Core Viewpoint - CITIC Securities maintains its leading position in revenue and total assets despite mergers among domestic top brokerages [1] Financial Performance - In Q1 2025, CITIC Securities reported operating revenue of 17.76 billion yuan, ranking first in the industry, with a year-on-year growth of 29.13% [2] - The net profit for the same period was 6.55 billion yuan, reflecting a year-on-year increase of 32.00% [2] - Total assets reached 1.79 trillion yuan at the end of Q1, also ranking first in the industry [3] Revenue Growth Drivers - The revenue growth is attributed mainly to increases in wealth management and investment trading business [4] - Investment income saw a remarkable increase of 535.36% year-on-year, rising from 2.28 billion yuan in Q1 2024 to 14.50 billion yuan in Q1 2025 [5][6] Business Segment Performance - All core business segments, including brokerage, investment banking, and asset management, experienced positive year-on-year growth [7] - Specific figures include: - Brokerage net commission income of 3.33 billion yuan, up 36% year-on-year [8] - Investment banking net commission income of 976 million yuan, up 12% year-on-year [8] - Asset management net commission income of 2.56 billion yuan, up 8.69% year-on-year [8] Other Financial Metrics - Operating income from non-operating activities increased over 46 times, primarily due to increased default payments collected by subsidiaries [10] - Fair value changes were negatively impacted by market fluctuations, leading to a significant decrease in fair value gains [11] - Credit impairment losses increased significantly due to provisions for lent funds and repurchased financial assets [12] Subsidiary Performance - CITIC Securities' subsidiary, Huaxia Fund, reported a net profit of 561 million yuan in Q1 2025, continuing its profitable trend [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights stable growth across various business segments, with notable performance in investment net income [1] - The company achieved a significant increase in total revenue and net profit in Q1 2025, with total revenue reaching 17.76 billion and net profit at 6.55 billion, representing year-on-year growth of 29.1% and 32.0% respectively [8] - The brokerage business saw a substantial increase in revenue due to a surge in trading volume, while investment income also experienced significant growth [8] Financial Performance Summary - Total revenue forecast for 2023A is 60.068 billion, with a projected increase to 70.842 billion by 2025E, reflecting a year-on-year growth of 11.06% [1] - Net profit attributable to shareholders is expected to rise from 19.721 billion in 2023A to 25.669 billion in 2025E, indicating an 18.27% increase [1] - The latest diluted EPS is projected to be 1.73 for 2025E, with a P/E ratio of 15.58 [1] Business Segment Performance - Brokerage revenue increased by 36.2% year-on-year, contributing 20.5% to total revenue [8] - Investment banking revenue grew by 12.2%, with a significant increase in underwriting scale [8] - Asset management revenue rose by 8.7%, maintaining the company's leading position in the market [8] - Investment income saw a remarkable increase of 62.3% year-on-year, with adjusted net investment income up by 35.6% [8]

Group 1 - The core viewpoint of the article highlights that CITIC Securities reported strong financial performance for Q1 2025, with significant year-on-year growth in both revenue and net profit [1][2] - In Q1 2025, CITIC Securities achieved operating revenue of 17.761 billion yuan, representing a 29.13% increase year-on-year, and a net profit of 6.545 billion yuan, up 32% year-on-year [1][2] - The growth in revenue is attributed to increased income from wealth management and investment trading, with brokerage business net income reaching 3.325 billion yuan, a 36.18% increase, and investment banking business net income at 976 million yuan, a 12.24% increase [2] Group 2 - CITIC Securities disclosed a historical litigation situation in its Q1 report, involving a lawsuit filed by 11 plaintiffs against Dongxu Guangdian Technology Co., Ltd. and others, including CITIC Securities South China, for a total claim of 1.8282 million yuan [3] - The company stated that the lawsuit relates to disputes arising from projects undertaken by the former Guangzhou Securities prior to its acquisition, and potential losses have been adequately considered before the acquisition [3]

证券代码：600030 证券简称：中信证券 公告编号：临2025-035 中信证券股份有限公司 第八届董事会第三十三次会议决议公告 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。 公司第八届董事会第三十三次会议于2025年4月14日以电子邮件方式发出一 次通知，于2025年4月24日以电子邮件方式发出二次通知，会议于2025年4月29 日上午在北京中信证券大厦10层1号会议室以现场方式召开，应到董事9人，实到 董事9人。其中，非执行董事张麟先生、付临芳女士、赵先信先生、王恕慧先生， 独立非执行董事史青春先生以电话/视频方式参会。本次董事会有效表决数占公 司董事总数的100%，符合《公司法》和公司《章程》的规定。本次董事会由董事 长张佑君先生主持，公司监事和部分高级管理人员列席会议。 会议以记名投票方式表决，审议通过以下议案： 一、2025年第一季度报告 表决情况：同意9票，反对0票，弃权0票。本报告获得通过。 公司2025年第一季度报告事先经公司第八届董事会审计委员会预审通过，该 报告将与本公告同日披露。 二、关于公司2024 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥17.76 billion, a 29.13% increase compared to ¥13.75 billion in the same period last year[7]. - Net profit attributable to shareholders was ¥6.55 billion, reflecting a 32.00% growth from ¥4.96 billion year-on-year[7]. - The net profit excluding non-recurring gains and losses was ¥6.44 billion, up 31.23% from ¥4.91 billion in the previous year[7]. - The basic earnings per share increased to ¥0.42, a rise of 31.25% compared to ¥0.32 in the same period last year[7]. - Total revenue for Q1 2025 reached CNY 17.76 billion, a 29.0% increase from CNY 13.75 billion in Q1 2024[25]. - Net profit for Q1 2025 was CNY 6.76 billion, up 30.9% from CNY 5.16 billion in Q1 2024[25]. - The net profit attributable to the parent company shareholders for the first quarter of 2025 was ¥6,545,117,520.29, an increase from ¥4,958,574,616.76 in the same period of 2024, representing a growth of approximately 31.9%[26]. - The total comprehensive income attributable to the parent company owners for the first quarter of 2025 was ¥6,585,910,240.29, compared to ¥5,248,359,730.51 in the first quarter of 2024, indicating an increase of about 25.5%[26]. - Net interest income decreased to CNY -201.97 million in Q1 2025 from CNY 325.35 million in Q1 2024[25]. - Commission and fee income increased to CNY 7.30 billion, a 23.6% rise from CNY 5.90 billion in Q1 2024[25]. - Investment income surged to CNY 14.50 billion, compared to CNY 2.28 billion in Q1 2024[25]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1.79 trillion, representing a 4.59% increase from ¥1.71 trillion at the end of the previous year[7]. - Total assets as of March 31, 2025, amounted to CNY 1.79 trillion, an increase from CNY 1.71 trillion at the end of 2024[24]. - Total liabilities increased to CNY 1.48 trillion from CNY 1.41 trillion at the end of 2024[24]. - The total liabilities as of March 31, 2025, were not explicitly stated but included significant components such as short-term financing payables of ¥36,702,892,082.50 and repurchase agreements of ¥360,289,770,419.66[30]. - The company’s total liabilities and equity reached ¥1,194,570,455,601.60 in 2025, up from ¥1,167,573,218,603.72 in 2024, indicating a growth of 2.3%[31]. - Total liabilities increased to ¥949,139,828,158.97 in 2025 from ¥930,625,036,848.87 in 2024, reflecting a growth of 2.7%[31]. - Shareholders' equity rose to CNY 307.74 billion, up from CNY 298.77 billion at the end of 2024[24]. Cash Flow - The net cash flow from operating activities for the first quarter of 2025 was -¥53,360,099,403.62, a significant decline from ¥70,495,179,857.14 in the first quarter of 2024[28]. - The cash and cash equivalents at the end of the first quarter of 2025 were ¥390,885,387,116.74, down from ¥421,778,756,897.94 at the beginning of the period, showing a decrease of about 7.3%[29]. - The net increase in cash and cash equivalents for the first quarter of 2025 was -¥30,893,369,781.20, contrasting with an increase of ¥32,312,411,918.86 in the first quarter of 2024[29]. - The company received cash from interest, fees, and commissions amounting to ¥15,219,822,027.11 in the first quarter of 2025, compared to ¥12,726,892,753.89 in the same period of 2024, representing an increase of approximately 19.6%[28]. - The company’s net cash flow from financing activities for the first quarter of 2025 was -¥4,157,637,357.56, compared to -¥1,394,426,206.84 in the first quarter of 2024, indicating a worsening cash flow situation[29]. - Cash flow from operating activities showed a net outflow of ¥40,093,857,372.94 in Q1 2025, contrasting with a net inflow of ¥48,828,827,349.26 in Q1 2024[35]. - The net cash flow from financing activities in Q1 2025 was a negative ¥11,080,543,479.20, compared to a negative ¥2,202,906,915.55 in Q1 2024[36]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 741,154[12]. - As of March 31, 2025, the company had a total of 741,154 shareholders, with 741,012 being A-share shareholders and 142 being H-share registered shareholders[14]. - The top ten unrestricted shareholders hold a total of 6,000,000,000 shares, with China CITIC Financial Holdings Limited holding 2,299,650,108 A-shares, accounting for 19.84% of the total shares[14]. - The company’s total shareholding by Guangzhou Yuexiu Capital Holdings Group is 1,296,876,933 shares, representing 8.75% of the total shares[15]. Regulatory and Legal Matters - The company is involved in a lawsuit concerning a claim of RMB 1,828,167.34 related to a previous acquisition, with potential risks assessed as low[20]. - The company received a warning from the Shenzhen Securities Regulatory Bureau regarding deficiencies in managing risks related to margin trading[21]. Subsidiaries and Business Operations - The company has 38 subsidiaries and 199 securities business departments as of the end of the reporting period[17]. - The company’s subsidiary, Huaxia Fund, achieved a net profit of RMB 56,135.44 million in the first quarter of 2025[22]. - The company has undergone branch relocations, including the closure of two securities business departments and the relocation of three others[17]. Investment and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to enhance growth prospects[25]. - The company issued a perpetual subordinated bond with a scale of RMB 30 billion at a fixed interest rate of 2.10% for the first five years, listed on January 22, 2025[16]. - The company completed the issuance of four bonds in the first quarter of 2025, totaling RMB 100 billion, with interest rates ranging from 1.85% to 2.10%[16].

Core Viewpoint - The company has successfully integrated Sino Gaode into its consolidated financial statements and is optimistic about future performance due to ongoing projects with major clients [2][3]. Company Overview - As of March 2025, the company holds 49.90% of Sino Gaode's shares and has completed the necessary registration procedures [2]. - The integration of Sino Gaode is progressing normally, with expected performance releases in Q3 2025 [2]. Technology and Market Position - Sino Gaode is recognized for its etching technology, which has significant barriers to entry due to the need for chemical processing capabilities and environmental compliance [3]. - The company is confident in its business layout and future growth prospects in the etching sector as client demand increases [3]. New Materials Strategy - The lithium battery new materials sector is experiencing intense price competition, prompting the company to focus on high-tech applications [4]. - The company has developed carbon nanotube products for solid-state batteries and is increasing investment in high-surface-area carbon black, which has higher conductivity and profit margins [4]. CCS Business Layout - The integrated bus CCS is a critical component in new energy batteries, with the company leveraging its relationships with major lithium battery clients [5]. - The transition from FPC to FCC signal acquisition components presents an opportunity for product iteration and margin improvement [5]. Thermal Management Strategy - The acquisition of Sino Gaode is a strategic move to enhance the company's thermal management capabilities, particularly in consumer electronics [6]. - The company is also exploring liquid cooling module business opportunities in response to rising cooling demands from advanced technologies [6]. Financial Performance - In Q1 2025, the company reported a main revenue of 166 million yuan, a year-on-year increase of 1.66%, but a net loss of 11.24 million yuan, a decline of 121.43% [8]. - The company's debt ratio stands at 29.48%, with a gross margin of 24.28% [8]. Analyst Ratings and Predictions - Recently, one institution has issued a buy rating for the stock, with profit forecasts indicating a net profit of 113 million yuan for 2025 [9]. - The stock has seen a net outflow of 27.78 million yuan in financing over the past three months [9].

金十数据4月29日讯，中信证券研报称，虽然今年4月美国国会通过了2025财年预算决议，但该决议并不 具有法律效力也不能直接拨款。预计今年预算法案需要在9月30日前通过，否则国会则需通过临时拨款 法案以避免政府停摆风险。特朗普减税法案今年若落地，美国财政赤字压力将进一步攀升。市场对于财 政压力的担忧以及对于通胀风险的担忧将持续导致美债利率中期限溢价以及通胀预期部分高位运行，进 而10年期美债利率中枢或一段时间在4.0%以上，后续美债利率下行空间的打开或需观察特朗普政策、 美国经济承压状况和美联储表态。 中信证券：美国财政压力对美债影响几何？ ...

近日，据中国证券监督管理委员会网上办事服务平台信息，江苏证监局受理了思必驰科技股份有限公司首次公开发行股票 并上市辅导备案的申请，备案时间为2025年4月25日，辅导机构为中信证券。 | 辅导对象 | 辅导机构 | 备案时间 | 辅导状态 | 派出机构 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | | 思必驰科技股份有限公司 | 中信证券股份有限公司 | 2025-04-25 | | 江苏证监局 | | 关于思必驰科技股 ... | 据辅导备案报告披露，中信证券与思必驰辅导协议签署时间为2025年4月9日。另外，参与辅导工作的证券服务机构还包括 北京市金杜律师事务所及天健会计师事务所（特殊普通合伙）。 | 辅导协议签 | | 2025年4月9日 | | --- | --- | --- | | 醫 | 间 时 | | | 辅 导 机 构 | | 中信证券股份有限公司 | | 律 师 事 务 所 北京市金杜律师事务所 | | | | 会计师事务 | | 天健会计师事务所（特殊普通合伙） ✪ 公众号·财汇安投 | | 所 | | | 值得注意 ...

智通财经APP获悉，中信证券发布研报称，银行板块投资方面，由于2025年基准利率相对平稳，预计1 季度银行息差走低幅度低于年初预期;因此，尽管大部分银行景气度延续低位运行，但向下超预期概率 偏低。从投资角度看，在宏观"审慎"和"走弱"的两种假设情形下，银行板块相对于大部分行业而言，基 本面具备相对稳健特征，相对价值显著。个股方面，年初以来部分低估值品种持续修复，短期建议重点 关注分红收益稳定乐观的银行，同时前期强势品种估值仍有提升空间;长期建议重点关注市场具备预期 差大、且未来三年盈利增长确定性较强的银行。 事项： 本周银行业理财登记托管中心发布《中国银行业理财市场季度报告(2025年一季度)》;中共中央政治局4 月25日召开会议，分析研究当前经济形势和经济工作。 中信证券主要观点如下： 市场规模：2025Q1末理财规模较年初下降0.81万亿元。 1)2025Q1年末理财存续规模29.14万亿元，同比增长9.41%，较年初下降0.81万亿元，同比多减0.64万亿 元。2025年一季度，理财市场整体景气度处于低位，当季债市波动较大影响理财收益率，根据样本测 算，2025Q1纯债型和非纯债型固收类理财产品平均年化 ...

中信证券：在贸易冲突背景下，预计从4月PMI开始，数据层面将逐步反映压力，适时降准降息时点临 近，收益率曲线先牛陡后牛平的概率更大。 ...