Group 1 - The core viewpoint indicates that the Chinese brokerage sector is currently valued at a PB of 1.53 times, which is at the 41.48 percentile over the past decade, suggesting a potential undervaluation [1] - In Q3 2025, the net profit attributable to shareholders of 42 listed brokerages reached 169 billion yuan, representing a year-on-year increase of 62%, while the net profit excluding non-recurring items was 162 billion yuan, up 68% year-on-year [1] - The Q3 single-quarter net profit excluding non-recurring items was 67.7 billion yuan, showing a year-on-year growth of 97% and a quarter-on-quarter increase of 31% [2] Group 2 - The main drivers of performance growth in the brokerage sector are the brokerage and investment businesses, with net income increasing by 75% and 44% year-on-year, respectively [3] - Current market focus on brokerage stocks may be overly concentrated on short-term trading pressures, with expectations for Q4 trading activity potentially not contributing to significant profit growth due to high comparative bases [3] - The industry is experiencing a recovery not limited to brokerage and proprietary trading but also in investment banking and asset management, indicating a broader improvement in fundamentals compared to last year [3] Group 3 - The report from China Merchants Securities suggests that despite a slow bull market and overall stagnation in brokerage stocks, they warrant more attention and portfolio allocation [3] - Related Hong Kong-listed brokerages include Huatai Securities, GF Securities, China Galaxy, Guotai Junan, CICC, CITIC Securities, and others [4]
上市券商前三季度业绩高增 市场或平衡估值（附概念股）
Zhi Tong Cai Jing·2025-11-07 07:31