Core Viewpoint - The company aims to become a leading domestic and internationally recognized investment bank by enhancing its competitive advantages through various measures in business, client relations, and management [2][4]. Business Strategy - The company will strengthen its professional capabilities by innovating business models, improving product systems, and expanding service scenarios to provide comprehensive financial services [3]. - It plans to offer solutions not only in traditional equity and debt services but also in commodities, foreign exchange, and interest rate products to meet capital market demands [3]. Client Development - The company will leverage its global business layout and regional center construction to enhance its comprehensive financial service capabilities and further expand its client market [3]. Management Approach - The company focuses on improving global control capabilities and management efficiency, emphasizing support for business development and effective risk management [3]. - It has maintained a commitment to global integrated management, aiming for comprehensive oversight of its global operations from its Beijing headquarters [3]. Future Outlook - The company will continue to balance organic growth with external expansion, solidifying its leading position domestically while strengthening its international business [4].

Core Viewpoint - Guolian Minsheng reported a significant decline in both revenue and net profit for the year 2024, with net profit dropping by 40.8% and revenue decreasing by 9.21% compared to the previous year [3][4]. Financial Performance - The net profit attributable to the parent company was 397 million yuan, down 40.8% year-on-year [3]. - Total operating revenue for the year was 2.683 billion yuan, a decrease of 9.21% [3]. - Basic earnings per share fell to 0.14 yuan, down 41.67% year-on-year [3]. - The company proposed a cash dividend of 0.56 yuan per 10 shares, totaling 318 million yuan [3]. Business Segments - The main business segments include brokerage and wealth management, investment banking, asset management and investment, credit trading, and securities investment [3]. - The asset management and investment segment saw a revenue increase of 51.36%, reaching 707 million yuan [4]. - The brokerage and wealth management segment generated 982 million yuan in revenue, up 31.21% year-on-year [3]. - Securities investment revenue plummeted by 67.78%, amounting to 217 million yuan [5]. Investment Banking - Investment banking revenue decreased by 34.18% to 340 million yuan [4]. - The company completed 6 equity financing projects with a total underwriting amount of 2.65 billion yuan, including only 1 IPO project [4]. - The total underwriting amount for domestic bond issuance was 40.268 billion yuan, down from 51.581 billion yuan in 2023 [4]. Fund Management - Guolian Minsheng holds a 75.5% stake in Guolian Fund, which had a total asset management scale of 196.196 billion yuan, a growth of 31.88% year-on-year [5]. - Guolian Fund achieved a revenue of 432 million yuan and a net profit of 61.63 million yuan in 2024 [5]. Executive Compensation - The total compensation for the board of directors and senior management was 14.6429 million yuan, a decrease of 15.18% from 17.2625 million yuan in 2023 [5]. - The chairman's salary was halved from 2.88 million yuan in 2023 to 1.4348 million yuan in 2024 [5]. - The highest-paid executive, Vice President Xu Chun, received a salary of 3.51 million yuan, 2.4 times that of the chairman [6].

Core Viewpoint - The company announced a profit distribution plan for the year 2024, proposing a cash dividend of RMB 0.056 per share, which represents 80.04% of the net profit attributable to shareholders for the year [1][2][5]. Profit Distribution Plan Details - The total cash dividend to be distributed amounts to RMB 318,113,197.14, based on a total share capital of 5,680,592,806 shares [2][4]. - The company's undistributed profits as of December 31, 2024, are RMB 3,132,880,870.62 [2][4]. - The cash dividend will be paid within two months after the shareholders' meeting that approves the distribution plan [3][5]. Historical Comparison - The cash dividend for 2024 is lower than the previous year's total of RMB 402,111,789.86 [4]. - The net profit attributable to shareholders for 2024 is reported at RMB 397,419,308.25, a decrease from RMB 671,319,142.04 in 2022 [4][5]. - The cumulative cash dividends over the last three accounting years total RMB 720,224,987.00 [6]. Compliance and Approval - The profit distribution plan has been approved by the company's board of directors and will be submitted for shareholder approval [5][6]. - The company confirms that it does not fall under any risk warning scenarios as per the stock listing rules [2][3].

Financial Data and Key Metrics Changes - Revenue reached CNY 752.9 billion, up by 10.6% year-on-year [6] - Profit attributable to ordinary shareholders was CNY 58.2 billion, an increase of 1.1% [6] - Dividend payout ratio increased to 27.5%, with a proposed final dividend of CNY 0.36 per share [10][41] Business Segment Data and Key Metrics Changes - Financial segment revenue was CNY 279.469 billion, with profit at CNY 26.49 billion [14] - Non-financial segment revenue grew by 14.7%, contributing to a profit of CNY 14.4 billion [6][8] - Advanced manufacturing revenue increased by 50.793 billion, with profit at $865 million [22] - Advanced materials revenue for Citi Pacific Special Steel was CNY 5.1 billion, down 4.2% year-on-year [26] Market Data and Key Metrics Changes - Overseas revenue grew by 21.8%, accounting for 15.1% of total revenue [73] - International business revenue increased by 16%, ranking first in offshore Chinese bond underwriting [18] - The proportion of overseas assets reached CNY 1.15 trillion, up by 13.7% [73] Company Strategy and Development Direction - The company focuses on steady growth and resilience amid geopolitical tensions and economic challenges [5] - Emphasis on innovation-driven high-quality development, with significant investments in technology [12][13] - Plans to deepen reforms and improve management efficiency while optimizing business structure [50][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in seizing opportunities from macroeconomic policies and improving market conditions [44][45] - The company aims to enhance communication with investors and analysts to improve market evaluation [55] - Future strategies include focusing on emerging sectors and maintaining a strong dividend policy [41][52] Other Important Information - The company achieved a long-term issuer credit rating upgrade to A- with a stable outlook [13] - R&D investment was CNY 25.2 billion, accounting for 3.34% of total revenue [93] - The company has registered over 10,000 valid patents, showcasing its commitment to innovation [93] Q&A Session Summary Question: What are the plans for the dividend payout at your company? - The company has a stable dividend policy, with a payout ratio not lower than 30% by 2026 and a 2024 payout ratio of 27.5% [41] Question: What kind of work has your company done regarding market value management? - The company has seen a 27.5% growth in market value this year, with a total growth of 124% over the past four years [43] Question: What is the progress of the deepening reform and opening up? - The company is enhancing core competitiveness and focusing on financial services to outperform the market [58][60] Question: How will the company respond to geopolitical tensions and protectionism? - The company plans to deepen international collaboration and enhance its global competitiveness [66][74]

文/梧桐小编 3月21日，上交所、深交所发布《以上市公司质量为导向的保荐机构执业质量评价实施办法（试行）（2025年修订）》及《修订说明》。为深入贯彻落实中央金融 工作会议精神和《国务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（国发〔2024〕10号），完善以上市公司质量为导向的保荐机构执业质量 评价体系，督促保荐机构提高首次公开发行股票或存托凭证并上市保荐项目质量，以可投性为导向执业展业，上海证券交易所和深圳证券交易所（以下统称沪深 交易所）对《以上市公司质量为导向的保荐机构执业质量评价实施办法（试行）》进行了联合修订，现予以发布，自发布之日起施行。 沪深交易所自2023年7月联合发布《评价办法》以来，已完成2023年度、2024年度两次试评价。评价结果总体上能够较好反映各保荐机构执业质量，发挥了引导保 荐机构转变执业理念，提高申报质量的积极作用。2024年3月，中国证监会发布《关于严把发行上市准入关从源头上提高上市公司质量的意见（试行）》等政策文 第二条 上海证券交易所、深圳证券交易所（以下统称沪深交易所）对在境内从事主板、科创板及创业板首发保荐业务的保荐机构开展以上市公司质量为导向的执 业 ...

Core Viewpoint - The seminar focused on enhancing China's international competitiveness in digital finance, emphasizing the importance of financial technology and innovation in this process [1][2][3]. Group 1: Digital Finance Development - The report titled "China's Digital Finance: Connotation, Efficiency, and Security" outlines the evolution, value, and innovation directions of digital finance in China, highlighting its role in supporting high-quality economic development [3]. - Five internal rules of digital finance development were identified: 1. Real and effective demand drives development 2. Innovation is key 3. Understanding the characteristics and limitations of digital technology is essential 4. Improving ecosystem construction is fundamental 5. Regulating based on business logic is a guarantee for development [3]. Group 2: Role of Financial Technology - Shenzhen is recognized as a global leader in financial technology, ranking third in the latest global financial center rankings, attributed to the leadership of fintech companies and a robust ecosystem [2]. - The seminar encouraged strong fintech companies to expand internationally to enhance their competitiveness [2]. Group 3: Artificial Intelligence in Banking - The application of artificial intelligence (AI) in the banking sector is seen as a core driver of digital transformation, with recent innovations significantly reducing the costs of large model applications [4]. - AI is expected to disrupt traditional advantages of small and medium-sized banks while enhancing service efficiency and potentially revolutionizing risk dispersion mechanisms [4]. - Financial institutions are urged to accelerate technological innovation, strengthen talent development, and focus on creating value for clients to achieve high-quality growth [4]. Group 4: Discussions and Insights - Various industry leaders participated in discussions on enhancing China's digital finance international competitiveness, sharing insights on the challenges and opportunities in the sector [5].

Group 1 - The first key point is the identification of two critical time points in the market: the first in early April related to external risks and the second around mid-year when the economic and policy cycles of China and the US may align again [1] - The second key point highlights that the technology sector, due to its weak macroeconomic correlation and strong industrial catalysts, is expected to perform well in April and May [1] - The third key point discusses the potential for a fourth round of economic stimulus in China due to weakening US economic conditions and increased tariff pressures, which could lead to a significant market style shift [1] Group 2 - The fundamental performance of major Chinese companies listed in the MSCI index indicates that technology firms are exceeding profit expectations, which may support the Hong Kong stock market [2] - The report suggests that private sector-led AI investments are likely to accelerate, bolstering domestic macro demand [2] - Recent economic data shows positive signals in domestic fundamentals, with signs of stabilization in consumption [2] Group 3 - The changing liquidity environment is expected to lead to a rebalancing of market styles, focusing on sectors with stable or improving performance and free cash flow [3] - The report emphasizes the importance of supply chain security amid escalating trade conflicts, indicating a shift from tariff-based issues to supply chain concerns [3] Group 4 - The report notes that foreign capital still dominates the stock structure in Hong Kong, but the marginal pricing power of southbound funds is increasing, particularly in consumer and dividend sectors [4] - It highlights that technology and financial sectors still hold significant pricing power among foreign investors [4] Group 5 - The report discusses the impact of recent market volatility on risk appetite, with a focus on the importance of performance verification as earnings reports approach [5][6] - It indicates that the market is entering a phase where performance becomes more critical, leading to a potential reduction in risk appetite [6] Group 6 - The upcoming earnings season is expected to bring balance among technology, consumer, and red-chip stocks, with a focus on capital expenditure acceleration as a key driver [7] - The report highlights concerns over the slowdown in US tech capital expenditure while expressing confidence in domestic tech giants [7] Group 7 - The market is experiencing a divergence in trends, with short-term capital rotation increasing, but the underlying fundamentals are expected to drive deeper market differentiation [8] - The report emphasizes the importance of sectors supported by policy benefits and those with high valuation attractiveness [8] Group 8 - The report suggests focusing on sectors benefiting from consumption support policies and those related to price increases in resource products [12] - It maintains a positive outlook on technology trends, particularly in AI applications and domestic substitution [12]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening regulatory enforcement and investor protection while promoting high-quality development in the capital market for 2024 [2][4][11]. Group 1: Regulatory Actions and Enforcement - In 2024, the CSRC handled 739 cases and made 592 administrative penalty decisions, with a total fine amounting to 15.342 billion yuan, which is 2.4 times that of 2023 [2][7]. - The number of penalized entities reached 1,327, a year-on-year increase of 24%, and 118 individuals were banned from the market, up 14.56% [2][7]. - The CSRC plans to enhance the comprehensive punishment and prevention mechanism for financial fraud, establishing a three-dimensional accountability system involving administrative, civil, and criminal responsibilities [6][9]. Group 2: Capital Market Reform Initiatives - The CSRC established a "1+N" policy system in 2024, introducing several supporting documents to improve the regulatory framework for securities companies and public funds [3]. - The implementation of the stock issuance registration system is being deepened, with a focus on enhancing the quality of listed companies and tightening the entry standards for public offerings [3][8]. Group 3: Support for Economic Development - The CSRC aims to enhance the capital market's ability to support high-quality economic development, particularly in technology innovation and new productive forces [4]. - In 2024, the CSRC received 2,609 administrative license applications, including 607 registration applications, and issued 1,359 administrative license approvals [5]. Group 4: Investor Protection Measures - The CSRC guided the China Securities Investor Service Center to initiate 15 representative lawsuits and 5 derivative lawsuits to protect investors' rights [11]. - The center successfully mediated over 8,000 cases, recovering more than 650 million yuan for investors [11].

Core Viewpoint - In 2024, the China Securities Regulatory Commission (CSRC) aims to enhance the rule of law in the capital market, guided by Xi Jinping's thoughts and the spirit of the 20th National Congress of the Communist Party of China, focusing on high-quality development and risk prevention in the capital market [1][16]. Group 1: Legal Framework and Regulatory Improvements - The establishment of a "1+N" policy system to improve legislative quality, including the issuance of supporting documents to enhance the regulatory framework for securities companies and public funds [2][3]. - The CSRC plans to implement a comprehensive legislative work plan for 2024, focusing on revising and improving securities and futures regulations [3]. - Continuous enhancement of the basic legal system for the capital market, including the promotion of new administrative regulations and the revision of existing laws [2]. Group 2: Economic Support and Market Functionality - The CSRC aims to improve the capital market's ability to support high-quality economic development, particularly in technology innovation and new production capabilities [4]. - A total of 2,609 administrative license applications were received in 2024, with 1,359 approvals issued, indicating a robust administrative process [5]. Group 3: Market Environment and Enforcement - The establishment of a comprehensive mechanism to prevent and punish financial fraud, including collaboration with various departments to enhance regulatory enforcement [6]. - In 2024, 739 cases were handled, with administrative penalties amounting to 15.342 billion yuan, a significant increase from the previous year [7]. - Continuous strengthening of daily supervision and regulatory measures to ensure compliance and maintain market integrity [7]. Group 4: Risk Prevention and Investor Protection - The CSRC emphasizes the importance of risk prevention in the futures market and aims to enhance the quality of listed companies through stricter regulations [9]. - A total of 8,000 cases were successfully mediated in 2024, recovering over 650 million yuan for investors, showcasing the effectiveness of dispute resolution mechanisms [13]. - The implementation of investor protection measures, including educational initiatives and legal support for investors, is a priority for the CSRC [14]. Group 5: Transparency and Accountability - The CSRC is committed to enhancing transparency in governance and regulatory processes, with 650 government information requests processed in 2024 [11]. - Continuous legal review and public engagement are prioritized to ensure regulatory actions are transparent and accountable [11][12].

作 者丨林秋彤 编 辑丨张铭心 图 源丨2 1世纪经济报道 梁远浩 摄 3月以来，人民币汇率月线上呈现稳中有升趋势。 月内，美元自高位回落，美国总统特朗普的关税政策落地不及此前市场预期，加之关税政策反 复导致市场对美经济前景担忧，美元指数持续走低，在岸、离岸人民币汇率自3月首个交易日 （3月3日）的7 . 2 9 3 1、7 . 3 0 2 6一度升破7 . 2 3。 3月1 7日、3月1 8日离岸和在岸人民币汇率分 别触及月内最高值 ，为7 . 2 2 6 2、7 . 2 2 1 6。 北京时间3月2 0日凌晨，美联储议息会议决定将联邦基金目标利率维持在4 . 2 5％至4 . 5％区间 不 变 。 同 时 ， 美 联 储 将 2 0 2 5 年 美 国 关 键 通 胀 指 标 PCE 同 比 增 速 从 1 2 月 预 估 的 2 . 5% 上 调 至 2 . 7%、核心PCE同比增速从1 2月预估的2 . 5%上调至2 . 8%。 点阵图显示，1 9位美联储官员中，有4位预计2 0 2 5年不降息，有4位预计将降息1次，9位预计 降息2次，2位预计降息3次及以上。中金公司分析称，点阵图显示2 0 2 5 ...