Core Viewpoint - The China Securities Regulatory Commission (CSRC) has mandated securities firms to report on their off-exchange securities business for 2024, emphasizing compliance, risk management, and innovative profit models [1][2]. Group 1: Off-Exchange Business Reporting Requirements - Securities firms are required to provide detailed reports on six categories of off-exchange business, including financial derivatives trading, income certificate issuance, cross-border business, and more [1]. - Firms must disclose their business models, risk management measures, and actual profitability related to off-exchange derivatives trading [1][2]. - Specific attention is given to compliance management, including reporting major events such as defaults and significant business risks [1][2]. Group 2: Industry Trends and Developments - The off-exchange business has become a crucial driver for the high-quality transformation of securities firms, optimizing income structure and enhancing risk management [2][3]. - The securities industry achieved a revenue of 451.17 billion yuan in 2024, with a year-on-year growth of 11.2%, and proprietary business income grew by 43% [1][2]. - The shift towards customer-demand-driven business models has allowed firms to mitigate the impact of market volatility on overall profitability [3]. Group 3: Regulatory Focus and Market Impact - The CSRC's requirements reflect a regulatory focus on promoting standardization, preventing risks, and enhancing practical effectiveness in the industry [2]. - Off-exchange derivatives trading provides a differentiated business model that supports investor services and fulfills functional missions [3][4]. - The integration of off-exchange derivatives into the business ecosystem enhances the intermediary role of securities firms, aligning with their market development goals [4].

Group 1 - Southeast Asia is becoming a key destination for Chinese securities firms to expand overseas, with recommendations to focus on Indonesia, Singapore, or Vietnam for a comprehensive layout [1] - The ASEAN market has favorable conditions for overseas expansion, being the fifth-largest economy globally, with strong growth momentum and a mature urbanization process [1] - High population dividends, internet penetration, and rapid development of the digital economy are driving strong financial demand in Southeast Asia [1] Group 2 - The securities market landscape is complex and diverse, showing differentiated development trends across the region [2] - Regulatory frameworks are evolving, with a trend towards mixed operations and flexible regulations attracting foreign investment [2] - Market maturity varies, with Singapore and Malaysia having developed markets, while Indonesia and Thailand are rapidly growing, and the Philippines and Vietnam are still in early development stages [2] Group 3 - Leading institutions have developed local strategies that provide valuable insights for others [3] - SSI has capitalized on the opening of the Vietnamese stock market, enhancing customer acquisition and product quality, becoming the top independent broker in Southeast Asia [3] - UOBKH leverages its parent bank's resources to strengthen regional competitiveness and focuses on a comprehensive range of financial products [3]

Core Insights - The A-share listed securities firms are experiencing a significant recovery in 2024, driven by a series of favorable policies and a rebound in market trading activity [1][2][4] - Major securities firms reported impressive results, with many achieving year-on-year growth in both revenue and net profit [1][2] Industry Performance - In 2024, the overall revenue of 150 securities companies reached 4,511.69 billion yuan, with a net profit of 1,672.57 billion yuan, reflecting year-on-year growth of 11.2% and 21.3% respectively [2] - The self-operated business has become a crucial growth driver, with the industry generating 1,740.7 billion yuan in self-operated income, a 43% increase year-on-year [2][3] Company Highlights - CITIC Securities achieved a revenue of 63.789 billion yuan, up 6.2%, and a net profit of 21.704 billion yuan, up 10.06% [1] - Huatai Securities, Guotai Junan, and other major firms also reported significant revenue and profit growth, with Huatai Securities achieving a revenue of 41.466 billion yuan, up 13.37% [1] - Smaller firms like Hualin Securities and Hongta Securities showed remarkable performance, with Hualin's revenue growing over 41% and net profit increasing approximately 1015% [2] Business Segments - Brokerage and wealth management businesses are showing signs of recovery, with over 90% of the nearly 30 listed securities firms reporting positive growth in brokerage revenue [3] - The investment banking sector remains under pressure, primarily due to a slowdown in IPO activities [3] Future Outlook - The recovery in the securities industry is expected to continue into 2025, with anticipated increases in stock trading volume, financing balances, and equity fund issuance [4] - The trend towards higher asset returns and valuations for securities firms is expected to persist, supported by ongoing capital market reforms and consolidation among quality firms [4]

近年来，头部券商国际业务收入呈现迅猛增长态势，券商国际化也随之成为市场热点话题。大力发展国 际业务，既是证券行业实现高质量发展的应有之义，也是其迈向国际一流投资银行的必经之路。 2024年，行业内150家券商的合计营收和净利润均创下近三年新高，这一成绩的背后，是证券行业在复 杂多变的市场环境中积极转型和持续创新。同时，国际业务的快速发展，无疑成为券商特别是头部券商 业绩增长的重要驱动力。"立足香港、布局亚太、辐射全球"已成为中资券商国际化发展的核心路径。 "当前，中资券商推进国际化战略正迎来历史性发展窗口。"中国人民大学中国资本市场研究院联席院长 赵锡军对《证券日报》记者表示，近年来我国资本市场双向开放不断深化，构建了跨境资本流动的立体 化通道，国际资本对中国投资，尤其是对证券市场的投资不断增加。同时，中资企业"出海"浪潮催生了 丰富的跨境并购、全球发债、境外IPO等多元化需求，为券商国际化业务的发展提供了肥沃土壤。 头部券商持续完善布局 2023年10月底，中央金融工作会议首次提出要"培育一流投资银行和投资机构"，对中资证券公司的国际 化服务能力提出更高要求。近年来，券商国际业务收入显著提升，已成为驱动头部 ...

Group 1 - The establishment of Guotai Haitong Securities has raised questions about whether CITIC Securities can maintain its position as the industry leader [2] - Guotai Haitong Securities' net profit for the first quarter is expected to exceed CITIC Securities, primarily due to negative goodwill from the merger [2][8] - Guotai Haitong Securities anticipates a net profit attributable to shareholders of the parent company between 112.01 billion to 124.45 billion yuan, representing a year-on-year increase of 350% to 400% [4] Group 2 - CITIC Securities expects a net profit of approximately 65.45 billion yuan for the first quarter, reflecting a year-on-year growth of about 32% [7] - Guotai Haitong's net profit, excluding non-recurring gains and losses, is projected to be between 29.73 billion to 33.83 billion yuan, indicating a year-on-year increase of 45% to 65% [8] - The significant growth in Guotai Haitong's net profit is attributed to the merger and the enhancement of its core business competitiveness, particularly in wealth management and trading investment [8] Group 3 - The simulated consolidated financial statements for Guotai Haitong show total assets of 1.73 trillion yuan and net assets attributable to the parent company of 328.3 billion yuan as of the end of 2024, both ranking first in the industry [8] - Major securities firms have reported substantial growth in their first-quarter performance, with Huatai Securities expecting a net profit of 34.37 billion to 36.66 billion yuan, a year-on-year increase of 50% to 60% [10] - Other firms like China Galaxy and CICC also forecast significant profit increases, driven by strong performance in wealth management and proprietary trading [10]

上市仪式现场，上交所与国泰海通签订《证券上市协议》，国泰海通证券股份有限公司A股证券简称由"国泰君安"正 式变更为"国泰海通"，A股证券代码"601211"保持不变。 上海市国资委党委书记、主任贺青在致辞中表示，国泰君安、海通证券的合并重组，对于助力金融强国建设、 增强上海国际金融中心的竞争力和影响力、更好引领证券行业创新发展，具有里程碑意义。合并重组后，国泰 海通将拥有更强大的资本实力、更完善的业务体系、更优秀的专业人才和更广泛的网络布局，将更好助力提升 上海国际金融中心建设能级。 "国泰海通将始终贯彻'投资者为本'的治理理念，为投资者提供稳定回报；始终坚守主责主业提升市场竞争力， 为资本市场发展贡献更大力量、为广大客户创造更多价值；继续推动改革深化提升、实现高质量发展，全面增 强核心功能、提升核心竞争力；积极研究谋划新战略、涵养厚植新文化、系统构建新架构，加快打造具备国际 竞争力与市场引领力的一流投资银行。"国泰海通党委书记、董事长朱健在致辞中表示。 2024年9月，国泰君安与海通证券的合并重组大幕开启。这桩广受市场关注的合并重组项目，一直以"闪电速 度"稳步推进， 两家公司100天即完成了全部公司治理程 ...

Core Viewpoint - Multiple Chinese securities firms, including China Galaxy and Huatai Securities, reported over 50% growth in net profit for the first quarter of 2025, driven by strong performance in wealth management, credit trading, and investment trading [2][12]. Group 1: Company Performance - China Galaxy expects a net profit of 2.773 billion to 3.1 billion yuan for Q1 2025, representing a year-on-year increase of 70% to 90% [3]. - Huatai Securities anticipates a net profit of 3.437 billion to 3.666 billion yuan for Q1 2025, reflecting a year-on-year growth of 50% to 60% [4]. - Huazhong Securities projects a net profit of 502 million to 558 million yuan for Q1 2025, with an increase of 80% to 100% year-on-year [6]. - CITIC Securities expects a net profit of approximately 6.545 billion yuan for Q1 2025, showing a year-on-year growth of about 32% [11]. - Guotai Haitong forecasts a net profit of 11.201 billion to 12.445 billion yuan for Q1 2025, indicating a significant increase of 350% to 400% year-on-year [11]. - Industrial Securities anticipates a net profit of 516 million yuan for Q1 2025, reflecting a year-on-year increase of 57.32% [11]. - Dongwu Securities expects a net profit of 912 million to 1.003 billion yuan for Q1 2025, with a growth of 100% to 120% year-on-year [11]. Group 2: Industry Outlook - Analysts express optimism regarding the securities industry, citing ongoing efforts by the China Securities Regulatory Commission to promote long-term capital inflows and enhance market activity [12]. - Predictions indicate that listed securities firms will see a 21% increase in operating revenue and a 23% increase in net profit year-on-year for Q1 2025 [12]. - The securities sector is viewed as a high-beta segment, with major firms likely to benefit from government support and market stabilization efforts [12][13].

Core Viewpoint - Multiple securities firms are expected to report strong performance in the first quarter of 2025, driven by significant growth in wealth management, investment trading, and investment banking businesses [2][3][4]. Group 1: Earnings Forecasts - Galaxy Securities anticipates a net profit of 27.73 billion to 31 billion yuan for Q1 2025, representing a year-on-year increase of 70% to 90% [3]. - CITIC Securities expects a net profit of approximately 65.45 billion yuan for Q1 2025, reflecting a growth of around 32% year-on-year [4]. - Guotai Junan forecasts a net profit of 112.01 billion to 124.45 billion yuan for Q1 2025, with an expected increase of 350% to 400% year-on-year [4][5]. - Industrial Securities reported a revenue of 27.92 billion yuan for Q1 2025, up 17.48% year-on-year, and a net profit of 5.16 billion yuan, increasing by 57.32% [6]. - Dongwu Securities projects a net profit of 9.12 billion to 10.03 billion yuan for Q1 2025, indicating a growth of 100% to 120% year-on-year [7]. Group 2: Business Growth Drivers - The growth in net profits for these firms is primarily attributed to substantial increases in wealth management and investment trading revenues [4][5][6]. - Guotai Junan's profit growth is also linked to the absorption merger that generated negative goodwill, enhancing its competitive position in core business areas [5]. - The overall market activity has improved, leading to expectations of better-than-expected earnings reports from securities firms [8]. Group 3: Share Buybacks - Several securities firms are initiating share buyback programs to boost market confidence, including Guojin Securities, which plans to repurchase shares worth between 50 million and 100 million yuan [8][9]. - Guotai Junan has proposed a buyback plan with a total fund of 1 billion to 2 billion yuan to enhance shareholder value [9]. - Dongfang Securities intends to repurchase A-shares with a budget of 250 million to 500 million yuan, further indicating a trend among firms to stabilize their stock prices [9].

作 者丨 李域 编 辑丨巫燕玲 图 源丨2 1世纪经济报道 梁远浩 摄 作为新"国九条"实施以来首例头部券商合并重组，国泰君安与海通证券合并后的领导班子及 公司架构备受市场关注。 4月3日晚间，正式完成更名的国泰海通发布首份公告，官宣公司董事长、副董事长、总裁及 高管名单，并明确了新的公司组织架构。 2 1世纪经济报道记者了解到， 国泰海通领导班子融合了国泰君安、海通证券原有班底，原国 泰君安证券董事长朱健任国泰海通董事长，原海通证券董事长周杰任副董事长，1 4位高管中9 位来自国泰君安证券、5位则来自海通证券。 此外，据知情人士透露， 本次合并中有多位从基层长期历练成长起来的年轻干部得以重用， 体现了国泰海通务实专业、市场化年轻化的用人导向。 领导班子集体亮相 公告显示，股东大会选举了1 7名董事，包括内部董事3名，为朱健、李俊杰、聂小刚；股东董 事8名，为周杰、管蔚、钟茂军、陈航标、吕春芳、哈尔曼、孙明辉、陈一江；独立董事6 名，为李仁杰、王国刚、浦永灏、毛付根、陈方若、江宪。股东大会选举产生的董事将与后 续职代会选举产生的职工董事共同组成国泰海通第七届董事会。 股东大会后，国泰海通第七届董事会召开了第一 ...

Core Insights - The investment research capabilities of brokerage firms have significantly improved, leading to a higher quality of recommended stocks, referred to as "golden stocks" [1] - As of April, 37 brokerage firms have collectively recommended 239 unique golden stocks, with 62 stocks being recommended by two or more firms [1] - Qingdao Beer has emerged as a standout, receiving recommendations from 9 firms, while Gree Electric, Muyuan Foods, and BYD each received 5 recommendations, indicating strong market interest [1] Company Summaries - Qingdao Beer (Stock Code: 600600) received 9 recommendations, an increase of 6 from the previous month, and has a total of 13 recommendations over the last three months [2] - Muyuan Foods (Stock Code: 002714) received 5 recommendations, up by 3 from the previous month, totaling 8 over the last three months [2] - Gree Electric (Stock Code: 000651) also received 5 recommendations, an increase of 4 from the previous month, with a total of 10 recommendations in the last three months [2] - BYD (Stock Code: 002594) received 5 recommendations, a decrease of 1 from the previous month, with a total of 4 recommendations over the last three months [2] - In terms of dividends, Qingdao Beer plans to distribute a cash dividend of 2.2 yuan per share, totaling approximately 3 billion yuan, while BYD plans to distribute 39.74 yuan per 10 shares, amounting to about 12 billion yuan [2] Industry Insights - In April, the leading sectors for recommended golden stocks included Electronics (10.8%), Food and Beverage (7.1%), Non-ferrous Metals (6.5%), and Pharmaceutical Biology (6.5%) [3] - The sectors with the most significant increase in recommendation weight compared to the previous month were Pharmaceutical Biology (+3.5%), Transportation (+1.9%), and Building Materials (+1.8%) [3] - Conversely, the sectors with the largest decrease in recommendation weight were Power Equipment (-2.9%), Machinery Equipment (-2.8%), and National Defense and Military Industry (-2%) [3] Performance Insights - In March, a total of 266 golden stocks were recommended, with 130 stocks seeing price increases, representing 48.87% of the total [5] - Among these, 34 stocks had price increases exceeding 10%, and 10 stocks had increases over 20% [5] - The top-performing stock in March was Shenghong Technology, which saw a price increase of 58.69%, followed by Keri International with a 42.45% increase [5][7] - The distribution of recommended stocks in March showed a strong preference for the Industrial and Information Technology sectors, with 59 stocks recommended from this category [8]