并购整合+出海布局，券商行业或迎来历史性投资机遇

Core Viewpoint - The acquisition of an Indonesian securities company by a leading domestic brokerage's overseas subsidiary marks a significant step in the expansion of Chinese brokerages in Southeast Asia, reflecting a trend of increased internationalization in the industry as China's capital markets continue to open up [1][3]. Group 1: Overseas Expansion - Chinese brokerages have established 38 overseas primary subsidiaries, which have shown steady growth in total and net assets [5]. - The focus on strategic emerging industries has enabled Chinese brokerages to assist numerous companies in completing overseas listings, with 64 companies listed in Hong Kong in 2024, raising HKD 86.4 billion, and 65 companies in the first nine months of 2025, raising HKD 187.4 billion [5]. Group 2: Cross-Border Connectivity - Chinese brokerages play a crucial role in capital market connectivity, facilitating international investors' participation in domestic markets and aiding domestic capital in global asset allocation [6]. Group 3: International Business Growth - In the first half of 2025, 14 out of 16 surveyed brokerages reported year-on-year growth in international business revenue, with the leading firm achieving over 800% growth [8]. - The proportion of international business revenue has increased for 12 brokerages, with the top firm exceeding 30% [8]. Group 4: Industry Consolidation - The Chinese securities industry is undergoing significant consolidation, with a notable merger involving a leading brokerage and two others, indicating a trend towards increased market concentration [11]. - The internationalization of brokerages is being driven by the need to acquire local channels and compliance qualifications through overseas acquisitions [11]. - The strong performance of the brokerage sector is reflected in a 62.38% year-on-year increase in net profit for 42 listed brokerages in the first three quarters of 2025, totaling CNY 169.05 billion [11].