Financial Performance - In 2024, the company achieved a revenue of 27.199 billion yuan (+16.74%) and a net profit attributable to shareholders of 9.637 billion yuan (+38.11%) [1] - The basic earnings per share were 1.15 yuan (+38.55%), with a return on equity (ROE) of 7.44%, an increase of 1.78 percentage points year-on-year [1] Brokerage and Wealth Management - The company reported net income from brokerage services of 6.650 billion yuan (+14.46%), with stock trading volume reaching 23.95 trillion yuan (+28.98%) [2] - The income from the sale of securities reached 4.855 billion yuan (+27.47%), and the scale of financial products sold exceeded 260 billion yuan, growing approximately 22% year-on-year [2] - The margin financing and securities lending balance was 103.686 billion yuan, an increase of 16.52% year-on-year, with a market share of 5.56% [2] Investment Banking - The net income from investment banking was 778 million yuan (+37.46%), with equity underwriting volume at 8.666 billion yuan (-47.05%) [3] - The bond underwriting volume was 29.632 billion yuan (+21.22%), with a significant increase in project scale, including 665 bond issuances [3] - In the offshore bond business, the company completed 60 bond issuances with an underwriting amount of 11.022 billion USD [3] Asset Management - The net income from asset management was 6.885 billion yuan (-10.91%), while the total asset management scale increased to 253.516 billion yuan (+23.87%) [4] - The scale of collective asset management rose by 30.11% to 154.383 billion yuan, and the scale of specialized asset management surged by 205.32% to 17.962 billion yuan [4] - Public fund management scales for subsidiaries increased, with Guangfa Fund and E Fund reaching 146.5507 billion yuan and 205.3608 billion yuan, respectively, reflecting increases of 19.93% and 22.43% year-on-year [4] Alternative Investment and Market Position - The company reported net income from alternative investment business of 7.753 billion yuan (+117.35%), focusing on sectors like hard technology, AI+, advanced manufacturing, and healthcare [4] - The company maintained a leading position in market-making, issuing 84,691 private products with a total scale of 900.744 billion yuan [4] Investment Outlook - The company retains significant advantages in wealth management and strong research capabilities, with expectations for valuation uplift following market recovery and policy reforms [5] - Forecasted basic earnings per share for 2025-2027 are 1.32 yuan, 1.43 yuan, and 1.68 yuan, with corresponding net asset values of 15.36 yuan, 16.64 yuan, and 17.74 yuan [5]