Investment Rating - The report maintains a "Buy" rating for China Galaxy Securities (601881) with a target price of 14.72 CNY, corresponding to a 2024 PE of 19.89x and a PB of 1.51x [3][4]. Core Views - The investment income decline has put pressure on performance, primarily due to a high base effect and a year-on-year drop in investment income rate by 0.29 percentage points to 0.42%. The net income from investment business decreased by 32.66% to 1.626 billion CNY, accounting for a negative 71.87% of the adjusted revenue increment [3]. - The company is expected to benefit from accelerated supply-side reforms in the industry, enhancing its professional capabilities as a leading state-owned brokerage. This could lead to unexpected growth through both organic and external development [3][4]. Financial Summary - For Q1 2024, the company reported revenue of 7.214 billion CNY and a net profit attributable to shareholders of 1.631 billion CNY, reflecting a year-on-year change of 17.06% and -27.46%, respectively. The weighted average ROE decreased by 1.06 percentage points to 1.3% [3]. - The financial asset scale increased by 17.59% year-on-year to 414.72 billion CNY, with a rising trend in stock positions during the second half of 2023, which may affect the stability of investment income rates in a volatile market [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is set at 0.74 CNY, 0.81 CNY, and 0.87 CNY, respectively [3][4]. Market Data - The current stock price is 12.69 CNY, with a 52-week price range of 10.44-14.51 CNY and a total market capitalization of 138.758 billion CNY [4][5]. Business Model and Strategy - The company is focused on enhancing its business model through a "five-in-one" strategy, which includes the launch of the "Galaxy Tian Gong" one-stop financial service platform and the establishment of an institutional business line. The new chairman of the investment banking business brings extensive experience, which is expected to improve the company's professional capabilities [3]. Industry Context - The report highlights that the government is concentrating efforts on strengthening and optimizing large state-owned financial enterprises, which positions China Galaxy favorably within the industry as a leading state-owned brokerage [3].

Investment Rating - The investment rating for China Galaxy (601881) is "Buy" [1] Core Views - The report highlights that the investment banking and asset management sectors have shown significant growth, while proprietary trading performance has been under pressure due to a decline in investment income [2] - The company has increased its leverage ratio and asset scale significantly, with total assets reaching 768.85 billion RMB, a 15.9% increase from the beginning of the year [2] - Management expenses have slightly decreased, but the expense ratio has increased due to a rise in employee numbers [2] - The company is expected to benefit from regulatory support for innovation and consolidation in the brokerage industry, with projected net profits for 2024-2026 estimated at 8.45 billion, 9.73 billion, and 10.74 billion RMB respectively [2] Financial Performance Summary - In Q1 2023, the company reported revenue and net profit of 7.214 billion and 1.631 billion RMB, respectively, representing a year-on-year decline of 17.06% and 27.46% [1] - The adjusted revenue for Q1 2024 was 4.08 billion RMB, down 21.2% year-on-year, with specific business segments showing varied performance: brokerage (-9.8%), investment banking (+65.2%), asset management (+7.3%), credit (-16.9%), and proprietary trading (-32.5%) [2] - The company's return on equity (ROE) for Q1 2023 was 1.30%, a decrease of 1.06 percentage points year-on-year [1] Financial Projections - The total revenue projections for the upcoming years are as follows: 35.97 billion RMB in 2024, 38.81 billion RMB in 2025, and 41.52 billion RMB in 2026, with respective growth rates of 6.91%, 7.91%, and 6.98% [3] - The projected net profit for 2023 is 7.88 billion RMB, with a slight increase to 8.45 billion RMB in 2024, and further growth to 9.73 billion RMB in 2025 and 10.74 billion RMB in 2026 [3] - The report anticipates a net profit margin of 24% in 2024, increasing to 25% in 2025 and 26% in 2026 [4]

[Table_Page] 季报点评|证券Ⅱ 证券研究报告 [中Table_国Title] 银河(601881.SH/06881.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 12.69元/4.36港元 轻资产凸显韧性，市场波动拖累业绩 合理价值 17.26元/5.93港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-30 ⚫ 24Q1 高基数下业绩有所回撤。公司披露 2024 年一季报，24Q1 公司 [相Tab对le_P市icQ场uote表] 现 实现营收72.14亿元，同比-17%；归母净利润16.31亿元，同比-27.5%。 加权平均 ROE1.30%，同比-1.06pct。2024Q1 总资产 7688.5 亿元， 30% 20% 同比+17%。剔除代理款项后杠杆率为4.50倍，较去年同期下降0.55。 9% ⚫ 投行业务逆势高增，资管业务结构优化稳步增长。（1）经纪业务：行 -1% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 业一季度全市场日均交易额同比+1.9%。公司经纪业务 2 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 7,214,073,753.02, a decrease of 17.06% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 1,631,459,082.73, down 27.46% year-on-year[4]. - Basic earnings per share decreased by 42.86% to CNY 0.12, primarily due to a reduction in net profit attributable to shareholders[7]. - Total comprehensive income for Q1 2024 was CNY 2,539,256,349.21, a decrease from CNY 2,971,517,822.78 in the same period last year[21]. - Net profit attributable to shareholders of the parent company was CNY 1,631,459,082.73, down 27.43% from CNY 2,249,061,846.86 in Q1 2023[21]. - Net profit for Q1 2024 was approximately ¥1.51 billion, a decrease from ¥1.92 billion in Q1 2023, representing a decline of about 21.06%[27]. - Total comprehensive income for Q1 2024 was approximately ¥2.55 billion, down from ¥2.71 billion in Q1 2023, reflecting a decrease of about 5.88%[27]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 1,423.64% to CNY 82,344,456,666.09, driven by increased cash flow from securities trading[7]. - Cash flow from operating activities in Q1 2024 was approximately ¥86.48 billion, significantly up from ¥5.52 billion in Q1 2023, marking an increase of approximately 1465.73%[28]. - Cash received from interest, fees, and commissions was CNY 6,891,246,429.20, up from CNY 5,641,539,599.99 year-over-year[22]. - The company reported a net increase in cash and cash equivalents of CNY 42,115,075,020.59, contrasting with a decrease of CNY -13,751,282,457.71 in Q1 2023[23]. - The total cash and cash equivalents at the end of Q1 2024 reached approximately ¥145.89 billion, up from ¥92.45 billion at the end of Q1 2023, indicating an increase of about 57.83%[29]. Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 768,850,238,558.42, reflecting a 15.93% increase from the end of the previous year[4]. - The total liabilities of the company were CNY 635.82 billion, compared to CNY 532.71 billion, indicating an increase of approximately 19.4%[18]. - The company's total equity reached CNY 133.03 billion, an increase from CNY 130.49 billion, showing a growth of about 1.9%[18]. - Total assets increased to CNY 685,620,957,958.38 from CNY 573,927,919,341.14, representing a growth of 19.5%[25]. - Total liabilities rose to CNY 556,476,353,002.91, up from CNY 447,333,490,766.08, indicating an increase of 24.4%[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 129,794, including 129,145 A-share shareholders and 649 H-share shareholders[9]. - The top shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, representing 47.43% of total shares[9]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 3,688,221,486 shares, accounting for 33.73% of total shares[9]. - The report highlights that the shareholding structure remains stable, with no significant changes in the top shareholders compared to the previous period[14]. - The total number of shares held by the top 10 unrestricted shareholders totals 5,186,538,364 shares, with no conditions on these shares[10]. Investment Performance - Investment income for Q1 2024 was a loss of CNY 2,280,461,014.71, a decline of 244.05% compared to the same period last year[8]. - The fair value change gain was CNY 3,906,166,119.84, up 370.08% year-on-year, attributed to market fluctuations[8]. - Investment losses amounted to CNY -2,353,011,510.35, contrasting with a profit of CNY 1,182,305,828.10 in the same period last year[26]. Management and Corporate Actions - The company appointed new directors and a secretary to the board, indicating a shift in management structure[15]. - The report confirms that the company has not engaged in any mergers or acquisitions during the quarter[12]. - The company has not reported any new product launches or technological advancements in this quarter[19]. Other Financial Metrics - The company experienced a decrease in total operating expenses to CNY 5,428,368,477.14, down from CNY 6,122,922,489.17 in the previous year[20]. - The company reported a net cash outflow from investment activities of CNY 35,287,430,011.27, compared to a net outflow of CNY 14,312,653,182.83 in the previous year[22]. - The company’s derivative financial liabilities decreased to CNY 2.96 billion from CNY 5.52 billion, a decline of about 46.3%[18]. - The company did not report any basic or diluted earnings per share for Q1 2024[27]. - The company is not applying new accounting standards or interpretations for the first time in 2024[30].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 7,214,073,753.02, a decrease of 17.06% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 1,631,459,082.73, down 27.46% year-on-year[3]. - Basic earnings per share decreased by 42.86% to CNY 0.12, reflecting a reduction in net profit and an increase in share capital compared to the previous year[3][6]. - The company's total revenue for Q1 2024 was RMB 7.21 billion, down from RMB 8.70 billion in Q1 2023, reflecting a decrease of approximately 17.0%[20]. - Net interest income for Q1 2024 was RMB 929.91 million, a decline from RMB 1.12 billion in Q1 2023, which is a decrease of about 16.8%[20]. - The net investment loss for Q1 2024 was RMB 2.28 billion, contrasting with a profit of RMB 1.58 billion in Q1 2023, marking a significant negative shift[20]. - Net profit for Q1 2024 was approximately ¥1.51 billion, down 21.1% from ¥1.92 billion in Q1 2023[31]. - Total comprehensive income for Q1 2024 was approximately ¥2.55 billion, a decrease of 5.9% compared to ¥2.71 billion in Q1 2023[32]. Assets and Liabilities - Total assets increased by 15.93% to CNY 768,850,238,558.42 compared to the end of the previous year[4]. - Total liabilities amounted to RMB 635.82 billion as of March 31, 2024, compared to RMB 532.71 billion at the end of 2023, indicating an increase of about 19.4%[18][19]. - Total assets as of March 31, 2024, were CNY 685,620,957,958.38, up from CNY 573,927,919,341.14 at the end of 2023[27]. - Total liabilities increased to CNY 556,476,353,002.91 as of March 31, 2024, compared to CNY 447,333,490,766.08 at the end of 2023[28]. - The company’s total liabilities to equity ratio increased to approximately 478.5% as of March 31, 2024, compared to 408.5% at the end of 2023, indicating a rise in financial leverage[18][19]. Cash Flow - Cash flow from operating activities showed a significant increase of 1,423.64% to CNY 82,344,456,666.09, mainly due to increased cash flow from securities trading[6]. - Cash and cash equivalents increased to RMB 157.30 billion as of March 31, 2024, up from RMB 113.63 billion at the end of 2023, representing a growth of approximately 38.5%[17]. - Cash inflow from operating activities in Q1 2024 was approximately ¥86.48 billion, significantly up from ¥5.52 billion in Q1 2023[34]. - Cash inflow from financing activities in Q1 2024 was approximately ¥14 billion, down from ¥16.65 billion in Q1 2023[36]. - The company's net cash flow from financing activities was negative CNY 4,920,927,200.03 in Q1 2024, slightly worse than negative CNY 4,746,143,462.41 in Q1 2023[26]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 129,794, with 129,145 A-share ordinary shareholders and 649 H-share registered shareholders[9]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, accounting for 47.43% of the total shares[10]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 3,688,221,486 shares, representing 33.73% of the total shares[10]. - The top ten shareholders collectively hold a significant portion of the shares, with the top two alone accounting for over 81%[10]. - The report indicates that there are no pledged, marked, or frozen shares among the top shareholders[10]. Investment Performance - Investment income for the period was CNY -2,280,461,014.71, a decline of 244.05% compared to the previous year, primarily due to reduced investment income from financial instruments[8]. - The fair value change gain was CNY 3,906,166,119.84, an increase of 370.08% driven by market fluctuations[8]. - The fair value gains for Q1 2024 were RMB 3.91 billion, significantly higher than RMB 830.97 million in Q1 2023, reflecting an increase of approximately 370.5%[20]. Operational Highlights - The company advises investors to pay attention to other important information regarding its operational situation during the reporting period[15]. - The company reported a net commission and fee income of RMB 1.47 billion for Q1 2024, down from RMB 1.52 billion in Q1 2023, indicating a decrease of approximately 2.6%[20]. - Total operating expenses for Q1 2024 decreased to ¥5.43 billion from ¥6.12 billion in Q1 2023, a reduction of approximately 11.3%[21]. Governance and Compliance - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[38]. - The board of directors includes Chairman Wang Sheng and Vice Chairman and President Xue Jun[38]. - The company has a diverse board with both executive and independent non-executive directors[38]. - The involvement of independent directors suggests a commitment to governance and transparency[38]. - The company is focused on ensuring compliance with new financial regulations[38].

Summary of Low Altitude Economy Conference Call Industry Overview - **Industry**: Low Altitude Economy - **Definition**: The low altitude economy is a comprehensive economic form driven by various low-altitude flight activities involving manned and unmanned aircraft. General aviation is the main industry, with drones being the leading sector within it. Low altitude typically refers to airspace below 1,000 meters, extendable to 3,000 meters based on regional characteristics and needs [1][3][4]. Key Insights - **Growth Potential**: The low altitude economy is expected to become a new engine for national economic growth, with significant policy support. In 2023, the scale of China's low altitude economy reached approximately 500 billion yuan, projected to grow to 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, reflecting a compound annual growth rate of about 8.8% over ten years [1][4][5]. - **Policy Support**: The low altitude economy has been included in national planning documents, with 27 provinces incorporating it into their 2024 government work reports. This indicates a strong push from local governments to develop the sector [2][13]. - **eVTOL Development**: The eVTOL (electric Vertical Take-Off and Landing) industry is expected to flourish, mirroring the development path of the new energy vehicle sector. The government has set timelines for pilot projects by 2025 and commercial operations by 2035 [1][4][5]. Regulatory Environment - **Regulatory Changes**: New regulations are being implemented to streamline the approval process for low altitude operations. The Civil Aviation Administration of China (CAAC) has introduced a classification system for airspace management, which is crucial for the development of the low altitude economy [6][10][21]. - **Certification Process**: The certification process for eVTOLs involves multiple stages, including Type Certificate (TC), Production Certificate (PC), and Airworthiness Certificate (AC). The TC process can take around three years, with eVTOLs currently in the exploratory phase of certification [21][23][24]. Regional Developments - **Pearl River Delta**: Cities like Shenzhen and Zhuhai are leading in low altitude applications, leveraging their existing drone and electric vehicle industries. Shenzhen aims for significant growth in drone operations, targeting over 300 million commercial flights by 2025 [15][16]. - **Yangtze River Delta**: Shanghai is focusing on building an industrial cluster around eVTOL manufacturing and operations, with several leading eVTOL manufacturers based in the region [18]. - **Hainan Province**: Hainan has launched the first national low altitude airspace map, designating 83% of its land area as suitable for drone operations, setting a precedent for other provinces [19]. Investment Opportunities - **Market Potential**: The low altitude economy is seen as a blue ocean market with potential for significant investment returns. The integration of drones in logistics, emergency services, and tourism is expected to drive growth [2][4][5]. - **Emerging Applications**: The combination of low altitude operations with logistics, emergency rescue, and tourism is gaining traction, with various pilot projects underway in cities like Guangzhou and Shenzhen [19][21]. Risks and Challenges - **Regulatory Risks**: Changes in regulatory frameworks could impact the growth trajectory of the low altitude economy. Additionally, unexpected accidents could hinder development [1][21]. - **Infrastructure Development**: The establishment of adequate infrastructure for low altitude operations remains a challenge, necessitating further investment and planning [4][10]. Conclusion The low altitude economy is poised for rapid growth, supported by favorable policies and technological advancements in eVTOL and drone applications. However, careful attention to regulatory developments and infrastructure needs will be crucial for realizing its full potential.

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。 ...