Zheshang Securities(SH:601878) Zheng Quan Ri Bao·2025-09-25 23:31Core Viewpoint - The brokerage industry is rapidly expanding its credit business, with several firms increasing their financing business limits in response to a favorable market environment for credit services [1][2]. Group 1: Industry Trends - As of June 30, 2023, the A-share market's margin trading balance reached 1.85 trillion yuan, leading to a 24% year-on-year increase in net interest income for the securities industry [2]. - By September 24, 2023, the margin trading balance in the A-share market hit a new high of 2.43 trillion yuan, accounting for 12.25% of the total A-share trading volume [2]. - Multiple brokerages, including Zheshang Securities and Hualin Securities, have raised their margin trading limits, indicating a strong belief in the growth potential of credit business [1][3]. Group 2: Company Strategies - Zheshang Securities increased its financing business limit from 40 billion yuan to 50 billion yuan to capitalize on market recovery opportunities, despite its margin trading balance being slightly below the market average [2]. - The company aims to enhance customer engagement through refined operations and improved service experiences, alongside expanding its client base for margin trading [2]. - Risk management is a priority for Zheshang Securities, employing strict pre-approval processes, various credit risk management tools, and ongoing post-investment risk management [3]. Group 3: Competitive Landscape - The surge in market financing demand is driving brokerages to increase their business scales, with smaller firms seeking to attract high-net-worth clients and active traders by raising their credit business limits [4]. - Despite the overall market recovery, brokerages face challenges in balancing scale and profitability due to competitive pressure on interest rates, with some smaller firms lowering rates below 4% [5]. - Leading brokerages like Guotai Junan and Huatai Securities dominate the market, while some listed firms reported negative net interest income in the first half of the year [5]. Group 4: Differentiation Strategies - Brokerages are adopting differentiated competition strategies, such as Oriental Securities focusing on high-net-worth client services and Guolian Minsheng utilizing precise customer targeting and tiered pricing [6].