自营投资

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政策利好叠加交投活跃 券商业绩估值有望双升
Zheng Quan Shi Bao· 2025-07-01 18:25
上周,受在港中资券商获批虚拟资产交易牌照利好推动,申万证券二级指数迎来久违的大涨7.62%,为 券商板块上半年行情收官增添了惊艳一笔。 今年上半年,A股一二级市场同步回暖,各类稳市举措不断出台,上市券商上半年经营获得有力支撑。 对此,券商分析师预计,今年上半年,上市券商业绩可维持同比两位数的增长势头。 一二级市场同步升温 数据显示,在刚刚落幕的上半年,A股市场日均成交额为13902亿元,同比增长约61%。截至6月底,市 场两融余额达18505亿元,同比增长25%。此外,今年前5个月,A股新增开户数超1095万户,同比增逾 30%。业内人士表示,相对于去年同期,今年上半年A股二级市场交投明显回暖,将有效推动券商财富 管理业务营收增长。 他强调,2025年一季度,上市券商合计实现投资业务收入486亿元,同比增长46%,且收入占比高达 39%,甚至明显高于经纪业务26%的占比。展望全年,经纪业务虽然受益于市场活跃度回升,但同质化 竞争格局难以打破,投行、资管等轻资产业务仍然承压,各券商业绩表现的胜负手仍是自营投资业务。 "券商的杠杆反映扩表能力与用资效率,与ROE(净资产收益率)直接相关。轻资产业务费率受损的当 下 ...
【私募调研记录】万柏投资调研富淼科技、国投资本
Zheng Quan Zhi Xing· 2025-06-25 00:10
调研纪要:国投资本在自营投资业务上,固收投资将提升策略交易能力和精细化管理,降低负债成本, 强化多资产多策略投资;权益投资坚持绝对收益目标,聚焦中长期稳健投资策略。投行业务方面,国投 证券累计完成北交所上市保荐企业15家,行业排名第四;在审企业8家,行业排名第二。未来国投证券 的重点业务包括产业投行转型、企业家综合服务、"研投顾"财富管理转型、国投产业研究院建设。国投 泰康信托将提升财富管理能力,增强资产配置及标品投资能力,加强与国投集团的协同。金融行业降费 对国投证券收入影响有限,通过多元化业务布局和转型升级应对冲击。 以上内容为证券之星据公开信息整理,由AI算法生成(网信算备310104345710301240019号),不构成投资建议。 调研纪要:富淼科技在三至五年的协同发展规划尚处初步探讨阶段,未形成最终方案。能源外供业务短 期内受煤炭价格波动影响,但长期影响有限。公司审慎决策是否下修可转债转股价格,美国关税政策对 公司直接影响不大。2024年营业收入下降和毛利率下滑主要因价格传导效应和市场竞争加剧,二季度经 营情况有所改善。安庆二、三期建设项目将延迟投资,集中精力确保一期项目建成。安庆项目相关贷款 ...
广发证券(000776):轻资产业务同比显著增长,自营投资业务稳健
Shenwan Hongyuan Securities· 2025-04-30 09:44
上 市 公 司 非银金融 2025 年 04 月 30 日 广发证券 (000776) ——轻资产业务同比显著增长,自营投资业务稳健 报告原因:有业绩公布需要点评 | 买入(维持) | | --- | | 市场数据: | 2025 年 04 月 29 日 | | --- | --- | | 收盘价(元) | 15.33 | | 一年内最高/最低(元) | 18.80/11.13 | | 市净率 | 1.0 | | 股息率%(分红/股价) | 2.61 | | 流通 A 股市值(百万元) | 90,509 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产(元) | 16.23 | | 资产负债率% | 80.89 | | 总股本/流通 A 股(百万) | 7,606/5,904 | | 流通 B 股/H 股(百万) | -/1,702 | 一年内股价与大盘对比走势: 04-29 05-29 06-29 07-29 08-29 09-29 ...
国联民生(601456):业务整合推进,自营投资反转
Guoxin Securities· 2025-04-30 07:38
Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown significant growth in revenue and net profit in Q1 2025, with revenue reaching 1.562 billion yuan, a year-on-year increase of 800.98%, and net profit of 376 million yuan, up 271.95% [1] - The self-operated investment segment has expanded significantly, with revenue of 709 million yuan, a year-on-year increase of 573.27%, indicating a strong performance in investment activities [1] - The integration of Minsheng Securities is expected to enhance the company's investment banking capabilities and overall performance [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.562 billion yuan, with a year-on-year growth of 800.98% and a net profit of 376 million yuan, reflecting a 271.95% increase [1] - The earnings per share (EPS) for Q1 2025 was 0.08 yuan, a 200.00% increase year-on-year [1] - The return on equity (ROE) was 0.96%, up 2.19 percentage points from the previous year [1] Business Segments - Investment business revenue was 709 million yuan, up 573.27% year-on-year, while brokerage business revenue reached 469 million yuan, increasing by 333.69% [1][2] - The investment banking segment generated 174 million yuan in revenue, a year-on-year increase of 124.54%, with bond underwriting volume reaching 33.874 billion yuan, up 197.90% [2] - Asset management revenue was 162 million yuan, reflecting a 13.82% increase year-on-year [3] Financial Projections - The company forecasts net profits of 972 million yuan, 1.102 billion yuan, and 1.251 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 144.6%, 13.4%, and 13.5% [3][4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 55.3, 48.8, and 43.0 respectively, while the price-to-book (PB) ratios are all projected at 1.0 [3][4]
兴业证券(601377):业绩回暖提升,自营财富表现强势
Changjiang Securities· 2025-04-29 06:12
丨证券研究报告丨 [Table_Summary] 2024 年及 2025Q1 兴业证券业绩回暖提升,自营财富表现强势。展望未来,市场回暖下看好公 司发挥业务协同效应在财富管理、机构化进程加速双轮驱动发展战略下的成长性,维持买入评 级。 公司研究丨点评报告丨兴业证券(601377.SH) [Table_Title] 兴业证券 2024A&2025Q1 点评: 业绩回暖提升,自营财富表现强势 分析师及联系人 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 吴一凡 SAC:S0490519080007 SFC:BUV596 兴业证券(601377.SH) cjzqdt11111 [Table_Title 兴业证券 2024A&2025Q1 2] 点评: 业绩回暖提升,自营财富表现强势 事件评论 市场表现对比图(近 12 个月) 丨证券研究报告丨 2025-04-29 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 | 公司基础数据 | | | --- | --- | | [Table_BaseData] 当前 ...
东方财富(300059)2025一季报点评:证券业务随市高增 自营投资扩表提速
Xin Lang Cai Jing· 2025-04-29 02:48
事件描述 东方财富发布2025 年一季报,报告期内实现营业总收入34.9 亿元,同比提升41.9%,实现归母净利润 27.2 亿元,同比提升39.0%,加权平均净资产收益率同比提升0.62pct 至3.3%。 事件评论 一季度业绩同比高增,手续费收入及利息净收入为主要驱动。2025 年一季度,东方财富实现营业总收 入(含投资收益)、归母净利润分别为41.9、27.2 亿元,同比分别+28.1%、+39.0%,加权ROE 为 3.3%,同比+0.62pct。分业务条线来看,电子商务等收入、利息净收入、手续费收入和投资收益分别为 8.1、7.2、19.6、7.0 亿元,同比分别+8.0%、+37.3%、+65.6%、-13.6%。2025 年一季度,公司手续费收 入及利息净收入高增,投资收益有所承压。 基金代销收入企稳回升,预计主要得益于基金市场回暖。2025 年一季度,市场新发股混、债基规模分 别为1101、1191 亿份,同比分别+101.8%、-34.2%,2 月末市场存续股混、债基规模8.02、6.35 万亿 元,同比分别+19.4%、+14.5%。新发及存续基金规模均同比提升,推动公司一季度基金代销收入 ...
财通证券(601108):2024年报及2025一季报点评:财富管理转型成效明显,一季报自营投资拖累业绩
KAIYUAN SECURITIES· 2025-04-27 14:12
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's wealth management transformation has shown significant results, although the self-operated investment has negatively impacted performance in the first quarter [4][5] - The total revenue and net profit for 2024 were 6.29 billion and 2.34 billion yuan, respectively, with a year-on-year change of -4% and +4%, aligning with expectations [4] - The first quarter of 2025 saw total revenue and net profit of 1.07 billion and 290 million yuan, respectively, reflecting a year-on-year decline of -24% and -37%, which was below expectations [4] - The company has adjusted its net profit forecasts for 2025 and 2026 to 2.4 billion and 3.2 billion yuan, respectively, down from previous estimates [4] Financial Performance Summary - The company reported a weighted average ROE of 6.59% for 2024, a slight decrease of 0.08 percentage points year-on-year [4] - The first quarter of 2025 showed an annualized weighted average ROE of 3.16%, down by 2.1 percentage points year-on-year [4] - The company's self-operated investment income decreased significantly, with a year-on-year drop of -95% in Q1 2025, attributed to a weakening bond market [6] - The company's total assets were projected to grow from 133.75 billion yuan in 2023 to 190.26 billion yuan by 2027 [9] Business Segment Performance - The brokerage net income for 2024 and Q1 2025 was 1.41 billion and 420 million yuan, respectively, with year-on-year increases of +18% and +41% [5] - Investment banking net income for 2024 and Q1 2025 was 520 million and 110 million yuan, respectively, reflecting declines of -31% and -24% due to a sluggish primary market [5] - Asset management net income for 2024 and Q1 2025 was 1.55 billion and 260 million yuan, with a slight decrease of -0.3% and a more significant drop of -18% [5] Valuation Metrics - The current stock price corresponds to a price-to-book ratio (PB) of 0.9 for 2025, 0.9 for 2026, and 0.8 for 2027 [4] - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.52, 0.68, and 0.78 yuan, respectively [9] - The company’s projected net profit margins are expected to improve from 37.2% in 2024 to 43.7% by 2027 [9]