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 | ...

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！ 在A股市场活跃度提升、成交量维持高位背景下，上市券商的业绩进一步修复。 10月30日晚间，A股42家上市券商全部披露了2025年三季报。据Wind统计，今年前三季度，中信证券、 国泰海通、华泰证券、中国银河、广发证券分别实现净利润231.59亿元、220.74亿元、127.33亿元、 109.68亿元、109.34亿元，排名行业前五。 相较去年前三季度净利润排名，华泰证券下降一个名次，国泰海通、中国银河、广发证券则分别进步了 一个名次。 从业绩增速看，42家券商前三季度归母净利润均实现同比增长，不过，中小型券商的业绩增速较大型券 商亮眼。 在业内人士看来，券商业绩大幅增长，主要得益于市场行情回暖下的各业务条线基本面改善。 中信建投研究团队指出，证券行业的景气修复已不再局限于经纪、自营等局部业务，而是在投行、资管 等多个领域均实现不同程度的回暖。 中小券商业绩增速亮眼 净利前十座次生变 21世纪经济报道记者梳理发现，42家上市券商今年前三季度营收、净利润均实现同比增长（其中，天风 证券扭亏为盈；部分券商去年前三季度营收为"调整后数据"）。 ...

Core Insights - The A-share listed securities firms reported strong performance in Q3 2025, with total revenue of 418.95 billion yuan, a year-on-year increase of 16.96%, and net profit attributable to shareholders of 171.04 billion yuan, up 62.06% [1][2] Revenue and Profit Performance - Among the 42 listed securities firms, 41 achieved growth in both revenue and net profit, with 11 firms doubling their net profit [2] - CITIC Securities led the industry with a record revenue of 55.81 billion yuan, a 32.70% increase year-on-year [2][8] - Guotai Junan and Haitong Securities followed with revenues of 45.89 billion yuan and 45.89 billion yuan respectively, with Guotai Junan's revenue more than doubling [2][8] Growth Drivers - The growth in revenue was primarily driven by robust trading activity in the market, with average daily trading volume in the A-share market reaching approximately 1.65 trillion yuan, a 51.65% increase compared to the previous year [5][6] - The brokerage and investment businesses served as the main engines for revenue growth, with total commission income rising by 42.66% to 187.27 billion yuan and investment income increasing by 128.97% to 195.40 billion yuan [4][5] Performance of Smaller Firms - Smaller securities firms showed remarkable growth, with several achieving significant increases in net profit, such as Guolian Securities with a 300% increase and Huaxi Securities with a 316.89% increase [3][4] - The trend of "the rich getting richer" is evident, with larger firms maintaining their dominance while smaller firms seek differentiation strategies to enhance their performance [7] Market Outlook - Analysts believe that the securities industry is poised for further growth, with a focus on high-value wealth management and institutional business transformation [7] - The current low valuation of the sector, combined with strong performance growth, presents strategic investment opportunities in the brokerage sector [7]

智通财经APP讯，华泰证券(601688.SH)披露2025年第三季度报告，公司前三季度实现营收271.29亿元， 同比增长12.55%;归母净利润127.33亿元，同比增长1.69%;扣非净利润126.39亿元，同比增长100.04%;基 本每股收益1.35元。 ...

Core Viewpoint - The third-quarter reports of 42 A-share listed securities firms show overall positive performance in revenue and net profit, with significant year-on-year growth, indicating a robust recovery in the brokerage sector [1][3][5]. Revenue Summary - Among the listed firms, CITIC Securities leads with a revenue of 558.15 billion, followed by Guotai Junan at 458.92 billion and Huatai Securities at 271.29 billion [3]. - A total of 11 firms reported revenues exceeding 10 billion, with notable mentions including GF Securities (261.64 billion), Galaxy Securities (227.51 billion), and CICC (207.61 billion) [3][4]. - Adjusted data shows that most firms experienced year-on-year revenue growth, although Western Securities reported a decline of 2.17% [4]. Net Profit Summary - CITIC Securities also tops the net profit rankings with 231.59 billion, while Guotai Junan follows closely with 220.74 billion [5]. - A total of 29 firms reported net profits exceeding 1 billion, with 10 firms doubling their net profit year-on-year, indicating strong performance across the sector [5][6]. - The increase in net profit is attributed to improved market conditions and higher trading volumes, leading to better returns in brokerage and asset management businesses [5][6]. Market Performance and Outlook - The A-share market has shown significant growth, with major indices increasing by 18.95% to 52.36% year-to-date, and the securities sector has also performed well, with the CSI Securities Index up 7.21% [7]. - Despite the positive performance, there is a cautious outlook for the fourth quarter, with expectations of potential volatility and profit-taking among securities stocks [7][8]. - Analysts suggest that while the securities sector has the potential for continued growth, the pace may slow compared to the third quarter, with a focus on firms with strong wealth management capabilities and low valuations [8].

华泰证券(06886)发布公告，公司2023年面向专业投资者公开发行公司债券(第十期)(品种一)，将于2025 年11月6日开始支付自2024年11月6日至2025年11月5日期间的利息。债券简称"23华泰15"。本期债券票 面利率(计息年利率)为2.83%，每手本期债券面值为人民币1000元，派发利息为人民币28.30元(含税)。 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！ ...