Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][18]. Core Views - The company has experienced a slight decline in revenue and net profit in the first half of 2024, with operating income at 17.086 billion yuan, down 1.88% year-on-year, and net profit attributable to shareholders at 4.388 billion yuan, down 11.16% year-on-year [4][6]. - Despite market pressures, the company maintains a leading position in the brokerage industry, with a focus on debt financing and a strategic emphasis on serving national priorities and the real economy [18]. - The company is expected to benefit from policy directions aimed at fostering high-quality development in the investment banking sector [18]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating income of 17.086 billion yuan, a decrease of 1.88% year-on-year, and a net profit of 4.388 billion yuan, down 11.16% year-on-year [4][6]. - Basic earnings per share (EPS) were 0.35 yuan, reflecting a decline of 22.22% year-on-year [4][6]. - The weighted average return on equity (ROE) was 3.63%, down 1.47 percentage points year-on-year [4][6]. Business Segments - Investment income (including fair value changes) increased, accounting for 28.8% of total net income, while brokerage and investment banking revenues saw declines [7][15]. - The brokerage business faced slight pressure, with net income from brokerage fees down 12.97% year-on-year [8][9]. - Debt financing maintained rapid growth, with investment banking fees up 42.25% year-on-year, benefiting from a low base [10][18]. - Asset management revenues stabilized, with net income from asset management fees increasing by 2.24% year-on-year [12][18]. - Fixed income investments are being driven by customer demand, with investment income (including fair value changes) up 5.52% year-on-year [15][18]. Market Position and Future Outlook - The company has a strong market position, with international business revenues showing resilience despite a slight decline of 1.08% year-on-year [17][18]. - The company is expected to achieve EPS of 0.56 yuan and 0.60 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 9.62 yuan and 10.08 yuan [18][19]. - The price-to-book (P/B) ratios are projected to be 1.25 and 1.19 for 2024 and 2025, respectively, based on the closing price of 12.04 yuan on September 24, 2024 [18][21].

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个别及连带 责任。 中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 6 月 21 日 成功发行了中国银河证券股份有限公司 2024 年度第五期短期融资券（以下简 称"本期短期融资券"），本期短期融资券发行额为人民币 20 亿元，票面利率 为 1.88%，短期融资券期限为 95 天，兑付日期为 2024 年 9 月 24 日。（详见本 公司于 2024 年 6 月 22 日刊登于上海证券交易所网站（www.sse.com.cn）的《中 国银河证券股份有限公司 2024 年度第五期短期融资券发行结果公告》）。 2024 年 9 月 24 日，本公司兑付了本期短期融资券本息共计人民币 2,009,786,301.37 元。 特此公告。 证券代码：601881 证券简称：中国银河 公告编号：2024-058 中国银河证券股份有限公司 2024年度第五期短期融资券兑付完成的公告 中国银河证券股份有限公司董事会 2024 年 9 月 26 日 ...

证券代码：601881 证券简称：中国银河 公告编号：2024-057 中国银河证券股份有限公司 中国银河证券股份有限公司董事会 2024 年 9 月 24 日 2024 年 9 月 20 日，本公司兑付了本期短期融资券本息共计人民币 2,012,768,219.18 元。 特此公告。 2024年度第三期短期融资券兑付完成的公告 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个别及连带 责任。 中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 5 月 21 日 成功发行了中国银河证券股份有限公司 2024 年度第三期短期融资券（以下简 称"本期短期融资券"），本期短期融资券发行额为人民币 20 亿元，票面利率 为 1.91%，短期融资券期限为 122 天，兑付日期为 2024 年 9 月 20 日。（详 见本公司于 2024 年5月 22 日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2024 年度第三期短期融资券发行结果公告》）。 ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[5]. - Total revenue for the first half of 2024 was RMB 22,910,917,000, a decrease of 0.42% compared to RMB 23,006,833,000 in the same period of 2023[7]. - Profit before tax decreased by 11.91% to RMB 4,542,357,000 from RMB 5,156,233,000 year-on-year[7]. - Net profit attributable to shareholders was RMB 4,387,820,000, down 11.16% from RMB 4,939,222,000 in the previous year[7]. - The company reported a net profit margin of 25% for the first half of 2024, up from 22% in the previous year[5]. - The company achieved total revenue and other income of RMB 22.911 billion, a year-on-year decrease of 0.42%[55]. - Wealth management business revenue decreased by 5.31% to RMB 6.220 billion, while investment banking revenue increased by 55.79% to RMB 267 million[55]. - The net profit for the period was RMB 4,388,050 thousand, a decrease of 11.1% compared to RMB 4,939,430 thousand in the same period last year[170]. - Basic earnings per share for the period was RMB 0.35, down from RMB 0.45 in the previous year[169]. Assets and Liabilities - The total assets of the company increased to RMB 10 billion, reflecting a growth of 8% compared to the previous year[5]. - Total assets increased by 15.55% to RMB 766,309,103,000 from RMB 663,205,297,000 at the end of 2023[8]. - Total liabilities rose by 18.70% to RMB 632,348,071,000 from RMB 532,710,511,000 at the end of 2023[8]. - The equity attributable to shareholders increased by 2.66% to RMB 133,932,377,000 from RMB 130,466,361,000 at the end of 2023[8]. - The total liabilities to total assets ratio was approximately 82.8% as of June 30, 2024, compared to 80.3% at the end of 2023, indicating a slight increase in leverage[172]. Cash Flow - Cash flow from operating activities decreased by 6.63% to RMB 10,990,084,000 compared to RMB 11,770,303,000 in the first half of 2023[7]. - The net cash flow from operating activities was RMB 10.99 billion, down RMB 780 million from RMB 11.77 billion in the same period of 2023, primarily due to a decrease in cash flow from repurchase operations[59]. - The net cash flow from investing activities improved to RMB -2.849 billion, an increase of RMB 4.528 billion compared to RMB -7.377 billion in the same period of 2023, mainly due to increased cash flow from the disposal of debt instruments[59]. - The net cash flow from financing activities was RMB -8.422 billion, a decrease of RMB 10.524 billion compared to RMB 2.102 billion in the same period of 2023, primarily due to reduced cash flow from bond issuance[59]. Market Expansion and Strategy - The company expects a revenue growth guidance of 10-12% for the second half of 2024[5]. - Market expansion plans include entering two new provinces in China by Q4 2024, targeting an additional 1 million users[5]. - The company aims to enhance its comprehensive financial services by focusing on wealth management, investment banking, and international business as part of its strategic development plan[15]. - The company aims to enhance its international business, particularly in Southeast Asia, where it ranks among the top three in key markets like Singapore and Malaysia[26]. - The company is committed to deepening reforms in key areas and enhancing financial technology support to drive business transformation and sustainable growth[28]. Risk Management - The company is focused on risk management and compliance, ensuring a solid foundation for stable development[26]. - The average maintenance guarantee ratio for the company's margin trading and securities lending was 238%, indicating that overall risk is controllable[31]. - The company has established a comprehensive liquidity risk indicator system, monitoring liquidity risk daily and conducting regular stress tests to assess liquidity risk levels under various scenarios[108]. - The company employs various measures to manage interest rate risk, including optimizing the duration and convexity of fixed-income investments and using derivatives such as government bond futures and interest rate swaps for hedging[105]. - The company has implemented a robust operational risk management framework, including loss data collection, risk and control self-assessment, and key risk indicators, to effectively control operational risks[109]. Corporate Governance - The company strictly adheres to the Corporate Governance Code and has complied with all provisions during the reporting period[150]. - The board of directors consists of 10 members, including 2 executive directors and 4 independent non-executive directors[152]. - The audit committee reviewed the company's accounting policies and discussed risk management and internal controls during the reporting period[153]. - The company has confirmed that there are no undisclosed interests or positions held by directors, supervisors, or senior executives in the company[144]. Environmental and Social Responsibility - The company has committed to reducing greenhouse gas emissions per unit area, electricity consumption per unit area, and water consumption per unit area, while improving waste management practices[132]. - A total of approximately RMB 673.7 million was allocated for poverty alleviation and rural revitalization efforts, including donations of winter clothing for 500 economically disadvantaged students and organizing 40 winter camps[134]. - The company achieved 100% recycling of office equipment consumables, such as toner cartridges, to reduce environmental pollution[132]. - The company has actively participated in various community support projects, including donations to educational institutions and environmental initiatives[134]. Shareholder Information - The total number of ordinary shareholders reached 131,306, with 130,664 holding A-shares and 642 holding H-shares as of the end of the reporting period[136]. - The top ten shareholders include Galaxy Jin Kong with 5,186,538,364 shares (47.43%) and Hong Kong Central Clearing Limited with 3,688,242,986 shares (33.73%) as of the reporting period[137]. - The company plans to distribute a mid-term cash dividend of RMB 918,489,789.50, which translates to RMB 0.84 per share based on a total share capital of 10,934,402,256 shares as of June 30, 2024[143].

中国银河证券股份有限公司 2024年度第七期短期融资券发行结果公告 特此公告。 中国银河证券股份有限公司董事会 证券代码：601881 证券简称：中国银河 公告编号：2024-056 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个别及连带 责任。 中国银河证券股份有限公司 2024 年度第七期短期融资券已于 2024 年 9 月 12 日发行完毕，相关发行情况如下： | 债券名称 | | | | | 中国银河证券股份有限公司 | 2024 | | 年度第七期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 24 | 银河证券 | | CP007 | | 债券流通代码 | 072410144 | | | | 发行日 | 2024 | 年 9 | 月 | 11 | 日 | 起息日 | 2024 年 9 | 月 12 | 日 | | 到期兑付日 | 2024 | 年 12 | 月 | 12 | 日 | 期限 | 91 天 | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company's brokerage business is under pressure due to market sentiment, while proprietary trading has driven revenue growth. The investment banking segment has shown significant improvement in bond underwriting, and the asset management business has completed its public offering transformation, resulting in a slight year-on-year revenue increase. The reasonable value range is set at 13.62-14.60 CNY, maintaining the "Outperform the Market" rating [5][6] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 17.09 billion CNY, a year-on-year decrease of 1.9%, and a net profit attributable to shareholders of 4.39 billion CNY, down 11.2%. The second quarter saw operating revenue of 9.87 billion CNY, up 13.3% year-on-year and 36.8% quarter-on-quarter, with a net profit of 2.76 billion CNY, an increase of 2.5% year-on-year and 69.0% quarter-on-quarter [5][6] Brokerage Business - The brokerage business experienced a slight decline, with the average daily trading volume in the market at 961.6 billion CNY, down 6.4% year-on-year. The company's brokerage revenue was 2.51 billion CNY, a decrease of 13.0% year-on-year, accounting for 15% of total revenue. The margin financing balance was 74 billion CNY, down 12% from the beginning of the year, with a market share of 5.0%, a decrease of 0.1 percentage points [5][6] Investment Banking - The investment banking segment reported revenue of 270 million CNY, an increase of 42.2% year-on-year. The equity underwriting scale increased by 147.9% year-on-year, while bond underwriting grew by 17.5%. The company ranked 18th in equity underwriting and 9th in bond underwriting, with a total bond underwriting scale of 191.4 billion CNY [5][6] Asset Management - Asset management revenue rose to 230 million CNY, a year-on-year increase of 2.1%. The asset management scale reached 101.7 billion CNY, up 7.6% year-on-year, with various asset management plans showing growth [6] Proprietary Trading - The proprietary trading segment performed well, with investment income (including fair value) reaching 4.92 billion CNY, a year-on-year increase of 5.6%. In the second quarter, investment income was 3.30 billion CNY, up 46.3% year-on-year. The company maintained a low-risk, absolute return strategy, achieving good investment results [6] Future Earnings Estimates - The company is expected to have EPS of 0.65 CNY, 0.69 CNY, and 0.77 CNY for the years 2024-2026, with BVPS of 9.73 CNY, 10.19 CNY, and 10.72 CNY respectively. The report assigns a P/B ratio of 1.4-1.5x for 2023, corresponding to a reasonable value range of 13.62-14.60 CNY [6][11]

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8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: 2024年9月2日 I. 法定/註冊股本變動 | 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 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. 股 ...

中国银河证券股份有限公司（以下简称"公司"）近日收到中国证券监督管 理委员会（以下简称"中国证监会"）出具的《关于同意中国银河证券股份有限 公司向专业投资者公开发行公司债券注册的批复》（证监许可[2024]1197 号）。 根据该批复，中国证监会同意公司向专业投资者公开发行面值总额不超过 200 亿元公司债券的注册申请。该批复自同意注册之日起 24 个月内有效，公司在 注册有效期内可以分期发行公司债券。 公司将按照有关法律法规、批复要求及公司股东大会授权办理本次公司债 券发行的相关事宜，并及时履行信息披露义务。 特此公告。 证券代码：601881 证券简称：中国银河 公告编号：2024-055 中国银河证券股份有限公司 关于向专业投资者公开发行公司债券获得中国证监会批复 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个别及 连带责任。 中国银河证券股份有限公司董事会 2024 年 9 月 3 日 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 11.13 CNY per share [2][6]. Core Insights - The company reported a total revenue of 9.85 billion CNY, a year-on-year decrease of 5%, and a net profit attributable to shareholders of 4.39 billion CNY, down 11% year-on-year. However, the second quarter of 2024 saw a significant recovery with revenue of 5.78 billion CNY, a quarter-on-quarter increase of 42%, and a net profit of 2.76 billion CNY, up 69% quarter-on-quarter [2][3]. - The revenue structure is heavily reliant on securities investment, brokerage, and interest income, which together account for 94% of total revenue. Brokerage and interest income saw declines of 13% and 17% respectively, while investment banking and proprietary trading showed growth of 42% and 6% [3][4]. - The company benefited from a unique business structure, with its brokerage, investment banking, and asset management businesses performing better than the industry average. The investment banking revenue increased by 42% year-on-year, primarily driven by bond underwriting, which accounted for a significant portion of its business [4][5]. Revenue and Profitability Analysis - The company's proprietary trading income surged to 4.92 billion CNY, reflecting a year-on-year increase of 6%. The financial asset investment scale reached 397.8 billion CNY, up 3% year-on-year, with an investment return rate of 1.27%, a slight decrease of 0.05 percentage points year-on-year. The second quarter alone saw a remarkable 3.3 billion CNY in proprietary trading income, a 46% increase year-on-year and a 102% increase quarter-on-quarter [5][6]. - The company plans to distribute a dividend of 20.93% of the net profit attributable to shareholders for the first half of 2024 [2]. Financial Forecasts - The revenue forecasts for 2024 and 2025 have been adjusted down to 32.54 billion CNY and 36.65 billion CNY respectively, while the forecast for 2026 has been increased to 42.25 billion CNY. The earnings per share (EPS) estimates for 2024 and 2025 have been revised down to 0.61 CNY and 0.79 CNY respectively, with an increase for 2026 to 1.04 CNY [6][7].

证券代码：601881 证券简称：中国银河 公告编号：2024-054 中国银河证券股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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个别及 连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 2 日（星期一）至 9 月 6 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过中国银河证 券股份有限公司（以下简称"公司"）邮箱 zgyh@chinastock.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。 公司已于 2024 年 8 月 29 日发布公司 2024 年半年度报告，为便于广大投 资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 9 日下午 16:00-17:00 举行 2024 年半年度业绩说明会，就投资者 关心的问题进行交流。 一、 说明会类型 本次投 ...