Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the tightening of regulations has put pressure on the investment banking business, but the company is expected to maintain its long-term competitive advantages [1][4] - The company's total revenue and other income for 2023 amounted to 35.446 billion yuan, a year-on-year decrease of 5.22%, while the net profit attributable to shareholders was 6.156 billion yuan, down 18.97% year-on-year [2][3] Revenue and Profitability Summary - The investment banking business significantly dragged down the overall performance, with commission and fee income declining by 23% to 13.8 billion yuan [3] - The report notes a substantial drop in IPO fundraising amounts, with A-share and Hong Kong IPO fundraising down 39% and 56% respectively [3] - Brokerage business income fell by 15% to 5.7 billion yuan due to decreased trading activity [3] - Wealth management business maintained a positive growth trend, with total client account assets increasing by 4.3% to 28.8 trillion yuan [3] - Asset management income grew slightly by 2% to 3.3 billion yuan, driven by a 25% increase in public fund management scale [3] Interest and Investment Income Summary - Net interest expenses increased by 30% to 1.3 billion yuan due to a high-interest environment [3] - Investment income remained stable, with a slight decrease of 0.5% to 10.6 billion yuan, while equity investment income rose by 18% to 6.6 billion yuan [3] - Other income surged by 188% to 1.7 billion yuan, primarily driven by foreign exchange gains [3] Earnings Forecast and Valuation - The earnings forecast for 2024-2025 has been revised down, with expected net profits of 6.24 billion yuan and 7.13 billion yuan respectively, reflecting growth rates of 1.36% and 14.24% [4] - The company is projected to achieve a net profit of 8.26 billion yuan in 2026, corresponding to a growth rate of 15.89% [4] - Current market capitalization corresponds to price-to-book ratios of 0.42, 0.39, and 0.35 for 2024-2026 [4]

智通财经APP获悉，3月29日，中国证监会公布境外发行上市备案补充材料要求(2024年3月22日—2024 年3月28日)，其中，公示提到要求派格生物补充说明是否存在控股股东及认定依据等情况。据港交所2 月23日披露，派格生物向港交所主板提交上市申请，中金公司为其独家保荐人。此前2021年8月，派格 生物曾向上交所科创板提交上市申请，随后公司于2022年4月撤回上市申请。 具体来看，中国证监会公示指出，请派格生物就以下事项补充说明，请律师进行核查并出具明确的法律 意见： 一、请说明:（1）公司是否存在控股股东及认定依据;（2）2020年9月以来历次股权变动价格的定价依 据及公允性，包括但不限于2020年9月不同股东股权转让对价差异较大的原因、2020年11月新增注册资 本与第三次股权转让对价差异较大的原因。 二、请列表补充说明按拟发行最大股份数量（含行使超额配售权）发行前后各股东持股比例变化情况， 以及本次发行后公司控制权是否发生变更。 三、请说明:（1）履行国有股东标识管理程序的进展情况；（2）上海苏颉企业管理咨询合伙企业（有 限合伙）工商变更登记手续办理进展情况。 四、请说明研发过程中收集及储存的数据信息 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.85, corresponding to a 2024 PE of 13.51x and a PB of 0.93x [3][5]. Core Views - The company's performance is under pressure due to a slowdown in IPO and refinancing activities, but it is enhancing its professional capabilities across various business lines and has a leading risk control and compliance system, which may benefit from supply-side reforms in the industry [3][4]. - The report slightly lowers the earnings forecast for 2024-2025, projecting EPS of RMB 1.33 and RMB 1.50, down from RMB 1.55 and RMB 1.89, respectively, while estimating 2026 EPS at RMB 1.63 [3][4]. Financial Summary - In 2023, the company reported revenue of RMB 22.99 billion and a net profit of RMB 6.16 billion, reflecting a year-on-year change of -11.87% and -18.97%, respectively [3][4]. - The investment banking business saw a significant decline in net income, down 47.16% to RMB 3.70 billion, primarily due to a 31.27% drop in A-share IPO financing to RMB 359 billion and a 37.56% decrease in refinancing to RMB 527.5 billion [3][4]. - The company experienced a 300.01% increase in foreign exchange gains to RMB 1.36 billion, which helped mitigate the overall performance decline [3][4]. Business Development - The company is focused on enhancing its professional capabilities across various business lines, including innovation in fixed-income products and improving merger and acquisition services [3][4]. - The ongoing supply-side reforms in the securities industry are expected to favor leading brokerages, with the company positioned to capitalize on policy opportunities [3][4].

Company Vision and Strategy - The company aims to become a globally recognized, innovation-driven international leading investment bank[5]. - Future outlook includes strategic market expansion and potential mergers and acquisitions to enhance competitive positioning[10]. - CICC aims to enhance its core competitiveness and accelerate innovation in its business operations[43]. - In 2024, the company plans to strengthen its strategic focus and expand its business moat to achieve new breakthroughs in high-quality development[78]. - The company aims to enhance its core competitiveness and become a leading investment bank with international competitiveness[77]. Financial Performance - The total operating revenue was RMB 22.990 billion[22]. - The company reported a year-on-year revenue growth of X% in its core business segments, demonstrating strong operational performance[10]. - The total operating revenue for 2023 was RMB 22,990,202,558, a decrease of 11.87% compared to RMB 26,087,369,813 in 2022[63]. - The net profit attributable to shareholders of the parent company for 2023 was RMB 6,156,130,774, down 18.97% from RMB 7,597,501,992 in 2022[63]. - The basic earnings per share for 2023 were RMB 1.138, down 21.99% from RMB 1.459 in 2022[64]. Assets and Capital - The total assets of the company reached RMB 624.307 billion by the end of 2023[22]. - The net assets amounted to RMB 104.603 billion[22]. - The net capital of the parent company as of December 31, 2023, was RMB 44,125,911,819, a decrease of 2.67% from RMB 45,336,902,147 at the end of 2022[66]. - The company has established a strong international network covering seven financial centers, enhancing its cross-border business capabilities[82]. Risk Management and Compliance - The company emphasizes risk management across various dimensions, including market, credit, and operational risks[17]. - The company has established a robust risk management and compliance framework, reporting directly to the board's risk control committee[47]. - The company has implemented measures to manage liquidity risk, including cash flow forecasting and maintaining high liquidity assets[180]. - The company has established a comprehensive operational risk management framework to enhance efficiency and mitigate operational risks[182]. - The company has established a comprehensive risk control indicator monitoring and management mechanism based on the regulatory standards set by the China Securities Regulatory Commission, ensuring that net capital and liquidity risk control indicators consistently meet regulatory requirements[186]. Corporate Governance - The board highlighted the importance of maintaining robust corporate governance practices to ensure stakeholder trust and transparency[10]. - The company has a well-defined governance structure that includes risk management policies and procedures to maximize enterprise value while controlling risks[156]. - The company has cultivated a culture of compliance across all business lines and departments, enhancing employees' awareness of compliance risks[184]. Market Position and Competitive Advantage - The company ranked second in global equity financing for Chinese enterprises and maintained the first position in Hong Kong IPO financing[22]. - The company held the leading position in the industry for the scale of private equity investment funds under management[22]. - The company has a comprehensive business structure, focusing on balanced development across various financial services[43]. - The company has a strong focus on ESG research, receiving accolades for its efforts in this area[57]. Client Engagement and Services - The company has expanded its user base, reflecting a growth in client engagement and service utilization[10]. - The company launched a wealth management account service, catering to nearly 7 million clients, to provide tailored investment advice[29]. - The company has successfully covered over 10,000 enterprises and institutional clients, enhancing its core competitiveness in institutional services[29]. Investment and Innovation - New product development initiatives are underway, focusing on innovative financial solutions to meet market demands[10]. - The company plans to enhance its focus on fixed income product innovation and align with national strategic development, particularly in areas such as technology innovation bonds and ESG bonds[95]. - The company has established 23 funds focused on technology innovation and industrial upgrading, significantly contributing to breakthroughs in key technologies[23]. Social Responsibility - The company plans to enhance its environmental and social responsibility initiatives as part of its corporate governance strategy[10]. - The company is committed to social responsibility initiatives, including rural revitalization and disaster relief efforts, enhancing its community engagement[31]. Awards and Recognition - The company received multiple awards in 2023, including "Best Securities Company" and "Best Local Securities Firm" from Asia Money[57]. - The research team has been recognized as the top analyst team in Greater China for twelve consecutive years by Institutional Investor[83].

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[中I Tnaf 金bol]e 公_Ti司tle]（ 3908） [评Tab级le_：Inv est] 增持 当前价格（港元）： 9.28 发行放缓业绩承压，专业性提升强化优势 2024.03.29 海 ——中金公司2023 年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 王思玥(研究助理) 52周内股价区间（港元） 8.87-18.00 当前股本（百万股） 4,827 公 021-38676647 021-38031024 当前市值（百万港元） 44,797 司 liuxinqi@gtjas.com wangsiyue028676@gtjas.com 证书编号 S0880515050001 S0880123070151 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 市场 IPO 及再融资节奏放缓致使业绩承压；公司围绕功能性不断提升各项业务专业 中金公司 恒生指数 能力，且具备领先风控合规体系，更有望受益于围绕功能性推进的行业供给侧改革。 香 17% 摘要： ...

证券研究报告 | 2024年03月29日 中金公司（601995.SH） 买入 业绩压力大于同业，跨境与财富蛰伏蓄力 核心观点 公司研究·财报点评 中金公司发布2023年年度报告。公司当年实现营业收入229.90亿元，同比 非银金融·证券Ⅱ 下降11.87%；实现归母净利润61.56亿元，同比下降18.97%；对应EPS1.14， 证券分析师：孔祥 证券分析师：陈莉 同比下降22%；加权平均净资产收益率6.43%，同比下降2.45pct。业绩下滑 021-60375452 0755-81981575 kongxiang@guosen.com.cn chenli@guosen.com.cn 幅度高于同业，预计后续投行和衍生品业务压力持续。 S0980523060004 S0980522080004 IPO节奏放缓，债券承销对冲，海外业务蓄力。受IPO节奏放缓影响，公司 基础数据 当年实现投行业务收入37.02亿元，同比下降47.16%。公司股权融资金额 投资评级 买入(维持) 合理估值 905.31亿元，同比下降53%；债券融资规模11,595.38亿元，同比增长26%； 收盘价 32.04元 境外债券承销规模 ...

公 非银行金融 司 2024年03月 29日 报 中金公司(601995.SH) 告 Q4业绩边际改善，自营与基金业务表现稳健 推荐（维持） 事项： 中金公司发布2023年年报，营业收入229.90亿元（YoY-11.87%），归母净利 股价：32.04 元 润61.56亿元（YoY-18.97%）。总资产6243亿元，归母净资产1046亿元，EPS （摊薄）1.28元/股，BVPS为18.27元/股。 公 主要数据 平安观点： 司  23Q4单季度业绩边际改善。2023年经纪/投行/资管/自营净收入分别同比 行业 非银行金融 年 公司网址 www.cicc.com -13%/-47%/-11%/-0.5%，利息净收入-13亿元（上年同期为-10亿元），经 大股东/持股 中央汇金投资有限责任公司/40.11% 纪/投行/资管/自营/利息净收入分别占比 20%/16%/5%/46%/-6%，五大业 报 实际控制人 务表现均有所承压。而受汇率波动影响，汇兑收益同比+300%，使营业收 点 总股本(百万股) 4,827 入降幅收窄。费用端相对刚性，营收下滑背景下公司归母净利润率进一步 流通A股(百万股) 2,92 ...

控股股东及其他关联方资金占用情况的专项说明 二零二三年十二月三十一日止年度 De 各所(特殊普通合伙) 关于中国国际金融股份有限公司 控股股东及其他关联方资金占用情况的专项说明 德师报(函)字(24)第 O00615 号 中国国际金融股份有限公司董事会: 我们接受委托,依据中国注册会计师审计准则审计了中国国际金融股份有限公司(以下简称"中金 公司")2023年12月31日合并及母公司资产负债表,2023年度合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表以及相关财务报表附注(以下合称"财务报表"),并于 2024 年 3 月 28 日签发了德师报(审)字(24)第 P02459 号无保留意见的审计报告。 中国国际金融股份有限公司 根据中国证券监督管理委员会联合公安部、国务院国有资产监督管理委员会及中国银行保险监督 管理委员会公布的《上市公司监管指引第 8号 -- 上市公司资金往来、对外担保的监管要求》(证监会 公告[2022]26号]的要求,中金公司编制了后附的 2023年度非经营性资金占用及其他关联资金往来情况 汇总表(以下简称"汇总表")。 如实编制和对外披露汇总表并确保其真实性、 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2024-015 中国国际金融股份有限公司 2023 年度利润分配方案公告 中国国际金融股份有限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。 重要内容提示： 拟分配比例：每 10 股派发现金红利人民币 1.80 元（含税）。 本次利润分配以实施权益分派的股权登记日登记的公司总股本为基数， 股权登记日的具体日期将在权益分派实施公告中明确。若公司总股本在实施权益 分派的股权登记日前发生变化，拟维持人民币 868,906,236.24 元（含税）的分配 总额不变，相应调整分配比例，并在相关公告中披露。 现金分红比例的简要说明：本次利润分配方案综合考虑了公司所处行业 情况、业务发展阶段、现金流情况和未来资金需求等因素，不会对公司每股收益、 现金流状况及正常经营产生重大影响。 本次利润分配方案需经公司股东大会审议通过后方可实施。 一、利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）、德勤·关黄陈方会计师行审计， 中国国际金融股份有限公司（以下简称"公司"）2023 年初母 ...

公司代码：601995 公司简称：中金公司 中国国际金融股份有限公司 2023 年度内部控制评价报告 中国国际金融股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称"企业 内部控制规范体系"），结合本公司（以下简称"公司"）内部控制制度和评价办法，在内部控制日常监 督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性 进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露 内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。管理层负责 组织领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内 容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别 及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整， 提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标 提供合理保证。此外，由于情况 ...