Xin Lang Cai Jing·2025-11-21 10:34Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]