浙商证券：上半年实现归母净利润11.49亿元 同比增长46.49%

Core Insights - The report indicates that Zhejiang Securities experienced a total operating revenue of 6.107 billion yuan, a year-on-year decrease of 23.66%, while the net profit attributable to shareholders increased by 46.49% to 1.149 billion yuan [1] Group 1: Brokerage Business - The brokerage business showed steady growth with a focus on "expanding new clients and activating existing clients," resulting in 89,000 new accounts and 25,000 activated existing clients in the first half of 2025 [1] - As of June 30, 2025, the average daily client asset scale reached 788.99 billion yuan, reflecting a year-on-year increase of 15% [1] - The company completed 65 new listings and managed a total market value of 64.48 billion yuan for listed companies, alongside 3.75 billion yuan in corporate wealth management [1] Group 2: Credit Business - As of the end of the first half, the margin financing and securities lending balance was 23.785 billion yuan, a slight decrease of 0.48 million yuan, representing a decline of 0.2%, which is slightly below the market average [2] - The market share of the company's margin financing and securities lending business increased to 1.29% [2] - The average maintenance guarantee ratio for clients with margin financing was 280.87%, indicating that the overall risk in this business segment is manageable [2]