[Table_InvestInfo] 投资评级 优于大市 维持 累，归母净利润同比-38%》2024.05.03 《四季度各业务条线收入下滑，自营转亏 为业绩最大拖累》2024.03.29 《三季度自营环比显著增长，前三季度归 母净利润同比+42.7%》2023.12.17 市场表现 [Table_QuoteInfo] | --- | --- | |------------------------------------------------------------------|------------| | 股票数据 | | | [ 09 Table_StockInfo 月 03 日收盘价（元） ] | 8.46 | | 52 周股价波动（元） | 7.19-10.00 | | 股本结构 | | | [ 总股本（ Table_CapitalInfo 百万股） ] | 8497 | | 流通 A 股（百万股） | 7469 | | B 股 /H 股（百万股） | 0/1027 | | 相关研究 [Table_ReportInfo] 《债券承销规模同比提升，受自营等拖 | | 东方证券 海通综指 -24.85 ...

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 本月底法定/註冊股本總額： RMB 8,496,645,292 截至月份: 2024年8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: 東方證券股份有限公司 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 RMB | | | 1 RMB | | 7,469 ...

二、自 2024 年 9 月 2 日起，东方投行存量客户与业务整体迁移 并入公司，东方投行承接的投资银行业务项目均由公司继续执行，东 方投行对外签署的协议均由公司继续履行，东方投行全部债权及债务 由公司依法承继。 证券代码：600958 证券简称：东方证券 公告编号：2024-030 东方证券股份有限公司 关于吸收合并全资子公司的进展公告 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。 按照既定战略安排，东方证券股份有限公司（以下简称"公司"） 于 2021 年 7 月 20 日召开 2021 年第二次临时股东大会，审议通过了 《关于公司吸收合并全资子公司东方证券承销保荐有限公司的议案》 （详见公司 2021-041 号公告）。2023 年 3 月，公司收到中国证监会 下发的《关于核准东方证券股份有限公司吸收合并东方证券承销保荐 有限公司暨变更业务范围的批复》，公司获准吸收合并全资子公司东 方证券承销保荐有限公司（以下简称"东方投行"）（详见公司2023-004 公告）。 根据中国证监会批复要求，公司有序推进吸收合并工作，现就 ...

Investment Rating - The investment rating for Dongfang Securities is "Buy" (maintained) [1] Core Views - The company's performance is supported by investment income and cost reduction, with a focus on deepening the transformation towards buy-side advisory services [1][2] - The current stock price reflects a valuation with a safety margin, corresponding to a price-to-book ratio (PB) of 0.9 for 2024-2026 [2] Financial Performance Summary - For H1 2024, the total revenue and net profit attributable to shareholders were 8.57 billion and 2.11 billion yuan, respectively, showing a year-on-year change of -1% and +11% [2] - The annualized return on equity (ROE) was 5.3%, an increase of 0.44 percentage points year-on-year, with a leverage ratio of 3.38 times [2] - The company expects net profits of 3.49 billion, 4.01 billion, and 4.76 billion yuan for 2024-2026, with corresponding earnings per share (EPS) of 0.4, 0.5, and 0.6 yuan [2][3] Asset Management Performance - Dongzheng Asset Management reported revenue and net profit of 740 million and 220 million yuan, respectively, down 37% and 43% year-on-year [3] - Huatai Asset Management's revenue and net profit were 2.22 billion and 690 million yuan, down 20% and 13% year-on-year [3] Wealth Management Transformation - The brokerage business net income was 1.05 billion yuan, down 29% year-on-year, primarily due to low trading volumes and reduced commissions [3] - The company is transitioning to a buy-side advisory model, with a fund advisory business scale of approximately 14.6 billion yuan [3] Cost Management and Investment Returns - Investment income (including fair value changes) was 2.49 billion yuan, up 34% year-on-year, with an annualized self-operated investment return rate of 4.1% [3] - Management expenses decreased by 9% year-on-year, reflecting effective cost reduction measures [3]

股 票 研 究 [table_Authors] 刘欣琦(分析师) 王思玥(研究助理) 吴浩东(分析师) 021-38676647 021-38031024 010-83939780 liuxinqi@gtjas.com wangsiyue028676@gtjas.com wuhaodong029780@gtjas.com [当前价格： Table_CurPrice] 8.42 登记编号 S0880515050001 S0880123070151 S0880524070001 公 司 更 新 报 告 52 周内股价区间（元） 7.29-10.35 总市值（百万元） 70,097 总股本/流通A股（百万股） 8,497/7,469 流通 B 股/H 股（百万股） 0/1,027 股东权益（百万元） 80,113 每股净资产（元） 9.43 市净率（现价） 0.9 净负债率 -135.94% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 1% 3% -19% 相对指数 3% 13% -9% 证 券 研 究 报 告 投资业绩超预期，资管优势巩固 东方证券(600958) [Table_Indu ...

Dividend Distribution - The company plans to distribute a cash dividend of 0.75 RMB per 10 shares, totaling approximately 634.64 million RMB, which represents 30.06% of the net profit attributable to shareholders for the first half of 2024[8]. - As of June 30, 2024, the total share capital is 8,496,645,292 shares, with 34,843,324 shares held in the repurchase account excluded from dividend distribution[8]. Risk Management - The company faces various risks including market volatility, regulatory changes, and operational risks, which could adversely affect its business performance[12]. - The company has implemented a comprehensive risk management system to address potential risks such as liquidity, credit, and operational risks[12]. - The company emphasizes the importance of not overly relying on forward-looking statements due to inherent investment risks[9]. - The company is committed to maintaining compliance with relevant laws and regulations to mitigate legal and reputational risks[12]. - The financial report has not been audited, but the management guarantees its accuracy and completeness[10]. Financial Performance - The company's operating revenue for the first half of the year was ¥8,571,472,965.54, a decrease of 1.42% compared to the same period last year[37]. - Net profit attributable to shareholders of the parent company increased by 11.04% to ¥2,111,371,071.52[37]. - The net profit after deducting non-recurring gains and losses rose by 14.81% to ¥2,019,409,250.23[37]. - Total assets at the end of the reporting period were ¥367,546,853,606.84, down 4.21% from the previous year[37]. - Total liabilities decreased by 5.84% to ¥287,125,158,668.10[37]. - The company's net capital at the end of the reporting period was ¥51,703,001,850.76, an increase from ¥50,592,451,966.46[41]. - Basic earnings per share increased by 14.29% to ¥0.24[40]. - The weighted average return on equity rose by 0.22 percentage points to 2.66%[40]. - Other comprehensive income surged by 410.57% to ¥1,071,839,269.28[37]. Business Expansion and Strategy - The report highlights the company's focus on enhancing its operational capabilities and market presence through strategic initiatives[12]. - Orient Securities has expanded its business scope to include online securities trading and asset management services, enhancing its market presence[24]. - The company is actively involved in the development of new financial products and services, including private equity fund management and margin trading[27]. - The firm has established a wholly-owned subsidiary for asset management, indicating a strategic move towards diversifying its service offerings[24]. - The company is positioned to leverage its qualifications to expand into new markets and enhance its competitive edge in the financial sector[24]. - Future outlook includes plans for market expansion and potential mergers and acquisitions to strengthen its market position[27]. Asset Management and Investment - The company’s asset management scale reached CNY 224.939 billion, with public fund management scale at CNY 169.360 billion as of June 30, 2024[67]. - The investment management business generated operating revenue of CNY 993 million, accounting for 10.17% of total revenue, while wealth management and futures business contributed CNY 4.097 billion, making up 41.99%[62]. - The company’s private equity investment arm managed 57 funds with a total management scale of approximately RMB 18.07 billion, with 139 active projects totaling RMB 7.68 billion[81]. - The company’s financing business grew by 10.36% despite a market decline, with a financing balance of RMB 22.6 billion, increasing by 9.04% from the beginning of the year[96]. - The company’s digital finance initiatives are aligned with national strategies, focusing on the integration of digital economy and real economy, and enhancing financial services[145]. Compliance and Governance - The company maintains a strong governance structure and compliance system, continuously improving its internal control management[150]. - The company has effectively strengthened its compliance and risk management framework, with no major violations or risk events reported during the period[155]. - The company has achieved an MSCI ESG rating of AA, one of the highest ratings in the industry, reflecting its commitment to ESG principles[156]. Market Trends and Challenges - The company operates in a challenging economic environment influenced by macroeconomic and monetary policies, which could impact its operations[11]. - The average daily trading volume of the A-share market decreased by 8.59% year-on-year to RMB 864.26 billion during the reporting period[85]. - The futures market saw a total trading volume of 3.5 billion contracts, a year-on-year decrease of 12%, while the total trading value was RMB 282 trillion, an increase of 7%[99]. Financial Technology and Innovation - The company is actively enhancing its financial technology capabilities and promoting the integration of financial technology into its operations[169]. - The company’s AI and blockchain platforms have expanded innovative capabilities, with AI models deployed for intelligent research reports and investment advisory applications[147]. Internationalization - The company’s Singapore subsidiary opened in March 2024, marking a significant milestone in its internationalization strategy[75]. - The company’s overseas client coverage exceeded 300, with a trading volume of RMB 313.3 billion, reflecting a 15% year-on-year growth[108].

证券代码：600958 证券简称：东方证券 公告编号：2024-026 东方证券股份有限公司 第五届董事会第三十七次会议决议公告 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法律责任。 东方证券股份有限公司（以下简称"公司"）第五届董事会第三 十七次会议通知于 2024 年 8 月 15 日以电子邮件和专人送达方式发 出，会议于 2024 年 8 月 29 日在东方证券大厦 15 楼会议室以现场结 合通讯表决方式召开。本次会议应出席董事 13 名，实际出席董事 13 名（其中，以通讯表决方式出席会议的董事 4 名）。本次会议由金文 忠董事长主持，公司部分监事及高级管理人员列席会议。本次会议的 召集召开符合《公司法》《公司章程》和《公司董事会议事规则》等 有关规定。本次会议审议并通过了以下议案： 一、审议通过《公司 2024 年半年度报告》 表决结果：13 名董事同意，0 名董事反对，0 名董事弃权。 本议案的具体内容详见公司同日披露的《公司 2024 年半年度报 告全文及摘要》（A 股）和《公司 2024 年中期报告及业绩公告》（H ...

证券代码：600958 证券简称：东方证券 公告编号：2024-025 东方证券股份有限公司 关于召开 2024 年半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法律责任。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 8 月 30 日(星期五)15:00-16:30 会议召开时间：2024 年 8 月 30 日(星期五)15:00-16:30 会议召开方式：视频和网络互动 会议召开地点：上海证券交易所上证路演中心（网址：http s://roadshow.sseinfo.com/） 问题征集方式：投资者可于 2024 年 8 月 23 日(星期五)至 8 月 29 日(星期四)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 ir@orientsec.com.cn 进行提问。公司将 在说明会上对投资者普遍关注的问题进行回答。 东方证券股份有限公司（以下简称"公司"）拟于 2024 年 8 月 30 日发布公司 2024 年半年度报告。为便于广大投资者更全面深入地 了解 ...

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 香 港 中 央 結 算 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分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。 東 方 證 券 股 份 有 限 公 司（「公 司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 四 年 八 月 二 十 九 日（星 期 四）舉 行，藉 以（其 中 包 括）審 議 及 批 准 公 司 及 其 附 屬 公 司 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 及 其 刊 發，並 考 慮 建 議 派 發 中 期 股 息（如 有）。 承董事會命 董事長 金文忠 中 國 • 上 海 二零二四年八月十五日 於本公告日期，董事會成員包括執行董事金文忠先生、龔德雄先生及魯偉銘先生； 非執行董事俞雪純先生、周東輝先生、李芸女士、任志祥先生及朱靜女士；以及獨 立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢先生及朱凱先生。 B_table inde ...

公司研究丨深度报告丨东方证券（600958.SH） 资管特色领跑，业绩弹性可期 %% %% research.95579.com [Table_Title] %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 2023 年受市场环境影响公司业绩有所承压，但作为具备资管特色的综合性券商整体稳健性领 先。展望未来，公司仍是券商在财富管理和资产管理中受益的标杆，当前行业周期仍处探底过 程，但估值已降至历史低位。另外边际变化上，公司股质减值风险出清，24Q1 以来显示出转 回迹象，历史包袱逐渐减轻，低基数效应下在市场周期反转过程中弹性可期。 分析师及联系人 [Table_Author] 吴一凡 SAC：S0490519080007 %% research.95579.com % SFC：BUV596 2 请阅读最后评级说明和重要声明 2 / 26 东方证券（600958.SH） [Table_Title2] 资管特色领跑，业绩弹性可期公司研究丨深度报告 [Table_Rank]投资评级 买入丨首次 [Table_Summary2] 公司概况：业绩表现稳健的资管特色综合券商 东方证券为 A+H ...