证券时报e公司讯，广发证券研报表示，港口动力煤价略有回落，双焦市场价格弱稳。 动力煤方面，上周国内港口煤价略有回落，下游采购情绪仍较弱，而产地陕煤地区部分高卡煤种和块煤 价格有小幅上涨。 后期，由于冬储需求逐步来临，加上宏观预期向好，预计后期煤价有望震荡回升。 焦煤方面，上周京唐港主焦煤价格下跌，产地市场情绪延续偏弱，海外澳洲焦煤价格有所回升。 综合来看，10月以来煤焦钢产业链需求和价格有所回落，考虑到目前产业链库存总体处于中低位水平， 且宏观利好政策有望持续释放，预计焦煤价格具备支撑。 9月下旬以来随着中央政治局、央行、财政部等高层会议精神发布，4季度和中长期宏观预期改善，虽然 短期煤价有所回落，但考虑到冬储需求增加、供给端制约以及中长期宏观企稳回升，预计煤价有望维持 基本平稳或小幅上升。 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 21.05 CNY, while the current price is 16.11 CNY [1]. Core Views - The company's performance in the third quarter of 2024 met expectations, with total operating revenue (excluding other business income) reaching 18.5 billion CNY, a year-on-year increase of 3.7%. The net profit attributable to the parent company was 6.76 billion CNY, up 16.4% year-on-year [1]. - The self-operated income rate significantly improved year-on-year, with the net income from capital-intensive businesses totaling 7.31 billion CNY, showing a year-on-year increase [1]. - The brokerage business performed slightly better than the industry average, with brokerage income of 3.99 billion CNY, although it saw a year-on-year decline of 15.1% [1]. - Investment banking revenue showed improvement, with total income of 530 million CNY, reflecting a year-on-year increase [1]. - Asset management income decreased, totaling 5.08 billion CNY, down 1.4% year-on-year [1]. Financial Performance Summary - Total operating revenue for 2024 is projected to be 25.743 billion CNY, with a year-on-year growth rate of 10% [2]. - The net profit for 2024 is expected to reach 8.275 billion CNY, representing a year-on-year increase of 19% [2]. - Earnings per share (EPS) for 2024 is forecasted at 1.09 CNY, with a price-to-earnings (P/E) ratio of 14.8 [2]. - The return on equity (ROE) for the reporting period was 4.7%, an increase of 0.4 percentage points year-on-year [1]. Business Segment Performance - The self-operated business showed a significant year-on-year increase in income, with a self-operated income rate of 0.8% [1]. - Interest income from credit business was 9.08 billion CNY, with a year-on-year increase in margin trading business scale [1]. - The company reported a total asset of 590.4 billion CNY, an increase of 755 million CNY year-on-year [1].

Group 1: Securities Sector - The current valuation of the securities industry has seen some recovery, with a noticeable increase in market activity [1] - M&A events are attracting new capital attention, indicating a heightened sensitivity to favorable industry policies [1] - There is potential for further valuation recovery in the industry, with an initial market expectation repair suggesting a focus on brokerage firms and securities IT performance and valuation elasticity [1] Group 2: Insurance Sector - The third-quarter reports have been released, showing overall performance exceeding expectations, with profits doubling in the third quarter [1] - The growth rate of value continues to expand, and the central bank's buyout-style reverse repos are expected to boost the equity market and long-term interest rates [1] - Insurance stock valuations are likely to continue rising, and there is a recommendation to actively monitor the insurance sector [1]

证券研究报告 金融公司|公司点评|广发证券（000776） 低基数下投资收益高增驱动公司业绩修 复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 广发证券发布 2024 三季报，2024 前三季度公司累计实现营业总收入 191.37 亿，yoy+6.24%； 归母净利润 67.64 亿，yoy+16.43%；加权平均 ROE 5.26%，较去年同期增加 0.45pct。其中 2024Q3 实现营业总收入 73.59 亿元，yoy+54.08%/qoq+7.76%;归母净利润 24.02 亿元， yoy+88.90%/qoq-14.94%。 |分析师及联系人 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 2024年11月02日 glzqdatemark2 广发证券(000776) 低基数下投资收益高增驱动公司业绩修复 | --- | --- | --- | |----------------------------|----------|--- ...

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: 廣發証券股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000776 | 說明 | 廣發証券A股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,919,291,464 | RMB | | 1 RMB | | 5,919,291,464 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 5,919,291,464 | RMB | | 1 RMB | | 5,919,291,464 | 本月底法定/註冊股本總額： RMB ...

证券研究报告·公司点评报告·证券Ⅱ 广发证券（000776） 2024 年三季报点评：自营业务表现较强，投 行债承表现亮眼 2024 年 10 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|-------------------------------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 25,132 | 23,300 | 25,618 | 30,543 | 36,151 | | 同比（ % ） | -26.62% | -7.29% | 9.95% | 19.22% | 18.36% | | 归母净利润（百万元） | 7,929 | 6,978 | 8,137 | 9,824 | 11,751 | | 同比（ % ） | -26.95% | -12.00% | 16.61% | 20.73% | ...

上 市 公 司 证 券 研 究 报 告 公 司 研 究 / 公 司 点 评 | --- | --- | |------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 15.52 | | 资产负债率 % | 80.78 | | 总股本/流通 A 股(百万 ) | 7,621/5,919 | | 流通 B 股/H 股（百万） | -/1,702 | | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 16.02 | | 一年内最高 / 最低（元） | 18.60/11.13 | | 市净率 | 1.1 | | 息率（分红/股价） | 1.87 | | 流通 A 股市值（百万元） | 94,827 | | 上证指数/深证成指 | 3,266.24/10,530.85 | ...

2024 年 10 月 31 日 公司研究 业绩回暖提升，自营贡献营收增量 ——广发证券（000776.SZ）2024 年三季报点评 增持（维持） 当前价：16.02 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 联系人：李爱娅 liaiya@ebscn.com | --- | --- | |----------------------|------------| | | | | | | | | | | 市场数据 | | | 总股本(亿股 ) | 76.21 | | 总市值(亿元)： | 1,220.90 | | 一年最低/最高(元 )： | 11.13/18.6 | | 近 3 月换手率： | 100.3% | | --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | % | 1M | 3M | 1Y | | 相对 | -0.9 | 14.6 | 1.8 | | 绝对 | -4.1 | 27.5 | 10.7 | | | ...

Financial Performance - Operating revenue for the current reporting period reached RMB 7.36 billion, a year-on-year increase of 54.08%[2] - Net profit attributable to shareholders of the listed company was RMB 2.40 billion, up 88.90% year-on-year[2] - Total operating revenue increased to 19.14 billion yuan from 18.01 billion yuan, a growth of 6.2%[16] - Net profit increased to 7.50 billion yuan from 6.54 billion yuan, a growth of 14.7%[17] - Comprehensive income increased to 8.69 billion yuan from 7.08 billion yuan, a growth of 22.8%[17] - Basic earnings per share increased to 0.80 yuan from 0.70 yuan, a growth of 14.3%[17] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 770.65 billion, an increase of 12.97% compared to the end of the previous year[2] - The company's total assets amounted to RMB 770.65 billion as of September 30, 2024, an increase from RMB 682.18 billion at the end of 2023[14] - Total assets increased by 10.90% to 614.45 billion yuan compared to the previous year-end[7] - The company's total liabilities increased to RMB 622.56 billion as of September 30, 2024, compared to RMB 541.51 billion at the end of 2023[15] - The company's equity attributable to the parent company's owners increased to RMB 142.79 billion as of September 30, 2024, from RMB 135.72 billion at the end of 2023[15] - The company's undistributed profits rose to RMB 44.09 billion as of September 30, 2024, compared to RMB 40.15 billion at the end of 2023[15] Cash Flow and Liquidity - Net cash flow from operating activities for the period was RMB 31.16 billion, a significant increase of 150.77% year-on-year[6] - Cash flow from operating activities increased to 108.19 billion yuan from 68.38 billion yuan, a growth of 58.2%[18] - Operating cash flow net amount: 31,163,341,650.54[19] - Investment cash inflow subtotal: 12,043,900,693.48[19] - Investment cash outflow subtotal: 2,052,151,618.29[19] - Net cash flow from investment activities: 9,991,749,075.19[19] - Financing cash inflow subtotal: 68,467,219,407.06[19] - Financing cash outflow subtotal: 79,198,879,790.43[19] - Net cash flow from financing activities: -10,731,660,383.37[19] - Net increase in cash and cash equivalents: 30,360,453,373.90[19] - Ending cash and cash equivalents balance: 176,365,344,449.04[19] - Liquidity coverage ratio decreased by 89.21 percentage points to 133.22% compared to the previous year-end[7] - Net stable funding ratio increased by 3.70 percentage points to 133.27% compared to the previous year-end[7] Investment and Financial Instruments - Investment income for the period was RMB 5.55 billion, up 62.26% year-on-year, driven by increased returns from financial instruments[5] - The fair value change income of financial assets was RMB 968.41 million, compared to a loss of RMB 96.70 million in the same period last year[5] - Derivative financial assets grew by 118.70% to RMB 11.01 billion, reflecting an increase in the scale of derivative financial instruments[5] - Other comprehensive income after tax increased by 119.77% to RMB 1.19 billion, mainly due to the fair value change of other equity instrument investments[6] - Investment income increased to 5.55 billion yuan from 3.42 billion yuan, a growth of 62.2%[16] Subsidiaries and Capital - Core net capital decreased by 1.47% to 64.55 billion yuan compared to the previous year-end[7] - Subsidiary net capital decreased by 1.99% to 27.10 billion yuan compared to the previous year-end[7] - Total net capital decreased by 1.62% to 91.65 billion yuan compared to the previous year-end[7] - The company increased the paid-in capital of GF Holdings (Hong Kong) Limited to HKD 8.2 billion by injecting an additional HKD 1.1 billion[12] - GF Financial Holdings BVI Ltd., a wholly-owned subsidiary of GF Holdings (Hong Kong), issued USD 300 million in floating-rate overseas bonds with a 3-year maturity on September 12, 2024. The company provided an unconditional and irrevocable guarantee for the principal, interest, and other payment obligations of the bonds[13] Shareholders and Ownership - Total number of ordinary shareholders at the end of the reporting period was 217,432, including 1,420 A+H share registered shareholders[8] - Hong Kong Securities Clearing (Nominees) Limited holds 22.31% of the shares, making it the largest shareholder[8] - Jilin Aodong Pharmaceutical Group Co., Ltd. holds 16.44% of the shares, making it the second-largest shareholder[8] Business Operations and Expansion - The company has a total of 357 branches, including 26 branches and 331 securities business departments, distributed across 31 provinces, municipalities, and autonomous regions in China. During the reporting period, 18 branches completed renaming or relocation[11] - Other business income surged to RMB 641.81 million, a 247.92% increase year-on-year, primarily due to higher bulk commodity sales[5] Risk and Coverage Ratios - Risk coverage ratio increased by 1.73 percentage points to 235.09% compared to the previous year-end[7] Revenue and Income Breakdown - Net interest income decreased to 1.37 billion yuan from 2.48 billion yuan, a decline of 44.6%[16] - Net fee and commission income decreased to 9.87 billion yuan from 11.17 billion yuan, a decline of 11.6%[16] - Cash received from interest, fees, and commissions decreased to 17.56 billion yuan from 19.32 billion yuan, a decline of 9.1%[18] - Cash paid for employee benefits decreased to 6.45 billion yuan from 7.68 billion yuan, a decline of 16.0%[18] Monetary Funds and Financial Investments - The company's monetary funds increased to RMB 161.43 billion as of September 30, 2024, compared to RMB 118.82 billion at the end of 2023[14] - The company's financial investments reached RMB 412.91 billion as of September 30, 2024, up from RMB 361.20 billion at the end of 2023[14]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广发证券股份有限公司（以下简称"广发证券"或"公司"）第十一届董事 会第四次会议通知于 2024 年 10 月 25 日以专人送达或电子邮件方式发出，会议 于 2024 年 10 月 30 日在广东省广州市天河区马场路 26 号广发证券大厦 40 楼 4008 会议室以现场结合通讯会议的方式召开。本次董事会应出席董事 11 人，实 际出席董事 11 人，其中非执行董事李秀林先生、尚书志先生、郭敬谊先生，执 行董事肖雪生先生，独立非执行董事梁硕玲女士、黎文靖先生和张闯先生以通讯 方式参会。公司监事、高管列席了会议。会议的召开符合《公司法》等有关法律 法规和《广发证券股份有限公司章程》的规定。 会议由公司董事长林传辉先生主持。 证券代码：000776 证券简称：广发证券 公告编号：2024-050 广发证券股份有限公司 第十一届董事会第四次会议决议公告 公司原联席公司秘书及公司在《香港上市规则》及《公司条例》规定下的授 权代表莫明慧女士因工作变动原因，申请辞去上述职务。 董事会经审议，同意委任何咏紫女士为公司联席公司 ...