Industrial Securities(SH:601377) 智通财经网·2025-12-01 02:50Core Viewpoint - The securities industry is expected to require strong market momentum to achieve further growth in ROE by 2026, with projected revenues and net profits of 660 billion and 290.4 billion yuan respectively, reflecting year-on-year increases of 16.1% and 18.8% [1] Group 1: 2025 Review - The A-share market has shown strong performance, but the securities sector's stock prices have lagged, with the Securities II index rising only 6.1%, underperforming the market by 11.8 percentage points [2] - In the first three quarters of 2025, 42 listed securities firms reported total revenues and net profits of 419.56 billion and 169.05 billion yuan, marking year-on-year increases of 42.6% and 62.4% respectively, indicating a reversal in industry profitability [2] Group 2: Industry Restructuring - The traditional development model is being disrupted, leading to a potential increase in industry concentration, driven by regulatory guidance towards capital-intensive growth and restrictions on excessive equity financing [3] - New regulations require long-term underperforming companies to disclose valuation improvement plans, further limiting low-valuation firms from equity financing, which has been a common expansion method [3] - The revised classification rating rules for 2025 will enhance the scoring for net asset returns, encouraging firms to focus on efficiency and concentrated growth [3] - Performance management reforms are restricting smaller firms from attracting top talent from leading firms, intensifying the Matthew effect in the industry [3] Group 3: Operational Aspects - Leading securities firms are developing capabilities independent of market fluctuations, while mid-sized firms need to rebuild their proprietary investment capabilities [4] - Internationalization, product diversification, and platformization are reshaping the operational capabilities of leading firms, with international business contributing approximately 20% to CITIC Securities' profits as of mid-2025 [4] - Derivative products are enhancing the ability of leading firms to serve clients, with significant growth in investment returns from stock derivatives expected [4] - The shift from individual operations to a more integrated service model is expected to strengthen profitability for leading firms, while mid-sized firms must focus on expanding their brokerage income and stabilizing investment strategies to ensure consistent returns [4]