证券代码：002736 证券简称：国信证券 公告编号：2025-055 国信证券股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间：2025年1月1日至2025年6月30日 （二）业绩预告情况：同向上升 项目 本报告期 上年同期 盈利：478,000 万元–553,000 万元 归属于上市公司 盈利：313,873 万元 股东的净利润 比上年同期增长：52%–76% 盈利：476,900 万元–551,900 万元 扣除非经常性损 盈利：312,704 万元 益后的净利润 比上年同期增长：53%–76% 基本每股收益 盈利：0.43 元/股–0.51 元/股 盈利：0.26 元/股 二、与会计师事务所沟通情况 本次业绩预告相关财务数据未经会计师事务所审计。 三、业绩变动原因说明 变应变，推动业务转型升级；持续强化功能性定位，服务经济高质量发展。报告 期内，公司各项主要业务发展良好，自营投资业务收入及经纪业务手续费净收入 等主要业务收入相比上年同期有较大幅度增长，从而实现公司业绩同比大幅增长。 四、风险提示 公 ...

21世纪经济报道记者易妍君广州报道 7月9日晚，红塔证券公布了2025年半年度业绩预告，为首家预披露上半年经营数据的上市券商。 红塔证券预计，2025年上半年，公司实现归属于母公司所有者的净利润为6.51亿元到6.96亿元，同比增 长45%到55%。 7月10日，红塔证券大涨6.33%，Wind券商指数上涨了1.21%。 事实上，6月以来，券商板块的活跃度明显提升。在业内人士看来，政策利好、市场活跃度提升、流动 性宽松等因素共同助推了券商板块上涨。3500点之上，券商板块估值有望回归。 上半年业绩预增 步入上市公司半年报披露期，红塔证券率先释放业绩向好的信号。 据红塔证券最新预计，其2025年半年度实现归属于母公司所有者的净利润为6.51亿元到6.96亿元，与上 年同期相比将增加2.02亿元到2.47亿元，同比增长45%到55%。 相应的，红塔证券的经营业绩大幅好转。2023年度，红塔证券的归母净利润较2022年大增710.57%； 2024年度，该券商规模净利润较2023年增长了144.66%。 从整个行业看，上市券商2025年上半年的经营业绩或将保持增长势头。 红塔证券预计2025年半年度实现归属于母公司 ...

进入2025年，这种情况更加明显。2025年一季度数据显示，投资净收益达到3.60亿元，而2024年同期仅为1.21亿元，同比增长接近200%。按照这一增速推 算，2025年上半年自营投资收益很可能进一步突破，成为推动业绩增长的最大功臣。 7月9日，红塔证券发布2025年半年度业绩预告，预计归属于母公司所有者的净利润为6.5137亿元至6.9629亿元，同比增长45%至55%；归属于母公司所有者 的扣除非经常性损益的净利润为6.3358亿元至6.7883亿元，同比增长40%–50%。这一数字意味着，仅用半年时间，红塔证券今年几乎就完成了2024年全年净 利润（7.64亿元）的九成。 公告中，管理层将业绩增长归因于多项举措："深入推进差异化、特色化建设"，"提升资产配置的科学性和有效性"，"持续推进自营投资业务的非方向化转 型，资产负债结构和内容不断优化，资产质量继续提升"。 自营投资是撑起业绩的绝对主力 梳理红塔证券的收入结构，一个清晰的事实浮出水面，自营投资业务已经成为红塔证券的绝对支柱。2024年，红塔证券自营投资业务收入达到13.65亿元， 占全年营业收入的67.54%，意味着公司超过三分之二的收入来源 ...

Core Viewpoint - The credit rating report for Guoyuan Securities Co., Ltd. indicates a strong financial position and stable outlook, with a credit rating of AAA, supported by its parent company, Anhui Guoyuan Financial Holding Group [2][4]. Financial Performance - As of the end of 2024, Guoyuan Securities reported total assets of 172.10 billion, total equity of 37.06 billion, and net profit of 2.24 billion, reflecting a compound annual growth rate (CAGR) of 21.21% for revenue and 13.78% for net profit from 2022 to 2024 [3][4]. - The company's net capital stood at 25.97 billion, with a risk coverage ratio of 196.77%, significantly above regulatory standards [4][5]. Business Operations - Guoyuan Securities has a comprehensive range of business qualifications, including brokerage, investment banking, asset management, and proprietary trading, with a balanced business development approach [4][5]. - The company has a wide coverage of branches, with 41 regional branches and 105 securities offices, enhancing its competitive position in Anhui province [4][5]. Market Environment - The company's performance is closely tied to the securities market's conditions, with a notable decline in investment banking revenues due to market fluctuations and regulatory changes [4][5]. - In 2024, the underwriting amount for equity financing dropped by 85.28% to 1.91 billion compared to 2022, and investment banking revenue decreased by 78.68% to 163 million [4][5]. Risk Management - Guoyuan Securities has faced regulatory challenges due to compliance issues, necessitating ongoing improvements in its risk management and compliance frameworks [5][6]. - The asset management business has seen a decline in scale, with total assets under management falling by 6.93% to 21.53 billion by the end of 2024 [5][6]. Industry Overview - The Chinese securities industry is undergoing significant reforms, with a focus on stricter regulations and increased market concentration through mergers and acquisitions [10][11]. - As of the end of 2024, the total assets of 150 securities firms in China reached 12.93 trillion, with a year-on-year growth of 9.30% [13][14].

IPO候场券商业绩成色几何？ 日前，随着财报收官，多家拟IPO券商2024年业绩悉数浮出水面。 据证券时报·券商中国记者统计，目前共有5家券商进入上市"预备役"队伍，包括东莞证券、开源证券、渤海证券、财信证券和华龙证券，前2家冲刺深交所，后3家 冲刺上交所。 整体来看，在去年资本市场活跃之下，排队上市的5家券商经纪业务和自营业务均实现稳健增长，其中，4家券商在2024年实现了营收、净利润同比双增长。 从业绩规模来看，财信证券以40.45亿元的营业收入、10.54亿元的净利润拔得头筹，尤其是营收规模遥遥领先，东莞证券则在业绩增速方面表现出色，来自西北的 华龙证券以4.1亿元的净利润在拟IPO队伍中处于末位。 5家拟IPO券商净利均增长 从营收角度来看，目前在审的5家IPO券商，2024年营业收入有4家都超越了20亿元，仅华龙证券低于20亿元。其中，财信证券以40.45亿元营收规模领先于其他券 商，开源证券、东莞证券和渤海证券紧随其后，营收分别为28.59亿元、27.53亿元和24.06亿元，华龙证券以13.2亿元规模排在最后。 净利润方面，财信证券2024年继续凭借10.54亿元位居5家券商之首，东莞证券表现亦 ...

日前，随着财报收官，多家拟IPO券商2024年业绩悉数浮出水面。 据券商中国记者统计，目前共有5家券商进入上市"预备役"队伍，包括东莞证券、开源证券、渤海证券、财信 证券和华龙证券，前2家冲刺深交所，后3家冲刺上交所。 IPO候场券商业绩成色几何？ 整体来看，在去年资本市场活跃之下，排队上市的5家券商经纪业务和自营业务均实现稳健增长，其中，4家券 商在2024年实现了营收、净利润同比双增长。 从业绩规模来看，财信证券以40.45亿元的营业收入、10.54亿元的净利润拔得头筹，尤其是营收规模遥遥领 先，东莞证券则在业绩增速方面表现出色，来自西北的华龙证券以4.1亿元的净利润在拟IPO队伍中处于末位。 5家拟IPO券商净利均增长 从营收角度来看，目前在审的5家IPO券商，2024年营业收入有4家都超越了20亿元，仅华龙证券低于20亿元。 其中，财信证券以40.45亿元营收规模领先于其他券商，开源证券、东莞证券和渤海证券紧随其后，营收分别 为28.59亿元、27.53亿元和24.06亿元，华龙证券以13.2亿元规模排在最后。 净利润方面，财信证券2024年继续凭借10.54亿元位居5家券商之首，东莞证券表现亦不俗， ...

◎记者 严晓菲 上市券商一季报披露"收官"。Choice数据显示，2025年一季度营业收入与净利润双增的上市券商占比超 七成。其中，合并后的国联民生证券、国泰海通证券均交出了一份亮眼的"成绩单"。 透视券商营收结构，受A股市场行情上行及交投活跃度抬升助益，自营投资与经纪业务成为推升上市券 商一季度业绩的关键。机构人士普遍认为，依托资本市场高成交额及持续回暖态势，2025年券商业绩有 望保持较高水平，证券行业将进入新一轮上升周期。 超八成券商净利增长 郭晨凯 制图 透视上市券商一季报 业绩高增长 证券业或进入新一轮上升期 从营收增幅来看，33家券商实现同比增长，占比超七成。其中，合并后的国联民生证券一季度营收同比 大增800.98%，位居第一。天风证券排名第二，同比增幅达243.05%。国信证券、长江证券、华安证 券、华西证券营收同比增幅均超50%。 东吴证券首席战略官孙婷分析，得益于市场行情上行及交投活跃度回升，一季度多家券商证券投资和财 富管理业务快速发展，带动业绩高增。此外，由于市场回暖、政策环境友好，券商经纪业务、投行业 务、资本中介业务等均受益。 Choice数据显示，42家上市券商一季度营业收入合计 ...

事件描述 东方证券发布2025 年一季报，报告期内分别实现营业收入和归母净利润53.8 亿元、14.4 亿元，同比分 别+49.1%、+62.0%；加权平均净资产收益率同比+0.68pct 至1.79%；剔除客户资金后的经营杠杆较年 初-1.2%至3.69 倍。 长期来看公司仍是券商在财富管理和资产管理中受益的标杆，资本市场高位运行背景下，期待公司大资 管+大财富优势显现。预计2025-2026 年归母净利润分别为36.7 和38.9 亿元，对应PE 分别21.1 和19.9 倍，对应PB 分别0.94 和0.91 倍，维持买入评级。 风险提示 1、权益市场大幅回调； 2、监管政策收紧。 自营业务延续高增，贡献主要业绩弹性。1）2025Q1 万得全A 指数上涨1.9%，去年同期下跌2.8%；基 本面持续修复下公司实现自营投资收入22.1 亿，同比+144.5%，营收占比提升至41.0%，贡献主要业绩 弹性；2）金融资产维持扩容，Q1 末金融资产规模2228.9亿，较年初+1.2%，其中买入返售金融资产、 其他权益工具投资分别提升至56.0、247.8亿元，较年初+40.6%、+26.2%；3）信用减值损失转回 ...

Core Viewpoint - The company reported strong growth in Q1 2025, with total revenue reaching 34.9 billion yuan, a year-on-year increase of 41.9%, and net profit attributable to shareholders at 27.2 billion yuan, up 39.0% year-on-year [1][2]. Revenue and Profit Analysis - In Q1 2025, the company achieved total revenue (including investment income) of 41.9 billion yuan and net profit attributable to shareholders of 27.2 billion yuan, reflecting increases of 28.1% and 39.0% year-on-year, respectively [2]. - The weighted average return on equity (ROE) improved by 0.62 percentage points to 3.3% [1][2]. - Revenue from various business lines included e-commerce at 8.1 billion yuan (+8.0%), net interest income at 7.2 billion yuan (+37.3%), commission income at 19.6 billion yuan (+65.6%), and investment income at 7.0 billion yuan (-13.6%) [2]. Market and Business Performance - The fund distribution revenue stabilized and rebounded, primarily due to a recovery in the fund market, with new issuance of mixed and bond funds reaching 110.1 billion and 119.1 billion units, respectively, showing year-on-year increases of 101.8% and a decrease of 34.2% [2]. - The average daily trading volume in the market increased by 70.3% year-on-year to 1.52 trillion yuan, with the margin financing balance at 1.92 trillion yuan, up 24.8% year-on-year [3]. - The company maintained a stable market share in securities and credit business, with a financing balance of 61.03 billion yuan, holding a market share of 3.2% [3]. Cost Management and Profitability - The company demonstrated effective cost control, with sales, management, and R&D expenses at 0.7 billion, 5.9 billion, and 2.5 billion yuan, respectively, showing year-on-year changes of -16.1%, +5.6%, and -12.6% [4]. - The net profit margin improved by 5.1 percentage points to 64.8% due to better expense management [4]. - The company is viewed as a benchmark in the internet brokerage sector, with strong competitive advantages in customer acquisition and cost control, indicating robust growth potential in its securities business [4]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 11.36 billion yuan and 12.22 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 28.8 and 26.7 times [4].

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 4.71 billion yuan, a year-on-year increase of 9.6% [1] - The net profit attributable to shareholders was 2.31 billion yuan, up 7.0% year-on-year, with an EPS of 0.25 yuan and ROE of 1.9%, remaining stable year-on-year [1] - The company's brokerage business revenue significantly increased to 1.97 billion yuan, a year-on-year growth of 49.0%, accounting for 42.5% of total operating revenue [1] Group 2: Market Activity - The average daily trading volume in the stock market reached 1.7031 trillion yuan, representing a year-on-year increase of 70.3% [1] - The company's margin financing and securities lending balance was 100.1 billion yuan, up 24% from the beginning of the year, with a market share of 5.2% [1] Group 3: Investment Banking Performance - Investment banking revenue for Q1 2025 was 190 million yuan, a year-on-year increase of 112.0% [2] - The company's equity underwriting scale was 3.51 billion yuan, down 57.5% year-on-year, ranking 8th in the industry [2] - The bond underwriting scale was 75.1 billion yuan, a decrease of 10.0% year-on-year, ranking 13th in the industry [2] Group 4: Asset Management and Investment Income - Asset management revenue rose to 220 million yuan, a year-on-year increase of 42.9% [3] - The company's asset management scale was 282.2 billion yuan at the end of 2024, down 4.3% year-on-year [3] - Investment income for Q1 2025 was 1.51 billion yuan, a year-on-year decrease of 26.2% [3] Group 5: Future Outlook - The company maintains its profit forecast for 2025-2027, expecting net profits of 12.3 billion, 13.1 billion, and 14.0 billion yuan, representing year-on-year growth of 18%, 7%, and 7% respectively [3] - The company is expected to benefit from ongoing capital market reforms and a gradual economic recovery, maintaining a "buy" rating [3]