[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]

好的各位投资的朋友周末好欢迎大家来参加我们的会议我们是浙商农业邱冠华 钟凯峰团队那么今天继续跟各位来聊一聊深珠然后看一看深珠目前的一个情况我是浙商证券研究所副所长钟凯峰那么今天我取的主题的名字叫做变与不变 变与不变那么在当下我们在关注和参与神州板块的这个行情当中什么东西是变了的什么东西没有变这个是我们想跟大家做一个这个近期的一个这个梳理的当然为什么做这个梳理呢因为我们在近期得到很多投资者反馈都是一种这种困惑感那么 为什么跟我想的这个不一样 为什么跟以前不一样为什么以某某参照系 前台词就是这个 某某参照系不一样所以说面对这样的局面 既然已经我们看到这样的局面我们该怎么去应对 后面怎么去演绎 我们怎么去理解 有这样的一个疑惑和困惑非常明显的存在我相信可能参会的部分领导部分投资者可能也会有这种感受所以我们做了这么一个简单的一个梳理其实总体来说我觉得变与不变如果做一个概括和总结的话我觉得不变主要是在基本面层面的基本面的层面包括现实 包括判断 我们对未来的预期总体来说关键是三个字基本变我们觉得是没有变化那么变化的是什么变化的可能更多的是在股价层面跟股价有关的一些横向和纵向的与钱比和与众比这种与钱不同与众不同的一些变化我 ...

债券代码：113060 债券简称：浙 22 转债 证券代码：601878 证券简称：浙商证券 华安证券股份有限公司 关于浙商证券股份有限公司公开发行可转换公司债券 华安证券股份有限公司（以下简称"华安证券"）编制本报告的内容及信息 来源于浙商证券股份有限公司（以下简称"浙商证券"、"公司"或"发行人"） 对外公布的公开信息披露文件及发行人向华安证券提供的资料。 华安证券按照《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》等相关规定及与浙商证券签订的《浙商证券股份有限公司公开发行可 转换公司债券债券受托管理协议》（以下简称"《受托管理协议》"）的约定编 制本报告。 2024 年第一次临时受托管理事务报告 债券受托管理人 二〇二四年七月 重要声明 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为华安证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 华安证券提请投资者及时关注发行人的信息披露文件，并已督促发行人及时 履行信息披露义务。 1 一、核准文件及核准规模 经中国 ...

Financial Performance - Total operating revenue for the first half of 2024 was RMB 8.01 billion, a decrease of 5.27% compared to RMB 8.46 billion in the same period of 2023[3] - Net profit for the first half of 2024 was RMB 810.48 million, down 13.95% from RMB 941.90 million year-on-year[4] - Profit attributable to shareholders of the listed company was RMB 779.77 million, a decline of 14.45% compared to RMB 911.43 million in the first half of 2023[3] - Basic earnings per share for the first half of 2024 were RMB 0.20, down 16.67% from RMB 0.24 in the same period of 2023[3] - The net profit after deducting non-recurring gains and losses was RMB 772.53 million, a decrease of 13.87% from RMB 896.94 million in the same period of 2023[3] Assets and Equity - Total assets as of June 30, 2024, decreased by 7.25% to RMB 134.98 billion from RMB 145.53 billion at the end of 2023[3] - Shareholders' equity attributable to the listed company increased by 1.40% to RMB 27.39 billion compared to RMB 27.02 billion at the end of 2023[3] Operational Stability - The company experienced a stable operating performance despite a volatile capital market and a decline in revenue from securities investment, underwriting, and brokerage businesses[4] Cautionary Note - The company warns that the financial data presented is preliminary and may differ from the final audited figures in the 2024 semi-annual report, advising investors to be cautious[5] Return on Assets - The weighted average return on net assets decreased by 0.60 percentage points to 2.84% compared to 3.44% in the first half of 2023[3]

证券代码：601878 证券简称：浙商证券 公告编号：2024-047 特此公告。 浙商证券股份有限公司董事会 2024 年 7 月 20 日 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"本公司"）于 2024 年 4 月 17 日成功发 行了浙商证券股份有限公司 2024 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 10 亿元，票面利率为 2.01%， 短期融资券期限为 91 天，兑付日期为 2024 年 7 月 18 日（详见本公司于 2024 年 4 月 20 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 年度第一期短期融资券发行结果公告》）。 2024 年 7 月 18 日，本公司按期兑付了本期短期融资券本息共计人民币 1,005,011,232.88 元。 浙商证券股份有限公司 2024 年度第一期短期融资券兑付完成公告 ...

北京市嘉源律师事务所 关于浙商证券股份有限公司 差异化分红事项的核查意见 频事务所 堂 博德 HA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 HT 源霍师目务所 YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:浙商证券股份有限公司 北京市嘉源律师事务所 关于浙商证券股份有限公司 差异化分红事项的核查意见 嘉源(2024)-05-250 敬启者: 本所接受浙商证券股份有限公司(以下简称"公司")的委托,就公司 2023 年度利润分配涉及的差异化分红(以下简称"本次差异化分红")相关事 项出具本核查意见。 本所及本所经办律师依据《证券法》《律师事务所从事证券法律业务管理 办法》和《律师事务所证券法律业务执业规则(试行)》等规定及本核查意见出 具之日以前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责 和诚实信用原则,进行了充分的核查验证,保证本核查意见所认定的事实真实、 准确、完整,所发表的结论性意见 ...

证券代码：601878 证券简称：浙商证券 公告编号：2024-046 浙商证券股份有限公司 可转债转股价格调整公告 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： 证券停复牌情况：适用 因实施 2023 年度权益分派, 权益分派公告前一交易日（2024 年 7 月 17 日） 至权益分派股权登记日（2024 年 7 月 24 日）间，公司可转债停止转股，自 2024 年 7 月 25 起恢复转股本公司的相关证券停复牌情况如下： | 113060 | 浙22转债 | 可转债转股复 | | | 2024/7/24 | 2024/7/25 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 停复牌类型 牌 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | 根据《募集说明书》相关条款约定，在可转债发行之后，当公司因派送股票 股利、转增股本、增发新股或配股、派送现金股利等情况（不包括因本次发行的 可转债转股而增加的股本）时，将按下述公 ...