比国信证券"年纪"更大的营业部，告别证券市场。 近日，国信证券一纸公告宣布撤销12家营业网点，深圳罗湖宝安北路证券营业部位列其中。 天眼查信息显示，该营业部曾用名正是"深圳振华路证券营业部"。这家承载着深圳资本市场记忆的老牌营业部，其历史可追溯至"深国投二部（深圳国际信托投资公 司证券二部）"，成立于1992年，亲历深圳证券市场初期的风云激荡。 作为深圳地区最早成立的证券经营机构之一，国信证券振华路营业部曾是证券市场的风向标，具有"深圳大户摇篮"之称，后来一度与红岭中路营业部、泰然九路营 业部齐名。该营业部在振华路扎根数十载，见证中国资本市场发展历程，直至2021年迁址及更名，如今将于9月5日正式谢幕。 自去年以来国信证券开始加大优化营业网点的力度，今年继续推进。根据券商中国记者统计，在过去30天内国信证券宣告撤销21家营业网点，裁撤力度在大型券商 中排名之最。 不过，营业网点"瘦身"不意味着业务收缩。这家老牌传统经纪券商积极拥抱互联网时代，用"互联网+"重构服务生态，线上渠道获客总数在公司总体新增的占比持续 提高。 8月4日，国信证券发布关于撤销12家营业网点的公告，受到市场关注。上述营业网点自9月5日起关 ...

Core Viewpoint - The company's 1H25 revenue growth of 3% met expectations, but net profit decreased by 35% year-on-year, primarily due to increased impairment losses in Hong Kong commercial real estate [1][2]. Revenue and Profit Trends - 1H25 net interest income fell by 7% year-on-year, with a weak loan demand leading to a decline in net interest margin to 1.99%, down from 2.29% in 1H24 and 2.20% in 2H24, mainly due to lower Hibor rates [1]. - Customer loans decreased by 5% year-on-year and 2% compared to the end of last year, indicating continued weak credit demand [1]. - Deposits grew by 9% year-on-year and 3% compared to the end of last year, with the company planning to allocate surplus funds to high-quality fixed-rate sovereign debt securities and structural hedging to mitigate future interest rate cuts' impact on net interest income [1]. Non-Interest Income - Fee income increased by 23% year-on-year, while other non-interest income rose by 46%, driven by strong growth in securities brokerage services, structured products, and investment fund sales [1]. - The increase in non-interest income was also supported by higher foreign exchange trading revenue due to market volatility and increased funding swap transactions [1]. Impairment Losses and Credit Costs - The significant increase in impairment losses, which were more than double that of the same period last year, was the main reason for the lower-than-expected net profit [2]. - The credit cost rose to 1.19%, compared to 0.35% in 1H24 and 0.77% in 2H24, primarily due to increased provisions for new non-performing loans in Hong Kong commercial real estate [2]. Dividends and Share Buybacks - Despite the decline in net profit, the company increased its dividend and maintained its share buyback program. The declared dividend for Q2 was HKD 1.3 per share, totaling HKD 2.6 per share for the first half, an 8% increase year-on-year [2]. Earnings Forecast and Valuation - The company adjusted its revenue forecasts for 2025E and 2026E upwards by 2.4% and 4.3% to HKD 41 billion and HKD 42.1 billion, respectively, while lowering the 2025E net profit forecast by 13.9% to HKD 14.7 billion and raising the 2026E net profit forecast by 4.1% to HKD 17.6 billion [2]. - The current trading valuation is at 1.3x for both 2025E and 2026E P/B, with a target price maintained at HKD 109.5, reflecting a potential downside of 3.8% [2].

6月26日，胜利证券（08540.HK）盘中一度暴涨超160%，随后震荡调整，收盘仍涨44.89%，目前公司 报5.39港元/股，市值冲上11.29亿港元,单日成交金额达1.48亿港元，上亿港元资金涌入。 近日港股券商站上风口，整体表现很引人瞩目。 就在昨天6月25日，国泰君安国际（01788.HK）放量大涨198.4%，单日市值即增加上百亿港元，今日该 公司早盘继续冲高接近90%，虽然收盘公司小幅下跌，但公司的人气火爆可见一斑。 券商股集体"嗨翻天"，背后的重要原因是国泰君安国际近日正式获得香港证监会批准，将现有证券交易 牌照升级为可提供虚拟资产交易服务及相关咨询意见。牌照升级后，客户可直接在该平台交易加密货币 （比特币、以太币等）、稳定币（泰达币等）虚拟资产。 业内人士指出，作为首家获批虚拟资产牌照的中资券商，国泰君安国际具备标杆效应，或将引发同行的 快速跟进，其他在港中资及外资机构可能加速申请同类牌照，形成服务集群效应，助力香港巩固全球加 密金融中心地位。 东吴证券亦指出，作为首家获此牌照的中资券商，国泰君安国际一举打通了虚拟资产"交易、托管、咨 询、发行及衍生品"的全链条服务能力，实现了从传统证券服务 ...

Group 1 - The core viewpoint of the article highlights that listed securities firms are increasingly committed to shareholder returns, with a total of 387.4 billion yuan planned for year-end dividends in 2024, despite some firms opting out due to negative distributable profits [1][2][7] - Among the 42 listed securities firms, only Tianfeng Securities and Pacific Securities will not distribute dividends due to negative distributable profits, while 17 firms have a cash dividend ratio exceeding 40%, which is an increase from 2023 [1][2][8] - The total cash dividends for 2024 are projected to be higher than in 2023, with a total of 536.87 billion yuan distributed in mid-year and third-quarter dividends, leading to an overall increase of 128 billion yuan compared to the previous year [2][8] Group 2 - The top cash dividend amounts for 2024 are led by Guotai Junan with 49.23 billion yuan, followed by CITIC Securities with 41.50 billion yuan, and other firms like Guoxin Securities and Huatai Securities also contributing significant amounts [2][3] - A total of 27 firms plan to distribute between 100 million to 1 billion yuan, while 6 firms will distribute over 3 billion yuan, indicating a robust dividend distribution strategy among the majority of firms [2][3] - The cash dividend ratio for several firms remains high, with notable mentions including Guolian Minsheng at 80%, Hongta Securities at 64%, and Southwest Securities at 62%, despite some firms experiencing declines in net profit [3][6] Group 3 - The trend of increasing dividend frequency is evident, with 33 firms planning to distribute dividends two or more times in 2024, compared to only one firm in 2023 [8][9] - A total of 29 firms have maintained a cash dividend ratio of 30% or more over the past three years, showcasing a commitment to consistent shareholder returns [8][9] - The average dividend yield among 40 listed securities firms is 1.63%, with only a few firms exceeding a 3% yield, indicating that while dividends are increasing, the sector may not yet be classified as a high-dividend sector [10] Group 4 - Companies are focusing on balancing strategic development, performance growth, and shareholder returns, with management emphasizing the importance of investor relations and consistent cash dividends as part of their market value management strategies [11][10] - Specific measures to enhance investor confidence include encouraging long-term shareholding by major shareholders, implementing share buybacks, and utilizing employee stock ownership plans to boost company value [11]