短期融资券兑付完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司（以下简称"公司"）子公司东方财富证券股份 有限公司（以下简称"东方财富证券"）于 2024 年 5 月 22 日成功发行了东方财 富证券股份有限公司 2024 年度第六期短期融资券（以下简称"24 东财证券 CP006"），发行金额为人民币 10 亿元，票面利率为 2.00%，期限为 180 天，兑 付日期为 2024 年 11 月 19 日。详情见公司于 2024 年 5 月 24 日在深圳证券交易 所网站和符合中国证监会规定条件的信息披露媒体披露的相关公告。 2024 年 11 月 19 日，东方财富证券完成了 24 东财证券 CP006 的本息兑付 工作。 特此公告。 证券代码：300059 证券简称：东方财富 公告编号：2024-087 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2024 年度第六期 东方财富信息股份有限公司董事会 二〇二四年十一月二十日 ...

| 短期融资券名称 | | | | 东方财富证券股份有限公司 | | 2024 | 年度第十四期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 24 | 东财证券 | | CP014 | | 短期融资券代码 | 072410213 | | | | 发行价格 | 100.00 | 元 | | | | 币种 | 人民币 | | | | 短期融资券期限 | 180 天 | | | | | 息票类型 | 固息 | | | | 发行日期 | 2024 年 | 11 | 月 | 13 | 日 | 起息日期 | 2024 年 | 11 月 | 14 日 | | 兑付日期 | 年 2025 | 5 | 月 | 日 13 | | 票面利率 | 1.95% | | | | 计划发行总额 | 20 亿元 | | | | | 实际发行总额 | 20 亿元 | | | 证券代码：300059 证券简称：东方财富 公告编号：2024-086 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][5]. Core Views - The company's Q3 2024 report shows strong resilience in brokerage business and significant growth in proprietary income, with total revenue of 7.304 billion yuan, a year-on-year decrease of 13.96%, and a net profit attributable to shareholders of 6.042 billion yuan, down 2.69% year-on-year [1]. - The brokerage business demonstrated strong resilience, with commission and fee income of 3.555 billion yuan, a decline of 5.32% year-on-year, which is less than the overall market decline [1]. - The proprietary business saw a substantial increase, with proprietary income reaching 2.402 billion yuan, a year-on-year growth of 49.73%, driven by a significant rise in fair value changes [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 7.20 billion yuan, a decrease of 22.20% year-on-year, while the total revenue for the first three quarters was 22.43 billion yuan, down 26.84% year-on-year [1]. - The company’s securities investment business reached a scale of 108.74 billion yuan, an increase of 32.48% year-on-year, with a net interest income of 1.506 billion yuan, down 9.72% year-on-year [1]. Future Outlook - The report projects total revenues of 10.903 billion yuan, 12.620 billion yuan, and 13.964 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 8.495 billion yuan, 9.882 billion yuan, and 10.970 billion yuan for the same years [3]. - The expected diluted EPS for the next three years is 0.54 yuan, 0.63 yuan, and 0.69 yuan, with corresponding PE ratios of 49.13, 42.24, and 38.05 [3].

Investment Rating - Buy rating maintained for Oriental Wealth (300059 SZ) [7] Core Views - Oriental Wealth demonstrated stable operations in the first three quarters of 2024, with self-operated investment income significantly contributing to performance [1] - Despite market volatility and fee reductions impacting fund distribution and securities business revenues, the company's securities business market share continued to grow, and platform activity significantly rebounded [1] - As a benchmark internet brokerage, Oriental Wealth maintains significant competitive advantages in customer acquisition and cost control, with strong growth certainty and ecosystem advantages in the medium to long term [1] Financial Performance - In Q3 2024, Oriental Wealth achieved operating revenue of RMB 7 3 billion, a year-on-year decrease of 14 0%, and net profit attributable to shareholders of RMB 6 04 billion, a year-on-year decrease of 2 7% [3] - Q3 single-quarter profit growth turned positive, with self-operated investments contributing to performance support [4] - Total operating revenue (including investment income) and net profit attributable to shareholders for the first three quarters were RMB 9 71 billion and RMB 6 04 billion, respectively, with weighted ROE at 8 1% [4] Business Segment Analysis - Securities business market share continued to rise, with platform activity significantly rebounding [5] - Q3 single-quarter market average daily turnover was RMB 677 6 billion, a year-on-year decrease of 15 1%, while Oriental Wealth's securities brokerage business outperformed the market [5] - By the end of Q3, the company's financing balance market share was 3 1%, a year-on-year increase of 0 2 percentage points [5] Investment Performance - The company's financial assets totaled RMB 108 74 billion by the end of Q3 2024, a year-on-year increase of 32 5%, with rapid balance sheet expansion [5] - Investment income for the first three quarters was RMB 2 41 billion, a year-on-year increase of 49 3%, with a static investment return rate of 2 21%, up 0 25 percentage points year-on-year [5] Cost Control - R&D, management, and sales expenses for the first three quarters were RMB 850 million, RMB 1 71 billion, and RMB 220 million, respectively, with sales expenses significantly reduced due to reduced market promotion [6] - The corresponding expense ratios were 8 7%, 17 6%, and 2 2%, respectively, with overall cost control performing well [6] Future Projections - Expected net profits for 2024 and 2025 are RMB 8 79 billion and RMB 11 12 billion, respectively, representing year-on-year growth of 7 2% and 26 6% [6] - Corresponding P/E ratios are 40 8x and 32 2x for 2024 and 2025, respectively [6]

Summary of Conference Call Notes Company Overview - The conference call discusses the performance and outlook of Dongtai (东财), a leading player in the financial services industry, particularly in retail brokerage and fund sales in China [1][2][3]. Key Points and Arguments Core Competitiveness - Dongtai's core economic capabilities have strengthened compared to three years ago, despite its market capitalization returning to the same level as three years prior. This is attributed to advancements in AI technology and increased user engagement [1]. - The company has the highest investment in AI technology among A-share companies, particularly in smart investment research and smart investment management [1]. User Growth and Market Share - Dongtai's monthly active users reached a historical high in June and July, indicating a robust increase in user engagement [2]. - The company has become the largest retail brokerage in China, with its market share in stock trading continuously reaching new highs [2][3]. Financial Performance - Despite a challenging market environment, Dongtai's performance in Q3 was resilient, achieving a profit of approximately 20 billion yuan, which is a slight increase year-on-year [4][5]. - The overall market trading volume in Q3 was notably low, around 6,700 billion yuan, marking one of the lowest quarters in recent history [4][5]. - Dongtai's Q4 profit is expected to increase by about 50% compared to Q3, potentially reaching 30 billion yuan, driven by improved market conditions [5][6]. Regulatory Environment - The regulatory landscape is evolving, with expectations of a phased fee reduction impacting the industry. However, the anticipated effects on Dongtai are considered limited, with only a minor impact on its revenue [7][8]. - The company is expected to benefit from the regulatory changes, as they may lead to a more favorable operating environment [7]. Valuation and Market Outlook - Current market valuations are deemed reasonable, with projections for next year suggesting a profit of around 115 billion yuan, corresponding to a price-to-earnings ratio of approximately 30 times [8][9]. - Dongtai is viewed as a strong investment opportunity, with potential for significant profit growth if market trading volumes remain high [9][10]. Business Model and Strategy - Dongtai has diversified its business model, including brokerage services, fund sales, and AI technology development, positioning itself as a comprehensive financial services platform [18][19]. - The company has a strong focus on retail investors and is well-positioned to capture the growing demand for equity investments among Chinese consumers [19][20]. Future Growth Potential - The company is expected to continue benefiting from the increasing trend of retail investors entering the market, with projections indicating a potential increase in daily trading volumes to 1.2 trillion yuan or more [12][38]. - Dongtai's unique position as a leading internet-based financial services provider allows it to leverage its extensive user base and technological advancements for future growth [32][33]. Additional Important Insights - Dongtai's investment in AI and technology is seen as a long-term strategy to enhance its service offerings and maintain competitive advantages in the rapidly evolving financial landscape [31][32]. - The company has shown resilience in maintaining its market share and profitability despite external market pressures, indicating strong operational capabilities [34][35]. This summary encapsulates the key insights and projections discussed during the conference call, highlighting Dongtai's competitive positioning, financial performance, and future growth potential in the financial services industry.

Investment Rating - The report maintains a "Recommend" rating for Oriental Wealth (300059) with a target price of 29.15 RMB, compared to the current price of 22.70 RMB [1] Core Views - Oriental Wealth's Q3 2024 performance exceeded expectations, with a notable increase in market share despite a decline in revenue [1] - The company's self-operated business income grew significantly, contributing to a year-on-year increase in net profit despite a revenue decline [1] - The company's market share in transaction volume is likely increasing, as indicated by the rising ratio of commission income to daily market transaction volume [1] - Cost control measures have contributed positively to profitability, with reductions in management and sales expenses [1] Financial Performance - Q3 2024 total revenue was 2.36 billion RMB, a year-on-year decrease of 380 million RMB and a quarter-on-quarter decrease of 130 million RMB [1] - Q3 2024 net profit was 1.99 billion RMB, a year-on-year increase of 2 million RMB and a quarter-on-quarter decrease of 120 million RMB [1] - Self-operated business income in Q3 2024 was 770 million RMB, a year-on-year increase of 310 million RMB, with a self-operated yield of 0.91% [1] - Fund sales revenue in Q3 2024 was 720 million RMB, a year-on-year decrease of 210 million RMB, primarily due to a decline in equity and hybrid fund holdings and lower management fees [1] - Commission income in Q3 2024 was 1.16 billion RMB, a year-on-year decrease of 100 million RMB, but the ratio of commission income to daily market transaction volume increased to 0.22% from 0.16% in the same period last year [1] Cost Management - Management expenses in Q3 2024 were 560 million RMB, a year-on-year decrease of 50 million RMB and a quarter-on-quarter decrease of 30 million RMB [1] - Sales expenses in Q3 2024 were 70 million RMB, a year-on-year decrease of 50 million RMB and a quarter-on-quarter decrease of 3 million RMB [1] - R&D expenses in Q3 2024 were 290 million RMB, a year-on-year increase of 8 million RMB and a quarter-on-quarter increase of 20 million RMB [1] Future Outlook - The company's business income is highly correlated with market transaction volume, and high market activity is expected to drive future growth in brokerage business income [1] - The report maintains EPS forecasts for 2024/2025/2026 at 0.54/0.58/0.63 RMB, with BPS at 5.10/5.63/6.21 RMB [1] - The current PE ratios for 2024/2025/2026 are 42.4/39.1/36.1 times, with ROE at 11.1%/10.8%/10.6% [1] Market Performance - Oriental Wealth's stock price has shown significant volatility over the past 12 months, with a range of 24.90 RMB to 9.96 RMB [3] - The stock's performance has been compared to the CSI 300 index, showing a mixed trend over the past year [4]

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The report highlights rapid growth in securities trading agency fees, indicating a potential for performance recovery in the future [1][4] - The company has shown resilience in self-operated investments, which have alleviated pressure on its main business [4] - The report anticipates an improvement in performance in Q4 due to a rebound in the A-share market and increased trading activity [4] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 7.304 billion yuan, a year-over-year decrease of 13.96% [4] - The net profit attributable to shareholders was 6.042 billion yuan, down 2.69% year-over-year [4] - Total assets increased by 36% year-over-year to 326.5 billion yuan, while net assets attributable to shareholders rose by 7% to 76.9 billion yuan [4] - The annualized ROE for the first three quarters was 10.82%, a decrease of 1.4 percentage points year-over-year [4] Revenue Breakdown - The net income from commission and fees for the first three quarters was 3.55 billion yuan, down 5% year-over-year, primarily driven by brokerage income [4] - Interest income was 1.51 billion yuan, down 10% year-over-year, while operating income fell to 2.24 billion yuan, a decrease of 27% [4] - Self-operated income surged to 2.4 billion yuan, reflecting a 50% year-over-year increase, with the self-operated investment scale reaching 108.8 billion yuan, up 29% from the end of the previous year [4] Market Outlook - The report notes that the average daily trading volume of A-share market equity funds decreased by 12% year-over-year in Q3 2024, but rebounded to 9.418 billion yuan by the end of September [4] - The company’s securities trading agency funds reached 112.8 billion yuan, marking a 74% increase year-over-year and a 64% increase from the end of Q2 2024 [4] - The report suggests that the company’s early layout in internet wealth management and stable user traffic positions it well for future growth [4] Profit Forecast - The net profit forecasts for 2024, 2025, and 2026 have been adjusted to 8.45 billion yuan, 9.15 billion yuan, and 10 billion yuan respectively, reflecting year-over-year growth rates of 3.2%, 8.3%, and 9.3% [4]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price adjusted to 28.61 CNY per share, up from the previous forecast of 16.20 CNY [2][8]. Core Views - The company's Q3 performance showed a slight decline in profits, which was in line with expectations. However, the market's recovery towards the end of Q3 has led to a significant improvement in trading activity, suggesting a potential surge in performance for Q4 [2][8]. - The report highlights that the decline in revenue is primarily due to weak demand for equity funds, with a 27% year-on-year drop in fund distribution revenue, which significantly impacted overall revenue [8][9]. - The company’s investment income saw a substantial increase of 49% year-on-year, reaching 2.406 billion CNY, which helped mitigate the overall decline in performance [8][9]. Summary by Sections Financial Performance - For Q3 2024, the adjusted revenue (including investment income) was 9.710 billion CNY, down 3.87% year-on-year, while the net profit attributable to shareholders was 6.042 billion CNY, a decrease of 2.69% year-on-year [8][9]. - The report projects EPS for 2024-2026 to be adjusted to 0.57, 0.72, and 0.81 CNY respectively, reflecting an increase from previous estimates [8][9]. Market Activity - The report notes that the trading volume and margin financing balance have significantly increased, with the average daily stock trading volume reaching 2 trillion CNY from early October to late October, indicating a recovery in market activity [8][9]. - The company’s securities trading volume reached 112.8 billion CNY by the end of Q3, marking a 74% year-on-year increase, which is expected to drive performance recovery [8][9]. Future Outlook - The report anticipates a strong performance rebound in Q4 due to the active market conditions and increasing demand for wealth management services among residents [8][9]. - The company's financial model is expected to enhance its competitiveness in both B-end and C-end markets, further supporting growth [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][7] Core Views - The company reported significant growth in client funds and maintained high investment returns, with a notable increase in customer deposits and trading activities due to improved market conditions [1][3] - The company's total revenue for the first three quarters of 2024 was 7.304 billion yuan, a year-on-year decrease of 13.96%, while net profit attributable to shareholders was 6.042 billion yuan, down 2.69% year-on-year [1][2] - The company has a leading position in fund management, with a focus on equity funds, and has successfully implemented a community-based operational model that enhances customer loyalty [1][3] Financial Performance Summary - For Q3 2024, the company achieved total revenue of 2.359 billion yuan, a year-on-year decrease of 13.86% and a quarter-on-quarter decrease of 5.24% [1][2] - The net profit for Q3 2024 was 1.986 billion yuan, showing a slight year-on-year increase of 0.09% but a quarter-on-quarter decrease of 5.52% [1][2] - The company's investment income for the first three quarters of 2024 was 2.402 billion yuan, reflecting a year-on-year increase of 49.7%, primarily driven by gains in fixed income securities [1][3] Financial Projections - Revenue projections for 2024 are estimated at 11.328 billion yuan, with a growth rate of 2% compared to 2023 [2][8] - The net profit for 2024 is projected to be 9.062 billion yuan, representing an 11% increase from 2023 [2][8] - The company’s return on equity (ROE) is expected to improve to 12.14% in 2024, up from 11.94% in 2023 [2][8] Market Position and Competitive Advantage - The company benefits from two major internet traffic pools, enhancing its competitive edge and user engagement [1][3] - The comprehensive range of financial licenses held by the company, including securities brokerage and asset management, provides significant growth potential [1][3] - The company's AI model "Miaoxiang" is continuously evolving, leveraging user data and technology to enhance investment advisory and research capabilities [1][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a total operating revenue of 7.304 billion yuan for the first three quarters of 2024, a year-over-year decrease of 13.96%. The net profit attributable to shareholders was 6.042 billion yuan, down 2.69% year-over-year. The return on equity (ROE) was 8.14%, a decrease of 1.02 percentage points compared to the same period last year [2][5] - The company's self-operated business showed strong growth, while the commission-based business faced pressure due to fee reductions [3][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total commission income of 3.555 billion yuan, down 5.33% year-over-year. In Q3 2024, the commission income was 1.16 billion yuan, a decrease of 8.0% year-over-year and 4.4% quarter-over-quarter [6] - The net interest income for the first three quarters was 1.506 billion yuan, down 9.71% year-over-year, with Q3 2024 showing a net interest income of 479 million yuan, down 13.2% year-over-year [6] - Investment income and fair value changes amounted to 2.406 billion yuan, an increase of 49% year-over-year, with an annualized investment return rate of 2.9% in Q3 2024 [6] Business Segment Analysis - The company's revenue from fund sales was 2.243 billion yuan for the first three quarters, a decrease of 26.82% year-over-year. In Q3 2024, the revenue was 720 million yuan, down 22.2% year-over-year [7] - The market for new equity fund issuance was subdued, with a total of 59.7 billion units issued, down 12% year-over-year [7] Earnings Forecast and Valuation - The company is expected to generate revenues of 11.1 billion yuan, 12.1 billion yuan, and 13.7 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 0.2%, 9%, and 13% [8] - The net profit attributable to shareholders is projected to be 8.4 billion yuan, 9.4 billion yuan, and 10.8 billion yuan for the same years, with growth rates of 3%, 11%, and 15% [8]