Chenj 公司点评 | 招商证券 业绩符合预期，收费类业务全面回暖 招商证券（600999.SH）2025 年中报点评 事件：招商证券发布 2025 年中报，业绩基本符合预期。25H1 公司分别实现营 收和归母净利润 105.2 和 51.86 亿元，分别同比+9.6%和+9.2%；25Q2 公司分 别实现营收和归母净利润 58.07 和 28.78 亿元，分别环比+23.2%和+24.7%。公 司 25H1 加权平均 ROE 同比+0.1pct 至 4.2%；截至 25 上半年末剔除客户资金 后经营杠杆为 4.11 倍，较年初减少 6.1%。公司管理费用同比+5.6%至 47.89 亿 元，管理费用率同比-1.74pct 至 45.5%。 收费类业务同比增长，财富管理转型成效显现。2025 年上半年公司经纪、投行 和资管净收入分别为 37.33、4.02 和 4.40 亿元，同比分别+44.9%、+41.4%和 +29.3%。经纪业务方面，25H1 市场交投活跃下公司财富管理客户数、高净值 客户数分别同比+46%、+24%，正常交易客户数约 2006.1 万户，同比+9%。资 管业务方面， 25H1 招商 ...

Core Viewpoint - The report highlights that despite a high base effect, the company is expected to achieve single-digit growth in performance for the second half of 2025, with a "buy" rating maintained for the stock [1][3]. Financial Performance - In the first half of 2025, the company reported operating revenue of 10.52 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 5.19 billion yuan, also up 9.2% year-on-year [1]. - The second quarter saw operating revenue of 5.81 billion yuan, reflecting a year-on-year increase of 9.6% and a quarter-on-quarter increase of 23.2% [1]. - The company's earnings per share (EPS) stood at 0.56 yuan, with a return on equity (ROE) of 4.2%, up 0.1 percentage points year-on-year [1]. Business Segments - The brokerage business experienced significant growth, with revenue reaching 3.73 billion yuan in the first half of 2025, a year-on-year increase of 44.9%, accounting for 36% of total operating revenue [1]. - The investment banking segment saw a substantial increase in revenue, totaling 400 million yuan, up 41.4% year-on-year, with a main underwriting scale of 24.74 billion yuan, a 107% increase [2]. - Asset management revenue also rose to 440 million yuan, reflecting a year-on-year increase of 29.3%, although the total asset management scale decreased by 16.1% to 253.5 billion yuan [2]. Market Activity - The average daily trading volume in the market increased by 63.3% year-on-year to 1.5703 trillion yuan [1]. - The company's margin financing and securities lending balance remained stable at 95.3 billion yuan, maintaining a market share of 5.2% [1]. Future Outlook - The company has adjusted its profit forecast upwards, expecting net profits of 12.5 billion yuan, 13.1 billion yuan, and 14 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21%, 4%, and 7% [3]. - The report emphasizes that ongoing capital market reforms and a gradual economic recovery will benefit larger brokerages, enhancing their risk management capabilities and allowing them to better capitalize on policy dividends [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant improvement in Q2 performance, with a year-on-year revenue increase of 9.6% and a net profit increase of 9.2% [8] - The company is expected to experience single-digit growth in the second half of the year due to a high base effect [1] - The report highlights a strong performance in brokerage and investment banking services, driven by increased market activity and a recovery in refinancing [8] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 25,213 million yuan, representing a year-on-year growth of 20.68% [1] - The net profit attributable to shareholders is expected to reach 12,516 million yuan in 2025, with a year-on-year growth of 20.51% [1] - The earnings per share (EPS) for 2025 is forecasted at 1.44 yuan, with a price-to-earnings (P/E) ratio of 13.42 [1] Business Segment Performance - Brokerage business revenue for the first half of 2025 was 37.3 billion yuan, up 44.9% year-on-year, accounting for 36% of total revenue [8] - Investment banking revenue increased by 41.4% year-on-year, with a significant rise in equity underwriting [8] - Asset management revenue also saw a 29.3% increase year-on-year, although the total asset management scale decreased by 16.1% [8] Market Position and Outlook - The company maintains a strong market position with a market share of 5.2% in margin financing [8] - The report anticipates continued benefits from capital market reforms and a gradual economic recovery, enhancing the company's risk management capabilities [8]

Core Insights - The core viewpoint of the news is that despite achieving revenue and net profit growth, the company experienced a decline in total assets and a significant drop in its investment and trading business revenue, indicating mixed performance in its financial results for the first half of 2025 [2][4][7]. Financial Performance - The company reported total revenue of 10.52 billion yuan, a year-on-year increase of 9.64%, and a net profit attributable to shareholders of 5.19 billion yuan, up 9.23% year-on-year [2]. - Total assets as of June 30, 2025, were 672.86 billion yuan, a decrease of 48.30 billion yuan or 6.70% from the end of 2024 [2]. - Excluding securities trading funds, total assets were 539.83 billion yuan, down 29.72 billion yuan or 5.22% from the end of 2024 [2]. Business Segment Performance - Wealth management and institutional business generated revenue of 5.93 billion yuan, a year-on-year increase of 30.86% [6]. - Investment banking revenue was 402.74 million yuan, up 44.03% year-on-year [6]. - Investment management revenue reached 515.31 million yuan, growing by 9.35% year-on-year [6]. - Investment and trading business revenue fell to 2.56 billion yuan, a decline of 16.66% year-on-year [6][7]. Market Position - The company’s growth rate in revenue and net profit was lower compared to other leading brokerages such as CITIC Securities and China Galaxy [4]. - The company ranked 7th in underwriting amounts and cases for A-share equity, with an IPO underwriting amount and cases ranking 9th in the industry [7]. Cash Flow and Financial Activities - The net cash flow from operating activities showed a net outflow of 4.23 billion yuan, a decrease of 124.22% year-on-year [7]. - The decrease in cash flow was attributed to a significant increase in financial assets held for trading purposes [7]. Management Changes - The company announced significant changes in its executive team, including the appointment of Zhu Jiangtao as the new president, succeeding Wu Zongmin [8][9]. - Other notable changes included the appointment of Zhang Xing and Wang Zhijian as new vice presidents [8][9].

研究业务方面，截至2025年6月末，公司的股票研究覆盖境内外上市公司2828家，研究覆盖沪深300指数 成分股总市值的93%、创业板成分股总市值的96%、科创板成分股总市值的84%。报告期内，公司研究 业务坚持"内外并重"，以三条收入曲线为抓手，有效推动业务发展。在市场竞争激烈的第一收入曲线领 域，公司以研究服务一体化联动机制为基础，高效调度内部资源，稳步提升重点机构客户投研服务排 名。 托管外包业务方面，2025年上半年，公司积极践行高质量发展战略，主动适应市场环境变化，持续巩固 托管外包业务行业领先地位。在私募托管外包领域，优化跨部门协同机制，提升分支机构的专业服务能 力与市场响应效率，通过多元化服务为机构客户提供全链条综合金融服务解决方案。在公募托管领域， 积极覆盖头部公募基金，在宽基指数、行业主题等ETF基金产品发力，全力拓展ETF基金托管规模。 截至2025年6月末，公司托管外包产品数量3.56万只，规模3.52万亿元，其中境外基金行政管理外包业务 规模139.11亿港元，较2024年末增长83.13%。根据中国证券投资基金业协会统计，截至2025年6月末， 公司私募基金托管产品数量市场份额达21. ...

Core Viewpoint - The A-share market shows mixed performance with the securities sector experiencing notable gains, driven by strong financial results from leading brokerage firms and increased market activity [1][2]. Group 1: Market Performance - The three major A-share indices opened with mixed results, with the CSI All Share Securities Companies Index rising by 0.87% [1]. - The brokerage ETF (159842) opened high, increasing by 0.72% with a trading volume exceeding 34 million yuan, indicating active trading at the beginning of the session [2]. Group 2: Financial Results - Four leading brokerages, including CITIC Securities and China Galaxy Securities, reported their 2025 semi-annual results, all showing growth in revenue and net profit, with the highest net profit growth reaching 57.77% [2]. - These brokerages also announced significant cash dividends, with the highest dividend payout ratio being 32.53% of net profit [2]. Group 3: Market Outlook - Zhongyuan Securities suggests that if the equity market continues to expand, the brokerage index may maintain a steady recovery and upward trend, potentially approaching a price-to-book (P/B) ratio of two times, which is the upper limit of the past decade [3]. - In the event of a strong market correction, the brokerage sector's valuation may drop below the average P/B of 1.55 times since 2016, but continued investment in the brokerage sector is recommended, focusing on leading firms with strong wealth management and deep equity investment capabilities [3].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 公司最新ROE为3.95%，在已披露的同业公司中排名第11，较去年同期ROE增加0.13个百分点。 公司摊薄每股收益为0.56元，在已披露的同业公司中排名第2，较去年同报告期摊薄每股收益增加0.05 元，同比较去年同期上涨9.80%。 公司最新总资产周转率为0.02次，较去年同期总资产周转率持平，同比较去年同期上涨4.86%。 公司营业总收入为105.20亿元，在已披露的同业公司中排名第4，较去年同报告期营业总收入增加9.25亿 元，同比较去年同期上涨9.64%。归母净利润为51.86亿元，在已披露的同业公司中排名第4，较去年同 报告期归母净利润增加4.38亿元，实现3年连续上涨，同比较去年同期上涨9.23%。经营活动现金净流入 为-42.25亿元。 公司最新资产负债率为80.46%，较去年同期资产负债率减少0.06个百分点。 2025年8月29日，招商证券(600999.SH)发布2025年中报。 ...

Core Insights - Shenzhen has transformed from a fishing village to a global metropolis over 45 years, marking its anniversary with reflections from local brokerages on their role in the city's development [2][3] - Both Guosen Securities and China Merchants Securities have shared their growth stories, highlighting their contributions to Shenzhen's financial ecosystem and innovation [2][3] Company Growth Histories - Guosen Securities originated from one of the earliest brokerage offices in Shenzhen, evolving from a local entity with a registered capital of 100 million yuan to a national comprehensive securities company with total assets exceeding 500 billion yuan [2] - China Merchants Securities began as a securities division of China Merchants Bank in 1991, growing its total assets from 10 million yuan to over 720 billion yuan by the end of 2024, establishing a presence in 125 cities [3] Innovation and Industry Leadership - Guosen Securities has pioneered several industry innovations, including the first computer-assisted trading system and the first exchangeable bonds in the investment banking sector [4] - China Merchants Securities introduced the first multifunctional card in the Chinese securities market and launched the first professional online trading platform, setting benchmarks for online securities services [4] Strategic Directions and Practices - Guosen Securities emphasizes "deepening reform" and "market-oriented operations," implementing various reforms across its business lines to enhance efficiency and accountability [5][6] - China Merchants Securities has actively participated in local enterprise restructuring and has adapted its business structure to maintain resilience and growth, particularly during market reforms [7][8] Market Environment and Future Outlook - The Chinese capital market is experiencing a revival, with IPO activities increasing and market vitality improving, yet both brokerages face challenges in maintaining their competitive positions [9] - Despite a year-on-year revenue growth of 9.64% for China Merchants Securities in Q1 2025, its industry ranking has slipped from 9th to 11th, indicating the need for strategic adjustments to capitalize on market opportunities [9]

Group 1 - Major securities firms reported strong half-year results, with net profit growth reaching up to 57.77% [1][2] - CITIC Securities achieved revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and net profit of 13.719 billion yuan, up 29.80% [1] - China Galaxy Securities reported revenue of 13.747 billion yuan, a 37.71% increase, and net profit of 6.488 billion yuan, up 47.86% [1] - CITIC Construction Investment's revenue was 10.740 billion yuan, growing 19.93%, with net profit soaring 57.77% to 4.509 billion yuan [1] - The four firms also announced generous dividends, with CITIC Securities proposing a dividend of 4.298 billion yuan [1] Group 2 - The increase in market trading activity contributed significantly to the wealth management business of these firms, with substantial growth in commission income and client numbers [2] - The investment banking business is showing signs of recovery, with three firms reporting a positive year-on-year change in net fee income [2] - The strong performance of these leading securities firms reflects a recovery in the securities industry, boosting investor confidence in the financial sector [2] Group 3 - Hongta Securities plans to sell six properties in Shanghai and Shenzhen, with an estimated value exceeding 260 million yuan and an appreciation rate of 802.17% [3] - The move to sell these properties is part of a strategy to optimize asset structure and improve capital efficiency [3] - This trend of asset disposal among securities firms may lead to a re-evaluation of the value of existing assets in the industry [3] Group 4 - In July, private equity funds showed significant performance, with 197 products distributing a total of 3.539 billion yuan in dividends [4] - The top private equity firms, managing over 10 billion yuan, accounted for 50.61% of the total dividends, indicating strong confidence in the market [4] - Increased dividend distributions from private equity funds signal a recovery in the market and may enhance liquidity in the securities sector [4] Group 5 - Guolian Minsheng announced plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life, focusing on new productive forces and smart technology [5][6] - This initiative reflects a strategic investment in emerging industries, enhancing Guolian Minsheng's competitive position in the technology sector [6] - The establishment of such funds is expected to guide more capital towards high-tech sectors, supporting economic transformation and innovation [6]

智通财经APP讯，招商证券(600999.SH)披露2025年半年度报告，报告期公司实现营收105.2亿元，同比 增长9.64%;归母净利润51.86亿元，同比增长9.23%;扣非净利润51.78亿元，同比增长9%;基本每股收益 0.56元。公司拟向全体股东每10股派发现金红利1.19元(含税)。 ...