中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2024年4月29日（星期一）舉 行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司按照中國企業會計準則編製的截至 2024年3月31日止三個月的未經審核業績及其發佈。 承董事會命 中國銀河證券股份有限公司 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的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 王晟 董事長及執行董事 中國，北京 2024年4月17日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總裁）；非執行董事為 楊體軍先生、李慧女士、劉昶女士及劉志紅先生；以及獨立非執行董事為王珍軍先生、劉淳女士、 羅卓堅先生及劉力先生。 ...

Financial Performance - The company reported a total revenue of RMB 10.5 billion for the fiscal year 2023, representing a year-on-year increase of 15%[2]. - The company provided a forward guidance of 12% revenue growth for the next fiscal year, projecting revenues to reach RMB 11.76 billion[4]. - The company reported a net profit margin of 18%, up from 15% in the previous year, indicating improved operational efficiency[2]. - The company’s market capitalization reached RMB 50 billion, reflecting a 20% increase compared to the previous fiscal year[3]. - Total revenue for 2023 reached RMB 44,962,115 thousand, an increase of 2.70% compared to RMB 43,781,051 thousand in 2022[24]. - Net profit attributable to shareholders for 2023 was RMB 7,878,769 thousand, a 1.43% increase from RMB 7,767,550 thousand in 2022[24]. - The company's total assets as of December 31, 2023, amounted to RMB 6,632.05 billion, up from RMB 6,252.23 billion in 2022, indicating a growth of about 6.1%[28]. - The company's total share capital as of December 31, 2023, is 10,934,402,256 shares[160]. User Growth and Market Expansion - User data showed an increase in active accounts by 20%, reaching a total of 5 million users by the end of 2023[3]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[4]. - The company aims to expand its international business, focusing on Southeast Asia, with significant market shares in Singapore and Malaysia[39]. Product Development and Innovation - New product launches included a financial management app that has already attracted 1 million downloads within the first month of release[3]. - The company is actively involved in innovative business and product development, which is crucial for managing associated risks and ensuring sustainable growth[6]. - The company’s new product and technology development efforts include the launch of the "Galaxy Tian Gong" one-stop institutional service platform[50]. Financial Position and Capital Management - The net capital for the year 2023 reached RMB 100,100,154,912.51, a significant increase from RMB 79,078,332,752.04 at the end of the previous year, reflecting a growth of approximately 26.6%[8]. - The company completed an acquisition of a fintech startup for RMB 500 million, enhancing its technological capabilities[3]. - The company completed the issuance of RMB 78 billion A-share convertible bonds in March 2022, with the conversion process starting on September 30, 2022, resulting in an increase of 797,143,499 shares[16]. Risk Management - The company emphasizes that its business performance is highly dependent on the overall economic and market conditions in China and other regions, indicating potential risks from significant fluctuations in capital markets[6]. - China Galaxy Securities faces various risks, including legal and compliance risks due to regulatory changes, strategic risks from market fluctuations, and operational risks from business model transformations and new technology applications[6]. - The company has implemented risk management strategies focusing on organizational structure, management mechanisms, and information technology to mitigate market and credit risks[6]. - The overall risk management framework remains effective, with no major business risks reported during the reporting period[127]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance structure in compliance with relevant laws and regulations, enhancing operational mechanisms[17]. - The financial report for 2023 was audited by Ernst & Young, confirming the accuracy and completeness of the financial data presented[6]. - The company has not faced any objections from its board members regarding the financial report, indicating a consensus on the reported data[6]. Shareholder Returns and Dividends - The company distributed a cash dividend of CNY 2,405,568,496.32, which accounts for 30.53% of the net profit attributable to ordinary shareholders in the consolidated financial statements[159]. - The cash dividend per 10 shares is CNY 2.20, with no stock dividends or capital reserve transfers reported[159]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends when conditions permit[158]. Social Responsibility and Community Engagement - The company invested approximately RMB 9.6 million in charitable assistance during the reporting period[181]. - The total donations made by the group during the reporting period amounted to approximately RMB 11.40 million, benefiting around 98,000 people[190]. - The company has implemented various social responsibility projects, including infrastructure development and educational support, contributing to rural revitalization efforts in Gansu and Shandong provinces[191]. Strategic Outlook - The company anticipates that the global economic recovery will remain weak in 2024, with significant geopolitical conflicts continuing to impact the market[122]. - The company has initiated a comprehensive implementation of the 2023-2025 strategic development plan, aiming to become a modern investment bank with a focus on customer-centric services and high-quality development[123]. - The new strategic plan introduces a "five-in-one" business model and a "three transformations and one integration" mechanism, emphasizing market-oriented, platform-based, and digital approaches[124].

证券代码：601881 证券简称：中国银河 公告编号：2024-020 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com）、中 国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司董事会 2024 年 4 月 16 日 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 年度第二期短期融资券已于 2024 年 4 月 15 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 | 年度第二期短期融资券 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 24 | 银河证券 | | | CP002 | 债券流通代码 | 072410043 | | 发行日 | 2024 | 年 4 | ...

证券代码：601881 证券简称：中国银河 公告编号：2024-019 中国银河证券股份有限公司 2023年度第四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（以下简称"本公司"）于 2023 年 10 月 16 日成功发行了中国银河证券股份有限公司 2023 年度第四期短期融资券（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 40 亿元，票面利 率为 2.52%，短期融资券期限为 179 天，兑付日期为 2024 年 4 月 12 日。（详 见本公司于2023年10月17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 2023 年度第四期短期融资券发行结果公告》）。 2024 年 4 月 12 日，本公司兑付了本期短期融资券本息共计人民币 4,049,298,360.66 元。 特此公告。 中国银河证券股份有限公司董事会 2024 年 4 月 16 日 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。 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 14.72 CNY [3][5][12]. Core Insights - The company is expected to focus more on "customer thinking" and enhance its functional positioning to provide more professional institutional, investment banking, and cross-border services, leading to above-expectation growth [3][13]. - The projected revenue for 2024-2026 is 336.71/355.78/374.98 billion CNY, with year-on-year growth rates of +0.1%/5.7%/5.4%. The net profit attributable to shareholders is forecasted to be 81.20/88.25/95.42 billion CNY, with year-on-year growth rates of +3.1%/8.7%/8.1% [3][13][26]. Summary by Sections Investment Recommendation - The report recommends a "Buy" rating with a target price of 14.72 CNY, based on a cautious selection of the P/E valuation method [3][15][19]. Financial Forecast - The company is projected to achieve revenues of 336.71 billion CNY in 2024, with a slight increase of 0.1% from the previous year. The net profit is expected to reach 81.20 billion CNY, reflecting a growth of 3.1% [3][13][14]. Company Overview - The company is a state-owned full-license securities firm, with a significant advantage in retail business flow. It has improved its net profit ranking from 11th in 2018 to 5th in 2023, primarily due to the rapid growth of its retail trading business [3][21][26]. Future Outlook - The company plans to emphasize "customer thinking" and strengthen its functional positioning to provide more specialized services. This aligns with regulatory trends that prioritize investor-centric approaches in financial institutions [3][21][22]. Valuation - The report employs both P/E and P/B relative valuation methods, concluding with a target price of 14.72 CNY based on a P/E of 19.83x for 2024 [15][19][20]. The P/B valuation suggests a reasonable valuation of 15.19 CNY, but the report opts for the lower P/E valuation for its target price [19][20]. Business Model - The company operates a comprehensive financial service model, focusing on large transactions, investment banking, and asset management, with a balanced development across its major business lines [21][22].

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][32]. Core Views - The company achieved a revenue of 33.644 billion yuan in 2023, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 7.879 billion yuan, up 1.43% year-on-year [4][7]. - The company is focusing on high-net-worth clients, enhancing its investment advisory capabilities, and driving improvements in investment business quality and efficiency [4][26]. - The international business has shown robust growth, with a revenue increase of 11.28% year-on-year, maintaining a leading position in Southeast Asia [4][25]. Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.67 yuan, down 4.29% year-on-year, and a return on equity (ROE) of 7.52%, a decrease of 0.70 percentage points year-on-year [4][7]. - The company plans to distribute a dividend of 2.20 yuan per share (before tax), representing 30.53% of the net profit attributable to shareholders [4][7]. Business Segments - The asset management business's net income and investment income (including fair value changes) have increased, while the proportions of brokerage, investment banking, interest, and other income have decreased [4][8]. - The brokerage business's net income from fees decreased by 13.56% year-on-year, while the investment banking business's net income from fees fell by 19.77% [4][11][12]. - The company achieved a record high in bond underwriting, with a total of 357.954 billion yuan, up 41.75% year-on-year [4][12]. Investment Strategy - The company is focusing on innovative investment trading based on client needs, leading to a significant year-on-year increase of 36.93% in investment income [4][19]. - The company is enhancing its fixed income investment strategy and expanding its alternative investment business, which has shown promising returns [4][19]. Future Outlook - The company expects EPS of 0.63 yuan and 0.72 yuan for 2024 and 2025, respectively, with corresponding book value per share (BVPS) of 9.58 yuan and 10.06 yuan [4][26]. - The report suggests that the company will benefit from regulatory support aimed at fostering strong firms and building a first-class investment bank [4][26].

证券代码：601881 证券简称：中国银河 公告编号：2024-018 中国银河证券股份有限公司 关于召开 2023 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/） 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 会议召开时间：2024 年 4 月 17 日(星期三) 下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心 三、 参加人员 董事长：王晟 总裁、财务负责人：薛军 董事会秘书：刘冰 独立董事：刘力 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 4 月 10 日(星期三) 至 4 月 16 日(星期二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zgyh@chinast ...

证券代码：601881 证券简称：中国银河 公告编号：2024-017 中国银河证券股份有限公司 关于非公开发行公司债券获得上海证券交易所 挂牌转让无异议函的公告 近日，中国银河证券股份有限公司（以下简称"公司"）收到上海证券交易 所（以下简称"上交所"）出具的《关于对中国银河证券股份有限公司非公开发 行公司债券挂牌转让无异议的函》（上证函[2024]849 号）（以下简称"无异议 函"）。 根据该无异议函，上交所确认公司面向专业投资者非公开发行总额不超过 200 亿元的公司债券（以下简称"本次债券"）符合其挂牌转让条件，对本次债 券在上交所挂牌转让无异议。该无异议函自出具之日起 12 个月内有效，公司可 在无异议函有效期及上述额度内采取分期发行方式组织发行本次债券，并及时 办理债券挂牌转让手续。 公司将按照有关法律法规、无异议函等相关要求办理本次债券相关事宜，并 及时履行信息披露义务。 特此公告。 中国银河证券股份有限公司董事会 2024 年 4 月 10 日 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。 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国银河（ ） 601881.SH [中Ta国b银le_河Ti2tl0e2] 3 年报点评：扩表速度放缓，发力 建设一流投行 报告要点 [2T0a2b3le年_S中um国m银a河ry经] 营稳健，归母净利润逆市增长，自营收入为业绩韧性来源。分业务来看，经 纪业务发力高净值客户，两融市场份额平稳。自营资产Q4环比缩表，监管指标压力放缓。投 行债券承销规模快速提升，银河金汇产品体系进一步完善。展望未来，中国银河作为汇金公司 旗下央企券商，在券商行业供给侧改革浪潮下，有望受益于市场格局的改善，同时公司在监管 ...

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 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4月3日 I. 法定/註冊股本變動 第 1 頁 共 7 頁 v 1.0.2 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。 FF301 | 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 | 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 | ...