公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或者重大遗漏，并承担个别和连带的法律责任。 兴业证券股份有限公司 2025 年第三季度报告 公司负责人苏军良、主管会计工作负责人许清春及会计机构负责人（会计主管人员）马亚静保证季度报 告中财务信息的真实、准确、完整。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 第三季度财务报表是否经审计。 □是 √否 重要内容提示 一、主要财务数据 (一)主要会计数据和财务指标 兴业证券股份有限公司2025 年第三季度报告 证券代码：601377 证券简称：兴业证券 单位：元 币种：人民币 | | | | 本报告期 比上年同 | | | | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 期增减变 | 年初至报告期末 | 上年同期 | | 增减变动幅度 | | | | | | 动幅度(%) | | | ...

Core Insights - The core viewpoint of the article highlights the significant growth in net profit and revenue for the company, driven by increased trading activity in the A-share market [1] Financial Performance - In Q3 2025, the company's revenue reached 3.873 billion yuan, representing a year-on-year increase of 59.20% [1] - The net profit for Q3 2025 was 1.191 billion yuan, showing a remarkable year-on-year growth of 214.80% [1] - For the first three quarters of 2025, the total revenue amounted to 9.277 billion yuan, with a year-on-year growth of 39.96% [1] - The net profit for the first three quarters was 2.521 billion yuan, reflecting a year-on-year increase of 90.98% [1] Market Context - The performance improvement is attributed to the upward trend in the A-share market, with a significant increase in trading volumes in the Shanghai and Shenzhen stock exchanges [1] - The growth in brokerage and proprietary investment business revenues contributed to the overall increase in operating income and net profit [1]

格隆汇10月30日｜兴业证券(601377.SH)发布2025年第三季度报告，第三季度营收为38.73亿元，同比增 长59.20%；净利润为11.91亿元，同比增长214.80%。前三季度营收为92.77亿元，同比增长39.96%；净 利润为25.21亿元，同比增长90.98%。业绩变动主要系三季度A股市场震荡上行，沪深两市股票基金交 易额同比显著放大，经纪业务和自营投资业务创收增加带动营业收入和净利润同比增长。 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and operational efficiency [1] Financial Performance - In Q3 2025, the company achieved a revenue of 3.873 billion yuan, representing a year-on-year increase of 59.20% [1] - The net profit attributable to shareholders for Q3 2025 was 1.191 billion yuan, showing a remarkable year-on-year growth of 214.80% [1] - Basic earnings per share for Q3 2025 were 0.1331 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported a total revenue of 9.277 billion yuan, which is a year-on-year increase of 39.96% [1] - The net profit attributable to shareholders for the first three quarters was 2.521 billion yuan, reflecting a year-on-year growth of 90.98% [1] - Basic earnings per share for the first three quarters were 0.2804 yuan [1]

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-041 兴业证券股份有限公司关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 24 日（星期一）16:00-17:00 投资者可于 2025 年 11 月 17 日（星期一）至 11 月 21 日（星期五）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 xyzqdmc@xyzq.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 兴业证券股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季 度经营成果、财务状况，公司计划于 2025 年 11 月 24 日（星期一）16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行 ...

Core Viewpoint - Company is undergoing a strategic transformation, resulting in a significant decline in revenue but showing signs of operational improvement in specific segments, particularly in industrial energy storage and data center businesses. Financial Performance - For the first three quarters of 2025, the company's revenue was approximately 5.911 billion, a year-on-year decrease of 24.80%, primarily due to a strategic reduction in the recycled lead segment, which saw a revenue drop of 2 billion [2] - The net profit attributable to shareholders was approximately -220 million, compared to a profit of 247 million in the same period last year, indicating a significant loss primarily from the recycled lead segment [2] - The company reported a net cash flow from operating activities of approximately 860 million, an improvement of 1.58 billion compared to -720 million last year, reflecting a substantial operational performance improvement [2] Order Backlog - The company currently has an order backlog of approximately 8.9 billion, with large storage orders accounting for about 5.5 billion, including 4 billion from domestic and 1.5 billion from overseas [3] - Data center lithium battery orders are approximately 1.67 billion, all from overseas, while the company has also made significant progress in the consumer lithium battery market with an order backlog of about 380 million [3] Competitive Advantages - The company has secured multiple high-voltage lithium battery projects in the U.S. and other overseas markets, establishing itself as a key player in the data center sector [4] - The company has developed a third-generation high-voltage lithium battery product that addresses high energy density and safety concerns, enhancing its competitive edge in the market [4] Market Outlook - The company anticipates that the North American data center backup battery market demand will reach approximately 20 GWh next year, with global demand expected to be around 30 GWh, driven by explosive growth in computing power [5] Production Capacity - The company currently has a lithium battery cell production capacity of 10 GWh and a new energy storage integration capacity of 10 GWh, with ongoing expansions planned [7] Strategic Direction - The company aims to focus on customer needs and leverage technological innovation to build core competitiveness, with a dual-driven model of "technology research and market expansion" [13] - The company plans to continue prioritizing lithium batteries while advancing new energy storage solutions and maintaining a competitive edge in traditional businesses through differentiation [13]

Core Viewpoint - The aerospace industry has been elevated to a national strategic level, with the goal of becoming a "strong aerospace nation" being closely tied to the development of commercial aerospace [1] Group 1: Policy and Strategic Importance - The term "strong aerospace nation" is now mentioned alongside "manufacturing strong nation," indicating the strategic importance of the aerospace sector [1] - Achieving the goal of a "strong aerospace nation" will require the development of commercial aerospace, which will facilitate a shift from "task-driven" to "demand-driven" aerospace activities [1] Group 2: Industry Development and Opportunities - The commercial aerospace sector in China is currently at a breakthrough stage, with significant projects like the "Star Network" and "Thousand Sails" constellation already initiated [1] - The development of these constellations is expected to lead to a substantial acceleration in industry growth, particularly during the 14th Five-Year Plan period, with a notable increase in rocket launch frequency and satellite demand [1] - There are recommended business opportunities in the rocket launch and satellite manufacturing segments due to the anticipated growth in these areas [1]

Core Viewpoint - The current chemical industry in China is at a critical stage of transformation and upgrading, facing challenges such as structural overcapacity, weak demand, and declining profitability, but policies are guiding the industry's development [1] Group 1: Industry Challenges - The chemical industry is experiencing structural overcapacity [1] - There is a notable weakness in demand within the industry [1] - Profitability is on a downward trend [1] Group 2: Policy and Future Direction - Policies are providing clear direction for the development of the chemical industry [1] - Over the next five years, the industry aims to enhance global competitiveness through various strategies [1] - Key strategies include improving the self-control level of the industrial chain, promoting technological upgrades, enhancing quality and technical capabilities, and optimizing industrial layout [1] Group 3: Goals - The ultimate goal is to achieve industrial upgrading and rank among the top tier of global chemical industries [1]

Core Insights - The market experienced a rebound today, with the growth style sector leading the gains, as evidenced by the 1.7% increase in the Guozheng Growth 100 Index, marking its fourth consecutive day of gains [1] - Key stocks in the index included Honghe Technology, which hit the daily limit, Fujida rising over 14%, Dingtai High-Tech increasing over 12%, and Dazhu CNC up over 10% [1] - According to Industrial Securities, with the easing of U.S.-China trade tensions and strengthened expectations for Federal Reserve rate cuts, the most disruptive period may be gradually passing, and the "14th Five-Year Plan" is expected to boost confidence and consensus, supporting a positive long-term narrative for the market [1] Industry Analysis - The Guozheng Growth 100 Index focuses on A-share stocks with prominent growth characteristics, closely aligned with the economic transformation, particularly in high-growth sectors such as electronics, communications, and computers [1] - Wind data indicates that the latest expected net profit growth rate for the index's constituent stocks is over 100% for 2025, highlighting significant performance potential [1] - Historically, the index has shown an annualized return of over 20% since its base date at the end of 2012, with returns exceeding 115% since the beginning of 2024 and over 55% year-to-date, outperforming similar style indices [1] - The Growth ETF (159259) is currently the only ETF product tracking the Guozheng Growth 100 Index, providing investors with an opportunity to capitalize on growth style investments [1]

Core Viewpoint - The securities sector is experiencing significant growth, with major brokerage firms reporting strong earnings and a favorable market environment, indicating a strategic investment opportunity in this industry [3][4]. Group 1: Market Performance - As of October 29, 2025, the CSI Securities Company Pioneer Strategy Index rose by 2.47%, with notable gains from stocks such as Huazhong Securities (10% limit up), Northeast Securities (up 9.73%), and Changjiang Securities (up 4.98%) [1]. - The Securities ETF Pioneer has seen a 57.26% increase in net value over the past three years, with a maximum monthly return of 39.27% since its inception [3]. Group 2: Earnings and Valuation - For the first three quarters of 2025, 14 brokerage firms reported a combined net profit of approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42%, with three firms doubling their profits and eight firms showing growth between 50% and 100% [3]. - The latest price-to-earnings ratio (PE-TTM) for the Securities ETF Pioneer is 19.78, indicating it is at a historical low, being below 80.8% of the time over the past year [3]. Group 3: Market Outlook - The capital market is expected to maintain a steady upward trend, providing a solid foundation for continued earnings growth in the brokerage sector [3]. - The current market conditions, including new account openings and the movement of household deposits, suggest that trading sentiment will remain high, further boosting brokerage business growth [4].