东吴证券：维持中信证券“买入”评级，各业务板块稳健增长

Core Viewpoint - CITIC Securities achieved a net profit attributable to shareholders of 13.72 billion yuan in the first half of the year, representing a year-on-year increase of 29.8% [1] Financial Performance - In Q2, the net profit attributable to shareholders was 7.17 billion yuan, up 27.9% year-on-year and 9.6% quarter-on-quarter [1] - The brokerage business revenue surged due to increased market trading activity, with an average daily trading volume of 1.5703 trillion yuan in the first half, a year-on-year increase of 63.3% [1] - The income from selling financial products increased by 18% year-on-year, although its proportion of brokerage revenue decreased by 2 percentage points to 13% [1] - The margin financing and securities lending balance was 143.2 billion yuan, up 4% from the beginning of the year, with a market share of 7.7%, an increase of 0.1 percentage points [1] - Net interest income declined significantly due to reduced interest income from monetary funds, settlement reserves, and other debt investments [1] Client and Asset Management - As of mid-2025, the total number of clients exceeded 16.5 million, and the assets under custody surpassed 12 trillion yuan, both up 4% from the end of 2024 [1] - Investment banking revenue showed slight growth, maintaining a strong competitive position [1] - Asset management revenue experienced modest growth, with Huaxia Fund retaining its leading position and net investment income increasing significantly year-on-year [1] Rating - The company maintains a "Buy" rating [1]