分析师：张凯烽 分析师：李劲锋 执业证号：S0100524070006 执业证号：S0100525080005 邮箱：zhangkaifeng@glms.com.cn 邮箱：lijf@glms.com.cn ➢ 事件：10/30 华泰证券发布 25 年三季报。2025 年前三季度，公司营业总 收入 271 亿元，公告口径同比+12.6%，较上半年-18pct；归母净利润 127 亿 元，同比+1.7%，较上半年-40pct。从单季数据看，25Q3 归母净利润 52 亿元， 环比+32.7%，同比-28.1%，同比较 25Q2 下降 58pct。2025 年前三季度公司 归母净利润超过去年前三季度的 125 亿元；单季归母净利润同比增速转负，主要 受去年同期出售 AssetMark 股权导致的高基数影响，我们预计公司 2025 年全 年业绩有望保持历史高位。 ➢ 2025 年前三季度经纪、信用与投行收入同比提速，自营收入受 24Q3 出售 股权导致的高基数影响，资管业务同比降幅收窄。2025 年前三季度公司自营/经 纪/信用/投行/资管业务收入分别为 102/ 66/ 33/ 19/ 14 亿元，同比-15%/ ...

Group 1: Overall Industry Performance - The brokerage industry showed strong performance in the first three quarters of 2025, with five companies surpassing a net profit of 10 billion yuan, collectively earning over 82.5 billion yuan [2] - CITIC Securities led the industry with a net profit of 23.916 billion yuan, followed closely by Guotai Junan with 23.059 billion yuan, marking a significant year-on-year growth of 132.59% [2] - Among the 40 brokerages that disclosed data, only Huachuang Yuxin reported a net profit of less than 100 million yuan, while the majority experienced positive growth, with 12 brokerages seeing net profit growth exceeding 100% [2] Group 2: Brokerage Business Growth - The brokerage business revenue increased across the board, benefiting from heightened trading volumes in the A-share market, particularly in technology stocks [3] - All brokerages that disclosed data reported positive growth in brokerage business, with three companies experiencing growth rates exceeding 100% [3] - CITIC Securities reported brokerage business revenue of 10.939 billion yuan, a 52.90% increase year-on-year, while Guotai Junan's revenue surged by 142.80% to 10.814 billion yuan [4][6] Group 3: Investment Business Performance - Investment income saw substantial growth, with over 80% of brokerages reporting positive net investment income, and nine companies achieving growth rates over 100% [8] - CITIC Securities led the investment income with 32.838 billion yuan, reflecting a year-on-year increase of 195.92%, followed by Guotai Junan and Huatai Securities with 18.374 billion yuan and 16.140 billion yuan, respectively [9] - Notably, Caitong Securities reported an extraordinary increase in investment income from 0.025 billion yuan to 2.317 billion yuan, marking a growth rate of 9022.70% [8][11] Group 4: Margin Financing and Interest Income - The margin financing market remained active, with the balance exceeding 2.5 trillion yuan by October 29 [11] - Guotai Haitong topped the interest income rankings with 5.208 billion yuan, a growth of 232%, while CITIC Securities experienced a decline of 16.88% in interest income [12] - Several small and medium-sized brokerages showed significant expansion in margin financing, with Longcheng Securities reporting a more than 30-fold increase in interest income [12]

非银金融/证券Ⅱ 华泰证券（601688.SH） 业绩超预期，综合实力行业领先 2025 年 10 月 31 日 投资评级：买入（维持） | 日期 | 2025/10/31 | | --- | --- | | 当前股价(元) | 21.72 | | 一年最高最低(元) | 23.65/14.60 | | 总市值(亿元) | 1,960.63 | | 流通市值(亿元) | 1,587.03 | | 总股本(亿股) | 90.27 | | 流通股本(亿股) | 73.07 | | 近 3 个月换手率(%) | 100.78 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-10 2025-02 2025-06 2025-10 华泰证券 沪深300 相关研究报告 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn （3）2025Q1-3资管业务净收入为13.5亿元，同比-64%，主要受AssetMark高基数 影响，单Q3资管净收入为4.6亿，环比-2%。 自营投资收益率改善，旗下基金公司 AUM 高增，资金成本下降 （1）2025Q1-3公司自营投 ...

经营业绩：营收行业第十五，净利润行业第六 2025年三季度，新宙邦营业收入66.16亿元，行业排名15/44，高于行业平均65.2亿元和中位数48.45亿元， 行业第一名中伟股份为332.97亿元，第二名格林美274.98亿元。当期净利润7.67亿元，行业排名6/44，高于 行业平均1.98亿元和中位数1608.46万元，行业第一名璞泰来18.72亿元，第二名中国宝安13.19亿元。 资产负债率低于同业平均，毛利率高于同业平均 新宙邦成立于2002年2月19日，于2010年1月8日在深圳证券交易所上市，注册地址和办公地址均为广东省 深圳市。该公司是国内电池化学品领先企业，专注新型电子化学品及功能材料研发、生产，具备技术与全 产业链优势。 公司主营业务为新型电子化学品及功能材料的研发、生产、销售和服务，所属申万行业为电力设备-电池- 电池化学品，涉及固态电池、宁德时代概念等多个概念板块。 截至2025年9月30日，A股股东户数为4.56万，较上期增加19.44%；户均持有流通A股数量为1.18万，较上 期减少16.27%。十大流通股东中，易方达创业板ETF（159915）位居第六大流通股东，持股1021.58万 ...

上 市 公 司 非银金融 2025 年 10 月 31 日 华泰证券 (601688) ——略超预期，3Q25 自营量价齐升，资管业务表现稳健 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 30 日 | | --- | --- | | 收盘价（元） | 22.75 | | 一年内最高/最低（元） | 23.65/14.60 | | 市净率 | 1.2 | | 股息率%（分红/股价） | 1.63 | | 流通 A 股市值（百万元） | 166,229 | | 上证指数/深证成指 | 3,986.90/13,532.13 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 19.07 | | 资产负债率% | 79.97 | | 总股本/流通 A 股(百万) | 9,027/7,307 | | 流通 B 股/H 股（百万） | -/1,719 | 一年内股价与大盘对比走势： 10-30 11-30 12-31 01-31 02-28 03-31 04-30 ...

Company Overview - China Resources Materials (SZ 301090) announced that on October 31, 2025, it will accept research from Huatai Securities, with the CFO and board secretary Li Xiaojun participating in the meeting and addressing investor questions [1] Financial Performance - For the year 2024, the revenue composition of China Resources Materials is as follows: 99.92% from the polyester industry and 0.08% from other sources [1] - As of the report date, the market capitalization of China Resources Materials is 11.2 billion yuan [1]

从资金流向上来看，当日江苏国企改革板块主力资金净流出1.58亿元，游资资金净流入7652.77万元，散 户资金净流入8129.7万元。江苏国企改革板块个股资金流向见下表： 证券之星消息，10月31日江苏国企改革板块较上一交易日下跌0.21%，华泰证券领跌。当日上证指数报 收于3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。江苏国企改革板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600513 | 联环药业 | 21.77 | 10.01% | 39.43万 | 8.47亿 | | 600064 | 南京尚科 | 9.22 | 7.08% | 101.75万 | 9.46 Z | | 002091 | 江苏国泰 | 9.34 | 6.26% | 113.80万 | 10.71亿 | | 300528 | 史禮監濟 | 22.00 | 5.47% | 49.18万 | 10.93亿 | | 600250 | 南京商旅 | 11.11 | 4.9 ...

证券之星消息，10月31日参股基金板块较上一交易日下跌0.96%，华泰证券领跌。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。参股基金板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000917 | 电广传媒 | 8.92 | 2.88% | 61.88万 | 5.50亿 | | 000783 | 长江证券 | 8.82 | 2.20% | 318.22万 | 28.72亿 | | 600851 | 海欣股份 | 6.78 | 1.65% | 5.54万 | 3743.01万 | | 600288 | 大恒科技 | 15.91 | 1.60% | 0 33.39万 | 5.28亿 | | 600736 | 苏州高新 | 5.94 | 1.54% | 22.06万 | 1.31亿 | | 600226 | 享通股份 | 4.18 | 1.46% | 65.95万 | 2.75亿 | | 601328 | 交通银行 | 7. ...

Market Overview - On October 31, the securities sector declined by 1.18%, with Huatai Securities leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers included: - Changjiang Securities (Code: 000783) with a closing price of 8.82, up 2.20% [1] - Jinlong Co., Ltd. (Code: 000712) with a closing price of 13.78, up 1.47% [1] - Xiangcai Securities (Code: 600095) with a closing price of 12.89, up 1.42% [1] - Major decliners included: - Huatai Securities (Code: 601688) with a closing price of 21.72, down 4.53% [2] - GF Securities (Code: 000776) with a closing price of 22.57, down 4.16% [2] - Dongfang Securities (Code: 600958) with a closing price of 10.89, down 4.05% [2] Trading Volume and Capital Flow - The securities sector experienced a net outflow of 4.633 billion yuan from institutional investors, while retail investors saw a net inflow of 2.657 billion yuan [2][3] - The trading volume for Changjiang Securities reached 3.1822 million shares, with a transaction value of 287.2 million yuan [1] Capital Inflow Analysis - Xiangcai Securities had a net inflow of 71.1691 million yuan from institutional investors, while it faced a net outflow of 61.9738 million yuan from speculative funds [3] - Huatai Securities saw a significant net outflow of 35.45 million yuan from institutional investors [2][3]

华泰证券(6886.HK)现跌4.89%报19.76港元，H股市值1784亿港元；华泰证券(601688.SH)现跌4.4%报21.75元，最新A股市值1963亿元。 华泰证券公布2025年第三季度报告，第三季度营收约109.09亿元(人民币，下同)，同比减少6.94%；净利润约51.83亿元，同比减少28.11%。前三季度营收约 271.29亿元，同比增加12.55%；净利润约127.33亿元，同比增加1.69%。 此外，联交所最新权益披露资料显示，华泰证券H股于10月27日遭易方达基金管理有限公司在场内以每股均价21.09港元减持260.56万股，涉资约5495.21万港 元。减持后，其持股比例由10.12%下降至9.97%。(格隆汇) | 设代號: | 06886 | | --- | --- | | :黄&圆米F= | 華泰證券股份有限公司 - H胎 | | 明 (日 / 月 / 年): | 28/09/2025 - 31/10/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 ...