[Table_MainInfo] 公司研究/金融/券商 证券研究报告 中信证券（600030）公司半年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------------|-------------| | 股票数据 | | | [ 09 Table_StockInfo 月 02 日收盘价（元） ] | 18.92 | | 52 周股价波动（元） | 17.26-23.04 | | 股本结构 | | | [ 总股本（ Table_CapitalInfo 百万股） ] | 14821 | | 流通 A 股（百万股） | 11367 | | B 股 /H 股（百万股） | 0/2620 | | 相关研究 [Table_ReportInfo] 《 自 营 表 现 出 色 ， 优 势 地 位 稳 固 》 | | | 2024.05.06 《 自 营 表 现 出 色 ， 优 势 地 位 稳 固 》 | | ...

证券研究报告 金融公司|公司点评|中信证券（600030） 投资收益改善，业绩韧性明显 glzqdatemark1 证券研究报告 |报告要点 中信证券发布 2024 年半年报，2024H1 实现营业总收入 301.8 亿元，同比-4.18%；归母净利润 105.7 亿元，同比-6.51%；加权平均 ROE3.96%，较去年同期减少 0.31pct。2024Q2 单季度营 业总收入 164.3 亿元，同比+1.7%，环比+19%；归母净利润 56.1 亿元，同比-4.7%，环比+13%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 耿张逸 请务必阅读报告末页的重要声明 1 / 6 中信证券(600030) 投资收益改善，业绩韧性明显 股价相对走势 -30% -17% -3% 10% 2023/8 2023/12 2024/4 2024/8 中信证券 沪深300 相关报告 1、《中信证券（600030）：利润环比改善，投 行龙头地位稳固》2024.04.28 2、《中信证券（600030）：机构业务维持优势， 扩表速度加快》2024.03.27 扫码查看更多 事件 中信证券发布 2024 年半 ...

中信证券（600030.SH） 优于大市 固收发力，财富升级，拓展海外，龙头穿过周期 中信证券发布 2024 年中报。2024 年上半年，公司实现营业收入 301.83 亿元， 同比下降 4.18%；实现归母净利润 105.70 亿元,同比下降 6.51%；基本每股 收益为 0.690，同比下降 8.00%；加权平均净资产收益率 3.96%，同比减少 0.31pct。营收下降的主因系受资本市场景气度影响。 杠杆水平稳定，流动性指标有所优化。公司有效杠杆水平保持 4 倍以上，这 为资本中介等用表业务提供资金基础，净稳定资金率为 129.76%，较 2023 年 末提升 4.9pct。公司计划每 10 股派 2.40 元，占合并报表中归母净利润的 34.89%。 自营收益小幅增长，资管申请公募牌照。公司实现投资业务收入 117.31 亿 元，同比增长 1.66%，主要系固收市场表现良好，同时公司加大 FICC 代客业 务转型。公司实现资管业务收入 49.14 亿元，同比下降 1.08%；资产管理规 模 14,563.56 亿元，市场份额 13.23%，排名行业首位。公司资管业务持续 加强主动投研管理，积极推动中信 ...

| --- | --- | --- | |-----------------------------------------------|---------------------------|---------------------------------| | [Table_Title] 中信证券 (600030.SH/06030.HK) | 公司评级 [Table_Invest] | 证券研究报告 \n买入 -A/ 买入 -H | | | 当前价格 | 18.43 元 /11.18 港元 | | 业绩稳健龙头地位稳固，均衡发展国际化优势突出 | 合理价值 | 23.08 元 /14 港元 | | | 前次评级 | 买入 / 买入 | | | | | 报告日期 2024-08-29 [Table_Summary] 核心观点： ⚫ 公司披露 2024 年中报，业绩稳健，杠杆回升。上半年营收 301.83 亿 [Table_PicQuote] 相对市场表现 元，同比-4.18%；归母净利润 105.70 亿元，同比-6.51%。净资产 2845 亿元，同比+8.23%；剔除代理款项的杠杆倍数由 2023 年 ...

证券研究报告·公司点评报告·证券Ⅱ 中信证券（600030） 2024 年半年报点评：整体业绩稳健，证券投 资收入增长亮眼 2024 年 08 月 29 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） | | | | | | | 同比（%） | -14.92% | -7.74% | -4.63% | 17.70% | 16.45% | | 归母净利润（百万元） | | | | | | | 同比（%） | -7.72% | -7.49% | -8.19% | 24.75% | 24.91% | | EPS-最新摊薄（元/股） | | | | | | | P/E（现价&最新摊薄） | | | | | | [Table_Tag] [事件：公司发布 Table_Summ ...

中信证券(600030.SH) Q2业绩环比改善，市场份额保持领先 推荐（维持） 事项： 股价：18.43 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 | | | /17.67% | | 实际控制人 | | | 总股本(百万股) | 14,821 | | 流通 A 股(百万股) | 11,367 | | 流通 B/H 股(百万股) | 2,620 | | 总市值（亿元） | 2,516 | | 流通 A 股市值(亿元) | 2,095 | | 每股净资产(元) | 17.24 | | 资产负债率(%) | 81.0 | 行情走势图 相关研究报告 【平安证券】中信证券（600030.SH）*季报点评*业绩 具备韧性，资金使用和经营效率进一步提升 * 推 荐 20240428 【平安证券】中信证券（600030.SH）*年报点评*财富 管理与自营业务保持稳健，领先优势仍显著 ...

| --- | --- | |----------------------------------------------------|--------------------------------------------------------------------------------------| | 证券研究报告 | [Table_Title] 自营支撑业绩企稳，中期现金分红 35% | | 公司研究 | [Table_ReportDate] 2024 年 08 月 29 日 | | [Table_ReportType] 公司点评报告 | [Table_S 事件：2024 ummar年y]8 月 28 日，中信证券发布 2024 年半年报。2024H1 公司实现 | | [Table_StockAndRank] 中信证券(600030) | 营收/归母净利润 301.83/105.70 亿元，同比-4.18%/-6.51%，降幅分别较 | | 投资评级 | Q1 收窄 6.20pct/1.96pct；加权平均 ROE 3.96%，同比-0.31pct。Q2 单季度 | | | 实现营收/归母净利 ...

Dividend Distribution - The company plans to distribute a cash dividend of RMB 2.40 per 10 shares (tax included), pending approval from the shareholders' meeting[2] - The company's 2024 interim profit distribution plan is to distribute RMB 2.40 per 10 shares (tax included), with a total cash dividend of RMB 3,556,931,238.96 (tax included), accounting for 34.89% of the 2024 interim net profit attributable to ordinary shareholders[111] Risk Management - The company faces significant risks including credit risk, market risk, and compliance risk, which are currently the primary risks[2] - The company has established a comprehensive risk management system to mitigate risks through organizational structure, regulatory frameworks, management mechanisms, and information technology[3] - The company has developed a three-tier risk management framework, including the Board of Directors, management committees, and operational departments, to oversee and control risks[96] - The company is leveraging AI, big data, and financial technology to enhance risk management capabilities, including customer profiling and risk monitoring[94] - The company has formulated the "2024 Risk Appetite Statement," incorporating country risk into its risk preference indicators[94] - The company has strengthened risk monitoring and early warning systems, improving its ability to anticipate and respond to risks[94] - The company has established a performance evaluation system that includes risk management effectiveness for all employees[97] - The company is advancing the construction and optimization of a global integrated risk management system, enhancing self-developed system capabilities[94] - The company has set up specialized committees under the management layer, such as the Asset and Liability Management Committee and the Risk Management Committee, to oversee specific risk areas[97] - The company uses Value at Risk (VaR) as the primary indicator to measure overall market risk and conducts stress tests under various scenarios[100] - The company has established a top-down risk limit management system to control market risk exposure[100] - The company monitors and manages foreign exchange risk for overseas assets through various hedging instruments[100] - The company maintains a liquidity reserve pool managed independently by the Treasury Department to meet emergency liquidity needs[104] - The company has implemented various management tools to identify, assess, and mitigate operational risks, including new product and business evaluation processes[105] Financial Performance - Revenue for the reporting period (1-6 months) was RMB 30.18 billion, a decrease of 4.18% compared to the same period last year[18] - Net profit attributable to shareholders of the parent company was RMB 10.57 billion, a decrease of 6.51% year-on-year[18] - Net cash flow from operating activities increased significantly by 252.84% to RMB 37.43 billion[18] - Total assets at the end of the reporting period were RMB 1.495 trillion, an increase of 2.87% compared to the end of the previous year[18] - Basic earnings per share (EPS) decreased by 8.00% to RMB 0.69[19] - Net capital increased to RMB 146.11 billion, with a risk coverage ratio of 202.78%[20] - Fair value changes in trading financial assets contributed RMB 9.71 billion to the current period's profit[22] - Total revenue for the company was RMB 301.83 billion, a decrease of 4.18% year-over-year, with a net profit margin of 46.52%[79] - Overseas revenue increased by 25.02% year-over-year to RMB 60.86 billion, with a net profit margin of 64.78%[79] - Total assets increased by RMB 41.65 billion (2.87%) year-over-year to RMB 14,950.12 billion, with a 3.88% increase in equity attributable to parent company shareholders[81] - Other equity instrument investments increased by 604.30% to RMB 67.01 billion, accounting for 4.48% of total assets[80] - Short-term financing liabilities decreased by 36.57% to RMB 36.41 billion[80] - Derivative financial liabilities increased by 35.62% to RMB 43.41 billion[80] - The asset-liability ratio, excluding agency securities trading and underwriting funds, decreased by 0.14 percentage points to 76.41%[82] - Investment assets, including financial assets and investments in associates and joint ventures, accounted for 68.31% of total assets excluding agency securities trading and underwriting funds[81] Business Operations and Market Position - The company's business is highly dependent on the overall economic and market conditions in China and other regions where it operates, with fluctuations in domestic and international capital markets significantly impacting its performance[2] - CITIC Securities' registered capital remained unchanged at RMB 14.82 billion as of the end of the reporting period[11] - The company's net capital increased to RMB 146.11 billion, up 4.66% from RMB 139.62 billion at the end of the previous year[11] - CITIC Securities holds multiple business qualifications, including QDII, stock option market maker, and cross-border business pilot qualifications[12] - The company is authorized for various trading activities, including stock index futures, treasury bond futures, and gold spot contracts[12] - CITIC Securities has qualifications for interbank market activities, including bond trading and market making[13] - The company maintains dual listings on the Shanghai Stock Exchange (A-shares, code 600030) and Hong Kong Stock Exchange (H-shares, code 6030)[17] - The company's core competitiveness lies in its comprehensive financial service capabilities and strategic layout, supported by strong shareholder background[27] - The company adheres to the "Seven Persistences" development principles, focusing on serving the real economy and maintaining strict risk control[26] - The company aims to build a top-tier investment bank and investment institution, contributing to the high-quality development of the economy[24] - Total assets exceeded RMB 1 trillion, making the company the first securities firm in China to achieve this milestone[28] - Retail clients exceeded 14 million, while corporate and institutional clients surpassed 100,000, covering major sectors of the national economy[30] - The company operates in 13 countries, serving over 2,000 global institutional investors and covering over 95% of the global stock market capitalization[31] - A-share (cash and asset-based) issuance in H1 2024 was RMB 1,729.73 billion, down 73.90% YoY, with the top 10 securities firms holding a combined market share of 77.62%[35] - The company completed 28 A-share underwriting deals in H1 2024, with a total underwriting size of RMB 318.96 billion, ranking first in the market with an 18.44% market share[36] - In H1 2024, the company completed 18 overseas equity financing deals, with a total underwriting size of USD 1.288 billion, ranking first among Chinese securities firms in Hong Kong market equity financing[37] - Domestic bond issuance in H1 2024 reached RMB 38.33 trillion, up 10.82% YoY, with government bond issuance increasing by 29.60% to RMB 5.82 trillion[39] - The company underwrote 2,071 bonds in H1 2024, with a total underwriting size of RMB 8,771.19 billion, ranking first in the market with a 6.74% market share[40] - The total underwriting scale for the first half of 2024 reached RMB 877.119 billion, with 2,071 issuances, compared to RMB 853.211 billion and 1,923 issuances in the same period of 2023[41] - In offshore bond business, the company completed 130 bond issuances with a total underwriting scale of USD 1.485 billion, capturing a 3.25% market share, ranking second among Chinese securities firms[42] - The company plans to expand overseas bond business, including Panda bonds, offshore bonds, and Southeast Asian USD bonds, to enhance competitiveness in the international bond market[43] - Global announced M&A transaction volume in the first half of 2024 reached USD 1.65 trillion, with the electronics and computer industry being the most active, accounting for 20.55% of the total[44] - The company completed A-share major asset restructuring transactions worth RMB 2.265 billion in the first half of 2024, ranking fourth in the market[45] - The company will focus on serving industrial and technological M&A needs, leveraging its global network to enhance international M&A service capabilities[46] - In the first half of 2024, the company assisted in global M&A transactions involving Chinese enterprises worth USD 5.314 billion, ranking second among Chinese securities firms[45] - The company's wealth management business served 14.7 million clients, with client assets under custody maintaining at RMB 10 trillion, showing positive growth compared to the end of the previous year[51] - The company's institutional stock brokerage business maintained its leading position in traditional client business, with public fund commission income ranking first in the market in 2023[52] - The company's offshore wealth management business in Hong Kong and Singapore continued to grow, focusing on global high-net-worth clients and institutional investors[52] - The company's overseas institutional stock brokerage business maintains a leading market share in the Asia-Pacific region, with plans to further expand global operations and integrate domestic and international business models[53] - The company's key private fund account opening rate reached 53%, with a total of 301 key private funds[53] - The company's fixed income business has ranked first in the industry for several consecutive years in terms of interest rate product sales scale[56] - The company's equity derivatives business continues to rank among the top in market-making, providing high-quality liquidity to the market[56] - The company's alternative investment business is leveraging AI technology to accelerate strategy development and diversify investment risks by expanding overseas strategies[56] - The company aims to become a leading service provider for domestic industrial clients in commodity price risk management and a top-tier trader and market maker in global commodity derivatives markets[57] - The company plans to enhance its equity derivatives business by designing products aligned with long-term investment concepts and improving cross-border product offerings to strengthen its competitiveness in the Asia-Pacific region[59] - The company's asset management business is focusing on meeting the increasingly diversified and refined demands of investors by strengthening its professional capabilities and core competitiveness[60] - Total assets under management reached RMB 14,563.56 billion, with market share of private asset management business (excluding pension, public fund large collection products, and asset securitization products) at 13.23%, ranking first in the industry[61] - Collective asset management plan size increased to RMB 3,571.43 billion in H1 2024 from RMB 2,977.04 billion at the end of 2023, with management fee income of RMB 557 million[62] - Huaxia Fund's total assets under management reached RMB 21,584.89 billion, including public fund management scale of RMB 15,669.41 billion and institutional and international business assets under management of RMB 5,915.47 billion[64] - Total assets under management in China's fund industry reached RMB 63.69 trillion by the end of Q2 2024, with public fund scale at RMB 31.08 trillion and private fund scale at RMB 19.89 trillion[66] - The company provided asset custody services for 14,717 products and fund outsourcing services for 15,586 products as of the reporting period[67] - China's private equity investment market raised RMB 622.939 billion in H1 2024, a 22.6% year-on-year decrease, with total investment amount of RMB 196.703 billion, down 38.7% year-on-year[69] - Investments in seed-stage, start-up, and expansion-stage enterprises accounted for 74.5% of total investment scale in H1 2024, the highest in nearly 10 years[69] - CITIC Securities Investment focused on advanced manufacturing, new energy and equipment, information technology, new materials, and biotech sectors[70] - CITIC Stone Fund has accumulated RMB 34.982 billion in real estate private equity funds since 2014, ranking among the top in China's real estate fund management[72] Subsidiaries and Affiliates - CITIC Securities (Shandong) achieved a net profit of RMB 346.54 million in the first half of 2024, with total assets of RMB 32.97 billion and net assets of RMB 8.94 billion[87] - CITIC Securities International reported a net profit of USD 233.51 million in the first half of 2024, with total assets of USD 4.10 billion and net assets of USD 284.44 million[87] - Goldstone Investment recorded a net loss of RMB 147.42 million in the first half of 2024, with total assets of RMB 16.67 billion and net assets of RMB 10.40 billion[87] - CITIC Securities Investment reported a net loss of RMB 707.88 million in the first half of 2024, with total assets of RMB 28.21 billion and net assets of RMB 24.24 billion[88] - CITIC Futures achieved a net profit of RMB 457.92 million in the first half of 2024, with total assets of RMB 174.65 billion and net assets of RMB 13.49 billion[88] - CITIC Securities South China reported a net profit of RMB 208.70 million in the first half of 2024, with total assets of RMB 16.18 billion and net assets of RMB 7.34 billion[88] - CITIC Securities Asset Management achieved a net profit of RMB 289.60 million in the first half of 2024, with total assets of RMB 1.94 billion and net assets of RMB 1.69 billion[89] - China Asset Management reported a net profit of RMB 1.06 billion in the first half of 2024, with total assets of RMB 18.84 billion and net assets of RMB 12.82 billion[89] - The company has established a total of 45 securities branches domestically as of the reporting period[90] - CITIC Securities International received a cash capital increase of approximately $916 million out of a planned $1.5 billion[162] - CITIC Securities transferred 21 branches in five southern provinces to CITIC Securities South China, with the transfer process ongoing as of the reporting period[163] - The company waived the preemptive right to purchase 10% of ChinaAMC's equity, with the transfer price not less than $490 million[163] Corporate Governance and Shareholder Structure - The company's 2023 annual general meeting was held on June 28, 2024, and passed 1 special resolution and 11 ordinary resolutions[107] - The company appointed Zhang Hao as CFO and Zhang Guoming as Chief Risk Officer on January 5, 2024[109] - The company appointed Zhu Yexin as an executive committee member on May 10, 2024[109] - Yang Minghui retired and resigned from his positions as executive director, general manager, and executive committee member on May 24, 2024[110] - Ye Xinjiang retired and resigned from his position as a senior management member on July 26, 2024[110] - Zhang Guoming retired and resigned from his positions as compliance officer and chief risk officer on August 28, 2024, with Zhong Fei appointed as compliance officer and Yang Haicheng as chief risk officer[110] - The total number of ordinary shareholders at the end of the reporting period was 554,612, including 554,455 A-share shareholders and 157 H-share shareholders[166] - Hong Kong Securities Clearing (Nominees) Limited holds 17.67% of the company's shares, making it the largest shareholder[167] - CITIC Financial Holdings Co., Ltd. holds 15.52% of the company's shares, ranking as the second-largest shareholder[167] - Guangzhou Yuexiu Capital Holdings Group Co., Ltd. and its subsidiaries collectively hold 8.94% of the company's shares[168] - The top ten shareholders hold a significant portion of the company's shares, with no changes in shareholding structure during the reporting period[167][168] - China Construction Bank holds 210,325,343 shares, accounting for 1.42% of the total shares, with 1,630,000 shares lent out via securities lending, representing 0.01% of the total shares[169] - Guangzhou Yuexiu Capital Holding Group holds 626,191,828 restricted shares, with the lock-up period extended to September 11, 2024[170] - Guangzhou Yuexiu Capital Holding Group holds 305,155,945 restricted shares, with the lock-up period extended to September 11, 2024[170] Bond Issuance and Debt Management - The company issued bonds "19 Zhongzheng G2" with a balance of 1 billion RMB and an interest rate of 3.78%, maturing on September 10, 2024[173] - The company issued bonds "23 Zhongzheng S9" with a balance of 5 billion RMB and an interest rate of 2.45%, maturing on September 11, 2024[173] - The company issued bonds "21 Zhongzheng 14" with a balance of 4.5 billion RMB and an interest rate of 3.08%, maturing on September 16, 2024[173] - The company issued bonds "23 Zhong S10" with a balance of 4 billion RMB and an interest rate of 2.52%, maturing on September 18, 2024[173] - The company issued bonds "21 Zhongzheng 16" with a balance of 2.2 billion RMB and an interest rate of 3.09%, maturing on September 27, 2024[173] - The total bond balance for the 2021 issuance (21 Zhongzheng 18) is 2.5 billion RMB with an interest rate of 3.25%[175] - The 2023 short-term bond (23 Zhong S12) has a balance of 6 billion RMB and an interest rate of 2.72%[175] - The 2023 short-term bond (23 Zhong S13) has a balance of 3 billion RMB and an interest rate of 2.70%[175] - The 2023 subordinated bond (23 Zhongzheng C1) has a balance of 1 billion RMB and an interest rate of 2.75%[175] - The 2021 bond (21 Zhongzheng 20) has a balance of 3 billion RMB and an interest rate of 3.07%[175] - The 2021 bond (21 Zhongzheng 21) has a balance of 3 billion RMB and an interest rate of 2.97%[175] - The 2024 short-term bond (24 Zhongzheng S1) has a balance

证券代码：600030 证券简称：中信证券 公告编号：临2024-056 中信证券股份有限公司 关于华夏基金2024年半年度业绩快报的公告 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法律责任。 公司控股子公司华夏基金管理有限公司（以下简称华夏基金）的股东 Mackenzie Financial Corporation 持 有 华 夏 基 金 27.8% 股 权 。 Mackenzie Financial Corporation之控股股东IGM Financial Inc.将于近期刊发其2024年第 二季度业绩，其中将载有华夏基金的主要财务数据。基于信息披露的公平原则，公 司对华夏基金2024年半年度主要财务数据披露如下： 截至2024年6月30日，华夏基金总资产人民币188.38亿元，总负债人民币60.17 亿元；2024年上半年实现营业收入人民币36.69亿元，净利润人民币10.62亿元，综 合收益总额人民币10.69亿元。截至2024年6月30日，华夏基金母公司管理资产规模 为人民币21,584.89亿元。 本公告所载华夏基金2 ...

一、黄金珠宝板块调整及未来展望 黄金珠宝板块在二季度经历了较大幅度的调整后，目前处于相对偏低的位置。 由于该行业利润稳定且分红率较高，现在的位置仍具吸引力。 观察重点在于终端动销和门店加盟商拓店情况。 由于金价高位和波动抑制了消费行为，导致二季度行业压力较大。 未来需求端恢复和加盟商拓店情况是关键观察点。 整体板块估值在 12-13 倍，历史估值区间在 10-20 倍，中位数在 15 倍。 二、线上化趋势分析 最新报告分析了美国市场的线上增长趋势，尤其是疫情后线上份额快速提升。 国内黄金珠宝线上化趋势也在加速，未来线上化将持续推进。 报告通过对比中美市场，分析了珠宝企业应对渠道变迁的策略，并指出线上化是重要的增 长点和布局方向。 美国珠宝市场的线上化趋势明显，贵金属类珠宝品牌加速集中，配饰类品牌竞争加剧。 我国珠宝行业也呈现出线上渠道趋势，线下渠道未来可能面临收缩。 珠宝企业可以通过差异化品牌布局、强化线上运营能力和匹配线上趋势的产品来应对风险。 三、美国珠宝市场结构变化 疫情后美国珠宝市场的线下渠道市场份额和门店数量均在收缩，线上渠道快速崛起。 美国珠宝市场份额稳定在 20%-25%之间，而中国市场份额从 ...