“六新” 目标引领 + 二次创业赋能，天风证券涅槃归来业绩全面向好

Core Insights - Tianfeng Securities has shown a significant recovery in its business performance despite facing legal notifications, with a notable increase in revenue and profitability in Q3 2025 [1][2] Financial Performance - In Q3 2025, the company achieved an operating income of 890 million yuan, representing a year-on-year increase of 43.94% [1] - The net profit attributable to shareholders was 122 million yuan, marking a turnaround from losses [1] - For the first three quarters, total operating income reached 2.112 billion yuan, up 57.53% year-on-year, with a net profit of 153 million yuan, also a turnaround from losses [1] Revenue Drivers - The increase in operating income is primarily attributed to higher net income from fees and commissions, as well as increased investment income [1][2] - The net income from fees and commissions for the first three quarters was 1.670 billion yuan, a year-on-year growth of 19.92%, while investment income surged to 1.266 billion yuan, up 82.33% [2] Strategic Initiatives - Since the acquisition by Hubei Hongtai Group, Tianfeng Securities aims to establish a new governance structure and enhance its operational mechanisms, focusing on high-quality development [1] - The company is actively pursuing a "second entrepreneurship" strategy, enhancing its investment banking capabilities and aiming to become a leading investment bank [2] - Tianfeng Securities has completed a bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bond underwriting and 13th in overall bond underwriting [2] Market Context - The overall market conditions and trading activity have improved since 2025, contributing to the growth in brokerage and investment performance among 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]