风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 幸运Huang 来源：雪球 一 、 财报基础运营数据 | 人民币(百万元) | 2023 Q1 | 2023 Q2 | 2023 03 | 2023 Q4 | 2024 01 | 2024 Q2 2024 Q3 | | 2024 Q4 2025 Q1 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 变业收入 | 47,367 | 44,518 | 42.740 | 40,828 | 48,280 | 52,944 | 73,513 | 59.122 | 57,960 | | 归属于上市公司股东的净利润 | 7,127 | 9,433 | 5.510 | 1.789 | 6.755 | 10.115 | 21.254 | 10.976 | 11,695 | | 归属于上市公司股东的扣除非经 常性损益后的净利润 | 7.093 | 9,425 | 5,465 | 1.770 | 6,724 | 10.096 | 21,239 | 10 ...

Core Insights - The company's investment business net income drove growth in Q1 2025, with a significant year-on-year increase of 66.83% to 3.506 billion yuan, contributing 87.05% to the adjusted revenue increase [2] - The company completed the financial asset restructuring, leading to a stable growth in the balance sheet, with financial assets increasing by 5.06% to 378.006 billion yuan compared to the end of 2024 [2] Financial Performance - Q1 2025 revenue and net profit attributable to shareholders were 8.232 billion yuan and 3.642 billion yuan, respectively, reflecting year-on-year growth of 34.83% and 58.97% [1] - The weighted average ROE increased by 0.73 percentage points to 2.10% [1] - The company slightly adjusted its profit forecast for 2025-2027 to 1.42 yuan per share, up from the previous forecast of 1.40/1.41 yuan [1] Market Activity - The company's brokerage business net income increased by 42.6% to 1.936 billion yuan, contributing 35.84% to the adjusted revenue increase, indicating heightened market trading activity [2] - Investment yield improved year-on-year by 0.34 percentage points to 0.75%, showcasing resilience in performance [2] Asset Management - The company began increasing OCI account assets, enhancing interest income and dividend investment returns [2] - The company’s trading financial assets increased by 9.741 billion yuan, while other debt investments rose by 6.910 billion yuan, and other equity tool investments surged by 1.839 billion yuan [2]

本田的EV工厂（资料图，本田提供） 2024年，日本企业对中国的净投资额约为5100亿日元，比2017年达到的最近峰值的1.3万亿日元减 少了6成左右。对美国的净投资额为11.9万亿日元，在各国中最高。日企的海外投资收益方面，来自 中国的收益仅比上年微增，而美国占最多的四分之一以上…… 日本企业的海外投资收益在2024年首次突破30万亿日元。从美国获得的收益占整体的四分之 一以上，成为最大来源。这反映出日本企业扩大企业并购和在美工厂建设的效果。受美国特 朗普政府的关税政策影响，美国经济的不确定性加强，警惕过度依赖美国的声音也在出现。 日本财务省和日本银行（央行）的国际收支统计数据显示，来自海外子公司的股息等收入总 和的"直接投资收益"在2024年同比增长8%，达到30.4万亿日元。连续4年创下历史新高。收益 金额在过去10年内增至大约3倍。 按国家和地区来看，来自美国的收益最多，达到7.9万亿日元，占总收益的26%。金融和保险 业的收益增长尤为明显。由于日元贬值，按美元计价的收益换算成日元的金额增加。 与对美投资形成对比的是，日本企业在中国的业务正趋于低迷。2024年，日本来自中国的直 接投资收益为2.6万亿 ...

Core Viewpoint - The earnings presentation of Kaiwang Technology for the fiscal year 2024 highlighted the company's focus on R&D investment and stable supply chain management, while addressing concerns about investment income and stock market fluctuations due to share unlocks [1][2][3][4]. R&D Investment - The company's R&D expenses account for 6.13% of sales revenue, indicating a commitment to maintaining a competitive edge in precision connection components and related fields [2]. - Kaiwang Technology plans to continue investing in R&D to meet customer demands and enhance product technology [2]. Investment Income - The investment income for 2024 was reported at 1,849,541.51 yuan, showing a decline compared to the previous period due to reduced idle fundraising amounts as projects progressed [2]. - The company aims to improve the investment yield of idle funds in the future [2]. Stock Market Concerns - The upcoming unlock of over 50 million shares is not expected to lead to significant stock price volatility, as the company emphasizes that unlocking does not equate to shareholder sell-offs [3]. - The company will adhere to disclosure obligations if any shareholders decide to reduce their holdings in the future [3]. Supply Chain Management - The procurement channels for key raw materials, such as copper and rubber, are currently stable, with long-term relationships established with suppliers [3]. - The company employs strategies like advance payments and monthly average pricing to mitigate risks associated with price fluctuations in raw materials [3]. Partnerships - Kaiwang Technology has been collaborating with Huawei for several years, primarily supplying waterproof components, although the overall sales volume remains small [4]. - The company also partners with Yushutech, supplying cables and precision cable components, with a low overall sales contribution [4].

Core Insights - CITIC Bank reported a slight increase in revenue and net profit for 2024, with revenue growing by 3.76% and net profit by 2.33%, but these growth rates are at near historical lows [2][3] - The bank's net interest income increased by only 2.19%, and its net interest margin has declined for four consecutive years, reaching 1.77% [6][10] - Non-interest income accounted for 31.3% of total income, but fee income fell by 3.96%, indicating reliance on volatile investment income which grew by 13.3% [10][11] Group 1: Traditional Business Pressure - CITIC Bank's net profit growth has significantly slowed compared to previous years, with a drop from 7.91% in 2023 to 2.33% in 2024 [2][3] - The bank's net interest margin has consistently decreased from 2.26% in 2020 to 1.77% in 2024, ranking fourth among joint-stock banks [6][9] - The bank's interest income was reported at 146.68 billion yuan, with a slight increase attributed to a 4.03% growth in loan volume [10][11] Group 2: Investment as a Key Revenue Driver - To counteract the pressure on net interest margin, CITIC Bank increased its financial investment ratio from 23.5% in 2020 to 27.8% in 2024, with investment income now making up 49% of non-interest income [11][13] - Investment net income reached 29.27 billion yuan, a year-on-year increase of 13.3%, but cash flow from investment activities was negative at -29.53 billion yuan, indicating higher expenditures than returns [13][14] - The bank's reliance on investment income has led to increased volatility in earnings, with fair value changes showing a significant increase of 629.94% [13][14] Group 3: Accumulating Non-Performing Loan Risks - As of the end of 2024, CITIC Bank's non-performing loan balance rose to 66.485 billion yuan, an increase of 2.6% year-on-year [16][17] - The proportion of special mention loans increased to 1.64%, indicating potential risk accumulation [16][17] - The bank's real estate loan non-performing rate was reported at 2.21%, exceeding the industry average, with real estate loans making up 9.81% of total loans [17][18]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 16.00 [8][9] Core Insights - The company reported a significant improvement in underwriting performance, with a net profit of RMB 11.312 billion in Q1 2025, representing a year-on-year increase of 92.7% [1] - The combined operating ratio (COR) improved to 94.5%, a decrease of 3.4 percentage points year-on-year, primarily due to fewer natural disasters in the first quarter [2] - Total investment yield increased by 0.4 percentage points year-on-year to 1.2%, driven by better equity investment performance [1][4] Summary by Sections Underwriting Performance - The company experienced a substantial improvement in underwriting performance, with COR decreasing to 94.5% and underwriting profit increasing by 183.0% to RMB 6.653 billion [2] - The company is expected to maintain a leading position in the industry, with projected COR for 2025 at 97.1% [2] Premium Growth - Insurance service revenue grew by 6.1% year-on-year in Q1 2025, driven mainly by non-auto insurance [3] - Auto insurance revenue showed modest growth of 2.8%, while non-auto insurance revenue increased by 11.7% [3] Investment Income - Total investment yield for Q1 2025 was 1.2%, a year-on-year increase of 56% in total investment income [4] - The company’s net assets increased by 4.7% quarter-on-quarter due to rising profits [4] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025 has been raised to RMB 1.81, with target prices based on discounted cash flow (DCF) valuation remaining unchanged at HKD 16.00 [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 36.00, indicating a potential upside of 31.4% from the current price of HKD 27.40 [1][4][12]. Core Insights - The company has shown strong growth in both assets and liabilities, but there is a need to monitor the decline in net assets. The first quarter of 2025 saw a year-on-year profit growth of 19%, outperforming peers, primarily driven by investment income [2][7]. - Premium income increased by 28% year-on-year, mainly from individual insurance and bancassurance channels, contributing 11.9 and 16.5 percentage points to the growth, respectively [7]. - New business value grew by 67.9% year-on-year in the first quarter, with individual and bancassurance new business premiums increasing by 133% and 95%, respectively [7]. - Total investment income rose significantly by 44% year-on-year, with an annualized total investment return of 5.7%, up by 1.1 percentage points [7]. - The solvency ratio improved significantly, with the core solvency adequacy ratio at 184%, an increase of 60 percentage points from the beginning of the year [7]. Financial Data Summary - Revenue (in million RMB) is projected to be 71,547 in 2023, increasing to 132,555 in 2024, and then slightly decreasing to 131,771 in 2025E [3][14]. - Net profit (in million RMB) is expected to be 8,712 in 2023, rising to 26,229 in 2024, and then decreasing to 23,506 in 2025E [3][14]. - Earnings per share (in RMB) are projected to be 2.79 in 2023, increasing to 8.41 in 2024, and then decreasing to 7.53 in 2025E [3][14]. - The price-to-earnings ratio is projected to be 9.2 in 2023, dropping to 3.1 in 2024, and then slightly increasing to 3.4 in 2025E [3][14]. - The company's total assets are expected to grow from 1,403,257 million RMB in 2023 to 1,921,549 million RMB in 2025E [14][15].

中国人保：一季度取得较好投资收益 金十数据4月30日讯，在一季度业绩说明会上，中国人保集团投资部副总经理陈晖艳表示，一季度，中 国人保积极把握资本市场投资机会，取得了较好投资收益。在权益投资方面，公司坚持"成长与价值并 重"的投资风格，在春节前市场低位果断加仓，有效把握市场阶段性和结构性机会，一季度公司权益类 资产实现正收益。在固定收益方面，公司灵活把握债券配置节奏，加大交易力度。在利率低点卖出，在 利率相对高点加大长久期债券买入力度，有效提升债券资产对投资收益的贡献。 （证券时报） ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has seen a significant increase in revenue, with a year-on-year growth of 26.1% attributed to enhanced investment income. The investment income reached 20.9 billion yuan, a substantial increase of 44.3%, contributing 62.6% to total revenue, which led to a 19.0% increase in net profit attributable to shareholders [1][3] - The company is focusing on transforming its product structure, particularly in promoting mid-to-short term premium payment insurance products, resulting in a 28.0% year-on-year increase in original insurance premium income to 73.22 billion yuan. The first-year premium income for long-term insurance saw a remarkable growth of 149.6% [2][3] - The company achieved an annualized total investment return of 5.7% in the first quarter, with a net investment yield of 2.8%, reflecting a 3.9% year-on-year decline due to pressure on fixed-income assets [3] Financial Forecasts - The projected operating revenue for 2025 is 132.75 billion yuan, with a slight increase of 0.15% from 2024. The net profit attributable to shareholders is expected to be 25.82 billion yuan, a decrease of 1.56% from 2024 [4][8] - The diluted earnings per share (EPS) for 2025 is forecasted to be 8.28 yuan, with a price-to-embedded value (P/EV) ratio of 0.52 [4][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][21]. Core Views - The company reported a significant increase in investment income, driven by improved market activity and expansion in brokerage services, with Q1 revenue reaching 17.761 billion yuan, a year-on-year increase of 29.13% [1]. - The financial investment asset scale expanded to 922.7 billion yuan, with a year-on-year growth of 15.07%, and the annualized investment return rate increased to 3.97% [2]. - The investment banking business showed signs of recovery, with a notable increase in refinancing underwriting, positioning the company as a leader in the industry [3]. - Wealth management and asset management sectors experienced growth due to market recovery and strategic initiatives, with the number of wealth management clients exceeding 15.8 million [4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 177.61 billion yuan, with a net profit of 65.45 billion yuan, reflecting a year-on-year increase of 32.00% [1]. - The weighted average ROE was 2.37%, up by 0.49 percentage points year-on-year [1]. Investment Activities - As of the end of Q1 2025, the company's financial investment assets totaled 922.7 billion yuan, with FVTPL assets at 777.2 billion yuan, and FVOCI equity investments at 91.6 billion yuan, showing a year-on-year increase of 40.57% [2]. Investment Banking - The company underwrote 27 IPOs in Q1 2025, totaling 16.476 billion yuan, while refinancing underwriting increased significantly, with 45 cases totaling 138.34 billion yuan, marking a year-on-year growth of 60.4% [3]. Wealth and Asset Management - The number of wealth management clients grew by 12% year-on-year, reaching over 15.8 million, and the AUM for asset management exceeded 12 trillion yuan, reflecting an 18% year-on-year increase [4].