证券代码：600999 证券简称： 招商证券 编号： 2024－041 招商证券股份有限公司 第八届监事会第七次会议决议公告 本公司监事会及全体监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。 一、 监事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届监事会第七次会议通知于 2024 年 9 月 27 日以电子邮件方式发出，于 2024 年 9 月 27 日以通讯表决方式召 开。全体监事同意豁免本次会议的通知时间要求。 应出席监事 6 人，实际出席监事 6 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定。 二、 监事会会议审议情况 本次会议审议并通过了以下议案： （一）关于招商证券股份有限公司原副总裁熊开同志离任审计报告的议案 议案表决情况：同意 6 票，反对 0 票，弃权 0 票。 （二）关于提名孙献女士为公司第八届监事会股东代表监事候选人的议案 议案表决情况：同意 6 票，反对 0 票，弃权 0 票。 本议案尚需提交公司股东大会审议。 1 特此公告。 招商证券股份有限公司 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－039 招商证券股份有限公司 关于公司股东代表监事辞职的公告 本公司监事会及全体监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。 招商证券股份有限公司（以下简称公司）监事会于 2024 年 9 月 27 日收到 公司股东代表监事王章为先生递交的书面辞职报告。因工作变动原因，王章为先 生申请辞去公司第八届监事会股东代表监事职务。王章为先生的辞任自股东大会 选举产生新任监事之日生效，在此之前将继续履行监事相关职责。 招商证券股份有限公司监事会 2024 年 9 月 27 日 公司监事会谨对王章为先生担任公司股东代表监事职务期间所做出的重要 贡献表示衷心感谢！ 特此公告。 公司于 2024 年 9 月 27 日召开第八届监事会第七次会议，提名孙献女士为公 司第八届监事会股东代表监事候选人，详见公司同日发布的相关公告。公司将尽 快履行股东大会决策程序。 王章为先生已确认与公司董事会、监事会并无不同意见，也无与其辞任有 关的其他事项需提请公司股东及债权人注意。 ...

证券代码：600999 证券简称： 招商证券 编号： 2024－038 招商证券股份有限公司 关于公司非执行董事辞职的公告 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。 招商证券股份有限公司（以下简称公司）董事会于 2024 年 9 月 27 日收到公司非执 行董事张健先生、邓伟栋先生、马伯寅先生递交的书面辞职报告。因工作变动原因，张 健先生申请辞去公司第八届董事会非执行董事及董事会战略与可持续发展委员会、董事 会风险管理委员会及董事会薪酬与考核委员会委员职务，邓伟栋先生申请辞去公司第八 届董事会非执行董事及董事会战略与可持续发展委员会委员职务，马伯寅先生申请辞去 公司第八届董事会非执行董事及董事会风险管理委员会委员职务。张健先生、邓伟栋先 生、马伯寅先生的辞任自股东大会选举产生新任董事之日生效，在此之前将继续履行董 事相关职责。 招商证券股份有限公司 2024 年 9 月 27 日 公司董事会谨对张健先生、邓伟栋先生、马伯寅先生在担任相关职务期间所做出的 重要贡献表示衷心感谢！ 特此公告。 公司于 2024 年 9 月 2 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][23]. Core Insights - The company achieved a total operating income of 95.95 billion yuan in the first half of 2024, a year-on-year decrease of 11.11%, while the net profit attributable to shareholders was 47.48 billion yuan, reflecting a slight increase of 0.44% year-on-year [4][6]. - The report highlights a significant increase in investment income (including fair value changes), which accounted for 57.4% of total income, while other income sources saw a decline [5][7]. - Despite a decrease in market share for equity fund trading, the company maintained a relatively stable performance in its brokerage business, with a net income decline within normal limits [5][18]. Summary by Sections Financial Performance - For the first half of 2024, the company reported an operating income of 95.95 billion yuan, a decrease of 11.11% year-on-year, and a net profit of 47.48 billion yuan, an increase of 0.44% year-on-year [4][6]. - The basic earnings per share (EPS) remained stable at 0.51 yuan, with a return on equity (ROE) of 4.08%, down 0.25 percentage points year-on-year [4][6]. Revenue Composition - The composition of net income for the company in 2024H was as follows: brokerage (26.9%), investment banking (3.0%), asset management (3.5%), interest income (4.9%), and investment income (57.4%) [5][7]. - The report notes a decline in the market share of equity fund trading, with a total trading volume of 10.64 trillion yuan, down 18.59% year-on-year [8][9]. Investment Banking and Asset Management - The company experienced a smaller decline in equity financing compared to peers, with a total underwriting amount of 51.83 billion yuan, down 25.19% year-on-year, ranking 7th in the industry [10][12]. - In contrast, the debt financing scale grew, with a total bond underwriting amount of 1714.44 billion yuan, an increase of 18.41% year-on-year [10][12]. Investment Strategy - The company adopted a "large and stable" investment strategy, achieving a 17.43% year-on-year increase in investment income, which supported the stability of net profit [14][18]. - The report emphasizes the company's focus on high-dividend investments and diversified strategies in equity investments, while also capturing opportunities in the fixed income market [14][18]. Future Outlook - The projected EPS for 2024 and 2025 is 0.86 yuan and 0.84 yuan, respectively, with corresponding book value per share (BVPS) of 12.96 yuan and 13.70 yuan [18][21]. - The report suggests that the company is well-positioned to benefit from government policies aimed at fostering strong firms and building a first-class investment bank [18].

Group 1: Investor Relations Activities - The company held multiple investor relations activities, including strategy meetings and specific research sessions, from May to September 2024, involving various securities analysts and investors [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. Group 2: Industry Trends and Company Strategy - The company recognizes an increase in mergers and acquisitions in the securities industry, viewing it as a means to strengthen competitive positioning and enhance service capabilities [3]. - The company aims to maintain a relative ROE advantage through effective cost and risk management, focusing on wealth management transformation and digital efficiency [3][4]. - The company plans to enhance its wealth management services by optimizing product offerings and improving customer experience [3][4]. Group 3: Financial Performance Metrics - In the first half of 2024, the company's operating expense ratio was 47.26%, a year-on-year increase of 1.73 percentage points, while the net profit margin was 49.51%, up 1.88 percentage points [4]. - The company achieved a net profit growth of 0.4% year-on-year, driven by effective cost reduction measures and lower credit impairment losses [4][5]. Group 4: Shareholder Returns and Communication - The company has committed to distributing at least 20% of its distributable profits in cash annually, with a cumulative cash dividend payout ratio of 37.6% since its listing in 2009 [5]. - The company emphasizes enhancing communication with shareholders to build long-term investment confidence and promote a positive ecosystem for quality improvement and shareholder returns [5]. Group 5: Product Sales and Marketing Strategies - The company reported growth in fixed income and money market products, while equity and mixed products saw a decline [5]. - Marketing strategies focused on enhancing product retention and optimizing sales organization to improve customer satisfaction [5]. Group 6: International Business Growth - The company's international business growth was driven by increased brokerage and financial market investment income, with a focus on expanding services in response to global market conditions [11][12]. - The company aims to balance international business expansion with risk management, ensuring compliance with regulations while pursuing growth opportunities [12]. Group 7: Digital Transformation Initiatives - The company is advancing its digital transformation by establishing a digital transformation committee and enhancing its technology capabilities to support business needs [13]. - Significant progress has been made in wealth management and institutional services through digital tools, improving customer engagement and operational efficiency [13].

证券代码：600999 证券简称：招商证券 公告编号：2024-037 招商证券股份有限公司 2024 年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.101 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/9/19 | － | 2024/9/20 | 2024/9/20 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 招商证券股份有限公司（以下简称公司或本公司）2024 年 6 月 28 日的 2023 年年度股东 大会授权董事会决定公司 2024 年中期利润分配方案，金额不超过 8.8 亿元人民币。本利润分 配方案经公司 2024 年 8 月 30 日召开的第八届董事会第八次会议审议通过。 二、 分配方案 0.101 元（含税），共计派发现金红利 878,349,207.41 元。其中， ...

致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2024年9月5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) | 600999 | 說明 | A股 (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 | | | 7,422,005,272 | RMB | | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,422,005,272 | RMB | | | 1 RMB | | 7,422,005,272 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's mid-year performance for 2024 slightly exceeded expectations, with a revenue of 9.6 billion yuan, a year-on-year decrease of 11%, and a net profit attributable to shareholders of 4.75 billion yuan, a year-on-year increase of 0.4% [2] - The investment income has shown rapid growth, with a notable increase in the second quarter of 2024, where the net profit attributable to shareholders reached 2.59 billion yuan, reflecting a quarter-on-quarter increase of 20% [2] - The company is actively expanding its wealth management services, with a steady growth in client numbers and an optimized advisory system [2] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue by business line showed the following year-on-year changes: brokerage at 2.58 billion yuan (-12%), investment banking at 280 million yuan (-36%), asset management at 340 million yuan (-9%), net interest income at 470 million yuan (-50%), and investment income at 4.75 billion yuan (+21%) [2] - The total number of normal trading clients reached 18.43 million, a year-on-year increase of 7.53%, while the total client assets under custody were 3.60 trillion yuan, a decrease of 3.23% from the end of 2023 [2] Investment Banking - The company has improved its ranking in equity underwriting, with the underwriting scale for IPOs, refinancing, and debt financing in the first half of 2024 being 1.64 billion yuan, 7.26 billion yuan, and 172.1 billion yuan respectively, with market shares of 5.4%, 10.2%, and 2.8% [2] Asset Management - The total asset management scale reached 302.2 billion yuan, a growth of 2.48% from the end of 2023, with collective asset management business scale at 130.2 billion yuan, a year-on-year increase of 13% [2] Investment Analysis - The report has adjusted the profit forecast upwards, maintaining the "Outperform" rating, with expected net profits for 2024-2026 being 9.4 billion yuan, 10.65 billion yuan, and 11.74 billion yuan respectively, reflecting year-on-year growth rates of 7%, 13%, and 10% [2][3]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's proprietary business has shown outstanding performance, driving overall profit growth, while brokerage, asset management, and investment banking businesses have experienced declines. The report remains optimistic about the company's collaboration with China Merchants Group and China Merchants Bank, with a reasonable value range set at 15.76-17.07 yuan, maintaining the "Outperform the Market" rating [5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 9.6 billion yuan, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 4.75 billion yuan, a slight increase of 0.4%. The corresponding EPS is 0.51 yuan, with an ROE of 4.1%, down 0.3 percentage points year-on-year. The second quarter saw operating revenue of 5.3 billion yuan, down 12.2% year-on-year but up 23.2% quarter-on-quarter, and a net profit of 2.59 billion yuan, up 5.0% year-on-year and 20.1% quarter-on-quarter [5] Business Segments - Brokerage business revenue in the first half of 2024 was 2.58 billion yuan, down 12.1% year-on-year, accounting for 27.0% of total revenue. The average daily trading volume in the market was 961.6 billion yuan, down 6.4% year-on-year. The company is enhancing the professional capabilities of its wealth advisory team and optimizing the empowerment system for wealth advisors to improve client service quality [5] - Investment banking revenue in the first half of 2024 was 280 million yuan, down 36.3% year-on-year. The underwriting scale for equity business increased by 45.8% year-on-year, while bond underwriting scale rose by 35.8% year-on-year. The company ranked fifth in equity underwriting scale, with a total of 11.97 billion yuan in equity underwriting, including 3.5 billion yuan from IPOs and 8.4 billion yuan from refinancing [5] - Asset management revenue was 340 million yuan, down 8.5% year-on-year, with total asset management scale reaching 302.2 billion yuan, up 2.5% year-on-year [5] Investment Strategy - The company achieved positive growth in proprietary investments, with investment income (including fair value) of 4.75 billion yuan in the first half of 2024, up 21.3% year-on-year. The second quarter's investment income was 2.7 billion yuan, up 23.3% year-on-year. The company continues to implement a "large and stable" investment strategy, adjusting and optimizing the investment structure according to market conditions [5] Earnings Forecast - The company expects EPS for 2024-2026 to be 0.99, 1.20, and 1.28 yuan respectively, with BVPS of 13.13, 13.99, and 15.01 yuan respectively. A P/B ratio of 1.2-1.3x is assigned for 2024, corresponding to a reasonable value range of 15.76-17.07 yuan, maintaining the "Outperform the Market" rating [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 18.49 CNY, compared to the current price of 14.55 CNY [1]. Core Views - The company's performance shows positive growth, with a total revenue of 9.5 billion CNY in the first half of 2024, a year-on-year decrease of 2.9%. The net profit attributable to shareholders is 4.75 billion CNY, reflecting a year-on-year increase of 0.4% [1]. - The return on equity (ROE) improved slightly to 3.8%, with a net profit margin of 49.7%, indicating a stable profitability despite market challenges [2]. - The company’s capital-intensive business has seen a recovery, primarily driven by self-operated growth, with net income from capital-intensive operations reaching 5.22 billion CNY [2]. - The brokerage business has been affected by market downturns, with brokerage income at 2.58 billion CNY, a decrease of 4.7% [2]. - Investment banking revenue showed positive growth, with total income of 280 million CNY, reflecting a quarter-on-quarter increase [2]. - The asset management business generated 340 million CNY in revenue, indicating a stable performance [2]. Financial Summary - Total revenue for 2024 is projected to be 20.89 billion CNY, with a year-on-year growth rate of 5.4%. The net profit is expected to reach 9.64 billion CNY, with a growth rate of 10% [6]. - Earnings per share (EPS) are forecasted to be 1.11 CNY for 2024, with a price-to-earnings (P/E) ratio of 13.1 [6]. - The company’s total assets are reported at 490.4 billion CNY, with a debt-to-asset ratio of 80.52% [4].