广发证券：以高质量服务推动实体经济健康发展

Core Viewpoint - 2024 is a critical year for China's economic transformation and comprehensive reform of the capital market, with Guangfa Securities maintaining its "functional" positioning and effectively serving the real economy, achieving a total operating revenue of 27.199 billion yuan and a net profit attributable to shareholders of 9.637 billion yuan [1] Group 1: Business Performance - Guangfa Securities has four major business segments: investment banking, wealth management, trading and institutional services, and investment management, with a comprehensive service capability and a strong market position [2] - The investment banking business achieved counter-cyclical growth, with equity financing underwriting amounting to 8.666 billion yuan and a market share increase, while debt financing saw a 21.22% year-on-year growth in underwriting amount to 296.322 billion yuan [3] - Wealth management transformation showed significant results, with the scale of financial products sold exceeding 260 billion yuan, a 22% increase year-on-year, and a financing balance of 103.686 billion yuan, up 16.52% [3] Group 2: Trading and Investment Management - The trading and institutional business segment remains strong, providing market-making services for over 800 funds and all ETF options, with a total scale of private products issued reaching 900.744 billion yuan [4] - The investment management segment has solidified its advantages, with public fund management exceeding 3.5 trillion yuan, ranking third and first in the industry respectively, and private fund management focusing on key sectors such as biomedicine and new energy [4] Group 3: Social Responsibility and Future Outlook - The company actively fulfills social responsibilities, with a focus on rural revitalization, education, financial empowerment, and medical assistance, contributing over 22.676 million yuan to public welfare [8] - Looking ahead to 2025, the company aims to develop in line with national strategies and embrace technological revolutions, striving to build an internationally leading investment bank [8]