国都证券日前宣布，因临近退休年龄，基金经理廖晓东卸任国都聚成混合与国都创新驱动两只产品。而不到两周前，他才卸任了公司基金管理部副总经理 （主持工作）职务。其历任3只公募基金产品任职回报均为负，最多者亏逾六成。 | | | | 基金代码 | | 基金名称 | | | 相关链接 | 基金类型 | 规模(亿元) | 任职时间 | 任职天数 | 任职回报 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 011389 | 国都聚成混合 | | | | 估值图 基金吧 档案 | 混合型-偏股 | 0.12 | 2021-03-25 ~ 2026-01-04 | 4年又286天 | -44.10% | | 002020 | 国都创新驱动 | | | | 估值图 基金吧 档案 | 混合型-灵活 | 0.11 | 2021-02-10 ~ 2026-01-04 | 4年又329天 | -63.78% | | 005247 | 国都量化精选混合 | | | | 估值图 基金吧 档案 | 混合型-灵活 | 0.00 | 2020-05- ...

Core Insights - In the first half of 2025, the company achieved operating revenue of 15.398 billion yuan, a year-on-year increase of 34.38% [1] - The net profit attributable to shareholders reached 6.470 billion yuan, up 48.31% year-on-year [1] - Basic earnings per share were 0.79 yuan, reflecting a 51.92% increase year-on-year [1] - The weighted average return on equity was 4.83%, an increase of 1.44 percentage points year-on-year [1] - A cash dividend of 1.00 yuan (before tax) is proposed for the first half of 2025 [1] Business Performance - The company's brokerage business net income and investment income (including fair value changes) increased, while the net income from investment banking, asset management, interest income, and other revenues decreased [1] - The trading volume of agency stock transactions saw significant growth, maintaining a relatively stable market share, with net income from brokerage fees increasing by 41.96% year-on-year [1] - The scale of equity financing rebounded significantly, while debt financing remained stable, with net income from investment banking fees decreasing by 4.76% year-on-year [1] - The asset management business improved in quality and efficiency, with a slight recovery in revenue contribution from public funds, resulting in an 8.45% year-on-year increase in net income from asset management fees [1] - Both equity and fixed income proprietary investments achieved good performance, with investment income (including fair value changes) increasing by 57.52% year-on-year [1] - The balance of margin financing and market share remained stable, with a continued reduction in stock pledge scale, leading to an 18.46% year-on-year increase in net interest income [1] Investment Outlook - The company experienced significant growth in agency stock transaction volume, with increases in distribution scale, retained scale, and distribution income [2] - Both equity and fixed income proprietary investments performed well, and alternative investment business turned profitable year-on-year, establishing a solid foundation for the company's overall operational performance recovery [2] - The optimization of the asset management business structure and efficiency improvements led to a recovery in revenue contribution from controlled public funds [2] - The expected earnings per share (EPS) for 2025 and 2026 are projected to be 1.39 yuan and 1.46 yuan, respectively, with book value per share (BVPS) expected to be 16.99 yuan and 18.03 yuan [2] - Based on the closing price of 21.67 yuan on September 1, the corresponding price-to-book ratios (P/B) are projected to be 1.28 times and 1.20 times for 2025 and 2026, respectively, maintaining an "overweight" investment rating [2]