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: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 ...

Core Insights - Financial technology is becoming a significant driving force for the development of the securities industry, leading to profound changes in competition and service models as the industry accelerates into the digital age [1][4] - A total of 19 listed securities firms have disclosed their information technology investment plans for 2024, with a combined investment exceeding 17.5 billion yuan, and 14 firms reporting year-on-year growth in their IT investments [2][3] Investment Overview - As of March 31, 2024, 21 listed securities firms have released their annual reports, with 19 disclosing their IT investment, totaling 17.54 billion yuan, averaging over 170 million yuan per firm [2] - Leading firms dominate IT investments, with 8 firms investing over 1 billion yuan each, including Huatai Securities at 2.448 billion yuan and Guotai Junan at 2.2 billion yuan, showing a year-on-year increase of 1.8% [2][3] Growth Rates - The firms with the highest year-on-year growth in IT investment for 2024 are Everbright Securities (20.92%), Hongta Securities (13.76%), and Nanjing Securities (11.39%) [3] - Other firms like Shenwan Hongyuan and China Galaxy also reported growth rates of 9.17% and 7.09%, respectively [3] Technological Empowerment - The digital transformation in the securities industry is accelerating, with firms leveraging big data, AI, and blockchain technologies to innovate business models and enhance service capabilities [4] - Leading firms are adopting comprehensive strategies to enhance their technological strength, while smaller firms focus on specific business areas to reduce service costs and expand coverage [4] AI Integration - The development of AI models presents new opportunities for service enhancement, particularly for smaller firms, with many announcing the integration of AI technologies like DeepSeek to improve operational efficiency [5] - Companies like Northeast Securities and Great Wall Securities are deploying AI solutions in various business scenarios, enhancing compliance consulting and investment advisory services [5]

Core Insights - The A-share market experienced fluctuations with the CSI Securities Index dropping by 1.69% on March 31, 2023, while the leading securities ETF (560090) saw a decline of 1.68% and a premium of 0.18% during the day [3][6]. Industry Performance - As of March 28, 2023, 150 securities firms reported a total revenue of CNY 451.17 billion and a net profit of CNY 167.26 billion for the 2024 fiscal year, marking the highest revenue and profit in nearly three years [3]. - A total of 28 listed securities firms reported cumulative revenues of CNY 427.51 billion, reflecting a year-on-year increase of 6.16%, and net profits of CNY 125.56 billion, up 15.27% year-on-year [4]. Mergers and Acquisitions - Xiangcai Securities announced a merger with Dazhihui through a share swap, intending to issue A-shares to raise up to CNY 8 billion, which will increase its total share capital to 5.153 billion shares [3]. - The merger trend in the securities industry is expected to continue, driven by policies supporting mergers and acquisitions, indicating a shift towards supply-side reforms [3][6]. Financial Performance of Major Firms - Major securities firms such as CITIC Securities, Guotai Junan, and China Galaxy reported net profits exceeding CNY 10 billion, with Guotai Junan and China Galaxy returning to the "100 billion net profit club" [5]. - The performance of various firms varied, with CITIC Securities achieving a revenue of CNY 63.79 billion and a net profit of CNY 21.70 billion, while Guotai Junan reported a revenue of CNY 43.40 billion and a net profit of CNY 13.02 billion [5]. Market Outlook - The securities sector is expected to see significant recovery in 2024, driven by favorable policies, increasing proprietary income, and a low base effect from 2023 [6][7]. - The valuation of the securities sector is considered to have substantial upward potential with limited downside risk, as the current PB ratio is around 1.44, which is within a moderate range compared to the past five years [7].

| | | | 2 | 华泰联合 | 3 | | --- | --- | --- | | 2 | 中信证券 广司 | TITU 3 | | 4 | 、东兴证券TONWOOD TREE | | | 4 | 申万宏源 | 2 | | 4 | 中信建投 | 2 | | 7 | 华安证券 | 1 | | 7 | 广发证券 | 1 | | 7 | 国元证券 | 1 | | 7 | 平安证券 | 1 | | 7 | 申港证券 | 1 | | | 天风证券 | 1 | | 7 | 招商证券 | 1 | | 76 | 中金公司 | FOT 1 . | | 1 | 中国银河TONW( | on TREE | | 7 | 中泰证券 | 1 | | 7 | 中银国际 | 1 | | | 信计 | 27 | 二、律师事务所业绩排名 2025年1-3月，共有16家律师事务所为这27家新上市公司IPO提供了法律服务。 文/梧桐数据中心 随着3月28日开发科技（920029）在北交所上市，2025年1-3月A股合计新上市公司27家，其中沪市主板4家、科创板5家、深市主板3家、创业板12家、北交所3家。 相较去年同期的30家，同比下降10% ...

Core Viewpoint - China Galaxy's 2024 annual report meets expectations, showing growth in revenue and net profit, with significant performance in its securities business [1] Group 1: Financial Performance - In 2024, China Galaxy achieved operating revenue of 35.47 billion, a year-on-year increase of 5.4% [1] - The net profit attributable to shareholders reached 10.03 billion, reflecting a year-on-year growth of 27.3% [1] - The weighted average ROE for 2024 was 8.30%, up by 0.78 percentage points year-on-year [1] Group 2: Revenue Breakdown - The company's main revenue from securities was 22.66 billion, a year-on-year increase of 23.3% [1] - Revenue from brokerage, investment banking, asset management, net interest, and net investment income were 6.19 billion, 0.61 billion, 0.49 billion, 3.85 billion, and 11.44 billion respectively, with year-on-year changes of +12.5%, +10.6%, +6.1%, -7.5%, and +49.5% [1] - In Q4, the company recorded a provision for impairment of 0.6 billion, but still achieved a quarter-on-quarter profit growth [1] Group 3: Asset Management and Investment - By the end of 2024, total assets were 737.5 billion, an increase of 11.2% from the beginning of the year [2] - The net asset value was 140.5 billion, up 7.7% year-on-year [2] - Investment assets totaled 386.7 billion, a year-on-year increase of 7.6%, with trading bonds at 138.3 billion, up 26.8% [2] Group 4: Brokerage and Market Position - The number of clients surpassed 17.3 million, an increase of 11.6% from the beginning of the year [3] - The total market value of client-held securities reached 5.09 trillion, up 21.8% year-on-year [3] - The company achieved net income from brokerage services of 5.29 billion, reflecting a year-on-year increase of 18.4% [3] Group 5: Underwriting and Investment Banking - The bond underwriting scale reached 481.6 billion, a year-on-year increase of 34.4%, with a market share of 3.5% [4] - The company is expanding its project reserves in A-share equity financing, currently holding seven refinancing projects [4] - The investment banking team increased from 564 to 633 personnel from the end of 2023 to the end of 2024 [4] Group 6: Future Projections - Expected net profits for China Galaxy in 2025, 2026, and 2027 are projected to be 11.16 billion, 11.56 billion, and 12.22 billion respectively, with year-on-year growth rates of +11%, +4%, and +6% [4]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 2,143,142,842.18 (including tax), which translates to RMB 1.96 per 10 shares based on a total share capital of 10,934,402,256 shares as of the end of 2024[5]. - After considering the interim cash dividend of RMB 0.84 per 10 shares distributed in 2024, the total proposed cash dividend for the reporting period is RMB 3,061,632,631.68 (including tax), equating to RMB 2.80 per 10 shares[5]. - The proposed cash dividend distribution is subject to approval at the shareholders' meeting[5]. Audit and Compliance - The company has received a standard unqualified audit report from Ernst & Young Huaming and Ernst & Young for the 2024 financial report[3]. - The company’s board of directors and management have confirmed the accuracy and completeness of the annual report[4]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. Risk Management - The company faces various risks including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and operational risks from business model transformations[7]. - The company has established an integrated risk prevention system to manage operational, market, and credit risks through regular monitoring and process optimization[7]. - The company emphasizes the importance of risk awareness regarding future plans and strategic developments, advising investors to be cautious[6]. Shareholder Information - The company’s major shareholder, China Galaxy Financial Holdings, held 47.43% of the issued share capital at the end of the reporting period[12]. Financial Performance - The company's operating revenue for 2024 reached ¥35.47 billion, an increase of 5.43% compared to ¥33.64 billion in 2023[49]. - Net profit attributable to shareholders was ¥10.03 billion, reflecting a significant growth of 27.31% from ¥7.88 billion in the previous year[49]. - The net cash flow from operating activities improved dramatically to ¥34.80 billion, a 178.62% increase from a negative cash flow of ¥44.26 billion in 2023[49]. - Total assets at the end of 2024 amounted to ¥737.47 billion, up 11.20% from ¥663.21 billion in 2023[49]. - The total liabilities increased by 12.06% to ¥596.97 billion, compared to ¥532.71 billion in the previous year[49]. - Basic earnings per share rose to ¥0.81, a 20.90% increase from ¥0.67 in 2023[50]. - The weighted average return on equity improved to 8.30%, up from 7.52% in the previous year[50]. Capital and Asset Management - The registered capital increased to RMB 10,934,402,256, up from RMB 10,137,258,757 at the end of the previous year, reflecting a growth of approximately 7.85%[20]. - The net capital reached RMB 111,090,346,133, compared to RMB 100,100,154,912.51 at the end of the last year, indicating an increase of about 10.00%[20]. - The company’s net capital at the end of the reporting period was ¥111.09 billion, an increase from ¥100.10 billion at the end of the previous year[51]. Business Operations and Expansion - The company holds various business qualifications, including open-ended securities investment fund sales and securities investment fund custody, enhancing its operational capabilities[21][22]. - The company is a member of both the Shanghai Stock Exchange and the Shenzhen Stock Exchange, which facilitates its trading activities[24]. - The company has been approved for multiple business qualifications by regulatory bodies, including the China Securities Regulatory Commission and the People's Bank of China, expanding its service offerings[25]. - The company has a comprehensive range of services, including margin trading and securities lending, which supports its revenue generation[23]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in the upcoming fiscal year[19]. - The company aims to leverage new technologies in its operations to improve efficiency and customer service[19]. - The company is focused on expanding its product offerings in the financial services sector to meet diverse client needs[19]. Branch and Network Development - As of the report date, the company has 461 securities business departments distributed across 31 provinces, autonomous regions, and municipalities in China[41]. - The company has established 37 branches, each with operating capital of RMB 5 million[43]. - The branches are distributed across various provinces, including Shenzhen, Zhejiang, Guangdong, and Beijing, established between 2011 and 2014[44]. - The company has expanded its presence in key regions, including Shanghai, Hunan, and Tianjin, enhancing its market reach[43]. - The company has made adjustments to its branch network, including the relocation of 49 branches during the reporting period[152]. - The relocation strategy is part of a broader market expansion initiative, targeting key economic regions in China[153][155]. Investment Banking and Advisory Services - The company completed one IPO project and four financial advisory projects for mergers and acquisitions, with a transaction amount of RMB 18.667 billion, ranking 8th in the industry[73]. - In 2024, the company completed 23 Hong Kong IPO projects and underwrote 278 offshore bond projects, enhancing its competitiveness in investment banking[84]. - The company was awarded multiple accolades, including the "Best ESG Practice Research Institution" and "Best Offshore RMB Bond Investment Institution" in Hong Kong[85]. Technology and Innovation - The company is focusing on digital platform construction and embracing new opportunities in information technology transformation[63]. - The company aims to advance its financial technology strategy, integrating AI and big data into its operations, and improving IT infrastructure and risk management capabilities[168]. Risk Control and Compliance - The company has established a centralized account management system to ensure compliance with account standards[157]. - The company has implemented a well-defined operational risk management system, enhancing the collection of loss data and self-assessment of risks and controls[182]. - The company has established a risk management organization system with a three-line defense structure, integrating subsidiary risk management[196]. Strategic Development - The strategic development plan for 2023-2025 aims to position the company as a leader in wealth management and a service provider for the real economy[163]. - The company plans to adhere to five strategic principles, including serving the real economy and ensuring compliance and risk control[163]. - The company is committed to improving its core competitiveness and achieving high-quality development[163].

Financial Performance - China Galaxy Securities reported its audited annual results for the year ending December 31, 2024[2]. - The company achieved a total revenue of RMB 10.5 billion, representing a year-on-year increase of 15%[2]. - Net profit attributable to shareholders was RMB 3.2 billion, up 20% compared to the previous year[2]. - Total revenue for 2024 reached RMB 46,757,555 thousand, an increase of 3.99% compared to RMB 44,962,115 thousand in 2023[39]. - Pre-tax profit for 2024 was RMB 10,518,630 thousand, reflecting a significant increase of 29.32% from RMB 8,133,649 thousand in 2023[41]. - Net profit attributable to shareholders for 2024 was RMB 10,030,838 thousand, up 27.31% from RMB 7,878,769 thousand in 2023[41]. - Basic earnings per share for 2024 were RMB 0.81, a 20.90% increase from RMB 0.67 in 2023[40]. - The weighted average return on equity for 2024 was 8.30%, an improvement from 7.52% in 2023[40]. - The company's total assets as of December 31, 2024, amounted to RMB 737,470,691 thousand, representing an 11.20% increase from RMB 663,205,297 thousand in 2023[42]. - Total liabilities increased by 12.06% to RMB 596,971,247 thousand in 2024 from RMB 532,710,511 thousand in 2023[42]. Client Growth and Market Expansion - The number of active clients increased by 25% to 1.5 million, reflecting strong user growth[2]. - The company plans to expand its market presence by opening 50 new branches in key cities by the end of 2025[2]. - The company aims to enhance its integrated financial services through a "five-in-one" business model, focusing on wealth management, investment banking, institutional business, international business, and investment trading[59]. - By the end of 2024, the company had over 17.3 million customers and total custodial securities valued at RMB 5.09 trillion[75]. - The number of institutional clients increased to over 5,200, with a year-on-year growth rate exceeding 25%[82]. Risk Management and Compliance - The board emphasized the importance of risk management strategies in the current market environment[2]. - The company faces various risks, including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and operational risks from business model transformations[12]. - The company has implemented risk management strategies focusing on organizational structure, management mechanisms, and optimizing business processes to mitigate operational risks[12]. - The company emphasizes compliance and risk management through its dedicated committees[31]. - The company is committed to supporting national strategies, focusing on technology independence, green industry development, and enhancing inclusive financial services[198]. Technology and Innovation - Investment in new technology and product development increased by 30%, focusing on digital trading platforms[2]. - The company aims to leverage technology and innovation in its financial services to improve operational efficiency[31]. - The company is committed to digital transformation and enhancing its financial technology capabilities to improve service delivery[71]. - The company's self-developed investment advisory platform "G-Winstar" was upgraded, enhancing the marketing service system[76]. - The company launched a self-developed system for futures and spot trading in 2024, significantly enhancing operational efficiency[104]. Governance and Operational Structure - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring effective operational management[28]. - The company is committed to maintaining a robust governance structure with oversight from various committees, including the Audit Committee and Compliance and Risk Management Committee[31]. - The company has established multiple branches across various provinces, including Dalian, Jiangsu, and Chongqing, with the latest branch in Guizhou established on May 22, 2014[34][36][37]. - The company has a strong presence in major cities, including Shanghai (36 departments) and Jiangsu (31 departments)[30]. - The company operates 461 securities business departments across 31 provinces, autonomous regions, and municipalities in China[30]. Financial Products and Services - The company has established a comprehensive wealth management service system, focusing on enhancing customer engagement and service experience[73]. - The wealth management business revenue for 2024 reached RMB 13,794.2 million, accounting for 29.50% of total revenue, compared to RMB 12,237.1 million and 27.22% in 2023[174]. - Investment trading business revenue increased to RMB 11,978.2 million in 2024, representing 25.62% of total revenue, up from RMB 10,409.1 million and 23.15% in 2023[174]. - The company completed 23 Hong Kong IPO projects and underwrote 278 offshore bond projects in 2024[91]. - The company launched a cross-border China CTA fund to facilitate international capital investment in domestic commodity and financial futures markets[91]. Strategic Development and Future Plans - The company continues to implement its 2023-2025 strategic development plan, focusing on integrating its growth with national strategies and enhancing service capabilities[195]. - The strategic plan aims to establish a "five-in-one" business model, enhancing comprehensive financial services and promoting market-oriented, platform-based, and digitalized operations[196]. - By 2025, the company aims to achieve a balanced development across all business lines, eliminating significant operational weaknesses and ensuring compliance and risk management[197]. - The company emphasizes high-quality development, aiming to reduce costs and improve efficiency in its main business operations[198]. - The investment banking sector will continue to push for professional reforms and deepen collaboration to broaden domestic and international business operations[199].

China Galaxy Securities Co., Ltd. Sustainability & Environmental, Social and Governance Report 中国银河证券 目 录 Contents 第三篇章 贯彻数智创新，护航银河未来 坚持以人为本，共创璀璨银河 第四篇章 第一篇章 筑牢发展根基，夯实银河治理 第二篇章 笃定初心信念，提升银河服务 中国银河证券 报告编制说明 报告编制说明 本报告是中国银河证券股份有限公司第1份可持续发展报告，同时也是第8份环境、社会及管治（ESG）相关信息报 报告编制原则 告，向各利益相关方披露了公司在经营中对于ESG议题所秉持的理念、建立的管理方法、推行的工作与达到的成效。 本报告编制遵循香港联交所《环境、社会及管治报告守则》的汇报原则，包括： 重要性原则 本报告通过重要性分析的识别、沟通、分析流程确定报告需重 点回应的议题。 量化原则 本报告披露关键定量绩效指标，并对指标含义作出解释，说明计 算依据和假定条件，以便评估及验证环 报告范围 境、社会及公司治理政策及管理体系的效益。 组织范围 本报告范围与公司年度合并财务报表范围一致。 本报告内 ...

中国银河证券股份有限公司 董事会审计委员会对会计师事务所 2024 年度 履职情况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》 《国有企业、上市公司选聘会计师事务所管理办法》《国有金融 企业选聘会计师事务所管理办法》 《上市公司治理准则》 《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》和中国银 河证券股份有限公司（以下简称"公司"）的《公司章程》 《董事 会审计委员会议事规则》等规定和要求，董事会审计委员会本着 勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会 对会计师事务所 2024 年度履职评估及履行监督职责的情况汇报 如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 安永华明会计师事务所（特殊普通合伙）（以下简称"安永 华明" ）于 1992 年 9 月成立，2012 年 8 月完成本土化转制， 从一家中外合作的有限责任制事务所转制为特殊普通合伙制事 务所。安永华明总部设在北京，注册地址为北京市东城区东长安 街 1 号东方广场安永大楼 17 层 01-12 室。截至 2024 年末，安永 华明拥有合伙人 251 人 ...