“六新”目标引领+二次创业赋能，天风证券业绩全面向好

Core Insights - Tianfeng Securities reported a significant increase in revenue and net profit for Q3 2025, achieving an operating income of 890 million yuan, a year-on-year growth of 43.94%, and a net profit attributable to shareholders of 122 million yuan, marking a turnaround from losses [1] - For the first three quarters of 2025, the company recorded a total operating income of 2.112 billion yuan, up 57.53% year-on-year, and a net profit of 153 million yuan, also indicating a recovery from previous losses [1] - The increase in revenue is attributed to higher net income from fees and commissions, as well as increased investment income [1] Business Development - Tianfeng Securities has initiated a "second entrepreneurship" strategy this year, focusing on enhancing its investment banking services, with a total bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bonds and 13th in company bonds [2] - The company is actively engaging with various cities to implement a comprehensive service model that includes industry planning, forums, fund establishment, and financing services [2] - The proprietary business team aims to become a profit center by optimizing asset allocation through in-depth research on macroeconomic conditions and market trends [2] Financial Performance - The net income from fees and commissions for the first three quarters reached 1.67 billion yuan, reflecting a year-on-year increase of 19.92%, while investment income surged to 1.266 billion yuan, up 82.33% [2] - Market analysts note that the improvement in market conditions and trading activity since 2025 has driven the overall performance growth of listed securities firms [2] - The valuation of the brokerage sector remains at historical lows, with ongoing positive policy signals enhancing the sector's investment appeal [2]