Xin Lang Cai Jing·2025-11-21 10:27Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a total exceeding 16,000 billion yuan, a year-on-year growth of over 50% [1] Group 1: Bond Issuance and Leverage - 73 securities firms have issued bonds exceeding 16,000 billion yuan in 2025, marking a growth of over 50% year-on-year [1] - Huatai Securities has issued bonds worth 1,243 billion yuan, ranking second in the industry, while its leverage ratio is relatively low at 3.86, placing it 13th among peers [1] - In contrast, CICC and CITIC Securities, with lower bond issuance of less than 800 billion yuan, have higher leverage ratios of 5.42 and 4.83, respectively, indicating a reliance on interbank financing [2] Group 2: Asset Growth and Performance - Huatai Securities has seen significant growth in client deposits, lending, and financial investments, with increases of 19%, 28%, and 29% respectively compared to the beginning of the year [2] - For the first three quarters of 2025, Huatai Securities reported revenue of 27.129 billion yuan, a year-on-year increase of 12.55%, and a net profit of 12.733 billion yuan, surpassing the previous year [2] - However, on a quarterly basis, Huatai Securities experienced declines in revenue and net profit by 6.94% and 28.11% respectively, primarily due to a high base effect from the previous year [3] Group 3: Investment Structure and Trends - Huatai Securities has increased its allocation to financial investments outside of debt securities, with significant growth in trading financial assets and debt OCI [3] - The proportion of equity OCI among 43 listed securities firms increased to 8.93% by the end of Q3 2025, with Huatai Securities lagging behind at only 2.26% [4] - The annualized investment return for Huatai Securities in Q3 was 3.09%, ranking 33rd among 43 listed firms, indicating room for improvement in investment yield [5] Group 4: Credit Business and Market Position - Huatai Securities' net interest income from credit business grew by 108.75% to 1.233 billion yuan, supported by strong market demand and a maintained market share of 7.1% [5] - The company has significant room for further leverage compared to other leading firms, despite its large-scale bond issuance [5] - The performance of Huatai Securities' proprietary investment income increased by 141% year-on-year when excluding the high base effect from asset sales [5]