券商三季度业绩或延续高增长

Core Viewpoint - The brokerage sector is gaining attention in the market due to the strong performance forecasts from Dongguan Securities and Dongwu Securities for the first three quarters of 2025, driven by increased trading activity and robust growth in brokerage and investment businesses [1][2]. Group 1: Performance Forecasts - Dongwu Securities expects a net profit attributable to shareholders of the parent company to be between 2.748 billion and 3.023 billion yuan, representing a year-on-year growth of 50% to 65% for the first three quarters of 2025 [2]. - Dongguan Securities reported an estimated total operating revenue of 2.344 billion to 2.591 billion yuan, with a year-on-year increase of 44.93% to 60.18%, and a net profit of 862 million to 953 million yuan, reflecting a growth of 77.77% to 96.48% [2][3]. Group 2: Business Drivers - The main drivers of growth for both brokerages are the brokerage and investment businesses, with Dongwu Securities highlighting significant revenue increases in wealth management and investment trading [2]. - Dongguan Securities attributes its revenue and profit growth to a substantial rise in trading volumes in the stock and fund markets, as well as increased investment income due to the upward trend in major equity indices [3]. Group 3: Investment Value - The brokerage sector is seen as having strong investment value due to factors such as liquidity easing, favorable policies, high growth in earnings, and an increase in market risk appetite [4]. - Analysts predict that the net profit for the brokerage sector in the third quarter will continue to show over 50% year-on-year growth, supported by a vibrant stock market and recovering investment banking activities [4]. Group 4: Investment Strategies - Analysts suggest focusing on three investment themes: leading institutions benefiting from an optimized competitive landscape, brokerages with significant earnings elasticity, and firms with strong international business competitiveness [5].