研报掘金丨国海证券：首予国泰海通“买入”评级，未来协同效应有望持续释放

Core Viewpoint - Guotai Junan's performance in the first three quarters of 2025 shows strong results after the merger with Haitong Securities, with total assets exceeding 2 trillion yuan and multiple indicators such as operating income and net profit reaching historical highs since 2022 [1] Group 1: Financial Performance - The company has achieved comprehensive growth across all main business segments, with particularly notable increases in brokerage business and net interest income [1] - The integration work of the company is progressing steadily, and future synergy effects are expected to continue to be released [1] Group 2: Market Position and Outlook - Guotai Junan is leveraging scale and synergy effects, with strong capabilities in wealth management, investment banking, and large asset management, positioning the company to benefit from the development of the capital market [1] - The company has initiated coverage with a "buy" rating, reflecting confidence in its future performance [1]