互换便利工具在去年下半年推出，不少券商陆续获得了参与互换便利的业务资格。不过，究竟有哪些券商实 际落地了互换便利业务？参与额度又有多少？部分券商年报有披露。 "我们坚定加大权益投资规模，积极开展互换便利业务，为维护资本市场稳定运行贡献力量。" 方正证券表示 。 有的券商在年报中表示，公司使用互换便利获得的资金持仓股票和股票ETF。还有的券商称，公司主动参与央行 第二批互换便利操作且积极配置A股市场。年报数据显示，有的券商互换便利质押式回购接近50亿元。 买入股票和股票ETF "作为首批获得互换便利业务资格的金融机构，整体参与进度属于同业前列；发挥做市商专业优势，为中小微企 业提供专业化的流动性支持，公司在北交所做市业务中创市场先例，首家通过互换便利账户开展北交所做市业 务，向市场传递积极信号。" 申万宏源表示 。 财通证券称， 互换便利作为国家支持资本市场健康发展的增量政策，为资本市场和行业发展带来了重大政策机 遇。公司积极承接政策，获得互换便利业务资格，并在第一时间完成股票增持的首笔交易。据悉，财通证券使 用互换便利获得的资金持仓股票和股票ETF。 东吴证券称， 响应国家政策号召，成功取得互换便利操作资格， ...

互换便利工具在去年下半年推出，不少券商陆续获得了参与互换便利的业务资格。不过，究竟有哪些券商实际落地了互换 便利业务？参与额度又有多少？部分券商年报有披露。 有的券商在年报中表示，公司使用互换便利获得的资金持仓股票和股票ETF。还有的券商称，公司主动参与央行第二批互换便 利操作且积极配置A股市场。年报数据显示，有的券商互换便利质押式回购接近50亿元。 买入股票和股票ETF "作为首批获得互换便利业务资格的金融机构，整体参与进度属于同业前列；发挥做市商专业优势，为中小微企业提供专业化 的流动性支持，公司在北交所做市业务中创市场先例，首家通过互换便利账户开展北交所做市业务，向市场传递积极信号。" 申万宏源表示 。 财通证券称， 互换便利作为国家支持资本市场健康发展的增量政策，为资本市场和行业发展带来了重大政策机遇。公司积极 承接政策，获得互换便利业务资格，并在第一时间完成股票增持的首笔交易。据悉，财通证券使用互换便利获得的资金持仓 股票和股票ETF。 东吴证券称， 响应国家政策号召，成功取得互换便利操作资格，主动参与央行第二批互换便利操作且积极配置A股市场。 东方证券 稳妥使用互换便利资金，高效筛选合适的A股标的 ...

Core Viewpoint - The introduction of the "swap convenience tool" has allowed various securities firms to enhance their liquidity and investment capabilities, with a focus on balancing functionality and profitability in their operations [1][2][3] Group 1: Implementation of Swap Convenience Tool - The People's Bank of China launched the "swap convenience" initiative to allow qualified securities, fund, and insurance companies to exchange less liquid assets for high-quality liquid assets like government bonds [1] - Several firms, including Shenwan Hongyuan and Dongfang Securities, have actively participated in this initiative, with Shenwan Hongyuan being a pioneer in using the tool for market-making on the Beijing Stock Exchange [1][2] Group 2: Financial Impact and Reporting - China Galaxy reported that its participation in the swap convenience operations has effectively increased its equity investment scale, contributing to the stability of the capital market [2] - Guosen Securities disclosed that the fair value of bonds obtained through swap convenience for repurchase agreements was 2.944 billion yuan, while Zhejiang Securities reported 521 million yuan in restricted equity investments related to this business [2] Group 3: Future Strategies and Goals - Financial institutions like Citic Securities and Dongwu Securities plan to balance the functionality and profitability of the funds obtained through swap convenience, aiming to enhance comprehensive financial service capabilities [3] - Companies are looking to expand their investment scope and maintain market activity by leveraging the advantages of lower funding costs associated with the swap convenience tool [3]

Core Insights - The company reported a revenue of 6.286 billion yuan in 2024, a decrease of 3.55% from 2023's 6.517 billion yuan, while net profit attributable to shareholders increased by 3.9% to 2.34 billion yuan [1][2] - In Q1 2025, the company experienced a significant decline in revenue, reporting 1.069 billion yuan, down 24.16% year-on-year, and a net profit of 290 million yuan, down 36.52% year-on-year, attributed to bond market adjustments and changes in self-operated investment strategies [1][2] Business Segment Performance - Wealth management business generated 1.846 billion yuan in revenue in 2024, up 15.22%, driven by effective client development and a 12.7% increase in client numbers [3] - Investment banking revenue fell sharply to 511 million yuan, a decrease of 33.00%, due to a tightening A-share equity financing market, with total equity financing down nearly 73% year-on-year [3] - Asset management revenue was 1.719 billion yuan, a slight increase of 0.36%, with total assets under management exceeding 300 billion yuan [4] - Securities credit business revenue decreased by 11.51% to 527 million yuan, while overseas securities business revenue fell by 12.58% to 52 million yuan [4] - Self-operated business revenue was 588 million yuan, down 24.95% [4] Financial Metrics - Total assets increased to approximately 144.55 billion yuan in 2024 from 133.75 billion yuan in 2023 [2] - The weighted average return on net assets was 6.59% in 2024, slightly down from 6.67% in 2023 [2] - Cash flow from operating activities showed a significant improvement, reaching approximately 13.72 billion yuan compared to a negative cash flow in the previous year [2]