机构密集调研券商 探寻业绩增长新动能

Core Viewpoint - The performance of A-share listed securities firms has significantly improved in 2023, with a net profit growth of 62.48% year-on-year in the first three quarters, leading to increased interest from financial institutions in conducting research on these firms [1] Group 1: Internationalization Efforts - Chinese securities firms are accelerating their internationalization efforts, viewing overseas markets as essential for performance growth. For instance, Guotai Junan announced plans to acquire an Indonesian securities company, while Dongxing Securities increased its investment in its Hong Kong subsidiary by 300 million HKD [2] - Leading firms like China Merchants Securities are adopting a dual strategy focusing on both the Hong Kong market and broader international markets, enhancing their global trading platform and digital operations [2] - Smaller firms are also pursuing internationalization, with Northeast Securities preparing to establish a subsidiary in Hong Kong and Changcheng Securities applying for a business license for its new Hong Kong subsidiary [3] Group 2: Investment Banking Recovery - The investment banking sector has seen a notable recovery, with net income from underwriting fees for listed securities firms increasing by 23.46% year-on-year in the first three quarters [4] - Firms are focusing on differentiated development paths, with Northeast Securities targeting small and innovative enterprises, while First Capital is expanding its business in the Beijing-Tianjin-Hebei region [4] - Analysts predict that the investment banking business will continue to recover, with opportunities in equity financing concentrated in technology innovation and new production capabilities, alongside a growing trend in debt financing [5]