每经记者｜王砚丹 每经编辑｜赵云 2024年以来，证券行业呈现明显新老交替特征，众多年满六十的券商高管陆续到龄退休。 5月9日盘后，方正证券发布公告称，公司董事、执行委员会主任、总裁何亚刚先生递交书面辞职报告。 因已到退休年龄，何亚刚申请辞去公司董事、执行委员会主任、执行委员会委员及总裁职务。现任执行 委员会委员、副总裁姜志军接棒。 《每日经济新闻》记者注意到，何亚刚1992年即加入公司，至今已33年。方正证券公告中用"入司于微 时，展志于茂林"，对何亚刚表示了感谢和致敬。 1992年加入证券行业 见证方正证券众多重要时刻 简历显示，何亚刚，湖南益阳人，出生于1964年5月，目前已是超龄服役。纵观其职业生涯，先是从工 学转行金融，又从教师到投行家。 他于1984年7月毕业于中南矿冶学院机械工程专业，获工学学士学位；1988年7月毕业于中南工业大学机 械系矿山机械专业，获工学硕士学位。1987年至1992年期间，他曾任中南工业大学机械系矿山机械教研 室的助教、讲师。 1992年，何亚刚进入证券行业，历经三十余年资本市场变迁。在2020年方正证券年报中，他在"执行委 员会主任致辞"环节，回忆了加入证券行业、与方正 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 09 日 [Table_Title] 财富管理优势突出，聚力打造现代一流投行 [Table_Title2] 中国银河(601881)：2024 年报及 2025 年一季报点评 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 601881 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 19.33/9.7 | | 目标价格： | | 总市值(亿) | 1,428.46 | | 最新收盘价： | 16.20 | 自由流通市值(亿) | 1,771.37 | | | | 自由流通股数(百万) | 7,243 | [Table_Summary] 事件概述 中国银河披露 2024 年年报及 2025 年一季报。2024 年，公司实现营业总收入 354.71 亿元/yoy+5.43%，归 母净利润 100.31 亿元/yoy+27.31%，归母扣非净利润 99.95 亿元/yoy+26.75%；期间公司总股本 109.344 亿股， 扣除当期永续债股 ...

Core Insights - The sudden acquisition of significant wealth, such as through property demolition compensation, can lead to both opportunities and challenges for individuals [1][4][6] Financial Management - Maintaining a stable mindset is crucial to avoid impulsive spending and poor financial decisions after receiving a large sum of money [1][4] - Investment should be approached with caution; individuals should educate themselves or seek professional advice to avoid substantial losses in volatile markets [4][6] - Insurance is essential to protect against unforeseen circumstances that could deplete savings, such as serious illness or accidents [6][9] Family and Community Considerations - It is important to distribute wealth among family members thoughtfully to maintain harmony and ensure everyone understands the value of the money [6][9] - Engaging in charitable activities can provide personal satisfaction and contribute positively to society, reinforcing the importance of giving back [6][9] Lifestyle Maintenance - Continuing with normal life routines, such as work and social activities, is vital for maintaining a balanced perspective and effectively managing newfound wealth [9]

Investment Rating - The report maintains an "Overweight" rating for the securities sector [7]. Core Insights - The overall performance of major securities firms in Q1 2025 shows a significant recovery driven by active trading, with a year-on-year increase in net profit of 92% for major firms [14]. - The report highlights three main themes: 1) Continued expansion of balance sheets driven by financial investments; 2) Growth in investment contributions, indicating strong elasticity; 3) Recovery in light capital businesses, with a notable increase in average daily stock fund turnover [1][4]. Summary by Sections Overall Performance - In Q1 2025, the net profit of 42 listed securities firms reached 522 billion yuan, a year-on-year increase of 83%, driven primarily by investment and brokerage revenues [13][21]. - Major securities firms reported a combined net profit of 387 billion yuan, reflecting a 92% increase compared to the previous year [14]. Asset and Liability Management - The total asset scale of major securities firms grew by 9% quarter-on-quarter, with significant expansions noted in firms like GF Securities, CITIC, and CICC [2][30]. - The leverage ratios showed divergence, with GF and CITIC experiencing increases, while others like Shenwan and招商 saw declines [2][35]. Investment Income - Investment income for major securities firms increased by 52% year-on-year, accounting for 43% of total revenue, marking a 7 percentage point increase [3][37]. - Notable growth in investment income was observed in firms like GF (+106%), Galaxy (+94%), and CICC (+83%) [3][39]. Brokerage, Investment Banking, and Asset Management - The average daily stock fund turnover increased by 71% year-on-year, leading to a 50% rise in brokerage net income across major firms [4][50]. - Investment banking revenues showed a slight recovery with a 5% year-on-year increase, while asset management revenues remained stable [4][19]. Future Outlook - The report anticipates that the competitive landscape will continue to concentrate among leading firms, with wealth management and capital intermediary businesses benefiting from high trading activity [5][15]. - The report recommends focusing on leading securities firms with strong balance sheet management and stable performance, highlighting structural opportunities in mergers and acquisitions [5][16].

晨星（中国）2025年度投资峰会最新议程及嘉宾阵容出炉！ 此次峰会将于5月22日在上海浦东香格里拉酒店举办， 报名截止日期为2025年5月20日。 欢迎扫描 下方二维码或点击文末"阅读原文"进行报名注册。 晨星投资峰会（Morningstar Investment Conference，MIC）是晨星的标志性盛会，拥有超过37年 的历史，足迹遍布中国、美国、澳大利亚、荷兰、印度、南非等国家，持续赋能全球数万名投资 者，实现财富保值与增值。 今年，晨星（中国）投资峰会即将落地上海，立足全球视角，结合海内外实践经验，与行业领袖共 探本土财富管理行业发展之道！ 峰会由晨星中国主办，广州投资顾问学院、嘉信理财、易方达基金、鹏华基金、基煜基金、盈米基 金、广州投资顾问产业链投资有限公司提供赞助支持。 晨星（中国） 2025 年度投资峰会最新议程如下： 主办方 赞助支持 charles SCHWAB 品信理 H M >RNINGSTAR 四) 广州投资顾问学院 缓易方达 投资顾问 了基熔基金 图米基金 《彩 鹏华基金 x 广州投顾产业链接资有限公司 3 2025年5月22日(星期四) Ω 上海浦东香格里拉酒店(上海浦东新 ...

Financial Data and Key Metrics Changes - Total assets reached a new quarterly high of $1.8 trillion, with record organic net new assets of $71 billion, representing a 16% annualized growth rate [5][14] - Adjusted EPS for Q1 was a record $5.15, with gross profit of $1.273 billion, up $45 million sequentially [6][15] - Adjusted pretax margin was approximately 40%, reflecting strong organic growth and expense discipline [15] Business Line Data and Key Metrics Changes - Recruited assets for Q1 were $39 billion, with $16 billion from WinTrust, contributing to a record $167 billion for the trailing twelve months [8][15] - Traditional independent market added approximately $20 billion in assets during Q1, marking a record for the first quarter [8] - Service and fee revenue was $145 million, up $6 million from Q4, driven by strong organic growth and higher IRA fees [17] Market Data and Key Metrics Changes - Overall asset retention remained industry-leading at 98% for Q1 [9] - Client cash balances ended the quarter at $53 billion, down $2 billion sequentially, primarily due to advisory fees paid during the quarter [16] - ICA yield was 337 basis points in Q1, up two basis points from Q4, driven by higher yields on fixed rate contract renewals [17] Company Strategy and Development Direction - The company aims to be the best firm in wealth management, focusing on pursuing novel strategies, creating an extraordinary employee experience, and leading with operational excellence [6][7] - The planned acquisition of Commonwealth Financial Network is expected to enhance service offerings and maintain high advisor satisfaction [10][11] - The company is committed to preserving the Commonwealth community while leveraging LPL's resources to enhance the advisor experience [11][35] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging operating backdrop with rising macroeconomic uncertainty but emphasized the value of professional advice [5] - The company remains optimistic about its growth prospects, driven by strong organic growth and successful onboarding of new businesses [13][24] - Management expressed confidence in maintaining operating leverage while investing in service platforms and supporting the Commonwealth experience [41][45] Other Important Information - The company expects to close the acquisition of Commonwealth in the second half of the year, with a projected leverage ratio of approximately 2.25 times post-acquisition [22] - Core G&A expenses for 2025 are now anticipated to be in the range of $1.73 billion to $1.765 billion, reflecting improved efficiency [19] - The company paused share repurchases following the announcement of the Commonwealth acquisition, with plans to revisit this after onboarding [22][23] Q&A Session Summary Question: Update on Commonwealth acquisition and advisor reactions - Management reported that the transaction is progressing well, with a retention target of 90% and positive engagement with Commonwealth advisors [30][36] Question: Context on expense efficiencies and operating leverage - Management highlighted a focus on automating processes and reducing friction, leading to improved client and employee experiences while maintaining cost efficiency [41][43] Question: Recruiting pipeline outlook in a volatile market - Management noted a new normal in advisor movement around 5%, with confidence in maintaining industry-leading capture rates despite market volatility [50][54] Question: Update on integration and onboarding of Atria and Prudential - Management confirmed that onboarding is on track, with expectations for significant asset retention and EBITDA contributions from both acquisitions [70][74] Question: Internal capacity for onboarding deals and partnerships - Management indicated that while current focus is on Atria and Commonwealth, the team is well-equipped to handle ongoing and future integrations [90][91] Question: Activity in annuity sales and impact from recent acquisitions - Management noted strong annuity sales driven primarily by the onboarding of Prudential, which significantly contributes to overall sales performance [94][95]

Core Viewpoint - The continuous reduction of deposit interest rates by private banks indicates a shift in their strategy due to narrowing net interest margins, regulatory constraints, and downward pressure on market interest rates [2][6][9] Group 1: Deposit Rate Adjustments - In May, Huatuo Bank and Yilian Bank announced further reductions in deposit rates, with Huatuo Bank lowering personal notice deposit rates to 0.8% and 1% for 1-day and 7-day deposits respectively [3] - Huatuo Bank has made multiple adjustments since April, with the maximum reduction for unit products reaching 90 basis points and for personal products 45 basis points [4] - Yilian Bank adjusted its fixed deposit rates for 2-year, 3-year, and 5-year terms down by 20 basis points, reflecting a broader trend among private banks to lower rates [4][5] Group 2: Competitive Landscape - The current highest deposit rates for some private banks have fallen to 1.6%, which is lower than many joint-stock banks and some state-owned banks [5] - The competitive advantage of private banks in attracting deposits through high interest rates is diminishing, leading to a shift towards wealth management products [6][7] Group 3: Financial Performance and Strategy - Private banks are facing slowing net profit growth and declining net interest margins, with a reported net profit of 18.8 billion yuan in Q4 2024, down 7.84% year-on-year [7][8] - Many private banks are now focusing on wealth management as a key growth area, with significant increases in fee and commission income reported [8] - The trend of lowering deposit rates is expected to continue as banks seek to manage funding costs and maintain stable interest margins [9]

Core Viewpoint - ZA Bank, Hong Kong's largest digital bank, reported significant growth in revenue and a reduction in net loss, indicating a positive trend towards profitability despite challenges in the banking sector [1][2]. Financial Performance - Total revenue for 2024 reached HKD 548 million, a year-on-year increase of 52.6% [1]. - Net loss narrowed to HKD 232 million, a 42% improvement compared to the previous year [1]. - Customer deposits grew by 66% to HKD 19.4 billion, while loan volume increased by 5.7% [1]. Net Interest Margin - ZA Bank's net interest margin expanded by 47 basis points to 2.41%, contrasting with the overall decline in the retail banking sector [1][4]. - Net interest income rose by 86% to HKD 489 million, contributing to the bank's move towards breakeven [1]. Leadership Changes - Calvin Ng, a founding member, has taken over as CEO, aiming to enhance user growth and diversify revenue streams [1][2]. Business Diversification - The bank is focusing on reducing reliance on interest income, with plans to launch Hong Kong stock trading services to complement existing offerings in U.S. stocks and cryptocurrencies [1][7]. - Currently, approximately 90% of total revenue comes from interest income, with efforts underway to increase contributions from wealth management services [7]. User Growth Strategy - ZA Bank aims to reach a target of 1 million users by 2025, representing a 25% increase from the current 800,000 users [2][9]. - The bank is adapting its customer acquisition strategy to focus on high-quality users through product-driven and word-of-mouth approaches [9]. Deposit Strategy - The bank's current proportion of demand deposits is around 30%, with plans to increase this to lower funding costs [5]. - Innovative deposit products like the "High-Interest Money Pot" are designed to attract deposits while maintaining customer engagement through task completion [6]. Market Positioning - In a competitive landscape with eight digital banks in Hong Kong, ZA Bank positions itself as a one-stop bank for both corporate and retail clients, offering diversified services [2].

Investment Rating - The report indicates a stable investment outlook for the wealth management market, with an expected growth rate of approximately 8% for 2025, consistent with 2024 [1][9]. Core Insights - The wealth management market has shown signs of recovery in Q2, with a year-to-date growth rate nearing 5%, although this is weaker compared to previous years. Short-term indicators are trending towards normalization [1][2]. - Fixed-income products dominate the market, accounting for 75% of the total, with a total value of approximately 21.7 trillion. Short-term fixed-income products have seen significant growth, now representing 40.2% of the total [1][5]. - Regulatory scrutiny on valuation smoothing mechanisms is increasing, with expectations for compliance and market-based valuation systems to be established by the end of 2025 [1][7]. - The concentration of the wealth management market is rising, with the top 15 institutions holding 88% of the market share, reflecting a trend towards dominance by a few key players [3][15]. Summary by Sections Market Performance - The overall performance of the wealth management market in 2024 is expected to show a trend of lower growth initially, followed by recovery in Q2 due to improved liquidity and a recovering bond market [2]. - The growth rate for state-owned banks' wealth management is projected at 16.6%, outpacing joint-stock banks, while regional banks are expected to achieve the highest growth rate of 19.6% [1][12]. Product Structure and Risk Management - The reliance on valuation smoothing mechanisms has helped stabilize product performance, with a recent improvement in net asset values following a peak in March [4][6]. - The market is witnessing a shift towards short-term fixed-income products, which are becoming more prevalent, while the sales of structured products are declining [5][10]. Regulatory Environment - Regulatory bodies are emphasizing the need for fair and market-based valuation practices, with a focus on reducing risks associated with shadow banking [7][8]. - The anticipated regulatory changes are expected to enhance transparency and accountability in the wealth management sector [6][8]. Client Preferences and Trends - There is a notable preference among investors for low-volatility, stable products, with a significant increase in the popularity of wealth management products compared to traditional savings [27][29]. - High-value clients are growing at a faster rate than retail clients, indicating a shift in focus towards wealthier segments [29][30]. Future Outlook - The wealth management sector is expected to continue evolving, with a focus on enhancing digital capabilities and personalized advisory services to meet client needs [35][36]. - The overall trend indicates a gradual recovery in the wealth management market, driven by regulatory improvements and a more favorable economic environment [9][26].

Core Insights - The annual reports of major internet banks, including WeBank and Ant Bank, reveal a mixed performance in profitability and revenue growth for 2024, with some banks facing increased credit risks and regulatory pressures [1][3]. Financial Performance - WeBank reported an asset scale of 651.77 billion yuan, with a revenue of 38.13 billion yuan, and a net profit of 10.90 billion yuan, showing a slight decrease in revenue by 3.13% but a 1% increase in net profit [2][3]. - Ant Bank's asset scale reached 471.04 billion yuan, with a revenue of 21.31 billion yuan, but its net profit fell by 24.67% to 3.17 billion yuan [2][3]. - NewNet Bank, Baixin Bank, and Yilian Bank also reported revenue growth but faced declines in net profit, indicating a trend of increasing revenue without corresponding profit growth [5][6]. Market Trends - The internet banking sector is experiencing intensified competition and tightening regulations, leading to a focus on risk management and business structure optimization rather than mere scale expansion [6][12]. - WeBank is shifting its lending focus from consumer loans to small and micro-enterprise loans, reflecting a strategic pivot in response to rising credit risks [4][12]. Credit Quality and Risk Management - Ant Bank's credit impairment losses increased to 12.06 billion yuan, contributing to a rise in its non-performing loan ratio to 2.30% [5][6]. - Several banks, including Baixin Bank and Yilian Bank, reported increased credit risks and higher impairment losses, impacting their profitability [5][6]. Business Strategy and Growth Areas - Internet banks are increasingly exploring wealth management and financial advisory services as a new growth avenue, with WeBank managing assets worth 3.24 trillion yuan through partnerships with various financial institutions [11][12]. - The introduction of new regulations on internet lending is prompting banks to refine their operational practices and enhance compliance measures [9][10]. Customer Acquisition and Technology Utilization - Banks are leveraging digital tools and platforms to enhance customer acquisition and service delivery, with Ant Bank reporting over 12 million followers across various social media channels [9][12]. - The focus on digital transformation is evident as banks aim to improve efficiency in customer service and product design through advanced data analytics [12].