“六新” 目标引领 + 二次创业赋能，天风证券业绩呈现向好态势

Core Viewpoint - Tianfeng Securities has shown a significant recovery in its business performance despite facing legal challenges, with notable increases in revenue and net profit in the third quarter of 2025 [2][3]. Financial Performance - In Q3 2025, Tianfeng Securities achieved operating revenue of 890 million yuan, a year-on-year increase of 43.94%, and a net profit attributable to shareholders of 122 million yuan, marking a return to profitability [2]. - For the first three quarters of 2025, the company reported total operating revenue of 2.112 billion yuan, up 57.53% year-on-year, and a net profit of 153 million yuan, also indicating a turnaround from losses [2]. - The increase in revenue is primarily attributed to higher net income from fees and commissions, as well as increased investment income [2][3]. Business Strategy and Development - Since the acquisition by Hubei Hongtai Group, Tianfeng Securities aims to achieve "six new" goals, focusing on governance, structural layout, operational mechanisms, corporate spirit, performance, and social image [2]. - The company has initiated a "second entrepreneurship" strategy this year, enhancing its investment banking capabilities and completing 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 [3]. - Tianfeng Securities is actively engaging with various cities to provide comprehensive services through a "six-in-one menu" approach, which includes industry planning, forums, fund establishment, and financing services [3]. Market Analysis - Analysts note that the improvement in market conditions and trading activity since 2025 has driven growth in brokerage and investment performance among listed securities firms [3]. - The valuation of the brokerage sector remains at historical lows, and with ongoing positive policy signals, the sector's investment value is becoming increasingly apparent [3].