丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨东方证券（600958.SH） [Table_Title] 东方证券 2025 年报点评： 增长势头延续，大资管趋势回暖 报告要点 [Table_Summary] 2025 年东方证券增长势头延续，其中自营经纪持续贡献弹性，投行业务延续回暖，资管业务同 比增速转正。展望未来，公司仍是券商在财富管理和资产管理中受益的标杆，资本市场高位运 行下，业绩有望随市场延续增长势头，期待公司大财富+大资管优势显现，维持买入评级。 分析师及联系人 [Table_Author] 吴一凡 盛晓双 SAC：S0490519080007 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 东方证券（600958.SH） cjzqdt11111 [Table_Title 东方证券 2025 2] 年报点评： 增长势头延续，大资管趋势回暖 [Table_Summary2] 事件描述 请阅读最后评级说明和重要声明 丨证券研究报告丨 2026-03-31 公司研究丨点 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨东方证券（600958.SH） [Table_Title] 东方证券 2025 年报点评： 增长势头延续，大资管趋势回暖 报告要点 [Table_Summary] 2025 年东方证券增长势头延续，其中自营经纪持续贡献弹性，投行业务延续回暖，资管业务同 比增速转正。展望未来，公司仍是券商在财富管理和资产管理中受益的标杆，资本市场高位运 行下，业绩有望随市场延续增长势头，期待公司大财富+大资管优势显现，维持买入评级。 分析师及联系人 [Table_Author] 吴一凡 盛晓双 SAC：S0490519080007 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 东方证券（600958.SH） cjzqdt11111 [Table_Title 东方证券 2025 2] 年报点评： 增长势头延续，大资管趋势回暖 [Table_Summary2] 事件描述 丨证券研究报告丨 2026-03-31 公司研究丨点评报告 东方证券发布 2025 ...

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for the company, with a current price of CNY 9.10 and a reasonable value of CNY 12.34 for A-shares, and HKD 5.49 with a reasonable value of HKD 7.44 for H-shares [3]. Core Insights - The company reported a significant increase in revenue and net profit for 2025, with operating income reaching CNY 153.58 billion, a year-on-year increase of 26.18%, and net profit attributable to shareholders at CNY 56.34 billion, up 68.17% [13][14]. - The company's leverage ratio increased to 4.11, with a weighted average ROE of 6.99%, reflecting a 2.85 percentage point increase from the previous year [14]. - The revenue structure shows a slight increase in the proportion of capital-intensive businesses, which accounted for 56.28% of total revenue, with brokerage business contributing 19% and net investment income (including fair value) making up 48.76% [19]. Summary by Sections Market Recovery Boosts Company Performance - The company achieved a revenue of CNY 153.58 billion in 2025, marking a 26.18% increase year-on-year, driven by growth in wealth and asset management, investment banking, and international business [13]. - The leverage ratio increased to 4.11, with a weighted average ROE of 6.99%, up 2.85 percentage points from the previous year [14]. Asset Management and Proprietary Business Performance - The asset management business showed signs of recovery, with net income of CNY 13.58 billion, a 1% increase year-on-year, while the East Securities Asset Management reported revenue of CNY 15.99 billion, up 11.4% [20]. - The brokerage business generated revenue of CNY 29.16 billion, a 16.1% increase, with a total of 3.29 million customer accounts, up 12.68% year-on-year [29]. Investment Banking and Proprietary Business Growth - The investment banking segment saw revenue of CNY 15.02 billion, a 28.6% increase, completing 15 A-share financing projects, ranking 7th in the industry [46]. - The proprietary business achieved a revenue of CNY 73.47 billion, a 28% increase, with significant contributions from investment income [51]. Profit Forecast and Investment Recommendations - The company is expected to benefit from a recovering capital market, with projected net profits of CNY 65.4 billion and CNY 73.7 billion for 2026 and 2027, respectively [58].

证券研究报告 | 2026年03月29日 东方证券（600958.SH） 优于大市 财富稳步发力，沪上国资改革新动向 业绩增长符合预期，后续国资改革将助力公司有效整合资源。2025 年公司实 现营业收入 153.58 亿元，同比+26.18%(调整后）；实现归母净利润 56.34 亿元，同比+68.16%；对应 EPS 为 0.65 元，同比+75.68%。四季度因市场股 票债券调整，自营业务承压，单季营收 26.5 亿元，环比-43.7%；归母净利 润 5.2 亿元，环比-68.2%。2026 年以来上海国资国企改革推出新举措，如创 设国资母基金，推动国资企业并购重组，为后续公司资源整合带来空间。 财富管理转型成效凸显。公司实现经纪业务收入 29.16 亿元，同比+16.13%。 股基交易市占率提升 0.34 个百分点至 1.34%，经纪业务核心竞争力增强。客 户资金账户总数达 329.01 万户，同比增长 12.68%；托管资产总额 1.08 万 亿元，同比增长 22.67%。高净值客户规模与对应资产均同比增长 38%以上， 客户结构持续优化；基金投顾保有规模 171.95 亿元，复投率达 76.28%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved total operating revenue of 15.36 billion yuan in 2025, representing a year-on-year increase of 26.2% [7] - The net profit attributable to shareholders reached 5.634 billion yuan, up 68.2% year-on-year, with a basic earnings per share of 0.65 yuan [7] - The company's return on equity (ROE) improved to 7.0%, an increase of 2.9 percentage points year-on-year [7] - The brokerage business saw revenue of 2.92 billion yuan, a 16.1% increase, contributing 19.0% to total revenue [7] - Investment income significantly improved, totaling 6.73 billion yuan, a 40.5% increase year-on-year [7] Revenue and Profit Forecast - The forecast for total operating revenue is as follows: 12.172 billion yuan in 2024, 15.358 billion yuan in 2025, 16.964 billion yuan in 2026, 17.957 billion yuan in 2027, and 19.152 billion yuan in 2028 [1] - The projected net profit attributable to shareholders is 3.35 billion yuan in 2024, 5.634 billion yuan in 2025, 6.367 billion yuan in 2026, 6.892 billion yuan in 2027, and 7.352 billion yuan in 2028 [1] - The expected growth rates for net profit are 21.66% in 2024, 68.16% in 2025, 13.03% in 2026, 8.25% in 2027, and 6.66% in 2028 [1] Business Segments Performance - The investment banking business revenue increased by 28.5% to 1.5 billion yuan, with a significant rise in equity underwriting [7] - Asset management revenue reached 1.36 billion yuan, a 1.2% increase, with total assets under management growing by 32.4% to 286.8 billion yuan [7] - The company maintained a market share of 1.5% in margin financing, with a year-end balance of 39 billion yuan, a 39% increase from the beginning of the year [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 15.36 billion yuan in 2025, representing a year-on-year increase of 26.2% [7] - The net profit attributable to shareholders reached 5.634 billion yuan, up 68.2% year-on-year, with an earnings per share (EPS) of 0.65 yuan [7] - The company's return on equity (ROE) improved to 7.0%, an increase of 2.9 percentage points year-on-year [7] Revenue and Profitability - The company's total revenue is projected to grow from 12.172 billion yuan in 2024 to 19.152 billion yuan by 2028, with a compound annual growth rate (CAGR) of approximately 6.66% [1] - The net profit is expected to increase from 3.35 billion yuan in 2024 to 7.352 billion yuan in 2028, reflecting a CAGR of about 6.66% [1] - The latest diluted EPS is forecasted to rise from 0.39 yuan in 2024 to 0.87 yuan in 2028 [1] Business Segments Performance - Brokerage business revenue increased by 16.1% to 2.92 billion yuan in 2025, accounting for 19.0% of total revenue [7] - Investment banking revenue rose by 28.5% to 1.5 billion yuan, with a significant increase in equity underwriting [7] - Asset management revenue grew by 1.2% to 1.36 billion yuan, with total assets under management reaching 286.8 billion yuan, a 32.4% increase year-on-year [7] Market Position and Valuation - The company's market capitalization is approximately 77.4 billion yuan, with a price-to-earnings (P/E) ratio of 13.74 based on the latest diluted EPS [5] - The projected price-to-book (PB) ratios for 2026, 2027, and 2028 are 0.93x, 0.89x, and 0.85x, respectively [7]

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry but provides specific recommendations for various sectors and companies within the industry [4]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 3.98%, underperforming the CSI 300 index by 2.57 percentage points. The banking sector, however, showed resilience with a decline of only 0.71%, outperforming the CSI 300 index by 0.7 percentage points [10][1]. - The insurance sector reported significant profit growth driven by investments, although Q4 results were impacted by stock market volatility. The long-term fundamentals of the insurance industry remain intact, suggesting potential for valuation and performance recovery [1][17]. - The brokerage sector saw a 3.61% decline, with 14 listed brokerages reporting a combined revenue of 271.68 billion yuan and a net profit of 109.02 billion yuan, reflecting year-on-year increases of 37.7% and 54.8%, respectively [2][18]. - The banking sector's performance showed marginal improvement, with 13 listed banks reporting revenue and net profit growth of 0.85% and 1.08%, respectively. The net interest income is expected to stabilize, contributing to a more favorable outlook for 2026 [3][21]. Summary by Sections Insurance Sector - The insurance sector index fell by 5.52%, underperforming the CSI 300 index by 4.11 percentage points. The annual reports of listed insurance companies showed significant profit growth driven by investments, with notable Q4 declines due to market fluctuations [1][14]. - The net profit growth for major insurers was led by China Taiping (+221%), followed by China Life (+44%) and New China Life (+38%). The new business value (NBV) also saw substantial increases across the board [14][17]. - Recommendations include China Ping An, China Taiping, and New China Life, with a focus on long-term value recovery in the sector [4][17]. Brokerage Sector - The brokerage sector index decreased by 3.61%, with a reported combined revenue of 271.68 billion yuan and a net profit of 109.02 billion yuan from 14 listed brokerages, indicating strong recovery driven by market conditions [2][18]. - The return on equity (ROE) for these brokerages improved by 1.56 percentage points to 7.5%. The report suggests that the brokerage sector is experiencing a significant recovery in profitability [18][19]. - Recommended stocks include Guotai Junan, Huatai Securities, and Xingye Securities, focusing on firms with strong fundamentals and potential for mergers and acquisitions [4][19]. Banking Sector - The banking sector index fell by 0.71%, with 13 listed banks reporting revenue and net profit growth of 0.85% and 1.08%, respectively. The net interest margin is expected to stabilize, contributing to a positive outlook for 2026 [3][21]. - The report highlights that the asset quality remains stable, with a slight decrease in the non-performing loan ratio to 1.21% and an average provision coverage ratio of 232% [22][24]. - Recommended banks include Hangzhou Bank and Bank of China (H), with a focus on banks with high dividend yields and strong earnings potential [4][24].

Core Viewpoints - The non-bank financial industry is experiencing a positive trend in its fundamentals due to deepening capital market reforms, with a projected 30% profit growth over the next 25 years [5][10] - The average daily trading volume in the Shanghai and Shenzhen markets is 21.1 trillion CNY, reflecting a 4.5% decrease week-on-week [5] - The net profit of 150 securities companies is expected to reach 219.439 billion CNY in 2025, representing a year-on-year increase of 31.2% [5] Group 1: Industry Performance - As of March 28, 2026, the Shanghai Composite Index is at 3913.72 points, down 1.09%, while the Shenzhen Component Index is at 13760.37, down 0.76% [10] - The non-bank financial sector indices have seen declines of 3.55% and 5.72% for securities and insurance, respectively [10] Group 2: Insurance Sector Insights - The insurance sector's annual reports show a slowdown in growth due to changes in the market environment in Q4, but the long-term trend remains positive [16] - The net profit growth for insurance companies is expected to be in double digits for the year, despite a high base in 2024 [16] - Key stocks to watch in the insurance sector include China Pacific Insurance, Ping An Insurance, and China Life Insurance [16] Group 3: Securities Sector Developments - The introduction of a "light asset, high R&D" recognition standard has been expanded to the main board, enhancing the inclusivity of the capital market [17][18] - The new standards aim to improve the flexibility of refinancing rules and guide funds towards key technology sectors [18] - The adjustments to the standards include raising the R&D investment ratio for the ChiNext board from 3% to 5%, reinforcing the board's positioning [21] Group 4: Investment Recommendations - The report suggests focusing on companies with strong quarterly performance catalysts, including CITIC Securities, Huatai Securities, and China Merchants Securities [5] - In the insurance sector, recommended stocks include China Taiping, New China Life, and AIA Group [16] - For Hong Kong stocks, quality dividend stocks such as China Shipbuilding Leasing and Hong Kong Exchanges are highlighted [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The wealth management ecosystem is continuously improving, providing a safety margin in valuation. The company is expected to benefit from the trend of residents moving their deposits [4][5] - The company's net profit attributable to shareholders for 2025 is projected to be 5.63 billion, a year-on-year increase of 68%. The return on equity (ROE) is expected to be 7.0%, up by 2.85 percentage points year-on-year [4][5] - The company has adjusted its market trading volume and price fluctuation assumptions, leading to revised profit forecasts for 2026-2028, with net profits expected to be 6.7 billion, 7.3 billion, and 8.1 billion respectively [4][5] Financial Performance Summary - In 2025, the company's brokerage net income was 2.9 billion, a year-on-year increase of 16%. The market share for stock trading increased to 1.34%, up by 0.34 percentage points year-on-year [5] - The investment banking net income for 2025 was 1.5 billion, a year-on-year increase of 29%, with the company completing 15 A-share equity financing projects [5] - The asset management net income was 1.36 billion, with total assets under management (AUM) reaching 286.8 billion, a year-on-year increase of 32% [5] Profitability and Valuation Metrics - The projected earnings per share (EPS) for 2026 is 0.79, with a price-to-earnings (P/E) ratio of 10.9 and a price-to-book (P/B) ratio of 0.91 [7][10] - The company's gross margin is expected to be 44.3% in 2026, with a net margin of 38.2% [10] - The return on equity (ROE) is projected to increase to 7.9% in 2026, reflecting improved profitability [7][10]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company achieved a total operating revenue of 15.36 billion yuan in 2025, representing a year-over-year increase of 26.2%. The net profit attributable to shareholders reached 5.63 billion yuan, up 68.2% year-over-year [1]. - Wealth management is a key driver of performance, with the brokerage business gradually recovering. The company reported net income from brokerage fees of 2.92 billion yuan for 2025, a 16.1% increase year-over-year [1][2]. - The investment income for 2025 was 6.99 billion yuan, reflecting a 44.3% year-over-year increase, although the fourth quarter saw a decline in investment income [3]. Summary by Relevant Sections Financial Performance - In 2025, the company recorded total operating revenue of 15.36 billion yuan, with a net profit of 5.63 billion yuan. The weighted average ROE was 6.99%, an increase of 2.85 percentage points compared to the previous year [1]. - For Q4 2025, the company reported operating revenue of 2.65 billion yuan, down 13.2% year-over-year and 43.7% quarter-over-quarter, with a net profit of 520 million yuan, a significant increase of 986% year-over-year but a decrease of 68.2% quarter-over-quarter [1]. Business Segments - The company achieved asset management revenue of 1.36 billion yuan in 2025, a 1.2% increase year-over-year. The fourth quarter saw asset management revenue of 390 million yuan, up 18.7% year-over-year [2]. - The investment banking segment generated revenue of 1.5 billion yuan in 2025, a 28.5% increase year-over-year, with Q4 revenue of 330 million yuan, down 2.3% year-over-year [2]. Investment and Market Position - The company’s financial investment scale reached 248.2 billion yuan by the end of 2025, an 11% increase year-over-year. The investment leverage was measured at 3.0 times, up 0.25 times year-over-year [3]. - The company’s IPO underwriting scale for 2025 was 2 billion yuan, with refinancing underwriting at 11.3 billion yuan, a substantial increase of 571% year-over-year [2].