Group 1: Wealth Management Business - The company focuses on high-quality customer segments and efficient online operations in wealth management, emphasizing both online and offline customer service and standardized operations [2] - Continuous reforms in wealth management are being implemented to enhance organizational capabilities, resource allocation, and talent support for high-quality development [2] - The company is committed to transforming into a buy-side advisory model, aligning closely with investor interests while maintaining strict compliance [2] Group 2: Investment Banking Business - The company adheres to national strategies and regulatory requirements, prioritizing financial services for the real economy [3] - It aims to strengthen resource accumulation, client development, and professional capabilities in key sectors, focusing on industrial and technology investment banking [3] - The company is enhancing integrated domestic and international operations and improving comprehensive financial service capabilities [3] Group 3: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on providing diverse and strategically superior products [3] - The asset management scale has seen growth, with leading research capabilities; as of March 2025, the public fund management scale of Guangfa Fund and E Fund ranked 3rd and 1st in the industry, respectively, excluding money market funds [3] Group 4: OTC Derivatives Business - As a primary dealer in OTC derivatives, the company leverages its pricing and trading expertise to enhance product creation, strategy innovation, and trading capabilities [3] - The company is expanding its product offerings and structures to provide asset allocation and risk management solutions for institutional clients [3]

Group 1: Business Advantages - The company adheres to national strategies and actively integrates into the new development pattern, serving the real economy with a dual focus on quality and quantity [2] - It maintains a strong corporate culture and a commitment to professional development, focusing on core responsibilities and business areas [2] - The company has a comprehensive business system with balanced structures across investment banking, wealth management, trading, and institutional investment management, holding full business licenses [2] Group 2: Wealth Management Business - As of December 2024, the company’s financial product distribution scale exceeded 260 billion CNY, representing a growth of approximately 22% compared to the previous year [3] - The company emphasizes high-quality client engagement and efficient online operations, integrating both online and offline strategies [3] - It is committed to compliance and risk management, ensuring that business expansion aligns with investor interests [3] Group 3: Investment Banking Business - The company focuses on serving the real economy and adheres to national strategies and regulatory requirements [4] - It aims to enhance its competitive edge in key regions, particularly the Greater Bay Area, by strengthening resource accumulation and client development [4] - The company is accelerating its digital transformation in investment banking while ensuring quality control throughout the process [4] Group 4: Investment Management Business - The investment management segment includes asset management, public fund management, and private fund management, with a focus on providing diverse and strategically superior products [5] - As of the end of 2024, the company’s public fund management scale ranks third in the industry, while its partner fund ranks first [6] - The company is enhancing its research and investment capabilities to improve active management and expand its product offerings [5]

Core Viewpoint - The company reported strong Q1 2025 results with revenue of 5.382 billion yuan, a year-on-year increase of 49%, and a net profit attributable to shareholders of 1.436 billion yuan, up 62% year-on-year, consistent with preliminary performance reports [1] Group 1: Financial Performance - Investment income reached 2.108 billion yuan in Q1 2025, a significant year-on-year increase of 164%, marking the highest quarterly figure since Q4 2015, and serving as a key driver for net profit growth [2] - Brokerage net income was 703 million yuan, reflecting a 45% year-on-year increase, driven by active market trading with an average daily trading volume of 1.7465 trillion yuan, up 71% year-on-year [3] - The investment banking segment showed recovery with net income of 320 million yuan, a 17% year-on-year increase, alongside bond underwriting amounting to 127.1 billion yuan, up 34% year-on-year [3] Group 2: Asset Management and Interest Income - Asset management net income decreased by 17% year-on-year to 301 million yuan, with the net asset value of public funds managed by subsidiaries showing mixed results [4] - Interest income fell by 26% year-on-year to 220 million yuan, primarily due to a 7.8% increase in interest expenses [4] Group 3: Earnings Forecast and Valuation - The company adjusted its full-year investment income assumptions upward, projecting EPS for 2025-2027 to be 0.49, 0.57, and 0.66 yuan respectively, with a slight increase from previous estimates [5] - The target price is set at 12.95 yuan for A-shares and 8.04 HKD for H-shares, maintaining a buy rating based on strong investment performance and brand advantages in the asset management sector [5]

| 2024年营收(亿) 投顾业务占比 | 2024年投资咨询 证券公司 | 2023年投资咨询 | 同比增幅 | | | --- | --- | --- | --- | --- | | | 业务收入(亿元) | 业务收入(亿元) | | | | 2.6% | 中金公司 5.53 | 6.85 | -19.3% | 213.33 | | 0.8% | 中信证券 5.07 | 4.69 | 8.0% | 637.89 | | 2.0% | 中信建投 4.23 | 3.46 | 22.1% | 211.29 | | 1.1% | 申万宏源 2.67 | 2.39 | 11.7% | 247.35 | | 0.4% | 中国银河 1.44 | 1.09 | 32.3% | 354.71 | | 1.2% | 中泰证券 1.34 | 1.22 | 10.4% | 108.91 | | 0.5% | 广发证券 1.28 | 1.24 | 2.9% | 271.99 | | 0.2% | ■泰君安 1.06 | 3.44 | -69.3% | 433.97 | | 1.1% | 方正证券 0.85 | 0.27 | 21 ...

事件：中金公司公布2024 年报，利润好于预期。2024 年中金公司实现营业收入213.3 亿/yoy-7.2%；实 现归母净利润56.9 亿/yoy-7.5%；2024 年加权平均ROE 为5.52%/yoy-0.91pct。 各业务线均有承压，四季度经纪、自营业务加速修复。2024 年公司证券主营收入211.7 亿/yoy-6.8%。 1）主营收拆分看：2024 年公司经纪、投行、资管、其他手续费、净利息、净投资收入分别为42.6、 30.9、12.1、22.8、-13.9、117.2 亿元，收入占比20.1%、14.6%、5.7%、10.8%、-6.6%、55.4%；分别同 比-5.9%、-16.4%、-0.3%、-13.6%、-4.1%、-1.6%。2）四季度业绩加速修复：单季来看，4Q24 公司证 券主营收入78.4亿/yoy+43.0%/qoq+73.6%，其中经纪收入yoy+67.6%/qoq+115%、净投资收入 yoy+50.9%/qoq+76.4%（汇兑收益高增贡献、4Q24 汇兑净收益16.9 亿/去年同期-7.0 亿）；归母净利润 28.4 亿/yoy+83.2%/qoq+350%。 ...