证券代码：601881 证券简称：中国银河 公告编号：2024-025 特此公告。 中国银河证券股份有限公司 中国银河证券股份有限公司董事会 2024年度第三期短期融资券发行结果公告 2024 年 5 月 22 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。 中国银河证券股份有限公司 2024 年度第三期短期融资券已于 2024 年 5 月 21 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 2024 | 年度第三期短期融资券 | | --- | --- | --- | | 债券简称 | 24 银河证券 CP003 债券流通代码 | 072410067 | | 发行日 | 2024 年 5 月 20 日 起息日 | 2024 年 5 月 21 日 | | 到期兑付日 | 2024 年 9 月 20 日 期限 | 122 天 | | 计划发行总额 | 20 亿元人民币 实际发行总额 | 20 亿元人民币 | | 票面年利率 | 1.91% 发行价格 | 100 元/百元面值 | 本 期 ...

截至月份: 2024年4月30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5月7日 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 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 | 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. 股份分類 | ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company's Q1 performance was under pressure due to market fluctuations, with proprietary and interest income being the main drag. However, the brokerage business is recovering, and investment banking and asset management revenues are expected to continue growing under new management and strategy [5][6][7]. - The company benefits from policies favoring strong firms and mergers, positioning it well for future growth [7]. Summary by Sections Financial Performance - In Q1, the company achieved operating revenue of 7.21 billion yuan, down 17.1% year-on-year, and a net profit attributable to shareholders of 1.63 billion yuan, down 27.5% year-on-year. The weighted average return on equity (ROE) decreased by 1.06 percentage points to 1.3% [5][6]. - Revenue breakdown: brokerage income was 1.26 billion yuan (-9.8%), investment banking income was 90 million yuan (+65.1%), asset management income was 110 million yuan (+7.3%), interest income was 930 million yuan (-16.9%), and proprietary trading income was 1.63 billion yuan (-32.7%) [6]. Market Conditions - The market showed signs of recovery in Q1, with average daily trading volume in the two markets increasing by 1.9% year-on-year to 895.4 billion yuan. The company's brokerage income performance was weaker than the market, but client trading funds increased significantly [6][7]. Business Growth - Investment banking and asset management revenues grew against the trend, with investment banking income increasing by 65.1% and asset management income by 7.3%. The bond underwriting scale rose by 4.3% to 84.37 billion yuan, while there were no equity issuance projects in Q1 [6][7]. - The company's financial asset scale reached 414.7 billion yuan at the end of Q1, an increase of 18.1% from the beginning of the year, indicating a recovery in asset expansion speed [6][7]. Future Projections - The company is expected to achieve net profits of 7.68 billion yuan and 9.00 billion yuan in 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 17.7 and 15.1, and price-to-book (PB) ratios of 0.92 and 0.85 [7].

上 市 公 司 非银金融 2024年04月30日 中国银河 (601881) 公 司 研 究 ——稳健扩表，投资业务短期承压 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2024年一季报，利润低于预期。1Q24公司实现营业收入72.1亿/yoy-17%； 买入 （维持） 归母利润16.3亿/yoy-27%，加权ROE1.3%/yoy-1.06pct。 ⚫ 收入拆分：收入结构稳定，经纪+净利息+投资是支柱。1）收入增速：1Q24 公司净投资 16.3亿/yoy-33%，经纪收入12.6亿/yoy-10%，净利息9.3亿/yoy-17%，投行收入0.9 证 市场数据： 2024年04月29日 亿/yoy+65%，资管1.1亿/yoy+7%。2）收入结构看，净投资占比40%、经纪占比31%、 券 收盘价（元） 12.69 净利息23%。3）业绩归因：净投资拖累证券主营收入15.8pct、经纪业务拖累2.7pct。 研 一年内最高/最低（元） 14.6/10.16 究 市净率 1.0 （注：证券主营收=营业收入-其他收益-其他业务收入-资产处置收益） 报 息率（分红/股价） - ⚫ 经纪业务：以零 ...

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ Table_Main[ 中ITnaf 国bol]e 银_Ti 河tle] ( 601881) [评Tab级le_：Inv est] 增持 上次评级： 增持 投资收益承压，国有头部有望做强做优 目 标 价 14.72 格： 上次预测： 14.72 ——中国银河2024年一季报点评 公 当前价格： 12.69 司 刘欣琦(分析师) 王思玥(研究助理) 2024.04.30 更 021-38676647 021-38031024 liuxinqi@gtjas.com wangsiyue028676@gtjas.com [交Ta易bl数e_M据a rket] 新 证书编号 S0880515050001 S0880123070151 52周内股价区间（元） 10.44-14.51 报 总市值（百万元） 138,758 本报告导读： 总股本/流通 A股（百万 10,934/7,243 告 投资收益下滑致使业绩承压；预计行业供给侧改革提速，公司作为国有头部券商， 股流）通 B 股/H 股（百万 0/3,691 不断提升业务专业化能力，有望通过内生 ...

Investment Rating - The investment rating for China Galaxy (601881) is "Buy" [1] Core Views - The report highlights that the investment banking and asset management sectors have shown significant growth, while proprietary trading performance has been under pressure due to a decline in investment income [2] - The company has increased its leverage ratio and asset scale significantly, with total assets reaching 768.85 billion RMB, a 15.9% increase from the beginning of the year [2] - Management expenses have slightly decreased, but the expense ratio has increased due to a rise in employee numbers [2] - The company is expected to benefit from regulatory support for innovation and consolidation in the brokerage industry, with projected net profits for 2024-2026 estimated at 8.45 billion, 9.73 billion, and 10.74 billion RMB respectively [2] Financial Performance Summary - In Q1 2023, the company reported revenue and net profit of 7.214 billion and 1.631 billion RMB, respectively, representing a year-on-year decline of 17.06% and 27.46% [1] - The adjusted revenue for Q1 2024 was 4.08 billion RMB, down 21.2% year-on-year, with specific business segments showing varied performance: brokerage (-9.8%), investment banking (+65.2%), asset management (+7.3%), credit (-16.9%), and proprietary trading (-32.5%) [2] - The company's return on equity (ROE) for Q1 2023 was 1.30%, a decrease of 1.06 percentage points year-on-year [1] Financial Projections - The total revenue projections for the upcoming years are as follows: 35.97 billion RMB in 2024, 38.81 billion RMB in 2025, and 41.52 billion RMB in 2026, with respective growth rates of 6.91%, 7.91%, and 6.98% [3] - The projected net profit for 2023 is 7.88 billion RMB, with a slight increase to 8.45 billion RMB in 2024, and further growth to 9.73 billion RMB in 2025 and 10.74 billion RMB in 2026 [3] - The report anticipates a net profit margin of 24% in 2024, increasing to 25% in 2025 and 26% in 2026 [4]

[Table_Page] 季报点评|证券Ⅱ 证券研究报告 [中Table_国Title] 银河(601881.SH/06881.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 12.69元/4.36港元 轻资产凸显韧性，市场波动拖累业绩 合理价值 17.26元/5.93港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-30 ⚫ 24Q1 高基数下业绩有所回撤。公司披露 2024 年一季报，24Q1 公司 [相Tab对le_P市icQ场uote表] 现 实现营收72.14亿元，同比-17%；归母净利润16.31亿元，同比-27.5%。 加权平均 ROE1.30%，同比-1.06pct。2024Q1 总资产 7688.5 亿元， 30% 20% 同比+17%。剔除代理款项后杠杆率为4.50倍，较去年同期下降0.55。 9% ⚫ 投行业务逆势高增，资管业务结构优化稳步增长。（1）经纪业务：行 -1% 05/23 07/23 09/23 10/23 12/23 02/24 04/24 业一季度全市场日均交易额同比+1.9%。公司经纪业务 2 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 7,214,073,753.02, a decrease of 17.06% compared to the same period last year[4]. - Net profit attributable to shareholders was CNY 1,631,459,082.73, down 27.46% year-on-year[4]. - Basic earnings per share decreased by 42.86% to CNY 0.12, primarily due to a reduction in net profit attributable to shareholders[7]. - Total comprehensive income for Q1 2024 was CNY 2,539,256,349.21, a decrease from CNY 2,971,517,822.78 in the same period last year[21]. - Net profit attributable to shareholders of the parent company was CNY 1,631,459,082.73, down 27.43% from CNY 2,249,061,846.86 in Q1 2023[21]. - Net profit for Q1 2024 was approximately ¥1.51 billion, a decrease from ¥1.92 billion in Q1 2023, representing a decline of about 21.06%[27]. - Total comprehensive income for Q1 2024 was approximately ¥2.55 billion, down from ¥2.71 billion in Q1 2023, reflecting a decrease of about 5.88%[27]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 1,423.64% to CNY 82,344,456,666.09, driven by increased cash flow from securities trading[7]. - Cash flow from operating activities in Q1 2024 was approximately ¥86.48 billion, significantly up from ¥5.52 billion in Q1 2023, marking an increase of approximately 1465.73%[28]. - Cash received from interest, fees, and commissions was CNY 6,891,246,429.20, up from CNY 5,641,539,599.99 year-over-year[22]. - The company reported a net increase in cash and cash equivalents of CNY 42,115,075,020.59, contrasting with a decrease of CNY -13,751,282,457.71 in Q1 2023[23]. - The total cash and cash equivalents at the end of Q1 2024 reached approximately ¥145.89 billion, up from ¥92.45 billion at the end of Q1 2023, indicating an increase of about 57.83%[29]. Assets and Liabilities - Total assets at the end of Q1 2024 reached CNY 768,850,238,558.42, reflecting a 15.93% increase from the end of the previous year[4]. - The total liabilities of the company were CNY 635.82 billion, compared to CNY 532.71 billion, indicating an increase of approximately 19.4%[18]. - The company's total equity reached CNY 133.03 billion, an increase from CNY 130.49 billion, showing a growth of about 1.9%[18]. - Total assets increased to CNY 685,620,957,958.38 from CNY 573,927,919,341.14, representing a growth of 19.5%[25]. - Total liabilities rose to CNY 556,476,353,002.91, up from CNY 447,333,490,766.08, indicating an increase of 24.4%[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 129,794, including 129,145 A-share shareholders and 649 H-share shareholders[9]. - The top shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, representing 47.43% of total shares[9]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 3,688,221,486 shares, accounting for 33.73% of total shares[9]. - The report highlights that the shareholding structure remains stable, with no significant changes in the top shareholders compared to the previous period[14]. - The total number of shares held by the top 10 unrestricted shareholders totals 5,186,538,364 shares, with no conditions on these shares[10]. Investment Performance - Investment income for Q1 2024 was a loss of CNY 2,280,461,014.71, a decline of 244.05% compared to the same period last year[8]. - The fair value change gain was CNY 3,906,166,119.84, up 370.08% year-on-year, attributed to market fluctuations[8]. - Investment losses amounted to CNY -2,353,011,510.35, contrasting with a profit of CNY 1,182,305,828.10 in the same period last year[26]. Management and Corporate Actions - The company appointed new directors and a secretary to the board, indicating a shift in management structure[15]. - The report confirms that the company has not engaged in any mergers or acquisitions during the quarter[12]. - The company has not reported any new product launches or technological advancements in this quarter[19]. Other Financial Metrics - The company experienced a decrease in total operating expenses to CNY 5,428,368,477.14, down from CNY 6,122,922,489.17 in the previous year[20]. - The company reported a net cash outflow from investment activities of CNY 35,287,430,011.27, compared to a net outflow of CNY 14,312,653,182.83 in the previous year[22]. - The company’s derivative financial liabilities decreased to CNY 2.96 billion from CNY 5.52 billion, a decline of about 46.3%[18]. - The company did not report any basic or diluted earnings per share for Q1 2024[27]. - The company is not applying new accounting standards or interpretations for the first time in 2024[30].

低[T空able经_H济ea专der题] 报告 2024年 4月 18日 [Table_Title] [Table_IndustryName] 低空之境，无限未来 [Table_InvestRank] ——新质生产力之低空经济专题报告之二 核心 观点： 分析师  何为“低空经济”，何为“低空”？低空经济是以有人驾驶和无人驾 首席军工分析师：李良 分析师登记编码：S0130515090001 驶航空器的各类低空飞行活动为牵引，辐射带动相关领域融合发展的综合 性经济形态。通用航空是低空经济的主体产业，无人机是低空经济也是通 用航空的主导产业。所谓“低空”，通常指真高 1000 米以下的空域，根 据不同地区特点和实际需要可延伸至 3000 米。低空经济作为新质生产力 的代表，正迎来产业政策端共振，未来有望发展成国民经济增长新引擎。  政策红利密集释放，低空经济有望乘风而起。顶层设计方面，低空经 济作为战略新兴产业首次出现在中央经济工作会议和两会政府工作报告 中。从地方支持来看，已有 27 个省（区、市）将低空经济写入 2024 年政 府工作报告，呈现百舸争流新局面。根据中国民航局数据，2023 年我国低 空经济 ...

中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2024年4月29日（星期一）舉 行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司按照中國企業會計準則編製的截至 2024年3月31日止三個月的未經審核業績及其發佈。 承董事會命 中國銀河證券股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 王晟 董事長及執行董事 中國，北京 2024年4月17日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總裁）；非執行董事為 楊體軍先生、李慧女士、劉昶女士及劉志紅先生；以及獨立非執行董事為王珍軍先生、劉淳女士、 羅卓堅先生及劉力先生。 ...