Huaxi Securities(SZ:002926) HUAXI Securities·2025-04-06 05:58Investment Rating - Industry rating: Recommended [5] Core Insights - The market is active in Q1 2025, but overall performance is weak, with daily trading volume increasing by 70% year-on-year to 15,246 billion yuan [1] - The average balance of margin trading increased by 21% year-on-year, reaching 1.87 trillion yuan [1] - Equity financing scale saw a significant increase of 65% year-on-year, while core debt financing showed a slight increase of 2% [1] - The Shanghai Composite Index decreased by 0.5% compared to the same period last year, while the ChiNext Index increased by 2.8% [2] - The estimated performance of listed brokerages (excluding Dongfang Wealth) in Q1 2025 shows a revenue increase of 8.2% year-on-year, with net profit rising by 15.2% [3] Summary by Sections Market Conditions - Daily average trading volume in Q1 2025 reached 15,246 billion yuan, up 70% year-on-year [1] - The average balance of margin trading was 1.87 trillion yuan, reflecting a 21% increase year-on-year [1] - The scale of equity financing increased by 65% year-on-year, with IPOs and other financing activities showing varied results [1] Performance of Listed Brokerages - Estimated revenue for Q1 2025 is approximately 968 billion yuan, with a year-on-year increase of 8.2% [3] - Net profit is projected to be around 338 billion yuan, reflecting a 15.2% increase year-on-year [3] - Revenue from brokerage, proprietary trading, interest, investment banking, and asset management is expected to vary significantly, with brokerage income increasing by 65.5% and proprietary trading income decreasing by 42.5% [3] Investment Recommendations - The report suggests waiting for market stabilization before making significant investment decisions [4] - The performance of listed brokerages during the annual report season may present attractive investment opportunities [4]