跟大家汇报一些观点刚才会议助理提到的问候提问我们就不展开了后面可以持续跟投资人们做线下的一对一的汇报我们其实在上周二早上7点半我们房地产还有宏观组还有等等房地产产业链上的一些团队早上7点半就开了一个电话会那个电话会的内容是跟大家 就两个维度去提醒大家关注房地产和产业链的一个机会一个维度其实是全球资本流动的一个切换带有一定风格切换的一个含义当时是由日本贬值预期去触发的率先是港股的一些这样的表现其实第二个原因就是整个对房地产政策的一个期待在那个节点开始升温背后的原因当时更多是 基本面层面一个是本来的期待的小阳春开始出现不达预期的一个表现有些地方甚至变成了倒冲寒其次就是因为房地产销售的一个承压那么整体房地产企业的资金链的情况是进一步收紧的导致我们在草根调研也好可以发现房企在二季度的整个的投资的 力度或者是投资的安排有可能会比较明显的变弱所以从这面的层面去展望可能政策在一定程度上会升温那么接着来的就是当天的下午和晚上的时候大家都看到的关于政治局会议的部分通稿的一些内容这里头涉及房地产是非常重要的可能是会议中间的重点 那我们今天其实就是就四个点跟大家就这个方面做一个我们的理解的一个汇报这四个方面分别是如何理解这个会议中 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 招商证券（600999）公司季报点评 2024年05月01日 [Table_InvestInfo] 股债承销规模逆市增长，自营表现同比继 投资评级 优于大市 维持 续回升 股票数据 [0T4a月ble30_日St收oc盘k价In（fo元] ） 14.64 [投Ta资ble要_S点um：m公ar司y] 自营业务表现出色，驱动整体业绩上涨，经纪业务、 52周股价波动（元） 12.62-15.91 资管业务、投行业务同比出现下滑。我们依然看好公司与招商局集团、 股本结构 招商银行业务协同，合理价值区间 15.76-17.07 元，维持“优于大市” [总Ta股b本le（_C百a万p股ita）lI nfo] 8697 评级。 流通A股（百万股） 7422 B股/H股（百万股） 0/1275  【事件】招商证券发布2024年一季度业绩：实现营业收入43.0亿元，同比-9.7%； 相关研究 归母净利润21.6亿元，同比-4.5%；对应EPS 0.23元，ROE 1.9%，同比-0.22pct。 [《Ta自b营le驱_R动e业p绩or增tI长nf，o]轻 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.5 CNY, while the current price is 15.24 CNY [1]. Core Views - The company's Q1 performance met expectations, with total revenue of 4.3 billion CNY (down 9.7% year-on-year and down 13.2% quarter-on-quarter) and a net profit attributable to shareholders of 2.16 billion CNY (up 4.5% year-on-year and down 8.7% quarter-on-quarter) [1]. - The brokerage and investment businesses are the main contributors to the company's performance, with investment business revenue showing resilience [1]. - The self-operated investment yield remains stable, with Q1 self-operated business income of 2.05 billion CNY (up 18.8% year-on-year and up 1.9% quarter-on-quarter) [1]. - The company has slightly adjusted its earnings forecast upwards due to the increased proportion of self-operated business and stable investment performance, projecting EPS of 1.11 CNY for 2024 [1][2]. Financial Summary - Q1 revenue breakdown: brokerage, investment banking, asset management, credit, and investment business revenues were 1.32 billion CNY, 90 million CNY, 160 million CNY, 120 million CNY, and 2.05 billion CNY respectively, contributing 30.7%, 2%, 3.6%, 2.8%, and 47.7% to total revenue [1]. - The financial leverage ratio at the end of Q1 was 4.57 times, with a financial investment scale of 361.41 billion CNY (up 18.2% year-on-year) [1]. - The company’s net commission income for Q1 was 1.71 billion CNY (down 12.3% year-on-year) [1]. - The projected total revenue for 2024 is 19.82 billion CNY, with a year-on-year growth rate of 5.4% [2].

[Table_Page] 季报点评|证券Ⅱ 证券研究报告 [招Table_商Title] 证券(600999.SH/06099.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 15.24元/6.63港元 市场环境影响业绩，泛自营回暖贡献增量 合理价值 19.31元/8.40港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-28 ⚫ 高基数下业绩下滑幅度略好于预期，主因泛自营回暖。2024 年第一季 [相Tab对le_P市icQ场uote表] 现 度，公司实现营收42.99亿元，同比-9.7%；归母净利润21.57亿元，同 比-4.5%。Q1 公司总资产 6426 亿元，同比+7.0%；去除代理款项杠杆 20% 12% 倍数为4.42倍，同比提升0.25。 4% ⚫ 泛自营稳健发展，有所回暖。公司投资净收益+公允价值变动收益Q1为 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 23.99亿元，同比+13.5%，一季度末交易性金融资产 2608 亿元，较年 -12% 初-6.4%，而衍生金融资 ...

上 市 公 司 非银金融 2024年04月26日 招商证券 (600999) 公 司 研 究 —— 符合预期，经纪与投资收入贡献占比约 8 成 公 司 点 报告原因：有业绩公布需要点评 评 事件：招商证券公布2024年一季报，业绩符合预期。1Q24公司实现营收43.0亿/yoy-10%； 增持 （维持） 归母净利润21.6亿/yoy-5%。1Q24加权ROE（未年化）1.87%/yoy-0.22pct。 ⚫ 收入拆分：经纪+净投资收入占比约8成，投资业务同比增2成。营收拆分：1Q24经纪、 投行、资管、净利息、净投资、长股投（主要是博时基金和招商基金）收入分别为13.2、 证 市场数据： 2024年04月26日 券 0.9、1.6、1.2、20.7亿元，收入占比31%、2%、4%、3%、49%、8%；分别同比-7%、 收盘价（元） 15.24 研 一年内最高/最低（元） 15.91/12.62 -43%、-14%、-76%、+20%、-10%。投资业务为唯一正增业务：公司以固收类投资资 究 市净率 1.1 产为主，因此在债市较强的市场环境中投资收入表现更佳，1Q23-1Q24 公司各季净投资 报 息率（分红/ ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,298,673,959.40, representing a decrease of 9.66% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 2,157,223,258.83, down 4.54% year-on-year[5]. - Total revenue for Q1 2024 was CNY 4,298,673,959.40, a decrease of 9.66% compared to CNY 4,758,451,712.94 in Q1 2023[19]. - Operating profit for Q1 2024 was CNY 2,274,458,520.21, a decrease of 10.7% from CNY 2,548,238,988.59 in Q1 2023[19]. - Net profit for Q1 2024 was CNY 2,158,289,650.23, down 4.5% from CNY 2,260,720,408.94 in Q1 2023[20]. - The company reported a significant decline in investment income, with a loss of CNY 242,494,161.71 in Q1 2024 compared to a profit of CNY 1,680,666,535.68 in Q1 2023[19]. - Other comprehensive income after tax for Q1 2024 was CNY 184,186,577.21, compared to CNY 30,765,692.77 in Q1 2023, indicating a substantial increase[20]. - Basic earnings per share for Q1 2024 were CNY 0.23, down from CNY 0.24 in Q1 2023[20]. - The total comprehensive income for Q1 2024 was CNY 2,132,831,786.26, an increase from CNY 2,024,646,184.97 in Q1 2023[26]. Cash Flow and Investments - The net cash flow from operating activities decreased significantly by 73.14%, amounting to CNY 6,641,509,004.58[5]. - In Q1 2024, the net cash flow from operating activities was CNY 31,116,897,873.44, an increase from CNY 28,998,927,289.87 in Q1 2023, representing a growth of approximately 7.7%[27]. - The net cash flow from investment activities was -CNY 10,439,394,650.54 in Q1 2024, compared to a positive cash flow of CNY 2,704,311,489.57 in Q1 2023, indicating a substantial increase in investment outflows[21]. - The cash inflow from operating activities totaled CNY 56,349,512,298.26 in Q1 2024, up from CNY 45,766,287,744.36 in Q1 2023, reflecting an increase of around 23%[27]. - The cash inflow from interest, fees, and commissions in Q1 2024 was CNY 3,872,327,771.02, slightly lower than CNY 3,983,941,046.31 in Q1 2023, showing a decrease of approximately 2.8%[27]. - The cash inflow from financing activities in Q1 2024 was CNY 21,640,836,275.00, significantly higher than CNY 7,106,465,364.62 in Q1 2023, marking an increase of about 204.5%[28]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 642,582,607,133.21, a decline of 7.66% from the previous year[6]. - Total liabilities decreased to CNY 518,203,198,638.65 as of March 31, 2024, from CNY 573,816,058,013.50 as of December 31, 2023, a reduction of 9.7%[18]. - Total equity attributable to shareholders increased by 1.92% to CNY 124,302,836,800.07[6]. - The total assets decreased to CNY 642,582,607,133.21 as of March 31, 2024, from CNY 695,852,990,280.62 as of December 31, 2023, a decline of 7.6%[18]. - The total amount of financial investments in trading assets decreased from CNY 278.74 billion to CNY 260.82 billion, a decline of about 6.43%[17]. - The total amount of derivative financial assets increased to CNY 7.28 billion from CNY 6.68 billion, reflecting a growth of about 8.99%[17]. - The total cash outflow from operating activities in Q1 2024 was CNY 25,232,614,424.82, compared to CNY 16,767,360,454.49 in Q1 2023, reflecting an increase of approximately 50.5%[27]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 146,634[11]. - The company’s goodwill remained stable at CNY 9.67 billion, unchanged from the previous reporting period[17].

证券代码：600999 证券简称： 招商证券 编号： 2024－017 招商证券股份有限公司 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）第八届董事会第四次会议通知于 2024 年 4 月 12 日以电子邮件方式发出。会议于 2024 年 4 月 26 日在广东省深圳 市以现场结合通讯方式召开。 第八届董事会第四次会议决议公告 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《招商证券股份有限公司章程》的规定。 二、 董事会会议审议情况 （一）关于公司 2024 年第一季度报告的议案 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会预审通过。 （二）关于招商证券国际有限公司及其下属全资子公司 2024 年度担保授权 方案的议案 1 本次会议由霍达董事长召集并主持，应出席董事 15 人，实际出席董事 15 人（其中：以通讯方式出席会议的董事 13 人）。公司全体监事和部分高级管理人 员列席了会 ...

Financial Performance - The total revenue for Q1 2024 was CNY 4,298,673,959.40, representing a decrease of 9.66% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 2,157,223,258.83, down 4.54% year-on-year[3]. - Total operating revenue for Q1 2024 was RMB 4,298,673,959.40, a decrease of 9.66% compared to RMB 4,758,451,712.94 in Q1 2023[17]. - Net profit for Q1 2024 was RMB 2,158,289,650.23, slightly down from RMB 2,260,720,408.94, marking a decrease of 4.5% year-over-year[17]. - Net profit for Q1 2024 was CNY 1,957,509,006.87, an increase of 3.34% from CNY 1,894,366,959.07 in Q1 2023[24]. - The total comprehensive income for Q1 2024 was RMB 2,342,476,227.44, an increase from RMB 2,291,486,101.71 in Q1 2023[18]. Cash Flow - The net cash flow from operating activities decreased significantly by 73.14%, amounting to CNY 6,641,509,004.58[3]. - In Q1 2024, the net cash flow from operating activities was CNY 6.64 billion, a decrease of 73.1% compared to CNY 24.72 billion in Q1 2023[19]. - Total cash inflow from operating activities reached CNY 58.26 billion, up 25.2% from CNY 46.53 billion in the same period last year[19]. - The net cash flow from investment activities was CNY -10.44 billion, compared to a positive cash flow of CNY 2.70 billion in Q1 2023[19]. - Cash flow from financing activities resulted in a net outflow of CNY 26.74 billion, slightly worse than the CNY 25.90 billion outflow in Q1 2023[20]. - The net cash flow from financing activities was -26,446,988,590.80 CNY, compared to -22,140,551,926.78 CNY in Q1 2023, indicating a decline of approximately 19.5% year-over-year[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 642,582,607,133.21, a decline of 7.66% from the end of the previous year[4]. - The total assets as of March 31, 2024, were CNY 582.76 billion, down from CNY 607.41 billion at the end of 2023[22]. - The company's cash and cash equivalents stood at RMB 89,995,573,836.69, down from RMB 110,022,616,088.89, indicating a decrease of about 18.24%[14]. - The total liabilities decreased to RMB 518,203,198,638.65 from RMB 573,816,058,013.50, reflecting a reduction of approximately 9.69%[15]. - The company's liabilities decreased, with short-term financing payables at CNY 43.52 billion, down from CNY 56.98 billion[22]. Income and Expenses - Net interest income dropped significantly to RMB 119,032,816.75 from RMB 487,963,842.43, reflecting a decline of 75.6% year-over-year[17]. - Net commission and fee income decreased to RMB 1,705,519,588.28, down 12.26% from RMB 1,944,710,059.47 in the same period last year[17]. - Investment income turned negative at RMB -242,494,161.71, contrasting sharply with a profit of RMB 1,680,666,535.68 in Q1 2023[17]. - Total operating expenses were RMB 2,024,215,439.19, a reduction of 8.4% from RMB 2,210,212,724.35 in Q1 2023[17]. - Total expenses for Q1 2024 were CNY 1,670,308,301.69, down from CNY 1,752,519,153.26, indicating a decrease of 4.68%[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 146,634[8]. - The company’s major shareholder, China Merchants Jinling Company, held 23.55% of the shares[8]. Fair Value Changes - The company reported a significant increase in fair value changes, with a gain of CNY 2,640,698,507.45, up 511.03% year-on-year[6]. - The company reported a significant increase in fair value changes, with gains of RMB 2,640,698,507.45 compared to RMB 432,170,651.67 in the previous year[17]. Other Comprehensive Income - Other comprehensive income after tax increased by 498.68%, reaching CNY 184,186,577.21[7]. - Other comprehensive income after tax totaled RMB 184,186,577.21, significantly higher than RMB 30,765,692.77 in the previous year[17].

招商证券股份有限公司 关于招商证券国际有限公司及其 下属全资子公司2024年度担保授权的公告 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。 重要内容提示: 证券代码：600999 证券简称： 招商证券 编号：2024－018 | 担保方 | 被担保方 | 担保方 持股比 | 被担保 方最近 一期资 | 截至2023年 12月31日担 | 预计担保额 | 担保额 度占上 市公司 | 预计有 | 是否 关联 | 是否有 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 注2 | | | | | | | | 例 | 产负债 | 保余额（亿 | 度 | 最近一 | 效期 | 担保 | 反担保 | | | | | 注1 | 港元） | | 期净资 | | | | | | | | 率 | | | | | | | | | | | | | | 产比例注3 | | | | | 1.资产负债率为 | 70% 以上的公司 | | | | | | ...

Investment Rating - The investment rating for the company is "Hold" [4] Core Views - The company achieved a revenue of 19.82 billion yuan in 2023, representing a growth of 3.13%, and a net profit attributable to shareholders of 8.764 billion yuan, up by 8.60% [1] - The company is steadily advancing its wealth management transformation, with a notable increase in the scale of public funds, ranking fifth in the industry [1] - The company’s investment banking revenue decreased by 6.53%, with a significant drop in equity underwriting, while bond underwriting, particularly financial bonds, saw substantial growth [2] - The asset management business experienced a decline, with net income down by 13.99% and total assets under management slightly decreasing [3] - The self-operated business showed strong performance, with revenue increasing by 31.57%, driven by significant growth in derivative products [8] - The company is expected to continue its development under supportive policies, with projected earnings per share of 1.11 yuan, 1.21 yuan, and 1.39 yuan for 2024-2026 [9] Financial Performance Summary - In 2023, the company reported a net income of 8.764 billion yuan, with a growth rate of 8.60% compared to the previous year [1] - The company’s return on equity (ROE) for 2022 was 7.91%, an increase of 0.37 percentage points year-on-year [1] - The company’s total assets reached 695.85 billion yuan in 2023, with a slight increase in total liabilities [14] - The company’s financial ratios include a price-to-earnings (P/E) ratio of 14.11 and a price-to-book (P/B) ratio of 1.16 [4]