情况的回函 浙商证券股份有限公司: 关于浙商证券股份有限公司可转换公司债券交易异常波动 情况的回函 浙商证券股份有限公司: 本公司经认真自查,现就贵公司可转换公司债券交易异常波动情 况回复说明如下: 截止目前,作为浙商证券股份有限公司(以下简称"公司")的控 股股东,除公司已披露的拟受让国都证券部分股份事项外,不存在涉 及公司的应当披露而未披露的重大信息,包括但不限于重大资产重组、 发行股份、上市公司收购、债务重组、业务重组、资产剥离和资产注 入等重大事项。 特此回复。 浙江上三高速公 关于浙商证券股份有限公司可转换公司债券交易异常波动 浙江省交通托 (盖章) 2024年10月8日 本公司经认真自查,现就贵公司可转换公司债券交易异常波动情 况回复说明如下: 截止目前,作为浙商证券股份有限公司(以下简称"公司")的间 接控股股东,除公司已披露的拟受让国都证券部分股份事项外,不存 在涉及公司的应当披露而未披露的重大信息,包括但不限于重大资产 重组、发行股份、上市公司收购、债务重组、业务重组、资产剥离和 资产注入等重大事项。 特此回复。 浙江沪杭甬高速公路股份 关于浙商证券股份有限公司可转换公司债券交易异常波动 情 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-054 转债代码：113060 转债简称：浙 22 转债 浙商证券股份有限公司 可转债转股结果暨股份变动公告 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个别及连带责任。 重要内容提示： 累计转股情况："浙 22 转债"于 2022 年 12 月 20 日开始转股，截至 2024 年 9 月 30 日，累计共有 50,703,000 元"浙 22 转债"转为公司 A 股普通股股票， 因转股形成的股份数量为 4,988,544 股，占"浙 22 转债"转股前公司已发行股 份总额的 0.128631%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的"浙 22 转债" 金额为 6,949,297,000 元，占"浙 22 转债"发行总额的 99.275671%。 本季度转股情况：2024 年第三季度，"浙 22 转债"合计共有 9,678,000 元转为公司 A 股普通股股票，因转股形成的股份数量为 962,957 股，占"浙 22 转债"转股前公司已发行 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-055 浙商证券股份有限公司 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。 重要内容提示： 董事、总裁：钱文海 董事会秘书：邓宏光 财务总监：盛建龙 https://roadshow.sseinfo.com/） 浙商证券股份有限公司（以下简称"公司"）已于 2024 年 8 月 24 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 了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 10 月 17 日下午 14:00-15:00 举行 2024 年半年度业绩说明会，就投 资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2024 年 10 月 17 日(星期四)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 10 日(星期四)至 10 月 16 日(星期 三)16:0 ...

浙商证券股份有限公司（以下简称"本公司"）于 2024 年 6 月 13 日成功发 行了浙商证券股份有限公司 2024 年度第二期短期融资券（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 10 亿元，票面利率为 1.90%， 短期融资券期限为 91 天，兑付日期为 2024 年 9 月 12 日（详见本公司于 2024 年 6 月 15 日登载于上海证券交易所网站 www.sse.com.cn 的《浙商证券股份有限 公司 2024 年度第二期短期融资券发行结果公告》）。 2024 年 9 月 12 日，本公司按期兑付了本期短期融资券本息共计人民币 1,004,736,986.30 元。 证券代码：601878 证券简称：浙商证券 公告编号：2024-053 浙商证券股份有限公司 2024 年度第二期短期融资券兑付完成公告 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个别及连带责任。 2024 年 9 月 14 日 特此公告。 浙商证券股份有限公司董事会 ...

Investment Rating - The report assigns a "Buy" rating to Zhejiang Securities with a target price of 12.72 CNY [1][2] Core Views - Zhejiang Securities is accelerating its transformation into a medium-to-large-sized securities firm, supported by the "14th Five-Year Plan" and the 2030 Vision [2] - The company's acquisition of a 34.3% stake in Guodu Securities is expected to open a new chapter in its development, with potential synergies in regional complementarity and Zhongou Fund equity [2] - The company's steady expansion strategy has maintained its ROE stability, ranking it in the top 10 in the industry in 2023 [2] Financial Forecasts - Revenue is projected to grow steadily, with 2024-2026 revenues forecasted at 18.67/19.51/20.45 billion CNY, representing year-on-year growth of 5.9%/4.5%/4.8% [2] - Net profit attributable to shareholders is expected to be 1.88/1.99/2.12 billion CNY for 2024-2026, with year-on-year growth of 7.0%/5.9%/6.7% [2] - EPS is forecasted at 0.48/0.51/0.55 CNY, and BPS at 7.24/7.61/8.00 CNY for 2024-2026 [2] Valuation - The target price of 12.72 CNY is based on a P/B valuation of 1.76x for 2024, considering the company's steady ROE improvement [2][13] - A P/E valuation of 28x for 2024 suggests a fair value of 13.41 CNY, but the report opts for the more conservative P/B valuation [11][13] Business Strategy - Zhejiang Securities aims to become a top 20 securities firm by the end of the "14th Five-Year Plan" and is striving to break into the top 15 [2][22] - The company has been focusing on wealth management transformation, research business development, and capital replenishment since its IPO [2] - The acquisition of Guodu Securities is seen as a strategic move to enhance regional coverage and strengthen its asset management business through Zhongou Fund [37] Historical Performance - Zhejiang Securities has shown steady growth in market share and profitability, with its ROE ranking improving from 19th in 2019 to 5th in 2024 [20][21] - The company's revenue and net profit market shares have been steadily increasing over the past five years [19] Capital Management - The company has raised capital through multiple channels, including IPOs, convertible bonds, and private placements, to support its expansion [26][27] - Zhejiang Securities has maintained a moderate leverage ratio, with its operating leverage consistently below the industry average [29][30] Synergies from Guodu Securities Acquisition - The acquisition is expected to enhance Zhejiang Securities' regional presence, particularly in Beijing, Shanghai, Henan, and Shandong [36] - The stake in Zhongou Fund is anticipated to strengthen the company's asset management capabilities [37] - The combined entity is projected to rank 20th in total assets and 15th in net profit, aligning with Zhejiang Securities' goal of becoming a top 20 securities firm [38]

公司点评 浙商证券(601878.SH) 2024 年 08 月 25 日 评级 增持 | --- | --- | |---------------------|------------| | 评级变动 | 维持 | | 交易数据 | | | 当前价格（元） | 11.12 | | 52 周价格区间（元） | 9.07-13.40 | | 总市值（百万） | 43170.01 | | 流通市值（百万） | 43170.01 | | 总股本（万股） | 388219.50 | | 流通股（万股） | 388219.50 | 涨跌幅比较 浙商证券 证券Ⅱ -25% -5% 15% 35% 2023-08 2023-11 2024-02 2024-05 | --- | --- | --- | --- | |----------|-------|-------|--------| | % | 1M | 3M | 12M | | 浙商证券 | 3.44 | -3.81 | 6.21 | | 证券Ⅱ | -1.97 | -9.42 | -21.48 | 刘敏 分析师 执业证书编号:S0530520010001 liumi ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 浙商证券（601878）公司半年报点评 2024 年 08 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------------|------------| | [08Table_StockInfo 月 27 日收盘价（元）] | 10.82 | | 52 周股价波动（元） | 8.91-13.60 | | 股本结构 | | | [总股本（ Table_CapitalInfo 百万股） ] | 3882 | | 流通 A 股（百万股） | 3882 | | B 股/H 股（百万股） | 0/0 | | 相关研究 | | | [Table_ReportInfo] 《投行表现亮眼，自营低基数下大幅增 | | | 长》2024.04.14 | | | 《投行表现亮眼，二季度净利润同比实现 | | 增长》2023.09.04 市场表现 [Table_QuoteInfo] 浙商证券 海通综指 ...

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个别及连带责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号--上市公司募集资 金管理和使用的监管要求（2022 年修订）》及《上海证券交易所上市公司自律监 管指引第 1 号--规范运作（2023 年 12 月修订）》的规定，浙商证券股份有限公 司（以下简称"公司"）编制了截至 2024 年 6 月 30 日公开发行可转换公司债券 募集资金与实际使用情况的专项报告。具体如下： 证券代码：601878 证券简称：浙商证券 公告编号：2024-052 浙商证券股份有限公司 2024 年半年度募集资金存放与实际使用情况的 专项报告 一、募集资金基本情况 （一）募集资金到账情况 经中国证券监督管理委员会《关于核准浙商证券股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2022〕679号）文件核准，公司共计发行了可转 换公司债券7,000.00万张，每张面值为人民币100.00元，按面值发行，募集资金 总额为人民币7,000,000,000.00元，扣除承销保荐费用人民币12,60 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-049 二、审议通过公司《2024 年半年度募集资金存放与实际使用情况的专项报 告》 浙商证券股份有限公司 第四届董事会第二十三次会议决议公告 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个别及连带责任。 浙商证券股份有限公司（以下简称"公司"）第四届董事会第二十三次会议 于 2024 年 8 月 9 日以书面方式通知全体董事，于 2024 年 8 月 22 日在浙商证券 十一楼会议室以现场结合通讯表决方式召开。会议应出席董事 9 人，现场出席 6 人，董事陈溪俊、许长松、独立董事沈思以通讯形式出席。会议的召开符合《公 司法》和《公司章程》规定。公司监事、高级管理人员列席会议。 本次董事会由吴承根先生主持，经审议作出决议如下： 一、审议通过公司《2024 年半年度报告》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案提交董事会前已经公司董事会审计委员会审议通过。 《2024 年半年度报告摘要》刊登在《中国证券报》、《上海证券报》、《证券 时报》、《证券日报》、《经 ...

Capital Structure and Financial Position - The registered capital remains at CNY 3,878,168,795.00, unchanged from the previous year-end[11] - The net capital increased to CNY 20,069,589,094.63, up from CNY 19,720,005,234.05, reflecting a growth of approximately 1.77%[11] - The total assets at the end of the reporting period were CNY 134,975,315,303.13, a decrease of 7.25% from CNY 145,527,686,507.72 at the end of the previous year[27] - The total liabilities decreased by 9.35% to CNY 106,290,964,299.53 from CNY 117,256,485,964.04 year-on-year[27] - The company's net capital at the end of the reporting period was CNY 20,069,589,094.63, an increase from CNY 19,720,005,234.05 at the end of the previous year[29] - The total equity attributable to shareholders of the parent company increased by 1.41% to CNY 27,398,566,267.49 from CNY 27,016,418,225.89 year-on-year[27] - The company's total liabilities decreased from CNY 117.26 billion to CNY 106.29 billion over the reporting period[183] - The company's monetary funds decreased from CNY 39.44 billion at the end of 2023 to CNY 32.67 billion as of June 30, 2024[182] Revenue and Profitability - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the first half of 2024, representing a 20% year-over-year growth[15] - The company's operating revenue for the first half of 2024 was CNY 8,000,213,703.21, a decrease of 5.39% compared to CNY 8,455,670,625.17 in the same period last year[27] - The net profit attributable to shareholders of the parent company was CNY 784,352,341.09, down 13.94% from CNY 911,427,235.74 year-on-year[27] - The basic earnings per share decreased by 16.67% to CNY 0.20 from CNY 0.24 in the same period last year[28] - The company reported a net profit margin decline due to increased operational costs and lower investment returns[187] - The company reported a net profit for the first half of 2024 of CNY 794,800,253.68, down from CNY 810,629,646.80 in the first half of 2023, representing a decline of 1.0%[192] Investment and Growth Strategies - The company reported a focus on enhancing its market position through strategic expansions and potential mergers and acquisitions in the future[5] - New product launches are expected to contribute an additional 300 million CNY in revenue by the end of 2024[15] - The company is expanding its market presence by entering three new provinces, aiming to increase its customer base by 10%[15] - Research and development investments have increased by 30%, focusing on innovative financial technologies[15] - The company is exploring potential mergers and acquisitions to enhance its service offerings and market share[15] - The company aims to enhance its wealth management services and has made significant progress in improving customer service quality to increase client retention[50] Risk Management - The company faces significant risks related to macroeconomic conditions and capital market fluctuations, which could impact operational performance[5] - The company is committed to addressing various operational risks, including policy, liquidity, market, credit, information technology, operational, and reputational risks[5] - The company emphasizes the importance of a comprehensive risk management system, with a dedicated Chief Risk Officer overseeing risk management efforts across various departments[96] - The company has established a risk limit system based on its risk appetite, which is reviewed annually to align with business development and operational performance[98] - The company actively monitors and responds to policy changes to minimize the impact of regulatory risks on its operations[99] Compliance and Regulatory Matters - The company emphasizes the importance of regulatory compliance and has obtained all necessary licenses for its operations[11] - The company has implemented a robust compliance and risk control system to ensure operational integrity and mitigate potential risks[46] - The company received a regulatory warning from the Shanghai Stock Exchange regarding issues with its sponsorship work, which has since been rectified[123] - The company has not faced any administrative penalties related to environmental issues during the reporting period[111] Cash Flow and Financial Activities - The net cash flow from operating activities for the first half of 2024 was -3,033,644,157.84 RMB, a significant decrease compared to 7,473,409,846.55 RMB in the same period of 2023[194] - The total cash inflow from operating activities was 22,647,506,772.98 RMB, down 20% from 28,302,981,345.35 RMB year-over-year[194] - The ending balance of cash and cash equivalents was 32,344,944,481.50 RMB, down from 38,181,688,403.63 RMB year-over-year[195] - The company reported a significant increase in cash received from other operating activities, totaling 10,082,236,786.72 RMB, compared to 18,008,580,686.12 RMB in the previous year[194] Shareholder and Equity Information - The total number of common shareholders as of the end of the reporting period was 169,635[136] - Zhejiang Shangsan Expressway Co., Ltd. held 2,124,825,159 shares, accounting for 54.73% of total shares, making it the largest shareholder[136] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder holding over 54%[136] - The company has a repurchase account holding 38,781,600 shares, representing 1.00% of the total share capital[138] Environmental and Social Responsibility - The company emphasizes energy conservation and has implemented a paperless office model to reduce carbon emissions[113] - The company actively participated in educational support initiatives, donating sports equipment to several schools in June 2024[114] - The company is focused on innovation-driven development and exploring new paths for capital market services to the real economy[112]