浙商证券（601878）：客户入金及自营驱动公司大幅扩表，经营效率显著改善

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant expansion driven by client deposits and proprietary trading, with improved operational efficiency [1] - The company achieved a revenue of 6.11 billion yuan in 1H25, a year-on-year decrease of 23.7%, while the net profit attributable to the parent company was 1.15 billion yuan, an increase of 46.5% year-on-year [5] - The report highlights a recovery in all business lines except asset management, with a notable increase in investment income due to market recovery [7] Financial Data and Profit Forecast - The company’s total assets reached 199.1 billion yuan, a 29% increase compared to the end of 2024, with client-related assets accounting for 44% of total assets [7] - The company’s net interest income for 1H25 was 540 million yuan, a 35% increase year-on-year, while net investment income surged by 147% [7] - The report projects the company's net profit attributable to the parent company for 2025 to be 2.395 billion yuan, reflecting a year-on-year growth of 24% [6][8]