| | | 券商2025年上半年业绩预告 | | -览 | | --- | --- | --- | --- | --- | | | | (截至7月13日20:30) | | | | 并购 | 净利润(亿元) | 同比 | 置收(亿元) | 同比 | | 国金证券 | 10.92 11. 37 | 140% 150% | | | | 长城证券 | 13. 35 14. 07 | 85% 95% | | | | 国信证券 | 47. 8 55. 3 | 52% 76% | | | | 国联民生 | 11. 29 | 11.83 | | | | 华西证券 | 4. 45 5. 75 | 1025. 2% 1353. 9% | | | | 红塔证券 | 6. 51 6. 96 | 45% 55% | | | | 财达证券 | 3. 63 4. 04 | 51% 68% | | | | 哈投股份 | 3. 8 | 233. 1% | | | | 华林证券 | 2. 73. 5 | 118. 98% 183. 9% | | | | 华安证券 | 10. 35 | 45% | 28.08 | 43% | | 国盛证券 | ...

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].

Core Viewpoint - The performance of listed securities firms is expected to significantly increase in the first half of 2025, driven by the recovery of A-share market activity, positioning the brokerage sector as a leader in the current bull market [1][2]. Group 1: Performance Forecast - Nine listed brokerages have all reported expected profit increases, with a total net profit potentially exceeding 9 billion yuan, and an average growth rate of around 300% [2]. - Specific forecasts include: - Hongta Securities: Net profit of approximately 651.37 million to 696.29 million yuan, growth of 45% to 55% [3]. - Guosen Securities: Net profit of approximately 4.78 billion to 5.53 billion yuan, growth of 52% to 76% [4]. - Huaxi Securities: Net profit of approximately 445 million to 575 million yuan, growth of 1025.19% to 1353.90% [3]. - Hato Securities: Net profit of approximately 380 million yuan, growth of about 233.10% [4]. - Caida Securities: Net profit of approximately 363.34 million to 404.25 million yuan, growth of 51% to 68% [4]. - Guosheng Jinkong: Net profit of approximately 150 million to 220 million yuan, growth of 236.85% to 394.05% [4]. - Jilin Aodong: Net profit of approximately 1.236 billion to 1.289 billion yuan, growth of 130% to 140% [3]. - Guolian Minsheng: Net profit of approximately 1.129 billion yuan, growth of 1183% [4]. Group 2: Market Dynamics - The brokerage sector has seen significant inflows of capital, with 1.253 billion yuan of leveraged funds net buying into the non-banking sector since July, ranking eighth among industry sectors [5]. - Analysts from various brokerages are optimistic about the brokerage sector, citing a stable bottom in the capital market and the potential for upward breakthroughs in equity markets [5]. - The current market rally is characterized by internal momentum rather than concentrated policy support, indicating a self-driven upward trend in the index due to sustained inflows of incremental capital [5].

Core Viewpoint - The brokerage sector is experiencing significant performance improvements, with multiple firms reporting substantial profit growth, indicating a bullish market trend for the industry [1][4][8]. Group 1: Performance Highlights - Several listed brokerages have released performance forecasts for the first half of 2025, with many stocks in the brokerage sector rising over 5% this month, and some, like Zhongyin Securities, achieving consecutive trading limits [2][4]. - Huaxi Securities expects a net profit of 445 million to 575 million yuan, representing a year-on-year growth of 1025.19% to 1353.9% [4]. - Guolian Minsheng forecasts a net profit of 1.129 billion yuan, an increase of approximately 1183% year-on-year [4]. - Hualin Securities anticipates a net profit of 270 million to 350 million yuan, with a growth of 118.98% to 183.86% [5]. - Caida Securities projects a net profit of 363 million to 404 million yuan, reflecting a year-on-year increase of 51% to 68% [6]. - Guoxin Securities expects a net profit of 4.78 billion to 5.53 billion yuan, with a growth of 52% to 76% [7]. Group 2: Market Dynamics - The brokerage index rose by 2.47% on July 11, 2025, with a net inflow of 8.992 billion yuan, marking the highest increase since the beginning of the year [8][12]. - Zhongyin Securities has been a standout performer, with significant trading activity from northbound funds, indicating strong market interest [10][11]. - Other brokerages, such as Hatou Co., Xiangcai Co., Zhongyuan Securities, and Guojin Securities, have also seen stock price increases exceeding 10% this month [11]. Group 3: Future Outlook - Analysts remain optimistic about the brokerage sector's continued growth, citing internal market dynamics as a key driver, rather than external policy changes [13]. - The capital market is expected to stabilize, with various funding sources supporting upward trends in equity markets [13]. - The current market environment shows similarities to late 2014, with signs of improving investor confidence and potential policy shifts aimed at boosting domestic demand [13].

Performance Forecast - The company expects a net profit attributable to shareholders of approximately 270 million to 350 million yuan, compared to 123.3 million yuan in the same period last year, representing an increase of 118.98% to 183.86% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 240 million and 320 million yuan, up from 143.5 million yuan year-on-year, indicating a rise of 67.25% to 123.00% [1] - Basic earnings per share are anticipated to be between 0.10 yuan and 0.13 yuan, compared to 0.05 yuan per share in the previous year [1] Reasons for Performance Increase - The significant increase in net profit is attributed to the company's deepening technology finance transformation strategy, which has effectively supported the expansion of online business and driven substantial growth in wealth management revenue [1] - Additionally, the fair value changes in equity investments have also contributed to the year-on-year increase in profit [1]

Core Viewpoint - Huayin Securities is experiencing significant growth in net profit for the first half of 2025, driven by its strategic transformation towards technology finance and an active A-share market [1][2] Group 1: Financial Performance - The company expects a net profit attributable to shareholders of 270 million to 350 million yuan, representing a year-on-year increase of 118.98% to 183.86% [1] - The net profit after deducting non-recurring gains and losses is projected to be 240 million to 320 million yuan, with a year-on-year growth of 67.25% to 123.00% [1] - In the second quarter, the company's profit increased nearly twofold compared to the previous quarter, indicating a strong upward trend in profitability [1] Group 2: Strategic Transformation - Since 2021, the company has firmly established technology as the core driver of its business development, focusing on a technology finance transformation strategy [1] - The company is enhancing its wealth management services through a deep integration of online and offline channels, leveraging technology to drive business scale and customer growth [1] - The company is optimizing its asset structure and has made breakthroughs in equity investments, further enhancing its profitability [1] Group 3: Recruitment and Technological Advancements - Huayin Securities has launched the "2025 National Elite Recruitment Plan," aiming to fill over 20 core positions across various fields, with a recruitment scale exceeding a thousand people [2] - The new generation Dolphin App is in the final testing phase and will be launched within the year, featuring the "Dolphin Agent" for 24/7 intelligent response to investor needs [2] - The app's core functionality will provide intelligent and precise decision support for investors, while also optimizing service efficiency and reducing operational costs for financial institutions [2]

Core Viewpoint - Seven brokerage firms have reported significant profit increases for the first half of the year, with notable growth from Guolian Securities and Huaxi Securities, both exceeding a tenfold increase in net profit [1] Group 1: Company Performance - Guolian Securities achieved a net profit attributable to shareholders of 1.129 billion yuan, representing a year-on-year increase of approximately 1183% [1] - Huaxi Securities is expected to report a net profit attributable to shareholders between 445 million and 575 million yuan, with a year-on-year growth ranging from 1025.19% to 1353.90% [1] - Other brokerage firms reported the following net profits: - Hongta Securities: 651 million to 696 million yuan (+45% to 55%) [1] - Caida Securities: 363 million to 404 million yuan (+51% to 68%) [1] - Hatou Co.: 380 million yuan (+233.1%) [1] - Hualin Securities: 270 million to 350 million yuan (+118.98% to 183.86%) [1] - Guosheng Securities: 243 million yuan (+109.48%) [1]

Core Viewpoint - Hualin Securities is expected to achieve significant growth in net profit for the first half of 2025, driven by a favorable A-share market and strategic transformation efforts in technology finance [1] Financial Performance - The company anticipates a net profit attributable to shareholders ranging from 270 million to 350 million yuan, representing a year-on-year increase of 118.98% to 183.86% [1] - The net profit after excluding non-recurring gains and losses is projected to be between 240 million and 320 million yuan, reflecting a year-on-year growth of 67.25% to 123.00% [1] Market Conditions - The A-share market has shown a fluctuating upward trend, with a notable increase in market activity during the first half of 2025 [1] - The enhanced market activity has positively impacted the company's financial performance [1] Strategic Initiatives - Hualin Securities is deepening its technology finance transformation strategy, which has effectively supported the expansion of its online business [1] - The growth in wealth management business revenue has been a significant contributor to the expected increase in net profit [1] - The fair value changes in equity investments have also seen a year-on-year increase, further boosting profitability [1]

本公司及公司全体董事会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。 证券代码：002945 证券简称：华林证券 公告编号：2025-038 华林证券股份有限公司 2025 年半年度业绩预告 二、与会计师事务所沟通情况 本业绩预告未经注册会计师预审计。 三、业绩预增主要原因说明 2025年上半年，A股市场呈现震荡上行态势，市场活跃度显著提 升。公司深化科技金融转型战略，有效助力线上业务拓展，驱动财富 管理业务收入大幅增加；同时，权益类投资公允价值变动损益同比上 升。受上述因素综合影响，归属于上市公司股东的净利润预计同比大 幅上升。 一、本期业绩预计情况 （一）业绩预告期间 2025年1月1日至2025年6月30日 （二）业绩预告情况 扭亏为盈 同向上升 同向下降 | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：27,000万元 | ~ 35,000万元 | 盈利：12,329.83万元 | | | 比上年同期上升：118.98% ~ 183.86% | | | | 扣除非经常性损 益后 ...

Core Viewpoint - Hualin Securities (002945.SZ) forecasts a net profit attributable to shareholders of 270 million to 350 million yuan for the first half of 2025, representing a year-on-year growth of 118.98% to 183.86% [1] Group 1: Financial Performance - The expected net profit for the first half of 2025 is between 270 million and 350 million yuan [1] - This reflects a significant increase compared to the same period last year, with growth rates between 118.98% and 183.86% [1] Group 2: Market Conditions - The A-share market is experiencing a fluctuating upward trend, with a notable increase in market activity during the first half of 2025 [1] Group 3: Strategic Initiatives - The company is deepening its technology finance transformation strategy, which has effectively supported the expansion of online business [1] - The wealth management business revenue has seen a substantial increase due to these strategic efforts [1] - Additionally, the fair value changes in equity investments have shown a year-on-year increase [1]