中国银河（601881）证券股份有限公司赵良毕,洪烨近期对润建股份（002929）进行研究并发布了研究报告 《2025Q1营收双位数增长，算力网络生态良好》，给予润建股份买入评级。 证券之星数据中心根据近三年发布的研报数据计算，东北证券韩金呈研究员团队对该股研究较为深入，近三 年预测准确度均值为19.43%，其预测2025年度归属净利润为盈利11.21亿，根据现价换算的预测PE为10.91。 最新盈利预测明细如下： 通信网络基石牢筑，算力网络生态良好。分业务看，2024年公司通信网络与数字网络营业收入占比分别约 49.7%与26.6%，算力网络营业收入同比高增约71.7%。通信网络方面，2024年公司实现运营商业务数字化产 品赋能，在广东、江苏、贵州等多个省份中标，数字网络方面，围绕通信、教育、能源、园区管理、企业管 理等领域，打造超60款智能体应用，取得"某央企知识管理大模型开发服务"等典型项目，能源网络方面，由 于部分项目未达收入确认条件对业绩形成主要拖累，服务与储备的风力、光伏、储能项目装机总容量超 20GW，完成能源行业巡检作业里程超43万公里，新能源巡检作业规模累计超1.7GW，通信光伏、铁塔高温整 ...

汽车行业竞争导致车载照明业务毛利率承压。2024年我国汽车产销量同比分别增长3.7%和4.5%，实现历 史新高；其中新能源车产销量同比分别增长34.4%和35.5%，新能源汽车渗透率突破40%，较上一年提升 9.3PCT。但2024年汽车行业竞争激烈，竞争传递到上游配件企业。2024年公司车载业务板块实现营业收 入5.96亿元，同比下降4.43%；毛利率15.8%，同比减少3.45PCT。公司持续聚焦"车用照明+车载控制器"领 域，多个项目正式量产，实现了发光总成和主机厂客户的突破，与零跑汽车达成战略合作，业务稳步推 进。 中国银河（601881）证券股份有限公司杨策,何伟近期对得邦照明（603303）进行研究并发布了研究报告 《2024年&2025年一季报业绩点评：供应链全球化应对出口压力》，给予得邦照明增持评级。 得邦照明 核心观点 事件：2024年公司实现营业收入44.31亿元，同比下降5.66%；归母净利润合计达3.47亿元，同比下降 7.53%。2025年一季度，公司实现营业收入9.98亿元，同比下降8.09%；归母净利润0.62亿元，同比下降 17.11%。2021至2023年公司现金分红率分别为 ...

上 市 公 司 非银金融 2025 年 04 月 30 日 中国银河 (601881) ——股权投行业务实现突破，自营业务增长亮眼 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 15.87 | | 一年内最高/最低（元） | 19.33/9.70 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 1.92 | | 流通 A 股市值（百万元） | 114,953 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.28 | | 资产负债率% | 81.03 | | 总股本/流通 A 股(百万) | 10,934/7,243 | | 流通 B 股/H 股（百万） | -/3,691 | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 ...

Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Overweight" rating for the H-shares of the company [9]. Core Views - The company reported a Q1 2025 revenue of 7.558 billion RMB, representing a year-over-year increase of 4.77% but a quarter-over-quarter decrease of 9.87%. The net profit attributable to the parent company was 3.016 billion RMB, showing a year-over-year increase of 84.86% and a quarter-over-quarter decrease of 1.67% [1][2]. - The company's investment income saw significant growth, with brokerage, investment banking, and asset management businesses continuing to expand [1][4]. - The report highlights a slight increase in leverage, with the leverage ratio reaching 4.09x at the end of Q1 2025, which is a year-over-year decrease of 0.41x but a quarter-over-quarter increase of 0.02x [2]. Summary by Sections Revenue and Profitability - Q1 2025 investment income was 3.156 billion RMB, accounting for 42% of total revenue, with a year-over-year increase of 93.74% and a quarter-over-quarter increase of 14.52% [2]. - Brokerage business net income for Q1 2025 was 1.922 billion RMB, up 53.05% year-over-year but down 22.99% quarter-over-quarter. Asset management net income was 131 million RMB, reflecting a year-over-year increase of 19.31% and a quarter-over-quarter decrease of 2.38% [3]. Investment Banking Performance - The investment banking segment reported a net income of 151 million RMB in Q1 2025, a year-over-year increase of 59.48% but a quarter-over-quarter decrease of 37.05%. The underwriting scale for equity business was 1.5 billion RMB, with a market share of 1.0% [4]. Earnings Forecast and Valuation - The report adjusts the earnings forecast for 2025-2027, predicting net profits of 11.349 billion RMB for 2025, with EPS estimates of 1.04 RMB for 2025 [5][20]. - The target prices are set at 20.06 RMB for A-shares and 9.10 HKD for H-shares, reflecting a premium PB valuation of 1.9x for A-shares and 0.8x for H-shares [5][10].

Core Viewpoint - The announcement details the first quarter report of China Galaxy Securities Co., Ltd., emphasizing the accuracy and completeness of the financial information provided by the board and management [1][2]. Financial Data Summary - The financial statements for the first quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, with specific attention to risk control indicators that comply with regulatory standards [3][4]. - Non-recurring gains and losses are applicable, with a requirement to explain significant items not listed in the regulatory guidelines [4]. Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed, with a notable mention of Hong Kong Central Clearing Limited as a nominal holder for H shares [6][7]. Board Meeting Resolutions - The board meeting on April 29, 2025, approved several key proposals, including the first quarter report, the annual work plan for 2025, and the capital expenditure budget [12][13][16][18]. - The board also approved a donation plan for 2025 and matters related to issuing perpetual subordinated bonds [21][23]. Supervisory Review - The supervisory board confirmed that the first quarter report meets regulatory requirements and accurately reflects the company's operational and financial status [29]. - The supervisory board also approved the annual work plan for 2025 during the same meeting [31].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit growth of over 80% driven by a doubling of investment net income from a low base [1] - The report highlights strong performance in brokerage and margin financing businesses, with brokerage revenue increasing by 53.1% year-on-year [7] - The investment banking segment showed resilience with a 59.5% year-on-year increase in revenue, particularly in bond underwriting [7] - Asset management revenue also saw a year-on-year increase of 19.3%, indicating a further improvement in product offerings [7] - The company is expected to maintain a robust growth trajectory with projected net profits of 126 billion, 135 billion, and 142 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 26%, 7%, and 5% [7] Financial Summary - Total revenue for 2023 is projected at 33,646 million, with a year-on-year growth of 0.01% [1] - The forecasted net profit for 2023 is 7,880 million, with a year-on-year increase of 1.53% [1] - The earnings per share (EPS) for 2023 is estimated at 0.65 yuan, with a price-to-earnings (P/E) ratio of 18.18 [1] - The company’s total assets are projected to reach 737,471 million by 2025, with a total equity of 140,481 million [13]

证券代码：601881 证券简称：中国银河 公告编号：2025-029 会议形成如下决议： 一、审议通过《关于提请审议<中国银河证券股份有限公司 2025 年第一季 度报告>的议案》 监事会就公司 2025 年第一季度报告审核意见如下： 1.公司 2025 年第一季度报告的内容和格式符合监管机构的规定，能够真实、 准确、完整地反映公司 2025 年第一季度经营管理和财务状况的实际情况； 2.公司 2025 年第一季度报告编制和审议程序符合相关法律、法规及《公司 章程》和公司内部管理制度的规定； 3.未发现参与公司 2025 年第一季度报告编制和审议的人员有违反保密规定 的行为。 议案表决情况：同意 5 票，反对 0 票，弃权 0 票。 中国银河证券股份有限公司 第五届监事会第三次会议（定期）决议公告 本公司监事会及全体监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个别及连带 责任。 2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届监事会第三次会议（定期）。本次会议通知 已于 2025 年 4 ...

2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）在 北京市丰台区西营街 8 号青海金融大厦 M1912 会议室以现场和通讯相结合的方 式召开第五届董事会第四次会议（定期）。本次会议通知已于 2025 年 4 月 15 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应出席 董事 9 名，实际出席董事 9 名，其中委托出席董事 1 名，2 名董事以通讯表决方 式出席本次会议。董事罗卓坚先生因工作原因未能亲自出席会议，书面委托董事 麻志明先生代为出席会议并表决。董事会全体董事按照董事会议事规则的相关规 定参加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共 和国公司法》和《中国银河证券股份有限公司章程》的规定。公司监事和有关高 级管理人员列席了会议。 会议形成如下决议： 证券代码：601881 证券简称：中国银河 公告编号：2025-028 中国银河证券股份有限公司 第五届董事会第四次会议（定期）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个别及连带 责任。 三、通过《 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥7,558,000,323.61, an increase of 4.77% compared to ¥7,214,073,753.02 in the same period last year[3]. - Net profit attributable to shareholders reached ¥3,015,845,560.34, marking an 84.86% increase from ¥1,631,459,082.73 year-on-year[3]. - The basic earnings per share rose to ¥0.25, up 108.33% from ¥0.12 in the previous year[3]. - The net profit excluding non-recurring gains and losses was ¥3,021,125,942.69, an increase of 85.06% from ¥1,632,526,324.08 year-on-year[3]. - Net profit for Q1 2025 was CNY 3,015,898,121, up 84.66% from CNY 1,631,553,901 in Q1 2024[23]. - Net profit for Q1 2025 was ¥2,791,431,629.52, compared to ¥1,512,702,645.52 in Q1 2024, marking an increase of about 84.5%[31]. Asset and Equity Management - The total assets at the end of the reporting period were ¥749,980,342,361.54, reflecting a 1.70% increase from ¥737,470,691,457.89 at the end of the previous year[3]. - The company's equity attributable to shareholders rose to CNY 142,216,396,687 as of March 31, 2025, from CNY 140,480,735,424 at the end of 2024[21]. - The total equity increased to ¥136,976,358,314.67 as of March 31, 2025, from ¥135,500,054,764.83 at the end of 2024[28]. Cash Flow Analysis - The net cash flow from operating activities decreased significantly by 91.04%, totaling ¥7,379,071,396.39 compared to ¥82,344,456,666.09 in the previous year[3]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥125,417,327.51, a significant decrease compared to a net inflow of ¥86,476,388,358.25 in Q1 2024[33]. - The company's cash and cash equivalents at the end of Q1 2025 were ¥150,424,298,926.40, a decrease from ¥165,703,371,976.48 at the end of Q1 2024[26]. - The net cash flow from financing activities in Q1 2025 was -¥4,458,346,211.74, slightly improved from -¥4,920,927,200.03 in Q1 2024[26]. - The net cash flow from investing activities for Q1 2025 was ¥1,510,185,543.90, a recovery from a net outflow of ¥30,234,999,975.89 in Q1 2024[34]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 177,197, including 176,605 A-shareholders and 592 H-shareholders[14]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, representing 47.43% of total shares[14]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 3,689,040,986 shares, accounting for 33.74%[14]. - The top 10 shareholders collectively hold a significant portion of the company's shares, with the first two shareholders alone accounting for over 81%[15]. Management and Governance - The independent director, Liu Chun, resigned due to the expiration of her six-year term, effective immediately upon delivery of the resignation[17]. - The board of directors approved the election of Ma Zhiming as the new chairman of the audit committee on March 28, 2025[17]. - The company has not provided any audit opinion type for the financial statements as of March 31, 2025[18]. - The financial statements are prepared by China Galaxy Securities Co., Ltd., indicating ongoing compliance with regulatory requirements[19]. Revenue and Income Breakdown - The company reported a significant increase in net commission income, which reached ¥2,224,985,044.50, a growth of 50.87% compared to the previous year[12]. - Investment income for Q1 2025 was CNY 2,741,702,074, a recovery from a loss of CNY 2,280,461,015 in Q1 2024[23]. - Fee and commission income surged to CNY 2,224,985,045, a significant increase of 50.7% from CNY 1,474,789,383 in Q1 2024[23]. - Total operating revenue for Q1 2025 reached ¥5,277,260,654.66, a significant increase from ¥3,292,340,955.97 in Q1 2024, representing a growth of approximately 60.3%[30]. - Other comprehensive income for Q1 2025 showed a loss of CNY 1,280,184,298, contrasting with a gain of CNY 907,702,449 in Q1 2024[24].

Core Viewpoint - Despite external disturbances such as the so-called "reciprocal tariffs" from the United States, the resilience of Chinese assets is increasingly evident, and the asset revaluation process has not been interrupted [1] Group 1: Economic Transition and Asset Revaluation - The current round of asset revaluation in China is a market-driven re-pricing of technological dividends and an inevitable result of resource allocation optimization [1] - The role of China in the global industrial chain is expected to transition from "scale-driven" to "innovation-driven," evolving from a "key node" in the global value chain to a "system integrator" [1][3] - The underlying logic of asset revaluation stems from the deepening transition between old and new growth drivers, with traditional real estate economic momentum weakening and new productive forces represented by AI, new energy, and high-end manufacturing becoming the new engines of economic growth [2] Group 2: Policy and Market Dynamics - The resonance between the "dual easing" policy cycle and technological breakthroughs at the industrial level is driving capital migration from low-efficiency old economies to high-growth new economies [2] - The complete nature and scale effect of Chinese manufacturing remain irreplaceable core advantages, stabilizing the global supply chain [3] - The integration of regional value chains through initiatives like the Belt and Road and the Regional Comprehensive Economic Partnership is enhancing industrial collaboration with Southeast Asia and Central and Eastern Europe [3] Group 3: Market Performance and Structural Changes - The logic of asset revaluation is not only based on technological breakthroughs but also on policy dividends, global capital rebalancing, and industry ecosystem collaboration [4] - Future investment logic will shift towards a "high-quality development" framework, emphasizing policy guidance and technological breakthroughs [5] - A structural differentiation in performance is expected between A-shares and Hong Kong stocks, with Hong Kong stocks benefiting from global capital re-evaluation of new productive forces like AI and humanoid robots, while A-shares reflect domestic demand recovery and policy-driven traditional economic restoration [5][6] Group 4: Foreign Capital Inflows and Market Dynamics - Foreign capital is increasingly optimistic about Chinese assets, with many foreign institutions expressing their intent to increase investments [7] - The inflow structure of foreign capital may shift from being predominantly passive to a balance of active and passive investments, with market pricing power leaning towards value investment logic that emphasizes fundamentals [7] Group 5: Ensuring Sustainable Asset Revaluation - Continuous breakthroughs in technological innovation and efficiency in industrial transformation are critical engines for sustainable asset revaluation [9] - The precision and coherence of policy tools are essential, requiring structural tools to guide capital towards hard technology sectors while preventing local debt risks from squeezing policy space [10] - The rebalancing of global capital must resonate with improvements in fundamentals, as long-term allocation intentions depend on corporate profitability and return on equity [10] - A sustainable revaluation should be based on a closed loop of "technological breakthroughs - commercial realization - capital feedback," enhancing value discovery and resource allocation efficiency through a multi-tiered capital market [10]