应出席董事 15 人，实际出席 15 人。 本次会议的召集、召开及表决程序符合有关法律、行政法规、部门规章、规 范性文件和《招商证券股份有限公司章程》的规定。 证券代码：600999 证券简称： 招商证券 编号： 2024－049 招商证券股份有限公司 第八届董事会第十一次会议决议公告 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法律责任。 一、 董事会会议召开情况 招商证券股份有限公司（以下简称公司）第八届董事会第十一次会议通知于 2024 年 11 月 5 日以电子邮件方式发出。会议于 2024 年 11 月 8 日以通讯表决方 式召开。 二、 董事会会议审议情况 本次会议审议并通过了《关于聘任刘波先生为公司副总裁的议案》。 刘波先生满足现行法律法规、监管规定及自律规则等规定的上市证券公司高 级管理人员任职条件，具备履行副总裁职责所必需的专业素养和工作经验，未持 同意聘任刘波先生为公司副总裁，任期自本次董事会决议之日起，至公司第 八届董事会届满之日止。 1 议案表决情况：同意 15 票，反对 0 票，弃权 0 票。 有公司股票，与 ...

Group 1: Buy-side Advisory Business Initiatives - The buy-side advisory is a key growth area for the company's wealth management, with the fund advisory service "e Zhaotou" reaching a financial product scale of CNY 6.314 billion, a 35.61% increase from the end of 2023 [1][2] - Future initiatives include enhancing asset allocation, expanding customized services, and improving investor education through various models [2] Group 2: Investment Banking and M&A Outlook - Recent regulatory policies aim to support resource allocation towards new productive forces, enhancing the investment value of listed companies [3] - The company is focusing on modernizing its investment banking operations and strengthening its M&A business to align with market changes [3][8] Group 3: Proprietary Investment Strategy - The company continues to implement a "large and stable" asset allocation strategy, focusing on risk management and maintaining liquidity [3] - The fixed income investment will enhance research on economic fundamentals and macro policies to manage directional investment risks [3] Group 4: OTC Derivatives Business Development - The company has been regulating its OTC derivatives business according to regulatory guidelines, maintaining a reasonable scale and risk level [4] - There is a growing demand for risk management and resource allocation from institutional investors, which the company aims to address [4] Group 5: Asset Management Future Layout - The asset management industry is becoming increasingly competitive, with a focus on enhancing active management capabilities and expanding public and private product lines [5] - As of the end of October, the company has submitted applications for five public products, with two equity products already approved [5] Group 6: Impact of Relaxed Risk Control Indicators - The revised risk control indicators by the CSRC will take effect on January 1, 2025, optimizing the calculation standards for certain risk control metrics [6] - This revision is expected to improve capital efficiency and better support customer service and economic development [6] Group 7: M&A Opportunities in Building a First-Class Investment Bank - The central financial work conference emphasizes the creation of a first-class investment bank, encouraging mergers and acquisitions as a means to enhance capabilities [8] - The company will continue to monitor M&A opportunities in the industry [8]

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: 招商證券股份有限公司（「本公司」） 呈交日期: 2024年11月6日 I. 法定/註冊股本變動 | 1. 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) | 600999 | 說明 | A股 (上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 RMB | | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,422,005,272 RMB | | | 1 RMB | | 7,422,005,272 | | 2. 股份 ...

Summary of Conference Call Company Overview - The conference call involved **招商证券 (China Merchants Securities)**, discussing its financial performance and strategic outlook for the third quarter. Key Financial Highlights - **Revenue**: For the first nine months, the company reported a revenue of **143 billion CNY**, a **4% decrease** year-on-year [1] - **Net Profit**: Adjusted net profit increased by **2.9 percentage points** to **50.1%** [1] - **Investment Income**: Investment income saw a significant increase of **51.9%** [1][5] - **Commission Income**: Commission income from brokerage services decreased by **17.6%** [1] - **Operating Expenses**: The operating expense ratio was **47.3%**, a slight decrease of **0.1 percentage points** year-on-year [1] Revenue Structure - **Investment Income**: Contributed **50.2%** of total revenue, marking a significant increase [2] - **Brokerage Services**: Accounted for **25.7%** of revenue, with a noted decline due to decreased trading volumes [2] - **Long-term Equity Investments**: Contributed **7.9%** to revenue [2] - **Investment Banking and Asset Management**: Contributed **2.9%** and **3.5%** respectively [2] Market Performance - **A-share Market**: Average daily trading volume decreased by **8.0%** year-on-year, with margin financing down by **9.5%** [3] - **IPO Market**: A-share IPO financing dropped by **86.1%**, while bond financing decreased by **78.9%** [3] - **Hong Kong Market**: Showed resilience with a **0.5%** increase in average daily trading volume [3] Capital Intermediation and Financing - **Margin Financing**: As of September, the balance was **70.6 billion CNY**, down **14%** year-on-year [4] - **Stock Pledge Financing**: Remained at **18.5 billion CNY** [4] Investment Strategy - The company has adopted a strategy focusing on **fixed income investments**, which have shown substantial growth due to favorable market conditions [6] - **Asset Allocation**: The company maintains a conservative approach with **74%** in fixed income and **26%** in equities and funds [6] Wealth Management and Brokerage Services - The company has maintained a stable ranking in brokerage services despite a decline in revenue, attributed to regulatory impacts on high-frequency trading [11] - **Commission Rates**: Average commission rates have increased slightly, attributed to a decrease in high-frequency trading clients [16] Asset Management Performance - **Asset Management Income**: Experienced a decline due to lower yields on cash products, despite an increase in asset scale [17] - **Public Fund Contributions**: The contributions from public funds have shown a slight decline but remain stable [18] Institutional Business - The company has a strong position in the private equity custody market, benefiting from regulatory changes that favor larger, compliant firms [21] - **Client Base**: Focus on enhancing service capabilities for institutional clients, including public funds and insurance companies [22] Future Outlook - The company is in the process of developing a new strategic plan for the next five years, aiming to improve its market position and operational efficiency [27] - **IPO Pipeline**: The company has a robust IPO pipeline, ranking **sixth** in terms of IPO reserves [36] Conclusion - Overall, 招商证券 has demonstrated resilience in a challenging market environment, with strategic adjustments aimed at enhancing profitability and market share. The focus on investment income and maintaining a strong institutional client base positions the company well for future growth.

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3]. Core Views - The company's proprietary trading business has shown significant improvement, driving overall performance growth, while brokerage, asset management, and investment banking businesses have experienced year-on-year declines. The report maintains a positive outlook on the company's collaboration with China Merchants Group and China Merchants Bank, with a reasonable valuation range of 15.68-16.99 CNY [3]. - For the first three quarters of 2024, the company achieved operating revenue of 14.28 billion CNY, a year-on-year decrease of 4.0%, and a net profit attributable to the parent company of 7.15 billion CNY, a year-on-year increase of 11.7% [3][5]. - The report highlights a transformation in wealth management and institutional business, with brokerage revenue for the first three quarters of 2024 at 3.67 billion CNY, down 14.1% year-on-year, accounting for 25.9% of total revenue [3][5]. Summary by Sections Financial Performance - The company reported a net profit of 2.40 billion CNY in Q3 2024, a year-on-year increase of 43.4% [3]. - The investment income (including fair value) for the first three quarters was 7.17 billion CNY, up 51.9% year-on-year, with Q3 investment income reaching 2.41 billion CNY, up 201.6% year-on-year [3][5]. - The projected EPS for 2024-2026 is 1.15, 1.30, and 1.40 CNY respectively, with BVPS of 13.07, 14.05, and 15.13 CNY [3][7]. Business Segments - The proprietary trading segment contributed 50% to the revenue structure in the first three quarters of 2024, while brokerage, underwriting, and asset management contributed 26%, 3%, and 4% respectively [6]. - The investment banking revenue for the first three quarters was 420 million CNY, down 43.8% year-on-year, with equity underwriting down 33.7% [3][5]. Market Position - The company ranked 6th in equity underwriting with a total of 12.70 billion CNY, including 3 IPOs raising 3.70 billion CNY [3][5]. - The asset management scale reached 302.2 billion CNY by the end of Q2 2024, a year-on-year increase of 2.5% [3][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 24.02 CNY, compared to the current price of 19.09 CNY [1][2]. Core Insights - The company's performance in the third quarter of 2024 met expectations, with total operating revenue (excluding other business income) of 14.2 billion CNY, a year-on-year increase of 5.6%. The net profit attributable to shareholders was 7.15 billion CNY, up 11.7% year-on-year [1]. - The report highlights a decline in self-operated income rates, with net income from capital-intensive businesses totaling 7.85 billion CNY, down 4.26 billion CNY quarter-on-quarter [1]. - The report indicates a decrease in the company's return on equity (ROE) to 5.7%, with a quarterly ROE of 1.9%, reflecting a slight decline [1]. Financial Performance Summary - Total operating revenue for 2024 is projected to be 19.82 billion CNY, with a year-on-year growth rate of 5.4% [2]. - The net profit attributable to shareholders is expected to reach 8.76 billion CNY in 2025, with a growth rate of 10% [2]. - Earnings per share (EPS) are forecasted to be 1.01 CNY in 2025, increasing to 1.32 CNY by 2026 [2][4]. Business Segment Performance - Brokerage business revenue was reported at 3.67 billion CNY for the quarter, down 12.9% quarter-on-quarter, with the average daily trading volume in the market at 678.74 billion CNY, a decrease of 18.4% [1]. - Investment banking revenue was 420 million CNY for the quarter, reflecting a slight decline [1]. - Asset management revenue was reported at 500 million CNY, with a quarterly revenue of 160 million CNY, showing a minor decrease [1]. Regulatory Metrics - The company's risk coverage ratio stands at 211.4%, significantly above the warning line of 120%, indicating a strong capital position [1].

证券时报网讯，招商证券发布研报，比亚迪第三季度净利润为116.1亿元，同比上涨11.5%，稍超市场预 期，维持对其"增持"评级和360港元目标价。 公司受益于以旧换新和新能源汽车下乡政策，国内外业务增长前景明确。 第三季度DM5.0车型销量约41.4万台，占比36.7%。 预计第四季度及明年新车型覆盖率提升，汽车毛利率保持稳健。 同时，比亚迪前三季度出口增长102%至29.4万辆，未来在出口和本地化进程的双重驱动下，展望乐 观。 校对：赵燕 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4]. Core Insights - The company's performance in Q3 2024 met expectations, with a revenue of 14.68 billion yuan, a year-on-year increase of 14.9%, and a net profit of 2.40 billion yuan, reflecting a year-on-year increase of 43.4% [4]. - The brokerage business experienced a slight decline due to reduced trading activity, with a revenue of 3.67 billion yuan for the first nine months of 2024, down 14.2% year-on-year [4]. - The investment banking business showed resilience, with a ranking improvement despite a revenue drop of 43.8% year-on-year [4]. - The asset management business continued to provide stable income, with total assets under management for the company's funds showing a solid performance [4]. - The proprietary trading segment performed well, with a net investment income of 7.26 billion yuan for the first nine months of 2024, up 53.1% year-on-year [4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a revenue of 14.28 billion yuan, a decrease of 4.0% year-on-year, and a net profit of 7.15 billion yuan, an increase of 11.7% year-on-year [4]. - The company’s earnings per share for 2024E is projected at 1.00 yuan, with a net profit of 9.51 billion yuan, reflecting an 8.5% year-on-year growth [5][6]. Business Segments - Brokerage revenue for Q3 2024 was 1.10 billion yuan, down 18.6% year-on-year, while investment banking revenue was 1.30 billion yuan, down 55.2% year-on-year [4]. - The asset management segment reported a revenue of 5.0 billion yuan for the first nine months of 2024, a decrease of 8.6% year-on-year [4]. Market Position - The company’s market share in IPOs, refinancing, and bond underwriting was 3.9%, 7.8%, and 2.9% respectively, with significant ranking improvements in the industry [4]. - The company’s financial leverage ratio is reported at 4.20 times, a decrease of 0.55 times from the beginning of the year [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company reported a slight decline in revenue of 3.98% year-on-year for the first three quarters of 2024, totaling 142.79 billion yuan, while net profit attributable to shareholders increased by 11.68% to 71.5 billion yuan, driven by a rebound in the stock market and increased trading activity [1][2]. - The company's self-operated business has become a key driver of performance growth, with investment income (including fair value changes) rising by 51.88% year-on-year to 71.66 billion yuan [2]. - The capital market is recovering, leading to increased client fund inflows, with cash and cash equivalents at the end of the period reaching 1,366.18 billion yuan, a 24% increase year-on-year [1][2]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a net income of 71.5 billion yuan, with a return on equity (ROE) of 6.12%, an increase of 0.3 percentage points year-on-year [1]. - The company's earnings per share (EPS) rose by 11.59% to 0.77 yuan per share [1]. Business Segments - Brokerage business net income was 36.73 billion yuan, down 14.15% year-on-year, while investment banking revenue fell by 43.82% to 4.19 billion yuan [2]. - The company’s asset management business saw a decline in net income of 8.49% to 5.02 billion yuan, despite an increase in managed assets [2]. Future Earnings Forecast - The earnings forecasts for 2024, 2025, and 2026 have been raised by 4.6%, 2.3%, and 1.2% respectively, with projected net profits of 93.72 billion yuan, 100.33 billion yuan, and 110.88 billion yuan, reflecting year-on-year growth rates of 6.9%, 7.1%, and 10.5% [3][4]. - The current price-to-earnings (PE) ratios are projected at 13.6, 12.7, and 11.5 for the years 2024, 2025, and 2026 respectively, with price-to-book (PB) ratios of 1.0, 1.0, and 0.9 [3][4].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][10] Core Views - The company achieved a revenue of 14.279 billion yuan in the first three quarters of 2024, a slight decrease of 3.98% year-on-year, while the net profit attributable to shareholders increased by 11.68% to 7.15 billion yuan [1] - The improvement in performance is attributed to policy support boosting market confidence, leading to a rebound in the stock market and increased trading activity, with proprietary trading becoming a key growth driver [1][4] - The company has increased client fund inflows through enhanced internet channels, resulting in a 24% year-on-year growth in monetary funds to 136.618 billion yuan [1][8] Financial Performance Summary - For the first three quarters of 2024, the company reported net income from brokerage business of 3.673 billion yuan, down 14.15% year-on-year, while investment income (including fair value changes) rose by 51.88% to 7.166 billion yuan [1][8] - The company's financial asset scale reached 371.5 billion yuan, an increase of 8.81% year-on-year, driven by favorable capital market policies [1][8] - The investment banking segment faced challenges, with revenues declining by 43.82% to 419 million yuan, while bond financing increased by 30.8% to approximately 289.7 billion yuan [1][8] Earnings Forecast and Valuation - The earnings forecasts for 2024, 2025, and 2026 have been raised by 4.6%, 2.3%, and 1.2% respectively, with projected net profits of 9.372 billion yuan, 10.033 billion yuan, and 11.088 billion yuan, reflecting year-on-year growth rates of 6.9%, 7.1%, and 10.5% [1][2][8] - The current price-to-earnings (PE) ratios are projected at 13.6, 12.7, and 11.5 for 2024, 2025, and 2026, respectively, while the price-to-book (PB) ratios are expected to be 1.0, 1.0, and 0.9 [1][2][8]