2024年，A股市场跌宕起伏，9月后，在一揽子政策利好的推动下，A股市场情绪得到显著提振，券商业绩整体回升。 3月28日，中国证券业协会发布券商2024年度经营数据，证券公司未经审计财务报表显示，150家证券公司2024年度实现营业收 入4511.69亿元，实现净利润1672.57亿元。2024年券商的营收和净利润创下了近三年新高。 在22家已披露2024年成绩单的上市券商中，有17家归母净利润同比增长，占比接近八成，仅有中金公司、光大证券、中泰证 券、信达证券和国联民生证券五家券商净利同比下滑。 值得关注的是，中信证券、华泰证券、国泰君安、招商证券和中国银河五家头部券商归母净利润超过百亿元，其中国泰君安、 招商证券和中国银河等三家券商2024年重新回到"净利百亿俱乐部"。此外，广发证券和东方财富归母净利润也均超95亿元，接 近百亿元。 "2024年，公司大力提升三种能力，分别是持续增强服务的专业性，不断提升业务的协同性和深入强化战略的敏捷性。"国泰君 安董事长朱健表示，2025年，公司要努力实现四个跨越，为建设具备国际竞争力和市场引领力的一流投资银行奠定坚实基础。 | | | | 归属母公司股东的净利润 | ...

在港股市场春潮涌动的2024年，券商板块以"牛市旗手"的姿态再度成为市场焦点，市场热度与投资者关注度持续攀 升。 年报季的来临为投资者提供了关键验证窗口。已披露业绩的港股国际化券商中，业绩分化显著：部分机构展现韧性， 而部分券商出现负增长。其中，兴证国际交出一份远超同业水平的答卷。 一、年内溢利接近翻倍，远超行业平均水平 兴证国际2024年业绩表现亮眼，多项核心财务指标实现跨越式增长。公司全年总收入达8.81亿港元，较2023年的5.4亿 港元大幅增长62.16%；税前溢利从7316万港元跃升至1.34亿港元，同比增长83.55%；年内溢利更是从5456万港元翻倍 至1.08亿港元，同比增幅高达98.11%，展现出强劲的盈利能力。 | | 2023 年 | 2024 年 | 同比增速 | | --- | --- | --- | --- | | 营业收入 | 5.4亿港元 | 8.81 亿港元 | 62.16% | | 税前利润 | 7316万港元 | 1.34 亿港元 | 83.55% | | 归母净利润 | 5456 万港元 | 1.08 亿港元 | 98.11% | 这一业绩表现同一赛道的竞争对手。根据公 ...

Core Viewpoint - The capital market has seen a significant increase in activity since late September 2023, positively impacting brokerage firms' performance and leading to strong financial results for companies like Xingsheng International [1][2]. Group 1: Financial Performance - Xingsheng International reported a revenue of HKD 881 million for the fiscal year 2024, a year-on-year increase of 62.16%, and a net profit of HKD 108 million, up 98.11% [1]. - The company's wealth management service revenue reached HKD 196 million, a growth of 38.01%, while corporate financing services surged by 219.84% to HKD 131 million [2][5]. - Financial products and investment business revenue amounted to HKD 543 million, reflecting a 56.87% increase [2]. Group 2: Market Trends - The A-share and Hong Kong stock markets have rebounded significantly, with the Hong Kong market seeing new stock listings raising over HKD 80 billion and the Hang Seng Index rising approximately 17.7% [2]. - The bond market also experienced growth, with G3 currency bond issuance in Asia (excluding Japan) increasing by 38.41% year-on-year to USD 175.5 billion [2]. Group 3: Strategic Developments - Xingsheng International obtained the "Cross-Border Wealth Management Connect" pilot qualification, allowing it to provide cross-border investment services to investors in the Greater Bay Area [3][4]. - The company is transitioning its wealth management business from traditional commission-based income to a diversified revenue model that includes products, transactions, and services [4][6]. Group 4: Competitive Positioning - The corporate financing service has become a significant growth driver, with bond underwriting projects increasing by 137% year-on-year, totaling 225 projects and USD 21.33 billion in underwriting scale [5]. - Xingsheng International is focusing on a platform-based and ecological growth strategy, enhancing its competitiveness in the market by integrating its investment banking and wealth management services [5][6]. Group 5: Future Outlook - The ongoing policy support and market recovery are expected to continue benefiting brokerage firms, with Xingsheng International positioned to leverage its strengths in wealth management and institutional services [7][9]. - The company's strong performance and growth potential in both the brokerage and wealth management sectors are likely to enhance its market confidence and valuation [9].

2024 年实现营收121.1 亿/yoy-3.1%，净利润39.0 亿/yoy+15.3%；易方达基金非货基AUM 14310 亿/较年 初+41.1%，排名行业第1/较年初持平。公司公募业务合计利润贡献19.7 亿/yoy+7.9%，利润占比为 20.5%/yoy-5.73pct。券商资管看，广发资管24 年净亏损5.9 亿/23 年亏损2.0 亿；广发资管总AUM 为 2535 亿/较年初+23.9%。 财富管理转型深化，经纪、两融市占率稳健提升。经纪业务方面，24 年公司股基成交额23.9 万 亿/yoy+29.0%，股基市占率为4.09%/较年初+0.22pct；公司实现代买业务净收入53.3 亿/yoy+19.9%，实 现代销业务收入6.5 亿/yoy-17.5%。财富管理转型深化：报告期公司聚焦财富业务高质量客群和高效率 线上运营的发展方向、做好客户拓展；24 年末公司代销保有量超2600 亿/较年初+22%。信用业务方 面，2024 年公司两融业务收入49.4 亿/yoy-5.1%；期末公司两融余额1007 亿/较年初+16.5%，两融市占 率5.56%/较年初+0.17pct。 事件：广发证 ...

Core Insights - The A-share market has shown significant recovery in sentiment post-September 2024, driven by a series of favorable policies, leading to an overall rebound in brokerage performance [1] - In 2024, 150 securities firms reported a total operating income of 451.17 billion yuan and a net profit of 167.26 billion yuan, marking the highest figures in nearly three years [1] - Among the 22 listed brokerages that disclosed their 2024 results, 17 reported year-on-year growth in net profit, indicating a strong recovery trend in the industry [1] Group 1: Brokerage Performance - The top five brokerages by net profit in 2024 were CITIC Securities (21.70 billion yuan), Huatai Securities (15.35 billion yuan), Guotai Junan (13.02 billion yuan), China Merchants Securities (10.39 billion yuan), and China Galaxy Securities (10.03 billion yuan) [3][5] - Guotai Junan, China Merchants Securities, and China Galaxy Securities re-entered the "100 billion net profit club" in 2024, highlighting a significant recovery in their financial performance [1][5] - The overall brokerage industry saw a rebound in trading activity, with increased investor sentiment contributing to improved financial results [5] Group 2: Strategic Developments - Guotai Junan aims to enhance service professionalism, business synergy, and strategic agility as part of its growth strategy for 2025 [1] - China Merchants Securities plans to deepen its wealth management transformation and develop a modern investment banking model, including the launch of a new trading system [2] - The merger between Guotai Junan and Haitong Securities is expected to strengthen their market position, with combined total assets projected at 1.73 trillion yuan and net assets at 328.3 billion yuan [5] Group 3: Wealth Management Trends - Several brokerages, including Founder Securities, reported robust growth in wealth management and investment management sectors, with Founder Securities achieving a 42.70% year-on-year increase in brokerage income [7] - Founder Securities also expanded its ETF offerings, with peak ETF scale exceeding 24.9 billion yuan, reflecting a growing demand for diversified investment products [7] - GF Securities reported a 22% increase in the scale of financial products sold, indicating a strong market response to wealth management initiatives [8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a revenue of 21.33 billion yuan for 2024, a decrease of 7.2% year-on-year, and a net profit of 5.694 billion yuan, also down by 7.5% year-on-year. However, Q4 showed a strong recovery with a revenue of 7.884 billion yuan, up 42.7% year-on-year and 73.7% quarter-on-quarter, and a net profit of 2.836 billion yuan, up 83.2% year-on-year and 350.2% quarter-on-quarter [1] - The company maintains a leading position in investment banking and international business, with a focus on transforming wealth management and a solid leverage level [1][2] - The wealth management segment has seen an increase in managed assets, reaching 3.18 trillion yuan, with innovative products leading the industry [3] - The company has successfully expanded its international business, with overseas revenue accounting for 24.88% of total income [3] Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 21.33 billion yuan, down 7.2% from the previous year, and a net profit of 5.694 billion yuan, also down 7.5% year-on-year. The Q4 performance was significantly better, with a revenue of 7.884 billion yuan, marking a 42.7% increase year-on-year and a 73.7% increase quarter-on-quarter [1][5] - The company’s financial assets totaled 371.7 billion yuan at year-end, with a diversified investment structure [2] Investment Banking - The company led the market in serving Chinese enterprises for global IPOs, completing 28 deals and raising 4.424 billion USD, ranking first in the market. It also ranked fourth in domestic bond underwriting [2] Wealth Management - The wealth management product scale increased to 370 billion yuan, with innovative products such as "China 50" and "Public Fund 50" reaching 87 billion yuan, maintaining a leading position in the industry [3] International Business - The company has established a matrix management structure to enhance its international business, with overseas revenue contributing significantly to overall income [3] Future Outlook - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 6.062 billion yuan and 6.520 billion yuan, respectively, reflecting confidence in its business innovation and market position [4]

资管业务为公司传统优势业务，在权益市场稳定上行和财富管理转型的行业趋势下，看好公司凭借大资 管业务优势兑现长期成长。预计公司2025-2027 年归母净利润分别为37.93、40.98、44.76 亿元，同比分 别+13.2%、+8.0%、+9.2%，对应3 月28 日收盘价的PB 估值分别1.03、0.98、0.93 倍，维持"买入"评 级。 风险提示：政策风险、市场大幅波动、经营及业务风险。 公司其他债权投资、其他权益工具投资规模分别同比+21.7%、+211.8%。 事件：东方证券发布2024 年年报，2024 年分别实现营业收入和归母净利润191.90、33.50 亿元，同比分 别+12.3%、+21.7%；四季度分别实现营业收入和归母净利润51.11、0.48 亿元，环比分 别-7.2%、-96.0%，净利润环比大幅下降系Q4 计提管理费用大幅提升。加权平均ROE 同比+0.7pct 至 4.1%，剔除客户资金后经营杠杆较年初增加8.1%至3.74 倍。 投行资管有所承压，客户基础不断扩大。2024 年公司实现经纪、投行和资管净收入分别为25.11、 11.68、13.41 亿元，同比分别-9.7% ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [1]. Core Insights - The company achieved a total revenue of 20.89 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders reached 10.39 billion yuan, up 18.5% year-on-year, with an EPS of 1.13 yuan and a ROE of 8.8%, an increase of 0.9 percentage points year-on-year [9]. - The wealth management transformation has entered a new phase, with brokerage business revenue of 6.18 billion yuan, a year-on-year increase of 11.8%, accounting for 29.9% of total revenue. The company’s market share in brokerage decreased by 0.7 percentage points to 4.51% [9]. - Investment banking revenue declined by 34.2% to 860 million yuan, with a significant drop in equity underwriting scale by 42% to 13.84 billion yuan, ranking 6th in the industry. However, bond underwriting increased by 30.9% to 426.5 billion yuan, ranking 8th [9]. - The asset management business saw a slight revenue increase of 0.6% to 720 million yuan, with total asset management scale at 267.4 billion yuan, a decrease of 9.3% [9]. - The company’s investment strategy remains stable, with net investment income (including fair value) increasing by 41.6% to 9.53 billion yuan [9]. - The forecast for net profit attributable to shareholders for 2025-2027 is 12.3 billion, 13.1 billion, and 14 billion yuan, respectively, with expected year-on-year growth rates of 18%, 7%, and 7% [9]. Financial Summary - Total revenue for 2023 is projected at 19.82 billion yuan, with a year-on-year growth of 3.13%. The net profit for 2023 is estimated at 8.76 billion yuan, reflecting an 8.57% increase [1]. - The company’s P/E ratio is expected to decrease from 19.33 in 2023 to 11.30 by 2027, indicating a potentially undervalued stock as earnings grow [1]. - The company’s total assets are projected to grow from 721.16 billion yuan in 2024 to 821.19 billion yuan by 2027 [15].

Core Viewpoint - CITIC Securities (中信建投) has reported its 2024 annual results, showcasing resilience in a challenging market, with notable achievements in investment banking and wealth management despite a decline in overall industry performance [1][3]. Investment Banking Performance - CITIC Securities achieved significant rankings in investment banking, including first in A-share IPO underwriting and leading in the number of IPOs and underwriting amounts in the Beijing Stock Exchange [1][6][7]. - The firm completed 27 A-share equity financing projects, ranking second in the industry, with a total underwriting amount of 150.60 billion yuan, while IPOs accounted for 12 projects, with an underwriting amount of 61.77 billion yuan, both ranking first [6][7]. - Despite a 48.14% decline in investment banking revenue to 24.91 billion yuan due to a broader market downturn, CITIC's performance was relatively strong compared to the overall market [6]. Wealth Management Transformation - The wealth management segment generated 66.10 billion yuan in revenue, reflecting an 8.97% year-on-year increase, with a notable 62.73% increase in new client accounts [1][3][4]. - High-net-worth client numbers reached a five-year high, indicating successful client acquisition strategies [3][4]. - The firm has enhanced its advisory services and online platforms, contributing to improved client engagement and service delivery [4][5]. Financial Performance - CITIC Securities reported a net profit of 72.23 billion yuan, marking a 2.68% increase year-on-year, with a return on equity of 8.22% [3]. - The firm has shown a recovery trend in profitability compared to the declines experienced in 2022 and 2023 [3]. Dividend Policy - The company has significantly increased its dividend distribution, announcing a cash dividend of 1.65 yuan per 10 shares, with a total dividend payout of 19.78 billion yuan for 2024, representing 32.13% of the net profit [2][10]. - CITIC Securities has implemented a three-year dividend plan, committing to distribute at least 10% of the annual distributable profits in cash each year [10].