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]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 20.89 billion yuan for 2024, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 10.39 billion yuan, up 18.5% year-on-year [5] - The company's brokerage business revenue reached 6.18 billion yuan, growing 11.8% year-on-year, with a significant increase in the number of normal trading clients [7] - The investment banking business showed resilience, with a focus on enhancing its service capabilities and expanding its market presence [7] - The asset management business remained stable, with contributions from joint ventures like Bosera and China Merchants Fund [7] - The self-operated investment net income increased by 42.15% year-on-year, reflecting a stable growth strategy [7] - The company is expected to benefit from a recovering capital market, with adjusted profit forecasts for 2025-2027 showing net profits of 11.68 billion yuan, 13.45 billion yuan, and 15.19 billion yuan respectively [7] Financial Data and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 24.01 billion yuan, 27.09 billion yuan, and 29.89 billion yuan respectively, with corresponding net profits of 11.68 billion yuan, 13.45 billion yuan, and 15.19 billion yuan [6][8] - The return on equity (ROE) is expected to improve from 8.84% in 2024 to 10.47% by 2027 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 15.83 in 2024 to 10.63 in 2027, indicating potential value appreciation [6]

Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Views - The company reported a slight revenue decline of 4.3% year-on-year, with total revenue reaching 9,598.3 million yuan in 2024, while the net profit attributable to the parent company decreased by 28.4% to 3,058.5 million yuan [2][3]. - The non-GAAP net profit increased by 60.7% year-on-year to 30.1 billion yuan, indicating strong operational performance despite the overall revenue decline [1][6]. - The wealth management business is expected to benefit from market recovery, contributing significantly to revenue growth [6]. Financial Data and Profit Forecast - Revenue and profit forecasts for the upcoming years are as follows: - 2025E Revenue: 11,641.45 million yuan, with a year-on-year growth rate of 21.29% [2]. - 2025E Net Profit: 3,663.62 million yuan, with a year-on-year growth rate of 19.78% [2]. - The company anticipates a gradual recovery in earnings, with net profits projected to reach 4,414.44 million yuan by 2027E [2][7]. Business Performance - The brokerage segment showed resilience with a revenue increase of 8% year-on-year, while investment banking and asset management revenues declined by 20% and 22%, respectively [6]. - The company’s financial investment assets grew by 14% year-on-year, reaching 1,407 billion yuan, driven by a significant increase in other debt investments [6]. - The wealth management business accounted for 49% of total revenue, with a notable improvement in gross margin [6]. Market Position and Strategy - The company is positioned as a core subsidiary within the "One Everbright" strategy, aiming to leverage synergies across its financial services [6]. - The report highlights the potential for earnings growth as the company adjusts its operational costs and enhances its service offerings in wealth management [6].

工商银行宋建华：打造"全量+数智+协同"的银行财 富管理体系 （原标题：工商银行宋建华：打造"全量+数智+协同"的银行财富管理体系） 【导读】工商银行高级业务总监宋建华：打造"全量+数智+协同"的银行财富管理体系 中国基金报记者 李树超 张玲 3月26日上午，由中国基金报主办的"2025中国银行业财富管理论坛"在北京举行，论坛主题为"新趋势、 新动能、新发展，开启银行理财高质量发展新篇章"。 会上，围绕商业银行财富管理体系建设，中国工商银行高级业务总监宋建华发表了题为《商业银行升级 财富管理服务的时代担当》的演讲。 他表示，商业银行升级财富管理体系势在必行。不过，要实现质的飞跃，商业银行面临环境复杂收益承 压、专业供给尚需精进、数智赋能支撑不足等三重挑战。商业银行尤其是国有大行可以从大客群、大平 台、大生态"三个大"着手，打造"全量+数智+协同"的大财富管理体系。 商业银行升级财富管理体系 势在必行 在宋建华看来，商业银行财富管理体系的升级势在必行。 他认为，在三重变化的交汇下，通过多元化的金融资产配置实现财富保值增值，是每个家庭守护财富的 必修课，也是财富管理市场迎来爆发式增长的本质逻辑。 二是内在转型所需 ...

金融市场重磅！云济会开启国库券回购，开启财富 稳健增值新时代 据了解，云济会此次回购计划规模庞大，前期经过了充分的市场调研与风险评估，并与相关金融机构、 监管部门保持了密切沟通，确保操作过程合规、透明、高效。财政部相关负责人对云济会的此次举措给 予了高度评价，认为这是市场中金融服务机构主动承担社会责任、积极服务国家战略的典范之作。 业内多位专家分析指出，云济会的这次回购行动，不仅有助于夯实国库券市场的稳定基础，更将在整体 金融体系中释放积极信号，为当前稳增长、防风险、促循环的国家宏观经济目标增添一份助力。同时， 这也为广大新中产阶层提供了一个值得借鉴的资产配置方向，有利于增强市场信心，进一步巩固财富安 全。 【2025年3月21日】近日，云济会正式宣布启动首次国库券回购计划，成为当前金融市场关注的焦点。 据悉，此次回购行动不仅获得了财政部相关领导的高度认可，同时也引发了投资界广泛热议，普遍认为 此举将为新中产阶层财富管理注入全新活力，更将在国家经济发展大局中起到积极推动作用。 近年来，随着我国经济持续稳步增长，新中产阶层规模不断扩大，成为推动社会消费、投资活力的重要 力量。如何实现新中产阶层财富的稳定增长，并 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-on-year increase of 5% [1] - The net profit attributable to shareholders was 9.61 billion yuan, up 17% year-on-year, with a return on equity (ROE) of 12.64%, an increase of 0.70 percentage points [1] - In Q4 alone, total revenue reached 4.3 billion yuan, showing a significant year-on-year increase of 66% and a quarter-on-quarter increase of 82% [1] - The company experienced a substantial increase in commission and fee income, which rose by 23% year-on-year, while net interest income increased by 7% [2] Revenue and Profitability - The company's revenue structure for 2024 consisted of 40% from commission and fees, 16% from interest, 20% from operating income, and 22% from securities investment business [2] - The profit margin improved to 62.7%, an increase of 2.8 percentage points year-on-year, with a Q4 profit margin of 68%, up 13% year-on-year [9] Market Position - The company continued to enhance its market share in securities brokerage and financing, with a market share of 4.14% in stock trading, an increase of 0.12 percentage points year-on-year [3] - The average daily trading amount for A-share stock funds was 1.2 trillion yuan, up 22% year-on-year [3] - The company’s net interest income from margin financing increased by 7% to 2.38 billion yuan, with a market share of 3.17% in margin financing [3] Fund Distribution and Recovery - The revenue from fund distribution, primarily from sales, decreased by 20% to 3.11 billion yuan, but showed a recovery in Q4 with a 6% year-on-year increase [4] - The sales of non-money market funds reached 1.0867 trillion yuan, up 20% year-on-year, indicating a recovery in the fund market [4] Investment Returns - The company’s financial asset scale reached 85.51 billion yuan, a year-on-year increase of 7%, although it decreased by 10% quarter-on-quarter [5] - The investment return rate was 3.91%, a significant increase year-on-year [8] Future Outlook - The company has adjusted its revenue forecasts for 2025-2026 to 12.45 billion yuan and 15.41 billion yuan, respectively, and introduced a new revenue forecast of 21.24 billion yuan for 2027 [10] - The earnings per share (EPS) estimates for 2025-2026 have been revised to 0.79 yuan and 0.96 yuan, with a new EPS forecast of 1.11 yuan for 2027 [10]

公司愿景&业务构成 发挥野村集团的全球平台资源，长期立足中国资本市场，持续投入，逐步发展成为全牌照证券公司； 为中 国客户提供高端的综合金融服务方案。致力于树立中国金融市场上合资证券公司的"经营典范"。 财富管理部 机构业务部 研究部 资产管理部 企业金融部 自营交易部 品宣公关部 财富管理部 整合公司的牌照资源、业务资源、人力资源服务于国内高净值人群和大众理财人群并为其提供相应的专业 化、个性化的财富管理综合解决方案。 部门定位 定位及发展方向 · 财富管理部致力于为中国大陆市场的高端个人及企业投资者提供具有国际水准的咨询及交易服务。 · 凭借野村多年全球化深耕经验，发挥出通过面谈进行财富规划的咨询优势，服务于中国高净值人群。 · 秉承野村传统，通过专业化精细化的财富管理服务团队，一切以客户为中心。 发展 方向 ·立足中国，依托野村全球资源，打造一流的国际化财富管理平台。 ·"客户至上"原则，始终坚持"买方"财富管理理念，与客户共成长。 ·强化服务能力，依托专业财富资源团队，打造一流的财富管理队伍。 机构业务部 机构业务部依托野村集团全球平台、整合公司各业务领域资源，为合格境外机构投资者、国内公募基金、 私 ...

让金钱自我升值，象征迈出了财富管理的第一步 你深谙鸡蛋不能放在同一个篮子里的道理 选择多宝理财，合理配置资产 给未来多一份稳稳的幸福 4 ( ) 岁 成为了时间的朋友 你刚开始明白早规划的人更早掌握主动权 优雅养老早规划，备老投资少不了 现在的一笔投入，可以解锁更无忧的未来 ET 14 只 险是不会过时的经典款 成长这东西 往往五味杂陈又充满惊喜 来看看她们 如何在岁月里 书写自己的"财富启示录" 23岁 初入职场才明白 小处省大处花是弹性生活的省钱心法 每龍三五折 约上闺蜜用美食犒劳自己 在有限的预算里 也能把生活过得有滋有味 D 6 @ trily a ge DI 3 5岁 职场&收入跃升新台阶 找的保单 我的关注 2份> U ↑ > | +7 個度 旅行 张保里 | 人生常备三张保 长期有储备 在对未来负责这个话题里 3.保险产品由对应的保险公司发行与管理，招商银行不承担产品的投资、兑付和风险管理责任。 4.本材料内容仅供参考，具体以保险合同条款等其他法律文件为准。 看见自己的需求，满足自己的渴望 时间的馈赠总是独一无二 这本"财富启示录" 我们会一直续写 风险提示: 1.市场有风险，投资须谨慎。 2. ...

责编：万健祎 近期，大华银行（中国）宣布将其个人银行业务转让给富邦华一银行。去年以来，包括花旗、汇丰等在内 的国际金融巨头也在亚太区域，特别是中国市场，展开了业务布局的调整与优化。 此类业务调整是外资银行对中国市场深刻变迁的敏锐洞察与主动适应。近年来，我国居民对个性化、高质 量财富管理服务需求呈现出快速增长的趋势。外资银行凭借其深厚的服务经验和专业优势，通过调整业务 结构与战略导向，实现了资源的优化配置，不仅满足了中国客户日益增长的财富管理需求，也为中国金融 市场的繁荣发展尽一份自己的力量。 业务布局变化的背后，映射出中国金融市场经历的变革与重塑。汇丰曾在2022年明确表示，2020年至 2025年对中国市场的新增投资有望超过30亿元；渣打集团高管也表态，中国市场具有重要战略意义，致力 于支持其长期发展。这无疑是对中国市场坚定信心的有力证明。 同时，金融监管政策方面的调整，也为外资银行在华发展提供了更为有利的条件。近期，金融监管总局印 发通知，对港澳银行内地分行开办银行卡业务相关事项进行明确，进一步推动高水平开放，加大金融支持 粤港澳大湾区建设力度，深化内地和港澳金融合作。 从现实来看，外资银行在跨境业务、高 ...

近日，有市场消息称，汇丰聆峰将进行人员调整，形式包括裁员、自然减员以及向其他部门进行调动。 对此，汇丰方面回应称，集团对中国市场持有长远的战略承诺，并将其作为优先发展市场，这一承诺没有改变。 券商中国记者了解到，汇丰聆峰创投计划（Pinnacle）项目始于2020年，致力于帮助汇丰在银行网点之外获客，该项 目现已成功结束。 汇丰最新表态 汇丰方面最新回应称，将继续投入，通过服务网点的客户经理、非银行渠道的财富规划师以及数字化工具，继续拓 展获客和客户服务渠道，并拓宽为客户提供的财富管理解决方案。 券商中国记者了解到，此次人员调整传闻所涉及的汇丰聆峰创投计划（Pinnacle）项目始于2020年，致力于帮助汇丰 在银行网点之外获客，该项目现已成功结束。 "我们的财富规划师团队现任职于汇丰保险经纪有限公司，我们通过这家公司提供非银行渠道的综合保险和投资服 务。"汇丰方面表示，集团致力于成为中国内地大众富裕和高净值客户首选的国际财富管理机构。 数据显示，2024年，汇丰集团在中国内地的财富管理投资资产比2023年增长了61%。 据了解，汇丰集团持续投入中国内地市场，对财富管理业务加大布局，涵盖银行端的卓越理财和环球 ...