市场持续升温，非银利润同比高增

Group 1 - The core viewpoint of the report indicates that the performance of listed securities firms is expected to maintain rapid growth in Q1-Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 58.63% [1] - The report forecasts that the adjusted operating revenue of 42 listed securities firms will increase by 32.02% year-on-year to 395.48 billion yuan, with net profit attributable to shareholders reaching 165.15 billion yuan, reflecting strong market activity [1] - For Q3 2025, the single-quarter adjusted revenue is projected to be 148.15 billion yuan, with a quarter-on-quarter increase of 11.45% and a year-on-year increase of 27.15%, while net profit is expected to be 61.13 billion yuan, showing a quarter-on-quarter increase of 17.94% and a year-on-year increase of 48.74% [1] Group 2 - The investment banking sector is benefiting from a marginal recovery in IPOs, with investment banking revenue increasing by 21.84% year-on-year to 24.82 billion yuan, primarily due to the recovery in financing in A-shares and Hong Kong stocks [2] - Asset management revenue has decreased by 0.81% year-on-year to 32.2 billion yuan, mainly due to a decline in management fees [2] - Net interest income has surged by 92.86% year-on-year to 4.23 billion yuan, driven by growth in margin financing [2] Group 3 - The report emphasizes the ongoing influx of incremental funds into the market, particularly from residents, which is expected to enhance the performance of blue-chip stocks with low valuations and high ROE [2] - The new assessment method for insurance companies implemented by the Ministry of Finance is likely to encourage them to increase their equity positions, further supporting market growth [2] - The report suggests focusing on stocks with strong performance elasticity in Q3 amid the backdrop of increased resident investment [2]