兴业证券股份有限公司 投资者关系活动记录表 投资者关系活动 □ 调研交流 □ 分析师会议 类别 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 在线参与的投资者 人员姓名 时间 2024年5月13日 下午 16:00~17:00 地点 上海证券交易所上证路演中心http://roadshow.sseinfo.com/ 上市公司接待人 公司总裁刘志辉先生 员姓名 董事会秘书林朵女士 首席财务官许清春先生 独立董事潘越女士、董希淼先生、姚辉先生 本次调研交流的具体问答记录如下： 1、党中央和国务院擘画“打造金融强国和资本市场高质量发展 战略”，请问贵公司如何积极响应落实！谢谢！ 答：尊敬的投资者，您好！ ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨兴业证券（ ） 601377.SH [兴Ta业b证le_券Title] 点评：双轮联动推动 2023A&2024Q1 发展，公募业务加快布局 报告要点 [基Ta金bl市e_场Su遇m冷m的ar情y]况下，公司资管收入仍能实现逆市增长，兴证资管将进一步夯实固收业务基 础，快速做大公募基金规模。从中长期的角度来看，我们看好公司积极发挥业务协同效应，同 时在财富管理、机构化进程加速双轮驱动发展战略下的成长性。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company experienced a decline in earnings due to a high base effect in Q1 2024, with a revenue of CNY 23.77 billion, down 43% year-on-year, and a net profit of CNY 3.28 billion, down 60% [2][10]. - The company is expected to maintain its asset management advantages and enhance its institutional client service capabilities, with projected EPS of CNY 0.30 and CNY 0.33 for 2024 and 2025, respectively [2][53]. Summary by Sections 1. Q1 2024 Performance - The company reported a revenue of CNY 106.27 billion for 2023, a decrease of 0.31% year-on-year, and a net profit of CNY 19.64 billion, down 25.51% [10][11]. - The adjusted leverage ratio decreased to 3.18 times in Q1 2024, down 0.26 from the beginning of the year [2]. 2. Business Segment Performance - Brokerage income for 2023 was CNY 22.53 billion, down 18% year-on-year, with financial product distribution income at CNY 4.13 billion, down 12% [2][19]. - Asset management business net income decreased by 8.1% year-on-year, while the scale of managed assets increased by 13% to CNY 844 billion [2][25]. - Investment banking revenue increased by 9.3% year-on-year to CNY 10.44 billion in 2023, but saw a significant decline of 69% in Q1 2024 [2][38]. 3. Investment and Financial Performance - The company achieved self-operated investment income of CNY 7.65 billion in 2023, an increase of 11% year-on-year, but saw a 68% decline in Q1 2024 [2][43]. - Interest income (adjusted) was CNY 16.57 billion in 2023, up 2% year-on-year, with a notable decrease of 44.3% in Q1 2024 [2][50]. 4. Profit Forecast and Investment Recommendations - The report forecasts a gradual recovery in the capital market, with an expected revenue of CNY 11.496 billion in 2024, representing an 8.2% increase year-on-year [53]. - The reasonable value per share is estimated at CNY 7.78, based on a 1.2 times PB valuation for 2024 [2][53].

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ Table_Main[兴ITnaf 业bol]e 证_Ti券tle]( 601377) [评Tab级le_：Inv est] 增持 上次评级： 增持 投资业绩同比下滑，财富管理优势强化 目标价格： 7.99 上次预测： 7.99 公 ——兴业证券2023 年报及2024 年一季报点评 当前价格： 5.72 司 刘欣琦(分析师) 王思玥(研究助理) 2024.04.28 更 021-38676647 021-38031024 [交Ta易bl数e_M据a rket] liuxinqi@gtjas.com wangsiyue028676@gtjas.com 新 52周内股价区间（元） 5.20-7.27 证书编号 S0880515050001 S0880123070151 报 总市值（百万元） 49,398 本报告导读： 总股本/流通A股（百万股） 8,636/8,636 告 流通B股/H股（百万股） 0/0 2024Q1 投资业绩同比下滑致使整体业绩承压；公司财富管理与机构业务专业水平不 流通股比例 100% 断提升，有望更好地发挥功能 ...

证券研究报告 | 2024年04月27日 兴业证券（601377.SH） 增持 自营承压，发力境外，“双轮驱动”持续推进 核心观点 公司研究·财报点评 兴业证券公布2023年年度报告与2024年第一季度报告。2023年公司实现营 非银金融·证券Ⅱ 业收入106.27亿元，同比小幅下滑0.3%；实现归母净利润19.64亿元,同比 证券分析师：孔祥 证券分析师：林珊珊 下滑26%；扣除非经常性损益后的净利润为18.65亿元，同比下滑24%%。公司 021-60375452 0755-81981576 kongxiang@guosen.com.cn linss@guosen.com.cn 同时披露2024年一季报，公司当期实现营业收入23.77亿元，同比下滑43%； S0980523060004 S0980518070001 实现归母净利润3.28亿元,同比下滑60%；扣除非经常性损益后的净利润为 基础数据 2.97亿元，同比下滑61%，对应EPS0.035元，同比下滑64%；ROE为0.56%， 投资评级 增持(维持) 同比减少1.01pct。业绩下滑主要因手续费与佣金收入下滑，叠加公司营业成 合理估值 收盘价 ...

董事长致辞 1 | 专题聚焦:强化党建,以学铸魂凝心聚力 | 21 | | --- | --- | | 传播兴声,铸就文化自信自强 | 23 | | 专题聚焦:专业帮扶,金融助力乡村振兴 51 | | | --- | --- | | 真挚为民,跨越山海向善而行 | 60 | | 久久为功,深耕国民金融教育 | 66 | | 用爱护航,携手共建温暖职场 | 71 | | 专题聚焦:牢记初心,践行金融强国使命 27 | | | --- | --- | | 勇担责任,多方聚引金融活水 | 29 | | 四位一体,绿色金融助力"双碳" | 35 | | 服务为基,科技赋能金融创新 | 45 | | 治理责任 | 75 | | --- | --- | | 社会责任 | 89 | | 环境责任 | 105 | | ESG关键绩效表 | 107 | | 报告索引表 | 114 | | 报告编制说明 | 117 | 03 2023 年度社会责任报告 董事长致辞 04 03 2023 年度社会责任报告 董事长致辞 岁 回 律 转， 又 起 新 程。 回 首 2023 年， 兴业证券砥砺奋进，全面贯彻落实党的 二十大精神，坚持以 ...

（潘越） 本人潘越，作为兴业证券股份有限公司（以下简称"公司"）独立董事，严 格按照《公司法》《证券公司治理准则》《上市公司治理准则》等法律法规、规范 性文件，及《兴业证券股份有限公司章程》（以下简称《公司章程》）、《兴业证券 股份有限公司独立董事工作制度》等要求，忠实勤勉履职，在会计领域具备丰富 的专业知识和经验，能够积极有效履行独立董事职责，有效维护公司股东、特别 是中小股东的合法权益。本人经 2023 年 11 月 30 日公司召开的 2023 年第一次临 时股东大会选举为公司独立董事，接替孙铮先生履行公司第六届董事会独立董事 及董事会审计委员会召集人、薪酬与考核委员会委员职责。现就本人 2023 年度 的履职情况报告如下： 一、独立董事的基本情况 作为公司独立董事，本人在会计领域具备丰富的专业知识和经验，符合任职 所必需的条件。本人自担任独立董事以来，持续满足独立性要求，不存在影响独 立性的情况。本人的工作履历、专业背景以及兼职情况如下： 潘越，女，管理学博士（财务管理方向），中国注册会计师，教授，财政部 "全国高端会计人才"。 现任公司独立董事，厦门大学社会科学研究处处长， 文科期刊中心主任，经济学 ...

Financial Performance - The company's net profit attributable to shareholders for 2023 is projected to be 1.96 billion RMB, with a distribution plan that retains 6.15 billion RMB in undistributed profits for future use[4]. - The company's operating revenue for 2023 was approximately ¥10.63 billion, a decrease of 0.30% compared to ¥10.66 billion in 2022[31]. - The net profit attributable to shareholders of the parent company for 2023 was approximately ¥1.96 billion, down 25.51% from ¥2.64 billion in 2022[31]. - The net cash flow from operating activities for 2023 was approximately -¥10.36 billion, a significant decline of 145.73% compared to ¥22.66 billion in 2022[31]. - Total assets at the end of 2023 reached approximately ¥273.61 billion, an increase of 11.29% from ¥245.86 billion at the end of 2022[31]. - Total liabilities at the end of 2023 were approximately ¥212.64 billion, up 12.50% from ¥189.02 billion at the end of 2022[31]. - The basic earnings per share for 2023 was ¥0.23, a decrease of 34.29% compared to ¥0.35 in 2022[32]. - The weighted average return on equity for 2023 was 3.70%, down 2.04 percentage points from 5.74% in 2022[32]. Dividend Distribution - The company plans to distribute a cash dividend of 1 RMB per 10 shares, totaling approximately 863.6 million RMB, which represents 74.42% of the distributable profit for 2023[4]. - The proposed cash dividend for 2023 is 1.00 RMB per 10 shares, amounting to 863,598,729.40 RMB, which is 43.96% of the net profit attributable to shareholders for the year[179]. - The company emphasizes a stable and continuous profit distribution policy to enhance shareholder returns, particularly for minority shareholders[177]. Business Expansion and Development - The company established a new subsidiary in Singapore and enhanced its overseas management business headquarters in Hong Kong, actively participating in the open economy and the Belt and Road Initiative[11]. - The company expanded its wealth management service system, achieving significant breakthroughs in fund advisory and family wealth management, and ranked third in the "Best Local Research Team" category in the 2023 New Fortune evaluation[12]. - The company aims to enhance its service quality to the real economy and investors, aligning with the central financial work conference's spirit[14]. - The company plans to leverage historical opportunities in the capital market for further growth and development[14]. - The company aims to enhance its wealth management capabilities by leveraging financial technology and improving customer service systems[46]. Risk Management and Compliance - The company has established a comprehensive risk management system that includes operational management systems, organizational structures, and quantifiable risk indicators[123]. - The company has implemented a liquidity risk limit and early warning indicator system to monitor liquidity coverage and net stable funding ratios, ensuring compliance with regulatory requirements[129]. - The company has a structured approach to credit risk management, focusing on risks from brokerage activities and counterparty defaults[130]. - The company emphasizes a risk culture and has integrated risk management into all stages of decision-making and execution[124]. - The company has established a dynamic monitoring mechanism for risk control indicators, ensuring compliance with internal and regulatory standards[136]. Social Responsibility and Environmental Initiatives - The company has been recognized for its social responsibility efforts, receiving multiple awards for its charitable projects and community support initiatives[13]. - The company invested 215.886 million yuan in environmental protection during the reporting period[196]. - The company achieved a cumulative green financing service scale of 255.301 billion yuan by the end of 2023, representing a year-on-year increase of 91.76%[198]. - The company has successfully offset 17,115.99 tons of carbon dioxide equivalent emissions through the purchase of carbon offset products[200]. - The company has maintained a downward trend in carbon emissions intensity from its investment and financing activities over the past three years, outperforming the market average[199]. Governance and Management Structure - The company has a well-defined corporate governance structure with independent functioning of the shareholders' meeting, board of directors, supervisory board, and management[141]. - The company has established specialized committees, including the audit committee and risk control committee, to enhance governance[161]. - The company has made changes in its board composition to enhance governance and oversight[156]. - The company has a diverse management structure with executives holding multiple positions across various organizations, enhancing strategic oversight[151]. - The company has established a comprehensive salary management system that includes basic salary, position salary, performance rewards, and benefits[173]. Financial Qualifications and Licenses - The company has been approved for various business qualifications, including private equity investment fund business qualification in April 2015[24]. - The company obtained new qualifications for public fundraising securities investment fund management in November 2023[19]. - The company has qualifications for managing entrusted insurance funds participating in stock index futures trading since December 2019[19]. - The company has qualifications for managing public fundraising securities investment funds since September 2003[19]. - The company has been authorized for stock option market-making business in April 2023[19]. Market Outlook and Industry Trends - The financial market outlook is optimistic, with significant potential for the securities industry[14]. - The company has identified three major trends in the securities industry: increasing competition in investment banking, changes in wealth management business models, and a potential resurgence in mergers and acquisitions[120]. - The company is committed to high-quality development and aims to contribute more value to the real economy, investors, shareholders, and society[14]. - The company plans to deepen business model transformation and improve quality and efficiency to achieve high-quality development in 2024[122]. - The company aims to strengthen its bond innovation and diversify its revenue structure to create new growth points[70].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,376,916,655.23, a decrease of 42.99% compared to the same period last year[5]. - Net profit attributable to shareholders was CNY 328,204,971.32, down 60.38% year-on-year[5]. - The basic earnings per share decreased by 63.50% to CNY 0.0350[5]. - The weighted average return on equity decreased by 1.01 percentage points to 0.56%[5]. - Net profit for Q1 2024 was ¥487,852,700.23, down 53.8% from ¥1,055,167,538.41 in Q1 2023[18]. - The company reported a total comprehensive income of ¥617,983,438.80 for Q1 2024, compared to ¥1,065,772,655.75 in Q1 2023, a decrease of 42.0%[18]. Assets and Liabilities - The total assets as of March 31, 2024, were CNY 251,853,903,914.31, a decrease of 7.95% from the end of the previous year[8]. - Total assets decreased to ¥251,853,903,914.31 from ¥273,611,445,298.37, a reduction of 7.9%[16]. - Total liabilities decreased to ¥190,265,747,457.42 from ¥212,640,803,742.39, a decline of 10.5%[16]. - The company's equity attributable to shareholders increased to ¥56,817,725,945.54 from ¥56,371,569,789.96, an increase of 0.8%[16]. Cash Flow - The net cash flow from operating activities was negative at CNY -1,656,537,121.61, indicating a significant cash outflow[10]. - In Q1 2024, the net cash flow from operating activities was -1,656,537,121.61 RMB, an improvement from -1,918,858,279.85 RMB in Q1 2023[21]. - The cash inflow from operating activities totaled 11,212,487,083.40 RMB in Q1 2024, down from 12,771,508,037.54 RMB in Q1 2023[21]. - The net cash flow from investing activities was -1,379,108,926.35 RMB in Q1 2024, significantly better than -2,910,146,231.27 RMB in Q1 2023[21]. - Total cash inflow from financing activities in Q1 2024 was 7,357,565,874.19 RMB, compared to 10,151,442,029.00 RMB in Q1 2023[22]. - Cash outflow from financing activities totaled 15,275,566,822.17 RMB in Q1 2024, slightly lower than 15,479,972,874.63 RMB in Q1 2023[22]. - The company experienced a net decrease in cash and cash equivalents of -10,898,317,224.73 RMB in Q1 2024, compared to -10,316,570,342.29 RMB in Q1 2023[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 238,223[12]. - The largest shareholder, Fujian Provincial Finance Department, holds 1,769,854,917 shares, representing 20.49% of total shares[13]. - The second largest shareholder, Fujian Investment Development Group, holds 634,510,179 shares, representing 7.35% of total shares[13]. - The company has not reported any significant changes in the top 10 shareholders or their shareholding status due to margin trading activities[14]. Other Financial Metrics - The company reported an investment loss of ¥1,601,865,096.31 in Q1 2024, compared to a profit of ¥285,147,079.85 in the same period last year[17]. - The company reported a 44.22% decrease in net interest income, totaling CNY 278,378,984.78[9]. - The company experienced a 55.48% decrease in buyback financial assets, amounting to CNY 5,212,572,067.38[9]. - The company received government subsidies amounting to CNY 5,528,984.04, which were closely related to its normal business operations[7]. - The company's cash and cash equivalents as of March 31, 2024, amount to RMB 60,382,517,987.05, down from RMB 69,478,945,520.69 as of December 31, 2023[15]. - Client funds deposits are RMB 47,784,917,214.57, a decrease from RMB 51,978,218,186.28[15]. - The total amount of financial assets held for trading is RMB 77,540,118,563.21, down from RMB 82,772,699,641.84[15]. - The company has a derivative financial asset value of RMB 3,586,179,322.66, an increase from RMB 2,614,871,388.16[15]. - The total receivables amount to RMB 2,465,228,984.59, an increase from RMB 1,401,368,898.03[15]. - There are no other significant reminders regarding the company's operational status during the reporting period[15].

证券代码：601377 证券简称：兴业证券 公告编号：临 2024-014 兴业证券股份有限公司关于召开 2023 年度 暨 2024 年第一季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。 重要内容提示： 兴业证券股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日发布公 司 2023 年度报告和 2024 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2023 年度和 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 5 月 13 日下午 16:00-17:00 举行 2023 年度暨 2024 年第一季度业绩说明会，就投 资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度以及 2024 年 第一季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。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 13 日下午 16:00- ...