证券研究报告 公司研究 投资评级 上次评级 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 邮储银行(601658) 相关研究 [Table_OtherReport] 邮储银行 2024 三季报点评：营收利润 增速回正，代理费率调整贡献利润 邮储银行 2024 中报点评：对公贷款贡 献规模扩张，资产质量保持平稳 对公贷款贡献扩表，Q1 存款成本率再 下行 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 邮储银行 2024 年报点评：主动调费优化结 构，夯实资本规模稳增 [Table_ReportDate] 2025 年 03 月 29 日 [Table_S 事件：3ummar 月 27y]日晚，邮储银行披露 2024 年财报：营业收入 3,487.75 亿元， 同比增长 1.83%，；归母净利润 864.79 亿元，同比增长 0.24%。平均总资产 回报率为 0.53%，加权平均净资产收益率为 9.84%。 点评： 资产同比增速 8.64%，对 ...

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 ...

Core Insights - CITIC Securities reported a revenue of 63.79 billion yuan for 2024, a year-on-year increase of 6.20%, with a net profit of 21.70 billion yuan, up 10.06% [3][4] - The company’s investment business saw significant growth, with revenues reaching 24.04 billion yuan, a 23.95% increase year-on-year, while the investment banking segment experienced a decline of 35% [3][4][9] - Executive compensation was significantly reduced, with total remuneration for executives dropping nearly 70%, and the chairman's salary decreased by 2.7 million yuan [5][11][14] Financial Performance - CITIC Securities achieved a total operating income of 63.79 billion yuan, with a gross profit margin of 44.69% [4] - The brokerage business generated 16.56 billion yuan, up 27.54%, while asset management brought in 11.47 billion yuan, a 4.31% increase [4] - The company’s self-operated income reached 24 billion yuan, reflecting a 24% increase, attributed to a successful transformation in its investment strategy [9] Investment Banking and Market Activity - The investment banking sector faced challenges, with a 71.65% decline in A-share financing issuance, marking the lowest level since 2014 [6] - CITIC Securities led the industry in IPO income despite a 70% drop, earning 645 million yuan [6][7] - The company completed 22 IPO projects in the Hong Kong market, a 10-project increase from the previous year, and ranked second in underwriting scale [7][8] International Expansion - CITIC Securities International, a wholly-owned subsidiary, reported a net profit of 530 million USD, a 115% increase year-on-year [8] - The company completed 16 equity financing projects in overseas markets, with an underwriting scale of 864 million USD [7][8] Employee Compensation and Structure - The total compensation for executives was 28.76 million yuan, with the average salary for employees remaining stable at 780,400 yuan [12][14] - The number of employees at CITIC Securities remained relatively unchanged, with a total of 26,781 employees [12]