56.18 OH 45 55 63 35.08 56 38.99 18.88 38.99 35.08 26.68 19.66 18.98 56.18 26 58 19 all 7/2 - ■■ 我们认为资产重估定价更适合步入宏观稳定期的中国股市。 我们认为日本市场关注留存收益增长对净资产推动，并通过PB定价的思路更有利于低增长的宏观经 济环境，也将更适合未来A股的估值思路转变。基于日本经验，我们认为可以将A股成长性的关注度 从净利润增长转向资产重估增长（分红留存后的ROE增长，计算公式：资产重估增速=ROE×（1-分 红率））。虽然这一策略不适用于处于早期的成长性公司，但对于资产配置和全市场盈利预测将更 有帮助，同时也有利于成熟行业龙头的价值重估。该定价策略的核心假设是中国经济将步入成熟 期，经济增速逐渐走平。 资产重估策略是否有效？ 2024年资产重估增速对行业表现的解释度提升，成为较净利润和净资产增速更有效的基本面指标。 涨幅榜前五的行业中，仅电子的资产重估增速低于中位数水平，在30个一级行业中，2024年资产重 估增速高且滞涨的行业仅三个。我们认为资产重估增速不会陷入线性外推的长期主义估值陷阱，尤 其适 ...

基本面选股组合月报 AEG 估值组合 5 月实现 4.66%超额收益 2025 年 06 月 19 日 ➢ 5 月基本面量化选股组合总体超额稳健。5 月，AEG 估值潜力组合和竞争优 势分别以 7.05%和 4.47%的回报率显著超越其基准指数，实现了 4.66%和 2.92% 的超额回报。统计各策略在股票型公募基金中的相对排名，5 月各策略表现基本 均位于中位数以上。 ➢ 竞争优势组合表现跟踪：5 月回报 4.47%，相对于中证 800 超额收益 2.92%，本年绝对收益 5.98%。策略介绍：竞争壁垒分析框架区分为四类行业： 壁垒护盾型、竞争激烈型、稳中求进型和寻求突破型。全区间表现：竞争优势组 合自 2012 年以来年化收益 17.04%，夏普比率 0.66，信息比率 0.12，最大回撤 -47.68%，卡玛比率 0.36。 ➢ 安全边际组合表现跟踪：5 月回报 3.79%，相对于 wind 全 A 超额收益 1.40%，本年绝对收益 2.06%。策略介绍：竞争优势的核心在于塑造企业的进入 壁垒（即"护城河"）。全区间表现：安全边际组合自2012年以来年化收益22.73%， 夏普比率 1.02，信息比率 ...

Financial Data and Key Metrics Changes - Adjusted profit before tax for Q1 2025 was $96 million, up 42% year-over-year, with revenues growing 28% to $467 million [6][10][18] - Reported return on equity increased to 29%, up six percentage points year-over-year [10] - Adjusted diluted EPS rose to 91¢ per share, reflecting a 32% increase year-over-year [19] Business Line Data and Key Metrics Changes - Clearing revenue grew 18% to $119 million, driven by higher net interest income despite lower average Fed fund rates [20] - Agency and execution revenue surged 42% to $240 million, with securities revenue increasing 59% to $151 million [20][21] - Energy revenue rose 20% to $88 million, benefiting from record volumes and strong demand [21] - Market making revenue grew 27% to $53 million, with security revenues doubling [22] Market Data and Key Metrics Changes - Exchange volumes in Q1 were up 15% year-over-year and 12% compared to Q4 [7] - Average daily value at risk remained low at $3.4 million, indicating effective market risk management [22] - Average balances increased to $17.1 billion, up from $11.3 billion a year ago, reflecting growth in client balances [23] Company Strategy and Development Direction - The company aims to generate reliable earnings growth across cycles by servicing client flow and gaining market share [14] - There is a focus on expanding the prime services offering and enhancing margins in the agency and execution segment [36][41] - The company is actively evaluating M&A opportunities while maintaining strict discipline to meet return targets [32][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's operational resilience and ability to convert higher volumes into revenue and profit growth [30] - The company anticipates continued momentum for the rest of the year, despite potential risks from falling interest rates [31] - Management noted that client health remains strong, with minimal liquidity pressure observed during recent volatility [74][78] Other Important Information - The company successfully executed a $500 million senior notes issuance to enhance liquidity [9][17] - A dividend increase to 15¢ per share was announced for Q1 2025, up from 14¢ in 2024 [10][29] - The firm maintains a strong capital and liquidity position, with total funding increasing to $4.3 billion [28] Q&A Session Summary Question: Insights on the Prime business and its recent performance - Management noted a significant pickup in prime services, indicating unmet demand has been captured, but growth rates may slow [36][37] Question: Contribution from the Arna acquisition - The Arna acquisition closed at the end of Q1, with minimal contribution in the quarter, but early performance in April met expectations [42][43] Question: Divergence between cleared volume growth and commission revenue growth - Management explained that the previous year's unusually positive environment in agriculture affected year-over-year comparisons, but no pricing pressure was noted [48][51] Question: Client clearing balances growth - Average balances grew significantly, driven by increased house liquidity and client onboarding, with expectations for continued growth [59][62] Question: M&A appetite and activity - The company remains active in pursuing acquisitions, with a disciplined approach to ensure target returns are met [66][68] Question: Client health and potential risks - Management reported strong client performance with minimal stress observed, despite recent volatility [74][78] Question: Front office headcount changes - Some remapping of headcount occurred, particularly in the agriculture business, but overall growth and investment in clearing remain strong [80][82]

| | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024 年 | 2023 年 | 本期比上年同期 | 2022年 | | | | | 增减 (%) | | | 营业收入 | 12.353.833.465.06 | 10.627.163.242.97 | 16.25 | 10.659.638.031.35 | | 归属于母公司股东的净利润 | 2.164.048.119.86 | 1.964.371.034.08 | 10.16 | 2.637.075.791.20 | | 归属于母公司股东的扣除非经常性损 益的净利润 | 2.023.177.747.12 | 1.864.556.891.28 | 8.51 | 2.459.552.003.77 | | 经营活动产生的现金流量净额 | 24.143.006.376.01 | -10.360,349,933.12 | 不适用 | 22.656.414.014.09 | | 其他综合收益 | 630.504.956.35 | 225,778,847,78 | 179.26 | 3 ...

| 投资者关系活动 | √特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 □ □ | | | 路演活动 □ 新闻发布会 □ | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 兴证全球基金管理有限公司 朱喆丰 | | 人员姓名 | 博时基金管理有限公司 乔奇兵 | | | 上海东方证券资产管理有限公司 陈思远 | | | 东方基金管理股份有限公司 刘长俊 | | | 海富通基金管理有限公司 胡嘉祥 | | | 天弘基金管理有限公司 丁雪松 | | | 国信证券股份有限公司 张浩冉 | | | 同泰基金管理有限公司 王喜 | | | 高致（上海）投资管理有限公司 李澍 | | | 上海睿亿投资发展中心 李敬尧 | | | 上海仁灏投资 叶鑫 | | | 高致投资 熊凌 | | | 海通资管 肖彦 | | | 兴全基金 黄志远 | | | 杭州俊腾私募基金管理有限公司 刘琳 | | | 首创证券 刘琳 | | | 华鑫国际信托有限公司 王彩江 | | 时间 | 2025 年 4 月 27 日 (周日) 下午 20 ...

Ryman Hospitality Properties, Inc. (NYSE:RHP) Q4 2024 Earnings Conference Call February 21, 2025 11:00 AM ET Company Participants Jennifer Hutcheson - Executive Vice President and Chief Financial Officer Colin Reed - Executive Chairman Mark Fioravanti - President and Chief Executive Officer Patrick Chaffin - Chief Operating Officer Conference Call Participants Aryeh Klein - BMO Capital Markets Equity Research Smedes Rose - Citigroup Duane Pfennigwerth - Evercore ISI Dori Kesten - Wells Fargo Securities Chri ...