公司报告 | 公司点评 中国国航（601111） 证券研究报告 2024年05月 23日 投资评级 经济复苏，盈利能力有望回升 行业 交通运输/航空机场 6个月评级 买入（维持评级） 当前价格 7.79元 经济有望复苏，带动航空复苏 目标价格 元 航空周期与库存周期高度相关。2024 年库存周期有望回升：一是去库存 近2 年，有望结束；二是前瞻指标 PPI，2023 年7 月份以来趋于回升， 基本数据 在相对低位震荡；三是库存增速降到零附近，历史低点，2024 年 1 月份 A股总股本(百万股) 11,638.11 以来小幅回升。一旦库存周期回升，有望持续2年左右，航空收入增速和 流通A股股本(百万股) 11,023.58 毛利率有望随之回升，即迎来周期复苏。在库存周期上行阶段，航空股股 A股总市值(百万元) 90,660.87 价往往上涨。 流通A股市值(百万元) 85,873.72 每股净资产(元) 2.25 中国国航的盈利能力有望回升，估值或将修复 资产负债率(%) 89.73 经济有望复苏，带动航空需求增长，中国国航的盈利能力有望周期性回升。 一年内最高/最低(元) 9.64/6.81 2019年以来 ...

证券研究报告 行业报告：行业深度研究 2024年05月10日 机械设备 低空经济专题：eVTOL星辰大海，低空经济方兴未艾 作者： 分析师 朱晔 SAC执业证书编号：S1110522080001 ...

北京市君泽君(上海)律师事务所 关于天风证券股份有限公司 2024年第二次临时股东大会的 律师见证意见 致:天风证券股份有限公司 1日 上海市杨高南路 729 号陆家嘴世纪金融广场一号楼 40 层 邮编:200127 电话:(8621)61060889 传真:(8621)61060890 40 Floor, Lujiazui Century Financial Plaza, No.729 South Yanggao Road, Shanghai 200127, P.R.China Tel: (8621) 61060889 / Fax: (8621) 61060890 北京市君泽君(上海)律师事务所(以下简称"君泽君"或"本所")接受天风 证券股份有限公司(以下简称"公司")委托,委派律师出席公司于 2024年5月 15 日召开的 2024年第二次临时股东大会(以下简称"本次股东大会"),并根据 《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民共和国公司 法》(以下简称"《公司法》")及《上市公司股东大会规则》等法律、法规及规 范性文件和《天风证券股份有限公司章程》(以下简称"《公司章程》")的规 ...

证券代码：601162 证券简称：天风证券 公告编号：2024-019 号 天风证券股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 275 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,507,433,315 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 28.9349 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事长庞介民先生主持，会议的召 (一) 股东大会召开的时间：2024 年 05 月 15 日 (二) 股东大会召开的地点：湖北省武汉市武昌区中北路 217 号天风大厦 3 楼 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 集、召开及表决方式符合《公司法》及《 ...

天风证券股份有限公司 2024 年第二次临时股东大会 会 议 资 料 二〇二四年五月十五日 1 | 一、关于延长向特定对象发行 A 股股票股东大会决议有效期 | | | --- | --- | | 的议案 | 3 | | 二、关于提请股东大会延长授权董事会全权办理本次向特定 | | | 对象发行 A 股股票相关事宜有效期的议案 | 4 | | 三、关于天风国际在境外市场发行债券的议案 | 5 | | 四、关于授权天风国际或其附属公司在境外市场发行债券相 | | | 关事宜的议案 | 8 | 2024 年第二次临时股东大会会议资料 目 录 2 2024 年第二次临时股东大会会议资料 关于延长向特定对象发行 A 股股票股东大会决议 有效期的议案 各位股东： 鉴于公司本次向特定对象发行 A 股股票（以下简称"本次发 行"）股东大会决议有效期于 2024 年 5 月 17 日到期，为保证本次 发行相关工作的延续性和有效性，确保本次发行的顺利推进，董 事会同意将本次发行的股东大会决议有效期延长，延长的有效期 为自原有期限届满之日起 12 个月，即延长至 2025 年 5 月 17 日。 除延长前述有效期外，本次发行的其 ...

证券代码：601162 证券简称：天风证券 公告编号：2024-018号 会议召开方式：上证路演中心网络互动； 投资者可于 2024 年 05 月 10 日(星期五) 至 05 月 16 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"栏目或通过天风证券股份有 限公司（以下简称"公司"）邮箱（dongban@tfzq.com）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。 公司已于 2024 年 4 月 30 日发布公司 2023 年度报告，为便于广大投资者更 全面深入地了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 05 月 17 日下午 13:00-14:00 举行 2023 年度业绩说明会，就投资者关心的问题进行交 流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2023 年度的经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就 投资者普遍关注的问题进行回答。 天风证券股份有限公司 关于召开 2023 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 ...

Financial Performance - The net profit attributable to the parent company for 2023 is CNY 30,718.38 million, with a basic earnings per share of CNY 0.04, while the parent company's net profit is CNY -27,650.80 million[3]. - The company's operating revenue for 2023 reached CNY 3,426,523,374.61, a 99.10% increase compared to CNY 1,720,988,732.54 in 2022[33]. - The net profit attributable to shareholders of the parent company was CNY 307,183,810.96, recovering from a loss of CNY 1,502,671,783.92 in the previous year[33]. - The total assets at the end of 2023 amounted to CNY 99,548,020,111.63, reflecting a 1.22% increase from CNY 98,350,001,043.39 in 2022[33]. - The total liabilities were CNY 74,962,015,239.02, a slight increase of 0.62% from CNY 74,496,477,625.06 in the previous year[33]. - The equity attributable to shareholders of the parent company increased to CNY 23,641,580,789.52, up 2.24% from CNY 23,124,065,817.17 in 2022[33]. - The basic earnings per share for 2023 was not reported, but the diluted earnings per share improved to CNY 0.04 from a loss of CNY 0.17 in 2022[34]. - The weighted average return on net assets increased to 1.32%, up 7.56 percentage points from -6.24% in the previous year[35]. - The cash flow from operating activities was CNY 9,053,096,646.85, recovering from a negative cash flow of CNY -12,449,445,166.18 in 2022[33]. - The company reported a significant increase in revenue, achieving a total of $1.5 billion for the fiscal year, representing a 20% year-over-year growth[26]. Capital Structure and Investments - The registered capital remains at CNY 8,665,757,464.00, unchanged from the previous year[12]. - The net capital increased from CNY 15,096,594,801.46 to CNY 16,546,711,468.28, reflecting a growth of approximately 9.6%[12]. - The registered capital of Tianfeng Securities increased from RMB 466.2 million to RMB 518 million in October 2018 after the IPO[21]. - In March 2020, the company completed a rights issue, raising the registered capital from RMB 518 million to RMB 666.6 million[21]. - In April 2021, Tianfeng Securities conducted a private placement, increasing the registered capital to RMB 866.6 million[21]. - The company has expanded its registered capital significantly over the years, with a total increase of RMB 402.4 million from 2012 to 2021[21]. - The company has established a presence in the Hong Kong stock market through the Stock Connect program, enhancing its market reach since November 2016[13]. - The company has engaged in various market activities, including participating in the bond market and establishing qualifications for interbank bond market operations since 2012[13]. Risk Management - The company faces various risks, including legal compliance risks, credit risks from defaults, market risks from price fluctuations, operational risks, liquidity risks, and reputational risks[5]. - The company has a commitment to risk management and compliance, with ongoing investments in information technology[5]. - The company has established a comprehensive risk management framework aligned with its business strategy and risk appetite, covering all operational areas[91]. - Market risk management involves capital allocation based on risk-return profiles and dynamic management of market risk exposures through various risk mitigation measures[91]. - Credit risk management includes setting entry requirements for counterparties and securities, along with multi-dimensional concentration management and stress testing[92]. - Operational risk management is reinforced through the establishment of a risk management system and regular self-assessments to identify and rectify operational deficiencies[92]. - Liquidity risk management employs daily monitoring and dynamic assessments of liquidity indicators, asset and liability structures, and cash flow analyses[93]. Corporate Governance - The company has a board of 15 members, including 5 independent directors, ensuring compliance with governance regulations[102]. - The company’s compliance legal department oversees adherence to legal and regulatory obligations, enhancing operational integrity[95]. - The company has established a robust anti-money laundering framework, enhancing its compliance capabilities[95]. - The company emphasizes the importance of ethical conduct among employees, integrating it into performance assessments[97]. - The company’s governance structure includes a supervisory board that ensures compliance with laws and protects shareholder interests[103]. - The company has established specialized committees under the board, including an audit committee and a risk management committee, to enhance governance[132]. Strategic Development - The company plans to continue its strategic development without making substantial commitments to investors regarding future plans[4]. - The company aims to enhance its wealth management and asset management capabilities, capitalizing on the structural changes in the asset management market[86]. - The company plans to optimize its brokerage business by increasing the contribution of wealth management and enhancing service quality[87]. - The company is committed to digital transformation, aiming to build a comprehensive digital financial service capability[85]. - The company anticipates continued growth in the capital market, driven by policy reforms and an increasing focus on serving the real economy[84]. Sustainability and Social Responsibility - The company is committed to sustainability initiatives, with a goal to reduce carbon emissions by 20% over the next five years[26]. - The company has invested CNY 1.97 million in environmental protection during the reporting period[155]. - The company actively engages in green initiatives and low-carbon operations, reflecting its commitment to environmental responsibility[156]. - The company has initiated community service projects, including tree planting and volunteer activities, to promote environmental responsibility[160]. - Tianfeng Securities invested CNY 3.1302 million in poverty alleviation and rural revitalization projects, focusing on eight areas including industrial support and medical assistance[166]. Shareholder Engagement - The company held two shareholder meetings during the reporting period, including one annual meeting and one extraordinary meeting[109]. - The annual shareholder meeting approved multiple resolutions, including the 2022 financial report and the profit distribution plan for 2022[109]. - The company has a three-year dividend return plan approved for 2023-2025[109]. - The company plans to issue A-shares to specific targets in 2023, with a detailed feasibility analysis report approved by the shareholders[109]. Employee and Talent Management - The total number of employees in the parent company is 3,530, and the total number of employees including major subsidiaries is 3,893[140]. - The company has established a comprehensive compensation management system that includes basic salary, allowances, performance bonuses, and benefits[142]. - The company aims to enhance its training programs to develop market-oriented, professional, and international talent[143].

Financial Performance - The company's operating revenue for Q1 2024 was ¥184,766,305.37, representing a decrease of 86.80% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was -¥376,122,215.78, a decline of 168.72% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥379,720,874.64, down 182.10% from the previous year[4]. - The basic earnings per share were -¥0.04, a decrease of 166.67% compared to the same period last year[4]. - The diluted earnings per share were also -¥0.04, reflecting a 166.67% decline year-on-year[4]. - The weighted average return on net assets was -1.60%, a decrease of 3.94 percentage points from the end of the previous year[5]. - The net profit for Q1 2024 was a loss of CNY 418.56 million, compared to a profit of CNY 597.22 million in Q1 2023, indicating a significant decrease in profitability[18]. - Total revenue for Q1 2024 was CNY 184.77 million, down from CNY 1.40 billion in Q1 2023, reflecting a decline of approximately 86.8%[18]. - Interest income decreased to CNY 258.28 million in Q1 2024 from CNY 357.27 million in Q1 2023, a drop of about 27.7%[18]. - Net interest income showed a loss of CNY 451.91 million in Q1 2024, compared to a loss of CNY 309.08 million in Q1 2023, worsening by approximately 46%[18]. - The company recorded a significant drop in investment income, reporting CNY 71.18 million in Q1 2024 compared to CNY 730.70 million in Q1 2023, a decrease of approximately 90.3%[18]. - The net profit attributable to the parent company for Q1 2024 was -¥372,404,635.83, compared to ¥563,109,324.80 in Q1 2023, indicating a significant decline[19]. - The total comprehensive income for the parent company in Q1 2024 was -¥410,594,143.81, compared to ¥671,499,339.90 in the same period last year[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥98,129,805,848.75, down 1.42% from the end of the previous year[5]. - The equity attributable to shareholders of the listed company was ¥23,269,176,153.69, a decrease of 1.58% compared to the end of the previous year[5]. - Total assets decreased to CNY 98.13 billion as of March 31, 2024, from CNY 99.55 billion as of December 31, 2023, representing a decline of approximately 1.43%[17]. - Total liabilities decreased to CNY 73.95 billion as of March 31, 2024, from CNY 74.96 billion as of December 31, 2023, a reduction of about 1.41%[17]. - The company's equity attributable to shareholders decreased to CNY 23.27 billion as of March 31, 2024, from CNY 23.64 billion as of December 31, 2023, a decline of approximately 1.58%[17]. Cash Flow - The net cash flow from operating activities was ¥2,581,878,991.30, a decrease of 25.45% year-on-year[4]. - The net cash flow from operating activities for Q1 2024 was ¥2,581,878,991.30, down from ¥3,463,369,218.51 in Q1 2023[21]. - The net cash flow from investing activities for Q1 2024 was ¥340,473,252.23, a recovery from a loss of -¥2,931,436,194.37 in Q1 2023[21]. - The net cash flow from financing activities for Q1 2024 was -¥1,434,959,631.90, compared to -¥5,258,010,327.61 in Q1 2023, showing an improvement[23]. - The total cash and cash equivalents at the end of Q1 2024 amounted to ¥25,256,454,978.49, up from ¥11,718,419,999.85 at the end of Q1 2023[23]. - The cash received from operating activities in Q1 2024 totaled ¥4,812,127,770.48, compared to ¥8,077,670,977.90 in Q1 2023[21]. - The cash outflow from operating activities in Q1 2024 was ¥2,230,248,779.18, down from ¥4,614,301,759.39 in Q1 2023[21]. - The cash inflow from investment activities in Q1 2024 was ¥7,574,969,960.75, compared to ¥775,929,899.36 in Q1 2023[21]. - The cash inflow from financing activities in Q1 2024 was ¥2,742,085,500.00, compared to ¥1,359,535,231.77 in Q1 2023[23]. Shareholder Information - The top ten shareholders include Hubei Hongtai Group Co., Ltd. with 1,199,447,290 shares, accounting for a significant portion of the total shares[10]. - The company has engaged in securities lending, with Wuhan Commercial Group lending 86,000,000 shares, which is 0.99% of its total shares[11]. - China Construction Bank's fund lent 3,952,500 shares, representing 0.05% of its total shares[11]. - The total number of shares held by Tianfeng Securities' repurchase account at the end of the reporting period was 11,237,500 shares, accounting for 0.07%[12]. - The company has not reported any significant changes in shareholder relationships or actions during the quarter[14]. Strategic Developments - The report indicates that the company has not disclosed any new strategies or product developments during this quarter[15]. - There were no new products or technologies introduced in this reporting period[15].

天风证券股份有限公司（以下简称"公司"）第四届董事会第三十八次会议 审议通过了《关于选举公司第四届董事会董事长的议案》等议案，选举庞介民先 生为公司董事长，具体内容详见公司在上海证券交易所网站披露的相关公告。 证券代码：601162 证券简称：天风证券 公告编号：2024-010号 天风证券股份有限公司 关于完成工商变更登记及换发营业执照的公告 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。 特此公告。 天风证券股份有限公司董事会 2024年4月26日 根据《公司章程》规定，公司董事长为公司法定代表人，因此，公司法定代 表人相应变更为庞介民先生。近日，公司已完成了上述事项的工商变更登记手续， 并取得了武汉市市场监督管理局换发的《营业执照》。相关变更事项如下： 原法定代表人：余磊 现法定代表人：庞介民 营业执照其他内容保持不变。 ...

天风证券股份有限公司 2023 年度第一期短期融资券兑付完成的公告 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。 证券代码：601162 证券简称：天风证券 公告编号：2024-009号 2024 年 4 月 19 日，公司兑付了本期短期融资券本息共计人民币 999,970,614.75 元。 特此公告。 天风证券股份有限公司董事会 2024年4月23日 天风证券股份有限公司（以下简称"公司"）于 2023 年 4 月 25 日成功发行天 风证券股份有限公司 2023 年度第一期短期融资券（以下简称"本期短期融资券"）， 本期短期融资券发行规模为人民币 9.7 亿元，票面利率为 3.15%，短期融资券期 限为 359 天，兑付日期为 2024 年 4 月 19 日。具体内容详见公司于 2023 年 4 月 27 日登载于上海证券交易所网站（www.sse.com.cn）的《天风证券股份有限公司 关于 2023 年第一期短期融资券发行结果公告》（公告编号：2023-010 号）。 ...