Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with operating income reaching 9.277 billion yuan, a year-on-year increase of 39.96%, and net profit attributable to shareholders of 2.521 billion yuan, up 90.98% [1] - The growth in performance is attributed to the active A-share market, which led to increased trading volumes and revenue from brokerage and proprietary investment businesses [1] - The company has adjusted its profit forecasts for 2025-2027, predicting net profits of 2.738 billion yuan, 2.916 billion yuan, and 3.133 billion yuan, representing year-on-year growth rates of 26.5%, 6.5%, and 7.4% respectively [3][19] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net interest income of 1.244 billion yuan, a year-on-year increase of 41.53%, with the scale of funds lent increasing by 24% to 41.7 billion yuan [2] - The brokerage business revenue was 2.161 billion yuan, up 64.71% year-on-year, driven by increased market activity [1][2] - Investment income, including fair value changes, reached 3.428 billion yuan, a year-on-year increase of 58.91% [1] Investment Banking and Asset Management - The company experienced a decline in investment banking revenue, which amounted to 416 million yuan, down 5.77% year-on-year, despite a significant increase in equity underwriting amounts [2] - The asset management business reported a slight decrease in net income, totaling 115 million yuan, down 0.88% year-on-year [2] Valuation Metrics - The current price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected at 24.5, 22.1, and 20.0 respectively, while the price-to-book (PB) ratios are expected to be 1.0, 0.9, and 0.9 [3][4][19]

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Insights - The report highlights that since September 2024, the Hong Kong Stock Connect has been continuously injecting incremental funds into the Hong Kong stock market, with ETFs becoming a significant vehicle for this capital inflow [1][2]. Group 1: ETF as a Key Investment Vehicle - ETFs have emerged as a crucial channel for capital inflow into the Hong Kong market, with a cumulative net inflow of 11,438.8 billion yuan since the beginning of 2025, of which 2,763.7 billion yuan flowed through ETFs, accounting for over 20% of the total [2]. - By the end of Q3 2025, the market value of public funds investing in Hong Kong stocks reached 13,117 billion yuan, with passive public funds holding 6,862 billion yuan, representing 52.3% of the total [2]. Group 2: Fund Flow Trends in ETFs - In 2025, there is a noticeable preference for industry and thematic ETFs, while broad-based ETFs are experiencing outflows. The technology sector has become the focal point for capital allocation, with significant interest in innovative pharmaceuticals, large financials, and dividend sectors [3]. - Since the beginning of 2025, nearly 65% of the cumulative net inflow into Hong Kong stock ETFs has been concentrated in the technology sector [3]. - From June 2025 onwards, there has been an accelerated net inflow into Hong Kong stock ETFs, with a widening gap between the total net inflow into all ETFs and that of technology sector ETFs, as innovative pharmaceuticals and large financials have diverted some of the incremental funds [3]. Group 3: Recent Fund Flow Dynamics - In recent months, there has been a significant inflow into technology ETFs, with a net inflow of 20.1 billion yuan since early October 2025, despite adjustments in the Hang Seng Technology Index [5]. - The dividend sector has also seen a marked increase in inflow, with 4.6 billion yuan net inflow since early October, reaching a high level since September 2024 [5]. - Conversely, the inflow into innovative pharmaceutical ETFs has slowed, with a net inflow of 3.5 billion yuan since early October [6].

Core Viewpoint - The company emphasizes the accuracy and completeness of its quarterly report, ensuring no false records or misleading statements exist, and that all responsible parties will bear legal liability for the report's content [2][4]. Financial Data - The financial report for the third quarter is not audited, indicating that the figures presented are preliminary and subject to change [3][10]. - The company has made retrospective adjustments to its revenue and expenses for the first nine months of 2024, but these adjustments did not affect the total profit or net profit for the year [5][8]. Shareholder Information - The company has elected Su Junliang as the chairman of the board during the 32nd meeting of the sixth board, and has completed the legal registration for the change of the legal representative [9]. Financial Statements - The financial statements, including the consolidated balance sheet and profit and cash flow statements for the first nine months of 2025, are prepared in RMB and are unaudited [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's net profit attributable to shareholders for Q3 2025 increased by over 200% year-on-year, driven by brokerage and proprietary trading businesses [7] - The company achieved a total revenue of 9.28 billion yuan in the first three quarters of 2025, representing a 40% year-on-year growth [7] - The brokerage business revenue reached 2.16 billion yuan in the first three quarters, up 64.7% year-on-year, accounting for 23% of total revenue [7] - The investment income for the first three quarters was 3.43 billion yuan, reflecting a 56.7% increase year-on-year [7] - The asset management business reached a scale of 113.5 billion yuan, a 12.4% increase from the beginning of the year [7] Financial Performance Summary - Total revenue forecast for 2023 is 10.627 billion yuan, with a projected decline of 0.3% year-on-year [1] - The net profit attributable to shareholders is expected to be 1.964 billion yuan in 2023, down 25.51% year-on-year [1] - The earnings per share (EPS) for 2025 is projected to be 0.38 yuan, with a price-to-earnings (P/E) ratio of 18.10 [1] - The company anticipates net profits of 3.282 billion yuan, 3.521 billion yuan, and 3.839 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51%, 7%, and 9% [7]

Group 1 - The core point of the article is that Industrial Securities announced its third quarterly report for 2025 during a board meeting held on October 30, 2025, via communication methods [1] - The revenue composition for Industrial Securities in the first half of 2025 is as follows: 32.21% from securities investment business, 30.96% from securities and futures brokerage, 26.54% from asset management, 13.81% from other main businesses, and 10.54% from institutional services [1]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first three quarters of 2025, indicating strong operational performance and profitability [1] Financial Performance - The company's operating revenue for the first three quarters reached 9.277 billion yuan, representing a year-on-year increase of 39.96% [1] - The net profit attributable to shareholders of the listed company was 2.521 billion yuan, showing a year-on-year growth of 90.98% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.478 billion yuan, with a year-on-year increase of 92.81% [1] - Basic earnings per share were reported at 0.2804 yuan [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] - The net profit for the third quarter showed an exceptional year-on-year growth, highlighting robust operational efficiency [1] Financial Performance - The company achieved a total operating revenue of 9,277,206,846.17 yuan, representing a year-on-year growth of 39.96% [1] - The net profit attributable to shareholders reached 2,521,099,634.39 yuan, with a year-on-year increase of 90.98% [1] - Basic earnings per share were reported at 0.2804 yuan [1] - For the third quarter alone, the net profit attributable to shareholders was 1,190,962,364.56 yuan, reflecting a remarkable year-on-year growth of 214.80% [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the third quarter of 2025, indicating strong financial performance and operational efficiency [1] Financial Performance - Total operating revenue for the first three quarters of 2025 reached 9.277 billion yuan, representing a year-on-year increase of 39.96% [1] - Net profit attributable to shareholders was 2.521 billion yuan, showing a year-on-year growth of 90.98% [1] - Basic earnings per share were reported at 0.2804 yuan [1] Dividend Announcement - The company plans to distribute a cash dividend of 0.5 yuan (including tax) for every 10 shares to all shareholders [1]

（文章来源：证券日报） 证券日报网讯 10月30日晚间，兴业证券发布公告称，公司2025年中期利润分配方案为每10股派发现金 红利0.5元（含税）。根据截至2025年9月30日的总股本8，635，987，294.00股计算，共分配现金红利 431，799，364.70元（含税），占合并报表1-9月归属于上市公司股东的净利润的一定比例。在本公告 披露之日起至实施权益分派的股权登记日期间，公司总股本发生变动的，公司拟维持每股分配比例不 变，相应调整分配总额，并将另行公告具体调整情况。 ...