兴业证券(601377)：把握资金入市机遇 持续扩表增厚业绩

Group 1 - The company's performance growth in 25H1 is driven by investment performance, while asset sales have led to a decline in asset management business [1] - The company maintains a "Buy" rating with a target price of 8.85 yuan, projecting 2025H1 revenue and net profit of 5.404 billion and 1.33 billion yuan, respectively, representing year-on-year growth of 0.24% and 41.24% [2] - The company's investment business net income increased by 48.6% year-on-year to 1.767 billion yuan, contributing 47.79% to adjusted revenue growth [2] Group 2 - The company is entering a new phase of high-quality development, with opportunities arising from the reallocation of assets in both institutional and retail sectors due to changes in equity and interest rate markets [3] - The appointment of former Huafu Securities Chairman Su Junliang as Chairman of the company is expected to lead to multiple initiatives aimed at enhancing comprehensive value across regional platforms [3] - The active participation of retail funds in the market is anticipated to further enhance the company's valuation levels [3] Group 3 - Catalysts for growth include sustained activity and favorable trends in the equity market [4]