Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown strong performance in proprietary trading, while overall operations remain stable. However, the brokerage business is under pressure due to a decline in market activity. The investment banking sector has seen significant growth in bond underwriting, and the asset management business has completed its public offering transformation, although revenue has slightly decreased year-on-year. The reasonable value range for the stock is estimated at 13.59-14.56 CNY [4][5] Financial Performance - In 2023, the company achieved operating revenue of 33.64 billion CNY, which is essentially flat year-on-year. The net profit attributable to shareholders was 7.88 billion CNY, reflecting a year-on-year increase of 1.5%. The earnings per share (EPS) was 0.65 CNY, with a return on equity (ROE) of 7.5%. In Q4, the operating revenue reached 8.16 billion CNY, up 28.2% year-on-year, while the net profit was 1.28 billion CNY, down 3.4% year-on-year due to credit impairment losses [4][6] Brokerage Business - The brokerage business experienced a slight decline, with the company's brokerage revenue at 5.50 billion CNY, down 13.6% year-on-year, accounting for 16.4% of total operating revenue. The average daily trading volume in the market was 962.5 billion CNY, down 4.0% year-on-year, while the margin financing balance increased by 7% year-to-date [4][5] Investment Banking - The investment banking sector showed strong performance in bond underwriting, with a bond underwriting scale increase of 40.4% year-on-year. The company ranked 12th in bond underwriting with a total of 358 billion CNY. However, equity underwriting saw a significant decline of 68.4% year-on-year [4][5] Asset Management - The asset management business saw revenue growth of 3.7% year-on-year, reaching 460 million CNY. The total asset management scale was 94.6 billion CNY, down 17.8% year-on-year. The company has been actively developing and enhancing its product offerings, focusing on themes such as ESG and dividends [5] Proprietary Trading - The proprietary trading segment performed exceptionally well, contributing significantly to the company's growth. The total investment income (including fair value) for 2023 was 7.66 billion CNY, up 37.0% year-on-year, with Q4 investment income reaching 1.83 billion CNY, a remarkable increase of 153.6% year-on-year [5] Earnings Forecast - The company is expected to achieve EPS of 0.81, 0.87, and 0.91 CNY for the years 2024, 2025, and 2026 respectively, with book value per share (BVPS) projected at 9.70, 10.27, and 10.87 CNY for the same years [5][6]

浙商证券股份有限公司、中信建投证券股份有限公司 关于中国银河证券股份有限公司 一、持续督导工作情况 1 | 序号 | 工作内容 | 实施情况 | 建立健全并有效执行持续督导工作制度，并 | 联席保荐机构已建立健全并有效执行 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 针对具体的持续督导工作制定相应的工作计 | 了持续督导制度，已根据公司的具体 | 1 | 划。 | 情况制定了相应的工作计划。 | | | | | | 根据中国证监会相关规定，在持续督导工作 | 联席保荐机构已与公司签订保荐协 | 开始前，与上市公司或相关当事人签署持续 | 议，该协议已明确了双方在持续督导 | | | | | | | 2 | 督导协议，明确双方在持续督导期间的权利 | 期间的权利义务，并报上海证券交易 | | | | | | | | 义务，并报上海证券交易所备案。 | 所备案。 | 持续督导期间，按照有关规定对上市公司违 | | | | | | | | 年度持续督导期间，公司未发 | 2023 | 法违规事项公开发表声明的，应当向上海证 ...

上 市 公 司 非银金融 2024年03月29日 中国银河 (601881) 公 司 研 究 ——经纪和投资为支柱，国际业务或成新增长极 / 公 司 点 报告原因：有业绩公布需要点评 评 事件：中国银河公布2023年报，符合预期。2023年公司实现营业收入336亿元/同比持平， 买入 （维持） 归母利润78.8亿/yoy+1.4%，加权ROE 7.52%/yoy-0.7pct。单季度看，4Q23公司实现营收 81.6 亿/yoy+28%/qoq+1%，归母利润 12.8 亿/yoy-4%/qoq-23%，其中单四季度净投资收 入同比高增156%。 证 市场数据： 2024年03月28日 券 ⚫ 收入拆分：经纪+投资仍是支柱。2023年公司净投资76.5亿/yoy+37%，经纪收入55亿 收盘价（元） 11.82 研 一年内最高/最低（元） 14.6/9.69 /yoy-14%，净利息41.6/yoy-19%，投行收入5.5亿/yoy-20%，资管4.6亿/yoy+4%。 究 市净率 1.0 收入结构看，净投资占比42%、经纪占比30%、净利息23%。 报 息率（分红/股价） - 告 流通A股市值（百万元） 8 ...

Investment Rating - The report maintains a "Buy" rating for China Galaxy Securities (601881) [1] Core Views - China Galaxy Securities achieved revenue of RMB 336.44 billion and net profit of RMB 78.79 billion in 2023, with year-on-year growth of 0.01% and 1.43% respectively [2] - The company's weighted average ROE was 7.52%, a decrease of 0.70 percentage points year-on-year [2] - Proprietary trading and asset management businesses showed strong growth, while brokerage and investment banking revenues declined [2] Business Performance Wealth Management - Wealth management client base exceeded 15.5 million, with North Exchange qualified investors ranking first in the industry [3] - High-net-worth client brand "Galaxy Jinyi" signed 5,456 clients, a 156% increase from 2022 [3] - Financial product sales reached RMB 949.88 billion, with average monthly custody scale growing 6.15% to RMB 2036.26 billion [3] Investment Banking - Equity underwriting amounted to RMB 3.765 billion, while debt underwriting reached RMB 357.954 billion, a 41.75% year-on-year increase [3] - Ranked 12th in the industry for debt underwriting [3] Institutional Business - Established new institutional business line and launched "Galaxy Tian Gong" one-stop institutional service platform [3] - Provided market-making services for 12 North Exchange listed companies [3] International Business - Completed 15 Hong Kong IPO projects and 133 bond underwriting deals in 2023 [3] - Achieved 100% ownership of Galaxy-CIMB Securities and Galaxy-CIMB Holdings, strengthening Southeast Asia market position [3] Investment Trading - Fixed income investment business showed steady growth [4] - Financial investment assets reached RMB 3081.37 billion, a 7.5% increase from the beginning of the year [5] Financial Projections - Forecasted net profits for 2024-2026 are RMB 8.453 billion, RMB 9.732 billion, and RMB 10.738 billion respectively [6] - Projected PB ratios for 2024-2026 are 0.98X, 0.96X, and 0.93X [5] - Expected EPS for 2024-2026 are RMB 0.77, RMB 0.89, and RMB 0.98 [6]

Financial Performance - The company's operating revenue for 2023 reached ¥33,644,082,792.61, a slight increase of 0.01% compared to ¥33,641,993,399.99 in 2022[34]. - The net profit attributable to shareholders for 2023 was ¥7,878,769,252.91, reflecting a 1.43% increase from ¥7,767,550,501.89 in 2022[34]. - The net cash flow from operating activities for 2023 showed a significant decline, amounting to -¥44,260,691,662.01, compared to ¥30,798,599,446.71 in 2022, a decrease of 243.71%[34]. - Total assets at the end of 2023 were ¥663,205,297,156.44, representing a 6.08% increase from ¥625,222,928,196.19 at the end of 2022[34]. - The total liabilities increased by 1.93% to ¥532,710,510,748.47 in 2023 from ¥522,601,017,700.09 in 2022[34]. - The equity attributable to shareholders rose by 27.16% to ¥130,466,361,900.54 in 2023, up from ¥102,598,725,946.18 in 2022[34]. - Basic earnings per share for 2023 were ¥0.67, a decrease of 4.29% from ¥0.70 in 2022[35]. - The weighted average return on equity for 2023 was 7.52%, down from 8.22% in 2022, a reduction of 0.70 percentage points[35]. Risk Management - The company faces significant risks due to reliance on the overall economic and market conditions in China and other regions, which could substantially impact operational performance[6]. - The company is committed to managing various risks, including legal, compliance, market, credit, and operational risks, through optimized business processes and risk control measures[6]. - The company has established a comprehensive risk management framework, enhancing risk assessment and control processes across all business operations[113]. - The company has implemented a comprehensive risk management framework, enhancing risk assessment and control processes across all business operations[113]. - The company has conducted regular stress tests to evaluate liquidity risk levels under pressure scenarios, ensuring preparedness for potential liquidity challenges[109]. - The company has established a liquidity risk indicator system, monitoring liquidity risk daily and ensuring compliance with regulatory requirements[109]. - Credit risk management remains robust, with 96.36% of credit bond investments rated AA+ or above, reflecting low default risk[108]. Corporate Governance - The company has a robust governance structure with a clear division of responsibilities among the board, supervisory committee, and executive committee[129]. - The company adheres to corporate governance standards, ensuring timely and accurate information disclosure to protect investor rights[129]. - The company has established specialized committees within the board to enhance governance and oversight functions[129]. - The company emphasizes the importance of risk management at all levels, with dedicated personnel in various departments to identify and report risks[125]. - The company has established an independent human resources management department, ensuring that senior management personnel do not hold positions in the controlling shareholder's other enterprises[133]. - The company has an independent financial department with a complete financial accounting system, ensuring no shared bank accounts with the controlling shareholder[134]. - The company operates independently in its business activities, focusing on brokerage, investment banking, and asset management, without competition from the controlling shareholder[136]. Strategic Development - The company is implementing a strategic development plan for 2023-2025, focusing on becoming a leader in wealth management and a service provider for the real economy[96]. - The new strategic plan introduces a "five-in-one" business model and a "three transformations and one integration" mechanism to enhance competitiveness[97]. - The company aims to transform from a traditional brokerage to a modern investment bank, ensuring balanced business development and high operational standards[97]. - Future guidance indicates a focus on increasing revenue through market expansion and potential mergers and acquisitions[18]. - The company plans to focus on expanding its international business, particularly in Southeast Asia, where it aims to enhance its market share[62]. - The company is considering strategic acquisitions to enhance its product portfolio, targeting firms with complementary technologies[155]. Shareholder Returns - The company plans to distribute cash dividends totaling RMB 2,405,568,496.32, which translates to RMB 2.20 per share based on the total share capital of 10,934,402,256 shares as of the end of 2023[4]. - The company’s 2022 profit distribution plan was approved, indicating a focus on shareholder returns[175]. Market Position and Expansion - The company is involved in multiple financial services, including fund distribution and asset management, expanding its service offerings[16]. - The company’s market share in the securities industry is expected to grow due to strategic expansions and new product launches planned for the upcoming year[18]. - The company has expanded its presence in regions such as Inner Mongolia, Chongqing, and Hubei with dedicated branch offices[30]. - The company operates a total of 469 securities business departments across 31 provinces, autonomous regions, and municipalities in China[28]. - The company has maintained a market share of 4.79% in net income from securities trading agency services, ranking third in the industry[44]. Financial Technology and Innovation - The company is investing heavily in financial technology to enhance digital integration across five major business areas[99]. - The company is actively pursuing new technology developments to enhance its trading platforms and customer service capabilities[18]. - The company is investing in R&D for new technologies, with a budget allocation of $50 million for the upcoming year[155]. Employee and Management Compensation - The total pre-tax remuneration for the board of directors, supervisors, and senior management during the reporting period amounted to 2,346.89 million RMB[140]. - The remuneration decision process for directors and supervisors is determined by the shareholders' meeting, while senior management compensation is decided by the board of directors[167]. - Performance-based compensation for directors and senior management is deferred over three years, with 30% paid each year and 10% as tenure incentive income[167]. Compliance and Regulatory Matters - The company has not encountered any violations of decision-making procedures regarding external guarantees, maintaining regulatory compliance[5]. - The company has complied with the corporate governance code, with the chairman and CEO roles being separated after November 24, 2023[129]. - The company did not face any penalties from securities regulatory authorities in the past three years[172].

中国银河证券股份有限公司 董事会审计委员会 2023 年度履职报告 董事会： 2023 年度，董事会审计委员会（以下简称"委员会"） 根据《公司章程》《审计委员会议事规则》的规定，结合董事 会及委员会 2023 年度工作安排，积极履行职责，重点围绕外 部审计监督及评价、定期报告、信息披露、内部审计工作开 展、关联交易控制与日常管理以及环境、社会与管治（ESG） 管理等领域开展工作，并为董事会科学决策提供有效支持。 2023 年 3 月 10 日，公司第四届董事会第十五次会议（临 时），选举刘昶女士担任战略发展委员会委员、提名与薪酬委 员会委员，不再担任审计委员会委员。 1 2023 年 3 月 10 日，公司第四届董事会第十五次会议（临时），选举李慧女士担任董事会审计委员会委 员。 1 二、委员会会议召开情况 2023 年度，委员会共召开 6 次会议，预审及讨论事项 18 项，听取报告 5 项，具体如下： | | 召开日期 | | | 会议内容 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

中国银河证券股份有限公司 独立董事 2023 年度履职报告 各位股东： 根据《上市公司治理准则》《上市公司独立董事管理办法》 《联交所上市规则》《上海证券交易所股票上市规则》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》等 有关规定，作为中国银河证券股份有限公司（以下简称"公 司"）的独立董事，本人现就 2023 年度工作情况作如下报告： 本人自 2018 年 2 月起担任公司独立非执行董事，详细 简历请见公司 2024 年 3 月 28 日披露的《中国银河证券股份 有限公司 2023 年年度报告》。 | 本人兼职情况如下： | | --- | | 姓名 | 职务 | 在其他单位任职情况 | | | --- | --- | --- | --- | | | | 兼职单位 | 职务 | | 王珍军 | 独立董事 | 大连银行股份有限公司 | 独立非执行董事 | 本人独立性情况：本人独立履行职责，与公司主要股东、 实际控制人、或者其他与公司存在利害关系的单位或个人没 有关联关系，不存在影响独立性的情况，本人的独立性符合 《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号-规 ...

2023 年 12 月 31 日 内部控制审计报告 安永华明（2024）专字第 70074858_A03 号 中国银河证券股份有限公司 中国银河证券股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了中国银河证券股份有限公司（以下简称"银河证券"）2023年12月31日的财务报告内 部控制的有效性。 中国银河证券股份有限公司 内部控制审计报告 四、财务报告内部控制审计意见 我们认为，银河证券于2023年12月31日按照《企业内部控制基本规范》和相关规定 在所有重大方面保持了有效的财务报告内部控制。 A member firm of Ernst & Young Global Limited 1 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是银河证券董事会的 责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有 ...

中国银河证券股份有限公司 董事会审计委员会对会计师事务所 2023 年度 履职情况评估及履行监督职责情况的报告 安永华明拥有分所数量 23 家，分别为上海、天津、大连、 沈阳、济南、青岛、郑州、西安、武汉、成都、合肥、南京、苏 州、杭州、长沙、昆明、重庆、厦门、广州、深圳、太原、海口、 宁波。根据中国注册会计师协会发布的《2022 年度会计师事务所 综合评价百家排名信息》，安永华明排名第二。截至 2023 年末， 安永华明拥有执业注册会计师近 1,800 人，其中拥有证券相关业 务服务经验的执业注册会计师超过 1,500 人。 安永会计师事务所（以下简称"安永香港"）为一家根据香 港法律设立的合伙制事务所，由其合伙人全资拥有。安永香港自 1976 年起在香港提供审计、税务和咨询等专业服务，为众多香港 上市公司提供审计服务，包括证券、银行、保险等金融机构。安 永香港自成立之日起即为安永全球网络的成员，与安永华明一样 是独立的法律实体。自 2019 年 10 月 1 日起，安永香港根据香港 《财务汇报局条例》注册为公众利益实体核数师。此外，安永香 港经中华人民共和国财政部批准取得在中国内地临时执行审计 业务许可证 ...

1 2024 年 3 月 28 日，中国银河证券股份有限公司（以下简称"公司"）第四 届董事会第二十五次会议（定期）审议通过了《关于提请审议吴国舫先生不再担 任公司业务总监、执行委员会委员的议案》，因工作安排调整，同意吴国舫先生 不再担任公司业务总监、执行委员会委员，自议案审议通过之日起生效。离任上 述职务后，吴国舫先生不担任公司及其控股子公司任何职务。 吴国舫先生已确认，其与董事会并无任何意见分歧，亦无任何有关其离任的 其他事项须提请公司股东及债权人注意。 公司董事会对吴国舫先生在公司任职期间所做的工作表示感谢。 特此公告。 中国银河证券股份有限公司董事会 2024 年 3 月 29 日 证券代码：601881 证券简称：中国银河 公告编号：2024-016 中国银河证券股份有限公司 关于公司业务总监、执行委员会委员离任的公告 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个别及连带 责任。 ...