前三季度归母净利润同比增长37% 山西证券展现盈利韧性

Core Viewpoint - Shanxi Securities has demonstrated strong financial performance in the first three quarters of 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience and a positive outlook for the brokerage industry amid market recovery [1][2]. Financial Performance - The company achieved a total operating income of 2.459 billion yuan, representing a year-on-year increase of 13.53% [1]. - The net profit attributable to shareholders reached 732 million yuan, up 37.34% year-on-year, marking two consecutive years of positive growth [1]. - Basic earnings per share increased to 0.20 yuan, reflecting a 33.33% rise compared to the previous year [1]. Business Structure and Growth Drivers - Shanxi Securities has optimized its business structure, which includes five main segments: wealth management, corporate finance, asset management, FICC, and equity investment [2]. - The brokerage's net income from brokerage fees surged to 631 million yuan, a 51.34% increase from 417 million yuan in the same period last year, becoming a key revenue driver [2]. - Government subsidies confirmed by the company amounted to 45.4766 million yuan, a 148.74% increase year-on-year, contributing positively to profits [2]. Investment Banking and New Business Initiatives - The company made notable strides in investment banking, participating as a joint lead underwriter for a highly sought-after bond issuance, achieving a subscription multiple of 6.325 times and a record low interest rate of 1.85% [2]. - Shanxi Securities is strategically investing in emerging sectors through its subsidiary, focusing on AI and related technologies, with investments in companies like Kunlun Chip and Lingxin Qiaoshou [2]. Strategic Direction - The chairman of Shanxi Securities has outlined a strategic goal to become a leading investment bank, aligning with national and regional development strategies and enhancing comprehensive financial service capabilities [3].