FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信証券股份有限公司 ("本公司") 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06030 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,620,076,855 | RMB | | 1 RMB | | 2,620,076,855 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 2,620,076,855 | RMB | | 1 RMB | | 2,620,076,855 | | 2. 股份分類 | 普通 ...

研报显示，金融板块以28.0%的盈利同比增速领跑，地产开发及REITs行业受益于物业销售增长与数据 中心需求，业绩超预期扩张；银行与金融服务企业在投行业务复苏、监管放松预期及降本增效推动下同 样表现强劲。科技领域，半导体与媒体娱乐企业盈利增速受AI技术支撑继续上升，但软件与硬件设备 增速放缓；制药与生物科技行业则因新药物放量实现稳健增长。 周期板块内部呈现分化态势。能源行业受油价回落影响盈利同比收缩27.0%，原材料行业在金价上涨带 动下部分细分领域业绩超预期；运输行业因燃油成本下降及航空、物流需求复苏业绩转暖。消费板块 中，必选消费在通胀压力下增长乏力，食品饮料与家庭用品企业表现平淡；可选消费领域，亚马逊推动 行业整体超预期，但汽车、耐用品与服装等领域仍承压。 展望2025年，彭博一致预期显示标普500盈利增速将降至9.9%，低于2024年的11.2%。中信证券团队认 为，这一预期下调主要受两方面因素影响：一是24Q4业绩超预期推高基数，二是美国政策落地背景下 多数行业预期持续下修，尤其是受关税冲击的资源品、工业及消费领域。目前仅金融板块因监管放松预 期维持乐观展望，剔除七巨头，标普500的2025年全年预 ...

2025年一季度，A股股权融资市场发行节奏平稳。据Wind数据统计，2025年一季度中国内地股票市场通过 IPO、增发和可转债等方式，共完成全口径募资事件57起，较去年同期减少21起，合计募集资金达922.55亿 元，同比增长14.82%。从融资方式来看，IPO发行数量为25起，同比减少6起，融资规模158.20亿元，同比 下降41.39%。在"把好入口关，畅通再融资"的政策导向下，定增发行数量为24起，同比减少14起，定增融 资总规模达627.55亿元，较去年同期增长24.08%。 从券商承销角度来看，中信证券以303.52亿元的总承销金额位居榜首，承销数量12起；中航证券以单笔 87.20亿元的项目承销金额排名第二；东方证券以71.41亿元的承销金额位居第三，承销数量为5起。 股权融资市场概览 1.1 近三年股权融资规模趋势 2025年一季度A股股权融资事件共57起，同比减少21起；股权融资总金额为922.55亿元，较去年同期增长 14.82%。其中，IPO项目家数为25起，比去年同期减少6起；募集金额为158.20亿元，同比下滑41.39%。增 发项目融资事件为24起，较去年同期减少14起；募集金额为6 ...

【投资要点】 事件：2024 年公司实现营收637.89 亿元，同比+6.20%（前三季度同比+0.73%）；归母净利润217.04 亿 元，同比+5.67%（前三季度同比-1.58%）；加权平均ROE 8.09%，同比+28bp。Q4 单季度营收176.48亿 元，同比+23.74%；归母净利润49.05 亿元，同比+48.33%。公司2024年中期和末期分别每10 股现金分 红2.4 元和2.8 元（含税），合计5.2元，分红比例为36.88%。 自营贡献主要增量，信用和投行继续承压。2024 年经纪/投行/资管/信用/自营业务净收入分别为 107.13/41.59/ 105.06/10.84/263.45亿元，分别同比+4.79%/-33.91%/+6.67%/-73.10%/+20.60%，占营收的比 例分别为16.79%/6.52%/16.47%/1.70%/41.30%。Q4 单季度经纪/投行/资管/信用/自营业务净收入分别为 35.58/13.40/30.27/1.64/46.81 亿元，分别同比+48.94%/+29.52%/+23.49%/-78.10%/ -22.82%，环比 +56.43 ...

公司具备强大的平台化能力，涵盖人才、技术、供应和智能制造等方面，并积累了深厚的技术和能力， 尤其在消费电子和智能汽车领域。公司积极拓展新业务领域，例如人形机器人和AI眼镜/XR头显的关键 核心部件量产及整机组装。 公司业务涵盖从原材料及功能结构件生产、功能模组贴合到智能终端整机组装的全产业链。拥有多种功 能材料的技术能力，实现了全材料覆盖，是全球消费电子供应链中少有同时具备玻璃和金属先进制程能 力的解决方案提供商。为客户提供从设计到量产的一站式垂直整合服务。 目前，公司已实现从原材料及功能结构件生产、功能模组贴合到整机组装的智能终端全产业链垂直整 合，其材料技术涵盖玻璃、金属、蓝宝石、陶瓷、塑胶、皮革、硅胶、玻纤和碳纤等。公司与全球领先 的消费电子及智能汽车品牌客户建立了长期战略合作伙伴关系，通常在产品上市前2到3年就深度参与到 客户的研发和生产中。此外，公司还横向拓展业务至智慧零售终端、工业及人形机器人、AI眼镜/XR头 显等多元化场景。 蓝思科技（300433）递表港交所主板，中信证券为其独家保荐人。 公司与主要原材料和设备供应商保持稳定和长期的合作关系。2022年、2023年和2024年，公司向前五大 ...

自营业务是业绩重要支撑 自营业务成为中信证券近几年业绩的重要支撑。2024年，中信证券自营收入达到263.45亿元，同比增长 20.6%，在营收中贡献占比高达41.3%。 证券公司金融投资资产包括交易性金融资产、其他权益工具投资等。从财报来看，2024年末，中信证券 交易性金融资产6909亿元，较年初增长11%；衍生金融资产490亿元，较年初增长50%；其他权益工具 投资907亿元，为年初的9.5倍。 兴业证券非银金融行业首席分析师徐一洲认为，中信证券延续增配金融资产，截至2024年末，金融资产 投资规模较年初增长20.4%至8617.73亿元。以其他权益工具投资为主要增配目标，其规模同比增长 853.0%，预计通过永续债和高股息股票资产的配置来弱化市场波动的影响。 中信证券总经理邹迎光表示，近年来，中信证券积极践行国家战略，致力于完善市场功能，全力满足实 体经济与投资机构在全球交易风险管理及投资方面的需求。在固定收益、大宗商品、股权衍生品、证券 金融等领域成绩斐然，有力推动了公司经营业绩的稳定提升与资产规模的稳健增长。 新华财经北京3月31日电（记者闫鹏）近日，中信证券发布2024年年报。按照中国企业会计准 ...

中信证券 创新药和集采政策趋势 20250330 摘要 Q&A 当前医药板块在政策方面有哪些重要变化？ 近期，医药板块在政策方面出现了显著变化，尤其是集采政策的优化和商保的 快速落地。首先，关于集采政策，上周业内流传的相关内容显示，第十批集采 相关舆情之后，医保监管部门进行了相应调整。在两会期间，总理报告中提到 要"优化集采"和"完善药品价格形成机制"，这表明未来将更多体现市场化 竞争机制。这一变化缓解了过去对行业估值压制的担忧。 具体而言，此次调整 可能使得更多差异化和品牌类型产品能够进入市场，从而重新评估市场模型。 • 集采政策优化及医保支付标准调整：两会期间强调"优化集采"和"完善 药品价格形成机制"，预示着市场化竞争机制的回归，缓解了行业估值压 制，利好差异化和品牌类型产品，降低非医保支付品类的价格干预风险。 • 多元化支付体系加速构建：商业健康险目录的推出，特别是城市定制型商 业医疗保险如上海"全药保"，覆盖更多创新药和进口原料药，为临床刚 需创新药提供新的支付契机，预计商业保险市场规模将超万亿。 • 创新药企迎来发展机遇：恒瑞医药、百济神州、信达生物等企业预计实现 首次或持续盈利，并可能推出重磅产 ...

Summary of CITIC Securities Co. Conference Call Company Overview - **Company**: CITIC Securities Co. (6030.HK) - **Industry**: Financial Services, specifically focusing on brokerage, margin finance, and asset management Key Points and Arguments 1. **Brokerage Fees Growth**: Brokerage fees increased by 56% quarter-over-quarter (QoQ) due to a more than doubling in average daily trading (ADT), indicating a shift towards a more institution-focused client base [2][8] 2. **Market Share Gains**: CITIC Securities gained market share in margin finance and asset management, with a noted increase of 23 basis points year-over-year (YoY) to 7.4% by the end of 2024, suggesting strong positioning for future demand [3][8] 3. **Asset Management Performance**: Despite facing fee rate pressure and a deteriorating mix in 2024, the asset management business showed signs of recovery towards the end of the year, driven by an increase in overall market trading volume and risk appetite, leading to growth in assets under management (AUM) [4][8] 4. **Fee Rate Pressure**: The pressure on fee rates in the asset management sector appears to be easing, with expectations that if risk appetite continues to improve in 2025, the AUM mix could shift towards more actively managed equity products, which typically command higher fees [4][8] 5. **Investment Income**: Investment income rose by 71% YoY, likely benefiting from lower bond yields, while net interest income saw a significant decline of 78% YoY due to increased leverage in financing bond trading [8] 6. **Cost/Income Ratio Improvement**: The cost/income ratio fell by 5 percentage points YoY to 63.1% in 4Q24, indicating effective cost control measures and some operating leverage [8] 7. **Future Outlook**: The company is well-positioned to consolidate market share as demand increases, with a target price set at HK$21.20, reflecting a slight downside from the current price of HK$21.60 [2][8] Additional Important Insights - **AUM Growth**: The asset management fees rebounded by 18% QoQ and 23% YoY, supported by an 11% YoY increase in AUM and strong ETF offerings from China AMC [8] - **Market Conditions**: The overall market conditions are expected to improve, which could further enhance CITIC's performance in the coming years [4][8] - **Valuation Methodology**: The valuation is based on a P/B ROE regression analysis, with a weighted average target P/B of 0.94x, reflecting a more favorable outlook due to policy support and liquidity potential [12] Risks and Considerations - **Upside Risks**: Faster macro recovery in China, reduced geopolitical risks, and potential synergies from consolidation with Guangzhou Securities could positively impact performance [14] - **Downside Risks**: Higher macro risks, execution risks in consolidation, and potential black swan events could pose challenges [14]

Core Viewpoint - The financial service agreement between Beijing Aeronautical Materials Research Institute Co., Ltd. and China Aviation Finance Co., Ltd. has been established to enhance the efficiency of fund utilization and is supported by comprehensive risk control measures [1][2][4]. Financial Service Agreement Details - The agreement was approved by the company's board and shareholders, and it includes provisions for deposit, credit, settlement, and other financial services [2][3]. - The maximum daily deposit balance allowed is capped at RMB 3.5 billion, with excess amounts to be transferred back within two working days [2][3]. - The revolving credit limit is set at RMB 400 million for various financing activities [3]. - The interest rates for deposits and loans must not exceed the benchmark rates set by the People's Bank of China [3][4]. Execution of the Agreement - Since the signing of the financial service framework agreement, the company has adhered to the terms regarding transaction content, limits, and pricing [5][6]. - As of December 31, 2024, the company's deposit balance with China Aviation Finance was RMB 2,628.05 million, with no outstanding loans or guarantees provided [5][6]. Risk Control Measures - A specialized team has been established to manage deposit risks, with regular assessments and reports to the board [6][7]. - The company has set up a risk reporting system to monitor the financial health of China Aviation Finance and to initiate risk mitigation procedures if certain financial distress indicators are met [7][8]. Sponsor's Verification Opinion - The sponsor confirms that the financial service agreement is comprehensive, well-executed, and that the risk control measures are effectively implemented [9].

Core Viewpoint - The report outlines the ongoing supervision and compliance checks conducted by CITIC Securities on Beijing Aeronautical Materials Research Institute Co., Ltd. for the year 2024, confirming adherence to governance, internal controls, and regulatory requirements [2][3][4]. Group 1: Company Governance and Internal Control - The company has established rules for the shareholder meeting, board of directors, and supervisory board, clearly defining the roles and responsibilities of directors, supervisors, and senior management [3]. - Internal management systems for financial management, accounting, internal auditing, and major operational decisions have been implemented and are being executed [3]. Group 2: Information Disclosure - The company has set up and is executing an information disclosure system in accordance with relevant laws and regulations [4]. Group 3: Independence and Related Party Transactions - No violations regarding the misuse of company funds by controlling shareholders or related parties were found during the checks, apart from disclosed related transactions [5]. Group 4: Use of Raised Funds - The company has established and is following a management system for raised funds, with the usage of these funds aligning with the original plans and necessary decision-making procedures [6]. Group 5: Related Transactions, Guarantees, and Investments - No violations were identified in terms of related transactions, external guarantees, or significant external investments during the supervision period [6]. Group 6: Operational Status - The company is operating normally, with checks confirming satisfactory performance in terms of receivables and key operational metrics [6]. Group 7: Recommendations - The company is advised to continue improving its governance structure, fulfill information disclosure obligations timely, and ensure compliance in the use of raised funds [7].