Core Viewpoint - The financial advisory firm, CITIC Securities, provides ongoing supervision and guidance regarding the acquisition of Nanjing Steel Co., Ltd. by Taifu Special Steel (Jiangsu) Co., Ltd., ensuring compliance with relevant regulations and commitments during the acquisition process [1][2]. Group 1: Acquisition Overview - Taifu Special Steel will acquire a 55.2482% stake in Nanjing Steel Group from Hubei Xinye Steel Co., Ltd., resulting in Taifu directly holding 59.10% of Nanjing Steel Co., Ltd. after the transaction [3][4]. - The ongoing supervision period for this acquisition is from June 25, 2024, to December 31, 2024, during which CITIC Securities will monitor compliance with the acquisition agreement [1][2]. Group 2: Compliance and Governance - During the supervision period, both the acquirer and the target company have adhered to legal and regulatory requirements, with no violations of corporate governance rules identified [4][13]. - Taifu Special Steel and its controlling shareholder, Changyue Investment, have committed to maintaining the independence of Nanjing Steel Co., Ltd. post-acquisition, ensuring no undue benefits are derived from their shareholder status [5][6]. Group 3: Future Plans and Commitments - There are no plans to change the main business operations of Nanjing Steel Co., Ltd. within the next 12 months, nor are there any significant asset sales or mergers anticipated [9][10]. - The acquirer has no intentions to alter the board composition or management structure of Nanjing Steel Co., Ltd. during the ongoing supervision period [10][11]. - No modifications to the company's articles of association or significant changes to employee hiring practices are planned [11][12]. Group 4: Financial Integrity - Throughout the supervision period, there have been no instances of Nanjing Steel Co., Ltd. providing guarantees or loans to the acquirer or its affiliates that could harm the interests of the company [12][13].

证券代码：600030 证券简称：中信证券 公告编号：临2025-030 二、被担保人基本情况 （一）被担保人概述 中信证券股份有限公司 关于为间接全资子公司 发行欧洲商业票据提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 公司境外全资子公司中信证券国际有限公司的附属公司CITIC Securities Finance MTN Co., Ltd.（以下简称发行人或被担保人）于2023年5月12日设立本金总 额最高为30亿美元（或等值其他货币）的境外欧洲商业票据计划（以下简称商业票据 计划），此票据计划由公司提供担保。 发行人于2025年4月1日在商业票据计划下发行一笔欧洲商业票据，发行金额人民 币5.60亿元。 上述发行后，发行人在商业票据计划下已发行票据的本金余额合计5.28亿美元。 三、担保事项的主要内容 根据发行人与公司签署的《信托契据》，公司作为担保人就发行人在商业票据计 划下发行的欧洲商业票据，提供无条件及不可撤销的保证担保。2025年4月1日，发行 人在该商业票据计 ...

智通财经APP获悉，中信证券发布研报称，建材行业作为与房地产高度关联的领域，自2021年起面临收 入、利润的下行压力，行业也迎来了出清和竞争格局的优化。当前，中信证券预计需求下行幅度收窄， 二阶导转正，配合"反内卷"政策导向，部分细分行业迎来涨价及经营利润的提升，超出市场预期，行业 配置价值已经显现。 配置节奏上，中信证券认为需求压力越小、既有竞争格局越好的板块，越先迎来配置机会。推荐次序为 玻纤、水泥、消费建材。市值弹性上，中信证券认为出清产能越多，后续弹性越高。消费建材行业虽然 尚未迎来利润拐点，但是底部确立，考虑到龙头企业的长期成长性和行业出清情况，中信证券认为今年 下半年后或将迎来趋势性投资机会和相较玻纤、水泥更好的市值弹性。 中信证券主要观点如下： 2025年建材需求的判断：需求下滑，但二阶导转正。 基建端，随着化债工作的深入推进，地方政府债务压力得到有效缓解。一方面，有息负债增速明显放 缓，2024年全国城投有息负债41.2亿元，同比增速由双位数大幅下降至2.8%。另一方面，城投平台融资 成本显著下行，2025年1-2月新发城投债平均票面利率2.5%，同比下降0.6pct。待城投平台通过化债资金 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 29.94 yuan [6]. Core Insights - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.20%. The net profit attributable to shareholders was 21.7 billion yuan, up 10.06% year-on-year, with a weighted average ROE of 8.09% [1]. - The company's self-operated business significantly contributed to its revenue, accounting for 50% of the total net income across five major business lines [3]. - The brokerage business saw a slight growth, with net income reaching 10.7 billion yuan, a 5% increase year-on-year, driven by a 22% rise in average daily trading volume in the market [2]. - The asset management business also showed steady growth, with net income of 10.5 billion yuan, up 7% year-on-year, and the company maintained the leading market share in private asset management at 13.43% [2]. - The investment banking segment faced challenges, with net income declining by 34% to 4.2 billion yuan, although it maintained the top position in both equity and bond underwriting in the domestic market [3]. - The company expects EPS for 2025 to be 1.80 yuan, with projections of 2.02 yuan and 2.22 yuan for 2026 and 2027, respectively [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 63.8 billion yuan and a net profit of 21.7 billion yuan, with an EPS of 1.41 yuan [1]. - The brokerage business generated 10.7 billion yuan in net income, while the asset management business brought in 10.5 billion yuan [2]. - The investment banking segment's net income was 4.2 billion yuan, and the self-operated business generated 26.3 billion yuan [3]. Business Segments - Brokerage: Net income of 10.7 billion yuan, up 5% YoY, with a significant increase in securities trading revenue [2]. - Asset Management: Net income of 10.5 billion yuan, with a leading market share in private asset management [2]. - Investment Banking: Net income of 4.2 billion yuan, down 34% YoY, but maintained top rankings in underwriting [3]. - Self-Operated Business: Net income of 26.3 billion yuan, up 21% YoY, contributing significantly to overall revenue [3]. Future Projections - The company projects EPS of 1.80 yuan for 2025, with further increases expected in subsequent years [3].

Group 1 - The core viewpoint of the article highlights a significant decline in the brokerage firms' split commission income for 2024, attributed to a decrease in public fund stock trading volume and ongoing reductions in commission rates [1][4]. - In 2024, the total split commission income for brokerages amounted to 10.986 billion yuan, representing a decline of over 30% compared to 2023 [2][4]. - The total stock trading volume for public funds in 2024 was 21.32 trillion yuan, down 7.59% from 23.07 trillion yuan in 2023 [4]. Group 2 - The top ten brokerages accounted for 44.44% of the total split commission income in 2024, an increase from 42.16% in 2023, indicating a rise in market concentration [7]. - The ranking of brokerages by split commission income saw changes, with CITIC Securities leading at 757 million yuan, down 34% year-on-year, followed by GF Securities at 648 million yuan, down 23% [5]. - Some brokerages, such as Huafu Securities and Huayuan Securities, managed to achieve growth in split commission income despite the overall decline in the industry [8]. Group 3 - The new regulations on public fund trading fees, effective from July 1, 2024, set a maximum commission rate of 0.262% for passive equity funds and 0.524% for other types, contributing to the decline in brokerage income [4]. - Analysts suggest that the ongoing consolidation in the brokerage industry will further alter the landscape of split commission income [8]. - The emphasis on research capabilities is increasing, with firms like Guotai Junan and Haitong Securities potentially challenging the current rankings post-merger [5][9].

Core Viewpoint - CITIC Securities has made significant adjustments to its ETF holdings, increasing positions in certain ETFs while reducing others, indicating a strategic shift in investment focus towards specific sectors and market segments [1][9]. Group 1: ETF Holdings Overview - CITIC Securities holds the largest position in the Huaxia SSE 50 ETF with a market value of 2 billion yuan, despite a reduction of 50.91 million shares [2][3]. - The second largest holding is the Huaxia CSI A500 ETF, valued at 1.846 billion yuan, reflecting a stable investment strategy as no changes in holdings were reported [2][3]. - The Southern CSI 1000 ETF has seen an increase of 25.51 million shares, indicating a focus on small-cap stocks, which are expected to perform well in the current market environment [2][4]. Group 2: Increases in Holdings - The Southern CSI 1000 ETF was increased by 255 million shares, highlighting CITIC Securities' positive outlook on small-cap stocks and emerging industries [4][5]. - The Tianhong CSI Bank ETF was increased by 6.534 million shares, reflecting confidence in the banking sector amid a favorable macroeconomic environment [5][6]. - The E-Fund SSE 50 ETF saw an increase of 4.492 million shares, emphasizing the importance of large-cap blue-chip stocks in the investment strategy [5][6]. Group 3: Reductions in Holdings - CITIC Securities reduced its holdings in the Southern CSI 500 ETF by 860 million shares, indicating caution towards mid-cap stocks due to potential market uncertainties [7][8]. - The Huaxia SSE 50 ETF also experienced a reduction of 509 million shares, suggesting a strategic shift in focus away from large-cap stocks [7][8]. - The Southern MSCI China A50 ETF was reduced by 261 million shares, further reflecting a cautious approach to blue-chip stocks in the current market context [7][8]. Group 4: New Entrants and Exits - CITIC Securities entered the top ten holders of 46 new non-cash ETFs, indicating a diversification strategy to capture various market opportunities [9][10]. - The firm exited the top ten holders of the Hai Fu Tong SSE Urban Investment Bond ETF, Southern CSI 300 ETF, and the China Merchants CSI Dividend ETF, marking a significant portfolio adjustment [14][15].

Mynd.ai业务 2024全年公司Mynd.ai业务营收21.1亿元，主要系海外教育信息化行业仍处于调整周期。毛利率26.0%/同 比+1.0pcts，主要系单位材料和运输成本节约。研发、销售、行政费用率分别9.6%/12.6%/17.2%，同比 分别+2.9/+1.4/+8.0pcts。 智通财经APP获悉，中信证券发布研报称，维持网龙(00777)"买入"评级，目标价 16 港元。公司公布 2024年全年业绩，2024年录得营收/归母净利润分别60.5/3.1亿元。展望2025年，公司游戏业务上半年仍 受战略主动调整略有压力，但该行预计公司有望通过AI+战略实现较好的费用控制，全年营业利润料能 持；Mynd.ai业务方面，长期看，在全球教育信息化渗透率提升趋势下，公司该业务有望恢复增长。 中信证券主要观点如下： 整体业绩 公司公布2024年全年业绩，2024年分别录得营收/归母净利润60.5/3.1亿元，主要系一次性非现金递延所 得税费用影响(约4.5亿元)，剔除该影响后公司净利润同比+17.4%。盈利方面，公司全年毛利率65.2%/同 比+3.3pcts;销售、行政、研发费用率分别12.5%/19.3 ...

Core Insights - The securities industry has reported significant net profit growth for 2024, with several leading firms surpassing 10 billion yuan in net profit [1][2] - CITIC Securities leads the industry with a net profit of 21.704 billion yuan, followed by Huatai Securities, Guotai Junan, and others [1][2] Group 1: Financial Performance - CITIC Securities reported a net profit of 21.704 billion yuan, a year-on-year increase of 10.06% [2] - Huatai Securities achieved a net profit of 15.351 billion yuan, up 20.4% year-on-year [2] - Guotai Junan Securities reported a net profit of 13.024 billion yuan, with a significant year-on-year increase of 38.94% [2] - The total operating income for CITIC Securities was 63.789 billion yuan, reflecting a 6.2% increase [2] - The overall performance of the brokerage business and proprietary investment showed positive trends across the board [3] Group 2: Business Segment Analysis - Brokerage net income for Guotai Junan increased by 15.51%, while proprietary business income surged by 61.84%, marking the highest growth among the leading firms [3] - Asset management business showed mixed results, with CITIC Securities (+6.67%) and others maintaining growth, while Guotai Junan (-4.98%) and Huatai Securities (-2.58%) experienced slight declines [3] - Investment banking revenues saw significant volatility, with CITIC Securities, Huatai Securities, and招商证券 all experiencing declines exceeding 30%, while银河证券 achieved a 10.6% increase [3] Group 3: Executive Compensation - The chairman of CITIC Securities received a pre-tax salary of 2.3033 million yuan, while the chairman of招商证券 earned 2.4728 million yuan, both exceeding 2 million yuan [3] - Huatai Securities exhibited a unique compensation structure where the secretary of the board and the general manager earned more than the chairman [3]

4月1日，A500ETF基金（512050）交投活跃，成交额33.86亿元，流动性优势仍居同类第一名。 近期，中证A500ETF（512050）2024年基金年报披露，从份额看，自2024年11月8日成立以来，截止 2024年12月31日，中证A500ETF（512050）在短短两个月内吸引了大量资金涌入，基金份额从初始的20 亿份迅速增长至193亿份，份额增长近10倍。规模184亿元，成为被动投资领域的一匹"黑马"。 持有人结构方面，截至2024年末，A500ETF基金（512050）机构投资者持有占比高达65.2%，前十大持 有人名单中，中信证券、华泰证券、中国平安人寿等头部机构赫然在列。这一现象不仅反映了市场对核 心资产的高度认可，也体现了投资者对华夏基金管理团队专业能力的信任。 李俊指出，除了宏观方面，DeepSeek的横空出世，也使得我们在科技领域的突围成为影响投资的重要 因素。不管是否主动为之，客观上我们这几年一个无法忽视的大背景是中美竞争，中国的科技突围与美 国的再工业化成为两国主要的政策目标，而这一目标对于双方都不是一朝一夕就可以实现的，在此期 间，中国有中国的问题，美国有美国的问题，而人工智 ...

中国国际金融股份有限公司、中信证券股份有限公司 关于中国移动有限公司 首次公开发行A股股票并上市之 保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"） 《关于核准中国移动 （证监许可〔2021〕3902 号）核准，中国移 有限公司首次公开发行股票的批复》 动有限公司（以下简称"中国移动"或"公司"）首次公开发行普通股（A 股） 股票的每股发行价为人民币 57.58 元，初始发行数量为 845,700,000 股（行使超 额配售选择权之前），行使超额配售选择权后最终发行数量为 902,767,867 股。本 次发行最终募集资金总额为 51,981,373,781.86 元，扣除发行费用 607,494,314.12 元后，募集资金净额为 51,373,879,467.74 元。 中国国际金融股份有限公司（以下简称"中金公司"、 "联席保荐机构"）、中 信证券股份有限公司（以下简称"中信证券"、"联席保荐机构"）担任中国移动 本次 A 股发行的联席保荐机构，于上市之日起对公司进行持续督导工作，持续 督导期至 2024 年 12 月 31 日止。截至目前，持续督导期已届满，现根据《证券 《上海证券交 ...