Zheng Quan Shi Bao Wang·2025-11-06 00:05Core Viewpoint - The report from Huatai Securities indicates that listed brokerages and large brokerages have seen significant year-on-year growth in net profit attributable to shareholders for the first nine months of 2025, with increases of 62% and 56% respectively [1] Group 1: Key Changes in Large Brokerages' Q3 Reports - Total assets continued to expand in Q3, with both financial investments and client funds increasing [1] - Growth driven by investments, with an increase in proprietary leverage [1] - Brokerage business saw substantial growth in line with market trends, with a notable increase in funds lent out [1] - Investment banking showed signs of recovery from a low point, while asset management remained stable [1] Group 2: Future Outlook for the Brokerage Sector - The underlying logic of the capital market is shifting, promoting deeper coordination between investment and financing, alongside a restructuring of asset allocation in a low-interest-rate environment [1] - The operating environment for brokerages is improving, enhancing performance elasticity and sustainability [1] - The sector is viewed as having high cost-performance valuation recovery opportunities, with current A and H share valuations still at mid to low levels [1] Group 3: Investment Focus - Attention should be given to Hong Kong stocks due to better valuations and smaller circulation [1] - A focus on leading A-share companies that offer valuation cost-performance [1] - Consideration of distinctive mid-sized brokerages [1]