| | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024 年 | 2023 年 | 本期比上年同期 | 2022年 | | | | | 增减 (%) | | | 营业收入 | 12.353.833.465.06 | 10.627.163.242.97 | 16.25 | 10.659.638.031.35 | | 归属于母公司股东的净利润 | 2.164.048.119.86 | 1.964.371.034.08 | 10.16 | 2.637.075.791.20 | | 归属于母公司股东的扣除非经常性损 益的净利润 | 2.023.177.747.12 | 1.864.556.891.28 | 8.51 | 2.459.552.003.77 | | 经营活动产生的现金流量净额 | 24.143.006.376.01 | -10.360,349,933.12 | 不适用 | 22.656.414.014.09 | | 其他综合收益 | 630.504.956.35 | 225,778,847,78 | 179.26 | 3 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-013 兴业证券股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 兴业证券股份有限公司（以下简称"公司"或"兴业证券"）第六届董事会 第三十次会议于 2025 年 4 月 25 日以电子邮件方式发出会议通知，于 2025 年 4 月 30 日以通讯方式召开。公司现有董事 9 名，全体董事参加会议。会议的召集、 召开及表决程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 蒋剑飞先生未持有本公司股票，与公司其他董事、监事、高级管理人员、实 际控制人及持股 5%以上股东不存在关联关系，未受过中国证监会及其他有关部 门的处罚和证券交易所惩戒，不存在相关法律法规、部门规章、规范性文件和《公 司章程》等以及上海证券交易所规定的不得担任高级管理人员的情形，符合《公 司法》《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》 《证券基金经营机构信息技术管理办法》《兴业证券股份有限公司章程》《兴业 证券股份 ...

非银金融/证券Ⅱ 兴业证券（601377.SH） 零售业务能力提升，自营投资收益高弹性 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 5.83 | | 一年最高最低(元) | 7.50/4.82 | | 总市值(亿元) | 503.48 | | 流通市值(亿元) | 503.48 | | 总股本(亿股) | 86.36 | | 流通股本(亿股) | 86.36 | | 近 3 个月换手率(%) | 31.59 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 兴业证券 沪深300 相关研究报告 《客户保证金高增，自营投资收益率 回升—兴业证券 2024 三季报点评》 -2024.11.4 《手续费业务同比承压，二季度自营 投资环比高增—兴业证券 2024中报点 评》-2024.9.3 ——兴业证券 2024 年报及 2025 一季报点评 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@ ...

丨证券研究报告丨 [Table_Summary] 2024 年及 2025Q1 兴业证券业绩回暖提升，自营财富表现强势。展望未来，市场回暖下看好公 司发挥业务协同效应在财富管理、机构化进程加速双轮驱动发展战略下的成长性，维持买入评 级。 公司研究丨点评报告丨兴业证券（601377.SH） [Table_Title] 兴业证券 2024A&2025Q1 点评： 业绩回暖提升，自营财富表现强势 分析师及联系人 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 吴一凡 SAC：S0490519080007 SFC：BUV596 兴业证券（601377.SH） cjzqdt11111 [Table_Title 兴业证券 2024A&2025Q1 2] 点评： 业绩回暖提升，自营财富表现强势 事件评论 市场表现对比图(近 12 个月) 丨证券研究报告丨 2025-04-29 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 | 公司基础数据 | | | --- | --- | | [Table_BaseData] 当前 ...

智通财经APP获悉，4月28日，兴业证券全球首席策略分析师张忆东在2025年度中国投资人峰会上分享 了对资本市场的看法。他表示，国际新秩序的序幕已经拉开，中长期来看，中国资产大有可为，正是重 估的时代。短期建议逢低布局战略性资产：科技、新消费、黄金军工。 张忆东称，总体来说，在中短期3到6个月的维度来说，依然会面临着很多地缘政治的不确定性，以及关 税政策的一些扰动。而且贸易政策带来的不确定性不会很快结束。 他表示，贸易战没有赢家，美国经济乃至全球经济都会受到贸易摩擦的影响。2025年美股很可能走出典 型的美股熊市，当然通常美股熊市调整的时间比较短，往往1到2年，甚至很多时候就是一年以内，但比 较急速、比较猛烈。 谈及中国资本市场，张忆东表示，内因才是决定中国资本市场重估的核心变量，新秩序正在悄然拉开帷 幕，而中国是新秩序全球治理新秩序的受益者，对中国看多。 他认为中国资产中长期大有可为，短期只是因为外因所导致的扰动。他认为下个阶段，中国构建双循环 经济发展的格局将会落到实处，从而成为世界经济增长的稳定锚。 同时他也指，中国资产重估是一个中长期逻辑。从中短期应对外部的一些冲击，政策上面有很多的空 间，会择机用好 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-012 兴业证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获中国证监会注册批复的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 近日，兴业证券股份有限公司（以下简称"公司"）收到中国证券监督管理 委员会《关于同意兴业证券股份有限公司向专业投资者公开发行永续次级公司债 券注册的批复》（证监许可〔2025〕837 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 100 亿元永续次级公司 债券的注册申请。 二、本次发行永续次级公司债券应严格按照报送上海证券交易所的募集说明 书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行永续次级公司债券。 四、自同意注册之日起至本次永续次级公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 公司将按照有关法律法规、批复要求及公司股东大会的授权，办理本次公开 发行永续次级公司债券相关事宜，并及时履行信息披露义务。 特此公告。 兴业证券 ...

公司研究 证 券 研 究 报 告 兴业证券（601377）2024 年报点评 推荐（维持） ROE 回升，轻资本业务增长 目标价：6.79 元 事项： 点评： 单季度 ROE 同比环比均有提升。公司报告期内 ROE 为 3.7%，同比+0.3pct。 单季度 ROE 为 1.5%，环比+0.8pct，同比+0.8pct，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：3.85 倍，同比+0.17 倍，环比+0.2 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 4.4%，同比+0.1pct，单季度资产周转率为 1.4%，环比+0.2pct，同比 +0.7pct。 3）公司报告期内净利润率为 22.1%，同比-0.1pct，单季度净利润率为 26.7%， 环比+11.4pct，同比+1.6pct。 杠杆倍数同比提升。资产负债表看，剔除客户资金后公司总资产为 2224 亿元， 同比+149.5 亿元，净资产：578 亿元，同比+14.4 亿元。杠杆倍数为 3.85 倍， 同比+0.17 倍。 公司计息负债余额为 1364 亿元，环比+148.9 亿元，单 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 6.79 RMB [1]. Core Views - The company's return on equity (ROE) has shown improvement, with a reported ROE of 3.7%, up by 0.3 percentage points year-on-year [1]. - The company's total assets, excluding client funds, reached 222.4 billion RMB, an increase of 14.9 billion RMB year-on-year [1]. - The report highlights a significant increase in brokerage business revenue, which rose to 21.3 billion RMB, reflecting a year-on-year growth of 70% [8]. Financial Performance Summary - The company's total revenue, excluding other business income, was 9.8 billion RMB, representing a year-on-year increase of 10.9% [7]. - The net profit attributable to the parent company was 2.16 billion RMB, up 10.2% year-on-year [7]. - The company's interest income from credit business was 5.01 billion RMB, with a quarterly increase of 3.11 million RMB [2]. - The company's asset-liability ratio stands at 78.33% [4]. Business Segment Performance - The self-operated business generated a total income of 4.24 billion RMB, with a quarterly income of 1.16 billion RMB, showing a decline of 1.6 billion RMB quarter-on-quarter [1]. - The investment banking business reported a revenue of 700 million RMB, with a quarterly increase of 80 million RMB [8]. - The asset management business income remained stable, totaling 1.6 billion RMB [8]. Future Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.27, 0.29, and 0.32 RMB respectively [9]. - The report anticipates a weighted average ROE of 4.22%, 4.46%, and 4.82% for the years 2025, 2026, and 2027 [9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18][22] Core Views - The company's revenue for 2024 reached 12.354 billion yuan, a year-on-year increase of 16.25%, while the net profit attributable to shareholders was 2.164 billion yuan, up 10.16% year-on-year [1][4] - The increase in performance is primarily attributed to the active trading in the capital market and the implementation of favorable policies, leading to growth in investment income and asset management business [1][3] - The company has seen a significant increase in its financial asset scale, which grew by 18.28% year-on-year to 153.4 billion yuan, with investment income rising dramatically by 370% year-on-year [2][3] Summary by Sections Financial Performance - In 2024, the company achieved operating income of 12.354 billion yuan, a 16.25% increase year-on-year, and a net profit of 2.164 billion yuan, reflecting a 10.16% growth [1][4] - The first quarter of 2025 showed an operating income of 2.792 billion yuan, up 17% year-on-year, and a net profit of 516 million yuan, a significant increase of 57% [1] Business Segments - Brokerage business revenue decreased by 5.47% to 2.13 billion yuan due to commission rate reductions, despite a 13% increase in stock trading volume [2] - Investment banking revenue fell by 32.87% to 701 million yuan, with equity underwriting down 89% to 1.906 billion yuan, while bond underwriting increased by 32% to 175.8 billion yuan [2] - Asset management fees increased by 7.6% to 159 million yuan, with assets under management (AUM) reaching 100.995 billion yuan, a 20% increase [3] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 2.393 billion yuan, 2.677 billion yuan, and 2.896 billion yuan respectively, with year-on-year growth rates of 10.6%, 11.9%, and 8.2% [4][18] - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 22.6, 20.2, and 18.7 respectively, while the price-to-book (PB) ratios are expected to be 0.9 for 2025 and 2026, and 0.8 for 2027 [4][18]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18][22] Core Views - The company's revenue for 2024 reached 12.354 billion yuan, a year-on-year increase of 16.25%, while the net profit attributable to shareholders was 2.164 billion yuan, up 10.16% year-on-year [1] - The increase in performance is primarily attributed to the active trading in the capital market and the implementation of favorable policies, leading to growth in investment income and asset management business [1][3] - The company has seen a significant increase in its financial asset scale, which grew by 18.28% year-on-year to 153.4 billion yuan, with investment income rising dramatically by 370% [2][3] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 12.354 billion yuan, a 16.25% increase year-on-year, and a net profit of 2.164 billion yuan, reflecting a 10.16% growth [1][4] - The first quarter of 2025 showed an operating income of 2.792 billion yuan, up 17% year-on-year, and a net profit of 516 million yuan, a significant increase of 57% [1] Business Segments - Brokerage business revenue decreased by 5.47% to 2.13 billion yuan due to commission rate reductions, despite a 13% increase in stock trading volume [2] - Investment banking revenue fell by 32.87% to 701 million yuan, with equity underwriting down 89% to 1.906 billion yuan, while bond underwriting increased by 32% to 175.8 billion yuan [2] - Asset management fees increased by 7.6% to 159 million yuan, with assets under management (AUM) reaching 100.995 billion yuan, a 20% increase [3] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 2.393 billion yuan, 2.677 billion yuan, and 2.896 billion yuan respectively, with year-on-year growth rates of 10.6%, 11.9%, and 8.2% [3][4] - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 22.6, 20.2, and 18.7 respectively, while the price-to-book (PB) ratios are expected to be 0.9 for 2025 and 2026, and 0.8 for 2027 [4][19]