensive financial services. In 2024, the total scale of equity underwriting reached CNY 1.104 billion, with 4 companies underwritten, ranking 2nd in the market for IPO projects approved during the year [2] - The company completed 36 directed issuances and listings on the New Third Board, raising a total of CNY 10.35 billion, ranking 10th in the industry [2] - The bond financing business showed stable growth, with 678 main underwriting cases in 2024, an 18% year-on-year increase, and a main underwriting scale of CNY 281.189 billion, up 7% year-on-year, ranking 8th in the industry [2] Group 2: Investment Trading Business - In 2024, the company achieved a total investment income and fair value changes of CNY 11.154 billion, a year-on-year increase of 16.78% [3] - The FICC business adopts a dual-driven model of "principal investment + client trading," focusing on deep research to achieve stable investment returns [3] - The equity and derivatives business adheres to a value investment philosophy, maintaining competitive advantages and adjusting strategies in response to market changes [3] Group 3: International Business Layout - The company has established a comprehensive overseas business platform centered in Hong Kong, extending its services to surrounding overseas markets [4] - In 2024, the company participated in 15 IPO underwriting projects, ranking 6th among Chinese brokers, and completed 312 overseas bond projects, ranking 5th in offshore bond underwriting among Chinese brokers [4] - The company continues to innovate in cross-border transactions and services for investors' cross-border investment and risk management needs [4] Group 4: Wealth Management Business - In 2024, the company focused on its core responsibilities in wealth management, enhancing its service capabilities and product offerings [5][6] - The net income from brokerage services reached CNY 46.03 billion, a year-on-year increase of 6.19%, with 763,600 new clients added [6] - By the end of 2024, the market value of client securities custody reached CNY 4.75 trillion, with further improvements in client numbers and asset scale [6] Group 5: Financial Technology Empowerment - The company is advancing its digital transformation, integrating technology applications with business innovation [6] - In 2024, the company invested CNY 1.185 billion in information technology, a year-on-year increase of 9.17% [6] - The company aims to enhance operational efficiency through AI technology and build a standardized, intelligent system while maintaining quality standards [6]

Core Insights - The securities industry is transitioning from "scale expansion" to "value cultivation," with a consensus on prioritizing client interests, leading to a shift from "sell-side" to "buy-side advisory" [1][7] - The performance of advisory services in 2024 shows mixed results, with an average contribution of only 1.1% to total revenue among 23 A-share brokers [1][2] Advisory Business Performance - Eight brokers reported advisory revenues exceeding 100 million yuan, with China International Capital Corporation (CICC) leading at 553 million yuan, followed by CITIC Securities at 507 million yuan [2][3] - CICC and Guotai Junan experienced significant declines in advisory revenue, with decreases of 19.3% and 69.3% respectively, marking them as the only brokers in the "billion club" with negative growth [2][3] Revenue Growth and Decline - The average revenue from advisory services among the 23 brokers was only 1.26 million yuan, with notable declines from Guotai Junan (69.3%) and Huatai Securities (41.5%) [3][4] - Conversely, Fangzheng Securities saw a remarkable increase of 217.5% in advisory revenue, reaching 85 million yuan, indicating a successful transition to a digital advisory platform [4][5] Market Trends and Strategies - Smaller brokers are leveraging advisory services for differentiation, with Zhongyuan Securities achieving the highest advisory revenue ratio at 3.4% [5][6] - The industry is moving towards professionalized services and client segmentation, with larger brokers focusing on comprehensive product offerings while smaller firms target high-net-worth clients [6][7] Innovations and New Approaches - Brokers are exploring new products and channels, including AI and online platforms, to enhance client engagement and service delivery [7][8] - Dongfang Securities launched two product series under its fund advisory business, achieving a total scale of approximately 15.37 billion yuan, reflecting a 7.05% growth [9]