Summary of Key Points Core Viewpoint - The transaction between China Communications Design Consulting Group Co., Ltd. and China Communications Finance Co., Ltd. aims to optimize financial management, enhance fund utilization, and reduce financing costs and risks through a financial service agreement [1][5]. Group 1: Overview of Related Transactions - The financial service agreement will allow the finance company to provide deposit, loan, and settlement services to the company and its subsidiaries [1]. - The agreement is valid for one year and falls within the authority of the company's shareholders' meeting [1][2]. Group 2: Related Party Information - China Communications Finance Co., Ltd. was established on July 1, 2013, with a registered capital of 7 billion RMB [2]. - As of December 31, 2023, the finance company had total assets of 59.543 billion RMB and net assets of 10.811 billion RMB [2]. Group 3: Main Content of the Agreement - The finance company will provide payment and collection services, with fees not exceeding those of major domestic commercial banks [3]. - The interest rates for deposits will comply with the People's Bank of China regulations and will not be lower than those offered by major banks [3][4]. Group 4: Purpose and Impact of the Transaction - The transaction is designed to enhance financial management and does not harm the interests of the company or its shareholders, particularly minority shareholders [5]. - The company has conducted a risk assessment of the finance company, confirming its compliance with regulations and sound risk management practices [5][6]. Group 5: Approval Procedures - The transaction has been approved by the company's board of directors and supervisory board, with independent directors confirming that it does not harm shareholder interests [6][8]. - The proposal will be submitted for approval at the shareholders' meeting, with related shareholders required to abstain from voting [6][8].

"券商的合并重组，对中信证券来说既是挑战也是机遇。我们感受到了来自市场竞争的压力，但压力之 下更要保持战略定力，这也是中信证券赢得市场竞争的前提和基础。"中信证券董事长张佑君在中信证 券2024年度业绩发布会上表示。 中信证券总经理邹迎光分享了对一流投行核心内涵的理解，具体提到八点内容：一是能够在服务国家战 略中发挥主力军的作用；二是坚持以人民为中心的价值取向；三是业务体系完善、牌照齐全、结构均 衡，能够提供多样化、专业性的金融产品和服务；四是具有遍布全球的强大客户网络和较强的国际竞争 力；五是具有自主可控、安全高效的金融基础设施；六是具有较强的资源配置和风险管理能力；七是盈 利能力强，能够有效应对周期波动；八是具有优秀的企业文化，品牌影响力突出，具有卓越的人才队 伍。 国际化发展前景广阔 聚焦三个方面 中信证券境外业务发展成果显著。2024年年报数据显示，中信证券国际实现营收22.6亿美元，净利润为 5.3亿美元，较上年分别增长41%和116%。 张佑君表示，2024年，公司国际业务经营质效不断提升，中信证券国际的营业收入和净利润均创历史新 高。中信证券将加速完善全球重要金融市场的业务布局，全面提升跨境综合 ...

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for the company [3] Core Views - The company demonstrates significant advantages as a domestic and international leader, with a recovery in performance and an increase in leverage [1] Financial Performance Summary - The company reported a revenue of CNY 63.79 billion for 2024, reflecting a year-on-year growth of 6.20%, and a net profit attributable to shareholders of CNY 21.70 billion, up 10.06% year-on-year [11] - The total asset scale reached CNY 1.71 trillion, an increase of 17.71% compared to the previous year [11] - The weighted average ROE for 2024 was 8.09%, with an adjusted leverage ratio of 4.51 times, up by 0.24 [1][13] Business Segment Analysis Investment Business - The self-operated investment income for 2024 was CNY 19.46 billion, a year-on-year increase of 12% [23] - The company has enhanced its product structure and strategy to attract long-term capital into the market [23] Wealth Management - The brokerage business generated a net income of CNY 10.70 billion, a 5% increase year-on-year, with a 12% growth in customer numbers [28][32] - The overseas wealth management product sales and income doubled in 2024 [32] Asset Management - The asset management business achieved an income of CNY 2.32 billion, up 5% year-on-year, while the fund business generated CNY 8.18 billion, a 7% increase [36] - The total asset management scale reached CNY 1.54 trillion, an 11% increase year-on-year [36] Investment Banking - The investment banking segment reported a revenue of CNY 4.16 billion, down 34% year-on-year, but maintained a market share of 22% in domestic equity underwriting [50] - The company completed 55 A-share underwriting projects with a total scale of CNY 70.36 billion, ranking first in the market [52] Capital Intermediation - The capital intermediation income was CNY 8.16 billion, a decrease of 7% year-on-year, with financing and securities lending interest income down 14% [56] Earnings Forecast and Investment Recommendation - The company is expected to benefit from cyclical recovery and increased market stability, with projected EPS of CNY 1.98 and CNY 2.20 for 2025 and 2026 respectively [60] - The report assigns a reasonable value of CNY 32.93 per share for A-shares and HKD 26.36 for H-shares, maintaining a "Buy" rating for both [60]

【导读】中信证券（600030）管理层，重磅发声 "券商的合并重组，对中信证券来说既是挑战也是机遇。我们感受到了来自市场竞争的压力，但压力之 下更要保持战略定力，这也是中信证券赢得市场竞争的前提和基础。"中信证券董事长张佑君在中信证 券2024年度业绩发布会上表示。 3月27日，中信证券召开2024年度业绩说明会。会上，中信证券管理层对市场关注的建设一流投资银行 和投资机构、国际化发展战略、行业并购趋势等多个热点问题进行了回应。 八大内涵解析"一流投行" 3月26日晚间，中信证券发布2024年年报，营收和净利润双双增长。数据显示，中信证券2024年实现营 收637.89亿元，同比增长6.20%；实现归母净利润217.04亿元，同比增长10.06%；总资产规模达17107.11 亿元，同比增长17.71%；归母净资产达2931.09亿元，同比增长9.03%。 有投资者关心中信证券如何做好金融"五篇大文章"，张佑君对此表示，"五篇大文章"是金融服务实体经 济的重要抓手，也是资本市场分担创新风险、促进创新资本的独特优势，更是证券公司高质量发展的关 键方向。 国际化发展前景广阔 聚焦三个方面 中信证券境外业务发展成果 ...

Investment Rating - The report maintains a "Buy" rating for CITIC Securities (600030.SH) [7] Core Views - CITIC Securities reported a revenue of 63.79 billion yuan and a net profit attributable to shareholders of 21.70 billion yuan for 2024, representing year-on-year changes of +6.2% and +10.1% respectively [1][7] - The fourth quarter saw revenues and net profits of 17.65 billion yuan and 4.91 billion yuan, with quarter-on-quarter changes of +10.6% and -21.3% respectively, with the decline in net profit attributed to increased management expenses [1][7] - The company’s weighted average ROE increased by 0.28 percentage points to 8.1% [1] - The report highlights the strong performance of international business, with net profit from international operations reaching 530 million USD, a year-on-year increase of 115.5% [3] Summary by Sections Financial Performance - In 2024, CITIC Securities achieved net income from brokerage, investment banking, and asset management of 10.71 billion yuan, 4.16 billion yuan, and 10.51 billion yuan, reflecting year-on-year changes of +4.8%, -33.9%, and +6.7% respectively [2] - The average daily trading volume (ADT) in the A-share market for Q4 was 1.6 trillion yuan, which positively impacted brokerage net income [2] - The company’s financial asset investment increased by 20.4% year-on-year, with trading financial assets and other equity investments growing by 10.5% and 853% respectively [3] Future Projections - The report projects net profits for CITIC Securities to be 22.30 billion yuan, 24.20 billion yuan, and 26.03 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of +2.8%, +8.5%, and +7.6% respectively [3] - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 1.40, 1.29, and 1.19 respectively [3]

据悉，2024年中信证券全年实现营业收入637.89亿元，同比增长6.20%；实现归属于公司股东净利润 217.04亿元，同比增长10.06%；总资产规模达17,107.11亿元，同比增长17.71%。 （文章来源：新华财经） 为进一步响应资本市场新"国九条"以及中国证监会关于"一年多次分红"的政策指引，中信证券在2024年 首次开展中期分红35.57亿元，占中期合并报表归属于上市公司普通股股东净利润的34.89%，并已于 2024年底实施完毕，此举获得投资者的高度关注与广泛认可。 展望未来，公司将坚守助力资本市场功能提升、服务经济高质量发展的使命任务，积极呼应监管政策指 引，强化分红的稳定性、持续性与可预期性。综合考量公司未来发展规划与股东利益等要素，稳妥有序 推进相关政策，适时开展现金分红，致力于为投资者提供长期稳定回报，更好地履行上市公司的社会责 任。 自2003年A股上市以来，中信证券连续22年开展现金分红，累计分红总额超845亿元，近年来现金分红 比例始终保持在30%以上，在行业内处于较高水平。 新华财经北京3月27日电 27日，在中信证券2024年度业绩说明会上，中信证券财务负责人张皓回答新华 财 ...

2025 年 03 月 27 日 中信证券 (600030) —— 手续费业务环比改善，投资业务结构优化 上 市 公 司 非银金融 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 27 日 | | --- | --- | | 收盘价（元） | 26.90 | | 一年内最高/最低（元） | 36.49/17.26 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 2.66 | | 流通 A 股市值（百万元） | 327,549 | | 上证指数/深证成指 | 3,373.75/10,668.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 17.70 | | 资产负债率% | 82.54 | | 总股本/流通 A 股(百万) | 14,821/12,177 | | 流通 B 股/H 股（百万） | -/2,620 | 一年内股价与大盘对比走势： 03-27 04-27 05-27 06-27 07-27 08-27 09-27 10- ...

证券研究报告 中信证券 (6030 HK/600030 CH) 港股通 兼具投资韧性与扩表能力的龙头 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 27 日│中国内地/中国香港 | 证券 | 公司公布 2024 年业绩，收入 637.89 亿元，同比+6.20%；归母净利润 217.04 亿元，同比+10.06%。Q4 单季度收入 176.48 亿元，同比+24%、环比+11%； 归母净利润 49.05 亿元，同比+48%、环比-21%，整体表现与业绩快报一致。 投资业务已成为核心驱动、资产负债表延续扩张趋势、龙头地位全面巩固， 预计公司未来业绩保持稳健提升态势，AH 股均维持买入评级。 投资业务为业绩增长核心驱动 全年投资业务收入 264 亿元，创历史新高，同比+21%、占收入比例达 41%， 是业绩增长的核心驱动力。公司资产负债表使用能力持续加强，延续扩表趋 势，年末总资产 1.7 万亿、同比+18%；全年总资产净增 2574 亿元，其中 客户资金增 752 亿元、金融投资增 1360 亿元。固收与 OCI 投资增长较快， 交易性金融资产中的债券 ...

未来，中信证券将继续维持内生式发展与外延式增长的平衡，巩固在国内的领先地位，做大做强国际业 务，加快建设一流投资银行和投资机构，为金融强国建设贡献力量。 27日，在中信证券2024年度业绩说明会上，中信证券董事长张佑君回答新华财经记者提问时表示，中信 证券将锚定国内领先和国际一流的投资银行愿景，从业务、客户、管理等方面多措并举提升公司的各项 竞争优势，巩固境内的领先地位，做大做强国际业务，加快建设一流投资银行和投资机构。 在业务层面，着重加强专业能力建设，通过创新业务模式、完善产品体系以及拓展服务场景，为客户提 供综合金融服务。中信证券不仅要在传统的股权、债权业务上为客户提供服务，还需在商品、外汇和利 率等业务线与产品方面，为客户提供更多契合资本市场需求的解决方案。 在客户层面，依托全球业务布局与区域中心建设，增强综合金融服务能力，发挥协同效应，进一步拓展 客户市场。 在管理层面，提升全球管控能力与管理效率，聚焦于支持业务发展以及有效管控风险。中信证券近年来 始终坚持全球一体化管理，致力于实现北京总部对中信证券全球业务的全面管理。 当前，证券行业相继出现多起合并等案例，中信证券如何看待行业整合趋势的影响？ 张 ...

1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：4.17 倍，同比+0.14 倍，环比-0.1 倍。 证 券 研 究 报 告 中信证券（600030）2024 年报点评 推荐（维持） 业绩符合预期，维持行业龙头地位 目标价：31.9 元 事项： 点评： ROE 同比增长，环比下行；杠杆、利润率同比提升。公司报告期内 ROE 为 7.4%，同比+0.1pct。单季度 ROE 为 1.7%，环比-0.5pct，同比+0.4pct，杜邦拆 分来看： 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 4.7%，同比-0.4pct，单季度资产周转率为 1.3%，环比+0.1pct，同比 +0.2pct。 3）公司报告期内净利润率为 37.8%，同比+1.8pct，单季度净利润率为 30.6%， 环比-12.1pct，同比+2.3pct。 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 263.5 亿元，单季度为 46.8 亿元，环比-52.5 亿元。单季 度自营收益率为 0.7%，环比-0.6pct，同比-0.3pct。 对比来看，单季度期 ...