证券研究报告 广发证券 (000776 CH/1776 HK) 港股通 投资扩表驱动，筹划 H 股再融资 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 证券 广发证券发布三季报：Q3 实现营收 107.66 亿 元 （ yoy+51.82%， qoq+31.97%），归母净利 44.65 亿元（yoy+85.86%，qoq+20.26%）。2025 年 Q1-Q3 实现营收 261.64 亿元（yoy+41.04%），归母净利 109.34 亿元 （yoy+61.64%）。公司公告董事会提请股东大会授予董事会发行 H 股股份 一般性授权。考虑到前三季度利润同比高增，资产负债表持续扩张、杠杆率 快速提升，受益于资本市场景气上行周期，维持 AH 股"买入"评级。 总资产持续扩张，杠杆率环比提升 公司 25Q3 末总资产 9534 亿元，较年初增长 26%、季度环比增长 17%， 扩表趋势持续；季度末杠杆率 4.76x，较年初提升 0.81x、季度环比提升 0.63x，杠杆率快速提升。前三季度实现归母净利润 109 亿元，同比+62%， 实现高增；25Q3 单季度归母净利润 45 亿元， ...

| 分时 多日 · | | | | F9 盘帅盘后 酷加 九轮 面线 工具 @ 0 | 30 | | | 11 612 -0.004 -0.66% | | | 第画ETF 1 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.61 | | | 512000[药商ETF] 13:46 价 0.602 温跌 -0.004(-0.66% | | | | | | | | 512000 | | | | | | | | | | SSE CNY 13:46:40 交易中 | | | | | 7 0 H | | 0.609 | | | | | 0 5736 | | | 净值走势 华国中证全指证券公司 | | २२ | 7:50% 1208 | 19:44% | | | | | | | | 要比 | | 15.09% 委员 | 870746 | SE | 0.33% 250日 | 9.95% | | 0.608 | | | | | 0.29% | 费五 | | 0.606 | 241615 | SOE ...

42家上市券商2025年三季报披露完毕。Wind数据显示，今年前三季度，42家券商合计实现营业收入4195.60亿元，归母净利润1690.49亿元，分别较去年同期 （调整后）增长42.55%、62.38%，整体业绩呈现大幅增长态势。 A股主要指数全线上涨的市场背景，为经纪业务和自营业务带来丰厚收益，其中经纪业务以74.64%的同比增速成为第一增长引擎。 《每日经济新闻》记者注意到，今年前三季度，券商业绩分化同样显著。11家上市券商营收突破百亿元，而浙商证券因会计政策调整跌出"百亿俱乐部"；西 部证券成为唯一营收下滑的上市券商，华泰证券净利润增速仅1.69%。值得关注的是，国联民生、国泰海通、国信证券这三家并购重组券商，经纪业务增速 包揽前三，成为行业增长的一大亮点。 市场回暖券商业绩普涨，经纪业务增速"狂飙"74% 分业务来看，各项业务呈现差异化增长态势，经纪业务成为增速最快的板块。数据显示，今年前三季度42家券商实现经纪业务收入1117.77亿元，同比大涨 74.64%，远超其他业务增速。作为券商的传统核心业务，经纪业务的爆发式增长，主要得益于市场活跃度提升带来的交易佣金收入增加。 自营业务紧随其后，今年前 ...

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].

Core Insights - The performance of listed securities firms in A-shares has significantly improved in the first three quarters of 2025, driven by a recovery in market activity and high trading volumes [2][10] - All 42 listed securities firms reported year-on-year growth in net profit, with notable performance from mid-sized firms compared to larger ones [4][9] Performance Overview - The top five securities firms by net profit for the first three quarters of 2025 are: 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) [2][5] - The total net profit of the top ten firms reached 119.55 billion, accounting for over 70% of the total net profit of all 42 firms [7] Growth Rates - Among the top ten firms, Guotai Junan, CICC, and Shenwan Hongyuan achieved net profit growth rates of 131.80%, 129.75%, and 108.22% respectively [7] - Mid-sized firms like Huaxi Securities and Dongbei Securities reported substantial growth, with net profits increasing by 316.89% and 125.21% respectively [9] Market Conditions - The average daily trading volume in A-shares reached 2.1 trillion, a year-on-year increase of 211%, contributing to a stable margin financing scale of 2.4 trillion [10] - The recovery in various business lines, including investment banking and asset management, has been noted as a key factor in the improved performance of the securities industry [10][14] Valuation and Future Outlook - Despite strong earnings growth, the securities sector's index has only risen by 7.21% this year, lagging behind other indices, indicating potential for valuation recovery [13] - Analysts suggest that the sector's performance is expected to improve further, driven by ongoing market activity and the expansion of capital markets [14][15]

Core Insights - The third quarter performance of 50 A-share listed securities firms shows that all achieved profitability, but only 32 firms experienced both revenue and net profit growth, indicating a recovery in the industry beyond traditional brokerage and proprietary trading businesses [1][3]. Revenue Performance - CITIC Securities led the revenue rankings with 55.815 billion yuan, followed by Guotai Junan at 45.892 billion yuan, creating a significant gap with other firms [1]. - Huatai Securities, GF Securities, and China Galaxy ranked third, fourth, and fifth, with revenues of 27.129 billion yuan, 26.164 billion yuan, and 22.751 billion yuan respectively [1]. Net Profit Rankings - The top ten securities firms by net profit for the first three quarters are CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, GF Securities, Guoxin Securities, Dongfang Caifu Securities,招商证券, Shenwan Hongyuan, and CITIC Construction Investment [3]. - CITIC Securities achieved a net profit of 23.159 billion yuan, while Guotai Junan followed closely with 22.074 billion yuan [3]. Year-on-Year Changes - The top ten firms saw slight changes in rankings compared to the previous year, with Huatai Securities and CITIC Construction Investment dropping one position, and招商证券 falling four places [3]. - Notably, Guoxin Securities improved by two positions, while China Galaxy, GF Securities, Shenwan Hongyuan, and Zhongjin Company each moved up one position [3]. Performance of Smaller Firms - Smaller securities firms demonstrated stronger performance resilience, with 12 firms doubling their net profit year-on-year, including Guolian Minsheng and Huaxi Securities [5]. - Guolian Minsheng's net profit surged by 345.3%, while Huaxi Securities increased by 316.89% compared to the previous year [5]. Business Segment Performance - The significant growth in the securities industry is attributed to the recovery of market conditions, with brokerage business fees reaching 112.785 billion yuan, a 72.24% increase year-on-year [6]. - Investment banking revenue also showed signs of recovery, with a total of 28.294 billion yuan, reflecting a 37.52% year-on-year growth [6]. - Asset management revenue saw a slight increase of 2.32%, totaling 33.305 billion yuan [6].

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]

30 October 2025 | 11:12PM HKT Equity Research GF Securities Co. (1776.HK) Earnings review:Topline beat on investment income, wealth management momentum continues; Buy(A)/Neutral(H) | 1776.HK | 12m Price Target: HK$16.36 | Price: HK$19.54 | Downside: 16.3% | | --- | --- | --- | --- | | 000776.SZ | 12m Price Target: Rmb30.01 | Price: Rmb23.55 | Upside: 27.4% | As such, we revise up our 2025-27E revenue/NPAT estimates by +7%/+11% on average to factor in the strong results in 3Q25 and remain Buy-rated on GFS-A ...

证券业业绩与市场热度齐飞，行业景气度持续攀升。截至10月30日，52家券商及上市主体披露2025年前三季度 业绩，行业整体表现亮眼。 具体来看，数据可比券商前三季归母净利合计为1837.82亿元，同比增61.25%；第三季单季归母净利合计为 703.59亿元，同比增59.08%，季度环比增26.45%。 | | | 券商2025前三季业绩一览(2025.10.24) | | | | --- | --- | --- | --- | --- | | 券商 | 净利(亿元) | 同比 | 第三季净利(亿元) | 駅 | | 中信证券 | 231. 59 | 37. 86% | 94. 40 | 32. 30% | | 国泰海通 | 220. 74 | 131. 80% | 63. 37 | 76. 73% | | 华泰证券 | 127. 33 | 1.69% | 51. 83 | 32. 29% | | 中国银河 | 109. 68 | 57. 51% | 44. 81 | 29. 05% | | 广发证券 | 109. 34 | 61. 64% | - 44. 65 | 20. 74% | | 国信证券 | 91 ...

广发证券（01776）公布2025年前三季度业绩，营业总收入约261.64亿元，同比增长41.04%；归属于母 公司股东的净利润约109.34亿元，同比增长61.64%；基本每股收益1.34元。 来源：新浪港股 ...