请务必阅读正文之后的免责声明及其项下所有内容 中信证券（600030.SH） 三季度业绩向好，凸显龙头优势 核心观点 中信证券发布 2024年三季报。2024年前三季度,公司实现营业收入 461. 42 亿元，同比增长 0. 73%；实现归母净利润 167. 99 亿元, 同比增长 2. 35%。公 司基本每股收益为 1.090,同比增长 0.93%;加权平均 R0E6. 30%，同比增加 0.11pct。营收增长主因Q3 末权益市场发力,金融工具公允价值增长显著。 总资产增长近两成, 杠杆水平提升。公司总资产为 17, 317. 16 亿元,较 2023 年末增长 19%; 有效杠杆提升至 4.64, 较 2023 年末提升 0. 37pct, 这为资本 中介等用表业务提供资金基础。 自营权益体现弹性,资管业务稳健。公司实现投资业务收入 216. 64 亿元, 同比增长 37. 28%,主要系三季度权益市场表现良好,交易性金融资产较 2023 年末增长 21.7%, 同时公司加大ＦICC 代客业务转型。公司实现资管业务收入 74. 79 亿元，同比增长 1. 10%，资管业务持续加强主动投研管理，资管业务 ...

请务必阅读正文之后的免责声明及其项下所有内容 中信证券（600030.SH） 优于大市 三季度业绩向好，凸显龙头优势 中信证券发布 2024 年三季报。2024 年前三季度，公司实现营业收入 461.42 亿元，同比增长 0.73%；实现归母净利润 167.99 亿元,同比增长 2.35%。公 司基本每股收益为 1.090，同比增长 0.93%；加权平均 ROE6.30%，同比增加 0.11pct。营收增长主因 Q3 末权益市场发力，金融工具公允价值增长显著。 总资产增长近两成，杠杆水平提升。公司总资产为 17,317.16 亿元，较 2023 年末增长 19%；有效杠杆提升至 4.64，较 2023 年末提升 0.37pct，这为资本 中介等用表业务提供资金基础。 自营权益体现弹性，资管业务稳健。公司实现投资业务收入 216.64 亿元， 同比增长 37.28%，主要系三季度权益市场表现良好，交易性金融资产较 2023 年末增长 21.7%，同时公司加大 FICC 代客业务转型。公司实现资管业务收入 74.79 亿元，同比增长 1.10%，资管业务持续加强主动投研管理，资管业务 公募牌照申请和国际化进程持续 ...

公司报告 | 公司定期报告点评 自营弹性初现，互换便利强化业绩弹性—24 年三季报业绩点评 【业绩较有韧性，Q3 超预期大幅上涨，投资业务贡献主要增量】 中信证券 24 年 Q3 单季/前三季度实现调整后营收 146/419 亿元，同比 +9.1%/-3.2%；分别实现归母净利润 62/168 亿元，同比+21.9%/+2.3％。自营 业务为增厚业绩的主要推动力，24Q3 单季：经纪/投行/资管/自营/信用营 收同比增速分别为-10.6%/-24.5%/+5.6%/+134.2%/-111.7%。24 年前三季度： 经 纪 / 投 行 / 资 管 / 自 营 / 信 用 同 比 增 速 分 别 -8.7%/-46.4%/+1.1%/+37.3%/-72.0%。ROE 达 8.4%，较去年同期+0.1Pct；杠 杆率较 23 年同期提升 0.53x 至 4.98x。 【自营业务冲劲较足，成为整体业绩的主要推动力】 自营业务方面，公司 24 年 Q3 单季/前三季度分别实现自营业务收入 99 亿 /216.6 亿元，分别同比+134.2%/+37.3%；24 年前三季度自营金融资产规模 为8941 亿元，较去年同 ...

证券研究报告 金融公司|公司点评|中信证券（600030） 三季度业绩稳健，龙头优势尽显 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 证券研究报告 |报告要点 中信证券发布 2024 年三季报，9M2024 实现营业收入 461.4 亿元，同比+0.73%；归母净利润 167.99 亿元，同比+2.35%；加权平均 ROE6.3%，较去年同期增加 0.11pct。2024Q3 单季度营 业收入 159.6 亿元，同比+11.54%，环比-2.85%；归母净利润 62.3 亿元，同比+21.94%，环比 +11.01%。 |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年10月30日 glzqdatemark2 中信证券(600030) 三季度业绩稳健，龙头优势尽显 | --- | --- | |----------------------------|-----------------------------| | | | | 行 业： 投资 ...

股 票 研 究 证 券 研 究 报 告 ——中信证券 2024 年三季报点评 [table_Authors]刘欣琦(分析师) 021-38676647 liuxinqi@gtjas.com 登记编号S0880515050001 | --- | --- | |---------------------------|---------------------------| | | | | 吴浩东 ( 分析师 ) | 王思玥 ( 研究助理 ) | | 010-83939780 | 021-38031024 | | wuhaodong029780@gtjas.com | wangsiyue028676@gtjas.com | | S0880524070001 | S0880123070151 | 本报告导读： 前三季度业绩继续验证龙头韧性，长期看供给侧改革仍是行业主线，公司有望在行 业机遇期加速转型，加快推进一流投行建设。 投资要点： [Table_Summary] 维持"增持"评级，上调目标价至 30.56 元/股，对应 2024 年 1.7 xPB。公司 2024 年前三季度营收/归母净利润 461.4/168. ...

公 司 季 报 点 评 中信证券(600030.SH) 非银行金融 2024 年 10 月 30 日 自营驱动业绩改善，资金利用效率提升 推荐（维持） 事项： 股价：27.23 元 | --- | --- | |----------------------------|----------------------------------| | | | | 主要数据 | | | 行业 | 非银行金融 | | 公司网址 | www.citics.com | | 大股东 / 持股 | 香港中央结算 ( 代理人 ) 有限公司 | | | /16.82% | | 实际控制人 | | | 总股本 ( 百万股 ) | 14,821 | | 流通 A 股 ( 百万股 ) | 12,177 | | 流通 B/H 股 ( 百万股 ) | 2,620 | | 总市值（亿元） | 3,816 | | 流通 A 股市值 ( 亿元 ) | 3,316 | | 每股净资产 ( 元 ) | 17.59 | | 资产负债率 (%) | 83.1 | | 行情走势图 | | · 中信证券 == 沪深300指数 相关研究报告 【平安证券】中信证券 ...

证券研究报告·公司点评报告·证券Ⅱ 中信证券（600030） 2024 年三季报点评：自营业务表现亮眼，期 待财富管理类业务四季度表现 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|------------------------------------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | | | | 65,109 60,068 63,990 71,340 81,921 | | | 同比（ % ） | -14.92% | -7.74% | 6.53% | 11.49% | 14.83% | | 归母净利润（百万元） | | | | 21,317 19,721 21,723 25,292 30,669 | | | 同比（ % ） | -7.72% | -7.49% | 10.1 ...

证券时报网讯，中信证券研报指出，中国光伏行业协会提出行业"防内卷"倡议，有望推动行业长期健康 发展。 国内1—9月光伏发电量及新增装机数据均显著高于全国电力行业平均水平，在风光大基地持续建设的背 景下，四季度光伏装机量有望继续走高。 虽然当前产业链价格仍旧承压，但8月组件招标已出现显著增长，同时叠加外围政策可能的边际改善， 产业链内各环节已具备较大投资价值，建议关注竞争格局明确、受益技术迭代、量增及盈利能力提升逻 辑明确的优质辅材龙头公司。 校对：王锦程 ...

Financial Performance - Revenue for the third quarter reached RMB 15,958,190,238.48, an increase of 11.54% year-over-year[3] - Net profit attributable to the parent company's shareholders was RMB 6,229,099,787.73, up 21.94% compared to the same period last year[3] - Net profit for the first three quarters of 2024 reached 17.45 billion yuan, a 2.24% increase from 17.07 billion yuan in the same period of 2023[24] - Operating income for the first three quarters of 2024 was 46.14 billion yuan, slightly up from 45.81 billion yuan in the same period of 2023[24] - Total revenue for the first three quarters of 2024 was RMB 24.34 billion, a 7.23% decrease from RMB 26.24 billion in the same period of 2023[30] - Net profit for the first three quarters of 2024 was RMB 11.80 billion, a 4.89% increase from RMB 11.25 billion in the same period of 2023[30] - Comprehensive income attributable to the parent company's owners: RMB 16,320,179,383.91, a decrease from RMB 16,986,977,377.19 in the previous year[25] - Total comprehensive income for the first three quarters of 2024 was RMB 11.72 billion, a 1.72% increase from RMB 11.53 billion in the same period of 2023[31] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1,731,716,155,344.04, a 19.15% increase from the end of the previous year[3] - Total assets increased to 1,731.72 billion yuan, up 19.15% from 1,453.36 billion yuan at the end of 2023[21] - Total assets increased to RMB 1,140.95 billion, up 8.98% from RMB 1,046.95 billion at the end of 2023[28] - Total liabilities rose to 1,439.75 billion yuan, up 22.09% from 1,179.16 billion yuan at the end of 2023[23] - Total liabilities increased to RMB 907.11 billion, up 9.79% from RMB 826.19 billion at the end of 2023[29] - Shareholders' equity increased to 291.96 billion yuan, up 6.47% from 274.20 billion yuan at the end of 2023[22] - Shareholders' equity rose to RMB 233.85 billion, up 5.92% from RMB 220.77 billion at the end of 2023[29] Cash Flow - Operating cash flow increased by 309.25% due to changes in financial assets held for trading and funds lent[7] - Net cash flow from operating activities: RMB 113,614,970,301.79, a significant improvement from a negative RMB 54,296,182,787.92 in the previous year[26] - Operating cash flow increased significantly to RMB 90.34 billion in the first three quarters of 2024, compared to a negative RMB 69.37 billion in the same period of 2023[32] - Investment cash flow decreased by 399.72% due to increased cash outflows for investments[7] - Net cash flow from investing activities: negative RMB 38,917,006,273.62, compared to a positive RMB 12,984,483,366.98 in the previous year[26] - Investment cash flow turned negative at RMB 23.98 billion in 2024, compared to a positive RMB 14.72 billion in 2023[32] - Net cash flow from financing activities: negative RMB 23,969,343,711.38, compared to a positive RMB 12,752,008,911.01 in the previous year[27] - Financing cash flow decreased to a negative RMB 38.20 billion in 2024 from a positive RMB 25.40 billion in 2023[33] - Net increase in cash and cash equivalents was RMB 28.03 billion in 2024, reversing from a negative RMB 29.17 billion in 2023[33] - Cash and cash equivalents at the end of the period: RMB 389,131,307,032.20, an increase from RMB 320,647,842,731.35 at the beginning of the period[27] - Total cash and cash equivalents at the end of the period stood at RMB 226.86 billion, up from RMB 179.56 billion in 2023[33] Income and Expenses - Interest income decreased by 71.96% due to reduced margin trading interest income and increased interest expenses on repurchase agreements[7] - Fair value change income increased by 130.55% due to fluctuations in the securities market[7] - Other business income rose by 68.68% due to increased commodity trading revenue from subsidiaries[7] - Interest income decreased to 14.75 billion yuan from 16.37 billion yuan, while interest expense increased to 13.83 billion yuan from 13.09 billion yuan[24] - Fee and commission income from brokerage business dropped to 7.15 billion yuan from 7.83 billion yuan[24] - Investment banking fee and commission income fell significantly to 2.82 billion yuan from 5.26 billion yuan[24] - Assets under management fee and commission income increased slightly to 7.48 billion yuan from 7.40 billion yuan[24] - Gains from changes in fair value more than doubled to 10.73 billion yuan from 4.66 billion yuan[24] - Net investment income increased to RMB 6.30 billion, up 47.92% from RMB 4.26 billion in the same period of 2023[30] - Fair value change gains increased to RMB 9.06 billion, up 33.10% from RMB 6.81 billion in the same period of 2023[30] - Interest, commission, and fee income: RMB 39,643,004,479.46, a decrease from RMB 43,581,872,781.90 in the previous year[26] - Cash received from interest, fees, and commissions decreased to RMB 19.94 billion in 2024 from RMB 26.03 billion in 2023[32] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period is 585,092, including 584,933 A-share shareholders and 159 H-share registered shareholders[8] - Hong Kong Securities Clearing (Nominees) Limited holds 16.82% of shares as an overseas legal person[8] - China CITIC Financial Holdings Co., Ltd. holds 15.52% of shares as a state-owned legal person[8] - Guangzhou Yuexiu Capital Holdings Group Co., Ltd. holds 4.23% of shares as a state-owned legal person[8] - Hong Kong Securities Clearing Company Limited holds 3.56% of shares as an overseas legal person[8] - China CITIC Financial Holdings Co., Ltd. holds a total of 2,939,832,712 shares, accounting for 19.84% of the company's shares[9] - Guangzhou Yuexiu Capital Holdings Group Co., Ltd. and its subsidiaries hold a total of 1,325,267,966 shares, accounting for 8.94% of the company's shares[9] Business Operations and Restructuring - The company transferred 21 branches in five southern provinces to its wholly-owned subsidiary, CITIC Securities South China Co., Ltd., during the reporting period[11] - The company closed three securities business departments and renamed the Ningbo branch to Ningbo Haiyan North Road Securities Business Department[11] - The company completed the relocation of seven securities business departments within the same city[11] - CITIC Securities has 37 branches and 206 securities business departments as of the end of the reporting period[12] - CITIC Securities (Shandong) has 6 branches and 57 securities business departments as of the end of the reporting period[12] - CITIC Futures has 47 branches and 4 futures business departments as of the end of the reporting period[13] - CITIC Securities South China has 9 branches and 43 securities business departments as of the end of the reporting period[14] - CITIC Securities International has 4 branches as of the end of the reporting period[15] - The company transferred 21 branches in five southern provinces to CITIC Securities South China, with a transfer price not lower than the latest audited net asset value and provided a net capital guarantee of no more than RMB 6 billion[17] Dividends and Capital - The company will distribute a mid-term cash dividend of RMB 2.40 per 10 shares, totaling RMB 3,556,931,238.96, accounting for 34.89% of the mid-term net profit attributable to ordinary shareholders[16] - Net capital at the end of the reporting period was RMB 141,158,979,111.33, compared to RMB 139,615,490,534.95 at the end of the previous year[4] - The net capital to total risk reserves ratio was 191.55%, up from 187.21% at the end of the previous year[4] Subsidiary Performance - The company's subsidiary, China Asset Management, achieved a net profit of RMB 624,637,800 in the third quarter of 2024[20] Securities and Trading Activities - Repurchase business funds net increase: RMB 135,999,690,345.97, nearly double the previous year's RMB 68,336,223,146.27[26] - Cash received from securities trading agency: RMB 93,409,051,948.47, a significant increase from RMB 6,961,354,181.38 in the previous year[26] - Repo business funds increased by 33.5% to RMB 85.79 billion in 2024 compared to RMB 64.28 billion in 2023[32] - Net cash from securities trading activities improved to RMB 42.30 billion in 2024 from a negative RMB 720 million in 2023[32] Customer Funds and Trading Assets - Customer funds deposits grew to RMB 144.58 billion, a 39.51% increase from RMB 103.63 billion at the end of 2023[28] - Trading financial assets rose to RMB 517.99 billion, up 16.05% from RMB 446.32 billion at the end of 2023[28] Earnings Per Share - Basic earnings per share (RMB/share) 1.09, diluted earnings per share (RMB/share) 1.09[25]

证券时报网讯，中信证券研报指出，三季度以来，银行板块绝对收益逻辑延续，受市场进攻板块反弹显 著影响，板块相对收益走弱，银行股占主动型基金重仓股比例基本保持平稳，仍处历史相对低位。 展望后续，银行股的价值提升来自于投资者重新搭建人民币大类资产投资框架下的逻辑演绎，低波稳健 产品对于权益价值的保护是这一框架下资金的现实选择，政策助力带来的实体风险缓释尤其是城投和地 产部门信用风险的缓释，进一步夯实银行股的投资价值，建议积极增配。 校对：陶谦 ...