东吴证券：给予财通证券买入评级

Core Viewpoint - The report highlights significant improvements in investment income and a strong growth in brokerage business revenue for Caitong Securities, leading to a "buy" rating from Dongwu Securities. Group 1: Financial Performance - In H1 2025, Caitong Securities achieved operating revenue of 2.96 billion yuan, a year-on-year decrease of 2.2% [1] - The net profit attributable to shareholders was 1.08 billion yuan, an increase of 16.8% year-on-year, with an EPS of 0.23 yuan and ROE of 2.94%, up 0.3 percentage points year-on-year [1] - Q2 2025 saw operating revenue of 1.89 billion yuan, a year-on-year increase of 17.0% and a quarter-on-quarter increase of 76.7% [1] - The net profit for Q2 2025 was 790 million yuan, up 68.6% year-on-year and 174.0% quarter-on-quarter [1] Group 2: Brokerage and Wealth Management - Brokerage business revenue in H1 2025 was 810 million yuan, a year-on-year increase of 42.0%, accounting for 27.4% of total operating revenue [1] - The average daily trading volume of stock funds in the market was 1.5703 trillion yuan, a year-on-year increase of 63.3% [1] - The number of wealth management clients grew by 11% year-on-year, with client asset scale increasing by 28%, and both individual and corporate asset growth exceeding 30% [1] Group 3: Investment Banking and Asset Management - Investment banking revenue in H1 2025 was 220 million yuan, a year-on-year decrease of 21.8% [2] - The underwriting scale for equity business dropped by 71.2% to 700 million yuan, ranking 37th [2] - The asset management business generated revenue of 610 million yuan, a year-on-year decrease of 26.4%, with total managed assets reaching 296.5 billion yuan, up 3.6% year-on-year [2] Group 4: Investment Income - Total investment income (including fair value) for H1 2025 was 740 million yuan, a year-on-year decrease of 8.1% [3] - Adjusted net investment income (including fair value, exchange gains and losses, and other comprehensive income) was 700 million yuan, down 29.9% year-on-year [3] - Q2 2025 investment income (including fair value) was 720 million yuan, a year-on-year increase of 90.4% [3] Group 5: Profit Forecast and Valuation - The profit forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 2.494 billion, 2.659 billion, and 2.791 billion yuan, with year-on-year growth rates of 6.61%, 6.58%, and 4.98% respectively [3] - The current market capitalization corresponds to PB valuations of 1.06x, 1.01x, and 0.97x for 2025-2027 [3] - The company’s wealth management transformation is showing significant results, with distinctive characteristics in asset management business [3]