自营提振、投行拖累！江海证券上半年盈利2.88亿元

Core Insights - Jianghai Securities reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 726 million yuan, a year-on-year increase of 81.17%, and net profit attributable to shareholders soaring by 1311.6% to 288 million yuan [1] Revenue Breakdown - Brokerage business generated 209 million yuan in revenue, up 21.11% year-on-year [1] - Investment banking revenue decreased by 16.53% to 30 million yuan [1] - Proprietary trading revenue surged by 211.77% to 406 million yuan [1] - Asset management revenue increased by 6.49% to 10 million yuan [1] - Credit business revenue rose by 112.59% to 39 million yuan [1] Business Strategy and Development - The company attributed the surge in proprietary trading revenue to improved asset allocation capabilities and enhanced investment strategies, leading to greater predictability and stability in overall investments [2] - The equity investment strategy focused on quantitative outsourcing, effectively mitigating risks from market volatility, while the fixed income business developed a balanced approach between bond and multi-asset investments [2] Operational Footprint - As of June 30, 2025, Jianghai Securities operated 59 branches, including 20 subsidiaries and 39 business offices, with a strong presence in Heilongjiang province [2] - The operational network is designed for comprehensive coverage in Heilongjiang and extended reach to coastal areas and provincial capitals [2] Compliance Issues - The Heilongjiang Securities Regulatory Bureau issued a warning to Jianghai Securities' Mudanjiang Suifenhe Cultural Street Securities Office for failing to manage employee conduct and customer complaints effectively [2]