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]

证券代码：600999 证券简称： 招商证券 编号： 2024－016 招商证券股份有限公司 二、 监事会会议审议情况 会议审议通过如下议案： 《关于招商证券股份有限公司原合规总监、首席风险官胡宇同志离任审计报 告的议案》。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 特此公告。 第八届监事会第三次会议决议公告 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法律责任。 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）第八届监事会第三次会议通知于 2024 年 4 月 16 日以电子邮件方式发出，于 2024 年 4 月 19 日以通讯表决方式召 开。 会议由监事会召集人朱立伟先生召集。出席会议的监事有：朱立伟、王章为、 马蕴春、彭陆强、邹群、尹虹艳、王剑平、陈鋆。应出席监事 8 人，实际出席监 事 8 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。 2024 年 4 月 19 日 2 1 招商证券股份有限公司监事会 ...

Financial Performance - The company reported a 3% increase in operating revenue and a 9% increase in net profit year-on-year, with a return on equity (ROE) improvement of 0.37 percentage points[6]. - The average annual operating revenue reached RMB 22.29 billion, and the average net profit was RMB 9.06 billion, representing increases of 53% and 49% respectively compared to the 2014-2018 strategic period[7]. - In 2023, the company maintained a strong competitive position, ranking in the top five for net assets and net profit attributable to shareholders, with net profit rankings of 5, 4, and 5 in 2021, 2022, and the first three quarters of 2023 respectively[7]. - The company achieved year-on-year growth in operating revenue, net profit, and ROE in 2023, despite market downturns, with key business indicators remaining in the top five[9]. - Total revenue for 2023 reached RMB 30,020 million, an increase of 2.33% compared to RMB 29,336 million in 2022[55]. - Annual profit attributable to shareholders was RMB 8,764 million, reflecting an 8.60% increase from RMB 8,070 million in 2022[55]. - The weighted average return on equity for 2023 was 7.91%, an increase of 0.37 percentage points from 7.54% in 2022[56]. Asset Management and Growth - The total assets of the company reached RMB 695.9 billion by the end of 2023, representing a 128% growth compared to the end of 2018[6]. - The company achieved a historical high in wealth management assets under management (AUM), indicating strong performance in this segment[6]. - The company’s wealth management client assets totaled RMB 3.72 trillion[68]. - The total assets under management for wealth management clients amounted to RMB 1.42 trillion, a year-on-year decrease of 3.92%[72]. - The total asset management scale decreased to RMB 2,948.54 billion in 2023 from RMB 3,171.34 billion in 2022, representing a decline of 7.08%[99]. Strategic Initiatives and Future Plans - The company has committed to a five-year strategic plan (2019-2023) that has successfully concluded, focusing on high-quality development and market expansion[6]. - In 2024, the company will focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, as part of its new five-year strategic plan[10]. - The company aims to enhance its risk control capabilities and maintain high asset quality through comprehensive risk prevention measures[10]. - The company is actively pursuing mergers and acquisitions to enhance its market position, with a budget allocation of $500 million for potential deals in 2024[27]. - The company aims to improve its service offerings through the establishment of new business departments and branches[50]. Risk Management - The company emphasizes the importance of compliance with regulations and risk management in the face of potential market challenges[5]. - The company has maintained low levels of risk losses and good asset quality, reflecting effective risk management practices[6]. - The company is implementing a comprehensive risk management framework to address market, credit, operational, and liquidity risks, ensuring long-term stability[181]. - The company has established a comprehensive risk management system, including market risk, credit risk, operational risk, liquidity risk, reputation risk, and anti-money laundering risk[185]. - The risk management quantitative indicator system includes clear risk appetite and tolerance indicators, guiding resource allocation towards high-risk-return businesses[186]. Digital Transformation and Technology - The company is actively promoting digital construction and has established a comprehensive cloud-native platform for financial technology[6]. - The company successfully completed ten major digital strategy projects, enhancing its digital capabilities and achieving significant milestones in the construction of a new core trading system[10]. - The company launched a series of innovative products and services driven by technology, enhancing its digital capabilities and supporting business model innovation[168]. - The company upgraded its technology innovation office to a digital office, promoting digital transformation and establishing a technology branch in Wuhan[169]. - The company has built a cloud-native multi-cloud platform and completed the technical launch of its next-generation core trading system, achieving milestone results[169]. Market Position and Competitive Edge - The company ranked in the top four for net income market share in the securities trading business and maintained top five positions in margin financing, stock pledges, and public fund holdings[9]. - The company has been recognized as a "double hundred enterprise" and has made significant progress in organizational reform and technological innovation[6]. - The company has been recognized as a benchmark enterprise in the 2022 State-owned Assets Supervision and Administration Commission's "Double Hundred Enterprises" assessment[9]. - The company aims to enhance its competitive edge in traditional brokerage services while firmly advancing its transition to wealth management[178]. - The company is expected to benefit from the support of regulatory bodies for top-tier securities firms to innovate and strengthen through mergers and acquisitions[176].

招商證券股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，董事會會議將於2024 年4月26日（星期五）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至2024年3 月31日止三個月的未經審計第一季度業績及其發佈。 承董事會命 招商證券股份有限公司 霍達 董事長 中國，深圳 2024年4月12日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 6099 董事會會議召開日期 於本公告日期，本公司執行董事為霍達先生及吳宗敏先生；本公司非執行董事為張健先 生、鄧偉棟先生、劉威武先生、李曉霏先生、馬伯寅先生、黃堅先生、張銘文先生及丁 璐莎女士；以及本公司獨立非執行董事為向華先生、葉熒志先生、張瑞君女士、曹嘯先 生及豐金華先生。 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－015 招商证券股份有限公司 关于参加招商局集团有限公司上市公司 集体业绩说明会暨召开公司现金分红说明会的公告 招商证券股份有限公司（以下简称公司或本公司）的实际控制人招商局集团 有限公司（以下简称招商局集团）将举办"'百年招商，创享未来'招商局集团 上市公司集体业绩说明会"，旨在加强与投资者沟通，推进上市公司高质量发展。 招商局集团旗下五家沪市上市公司将于 2024 年 4 月 16 日下午共同参加在上海证 券交易所举办的集体业绩说明会,公司将参加该业绩说明会并同时举办公司现金 分红说明会。 一、说明会类型 1 会议召开时间：2024 年 4 月 16 日（星期二）14:30-17:00 会议召开地点：上海证券交易所上证路演中心 会议召开方式：现场交流、视频直播、网络文字互动 投资者可于 2024 年 4 月 10 日（星期三）至 4 月 15 日（星期一）16:00 前 通过公司投资者关系邮箱 IR@cmschina.com.cn 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 本次投资者说明会以现场交流、视频直播、网络文字互动 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [2][18][23]. Core Insights - The company achieved a revenue of 19.82 billion yuan in 2023, reflecting a year-on-year growth of 3.13%, and a net profit of 8.764 billion yuan, up 8.60% year-on-year [4][6]. - The company's performance in the brokerage, investment banking, and asset management sectors showed a decline in net income proportions, while net interest income and investment income increased [4][7]. - The company continues to develop its neutral investment business and fixed-income investments, which significantly outperformed benchmark indices [4][14]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.94 yuan, a 9.30% increase year-on-year, and a return on equity (ROE) of 7.91%, up 0.37 percentage points [4][6][21]. - The company plans to distribute a dividend of 2.52 yuan per share, which represents 25.01% of the net profit attributable to shareholders [6][18]. Brokerage and Trading - The company's brokerage business saw a slight decline in trading volume, with a market share of 5.23%, marking a 0.01 percentage point increase year-on-year [9][10]. - The total trading volume for equity funds was 25.18 trillion yuan, down 2.67% year-on-year, while the number of active trading clients increased by 8.03% to approximately 17.76 million [9][10]. Investment Banking - The company experienced a significant decline in equity financing, with a 50.74% drop in underwriting amounts, while bond underwriting amounts increased by 18.49% [10][11]. - The investment banking segment's net income from fees decreased by 6.53% year-on-year [10][11]. Asset Management - The asset management business saw a decrease in both scale and net income, with a 13.99% decline in net income from asset management fees [13][14]. - The company’s total asset management scale was 294.85 billion yuan, down 7.03% year-on-year [13][14]. Investment Strategy - The company has adopted a "large and stable" asset allocation strategy, focusing on optimizing investment structures and enhancing the stability of investment returns [14][15]. - The fixed-income investment returns significantly outperformed the benchmark index, contributing to improved overall investment income [14][15]. Future Projections - The company is expected to have EPS of 0.86 yuan and 0.96 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [4][18][21].

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 600999 | 說明 | | A股 (上海證券交易所) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2024年4月8日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 | 2. 股份分類 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company's proprietary business has shown excellent performance, driving overall revenue growth, while brokerage, asset management, and investment banking businesses have experienced declines. The collaboration with China Merchants Group and China Merchants Bank is viewed positively, with a reasonable valuation range set at 15.76-17.07 yuan, maintaining the "Outperform the Market" rating [4][5]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of 19.82 billion yuan, a year-on-year increase of 3.1%, and a net profit attributable to shareholders of 8.76 billion yuan, up 8.6%. The earnings per share (EPS) was 0.94 yuan, with a return on equity (ROE) of 7.9%. The fourth quarter saw operating revenue of 4.95 billion yuan, a year-on-year increase of 26.2% and a quarter-on-quarter increase of 21.4%, with a net profit of 2.36 billion yuan, up 31.8% year-on-year and 41.1% quarter-on-quarter [4][5]. Business Segment Performance - Brokerage business revenue declined by 14.2% year-on-year to 5.53 billion yuan, accounting for 27.9% of total revenue. The average daily trading volume in the market decreased by 4.0% year-on-year to 962.5 billion yuan. The investment banking revenue fell by 6.5% year-on-year to 1.3 billion yuan, with a significant drop in equity underwriting scale by 42.9% [4][5]. - Asset management revenue also saw a decline of 14.0% year-on-year to 710 million yuan, with total assets under management at 294.9 billion yuan, down 7.0% year-on-year [5]. Proprietary Business - The proprietary business performed exceptionally well, with investment income (including fair value) reaching 6.73 billion yuan, a year-on-year increase of 31.6%. The proprietary asset scale grew by 13% year-on-year to 310 billion yuan, with equity assets increasing by 31.4% to 26 billion yuan [5]. Future Earnings Forecast - The company is expected to have EPS of 1.15 yuan, 1.26 yuan, and 1.32 yuan for the years 2024, 2025, and 2026 respectively, with book value per share (BVPS) projected at 13.13 yuan, 14.16 yuan, and 15.08 yuan for the same years. A price-to-book (P/B) ratio of 1.2-1.3x is anticipated for 2023, corresponding to a reasonable valuation range of 15.76-17.07 yuan [5][10].

招商局集团财务有限公司 2023 年度风险评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，招商证券股份有限公司（以下简称"公司"、"本 公司"）查验了招商局集团财务有限公司（以下简称"招商财务"） 《金融许可证》《营业执照》等证件资料，审阅了招商财务资产负债 表、利润表、现金流量表等定期财务报告，对招商财务的经营资质、 业务和风险状况进行了评估，具体情况如下： 一、 招商局集团财务有限公司基本情况 企业类型：其他有限责任公司； 经营范围：企业集团财务公司服务。 招商局财务的前身中外运长航财务有限公司于 2011 年 4 月 19 日 经中国银行业监督管理委员会批准成立，于同年 5 月 17 日完成工商 注册登记手续后正式挂牌营业。2017 年经重组后，于当年 8 月完成 名称变更登记，更名为招商局集团财务有限公司；同时完成股权转让， 从 6 个股东变为 2 个股东，分别为招商局集团有限公司和中国外运长 企业名称：招商局集团财务有限公司 二、招商财务内部控制的基本情况 金融许可证机构编码：L0125H211000001； 统一社会信用代码：911100007178294 ...

证券研究报告 | 2024年03月29日 招商证券（600999.SH） 增持 机构生态初具，业绩优于同业 核心观点 公司研究·财报点评 招商证券发布2023年年度报告。2023年公司实现营业收入198.21亿元，同 非银金融·证券Ⅱ 比上涨3.13%；实现归母净利润87.64亿元，同比上涨8.57%；加权平均净 证券分析师：孔祥 证券分析师：林珊珊 资产收益率为7.91%，同比上涨0.37pct；基本每股收益为0.94元/股，同 021-60375452 0755-81981576 kongxiang@guosen.com.cn linss@guosen.com.cn 比上涨9.3%。公司加快数字化步伐，推进财富管理与机构业务转型发展。 S0980523060004 S0980518070001 提升财富份额，构筑机构生态，托管外包、私募服务优势明显。财富管理方 基础数据 面，2023年，公司托管客户资产规模达3.72万亿元；公司财富管理个人客 投资评级 增持(维持) 合理估值 户数同比增长3.20%，高净值客户数同比增长5.67%；股基交易量市场份额 收盘价 13.84元 提至5.23%；股票+混合与非货 ...