招商证券股份有限公司 二○二四年第二次临时股东大会 会议资料 2024年10月25日·深圳 1 2024年10月25日 9:15-9:25,9:30-11:30，13:00-15:00 通过互联网投票平台的投票时间： 2024年10月25日 9:15-15:00 会议地点：广东省深圳市福田区福田街道福华一路111号 招商证券大厦 议 程： 大 会 议 程 会议时间： 1、现场会议的召开日期、时间： 2024年10月25日 14:30 2、网络投票的起止日期和时间： 通过交易系统投票平台的投票时间： 2 一、宣布会议开始 二、审议各项议案 三、宣布现场出席会议股东人数、代表股份数 四、投票表决 五、问答交流 六、宣布表决结果 七、律师宣布法律意见书 八、宣布会议结束 文 件 目 录 | 关于选举孙献女士为公司第八届监事会股东代表监事的议案 4 | | --- | | 关于选举公司第八届董事会非执行董事的议案 6 | 3 议案 1 关于选举孙献女士为公司第八届监事会 股东代表监事的议案 各位股东： 招商证券股份有限公司（以下简称公司）第八届监事会股东代表监事王章为 先生因工作变动辞去监事职务，并自公司股东大会选举 ...

Investment Rating - The report initiates coverage on the company with an "Overweight" rating and a target price of 21.09 CNY [3][4] Core Views - The company is a large comprehensive securities firm under the State-owned Assets Supervision and Administration Commission (SASAC), with strong performance resilience and potential to become a top-tier investment bank leveraging its shareholder background [3] - The company's adjusted revenue and pre-tax profit margin growth outperformed peers, driven by its funding business, which contributed significantly to the rapid growth of adjusted revenue [26][27] - The company is expected to benefit from its shareholder background, focusing on functional development, and is poised to become a top-tier investment bank [3][49] Company Overview - The company is the largest securities firm under the SASAC system, with a strong presence in fund, futures, asset management, private equity, and cross-border financial services [21][22] - Despite market pressures, the company's net profit growth outperformed the industry average, with its net profit ranking rising to 4th in the industry [25][26] - The company has achieved significant cost reduction and efficiency improvement, with a notable decrease in management fees and employee costs compared to peers [30][31] Future Prospects - The company is expected to leverage its shareholder background to focus on functional development and become a top-tier investment bank, benefiting from ongoing industry supply-side reforms [3][49] - The company's investment business has shown strong performance, particularly in fixed income, with better-than-peer investment returns driven by strategic asset allocation [38][39] - The company is well-positioned to serve new productive forces and meet the wealth management needs of residents through its synergistic advantages within the China Merchants Group [52][54] Financial Projections - The company's revenue is projected to be 18.231 billion CNY in 2024, 19.403 billion CNY in 2025, and 20.633 billion CNY in 2026, with year-on-year growth rates of -8.0%, 6.4%, and 6.3%, respectively [7][8] - Net profit attributable to the parent company is expected to be 8.921 billion CNY in 2024, 9.785 billion CNY in 2025, and 10.711 billion CNY in 2026, with year-on-year growth rates of 1.8%, 9.7%, and 9.5%, respectively [7][8] - The company's EPS is projected to be 1.03 CNY in 2024, 1.13 CNY in 2025, and 1.23 CNY in 2026, while BPS is expected to be 13.08 CNY, 13.95 CNY, and 14.91 CNY for the same periods [7][8]

证券代码：600999 证券简称： 招商证券 编号： 2024－040 招商证券股份有限公司 第八届董事会第九次会议决议公告 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。 一、 董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第九次会议通知于 2024 年 9 月 27 日以电子邮件方式发出。会议于 2024 年 9 月 27 日以通讯表决方 式召开。全体董事同意豁免本次会议的通知时间要求。 应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、 董事会会议审议情况 1 本次会议审议并通过了以下议案： 本议案已经公司董事会提名委员会预审通过，会议对刘振华先生、刘辉女士 及李德林先生的任职条件进行了审查，发表以下审查意见： （一）关于提名公司第八届董事会非执行董事候选人的议案 相关人员满足现行法律法规、监管规定及自律规则等规定的上市证券公司董 事任职条件，具备履行董事职责所必需的专业素养和工作经验，未持有公司股票， ...

证券代码：600999 证券简称： 招商证券 编号： 2024－038 招商证券股份有限公司 关于公司非执行董事辞职的公告 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。 招商证券股份有限公司（以下简称公司）董事会于 2024 年 9 月 27 日收到公司非执 行董事张健先生、邓伟栋先生、马伯寅先生递交的书面辞职报告。因工作变动原因，张 健先生申请辞去公司第八届董事会非执行董事及董事会战略与可持续发展委员会、董事 会风险管理委员会及董事会薪酬与考核委员会委员职务，邓伟栋先生申请辞去公司第八 届董事会非执行董事及董事会战略与可持续发展委员会委员职务，马伯寅先生申请辞去 公司第八届董事会非执行董事及董事会风险管理委员会委员职务。张健先生、邓伟栋先 生、马伯寅先生的辞任自股东大会选举产生新任董事之日生效，在此之前将继续履行董 事相关职责。 招商证券股份有限公司 2024 年 9 月 27 日 公司董事会谨对张健先生、邓伟栋先生、马伯寅先生在担任相关职务期间所做出的 重要贡献表示衷心感谢！ 特此公告。 公司于 2024 年 9 月 2 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－039 招商证券股份有限公司 关于公司股东代表监事辞职的公告 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。 招商证券股份有限公司（以下简称公司）监事会于 2024 年 9 月 27 日收到 公司股东代表监事王章为先生递交的书面辞职报告。因工作变动原因，王章为先 生申请辞去公司第八届监事会股东代表监事职务。王章为先生的辞任自股东大会 选举产生新任监事之日生效，在此之前将继续履行监事相关职责。 招商证券股份有限公司监事会 2024 年 9 月 27 日 公司监事会谨对王章为先生担任公司股东代表监事职务期间所做出的重要 贡献表示衷心感谢！ 特此公告。 公司于 2024 年 9 月 27 日召开第八届监事会第七次会议，提名孙献女士为公 司第八届监事会股东代表监事候选人，详见公司同日发布的相关公告。公司将尽 快履行股东大会决策程序。 王章为先生已确认与公司董事会、监事会并无不同意见，也无与其辞任有 关的其他事项需提请公司股东及债权人注意。 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－041 招商证券股份有限公司 第八届监事会第七次会议决议公告 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。 一、 监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第七次会议通知于 2024 年 9 月 27 日以电子邮件方式发出，于 2024 年 9 月 27 日以通讯表决方式召 开。全体监事同意豁免本次会议的通知时间要求。 应出席监事 6 人，实际出席监事 6 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、 监事会会议审议情况 本次会议审议并通过了以下议案： （一）关于招商证券股份有限公司原副总裁熊开同志离任审计报告的议案 议案表决情况：同意 6 票，反对 0 票，弃权 0 票。 （二）关于提名孙献女士为公司第八届监事会股东代表监事候选人的议案 议案表决情况：同意 6 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 1 特此公告。 招商证券股份有限公司 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][23]. Core Insights - The company achieved a total operating income of 95.95 billion yuan in the first half of 2024, a year-on-year decrease of 11.11%, while the net profit attributable to shareholders was 47.48 billion yuan, reflecting a slight increase of 0.44% year-on-year [4][6]. - The report highlights a significant increase in investment income (including fair value changes), which accounted for 57.4% of total income, while other income sources saw a decline [5][7]. - Despite a decrease in market share for equity fund trading, the company maintained a relatively stable performance in its brokerage business, with a net income decline within normal limits [5][18]. Summary by Sections Financial Performance - For the first half of 2024, the company reported an operating income of 95.95 billion yuan, a decrease of 11.11% year-on-year, and a net profit of 47.48 billion yuan, an increase of 0.44% year-on-year [4][6]. - The basic earnings per share (EPS) remained stable at 0.51 yuan, with a return on equity (ROE) of 4.08%, down 0.25 percentage points year-on-year [4][6]. Revenue Composition - The composition of net income for the company in 2024H was as follows: brokerage (26.9%), investment banking (3.0%), asset management (3.5%), interest income (4.9%), and investment income (57.4%) [5][7]. - The report notes a decline in the market share of equity fund trading, with a total trading volume of 10.64 trillion yuan, down 18.59% year-on-year [8][9]. Investment Banking and Asset Management - The company experienced a smaller decline in equity financing compared to peers, with a total underwriting amount of 51.83 billion yuan, down 25.19% year-on-year, ranking 7th in the industry [10][12]. - In contrast, the debt financing scale grew, with a total bond underwriting amount of 1714.44 billion yuan, an increase of 18.41% year-on-year [10][12]. Investment Strategy - The company adopted a "large and stable" investment strategy, achieving a 17.43% year-on-year increase in investment income, which supported the stability of net profit [14][18]. - The report emphasizes the company's focus on high-dividend investments and diversified strategies in equity investments, while also capturing opportunities in the fixed income market [14][18]. Future Outlook - The projected EPS for 2024 and 2025 is 0.86 yuan and 0.84 yuan, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [18][21]. - The report suggests that the company is well-positioned to benefit from government policies aimed at fostering strong firms and building a first-class investment bank [18].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.01 per share to all shareholders, totaling approximately RMB 878.35 million based on 8,696,526,806 shares as of June 30, 2024[2]. - The board of directors has authorized the profit distribution plan, which will be reviewed in the meeting scheduled for August 30, 2024, with dividends to be paid by October 30, 2024[2]. - The company will not issue bonus shares or convert capital reserves into share capital during this dividend distribution[2]. - The profit distribution policy complies with legal regulations and the company's shareholder return plan for 2024-2026, ensuring clarity in dividend standards and proportions[148]. Financial Performance - Total revenue for the first half of 2024 was RMB 14,362,394,000, a decrease of 8.25% compared to RMB 15,653,551,000 in the same period of 2023[28]. - Net profit attributable to shareholders for the first half of 2024 was RMB 4,747,695,000, reflecting a slight increase of 0.44% from RMB 4,726,975,000 in the previous year[28]. - Basic earnings per share remained stable at RMB 0.51 for the first half of 2024, unchanged from the same period in 2023[30]. - The weighted average return on equity decreased to 4.08%, down 0.25 percentage points from 4.33% in the previous year[30]. - The company achieved a performance guidance of achieving a net profit growth of 10% year-over-year for the upcoming fiscal year[14]. Risk Management - The company faces various risks, including regulatory changes in the securities industry, credit risk from counterparties, and market risk due to adverse market changes[4]. - The company emphasizes the importance of risk management across organizational structure, system frameworks, and information technology systems to mitigate potential risks[4]. - The company has established a comprehensive risk management framework consisting of five levels, including strategic arrangements by the board, supervision by the supervisory board, and decision-making by senior management and the risk management committee[100]. - The company has implemented a quantitative risk management indicator system that guides resource allocation towards high-risk-return businesses, enhancing risk management levels and corporate value[104]. - The company conducts regular stress tests to evaluate liquidity, credit, and market risks, ensuring effective assessment of operational and risk conditions under extreme scenarios[106]. Business Expansion and Qualifications - The company obtained qualifications for standard bond forward pricing and standard interest rate swap businesses in November 2023, enhancing its service offerings[11]. - The company has been actively expanding its business qualifications, with multiple new qualifications obtained since 2018, including for options and futures trading[12]. - The company aims to enhance its investment advisory services, as indicated by its qualifications for fund investment advisory business obtained in June 2021[12]. - The company is positioned to leverage its new qualifications to enhance its competitive edge in the securities market[11]. - Future outlook indicates a focus on expanding cross-border business and enhancing its market-making capabilities, aiming for a 15% increase in market share over the next fiscal year[15]. Client and Market Activity - As of June 2024, the number of active trading clients reached 18.43 million, representing a year-on-year growth of 7.53%, while the scale of client assets under custody was RMB 3.60 trillion, down 3.23% from the end of 2023[42]. - The average monthly active users (MAU) of the company's app increased by 6.25% year-on-year, ranking 5th in the securities industry, with the highest average daily usage time per user[42]. - The total trading volume in the A-share market was RMB 116 trillion, a year-on-year decline of 7.07%[42]. - The company reported significant growth in user data, with a notable increase in the number of clients participating in its services, reflecting a strong market presence[14]. Corporate Governance - The company has established a robust corporate governance structure that complies with relevant laws and regulations, ensuring effective checks and balances among its governing bodies[155]. - The company has revised its articles of association and governance rules during the first extraordinary general meeting of 2024, reflecting changes in the board and supervisory committee[137]. - The company has elected new independent directors and supervisors during the 2024 first extraordinary general meeting, indicating a governance refresh[138]. - The company has seen changes in senior management, including the appointment of a new Chief Risk Officer and Compliance Director[138]. Community Engagement and Social Responsibility - The company donated RMB 373,800 to support educational projects in remote areas, enhancing local children's quality education[161]. - The company organized two batches of youth teaching teams to support education in Gansu Province, contributing educational materials and sports equipment[161]. - The company is actively involved in community support initiatives, including donations for educational and agricultural projects, reflecting its corporate social responsibility[161][162]. Legal and Compliance Issues - The company is facing a total liability of RMB 223.44 million for compensating investors due to false statements, with ongoing legal proceedings affecting 6,369 investors[166]. - The company received multiple warnings from regulatory bodies in 2024 for compliance issues, including inadequate supervision in investment banking operations[167]. - The company has implemented measures to enhance internal compliance checks following regulatory warnings regarding employee conduct in trading activities[167]. Asset Management and Investment Banking - The company's asset management total reached RMB 302.16 billion by June 2024, an increase of 2.48% from the end of 2023[63]. - The company’s asset management business net income was RMB 3.75 billion in the first half of 2024, compared to RMB 4.00 billion in the same period of 2023[64]. - The company completed a merger with Chongqing Department Store and sold equity in Zigong Bank, with a total transaction value of RMB 4.9 billion, ranking 4th in transaction value and 7th in number of transactions in the industry[61]. - The company aims to enhance its active management capabilities and expand its public fund offerings, having completed the filing of five public fund products during the reporting period[63]. Bond Issuance and Financing Strategy - The company issued bonds with a total value of 55 billion RMB, maturing on May 26, 2025, with an interest rate of 5.08%[189]. - The company is actively managing its bond portfolio with a focus on professional investor engagement and market conditions[191]. - The company plans to issue additional bonds with a total amount of 33 million and an interest rate of 3.03%[193]. - The company is focusing on expanding its market presence through the issuance of various bond types, including short-term and long-term bonds[200].

Group 1: Investor Relations Activities - The company held multiple investor relations activities, including strategy meetings and specific research sessions, from May to September 2024, involving various securities analysts and investors [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. Group 2: Industry Trends and Company Strategy - The company recognizes an increase in mergers and acquisitions in the securities industry, viewing it as a means to strengthen competitive positioning and enhance service capabilities [3]. - The company aims to maintain a relative ROE advantage through effective cost and risk management, focusing on wealth management transformation and digital efficiency [3][4]. - The company plans to enhance its wealth management services by optimizing product offerings and improving customer experience [3][4]. Group 3: Financial Performance Metrics - In the first half of 2024, the company's operating expense ratio was 47.26%, a year-on-year increase of 1.73 percentage points, while the net profit margin was 49.51%, up 1.88 percentage points [4]. - The company achieved a net profit growth of 0.4% year-on-year, driven by effective cost reduction measures and lower credit impairment losses [4][5]. Group 4: Shareholder Returns and Communication - The company has committed to distributing at least 20% of its distributable profits in cash annually, with a cumulative cash dividend payout ratio of 37.6% since its listing in 2009 [5]. - The company emphasizes enhancing communication with shareholders to build long-term investment confidence and promote a positive ecosystem for quality improvement and shareholder returns [5]. Group 5: Product Sales and Marketing Strategies - The company reported growth in fixed income and money market products, while equity and mixed products saw a decline [5]. - Marketing strategies focused on enhancing product retention and optimizing sales organization to improve customer satisfaction [5]. Group 6: International Business Growth - The company's international business growth was driven by increased brokerage and financial market investment income, with a focus on expanding services in response to global market conditions [11][12]. - The company aims to balance international business expansion with risk management, ensuring compliance with regulations while pursuing growth opportunities [12]. Group 7: Digital Transformation Initiatives - The company is advancing its digital transformation by establishing a digital transformation committee and enhancing its technology capabilities to support business needs [13]. - Significant progress has been made in wealth management and institutional services through digital tools, improving customer engagement and operational efficiency [13].

证券代码：600999 证券简称：招商证券 公告编号：2024-037 招商证券股份有限公司 2024 年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.101 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/9/19 | － | 2024/9/20 | 2024/9/20 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 招商证券股份有限公司（以下简称公司或本公司）2024 年 6 月 28 日的 2023 年年度股东 大会授权董事会决定公司 2024 年中期利润分配方案，金额不超过 8.8 亿元人民币。本利润分 配方案经公司 2024 年 8 月 30 日召开的第八届董事会第八次会议审议通过。 二、 分配方案 0.101 元（含税），共计派发现金红利 878,349,207.41 元。其中， ...