Core Viewpoint - The performance of listed securities firms in the A-share market has significantly improved in the first three quarters of 2025, driven by a recovery in market conditions and various business lines [1][6][10]. Performance Overview - All 42 listed securities firms reported a year-on-year increase in both revenue and net profit for the first three quarters of 2025, with notable performances from firms like CITIC Securities, Guotai Junan, and Huatai Securities [6][7]. - The top five firms by net profit were CITIC Securities (23.16 billion), Guotai Junan (22.07 billion), Huatai Securities (12.73 billion), China Galaxy (10.97 billion), and GF Securities (10.93 billion) [1][6]. - The total net profit of the top ten firms accounted for over 70% of the total net profit of all 42 firms, amounting to 119.55 billion [6][7]. Growth Rates - Among the top ten firms, Guotai Junan, CICC, and Shenwan Hongyuan achieved net profit growth rates exceeding 100%, with increases of 131.80%, 129.75%, and 108.22% respectively [7][9]. - Smaller securities firms showed even more impressive growth rates, with Huaxi Securities and Northeast Securities achieving net profit increases of 316.89% and 125.21% respectively [9][10]. Market Conditions - The significant growth in the securities industry is attributed to a recovery in market conditions, with the average daily trading volume in A-shares reaching 2.1 trillion, a year-on-year increase of 211% [10][12]. - The improvement in market activity has led to a stable increase in margin financing, which has risen to 2.4 trillion, compared to approximately 1.4 trillion a year ago [10][12]. Valuation Potential - Despite the strong performance, the securities sector has underperformed relative to major indices, with the CSI Securities Index rising only 7.21% year-to-date, compared to 19.70% for the CSI 300 Index [12][13]. - Analysts suggest that there is potential for valuation recovery in the securities sector, driven by ongoing improvements in the fundamentals of various business lines, including investment banking and asset management [12][13][14]. Strategic Opportunities - The current market environment, characterized by a market capitalization exceeding 100 trillion and increased trading activity, presents significant long-term growth opportunities for securities firms [14]. - Analysts recommend focusing on firms with strong retail advantages, those benefiting from cross-border asset management trials, and large firms with robust wealth management capabilities [14].

| | 2025三季 | 去年三季 | | 2025三季 | 去年三季 | | | --- | --- | --- | --- | --- | --- | --- | | 证券简称 | 营业收入 | 营业收入 | 目比 | 原因净利润 | 旧母净利润 目比资利 | | | | (亿元) | (亿元) | | (亿元) | (亿元) | | | 中信证券 | 558.15 | 461.42 | 20.96% | 231.59 | 167.99 | 37.86% | | 国泰海通 | 458.92 | 290.01 | 58.24% | 220.74 | 95.23 | 131.80% | | 华泰证券 | 271.29 | 314.24 | -13.67% | 127.33 | 125.21 | 1.69% | | 中国银河 | 227.51 | 270.86 | -16.01% | 109.68 | 69.64 | 57.51% | | 广发证券 | 261.64 | 191.37 | 36.72% | 109.34 | 67.64 | 61.64% | | 国信证券 | 192.03 | 122.71 | ...

格隆汇10月31日｜华泰证券发表报告指，中国银行今首九个月归母净利润、营收、拨备前经营溢利按年 升1.1%、升2.7%及跌0.2%，增速分别较今年上半年升1.9百分点、跌1.1百分点及跌0.7百分点。首九个月 年化ROA、ROE分别按年跌0.06百分点、跌0.57百分点至0.7%和8.98%。信贷平稳增长，息差边际企 稳，利息净收入降幅收窄，但非息收入增速有所波动。利润增速边际提升，主要得益于有效税率边际改 善。 鉴于其他非息高基数下有一定增长压力，该行预测中行2025至2027年归母净利润分别为2413亿、2467亿 及2529亿元，按年增速升1.5%、2.2%及2.5%。中行国际化、综合化特色突出，应享有一定估值溢价， 但鉴于近期海外银行信贷风险波动，对市场情绪有一定影响，给予2026年A/H目标市账率0.78/0.63倍 (2025年前值0.83/0.66倍)，H股目标价由5.84港元上调至5.86港元，评级"买入"；A股目标价由6.68元上 调至6.7元，评级"增持"。 ...

华泰证券发表报告指，中银香港今年首三季营业收入按年升6.3%，增速较今年上半年降7百分点；经营 利润按年升3.5%，增速较今年上半年降9.5百分点。业绩增速边际放缓，主要由于其他非息收入增长波 动，拨备计提力度加大。董事会宣布将派发2025年度第三次中期股息，每股0.29港元。 该行预测中银香港2025至2027年市账率分别为1.14倍、1.08倍及1.02倍。鉴于贷款规模增长，巩固东南 亚业务，应享有一定估值溢价，给予2025年目标市账率1.35倍，目标价由42.18港元上调至45.59港元， 维持"买入"评级。 ...

Core Viewpoint - Huatai Securities reports that HSBC Holdings has shown stable performance driven by stable interest margins and strong wealth management, with a year-on-year revenue increase of 4.8% and a pre-tax profit increase of 4.5% for the first three quarters, although growth rates have slightly decreased compared to the first half of the year [1] Financial Performance - For the first three quarters, HSBC's revenue increased by 4.8% year-on-year, while pre-tax profit rose by 4.5%, with a decline in growth rates of 0.9 percentage points and 0.6 percentage points respectively compared to the first half of the year [1] - The board approved a third dividend for the fiscal year ending December 31, 2025, of $0.1 per ordinary share, totaling approximately $1.72 billion [1] Future Guidance - HSBC has raised its 2025 return on tangible equity (ROTE) guidance to above 15%, up from approximately 15% previously [1] - The bank's net interest income guidance for 2025 has been increased from $42 billion to $43 billion [1] Profit Forecast - Forecasted net profit attributable to shareholders for 2025 to 2027 is $22.862 billion, $23.49 billion, and $25.804 billion respectively, representing increases of 6.9%, 3.3%, and 6.5% compared to previous estimates [1] Strategic Positioning - HSBC's strategic positioning and structural adjustments resonate with the Hong Kong capital market, leading to a target price-to-book ratio of 1.5 times for 2026 [1] - The target price has been raised from HKD 134.83 to HKD 143.08, maintaining a "Buy" rating due to improved operational efficiency from organizational restructuring [1]

Core Insights - Huatai Securities (601688.SH) reported a total operating revenue of 27.129 billion yuan for Q3 2025, ranking third among disclosed peers, with a year-on-year increase of 3.026 billion yuan, or 12.55% [1] - The net profit attributable to shareholders reached 12.733 billion yuan, also ranking third among peers, with a year-on-year increase of 211 million yuan, achieving three consecutive years of growth, and a year-on-year increase of 1.69% [1] - The net cash flow from operating activities was 10.538 billion yuan, ranking tenth among peers [1] Financial Metrics - The latest debt-to-asset ratio stands at 79.97% [3] - The latest return on equity (ROE) is 6.20%, ranking fourteenth among peers [3] - The diluted earnings per share (EPS) is 1.35 yuan, ranking third among peers, with an increase of 0.02 yuan year-on-year, achieving three consecutive years of growth, and a year-on-year increase of 1.50% [3] - The total asset turnover ratio is 0.03 times [3] Shareholder Structure - The number of shareholders is 195,500, with the top ten shareholders holding 4.719 billion shares, accounting for 52.28% of the total share capital [3] - The top shareholders include Jiangsu Guoxin Group Co., Ltd. (15.2%), Hong Kong Central Clearing (Agent) Co., Ltd. (14.4%), and Jiangsu Transportation Holding Co., Ltd. (5.42%) among others [3]

事件：华泰证券公布2025 年三季报。9M25 华泰证券实现营业收入271.3亿/yoy+12.6%；实现归母净利 润127.3 亿/yoy+1.7%，扣非净利润126.4亿/yoy+100.0%。9M25 加权平均ROE（未年化）7.21%/yoy- 0.38pct。 经营稳健，经纪、投行、信用业务表现亮眼，高基数下投资收益表现良好。9M25 公司证券主营收入 264.3 亿/yoy+10.5%。1）主营收拆分看： 9M25 公司经纪、投行、资管、净利息、净投资收入分别为65.9、19.5、13.5、32.7、100.5 亿元，收入 占比24.9%、7.4%、5.1%、12.4%、38.0%；分别同比+66.1%、+43.5%、-55.3%、+151.3%、-14.6%。 2）3Q 单季扣非利润高增：3Q25 华泰证券单季归母净利润为51.8 亿/yoy-28.1%，单季扣非净利润51.8 亿/yoy+389%。 经纪业务表现亮眼，两融市占率稳定。经纪业务方面，3Q25 公司实现经纪业务收入28.3 亿/yoy+128.1%/qoq+56.0%，预计表现优于行业（3Q25 市场股基日均成交额yoy+155. ...

格隆汇10月31日丨根据联交所最新权益披露资料显示，2025年10月27日，华泰证券(06886.HK)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，易方达基金管理有限公司最新持股数目为171,342,106股，持股比例由10.12%下降至9.97%。 | 股份代號: | 06886 | | --- | --- | | 上市法國名稱: | 華泰證券股份有限公司 - H股 | | 日期 (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 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | (請參閱上述*註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 份自分比 | | | | | | | | ( % ) | | CS20251030E00294 ...

格隆汇10月31日丨根据联交所最新权益披露资料显示，2025年10月27日，华泰证券(06886.HK)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。 | 毛植序壁 | 次身則發車(產品行政入員资陽作出讀量的 廣入人費出或涉及的 ,每股的平均價 | | | 將有個总的股份數目 佔已發行的 有關單件的日期 相關注國發份 | | | --- | --- | --- | --- | --- | --- | | | DORDE | 1978 | | ( 讀者関上掛* 神投購書版(日/月/無) ■生 | | | | | | | BESHL | | | | | | | | Ame | | CS20251030E00294 | 易方达基金管理有限公司 | 1201(L) | 2,605,600(L) | HKD 21,0900 171,342,106(L) 9.97(L)27/10/2025 | | 减持后，易方达基金管理有限公司最新持股数目为171,342,106股，持股比例由10.12%下降至9.97%。 | 股份代號: | 088800 | | --- | ...

证券研究报告·公司点评报告·证券Ⅱ 华泰证券（601688） 2025 年三季报点评：经纪、自营业务同比大 幅增长，带动前三季度扣非净利润同比翻倍 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 36,578 | 41,466 | 33,261 | 36,609 | 38,848 | | 同比（%） | 14.19% | 13.37% | -19.79% | 10.07% | 6.12% | | 归母净利润（百万元） | 12,751 | 15,351 | 15,882 | 17,550 | 18,660 | | 同比（%） | 15.36% | 20.40% | 3.46% | 10.50% | 6.32% | | EPS-最新摊薄（元/股） | 1.41 | 1.70 | 1.76 | 1.94 | 2.07 | | P/E（现价&最新摊薄） | 16.11 | 13.38 | 12.93 | 11.70 | ...