Core Viewpoint - The short-term technology sector remains the main focus for capital trading, with optimism for continued rebound in the sector despite performance delays and external variables such as the U.S. election [1] Group 1: Market Outlook - The performance delays in related sectors and the conclusion of the U.S. election are significant variables affecting market volatility [1] - The execution strength of policies will be crucial for the sustainability of future market trends [1] Group 2: Investment Directions - Investment opportunities are identified in several areas: 1. Domestic computing power and operating system localization under the theme of self-controllability, with a pressing need for the development of the domestic innovation industry chain and network security architecture [1] 2. AI-related themes focusing on application scenarios, which are becoming a new area of interest for investors [1] 3. High-quality targets benefiting from mergers, acquisitions, and buybacks, with market value management being a long-term policy direction that will continue to catalyze related investments as policies are gradually implemented [1]

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 中国银河（601881）公司季报点评 2024 年 11 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------------------|------------| | 股票数据 | | | [ 11 Table_StockInfo 月 01 日收盘价（元） ] | 14.42 | | 52 周股价波动（元） | 9.70-16.95 | | 股本结构 Table_CapitalInfo | | | [ 总股本（ 百万股） ] | 10934 | | 流通 A 股（百万股） | 7243 | | B 股 /H 股（百万股） | 0/3691 | | 相关研究 [Table_ReportInfo] 《二季度自营表现出色，投行业务逆市提 | | | 升》 2024.09.05 《债券承销表现亮眼，自营拖累整体业 | | | 绩》 2024.05.24 《 自 营 表 现 出 色 ， ...

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: 中國銀河證券股份有限公司 呈交日期: 2024年11月1日 I. 法定/註冊股本變動 | 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 (如上市) | 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 | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

Investment Rating - The report maintains an "Accumulate" rating for China Galaxy Securities (601881) with a target price raised to 16.68 CNY, corresponding to a 2024 price-to-book ratio of 1.7x [3][5]. Core Insights - The company has benefited from investment boosts, achieving positive profit growth in the first three quarters of 2024. The long-term view indicates that the company is halfway through its three-year strategic plan, continuously enhancing its professional capabilities, and is expected to seize opportunities for first-class investment banking development, leading to better-than-expected growth [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 27.09 billion CNY and 6.96 billion CNY, respectively, representing year-on-year increases of 6.3% and 5.5%. In Q3 alone, the net profit attributable to shareholders was 2.58 billion CNY, showing a year-on-year increase of 54.8% but a quarter-on-quarter decrease of 6.5%, which aligns with expectations. The weighted average return on equity (ROE) decreased by 0.9 percentage points to 5.80% [5][6]. - The investment business net income for the first three quarters increased by 49.9% to 8.74 billion CNY, with Q3 alone contributing 3.82 billion CNY, a year-on-year increase of 226% and a quarter-on-quarter increase of 16%. The investment income in Q3 reached a historical high, primarily driven by a significant improvement in yield, with an investment return rate of 3.76%, up by 2.56 percentage points year-on-year and 0.61 percentage points quarter-on-quarter [5][6]. Strategic Developments - The acceleration of supply-side reforms in the industry is ongoing, and the company is advancing its three-year strategic plan, which is expected to enable it to capitalize on opportunities for building a first-class investment bank. The new "National Nine Articles" focuses on returning to the essence of the industry and strengthening leading institutions through mergers, reorganizations, and organizational innovations to enhance core competitiveness [5][6].

证券代码：601881 证券简称：中国银河 公告编号：2024-068 中国银河证券股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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个别及 连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 5 日（星期二）至 11 月 11 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过中国银 河证券股份有限公司（以下简称"公司"）邮箱 zgyh@chinastock.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 公司已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大 投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状况，公司计划 于 2024 年 11 月 12 日下午 15:00-16:00 举行 2024 年第三季度业绩说明会，就 投资者关心的问题进行交流。 一 ...

Financial Performance - Operating revenue for Q3 2024 reached ¥9,999,961,183.41, an increase of 23.92% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was ¥2,575,838,624.68, reflecting a growth of 54.79% year-on-year[3] - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥2,535,302,426.73, up by 49.61% from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥27.09 billion, an increase of 6.29% compared to ¥25.48 billion in the same period of 2023[19] - Net profit attributable to shareholders of the parent company was ¥6.96 billion, up 5.46% from ¥6.60 billion in the previous year[20] - Other comprehensive income after tax attributable to shareholders of the parent company was ¥2.86 billion, compared to ¥1.28 billion in the previous year, an increase of 123.83%[20] - Total comprehensive income for the first three quarters of 2024 was ¥8,951,401,690.42, up from ¥7,115,438,154.85 in the same period of 2023[26] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥747,918,275,097.78, representing a 12.77% increase from the end of the previous year[3] - The company's total liabilities increased to ¥611.22 billion, compared to ¥532.71 billion in the same period last year, reflecting a growth of 14.73%[18] - The company's total assets reached ¥747.92 billion, up from ¥663.21 billion, marking an increase of 12.76%[18] - The company's total liabilities decreased to ¥481.99 billion as of September 30, 2024, down from ¥493.73 billion at the end of 2023, indicating a reduction of approximately 2.4%[23] Cash Flow - Cash flow from operating activities for the year-to-date was ¥58,056,098,739.59, with no comparative data available for the current quarter[3] - Operating cash flow net amount reached CNY 58,056,098,739.59, a significant improvement compared to a negative CNY 28,167,717,136.12 in the same period last year[9] - In the first three quarters of 2024, the net cash flow from operating activities reached ¥58.06 billion, a significant improvement compared to a net outflow of ¥28.17 billion in the same period of 2023[21] - The total cash inflow from operating activities was ¥118.68 billion, up from ¥66.58 billion year-on-year, indicating a growth of approximately 78.3%[21] - The net cash flow from financing activities was negative at ¥20.43 billion, contrasting with a positive cash flow of ¥2.09 billion in the same period of 2023[22] Income and Expenses - The basic earnings per share for Q3 2024 was ¥0.20, an increase of 33.33% year-on-year[3] - The total operating expenses for the first three quarters of 2024 were ¥19.69 billion, an increase of 5.41% from ¥18.68 billion in the same period of 2023[19] - Net interest income decreased by 20.91% to CNY 2,625,915,516.96 due to reduced interest income from credit and fixed income businesses[8] - Net commission and fee income fell by 9.58% to CNY 4,447,275,739.80 primarily due to a decrease in securities brokerage fees[8] - The company's total operating expense of ¥6,044,078,377.52 for the first three quarters of 2024, an increase from ¥5,668,406,594.14 in 2023[25] Regulatory and Compliance - The company received an administrative measure from the Shenzhen Securities Regulatory Bureau, suspending the registration of new private asset management products for three months due to compliance issues[15] - The company is committed to comprehensive rectification in response to regulatory requirements, aiming to enhance internal control mechanisms and improve management practices[16] - The company reported that the impact of the suspension of private asset management product registration on consolidated revenue and profit is minimal[16] Investment and Trading - Investment income and fair value changes increased by 49.89% to CNY 8,739,383,143.26 driven by growth in investment trading performance[8] - The company reported a significant increase in fair value gains to ¥7.08 billion, compared to ¥3.84 billion in the previous year, reflecting a growth of 84.83%[19] - The company’s trading financial assets increased to CNY 250.30 billion from CNY 206.18 billion, reflecting a rise of approximately 21.41%[17]

证券代码：601881 证券简称：中国银河 公告编号：2024-067 中国银河证券股份有限公司 第四届董事会第三十二次会议（定期）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个别及连带 责任。 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 2024 年 10 月 30 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第四届董事会第三十二次会议（定期）。本次会议 通知已于 2024 年 10 月 16 日以电子邮件方式发出。本次会议应出席董事 10 名， 实际出席董事 10 名，2 名董事以通讯表决方式出席本次会议。董事会全体董事 按照董事会议事规则的相关规定参加了本次会议的表决。本次会议的召集、召开 及表决程序符合《中华人民共和国公司法》和《中国银河证券股份有限公司章程》 的规定。 会议形成如下决议： 一、通过《关于提请审议<中国银河证券股份有限公司 2024 年第三季度报 告>的议案》 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会事 ...

Group 1 - The core viewpoint of the article indicates that global smartphone sales experienced their first year-on-year growth since Q3 2018 in Q3 2024, confirming signs of recovery in consumer electronics demand [1] - The dual drivers of foldable screens and AI are expected to ignite a wave of smartphone upgrades, with the layout and technological advancements of manufacturers in the supply chain significantly impacting the competitive landscape of the industry [1] Group 2 - Companies to watch include Luxshare Precision, GoerTek, Dongshan Precision, Pengding Holdings, Lianyi Manufacturing, Lens Technology, Crystal Optoelectronics, Feirongda, Zhongshi Technology, and Jiyan Technology [1]

| 索 | 引 | 号 | bm56000001/2024-00012944 分 | | | 类 | | --- | --- | --- | --- | --- | --- | --- | | | 发布机构 | | 发文日期 | | | | | 名 | | 称 | 关于对韩志谦采取出具警示函措施的决定 | | | | | 文 | | 号 | | 主 | 题 | 词 | 关于对韩志谦采取出具警示函措施的决定 韩志谦： 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向我会提 出行政复议申请，也可以在收到本决定书之日起6个月内向有管辖权的人民法 院提起诉讼。复议与诉讼期间，上述监督管理措施不停止执行。 经查，我会发现中国银河证券股份有限公司在个别项目中未勤勉尽责，个 别项目债券发行结果公告未披露银河证券认购债券情况等，违反了《公司债券 发行与交易管理办法》（以下简称《债券办法》）第六条、第五十八条的规 定。你作为时任分管债券业务投行委副主任，对相关问题负有责任。按照《债 券办法》第六十八条的规定，我会决定对你采取出具警示函的行政监督管理措 施。 2024年5月31日 【打印】 【关闭窗口】 中国证监会 ...

上述情况违反了《证券公司和证券投资基金管理公司合规管理办法》（以 下简称《合规管理办法》）第六条的规定。按照《合规管理办法》第三十二条 的规定，我会决定对你公司采取责令改正的行政监督管理措施。 你公司应引以为戒，认真查找和整改问题，建立健全和严格执行投行业务 内控制度、工作流程和操作规范，诚实守信、勤勉尽责，切实提升投行业务质 量。你公司应严格按照内部问责制度对责任人员进行内部问责，并向北京证监 局提交书面问责报告。 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向我会提 出行政复议申请，也可以在收到本决定书之日起6个月内向有管辖权的人民法 院提起诉讼。复议与诉讼期间，上述监督管理措施不停止执行。 中国银河证券股份有限公司： 经查，我会发现你公司在部分项目中未勤勉尽责；未识别出个别项目非市 场化发行；个别项目债券发行结果公告未披露银河证券认购债券情况；个别员 工通过他人代领年终奖金逃避缴纳税款；薪酬递延支付执行不到位；质控、内 核核查把关不严；对子公司廉洁从业管理不到位；部分项目聘请第三方中介机 构信息披露不到位等。 中国证监会 | 索 | 引 | bm56000001/2024-00012967 ...