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五矿证券“双降”英大证券降收增利
Nan Fang Du Shi Bao· 2025-04-29 23:15
日前,多家深圳本土券商母公司披露了2024年财报,五矿证券、英大证券的2024年经营数据也随之披 露。 截至目前,多家总部位于深圳的券商,如招商证券、国信证券等均已发布了2024年财报。从经营结果上 来看,券商业绩出现分化,招商证券、国信证券等头部券商实现了营收、净利润的双增长,中尾部的券 商则正在经历经营压力,五矿证券出现营收、净利润"双降",英大证券则表现为营收下滑。 五矿证券 比年初预计更严重 净利连续三年下滑 据五矿资本的2024年财报,五矿证券在2024年实现营业总收入11.56亿元,同比下降33.73%,实现净利 润2.52亿元,同比下降8.46%。 此前1月份,五矿资本曾披露五矿证券2024年未经审计财报。彼时的数据显示,五矿证券2024年实现营 业收入13.11亿元,同比下滑12.13%;实现净利润2.78亿元,同比下滑12.85%。 与彼时未经审计的财报相比,五矿证券的营收、净利润水平均出现了下滑,这也意味着五矿证券营收、 净利润的"双降"比年初预计的更为严重。 值得注意的是,五矿证券于2022年、2023年分别实现净利润3.77亿元、3.19亿元。这意味着五矿证券的 净利润出现连续三年的下 ...
2024年券商交易单元席位租赁收入排名:中信证券12亿继续领跑,国泰君安跻身前三
Wind万得· 2025-04-29 23:13
上市券商 2024 年报悉数披露完毕,年报中披露的交易单元席位租赁收入,直观综合反映券商服务各类 机构客户交易的能力。统计数据显示, 2024 年度行业 TOP 5 中,中信证券以 12.05 亿元连续两年蝉联 榜首;中信建投以 7.64 亿元继续位列第二名;国泰君安(不含海通证券)以 7.33 亿元跻身前三,比 2023 年提升三个位次;广发证券、长江证券分别以 7.32 亿元、 7.22 亿元位列第四名和第五名,但较去 年排名均下降一位。 2024年度证券公司席位租赁佣金收入排名 | 证券公司 | 2024年 | 排名 | 2023年 | 排名 | 变动 | | --- | --- | --- | --- | --- | --- | | | (万元) | | (万元) | | | | 中信证券 | 120,465.46 | 1 | 154,849.62 | 1 | | | 中信建投 | 76.370.91 | 2 | 112,603.70 | 2 | | | 国泰君安 | 73.283.97 | 3 | 85,657.78 | 6 | 1 3 | | 广发证券 | 73.225.22 | ব | 90,2 ...
股息率直追银行股 券商股投资逻辑有望重构
Zheng Quan Shi Bao· 2025-04-29 20:58
Core Viewpoint - The total cash dividends from financial stocks, including banks, brokers, and insurance companies, reached a three-year high in 2024, indicating a strong focus on shareholder returns in the market [1][2]. Financial Sector Dividend Summary - The total cash dividends from banks amounted to 4,206 billion yuan in 2024, a 2% increase year-on-year, with a stable cash dividend ratio of around 30% and a dividend yield exceeding 4% [2][5]. - Insurance companies collectively distributed 908 billion yuan in dividends, marking a 20% year-on-year growth and a three-year high, although the average cash dividend ratio has been declining [2]. - Listed brokers reported a total cash dividend of 536 billion yuan, a significant 28% increase from the previous year, with an average cash dividend ratio exceeding 30% [2][6]. Broker Dividend Insights - In 2024, seven listed brokers had cash dividend ratios exceeding 50%, with East Wu Securities achieving a dividend yield of 4%, comparable to bank stocks [3]. - The cash dividend ratio for Red Tower Securities was the highest among brokers at 90.63% in 2024, while Industrial Securities had a ratio of 51.88%, up from 44% in 2023 [4]. Investment Logic of Broker Stocks - The increasing cash dividends from brokers raise questions about the traditional investment logic, as their dividend yields are now competitive with those of bank stocks [6]. - Historically, broker stocks were seen as more volatile due to market cycles, making them suitable for flexible investments, but the current trend of higher dividends may shift this perception [6]. Fund Holdings and Market Position - Despite the strong dividend performance, banks and non-bank financial stocks remain underweighted in fund holdings, with bank stocks representing about 3% of the market value and non-bank financials at 0.9% as of the end of Q1 2025 [7]. - The low allocation in these sectors suggests that while dividends are a key consideration for fund managers, the performance volatility linked to economic cycles remains a concern [7].
券商“选股”清单揭晓:一季度新晋96只个股“前十大”
Zheng Quan Ri Bao· 2025-04-29 18:43
券商作为具备投研优势的专业机构,其重仓股的动向一直备受市场关注。 减持方面,一季度,券商共对70只个股进行减持,其中,藏格矿业被3家券商减持,古越龙山、佳都科 技、未名医药被2家券商减持。被减持股份数量最多的个股为伊之密,被国投证券减持727.6万股。 对于券商重仓股的持仓变动,巨丰投资首席投资顾问张翠霞对《证券日报》记者表示:"券商的重仓股 布局情况能在一定程度上反映出其对二级市场的风险偏好。一季度,券商重仓股布局主要集中在电力设 备、化工、机械设备等板块,同时,在银行、电子、医药生物等行业也有所布局,体现了券商对低估值 防御板块和高成长赛道的看好。对于投资者而言,可参考券商重仓股行业偏好与个股选择逻辑,将券商 重仓股布局作为筛选长期潜力板块的参考,但不能盲目跟风或'抄作业'。" 理性看待券商重仓股 近期,随着上市公司一季报密集披露,券商重仓股情况也随之浮出水面。记者梳理发现,有36家券商出 现在224只个股前十大流通股股东名单中,其中,96只个股为券商新进持有,48只个股获券商增持。同 时,券商纷纷披露最新"选股"思路及独到投资策略。 共持有224只重仓股 Wind资讯数据显示,截至4月29日记者发稿,截 ...
又有券商一把手变动,张秋云正式出任中原证券董事长
Mei Ri Jing Ji Xin Wen· 2025-04-29 15:23
Group 1 - Central point: Zhongyuan Securities announced the appointment of Zhang Qiuyun as the new chairman effective April 29, 2025, succeeding Lu Zhilin, who will continue as a director [1] - Zhang Qiuyun has extensive experience in the financial sector, previously serving in various roles including as a director at Zhongyuan Bank and has a background in economic research and financial management [1] - Lu Zhilin was acknowledged for his contributions during his tenure, particularly in optimizing development strategies and enhancing management systems [1] Group 2 - In the 2024 annual report, Zhongyuan Securities reported revenues of 1.69 billion yuan, a year-on-year decline of 14.13%, while net profit attributable to shareholders increased by 16.18% to 246 million yuan [2] - The company's poor performance was attributed to a significant decline in proprietary trading income, which fell to -84 million yuan, a drop of 115.31% year-on-year [2] - Regulatory penalties due to compliance issues have also impacted the company's operations, including a suspension of bond underwriting services from October 17, 2024, to April 16, 2025 [2] Group 3 - The impact of regulatory measures continued into 2025, with the first quarter results showing revenues of 401 million yuan, down 37.73% year-on-year, and net profit of 103 million yuan, a decrease of 21.28% [3] - In February 2025, the company outlined its strategic focus for the year, emphasizing five key areas: wealth management, investment banking, stable self-investment, significant asset management growth, and enhanced subsidiary collaboration [3] - The company aims to strengthen compliance, risk control, technological support, resource allocation, and comprehensive management to improve operational effectiveness and achieve annual targets [3]
“券商从业人员可以炒股了”?真相是→
第一财经· 2025-04-29 14:41
2025.04. 29 本文字数:2437,阅读时长大约4分钟 导读 :允许从业人员开立股票账户"可能是针对员工股权激励、持股计划等特殊情况" 作者 | 第一财经 周斌 近年来,券商从业人员违规炒股屡禁不止。第一财经记者从业内获悉,近日中国证券业协会(下称"中证协")就《证券公司董事、监事、高级管理人员及 证券从业人员投资行为管理指引(试行)(征求意见稿)》(下称《意见稿》)向行业征求意见。 《意见稿》提及,证券公司应当在投资行为管理制度中明确从业人员股票账户管理要求。从业人员确需开立股票账户的,证券公司应当鼓励从业人员在本 公司或本公司关联证券公司指定交易或托管;未在本公司或本公司关联证券公司指定交易或托管的,应当申报股票账户并每月提供交易记录。 上述关于开立股票账户的规定,引发市场对于券商从业人员可以炒股的误读。 "开立股票账户并不意味着能炒股,规则可能是针对员工股权激励、持股计 划等特殊情况允许从业人员开立股票账户。"一位大型券商人士对记者表示,规则的核心还在于要求券商从严防范从业人员违规投资行为以及强化账户申 报管理工作等。 将投资行为规范作为入职、任职、考核的考量因素 据了解,《意见稿》意在防范券商 ...
Is Petrobras (PBR) a Buy as Wall Street Analysts Look Optimistic?
ZACKS· 2025-04-29 14:31
When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Petrobras (PBR) . Petrobras currently has an average brokerage recommendation (ABR) of 1.69, o ...
中信证券(600030):自营灵活调仓释放弹性,投行期待国际业务弹性
CMS· 2025-04-29 13:33
Investment Rating - The report assigns a "Strong Buy" rating for the company, indicating an expected stock price increase exceeding 20% compared to the benchmark index [8]. Core Insights - The company achieved a revenue of 17.8 billion with a year-on-year growth of 29% and a quarter-on-quarter growth of 0.6%. The net profit attributable to shareholders was 6.5 billion, reflecting a year-on-year increase of 32% and a quarter-on-quarter increase of 33% [1]. - The annualized ROE stands at 9.48%, up by 1.39 percentage points year-on-year, with a continued expansion of the balance sheet and an increase in operating leverage to 4.79 times [1]. - The company is expected to benefit from its leading position in investment banking, particularly with the anticipated rebound in international business due to the return of Chinese concept stocks amid US-China tensions [2][3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 17.8 billion, a 29% increase year-on-year, and a net profit of 6.5 billion, up 32% year-on-year. The total assets reached 1.79 trillion, a 5% increase from the beginning of the year [1]. - The revenue breakdown shows that proprietary trading accounted for 55%, brokerage for 21%, asset management for 16%, investment banking for 6%, and other businesses for 3% [1]. Brokerage and Investment Banking - Brokerage income was 3.33 billion, a 36% increase year-on-year, while investment banking income was 980 million, a 12% increase year-on-year. The company maintained a leading market share in refinancing and bond underwriting [2]. - The company has 39 ongoing projects in IPO and refinancing, indicating a robust pipeline for future revenue [2]. Asset Management and Proprietary Trading - Asset management income was 2.56 billion, a 9% increase year-on-year, while proprietary trading income surged to 8.86 billion, a 62% increase year-on-year [3]. - The company’s trading financial assets reached 777.2 billion, a 13% increase from the beginning of the year, reflecting strong performance in proprietary trading [3]. Financial Projections - The company is projected to achieve net profits of 24.6 billion, 28.4 billion, and 32.8 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 15%, and 15% [8][9].
中信证券发布一季报:营收利润双增,多个指标仍居行业第一
Hua Er Jie Jian Wen· 2025-04-29 12:52
Core Viewpoint - CITIC Securities maintains its leading position in revenue and total assets despite mergers among domestic top brokerages [1] Financial Performance - In Q1 2025, CITIC Securities reported operating revenue of 17.76 billion yuan, ranking first in the industry, with a year-on-year growth of 29.13% [2] - The net profit for the same period was 6.55 billion yuan, reflecting a year-on-year increase of 32.00% [2] - Total assets reached 1.79 trillion yuan at the end of Q1, also ranking first in the industry [3] Revenue Growth Drivers - The revenue growth is attributed mainly to increases in wealth management and investment trading business [4] - Investment income saw a remarkable increase of 535.36% year-on-year, rising from 2.28 billion yuan in Q1 2024 to 14.50 billion yuan in Q1 2025 [5][6] Business Segment Performance - All core business segments, including brokerage, investment banking, and asset management, experienced positive year-on-year growth [7] - Specific figures include: - Brokerage net commission income of 3.33 billion yuan, up 36% year-on-year [8] - Investment banking net commission income of 976 million yuan, up 12% year-on-year [8] - Asset management net commission income of 2.56 billion yuan, up 8.69% year-on-year [8] Other Financial Metrics - Operating income from non-operating activities increased over 46 times, primarily due to increased default payments collected by subsidiaries [10] - Fair value changes were negatively impacted by market fluctuations, leading to a significant decrease in fair value gains [11] - Credit impairment losses increased significantly due to provisions for lent funds and repurchased financial assets [12] Subsidiary Performance - CITIC Securities' subsidiary, Huaxia Fund, reported a net profit of 561 million yuan in Q1 2025, continuing its profitable trend [16]
券商Q1业绩亮眼!3700亿龙头实现高增长,净利润同比增32%
Ge Long Hui A P P· 2025-04-29 11:51
Group 1 - The core viewpoint of the articles highlights the strong performance of the brokerage industry in Q1, with significant profit growth reported by major firms like CITIC Securities [1][5][8] - CITIC Securities reported a revenue of 17.761 billion yuan, a year-on-year increase of 29.13%, and a net profit of 6.545 billion yuan, up 32% [1][3] - The increase in CITIC Securities' profits is attributed to higher revenues from wealth management and investment trading [1][3] Group 2 - A total of 41 listed brokerages have released their Q1 reports, with 40 reporting profits, and only Jinlong Co., Ltd. posting a loss of 95.731 million yuan [5][6] - Several brokerages experienced substantial profit increases, with Northeast Securities seeing an 859.84% rise, and Guotai Haitong up 392% [5][6] - The overall brokerage sector is expected to maintain a stable upward trend, with recommendations for strategic investments [7][8] Group 3 - Despite strong earnings, CITIC Securities' stock price has been on a downward trend for over five months, dropping nearly 28% since reaching a historical high [3][6] - As of the latest closing, CITIC Securities' stock price is 25.01 yuan, with a total market capitalization of 370.7 billion yuan [3][6] - The brokerage sector is anticipated to benefit from a low base effect in Q1, with expectations for further mergers and acquisitions [8]