长江证券（000783）：投资收益显著改善，经营业绩显著回暖

Investment Rating - The investment rating for the company is "Accumulate" [3][4][21] Core Views - The company has shown significant improvement in investment income and operational performance, with a notable increase in revenue and net profit for the first half of 2025 [3][4][21] - The company’s investment income (including fair value changes) has increased, while the proportions of brokerage, investment banking, asset management, interest income, and other revenues have decreased [3][8] - The company is expected to maintain a strong market position in brokerage services and has seen a recovery in debt financing, with an increase in underwriting scale [4][21] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.705 billion yuan, up 64.79% year-on-year, and a net profit attributable to shareholders of 1.737 billion yuan, up 120.76% year-on-year [3][7] - Basic earnings per share (EPS) reached 0.30 yuan, an increase of 130.77% year-on-year, with a weighted average return on equity (ROE) of 4.76%, up 2.55 percentage points year-on-year [3][7] Revenue Composition - The composition of revenue has shifted, with investment income (including fair value changes) accounting for 32.2% of total revenue in 2025H, up from 10.7% in 2024 [8][11] - Brokerage business net income increased by 29.25% year-on-year, while the company’s market share in agency trading (excluding seat rentals) rose to 1.87% [11][12] Investment Banking and Asset Management - The company’s investment banking business saw a 45.00% year-on-year increase in net income, while equity financing remains a challenge with a 32.69% decline in underwriting amounts [13][14] - The asset management business has experienced rapid growth, with public fund assets reaching 29.498 billion yuan, an increase of 11.12% from the end of 2024 [14][17] Investment Strategy - The company has strengthened its investment strategies, with a significant increase in investment income (including fair value changes) by 780.81% year-on-year, reflecting robust performance in both equity and fixed income investments [18][19] - The company has also focused on enhancing risk management and liquidity in its investment portfolios [18][19] Future Projections - The company is projected to have EPS of 0.48 yuan and 0.50 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 6.58 yuan and 6.84 yuan [4][21]