每经AI快讯，10月29日，华西证券（002926）(002926.SZ)发布2025年第三季度报告，第三季度实现营 业收入14.20亿元，同比增长73.42%；归属于上市公司股东的净利润5.47亿元，同比增长155.03%。前三 季度实现营业收入34.93亿元，同比增长56.52%；归属于上市公司股东的净利润10.59亿元，同比增长 316.89%。业绩增长主要得益于经纪、投资业务收入增加。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 华西证券股份有限公司 2025 年第三季度报告 证券代码：002926 证券简称：华西证券 公告编号：2025-042 华西证券股份有限公司 2025 年第三季度报告 华西证券股份有限公司 2025 年第三季度报告 一、主要财务数据 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 ☑否 1 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 ☑否 | 项目 | 本报告期 | 本报告期比上年同期 | | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | --- | | | | 增减 | | | 年同期增减 | | 营业总收入（元） | 1,419,870,322 ...

Core Insights - Huaxi Securities reported a third-quarter revenue of 1.42 billion, representing a year-on-year increase of 73.42% [1] - The net profit for the third quarter was 547 million, showing a year-on-year growth of 155.03% [1] - For the first three quarters, the total revenue reached 3.493 billion, with a year-on-year increase of 56.52% [1] - The net profit for the first three quarters was 1.059 billion, reflecting a significant year-on-year growth of 316.89% [1]

Core Insights - The securities sector experienced a significant increase of 2.22% on October 29, with Huazhong Securities leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Securities Sector Performance - Huazhong Securities (600909) closed at 6.89, with an increase of 8.16% and a trading volume of 4.1986 million shares, amounting to a transaction value of 2.879 billion [1] - Northeast Securities (000686) closed at 9.34, up 6.86%, with a trading volume of 1.9655 million shares, totaling 1.837 billion [1] - Dongxing Securities (601198) closed at 13.38, up 4.53%, with a trading volume of 1.3059 million shares, totaling 1.725 billion [1] - Other notable performers include Changjiang Securities (000783) at 8.81 (+4.38%), GF Securities (000776) at 23.92 (+4.09%), and Dongfang Securities (600958) at 11.65 (+3.65%) [1] Capital Flow Analysis - The securities sector saw a net inflow of 3.782 billion from institutional investors, while retail investors experienced a net outflow of 1.532 billion [2] - The overall capital flow indicates a strong interest from institutional players despite the outflow from retail investors [2]

Core Viewpoint - The A-share market is experiencing a significant rally, particularly in the brokerage sector, with major stocks seeing substantial gains and the Shanghai Composite Index surpassing the 4000-point mark [1] Group 1: Brokerage Stocks Performance - Brokerage stocks collectively surged, with Huazhong Securities hitting the daily limit up and Northeast Securities also reaching the limit up [1] - Northeast Securities rose by 9.7%, while Changjiang Securities and GF Securities increased by over 4% [1] - Other brokerage firms such as Dongfang Securities, Dongxing Securities, and Huaxi Securities saw gains exceeding 3%, and several others rose by over 2% [1] Group 2: Market Indices - As of 13:38, the Shanghai Composite Index successfully crossed the 4000-point threshold, rising by 0.46% to 4006.51 points [1] - The ChiNext Index also experienced an increase of over 2% [1]

Group 1 - The core viewpoint of the news is that A-share brokerage stocks have collectively surged, driven by better-than-expected Q3 performance and the Shanghai Composite Index breaking the 4000-point mark, which has boosted market sentiment [1][2][4] - As of October 28, 14 brokerages reported Q3 earnings, with 13 comparable brokerages' net profit totaling approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42%, indicating a high-growth trend in the sector [2] - Multiple institutions view the brokerage sector as a "relatively undervalued + high growth" asset, with expectations for continued performance improvement in investment banking, derivatives, and public fund businesses [2][3] Group 2 - The Shanghai Composite Index successfully surpassed the 4000-point threshold, closing at 4002.83 points, with a 0.37% increase, while the Shenzhen Component Index and the ChiNext Index also saw significant gains [4][5] - The market's trading volume reached 1.42 trillion yuan, an increase of 719 billion yuan compared to the previous trading day, indicating heightened market activity [4] - Analysts believe that the current market conditions suggest a continuation of the bull market, with the potential for further upward movement as the market remains in the early stages of a bull cycle [5][6] Group 3 - The current strategic position of the capital market is improving, with regulatory bodies working together to attract long-term funds and enhance market activity, which is expected to create strategic allocation opportunities for brokerages [3] - The brokerage sector is anticipated to continue its valuation recovery, supported by strong earnings, favorable policies, and increased market activity [3][6] - There is a shift in market dynamics towards large-cap growth stocks, with expectations for institutional investors to increase their holdings in emerging growth sectors, reflecting a balanced impact on market styles [6]

Core Viewpoint - The capital market is experiencing a series of positive changes, with the Shanghai Composite Index hovering around the 4000-point mark, driven by multiple favorable factors including policy support and expected significant growth in the third-quarter performance of listed securities firms [1] Market Performance - As of October 29, the Shanghai Composite Index rose by 0.37% to close at 4002.83 points, while the securities sector outperformed with an overall increase of over 2% [1] - Notable performers include Huazhong Securities, which hit the daily limit, and Northeast Securities, which saw a rise of over 9% [1] Securities Firms' Performance - Huazhong Securities reported a revenue of 4.423 billion yuan and a net profit of 1.883 billion yuan for the first three quarters, marking year-on-year increases of 67.32% and 64.71%, respectively [2] - The third quarter alone saw a net profit of 848 million yuan, a year-on-year growth of 97.61%, placing it among the top performers in the disclosed third-quarter reports [3] Margin Financing - The margin financing balance has surpassed 2.49 trillion yuan, setting a new historical record, with a total of 24,947.6 billion yuan as of October 28 [3] - The financing balance increased by 127.03 billion yuan from the previous trading day, indicating strong market activity [3] Sector Outlook - Analysts express optimism regarding the future performance of the securities sector, anticipating that the third-quarter results of listed firms may exceed previous expectations [3] - The outlook for investment banking, derivatives, and public funds is expected to improve, with leading firms likely to see an expansion in return on equity [3]

Core Viewpoint - The A-share brokerage stocks have shown significant upward movement, with notable gains in several firms, driven by strong performance in the third quarter and favorable market conditions [1] Group 1: Brokerage Performance - As of October 28, 14 brokerages reported their performance for the first three quarters, with 13 firms showing comparable data, resulting in a total net profit attributable to shareholders of approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42% [1] - Among these, three brokerages saw their net profits double, while eight firms experienced growth rates between 50% and 100% [1] Group 2: Market Environment - The stock price performance of brokerages, particularly those like CITIC Securities and East Money, is influenced not only by the third-quarter performance but also by the current market environment, as the Shanghai Composite Index approaches the critical 4000-point mark [1] - Market sentiment plays a significant role in influencing stock price movements during this period [1] Group 3: Stock Price Movements - Notable stock price movements include Huazhong Securities reaching a limit-up of 10.05%, Northeast Securities increasing by over 8%, and several others like GF Securities and East Money rising by more than 4% [2] - A majority of the listed brokerages have seen their stock prices increase by over 2% [2]

Core Viewpoint - The report from Huaxi Securities indicates that Shenguan Medical's Q3 2025 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 2.601 billion, 240 million, and 218 million yuan respectively, showing year-on-year growth of 27.71%, 42.11%, and 50.77%, which aligns with expectations [1] Group 1: Financial Performance - Q3 2025 revenue reached 2.601 billion yuan, reflecting a year-on-year increase of 27.71% [1] - Net profit attributable to the parent was 240 million yuan, up 42.11% year-on-year [1] - Net profit excluding non-recurring items was 218 million yuan, representing a 50.77% increase compared to the previous year [1] Group 2: Business Growth and Market Concerns - The high growth in the medical business is attributed to contributions from mergers and acquisitions, while domestic consumer growth is slowing [1] - There are concerns in the market regarding potential impairment risks related to GRI affecting performance, but the company maintains a positive outlook based on medical endorsements and product advantages in cotton [1] Group 3: Future Outlook - In the short term, the hygiene product segment is expected to maintain high growth driven by platforms like Douyin and KA channels [1] - In the medium term, the domestic cotton soft towel and sanitary napkin market is estimated to be around 100 billion and 1000 billion yuan respectively, with the company likely to increase its market share and improve net profit margins [1] - In the long term, the company aims to achieve dual-driven growth from medical and consumer sectors, with the acquisition of GRI expected to enhance net profit margins in the medium to long term, despite limited short-term profit increase [1]

Group 1 - The core event was a high-quality development exchange meeting for the trust industry, co-hosted by Huaxi Securities and Donghai Futures, aimed at discussing asset management development strategies and fostering long-term investment in the trust sector [1] - The event attracted nearly 150 participants, including around 40 trust companies and nearly 100 private fund managers, highlighting the industry's collaborative spirit [1] - Huaxi Securities has been actively promoting a diversified business development strategy since its listing in 2018, focusing on private securities fund investment and institutional wealth management [2] Group 2 - Huaxi Securities has established a comprehensive service system for private securities investment funds, collaborating with nearly one-third of domestic private fund managers through initiatives like the "Jinhua Cai Cup" private fund competition [2] - Donghai Futures emphasizes its commitment to serving the real economy and has developed a comprehensive financial service system for institutional clients over its 30 years of steady growth [3] - The trust industry is undergoing a strategic transformation from non-standard to standardized asset management, driven by regulatory guidance and the need for sustainable development [4] Group 3 - Key areas for enhancing the trust industry's high-quality development include improving research capabilities, strengthening risk management, educating investors, and fostering industry collaboration [4] - The meeting featured a roundtable discussion on cooperation opportunities in the transformation of trust products, with insights shared by representatives from various institutions [5] - Huaxi Securities and Donghai Futures are building a one-stop financial product research and trading service platform (HTB system) to support institutional investors in capital market investments [6]