证券代码：601881 证券简称：中国银河 公告编号：2024-017 中国银河证券股份有限公司 关于非公开发行公司债券获得上海证券交易所 挂牌转让无异议函的公告 近日，中国银河证券股份有限公司（以下简称"公司"）收到上海证券交易 所（以下简称"上交所"）出具的《关于对中国银河证券股份有限公司非公开发 行公司债券挂牌转让无异议的函》（上证函[2024]849 号）（以下简称"无异议 函"）。 根据该无异议函，上交所确认公司面向专业投资者非公开发行总额不超过 200 亿元的公司债券（以下简称"本次债券"）符合其挂牌转让条件，对本次债 券在上交所挂牌转让无异议。该无异议函自出具之日起 12 个月内有效，公司可 在无异议函有效期及上述额度内采取分期发行方式组织发行本次债券，并及时 办理债券挂牌转让手续。 公司将按照有关法律法规、无异议函等相关要求办理本次债券相关事宜，并 及时履行信息披露义务。 特此公告。 中国银河证券股份有限公司董事会 2024 年 4 月 10 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。 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国银河（ ） 601881.SH [中Ta国b银le_河Ti2tl0e2] 3 年报点评：扩表速度放缓，发力 建设一流投行 报告要点 [2T0a2b3le年_S中um国m银a河ry经] 营稳健，归母净利润逆市增长，自营收入为业绩韧性来源。分业务来看，经 纪业务发力高净值客户，两融市场份额平稳。自营资产Q4环比缩表，监管指标压力放缓。投 行债券承销规模快速提升，银河金汇产品体系进一步完善。展望未来，中国银河作为汇金公司 旗下央企券商，在券商行业供给侧改革浪潮下，有望受益于市场格局的改善，同时公司在监管 ...

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3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4月3日 I. 法定/註冊股本變動 第 1 頁 共 7 頁 v 1.0.2 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 FF301 | 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 | ...

证券代码：601881 证券简称：中国银河 债券代码：113057 债券简称：中银转债 中国银河证券股份有限公司 A 股可转换公司债券 受托管理事务报告 （2023 年度） 债券受托管理人： （浙江省杭州市五星路 201 号） 二〇二四年四月 1 重要声明 浙商证券股份有限公司（以下简称"浙商证券"）编制本报告的内容及信息 来源于中国银河证券股份有限公司（以下简称"中国银河"、"公司"或"发行人"） 对外公布的公开信息披露文件及发行人向浙商证券提供的资料。 浙商证券按照《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》等相关规定及与中国银河签订的《中国银河证券股份有限公司公开发 行 A 股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。 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浙商证券所作的承诺 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。 浙商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。 2 第 ...

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 公开发行 A 股可转换公司债券之保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准中国银 河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]547 号） 核准，中国银河证券股份有限公司（以下简称"发行人"或"公司"）公开发行 78,000,000 张 A 股可转换公司债券，每张面值为人民币 100.00 元，按面值发行， 共计募集资金 7,800,000,000.00 元，扣除发行费用合计 64,534,905.65 元（不含税） 后，实际募集资金净额为 7,735,465,094.35 元。公司 A 股可转换公司债券于 2022 年 5 月 10 日起挂牌交易，于 2023 年 12 月 19 日摘牌。浙商证券股份有限公司、 中信建投证券股份有限公司（以下分别简称"浙商证券"、"中信建投证券"或 合称"联席保荐机构"）作为公司本次公开发行 A 股可转换公司债券的联席保荐 机构及持续督导机构，持续督导期为 2022 年 5 月 10 日至 2023 年 12 月 31 日。 公司已于 2 ...

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 ...

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].

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]