｜2025年3月31日 星期一｜ NO.1 国泰君安、招商证券、中国银河重回净利百亿俱乐部 近日，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。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。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。 NO.2 中央汇金持有ETF总市值突破万亿元 多只龙头宽基ETF披露2024年年报，中央汇金的持仓动向随之曝光。Wind数据显示，截至2024年末，中 央汇金投资有限责任公司持有ETF的数量为21只，与2024年6月末保持一致；中央汇金投资有限责任公 司全资子公司中央汇金资产管理有限责任公司持有ETF的数量由2024年6月末的9只增至2024年末的15 只。以持有ETF总市值计算，截至2024年末，中央汇金投资有限责任公司 ...

Market Overview - The A-share market experienced significant volatility during the week of February 24-28, 2025, with all major indices declining, particularly the ChiNext index which fell by 4.87% [2] - The Shanghai Composite Index decreased by 1.72%, the Shanghai 50 by 1.61%, the CSI 300 by 2.22%, the CSI 500 by 3.26%, and the CSI 1000 by 2.77% [2] - The market is expected to enter a consolidation phase after a rapid adjustment on February 28, with growth stocks and small-cap stocks likely to remain dominant [2] Valuation Insights - As of February 28, 2025, major indices such as the Shanghai Composite, Shanghai 50, CSI 300, CSI 500, and CSI 1000 are at a "moderate" valuation level, while the ChiNext index is at a "safe" valuation level [2] - In terms of sector performance, industries like oil and petrochemicals, electricity and utilities, food and beverage, agriculture, non-bank financials, and transportation are also rated at a "safe" valuation level [2] Volatility Analysis - The cross-sectional volatility of the CSI 300 and CSI 500 index constituents decreased compared to the previous week, indicating a weakening short-term Alpha environment [3] - Conversely, the cross-sectional volatility of the CSI 1000 index constituents increased, suggesting an improvement in the short-term Alpha environment [3] Fund Flow Tracking - The top five stocks attracting institutional attention this week were Huichuan Technology (480 institutions), Digital政通 (215), Transsion Holdings (194), Juguang Technology (141), and World (136) [4] - Southbound capital saw a net inflow of HKD 749.67 billion during the trading period from February 24 to February 28, 2025, with the Shanghai Stock Connect contributing HKD 413.34 billion and the Shenzhen Stock Connect contributing HKD 336.33 billion [4] - The median return for stock ETFs was -2.68%, with a net outflow of CNY 189.23 billion, while the median return for Hong Kong stock ETFs was -2.85% with a net inflow of HKD 136.43 billion [4]