2024 年第二次临时股东大会 会议资料 2024.11.28 北京 中国银河证券股份有限公司 2024 年第二次临时股东大会议程 现场会议时间：2024 年 11 月 28 日（星期四）上午 10 时 现场会议地点：北京市丰台区西营街 8 号院 1 号楼青海金融 大厦 M1919 会议室 召集人：中国银河证券股份有限公司董事会 中国银河证券股份有限公司 主持人：王晟董事长 2 一、 主持人宣布会议开始 二、 报告股东大会现场出席情况并宣读股东大会现场会议规则 三、 审议议案 四、 股东发言 五、 宣读大会议案表决办法，推选监票人和计票人 六、 现场投票表决 七、 休会，统计现场投票及网络投票结果（最终投票结果以公司 公告为准） 八、 律师宣读关于本次股东大会现场会议的表决结果和法律意 见书 目 录 议题 1：关于审议公司 2024 年度资本性支出预算的议案......... 4 议题 2：关于审议公司 2024 年中期利润分配方案的议案......... 5 3 议题 1 关于审议公司 2024 年度资本性支出预算的议案 各位股东： 结合《中国银河证券战略发展规划（2023-2025）》要求，根据中 国银河 ...

中国银河证券股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 证券代码：601881 证券简称：中国银河 公告编号：2024-069 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开时间：2024 年 11 月 28 日 10 点 00 分 召开地点：北京市丰台区西营街 8 号院 1 号楼青海金融大厦 M1919 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年11月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自 2024 年 11 月 28 日至 2024 年 11 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first three quarters of 2024, the company demonstrated stable operations with revenue and net profit attributable to shareholders both maintaining growth. The brokerage business revenue declined with market pullback, while the bond underwriting market share significantly increased, and investment income showed a notable recovery [3][4][6]. - The company is expected to benefit from policies favoring strong firms and mergers and acquisitions, with investment banking and asset management businesses likely to continue gaining momentum under new management and strategy [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 27.09 billion yuan, a year-on-year increase of 6.3%, and a net profit attributable to shareholders of 6.96 billion yuan, up 5.5%. The weighted average return on equity (ROE) decreased by 0.9 percentage points to 5.8% [3][4]. - In Q3 alone, the company reported operating revenue and net profit of 10.0 billion yuan and 2.58 billion yuan, respectively, reflecting year-on-year increases of 23.9% and 54.8% [4]. - Revenue from various business lines in the first three quarters included brokerage (3.69 billion yuan, -12.1%), investment banking (370 million yuan, +11.0%), asset management (350 million yuan, +2.1%), interest income (2.63 billion yuan, -20.9%), and proprietary trading (8.74 billion yuan, +49.9%). Notably, proprietary trading income in Q3 surged by 226.1% to 3.82 billion yuan, driving overall performance improvement [4][5]. Market Position - The brokerage business revenue declined in line with market trends, with average daily trading volumes in the first three quarters and Q3 down by 10.6% and 15.1%, respectively. The company's market share in lending funds remained stable at 5.73%, with a slight year-on-year increase [5]. - The bond underwriting market share improved significantly, with the company achieving a bond underwriting scale of 344.88 billion yuan, a year-on-year increase of 31.4%, resulting in a market share of 3.4%, up 0.8 percentage points [5]. Future Outlook - The company’s financial asset scale reached 397.1 billion yuan by the end of Q3, reflecting a 13.1% increase since the beginning of the year. The static proprietary investment return rate improved to 3.7%, up 0.87 percentage points year-on-year [6]. - The company is projected to achieve net profits of 10.5 billion yuan and 12.21 billion yuan for 2024 and 2025, representing year-on-year growth of 33.3% and 16.3%, respectively, with corresponding price-to-book ratios of 1.32 and 1.14 [6].

Core Viewpoint - The short-term technology sector remains the main focus for capital trading, with optimism for continued rebound in the sector despite performance delays and external variables such as the U.S. election [1] Group 1: Market Outlook - The performance delays in related sectors and the conclusion of the U.S. election are significant variables affecting market volatility [1] - The execution strength of policies will be crucial for the sustainability of future market trends [1] Group 2: Investment Directions - Investment opportunities are identified in several areas: 1. Domestic computing power and operating system localization under the theme of self-controllability, with a pressing need for the development of the domestic innovation industry chain and network security architecture [1] 2. AI-related themes focusing on application scenarios, which are becoming a new area of interest for investors [1] 3. High-quality targets benefiting from mergers, acquisitions, and buybacks, with market value management being a long-term policy direction that will continue to catalyze related investments as policies are gradually implemented [1]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company's brokerage business is under pressure, while proprietary trading has driven performance growth. The investment banking segment has seen impressive bond underwriting results, and the asset management business has completed its public offering transformation, with a slight year-on-year revenue increase and continuous growth in actively managed assets. The reasonable value range is set at 13.62-14.60 CNY, maintaining the "Outperform the Market" rating [4][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 27.09 billion CNY, a year-on-year increase of 6.3%. The net profit attributable to the parent company was 6.96 billion CNY, up 5.5% year-on-year, with an EPS of 0.55 CNY and an ROE of 5.8%, down 0.9 percentage points year-on-year. In Q3 alone, operating revenue reached 10.00 billion CNY, a year-on-year increase of 23.9% and a quarter-on-quarter increase of 1.3%. The net profit for Q3 was 2.58 billion CNY, up 54.8% year-on-year but down 6.5% quarter-on-quarter [4][5]. Business Segment Performance - The brokerage business saw a slight decline, with revenue of 3.69 billion CNY in the first three quarters of 2024, down 12.1% year-on-year, accounting for 23.4% of total revenue. The average daily trading volume in the market was 897.6 billion CNY, down 7.8% year-on-year. The company's margin financing balance was 84.7 billion CNY, down 7% from the beginning of the year, with a market share of 5.9%, an increase of 0.4 percentage points year-to-date [5]. - The investment banking segment reported revenue of 370 million CNY, up 11.0% year-on-year, with bond underwriting up 26.3% year-on-year. The company ranked 7th in bond underwriting with a total of 327.2 billion CNY [5][6]. - The asset management business generated revenue of 350 million CNY, a year-on-year increase of 2.1%, with total assets under management reaching 101.7 billion CNY, up 7.6% year-on-year [6]. Investment Projections - The company is projected to have EPS of 0.86, 0.94, and 0.92 CNY for the years 2024, 2025, and 2026, respectively. The BVPS is expected to be 9.73, 10.07, and 10.44 CNY for the same years. The report assigns a P/B ratio of 1.4-1.5x for 2023, corresponding to a reasonable value range of 13.62-14.60 CNY, maintaining the "Outperform the Market" rating [6][9].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

Investment Rating - The report maintains an "Accumulate" rating for China Galaxy Securities (601881) with a target price raised to 16.68 CNY, corresponding to a 2024 price-to-book ratio of 1.7x [3][5]. Core Insights - The company has benefited from investment boosts, achieving positive profit growth in the first three quarters of 2024. The long-term view indicates that the company is halfway through its three-year strategic plan, continuously enhancing its professional capabilities, and is expected to seize opportunities for first-class investment banking development, leading to better-than-expected growth [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 27.09 billion CNY and 6.96 billion CNY, respectively, representing year-on-year increases of 6.3% and 5.5%. In Q3 alone, the net profit attributable to shareholders was 2.58 billion CNY, showing a year-on-year increase of 54.8% but a quarter-on-quarter decrease of 6.5%, which aligns with expectations. The weighted average return on equity (ROE) decreased by 0.9 percentage points to 5.80% [5][6]. - The investment business net income for the first three quarters increased by 49.9% to 8.74 billion CNY, with Q3 alone contributing 3.82 billion CNY, a year-on-year increase of 226% and a quarter-on-quarter increase of 16%. The investment income in Q3 reached a historical high, primarily driven by a significant improvement in yield, with an investment return rate of 3.76%, up by 2.56 percentage points year-on-year and 0.61 percentage points quarter-on-quarter [5][6]. Strategic Developments - The acceleration of supply-side reforms in the industry is ongoing, and the company is advancing its three-year strategic plan, which is expected to enable it to capitalize on opportunities for building a first-class investment bank. The new "National Nine Articles" focuses on returning to the essence of the industry and strengthening leading institutions through mergers, reorganizations, and organizational innovations to enhance core competitiveness [5][6].

证券代码：601881 证券简称：中国银河 公告编号：2024-068 中国银河证券股份有限公司 关于召开 2024 年第三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个别及 连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 5 日（星期二）至 11 月 11 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过中国银 河证券股份有限公司（以下简称"公司"）邮箱 zgyh@chinastock.com.cn 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 10 月 31 日发布公司 2024 年第三季度报告，为便于广大 投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 12 日下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就 投资者关心的问题进行交流。 一 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥9,999,961,183.41, an increase of 23.92% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was ¥2,575,838,624.68, reflecting a growth of 54.79% year-on-year[3] - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥2,535,302,426.73, up by 49.61% from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥27.09 billion, an increase of 6.29% compared to ¥25.48 billion in the same period of 2023[19] - Net profit attributable to shareholders of the parent company was ¥6.96 billion, up 5.46% from ¥6.60 billion in the previous year[20] - Other comprehensive income after tax attributable to shareholders of the parent company was ¥2.86 billion, compared to ¥1.28 billion in the previous year, an increase of 123.83%[20] - Total comprehensive income for the first three quarters of 2024 was ¥8,951,401,690.42, up from ¥7,115,438,154.85 in the same period of 2023[26] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥747,918,275,097.78, representing a 12.77% increase from the end of the previous year[3] - The company's total liabilities increased to ¥611.22 billion, compared to ¥532.71 billion in the same period last year, reflecting a growth of 14.73%[18] - The company's total assets reached ¥747.92 billion, up from ¥663.21 billion, marking an increase of 12.76%[18] - The company's total liabilities decreased to ¥481.99 billion as of September 30, 2024, down from ¥493.73 billion at the end of 2023, indicating a reduction of approximately 2.4%[23] Cash Flow - Cash flow from operating activities for the year-to-date was ¥58,056,098,739.59, with no comparative data available for the current quarter[3] - Operating cash flow net amount reached CNY 58,056,098,739.59, a significant improvement compared to a negative CNY 28,167,717,136.12 in the same period last year[9] - In the first three quarters of 2024, the net cash flow from operating activities reached ¥58.06 billion, a significant improvement compared to a net outflow of ¥28.17 billion in the same period of 2023[21] - The total cash inflow from operating activities was ¥118.68 billion, up from ¥66.58 billion year-on-year, indicating a growth of approximately 78.3%[21] - The net cash flow from financing activities was negative at ¥20.43 billion, contrasting with a positive cash flow of ¥2.09 billion in the same period of 2023[22] Income and Expenses - The basic earnings per share for Q3 2024 was ¥0.20, an increase of 33.33% year-on-year[3] - The total operating expenses for the first three quarters of 2024 were ¥19.69 billion, an increase of 5.41% from ¥18.68 billion in the same period of 2023[19] - Net interest income decreased by 20.91% to CNY 2,625,915,516.96 due to reduced interest income from credit and fixed income businesses[8] - Net commission and fee income fell by 9.58% to CNY 4,447,275,739.80 primarily due to a decrease in securities brokerage fees[8] - The company's total operating expense of ¥6,044,078,377.52 for the first three quarters of 2024, an increase from ¥5,668,406,594.14 in 2023[25] Regulatory and Compliance - The company received an administrative measure from the Shenzhen Securities Regulatory Bureau, suspending the registration of new private asset management products for three months due to compliance issues[15] - The company is committed to comprehensive rectification in response to regulatory requirements, aiming to enhance internal control mechanisms and improve management practices[16] - The company reported that the impact of the suspension of private asset management product registration on consolidated revenue and profit is minimal[16] Investment and Trading - Investment income and fair value changes increased by 49.89% to CNY 8,739,383,143.26 driven by growth in investment trading performance[8] - The company reported a significant increase in fair value gains to ¥7.08 billion, compared to ¥3.84 billion in the previous year, reflecting a growth of 84.83%[19] - The company’s trading financial assets increased to CNY 250.30 billion from CNY 206.18 billion, reflecting a rise of approximately 21.41%[17]

证券代码：601881 证券简称：中国银河 公告编号：2024-067 中国银河证券股份有限公司 第四届董事会第三十二次会议（定期）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。 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 2024 年 10 月 30 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第四届董事会第三十二次会议（定期）。本次会议 通知已于 2024 年 10 月 16 日以电子邮件方式发出。本次会议应出席董事 10 名， 实际出席董事 10 名，2 名董事以通讯表决方式出席本次会议。董事会全体董事 按照董事会议事规则的相关规定参加了本次会议的表决。本次会议的召集、召开 及表决程序符合《中华人民共和国公司法》和《中国银河证券股份有限公司章程》 的规定。 会议形成如下决议： 一、通过《关于提请审议<中国银河证券股份有限公司 2024 年第三季度报 告>的议案》 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会事 ...