兴业证券：第三季度净利润11.91亿元，同比增长214.8%

Core Insights - The core viewpoint of the article highlights the significant growth in both revenue and net profit for the company in the third quarter of 2025, driven by increased trading activity in the A-share market and enhanced performance in brokerage and proprietary investment businesses [1] Financial Performance - In Q3 2025, the company reported an operating revenue of 3.873 billion yuan, representing a year-on-year increase of 59.2% (adjusted) [1] - The net profit for Q3 2025 reached 1.191 billion yuan, showing a substantial year-on-year growth of 214.8% (adjusted) [1] - For the first three quarters of 2025, the total operating revenue amounted to 9.277 billion yuan, reflecting a year-on-year increase of 39.96% (adjusted) [1] - The net profit for the first three quarters of 2025 was 2.521 billion yuan, which is a year-on-year growth of 90.98% (adjusted) [1] Market Context - The A-share market experienced a volatile upward trend in Q3 2025, leading to a significant increase in trading volume for stock funds in the Shanghai and Shenzhen markets [1] - The growth in brokerage and proprietary investment revenues contributed to the overall increase in operating revenue and net profit for the company [1]