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 ...

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].

Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.01 per share to all shareholders, totaling approximately RMB 878.35 million based on 8,696,526,806 shares as of June 30, 2024[2]. - The board of directors has authorized the profit distribution plan, which will be reviewed in the meeting scheduled for August 30, 2024, with dividends to be paid by October 30, 2024[2]. - The company will not issue bonus shares or convert capital reserves into share capital during this dividend distribution[2]. - The profit distribution policy complies with legal regulations and the company's shareholder return plan for 2024-2026, ensuring clarity in dividend standards and proportions[148]. Financial Performance - Total revenue for the first half of 2024 was RMB 14,362,394,000, a decrease of 8.25% compared to RMB 15,653,551,000 in the same period of 2023[28]. - Net profit attributable to shareholders for the first half of 2024 was RMB 4,747,695,000, reflecting a slight increase of 0.44% from RMB 4,726,975,000 in the previous year[28]. - Basic earnings per share remained stable at RMB 0.51 for the first half of 2024, unchanged from the same period in 2023[30]. - The weighted average return on equity decreased to 4.08%, down 0.25 percentage points from 4.33% in the previous year[30]. - The company achieved a performance guidance of achieving a net profit growth of 10% year-over-year for the upcoming fiscal year[14]. Risk Management - The company faces various risks, including regulatory changes in the securities industry, credit risk from counterparties, and market risk due to adverse market changes[4]. - The company emphasizes the importance of risk management across organizational structure, system frameworks, and information technology systems to mitigate potential risks[4]. - The company has established a comprehensive risk management framework consisting of five levels, including strategic arrangements by the board, supervision by the supervisory board, and decision-making by senior management and the risk management committee[100]. - The company has implemented a quantitative risk management indicator system that guides resource allocation towards high-risk-return businesses, enhancing risk management levels and corporate value[104]. - The company conducts regular stress tests to evaluate liquidity, credit, and market risks, ensuring effective assessment of operational and risk conditions under extreme scenarios[106]. Business Expansion and Qualifications - The company obtained qualifications for standard bond forward pricing and standard interest rate swap businesses in November 2023, enhancing its service offerings[11]. - The company has been actively expanding its business qualifications, with multiple new qualifications obtained since 2018, including for options and futures trading[12]. - The company aims to enhance its investment advisory services, as indicated by its qualifications for fund investment advisory business obtained in June 2021[12]. - The company is positioned to leverage its new qualifications to enhance its competitive edge in the securities market[11]. - Future outlook indicates a focus on expanding cross-border business and enhancing its market-making capabilities, aiming for a 15% increase in market share over the next fiscal year[15]. Client and Market Activity - As of June 2024, the number of active trading clients reached 18.43 million, representing a year-on-year growth of 7.53%, while the scale of client assets under custody was RMB 3.60 trillion, down 3.23% from the end of 2023[42]. - The average monthly active users (MAU) of the company's app increased by 6.25% year-on-year, ranking 5th in the securities industry, with the highest average daily usage time per user[42]. - The total trading volume in the A-share market was RMB 116 trillion, a year-on-year decline of 7.07%[42]. - The company reported significant growth in user data, with a notable increase in the number of clients participating in its services, reflecting a strong market presence[14]. Corporate Governance - The company has established a robust corporate governance structure that complies with relevant laws and regulations, ensuring effective checks and balances among its governing bodies[155]. - The company has revised its articles of association and governance rules during the first extraordinary general meeting of 2024, reflecting changes in the board and supervisory committee[137]. - The company has elected new independent directors and supervisors during the 2024 first extraordinary general meeting, indicating a governance refresh[138]. - The company has seen changes in senior management, including the appointment of a new Chief Risk Officer and Compliance Director[138]. Community Engagement and Social Responsibility - The company donated RMB 373,800 to support educational projects in remote areas, enhancing local children's quality education[161]. - The company organized two batches of youth teaching teams to support education in Gansu Province, contributing educational materials and sports equipment[161]. - The company is actively involved in community support initiatives, including donations for educational and agricultural projects, reflecting its corporate social responsibility[161][162]. Legal and Compliance Issues - The company is facing a total liability of RMB 223.44 million for compensating investors due to false statements, with ongoing legal proceedings affecting 6,369 investors[166]. - The company received multiple warnings from regulatory bodies in 2024 for compliance issues, including inadequate supervision in investment banking operations[167]. - The company has implemented measures to enhance internal compliance checks following regulatory warnings regarding employee conduct in trading activities[167]. Asset Management and Investment Banking - The company's asset management total reached RMB 302.16 billion by June 2024, an increase of 2.48% from the end of 2023[63]. - The company’s asset management business net income was RMB 3.75 billion in the first half of 2024, compared to RMB 4.00 billion in the same period of 2023[64]. - The company completed a merger with Chongqing Department Store and sold equity in Zigong Bank, with a total transaction value of RMB 4.9 billion, ranking 4th in transaction value and 7th in number of transactions in the industry[61]. - The company aims to enhance its active management capabilities and expand its public fund offerings, having completed the filing of five public fund products during the reporting period[63]. Bond Issuance and Financing Strategy - The company issued bonds with a total value of 55 billion RMB, maturing on May 26, 2025, with an interest rate of 5.08%[189]. - The company is actively managing its bond portfolio with a focus on professional investor engagement and market conditions[191]. - The company plans to issue additional bonds with a total amount of 33 million and an interest rate of 3.03%[193]. - The company is focusing on expanding its market presence through the issuance of various bond types, including short-term and long-term bonds[200].

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].

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price set at 14.63 CNY per share, reflecting a market capitalization of 127.23 billion CNY [2][6]. Core Insights - The company reported a total operating revenue of 9.59 billion CNY, a year-on-year decrease of 3%, while the net profit attributable to shareholders remained stable at 4.75 billion CNY, with a return on equity (ROE) of 4.08%, down by 0.25 percentage points year-on-year [2][3]. - The second quarter of 2024 saw operating revenue of 5.30 billion CNY, with no year-on-year change and a quarter-on-quarter increase of 23%. The net profit for the same period was 2.59 billion CNY, reflecting a year-on-year increase of 5% and a quarter-on-quarter increase of 20% [2][3]. Revenue Breakdown - The report highlights a significant increase in securities proprietary income, which rose by 21% year-on-year. However, interest, investment banking, and brokerage revenues saw the largest declines, dropping by 50%, 36%, and 12% respectively, contributing to the overall revenue decline [3][4]. - The income structure indicates that securities investment and brokerage business revenues accounted for the highest proportions at 50% and 27% respectively, while equity investment, interest, asset management, and investment banking contributed 8%, 5%, 4%, and 3% respectively [3][4]. Fee-based Business Performance - The brokerage business net income was reported at 2.58 billion CNY, down 12% year-on-year. The retail brokerage, institutional brokerage, and financial product distribution revenues were 1.83 billion CNY, 322 million CNY, and 227 million CNY respectively, with year-on-year changes of -10%, -31%, and +6% [4]. - The investment banking revenue was 280 million CNY, a decrease of 36% year-on-year, although the company improved its market share in various segments [4]. Asset Management and Fund Performance - The entrusted asset management business generated 340 million CNY in revenue, down 9% year-on-year, with total asset management scale reaching 302.2 billion CNY, a 2% increase year-on-year [4]. - The report notes that the company's affiliated funds, including Bosera Fund and China Merchants Fund, ranked highly in the bond fund industry, with net profits of 756 million CNY and 847 million CNY respectively [4]. Financial Metrics - The company’s financial assets investment scale was 359.8 billion CNY, up 9% year-on-year, with an investment return rate of 1.31%, an increase of 0.06 percentage points year-on-year [5]. - The report projects a downward adjustment in revenue forecasts for 2024 and 2025 to 17.82 billion CNY and 21.17 billion CNY respectively, while increasing the 2026 forecast to 27.00 billion CNY [6][8].