以下是关于东方财富的入选原因和分析逻辑： 当十五五金融强国战略落地、居民存款大搬家启幕，A股正迎来"健康牛"的黄金窗口期——2025年日均成交额稳站1.5万亿元，两融余额突破 2.5万亿元，券商行业ROE明显回升，但板块涨幅却跑输沪深300指数超12个百分点，呈现"盈利高增+股价滞涨"的错配格局，这 也意味着券 商板块在2026年"慢牛"行情中具有攻守兼备特点。 | Choice终端及妙想Al:Choice为专业金融数据服务,技术壁垒高，为机构及专业投资者提供 数据支撑,赋能投研场景 | | --- | | 2025年上半年经营情况 | | 证券业务,绝对的营收主力 2025年上半年证券服务收入52.79亿元，占总营收76.99%，同比大增54.24% | | 基金代销,高毛利的"现金牛" 天天基金2025年上半年收入14.16亿元，虽然同比只微涨0.31%，但毛利率高达93.07% | | Al和数据服务，未来的 "增长引擎" 2025年"妙想"金融大模型全面接入APP赋能投研及投顾；Choice数据终端的机构用户同比增67％ | | www.gogudata.com | | 2025H1营收结构 | | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [15]. Core Insights - The company reported better-than-expected performance for 2024, achieving total revenue of 11.6 billion RMB, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.6 billion RMB, up 17.3% year-on-year [4][3]. - The company's return on equity (ROE) for 2024 was 12.64%, reflecting a year-on-year increase of 0.70 percentage points [3]. - The report highlights a significant increase in investment income, which rose by 51.0% year-on-year to 3.35 billion RMB, with an estimated annual investment return rate of 4.71% [4]. - The fourth quarter of 2024 saw a record net profit of 3.57 billion RMB, a remarkable year-on-year increase of 79.8%, with total revenue reaching 4.3 billion RMB, up 65.9% [4]. Revenue Breakdown - In 2024, the company's revenue was composed of net commission income (primarily from brokerage), net interest income (mainly from margin financing), and operating income (from fund distribution), contributing 61.1 billion RMB, 23.8 billion RMB, and 31.1 billion RMB respectively [4]. - The brokerage business revenue increased by 19.8% year-on-year to 51.4 billion RMB, with a market share of 4.10%, up 0.09 percentage points [5]. - The margin financing business saw a funding scale of 58.9 billion RMB, a 27.2% increase from 2022, with a market share of 3.16%, up 0.35 percentage points [5]. Fund Distribution Business - The fund distribution business faced challenges, with financial e-commerce service revenue declining by 21.6% year-on-year to 2.84 billion RMB, accounting for 24.5% of total revenue [6]. - The total fund sales for the year reached 1.8812 trillion RMB, a year-on-year increase of 21.5% [6]. - The company maintained a leading position in the market, with a total stock and mixed fund holding scale of 399.2 billion RMB, despite a year-on-year decline of 10.7% [6]. AI and Financial Strategy - The company is enhancing its AI and financial strategy, with a focus on integrating AI capabilities into its financial ecosystem, leading to a 5.7% year-on-year increase in R&D expenses, totaling 1.14 billion RMB [7]. - The self-developed "Miaoxiang" model has been launched and is being applied across various financial research processes [7]. Future Profit Forecast - The company is expected to achieve net profits of 11.7 billion RMB, 13.0 billion RMB, and 14.5 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.7%, 11.4%, and 10.9% [9].