资金类业务同、环比均迎来修复，自营投资为业绩核心支撑。资金类业务方 面，25 年前三季度公司利息净收入和投资收入分别为 4.98 和 18.47 亿元， 同比分别+30.7%、+21.6%。公司利息净收入增加主要系利息支出减少。截 至 25Q3，公司融出资金 253.86 亿元，较年初+20.2%，市占率基本持平。 公司金融资产较年初+1%，其中交易性金融资产较年初-7.3%，其他权益工 具投资较年初+164.9%，其他债权投资规模较年初+59.8%，预计持续增配 OCI 账户以获取较为稳定的票息收入。 投资建议：公司区域特色显著，经纪、资管业务具备特色。公司已于 7 月下 修转债转股价格，后续关注转债转股情况。我们预计公司 2025 年归母净利 润为 27.2 亿元，同比+16.3%，对应 10 月 29 日收盘价 pb 估值为 1.03X， 维持"增持"评级。 风险提示：信用风险、市场交投活跃度下降、市场大幅波动。 公司点评 | 财通证券 经纪业务同比高增，自营显著修复 财通证券（601108.SH）2025 年三季报点评 事件：财通证券发布 2025 年三季报，25 年前三季度公司分别实现营收及归 母净 ...

Core Insights - The public fund industry continues to show a significant disparity in scale, with 47 companies exceeding 100 billion yuan, 19 over 300 billion yuan, and 14 surpassing 500 billion yuan [1] Group 1: Industry Overview - The overall competition in the public fund industry is characterized by "the strong getting stronger, a stalemate in the middle, and movements at the tail" [1] - The ranking of public fund companies by non-monetary scale has been refreshed, indicating a dynamic market environment [1] Group 2: Performance of Specific Companies - Pengyang Fund, Taikang Fund, and Guolian An Fund showed the most stable performance in the 41-50 ranking tier, with respective increases of 50.39 million yuan, 54.48 million yuan, and 52 million yuan in non-monetary scale [3] - Chuangjin Hexin Fund experienced a slight decrease of 24.20 million yuan in the quarter but maintained a positive growth of 102.84 million yuan year-to-date, indicating a solid business foundation [3] - Caizhong Securities Asset faced severe challenges, with a significant drop of 94.34 million yuan in the quarter, falling below the 100 billion yuan threshold [3] Group 3: Competitive Dynamics - The competition around the 100 billion yuan threshold is intensifying, with Caizhong Securities Asset dropping below this mark while other institutions are fiercely competing around this line [4] - Institutions like Guolian Fund and Zhongjia Fund are experiencing deep adjustments, with Guolian Fund's scale shrinking by 80.32 million yuan in the quarter, marking it as the most pressured institution in the group [3][4]

上 市 公 司 非银金融 2025 年 10 月 30 日 财通证券 (601108) ——3Q25 自营表现亮眼，经纪收入随行高增 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 29 日 | | --- | --- | | 收盘价（元） | 8.69 | | 一年内最高/最低（元） | 9.56/6.96 | | 市净率 | 1.1 | | 股息率%（分红/股价） | 1.84 | | 流通 A 股市值（百万元） | 40,354 | | 上证指数/深证成指 | 4,016.33/13,691.38 | | 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） | 7.95 | | 资产负债率% | 74.78 | | 总股本/流通 A 股(百万) | 4,644/4,644 | | 流通 B 股/H 股（百万） | -/- | 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jin ...

转自：新华财经 新华财经北京10月30日电（记者王小璐）2025金融街论坛年会10月27日至30日在京举行。证监会主席吴 清在开幕式上表示，未来将紧紧围绕防风险、强监管、促高质量发展工作主线，更加聚焦服务新质生产 力发展、统筹发展与安全、强本强基，进一步深化投融资综合改革，持续增强我国资本市场的包容性、 适应性和吸引力、竞争力，更好服务经济社会发展和金融强国建设。 围绕这一导向，财通证券股份有限公司董事长章启诚在应邀参加2025金融街论坛年会并接受新华财经记 者专访时表示："证券行业作为金融体系的重要组成部分，服务实体经济是根本宗旨。"作为浙江省属券 商，财通证券始终牢记这一使命，全力争创一流现代投资银行，为金融强国建设贡献财通力量。 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！ 编辑：罗浩 从实际成效来看，财通证券在服务实体经济方面成果显著。近五年来，财通证券保荐了16家企业上市， IPO辅导备案及在审项目20家，专精特新企业占比近90%；与此同时，积极对接浙江省"415X"先进制造 业集群培育工程等重大战略，累计管理及服务产业基金规模超千亿元，投资科创企业136家，撬动社会 投 ...

聚焦主责主业践行服务实体经济使命 章启诚介绍，目前财通证券已发展成为一家全国性综合型证券控股集团，实现全牌照、特色化、国际化 发展，构建了跨证券、期货、基金、资管、股权投资以及境外金融等业务的全链条体系。 在当前国家推动高质量发展的关键时期，章启诚认为证券行业应积极发挥资本市场中介功能，为企业提 供多元化的融资渠道，同时也要提升专业服务能力，为企业提供全方位、一站式综合金融解决方案。 新华财经北京10月30日电 2025金融街论坛年会10月27日至30日在京举行。证监会主席吴清在开幕式上 表示，未来将紧紧围绕防风险、强监管、促高质量发展工作主线，更加聚焦服务新质生产力发展、统筹 发展与安全、强本强基，进一步深化投融资综合改革，持续增强我国资本市场的包容性、适应性和吸引 力、竞争力，更好服务经济社会发展和金融强国建设。 围绕这一导向，财通证券股份有限公司董事长章启诚在应邀参加2025金融街论坛年会并接受新华财经记 者专访时表示："证券行业作为金融体系的重要组成部分，服务实体经济是根本宗旨。"作为浙江省属券 商，财通证券始终牢记这一使命，全力争创一流现代投资银行，为金融强国建设贡献财通力量。 从实际成效来看，财通 ...

Core Insights - The public fund industry continues to show a significant disparity in scale, with the top firms maintaining strong positions while mid-tier firms face challenges [1][3][21] - The competition has evolved from mere scale comparison to a comprehensive contest involving strategic positioning, product differentiation, investment capabilities, and operational efficiency [21][22] Group 1: Industry Overview - As of the end of Q3 2025, the public fund industry has 47 firms with over 100 billion yuan in assets, 19 firms over 300 billion, and 14 firms surpassing 500 billion [1][3] - The top ten firms by non-monetary scale are led by E Fund, followed by Huaxia Fund and GF Fund, with E Fund's scale reaching 1,809.67 billion yuan, growing by 286.63 billion yuan in the quarter [2][3] Group 2: Top 10 Firms Performance - E Fund remains the leader with a significant quarterly growth of 286.63 billion yuan, while Huaxia Fund also shows strong growth of 195.59 billion yuan [2][3] - Notably, Invesco Great Wall Fund entered the top ten with a growth of 97.23 billion yuan, replacing China Merchants Fund [2][3] Group 3: Mid-Tier Firms - China Merchants Fund dropped to 11th place with a modest growth of 31.62 billion yuan, while Guotai Fund surged by 96.77 billion yuan, moving up to 13th place [5][6] - The performance of mid-tier firms varies, with some like Guotai showing strong growth, while others like Tianhong Fund experienced a decline [6][7] Group 4: Lower-Tier Firms - In the 21-30 range, Hai Futong Fund saw a remarkable rise of 32.87 billion yuan, moving up four places, while several firms like Xingye Fund and Ping An Fund faced declines [10][12] - The 31-40 tier saw Huashang Fund achieve a notable growth of 31.76 billion yuan, while others like Puyin Ansheng Fund faced significant reductions [13][16] Group 5: Future Outlook - The industry is expected to continue evolving with a focus on strategic clarity and core competencies to thrive in a competitive landscape [21][22] - Firms must adapt to the changing dynamics to maintain or improve their standings in the market [21][22]

Core Viewpoint - The board of directors of Caitong Securities has approved the appointment of Ying Zhaohui as the new general manager, effective immediately until the current board's term ends [3]. Group 1: Company Leadership - Ying Zhaohui has a diverse background in financial institutions, having held various leadership roles including Director of the Huzhou Office of Zhejiang Rural Credit Union and Deputy General Manager of Zhejiang Rural Commercial Bank [3]. - Prior to this appointment, Ying Zhaohui served as the Deputy Secretary of the Party Committee and General Manager of Caitong Securities [3].

Core Insights - The core viewpoint of the news is that Caitong Securities has reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong operational performance and resilience in its business model [1][2]. Financial Performance - In Q3 2025, Caitong Securities achieved an operating revenue of 2.103 billion yuan, representing a year-on-year increase of 48.58% [1]. - The net profit attributable to shareholders for Q3 2025 was 954 million yuan, marking a year-on-year growth of 75.10% [1]. - For the period from January to September 2025, the company reported a consolidated operating revenue of 5.063 billion yuan, up 13.99% year-on-year [1]. - The net profit attributable to shareholders for the same period reached 2.038 billion yuan, reflecting a year-on-year increase of 38.42%, achieving a historical high [1]. Revenue Drivers - The increase in operating revenue is primarily attributed to higher investment income, fair value changes, and net income from fees and commissions [2]. - For the first nine months of 2025, the net income from brokerage business fees grew by 66.32%, while investment income and fair value changes increased by 21.48% year-on-year [2]. Subsidiary Performance - Caitong Securities' subsidiaries and significant equity investees have also reported strong performance, with Yong'an Futures achieving an operating revenue of 2.798 billion yuan and a net profit of 305 million yuan in Q3 2025, marking a record high for quarterly profit since its listing, with a year-on-year growth of 173.39% [2]. - The asset management and fund investment performance of Caitong Securities' asset management and fund subsidiaries have also shown positive results due to enhanced marketing and new product launches [2]. Strategic Initiatives - Caitong Securities has set a strategic goal of becoming a leading modern investment bank, focusing on serving Zhejiang merchants and enterprises [2]. - The company has initiated significant reforms centered on customer service and strengthened its "investment banking + investment + wealth management" service model, enhancing its development potential through digital transformation and AI empowerment [2].

Group 1 - The core point of the news is the appointment of Ying Chaohui as the General Manager of Caitong Securities, effective from the date of the board's approval until the end of the current board term [1][2] - Ying Chaohui has a strong background in finance and management, previously serving as the Party Secretary and Chairman of Zhejiang Guarantee Group, which has collaborated with Caitong Securities in the past [1][2] - Caitong Securities has reported significant financial growth, with a 48.58% year-on-year increase in operating income for Q3 2023, reaching 2.103 billion yuan, and a 75.10% increase in net profit attributable to shareholders, totaling 954 million yuan [2] Group 2 - In the first three quarters of 2023, Caitong Securities achieved an operating income of 5.063 billion yuan, reflecting a 13.99% year-on-year growth, and a net profit of 2.038 billion yuan, which is a 38.42% increase compared to the previous year [2] - The strategic cooperation agreement signed between Caitong Securities and Zhejiang Guarantee Group in 2023 aims to explore new financial service models combining brokerage and guarantee services [2] - Ying Chaohui's appointment fills the vacancy left by the retirement of the previous General Manager, Huang Weijian, in September 2022, ensuring continuity in leadership at Caitong Securities [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in performance, with operating revenue and net profit attributable to shareholders reaching 5.1 billion and 2 billion CNY respectively, representing year-on-year growth of 14% and 38%. The net profit for the third quarter alone was 960 million CNY, up 20% quarter-on-quarter and 75% year-on-year, exceeding expectations [4][6] - The company has adjusted its net profit forecasts for 2025-2027 to 2.9 billion, 3.4 billion, and 3.9 billion CNY respectively, reflecting a year-on-year growth of 24%, 18%, and 14% [4][6] - The company benefits from a strong geographical advantage and a deepening transformation in wealth management, with the current stock price corresponding to a price-to-book ratio of 1.0, indicating a margin of safety [4][6] Summary by Sections Financial Performance - For the first three quarters, the company's brokerage net income was 1.4 billion CNY, up 66% year-on-year, driven by a significant increase in market trading volume. The average daily trading volume of stock funds reached 19.6 trillion CNY, a 112% increase year-on-year [5] - The investment income for the first three quarters was 1.49 billion CNY, a 25% increase year-on-year, with an annualized investment return rate of 4.2%, up from 3.2% in the mid-year report [6] - Interest income also saw a rise, reaching 500 million CNY for the first three quarters, up 31% year-on-year [6] Business Segments - The brokerage business showed strong growth, while the investment banking and asset management segments faced challenges, with net income from investment banking down 29% year-on-year [5] - The asset management business reported a net income of 960 million CNY, down 19% year-on-year, indicating a need for improvement in this area [5] Valuation Metrics - The company’s projected revenue for 2025 is 7.15 billion CNY, with a year-on-year growth of 13.8%. The projected net profit for the same year is 2.9 billion CNY, reflecting a 24% increase [8] - Key financial ratios include a gross margin of 48.6% and a net margin of 40.6% for 2025, indicating strong profitability [8]