Xin Lang Cai Jing·2025-11-21 12:10Core 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 1.6 trillion yuan, a year-on-year increase of over 50% [1] Group 1: Bond Issuance and Leverage - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, reflecting a growth of more than 50% year-on-year [1] - Huatai Securities has issued bonds worth 124.3 billion yuan this year, ranking second in the industry, while China Galaxy leads with 134.9 billion yuan [1] - Despite a high bond issuance, Huatai Securities' leverage ratio remains relatively low at 3.86, ranking 13th in the industry, indicating potential for further leverage [1] Group 2: Financial Performance - Huatai Securities reported revenue of 27.129 billion yuan and a net profit of 12.733 billion yuan for the first three quarters of 2025, showing a year-on-year increase of 12.55% [2] - However, in the third quarter, the company experienced a decline in both revenue and net profit, down 6.94% and 28.11% year-on-year, respectively, primarily due to a high base effect from the previous year [3] - The company's financial investments have increased significantly, with customer deposits, loaned funds, and financial investments rising by 19%, 28%, and 29% respectively compared to the beginning of the year [2] Group 3: Investment Structure and Trends - Huatai Securities has increased its allocation to financial investments outside of debt securities, with trading financial assets, debt OCI, and equity OCI growing significantly [3] - The total equity OCI for 43 listed securities firms increased by 236.5 billion yuan in 2024, with a further increase of 188.2 billion yuan by the end of the third quarter of 2025 [4] - Despite the increase, Huatai Securities' equity OCI remains low at 10.5 billion yuan, accounting for only 2.26% of its total financial investments, ranking 34th among 43 listed firms [4] Group 4: Credit Business and Market Position - The net interest income from credit business for Huatai Securities grew by 108.75% to 1.233 billion yuan, driven by strong market demand and a maintained market share of 7.1% [5] - The company has room for further leverage compared to other leading firms, despite its significant bond issuance this year [5] - The investment return rate for Huatai Securities was 3.09% in the third quarter, ranking 33rd among 43 listed firms, indicating room for improvement in investment performance [4][5]