Changjiang Securities·2025-09-02 23:30Investment Rating - The investment rating for Huatai Securities is "Buy" and is maintained [10]. Core Views - In the first half of 2025, Huatai Securities experienced significant growth in performance, with operating income reaching 16.22 billion yuan, a year-on-year increase of 31.0%, and net profit attributable to shareholders of 7.55 billion yuan, up 42.2% year-on-year [7][8]. - The company's return on equity (ROE) improved by 1.12 percentage points to 4.3% [7]. - The brokerage business rebounded with a stable market share in margin trading, while the asset management layout is leading, with direct investment and alternative subsidiaries turning profitable [2][8]. - Investment returns have significantly improved, with a notable increase in investment yield due to the expansion of funds and bonds [2][8]. - Huatai Securities has solidified its advantages in investment banking, with a significant increase in equity and bond underwriting scale [2][8]. - The company is a pioneer in financial technology, successfully developing leading platforms such as "Zhangle Wealth" and "Xingzhi," which are expected to continue generating positive effects in wealth management and fintech [2][8]. Summary by Sections Financial Performance - In H1 2025, Huatai Securities achieved operating income of 16.22 billion yuan and net profit of 7.55 billion yuan, with a year-on-year increase of 31.0% and 42.2% respectively [7][8]. - The weighted average ROE increased to 4.3%, up 1.12 percentage points year-on-year [7]. Business Segments - Brokerage income reached 3.75 billion yuan, up 37.8% year-on-year, while investment banking income was 1.17 billion yuan, up 25.4% [8]. - Asset management AUM was 627 billion yuan, a 12.7% increase from the beginning of the year, with a net profit of 710 million yuan, up 47.2% year-on-year [8]. - The company’s trading financial assets increased by 19.0% to 359.1 billion yuan, with significant allocations to funds and bonds [8]. Market Position - Huatai Securities maintained a stable market share in margin trading at 6.9% and a market share of 6.8% in brokerage services [8]. - The company’s equity and bond underwriting amounts reached 49 billion yuan and 666.6 billion yuan, respectively, with year-on-year increases of 150.7% and 24.3% [8].