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 ...

事件：中金公司公布2024 年报，利润好于预期。2024 年中金公司实现营业收入213.3 亿/yoy-7.2%；实 现归母净利润56.9 亿/yoy-7.5%；2024 年加权平均ROE 为5.52%/yoy-0.91pct。 各业务线均有承压，四季度经纪、自营业务加速修复。2024 年公司证券主营收入211.7 亿/yoy-6.8%。 1）主营收拆分看：2024 年公司经纪、投行、资管、其他手续费、净利息、净投资收入分别为42.6、 30.9、12.1、22.8、-13.9、117.2 亿元，收入占比20.1%、14.6%、5.7%、10.8%、-6.6%、55.4%；分别同 比-5.9%、-16.4%、-0.3%、-13.6%、-4.1%、-1.6%。2）四季度业绩加速修复：单季来看，4Q24 公司证 券主营收入78.4亿/yoy+43.0%/qoq+73.6%，其中经纪收入yoy+67.6%/qoq+115%、净投资收入 yoy+50.9%/qoq+76.4%（汇兑收益高增贡献、4Q24 汇兑净收益16.9 亿/去年同期-7.0 亿）；归母净利润 28.4 亿/yoy+83.2%/qoq+350%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 19.85, corresponding to a 0.94x PB for 2025 [8]. Core Insights - The company benefited from a recovery in wealth management and investment businesses, with Q4 performance exceeding expectations. The internationalization and specialization capabilities of the company are expected to continuously strengthen its business advantages, aiming to build a world-class investment bank [3][8]. Financial Summary - For 2023A, the company reported revenue of RMB 22,990.20 million, with a projected decline of 11.87%. The net profit for the same year was RMB 6,156.13 million, down 18.97% year-on-year. The forecast for 2024A shows revenue of RMB 21,333.44 million and net profit of RMB 5,694.34 million, reflecting a decrease of 7.21% and 7.50% respectively [7]. - Q4 single-quarter profit reached RMB 2,840 million, a year-on-year increase of 83.2%, driven primarily by the wealth management and investment business [8]. Business Performance - The wealth management business saw significant improvement, with Q4 brokerage revenue reaching RMB 1,700 million, up 67.6% year-on-year and 115.1% quarter-on-quarter. The asset allocation product scale has grown to nearly RMB 370 billion, marking five consecutive years of positive growth [8]. - The investment business benefited from an improved stock and bond environment, with a Q4 single-quarter investment return rate of 4.8%, an increase of 150 basis points year-on-year and 189 basis points quarter-on-quarter [8]. Industry Outlook - The report anticipates an acceleration in supply-side reforms within the industry, with the company’s international and specialized capabilities expected to solidify its business advantages. The new round of capital market reforms focuses on comprehensive investment and financing reforms, which will create opportunities for high-quality securities firms to accelerate their transformation [8].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 邮储银行(601658) 投资评级 上次评级 [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 邮 箱：zhangxiaohui@cindasc.com 相关研究 [Table_OtherReport] 邮储银行 2024 三季报点评：营收利润 增速回正，代理费率调整贡献利润 邮储银行 2024 中报点评：对公贷款贡 献规模扩张，资产质量保持平稳 对公贷款贡献扩表，Q1 存款成本率再 下行 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 邮储银行 2024 年报点评：主动调费优化结 构，夯实资本规模稳增 [Table_ReportDate] 2025 年 03 月 29 日 充足率分别为 9.56%、11.89%、14.44%，分别相比 2023 年末+0.03pct、 +0.28pct、+0.11 pct。 盈利预测：邮储银行坚持 ...

Core Viewpoint - The transformation journey of CITIC Bank's "new retail" model reflects the evolution of China's retail banking sector, shifting from linear growth based on business scale to a focus on deep customer value extraction [1][16]. Industry Overview - The retail banking sector in China is at a crossroads, facing declining growth rates and profitability amidst a complex market environment [1][2]. - Despite challenges such as low interest rates and high risks, retail banking remains a crucial stabilizing force for banks [1][2]. - The traditional growth model based on scale expansion is becoming less viable, prompting banks to explore new paths focused on wealth management and customer service [1][2][6]. Performance Metrics - In 2024, CITIC Bank's retail assets under management (AUM) grew by 10.62% to 4.69 trillion yuan, while retail loan balances increased by 3.43% to 2.36 trillion yuan [2][6]. - Comparatively, China Merchants Bank (CMB) reported a retail AUM growth of over 12% and a 6% increase in retail loan balances [2]. Strategic Initiatives - CITIC Bank's retail banking strategy emphasizes understanding and adapting to market cycles, with a focus on resilience and strategic adjustments [3][10]. - The bank aims to enhance its retail banking capabilities through systematic and structural improvements, contrasting with competitors that focus on rapid scale maximization [2][10]. Risk Management - In response to rising credit risks, CITIC Bank has implemented various risk management strategies, resulting in a retail loan non-performing ratio of 1.25% in 2024, with improvements in individual loan and credit card delinquency rates [9][10]. Digital Transformation - The bank has invested in digital tools to enhance customer engagement, achieving a 58.8% increase in customer interactions to 106 million in 2024 [13]. - CITIC Bank's digital initiatives include the development of an agile operational framework and the integration of AI capabilities to improve service efficiency [12][13][14]. Customer Engagement - The number of customers with three or more primary services at CITIC Bank reached 24.26 million, a nearly 20% increase year-on-year, highlighting the bank's focus on deepening customer relationships [7][10]. Long-term Vision - CITIC Bank's leadership emphasizes the importance of a strong retail banking foundation for achieving its goal of becoming a top-tier bank, with a commitment to wealth management as a core business axis [10][11].

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 ...

Core Viewpoint - Yunji Association has officially launched its first treasury bond repurchase plan, which is expected to inject new vitality into wealth management for the new middle class and positively impact national economic development [1][3]. Group 1: Market Context - The new middle class in China is expanding and becoming a significant force in driving social consumption and investment vitality [3]. - There is a growing demand for stable asset allocation among investors due to increased market volatility [4]. Group 2: Treasury Bond Repurchase Plan - The treasury bond repurchase is seen as a "top-tier wealth creation tool" backed by national credit, characterized by low risk and high liquidity [3]. - The scale of the repurchase plan is substantial, having undergone thorough market research and risk assessment, ensuring compliance and transparency [4]. Group 3: Strategic Implications - The initiative reflects the company's commitment to social responsibility and active service to national strategy, providing a model for financial service institutions [4]. - The repurchase action is expected to solidify the foundation of the treasury bond market and release positive signals within the overall financial system, contributing to macroeconomic goals of stabilizing growth and preventing risks [4]. Group 4: Future Outlook - The company plans to explore more financial innovation paths and provide diversified wealth management solutions for the new middle class, promoting a positive interaction between personal wealth growth and national economic development [6]. - The treasury bond repurchase plan marks the beginning of the company's deep involvement in the national economic cycle and its commitment to corporate responsibility [6].