Core Viewpoint - The performance of A-share listed securities firms has generally improved in the first three quarters of the year, driven by the rise in the A-share market, particularly in brokerage and proprietary trading businesses, although significant disparities in performance among firms have emerged [1][2][3]. Group 1: Overall Performance - All 42 listed securities firms reported year-on-year revenue growth in the first three quarters, except for Western Securities, which saw a slight decline [1][2]. - The leading firm, CITIC Securities, achieved a total revenue of 55.815 billion yuan, a year-on-year increase of 32.7%, with net profit rising by 37.86% to 23.159 billion yuan [2]. - Notable performers include Guotai Junan and Guolian Minsheng, with revenue growth of 101.6% and 201.17%, respectively [2][3]. Group 2: Business Segmentation - Brokerage and proprietary trading businesses have been the main drivers of revenue growth, with all firms reporting positive growth in brokerage income, and 38 firms seeing increases of over 50% [6][8]. - Guolian Minsheng's brokerage income surged by 293%, while Guotai Junan's increased by 143% [6]. - Proprietary trading also performed well, with Longjiang Securities reporting a 290% increase in proprietary income [6]. Group 3: Performance Disparities - Despite overall growth, some firms like Western Securities experienced revenue declines, although their net profit increased significantly due to improved efficiency and cost management [3][5]. - The disparity in performance is evident, with some firms' proprietary trading income declining, while others saw substantial increases [7][8]. - The investment banking sector has faced challenges, with several firms reporting declines in income, attributed to a shift of companies opting for listings in Hong Kong instead of A-shares [8]. Group 4: Market Sentiment and Stock Performance - The stock prices of securities firms have shown significant divergence from their performance, with a notable drop following a market downturn despite a cumulative increase of over 31% since April [9][11]. - Analysts suggest that the traditional logic of "bull markets favoring securities firms" is changing, indicating a more structural rather than broad-based market recovery [13].

证券代码：000783 证券简称：长江证券 公告编号：2025-066 根据深圳证券交易所债券上市的有关规定，长江证券股份有限公司 2025 年 面向专业投资者公开发行公司债券（第三期）符合深圳证券交易所债券上市条件， 将于 2025 年 11 月 3 日起在深圳证券交易所上市，并面向专业投资者中的机构投 资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： (本页无正文,为《长江证券股份有限公司 2025 年面向专业投资者公开发行公 司债券（第三期）在深圳证券交易所上市的公告》之盖章页） | | 长江证券股份有限公司 | 2025 年面 | 长江证券股份有限公司 | | | | 2025 年面 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券名称 | 向专业投资者公开发行公司债券 | | | 向专业投资者公开发行公司债券 | | | | | | （第三期）（品种一） | | | （第三期）（品种二） | | | | | 债券简称 | 长江 25 06 | | | 长江 25 | 07 | | | | 债券 ...

Core Insights - The company reported a total operating revenue of 8.486 billion yuan for Q3 2025, marking an increase of 3.683 billion yuan or 76.66% year-on-year, ranking 17th among peers [1] - The net profit attributable to shareholders reached 3.373 billion yuan, up by 1.939 billion yuan or 135.20% year-on-year, achieving three consecutive years of growth, ranking 14th among peers [1] - The net cash inflow from operating activities was 3.406 billion yuan, ranking 23rd among peers [1] Financial Metrics - The latest Return on Equity (ROE) is 8.11%, an increase of 4.32 percentage points year-on-year, ranking 2nd among peers [2] - The diluted earnings per share (EPS) is 0.58 yuan, up by 0.34 yuan or 141.67% year-on-year, ranking 12th among peers [2] - The total asset turnover ratio is 0.05 times, an increase of 0.02 times or 58.84% year-on-year, ranking 3rd among peers [2] - The company's debt-to-asset ratio stands at 78.23% [3] Shareholder Structure - The number of shareholders is 160,000, with the top ten shareholders holding 2.982 billion shares, accounting for 53.92% of the total share capital [2] - The largest shareholder is Changjiang Industrial Investment Group Co., Ltd., holding 17.4% of shares [2]

Core Viewpoint - The company has announced a change in accounting policy regarding standard warehouse receipts, which will not have a significant impact on its financial indicators such as revenue, net profit, and net assets [9][10][12]. Financial Data - The company confirmed that its net capital and risk control indicators comply with the regulations set by the China Securities Regulatory Commission [3]. - The third-quarter financial report has not been audited [4][8]. Shareholder Information - On August 7, 2025, the company completed the transfer of 862,535,293 shares from Hubei Energy Group and Three Gorges Capital to Changjiang Industrial Investment Group, making it the largest shareholder with 17.41% of total shares [5]. Accounting Policy Change - The change in accounting policy was prompted by a new guideline from the Ministry of Finance regarding the treatment of standard warehouse receipts, which will now be treated as financial instruments [10][11]. - The company will implement this change retroactively from January 1, 2025, and it is expected to have no major impact on the financial statements for the current and comparable periods [12].

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 Viewpoint - The company has undergone a change in accounting policy regarding standard warehouse receipts, which will not significantly impact its financial indicators such as revenue, net profit, and net assets [11][12][14]. Financial Data - The third-quarter financial report has not been audited [3][10]. - The company confirms that there are no adjustments or restatements required for previous accounting data [3]. - Non-recurring gains and losses are applicable, with specific tax-exempt amounts to be reported [4][5]. Shareholder Information - Longjiang Industrial Investment Group has become the largest shareholder after acquiring 862,535,293 shares, totaling 17.41% of the company's shares [7]. - The total shares held by Longjiang Industrial and its concerted actors amount to 28.22% of the total shares [7]. Accounting Policy Change - The change in accounting policy is due to new regulations from the Ministry of Finance regarding the treatment of standard warehouse receipts as financial instruments [12][14]. - The new policy will be effective from January 1, 2025, and will be applied retrospectively without significant impact on the financial statements [12][14].

Group 1 - SF Holding (SZ 002352) announced that on October 30, 2025, it will accept investor research from Changjiang Securities and others, with CFO He Jie addressing investor questions [1] - For the first half of 2025, SF Holding's revenue composition was 97.73% from express logistics and 2.27% from other non-logistics businesses [1] - As of the report date, SF Holding's market capitalization was 206.3 billion yuan [1]

Core Viewpoint - Changjiang Securities (000783.SZ) reported significant growth in its financial performance for the first three quarters of 2025, indicating strong operational efficiency and market positioning [1] Financial Performance - The company's operating revenue for the first three quarters reached 8.486 billion yuan, representing a year-on-year increase of 76.66% [1] - Net profit attributable to shareholders was 3.373 billion yuan, showing a year-on-year growth of 135.20% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.401 billion yuan, reflecting a year-on-year increase of 142.04% [1] - Basic earnings per share stood at 0.58 yuan [1]

Macro Dynamics - The National Financial Regulatory Administration encourages pilot wealth management companies to issue long-term pension wealth management products with a term of over 10 years or a minimum holding period of over 5 years [2] Financial Institutions - Changjiang Securities reported a net profit increase of 135.20% year-on-year for the first three quarters, with a net profit of 33.73 billion yuan [6] - Everbright Securities achieved a net profit growth of 34.55% year-on-year for the first three quarters, with a net profit of 26.78 billion yuan [7] - China Life's net profit increased by 92% year-on-year in the third quarter, reaching 126.87 billion yuan [8] - New China Life reported a net profit increase of 58.9% year-on-year for the first three quarters, totaling 328.57 billion yuan [9] Market Data - The ChiNext Index fell nearly 2%, with 4,100 stocks in the market declining [10] - The total margin balance in the two markets increased by 112.99 billion yuan [11] - The Hong Kong Hang Seng Index closed down 0.24%, with notable gains in lithium battery stocks [12] Company Dynamics - Luzhou Laojiao reported a net profit decrease of 13.07% year-on-year in the third quarter, totaling 30.99 billion yuan [13][14] - Zhongji Xuchuang's net profit increased by 125% year-on-year in the third quarter, reaching 31.37 billion yuan [15] - BYD's net profit decreased by 7.55% year-on-year for the first three quarters, totaling 233.33 billion yuan [16] - Longi Green Energy reported a net loss of 34.03 billion yuan for the first three quarters due to intense competition in the photovoltaic industry [17] - Shanshan Co. achieved a net profit increase of 1122% year-on-year for the first three quarters, totaling 2.84 billion yuan [18] - New Hope's net profit decreased by 99.63% year-on-year in the third quarter, totaling 512.55 million yuan [19] - SAIC Motor reported a net profit increase of 645% year-on-year in the third quarter, reaching 20.83 billion yuan [21] - Moore Threads received approval for its IPO registration, marking a rapid process from application to approval [22]

Group 1 - The core viewpoint of the article highlights the significant growth in both revenue and net profit for Changjiang Securities in the third quarter report [1] Group 2 - The total operating revenue for the first three quarters reached 8.486 billion yuan, representing a year-on-year increase of 76.66% [1] - The net profit attributable to shareholders of the listed company was 3.37 billion yuan, showing a year-on-year growth of 135.2% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.4 billion yuan, reflecting a year-on-year increase of 142.04% [1]