Investment Rating - Buy (maintained) [1] Core Views - The company's investment banking business is under pressure, while proprietary investment in Q3 showed significant year-on-year and quarter-on-quarter growth [1] - The company adheres to the strategic principle of "investment banking as the traction and research as the driving force" to build its differentiated advantages [4] - The current stock price corresponds to 2024-2026 PB of 1.0/1.0/0.9 times, maintaining a "Buy" rating [4] Business Performance Summary Investment Banking - Net revenue from investment banking in the first three quarters of 2024 was 660 million yuan, a year-on-year decrease of 40% [4] - Single Q3 net revenue was 200 million yuan, a year-on-year decrease of 64% and a quarter-on-quarter decrease of 15% [4] Brokerage - Net revenue from brokerage in the first three quarters of 2024 was 1.16 billion yuan, a year-on-year decrease of 5% [4] - Single Q3 net revenue was 390 million yuan, a year-on-year decrease of 5% and a quarter-on-quarter increase of 1% [4] - Daily average stock and fund trading volume in Q3 2024 was 807.3 billion yuan, a year-on-year decrease of 12% and a quarter-on-quarter decrease of 15% [4] Asset Management - Net revenue from asset management in the first three quarters of 2024 was 70 million yuan, a year-on-year increase of 4% [4] - Single Q3 net revenue was 30 million yuan, a year-on-year increase of 30% and a quarter-on-quarter increase of 54% [4] Proprietary Investment - Proprietary investment income in the first three quarters of 2024 was 1.13 billion yuan, a year-on-year decrease of 6% [4] - Single Q3 income was 440 million yuan, a year-on-year increase of 99% and a quarter-on-quarter increase of 67% [4] - The proprietary investment yield for the first three quarters of 2024 was 4.5%, a significant improvement from 3.5% in the first half of 2024 [4] Financial Indicators - Total revenue for the first three quarters of 2024 was 4.29 billion yuan, a year-on-year decrease of 15% [4] - Net profit attributable to the parent company was 890 million yuan, a year-on-year decrease of 28% [4] - Single Q3 net profit attributable to the parent company was 440 million yuan, a year-on-year increase of 21% and a quarter-on-quarter increase of 398% [4] - The annualized weighted average ROE for the first three quarters was 3.6%, a year-on-year decrease of 1.6 percentage points [4] - The leverage ratio (excluding customer deposits) at the end of the period was 2.3 times, a decrease of 0.5 times from the beginning of the year [4] Financial Forecast - Adjusted net profit attributable to the parent company for 2024-2026 is forecasted to be 1.5/2.1/2.4 billion yuan, with year-on-year changes of -15%/+41%/+14% [4] - EPS for 2024-2026 is forecasted to be 0.4/0.6/0.6 yuan [4] - The current stock price corresponds to 2024-2026 PB of 1.0/1.0/0.9 times [4]

证券时报网讯，国金证券研报指出，1）糖尿病管理市场大单品，海外市场打开更高价格空间。 由于CGM产品可以实时糖尿病患者提供血糖变化信息，在临床上相比传统BGM指尖采血优势巨大，近 年来在全球糖尿病器械市场中占比迅速提升。 目前已经成为糖尿病管理市场的核心增长产品。 欧美占据全球CGM市场2/3以上的份额，且CGM产品销售均价相比国内显著更高。 若国内企业能够拓展海外市场将打开更大的需求及更高的价格空间。 2）从支付端剖析海外市场：医保准入政策对CGM产品放量起到关键作用。 由于目前CGM产品相比传统BGM血糖监测更加昂贵，在糖尿病患者的治疗过程中对CGM产品支付能力 及医保覆盖成为产品放量的核心因素。 目前欧美市场针对CG产品的医保报销政策都相对成熟。 3）终端使用场景以院外为主，优质销售渠道稀缺。 由于糖尿病的慢病特性，从终端用途来看，家用日常环境下的血糖监测是CGM使用的主要场景，占全 部市场份额的46.7%。 已经接受过医生诊断的患者更加倾向于在生活场景附近的药店直接购买CGM产品，部分患者也可以通 过线上平台购买。 得益于连续血糖监测在糖尿病患者治疗过程中的优势，未来全球血糖监测中CGM系统产品渗透率 ...

Financial Performance - Total operating revenue for Q3 2024 was ¥1,614,824,671.95, a decrease of 5.10% compared to the same period last year[2] - Net profit attributable to shareholders was ¥438,769,499.06, an increase of 21.34% year-on-year[2] - Net profit excluding non-recurring gains and losses was ¥397,037,186.28, up 11.25% from the previous year[2] - Basic earnings per share for the quarter was ¥0.119, reflecting a 22.68% increase compared to the same period last year[3] - The net profit for Q3 2024 was CNY 902.65 million, a decrease of 29.05% compared to CNY 1.27 billion in Q3 2023[26] - The basic earnings per share for Q3 2024 was CNY 0.242, compared to CNY 0.332 in Q3 2023, reflecting a decline of 27.1%[26] - The company reported a total comprehensive income of CNY 1.00 billion for Q3 2024, down from CNY 1.31 billion in Q3 2023[26] - Total operating income for the first nine months of 2024 reached CNY 27.11 billion, significantly up from CNY 7.65 billion in the same period of 2023[27] - Net interest income decreased to CNY 879,194,622.88 from CNY 943,829,593.57, reflecting a decline of 6.8% year-over-year[25] - Net commission and fee income was CNY 2,290,361,782.46, down 18.4% from CNY 2,808,347,949.28 in the previous year[25] - Investment income decreased to CNY 889,752,396.72 from CNY 968,738,806.80, a decline of 8.2% year-over-year[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥109,868,769,054.95, a decrease of 6.12% from the end of the previous year[3] - Total assets amounted to CNY 109,868,769,054.95, down from CNY 117,032,405,038.93, indicating a decrease of 6.1%[24] - Total liabilities decreased to CNY 76,734,332,397.38 from CNY 84,235,864,466.92, a reduction of 9.0%[24] - The company’s total liabilities decreased to CNY 19.18 billion in Q3 2024 from CNY 20.07 billion in Q3 2023, reflecting a reduction of approximately 4.4%[28] - Shareholders' equity increased to CNY 33,134,436,657.57 from CNY 32,796,540,572.01, reflecting an increase of 1.0%[24] Cash Flow and Liquidity - As of September 30, 2024, the company's cash and cash equivalents amounted to RMB 33,272,572,503.24, an increase from RMB 25,060,869,851.37 as of December 31, 2023[22] - The net cash flow from operating activities for the first nine months of 2024 was CNY 17.35 billion, a substantial improvement from a negative CNY 6.87 billion in the same period of 2023[27] - The company experienced a net cash outflow from financing activities of CNY 9.30 billion in Q3 2024, compared to a net inflow of CNY 5.37 billion in Q3 2023[28] - Customer funds deposits increased to RMB 27,781,423,797.45 as of September 30, 2024, compared to RMB 19,862,546,707.18 as of December 31, 2023[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 148,625[9] - The top 10 shareholders include Changsha Yongjin (Group) Co., Ltd. with 547,075,232 shares, accounting for a significant portion of the company's equity[10] - The company has a total of 140,582,700 shares held by Shandong Tonghui Capital Investment Group Co., Ltd.[10] - The company reported a total of 65,733,134 shares held by Hong Kong Central Clearing Limited[10] - The company has a total of 48,307,657 shares held by China Construction Bank - Guotai Zhongxin Index Securities Investment Fund[10] - The company has a total of 45,731,000 shares held by Agricultural Bank of China - CSI 500 Index Securities Investment Fund[10] Debt and Financing - The total interest paid for the company's bonds during the period was RMB 29,800,000[14] - The total principal amount paid for the subordinate bonds was RMB 800,000,000, with interest totaling RMB 29,200,000[15] - The company issued short-term financing bonds with a total scale of RMB 1 billion in September 2024, with a coupon rate of 2.05%[16] - The company completed the issuance of another RMB 1 billion short-term financing bonds in September 2024, with a coupon rate of 2.03%[17] - The total amount paid for the 12th short-term financing bond was RMB 1,020,918,032.79[17] - The company redeemed the principal and interest of the "2023 Sixteenth Short-term Financing Bond" totaling RMB 1,022,766,393.44 in August 2024[18] - The company redeemed the principal and interest of the "2023 Fifteenth Short-term Financing Bond" totaling RMB 1,538,786,885.25 in September 2024[18] Management and Governance - The company appointed a new vice president, Liao Weiping, on August 28, 2024[21] - The company is in the process of completing the election of a new independent director following the resignation of independent director Luo Yuding[21] Non-Recurring Items - Non-recurring gains for the current period amounted to ¥41,732,312.78, with government subsidies contributing ¥55,711,438.73[7] - The company implemented a share buyback totaling RMB 99,993,183.00, which accounted for 21.98% of the net profit attributable to shareholders for the first half of 2024[20] - The company's cash dividend distribution plan for 2023 was approved, with a total cash dividend of RMB 516,664,051.12, distributing RMB 1.40 per 10 shares[20]

证券代码：600109 证券简称：国金证券 公告编号：2024-88 国金证券股份有限公司 关于召开 2024 年第四次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2024 年第四次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 11 日 14 点 30 分 召开地点：成都市东城根上街 95 号成证大厦 16 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 股东会召开日期：2024年11月11日 本次股东会 ...

证券代码：600109 证券简称：国金证券 公告编号：2024－87 国金证券股份有限公司 第十二届董事会第十九次会议决议公告 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。 会议由董事长冉云先生主持，会议符合《公司法》和公司《章程》 的有关规定。 经审议，与会董事形成如下决议： 一、审议通过《关于推选公司第十二届董事会独立董事候选人的 议案》 董事会同意选举李宏先生为公司第十二届董事会独立董事候选 人。 本议案提交董事会前已经公司董事会提名委员会审议通过。 本议案尚需提交公司股东会审议。 表决结果：同意 11 票；弃权 0 票；反对 0 票。 二、审议通过《关于修订公司<董事会审计委员会工作细则>的议 案 国金证券股份有限公司第十二届董事会第十九次会议于 2024 年 10 月 25 日在成都市东城根上街 95 号成证大厦 16 楼会议室召开，会 议通知于 2024 年 10 月 20 日以电话和电子邮件相结合的方式发出。 会议应参加表决的董事十一人，实际表决的董事十一人。 本议案提交董事会前已经公司董事会薪酬与考核委 ...

独立董事提名人声明 提名人国金证券股份有限公司（以下简称"公司"）董事会，现 提名李宏先生为公司第十二届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大 失信等不良记录等情况。被提名人已同意出任公司第十二届董事会独 立董事候选人（参见该独立董事候选人声明）。 提名人认为，被提名人具备独立董事任职资格，与公司之间不存 在任何影响其独立性的关系，具体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、规章及其他规范性文件，具有 5 年以上法律、经济、财务、 管理或者其他履行独立董事职责所必需的工作经验。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定 （如适用）； （八）中国证监会《证券基金经营机构董事、监事、高级管理人 员及从业人员监督管理办法》等的相关规定（如适用）； （九）《银行业金融机构董事（理事）和高级管理人员任职资格 管理办法》《保险公司董事、监事和高级管理人员任职资格管理规定》 《保险机构独立 ...

独立董事候选人声明 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、部门规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 本人李宏，已充分了解并同意由提名人国金证券股份有限公司 （以下简称"公司"）董事会提名为公司第十二届董事会独立董事候 选人。本人公开声明，本人具备独立董事任职资格，保证不存在任何 影响本人担任公司独立董事独立性的关系，具体声明并承诺如下： 二、本人任职资格符合下列法律法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定 （如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞去 公职或者退（离）休后担任上市公司、基金管理公司独立董事、独立 监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企业兼 职（任职）问题的意见》的相关规定（如适用）； （六）中共中央纪委、教 ...

国金证券股份有限公司二〇二四年第四次临时股东会会议材料 二〇二四年第四次临时股东会 会议资料 二〇二四年十一月 国金证券股份有限公司二〇二四年第四次临时股东会会议材料 二〇二四年第四次临时股东会文件目录 | 序号 | 文件内容 | | --- | --- | | 1 | 股东会议程 | | 2 | 股东会注意事项 | | 3 | 议案材料 | | 3-1 | 关于选举公司第十二届董事会独立董事的议案 | | 4 | 议案表决办法 | 第 2 页 ★ 国金证券股份有限公司二〇二四年第四次临时股东会会议材料 股东会注意事项 根据《公司法》和公司《章程》的有关规定，为保证本次股东会的顺利 进行和股东依法行使权利，特提出如下注意事项： 一、本次股东会采取现场投票和网络投票相结合的方式，具体要求请见 公司于 2024 年 10 月 26 日在中国证券报、上海证券报、证券时报、证券日报 和上海证券交易所网站（http://www.sse.com.cn）发布的《关于召开 2024 年第四次临时股东会的通知》。 二、公司股东通过上海证券交易所股东大会网络投票系统行使表决权的， 既可以登陆交易系统投票平台（通过指定交易的证券公 ...

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。 国金证券股份有限公司 2024年度第六期短期融资券已于 2024年10 月24日发行完毕，相关发行情况如下： | 债券名称 | | | | | | 国金证券股份有限公司 第六期短期融资券 | | 2024 | 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 24 | 国金证券 | | CP006 | | 债券流通代码 072410193 | | | | | | 发行日 | 2024 | 年 月 | 10 | 23 | 日 | 起息日 | 2024 | 年 10 月 | 24 | 日 | | 兑付日 | 2025 | 年 5 22 | 月 | | 日 | 期限 天 | 210 | | | | | 计划发行总额 | 10 | 亿元人民币 | | | | 实际发行总额 | 10 | 亿元人民币 | | | | 票面利率 | 2.05% | | | | | 发行价 ...

国金证券股份有限公司 2024年度第七期短期融资券已于 2024年10 月24日发行完毕，相关发行情况如下： 证券代码：600109 证券简称：国金证券 公告编号：临2024－86 国金证券股份有限公司 关于 2024年度第七期短期融资券发行结果公告 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。 国金证券股份有限公司 | 债券名称 | | | | | | 国金证券股份有限公司 第七期短期融资券 | | 2024 | 年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 24 | 国金证券 | | CP007 | | 债券流通代码 072410194 | | | | | | 发行日 | 2024 | 年 月 | 10 | 23 | 日 | 起息日 | 2024 | 年 10 月 | 24 | 日 | | 兑付日 | 2025 | 年 月 | 10 | 24 | 日 | 期限 天 | 365 | | | | | ...