Group 1 - The core viewpoint of the article highlights that MinSen Investment recently conducted research on a listed company, Siquan New Materials, which is expected to achieve a revenue of 656 million yuan in 2024, representing a year-on-year growth of 51.10%, despite a net profit decline of 3.88% [1] - The main drivers for revenue growth include increased market demand, larger orders from North American clients, business synergy from multi-dimensional layout, capacity release from fundraising projects, and upgrades in technology research and development [1] - The decline in net profit is attributed to the inclusion of more subsidiaries in the consolidated financial statements, increased sales and R&D expenses, and provisions for impairment [1] Group 2 - The company is optimistic about its performance growth in 2025, planning to enhance collaboration across multiple business segments, strengthen key technology reserves, advance key project implementations, and promote lean management [1] - Siquan New Materials has established partnerships with well-known automotive companies, indicating a broad application of its products in the automotive sector [1]

Core Viewpoint - Dongfang Securities reported strong financial performance in 2024, driven by significant growth in proprietary investment income, with total revenue and net profit reaching 19.19 billion and 3.35 billion yuan, respectively, marking year-on-year increases of 12.3% and 21.7% [1][2] Financial Performance - In 2024, the company achieved total revenue of 19.19 billion yuan and net profit attributable to shareholders of 3.35 billion yuan, reflecting year-on-year growth of 12.3% and 21.7% [1][2] - The weighted average return on equity (ROE) increased by 0.69 percentage points to 4.14% [1][2] - The operating leverage, excluding client funds, rose by 8.1% to 3.74 times compared to the beginning of the year [1] Quarterly Performance - In Q4, the company reported a significant recovery in performance, with revenue and net profit reaching 5.11 billion and 0.05 billion yuan, respectively, representing year-on-year increases of 50.5% and 146.6% [2] - The recovery in the market contributed to this performance, with the overall equity market, as measured by the Wind All A Index, rising by 10.0% [3] Business Segments - Proprietary investment income surged to 5.38 billion yuan, a year-on-year increase of 81.2%, significantly boosting overall performance [2][3] - Brokerage, investment banking, asset management, interest income, and proprietary income for the year were 2.51 billion, 1.17 billion, 1.34 billion, 1.32 billion, and 5.38 billion yuan, respectively, with declines in brokerage, investment banking, asset management, and interest income, while proprietary income saw substantial growth [2] Market Conditions - The market showed signs of recovery, with average daily trading volume in the two markets reaching 1.8529 trillion yuan, a year-on-year increase of 122.5% [4] - The number of client accounts increased to 2.9198 million, up 8.5% from the beginning of the year, and total custodial assets reached 878.273 billion yuan, a 17.74% increase [4] Asset Management - The asset management business faced challenges, with revenue declining to 1.34 billion yuan, a year-on-year decrease of 33.9% [5] - Despite the decline, the company maintained a leading position in active management, with a ten-year stock investment return rate of 165.10%, ranking first in the industry [5] Long-term Outlook - The company is expected to benefit from the recovery in the capital markets, with projected net profits of 3.62 billion and 3.74 billion yuan for 2025 and 2026, corresponding to price-to-earnings ratios of 22.9 and 22.2, and price-to-book ratios of 1.11 and 1.06 [5]

丨证券研究报告丨 分析师及联系人 [Table_Author] 吴一凡 SAC：S0490519080007 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨东方证券（600958.SH） [Table_Title] 东方证券 2024 年报点评：自营高增提振业绩表 现，期待资管及财富优势显现 报告要点 [Table_Summary] 2024 年东方证券自营投资高增提振整体业绩表现，泛财富条线有所承压但降幅逐步收窄。展望 未来，公司仍是券商在财富管理和资产管理中受益的标杆，资本市场高位运行背景下期待公司 大资管+大财富优势逐步显现，维持买入评级。 [Table_Title 东方证券 2024 2] 年报点评：自营高增提振业绩表 现，期待资管及财富优势显现 [Table_Summary2] 事件描述 东方证券发布 2024 年年报，报告期内分别实现营业收入和归母净利润 191.9、33.5 亿元，同 比分别+12.3%、+21.7%；加权平均净资产收益率同比+0.69pct 至 4.14%；剔除客户资金后的 经营杠杆较年初+8.1%至 3.74 倍。 事件评论 风险提示 1 ...

Core Insights - In 2024, the company achieved operating revenue of 21.333 billion yuan and a net profit attributable to shareholders of 5.694 billion yuan, with a significant increase in Q4 revenue and profit year-on-year [1] Business Performance - Investment banking revenue for the year was 2.583 billion yuan, with the company ranking first in the market for serving Chinese enterprises in global IPOs, completing 28 deals with a total financing amount of 4.424 billion USD [2][4] - The company served 6 A-share IPOs as the lead underwriter, raising 3.590 billion yuan, and completed 19 Hong Kong IPOs with a total underwriting amount of 3.835 billion USD [3][4] - Debt financing saw the company rank fourth in domestic bond underwriting with a scale of 711.224 billion yuan, while it led in overseas bond underwriting among Chinese brokers with 5.266 billion USD [4] Wealth Management - Wealth management revenue reached 6.982 billion yuan, reflecting a year-on-year increase of 1.55%, with total client numbers growing by approximately 1.7 million to nearly 8.5 million [5][6] - The total assets under management in wealth management reached approximately 3.18 trillion yuan, with a product scale of nearly 370 billion yuan [6] Asset Management - The asset management segment generated revenue of 1.096 billion yuan, a 15.01% increase year-on-year, driven by improved net income from non-listed equity and fund investments [6] - The public fund management scale grew to 207.33 billion yuan, a 63% increase, while private equity assets under management reached 457.6 billion yuan, ranking first among brokerage private equity subsidiaries [6] Fixed Income Business - The fixed income business saw significant growth, achieving revenue of 3.706 billion yuan, an increase of 47.13% year-on-year, attributed to product innovation and enhanced customer service [7]

Core Viewpoint - The article discusses the significant personnel change in the asset management sector, highlighting the upcoming transition of Cheng Fei from Guosen Securities to Dongzheng Asset Management, and the implications for both companies in terms of performance and strategy [2][3]. Group 1: Personnel Change - Cheng Fei, Vice President of Guosen Securities and Chairman of Guosen Asset Management, is set to join Dongzheng Asset Management, a well-established brokerage asset management firm [3][11]. - Cheng Fei has nearly 20 years of experience in asset management and has been a key driver of Guosen Asset Management's growth over the past four years [5][6]. Group 2: Performance of Guosen Asset Management - Under Cheng's leadership, Guosen Asset Management's net income from asset management fees increased from 203 million yuan in 2021 to 496 million yuan in 2023, with a year-on-year increase of 81.62% in the first three quarters of 2024 [5][6]. - The growth was attributed to innovative strategies, refined market management, and the use of capital market tools to provide financing services to real enterprises [6]. Group 3: Challenges Faced by Dongzheng Asset Management - Dongzheng Asset Management has faced significant challenges, with its non-monetary management scale declining by 261 million yuan in 2024, causing it to fall out of the top thirty in the industry [3][15]. - The firm has lost investor trust due to continuous losses, with several of its products reporting over 30% losses since inception [13][14]. - The market is closely watching how Dongzheng Asset Management will restructure its research and investment system to seek breakthroughs and establish a distinctive development goal [15].

近期，我们的《对话野村新力量》栏目迎来新的分享嘉宾 —— 野村东方国际证券资产管理部门的吴佳凝。 她分享了自己通过实习项目加入公司的收获和心得，以及作为职场新人获得的个人成长和职场感悟。以 下为对话视频和分享要点。 请简单介绍一下你自己？ 吴佳凝： 大家好，我是吴佳凝，来自野村东方国际证券资产管理部门，担任销售岗位。非常有幸在2022 年在这个岗位实习，并在2024年入职。 为什么有兴趣加入金融行业？ Q 为什么有兴趣加入金融行业？ 吴佳凝： 在英国读高中的时候，作为一个从小被培养商业嗅觉的温州人，我当时学得最好的科目就是经 济，所以大学选择了去英国伦敦政治经济学院（LSE）学习实用性比较强的会计与金融专业。我的学校非 常卷实习，因此在经过了外资银行、咨询、资管等公司的实习，从迷茫到逐渐了解我适合从事什么样的 工作，帮助客户实现资产增值，不仅让我感受到成就感，也加深了我对金融行业的热情。 Q 你如何成功拿到野村的offer？ Q Q 吴佳凝： 加入公司后，我主要负责维护和开拓产品销售渠道、机构及高净值客户。日常工作包括跟踪市 场趋势和产品的动态，并深入了解客户的投资需求，提供合适的资产管理方案。因为我们的客户 ...