券商板块9M25业绩综述：市场交投热度带动业绩如期高增，经营质效齐升

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating that the industry is in an upward trend in terms of market conditions in the short, medium, and long term [6]. Core Insights - The brokerage sector's performance in the first nine months of 2025 (9M25) shows a significant increase, with total assets rising by 21% compared to the end of 2024, and net profit increasing by 66% year-on-year [3][12]. - The self-operated and brokerage businesses are identified as the main contributors to the performance growth, with brokerage income increasing by 75% and self-operated income rising by 42% [15][17]. - The report highlights a historical high in margin financing and securities lending, reflecting a recovery in market trading activity [4][19]. Summary by Sections 1. Performance Overview - In 9M25, 43 listed brokerages (including Dongfang Caifu) achieved total operating income of 431.1 billion yuan, a year-on-year increase of 43%, and a net profit of 172.9 billion yuan, up 66% [3][12]. - The total assets of these brokerages reached 15.3 trillion yuan, marking a 21% increase from the end of 2024 [5][9]. 2. Capital Business - The report notes a balanced allocation between equity and debt investments, with margin financing reaching a record high [4][19]. - By the end of Q3 2025, the total financial investment assets of the brokerages amounted to 7.2 trillion yuan, a 4% increase from the previous quarter [5][9]. 3. Light Capital Business - The brokerage income for 9M25 was 118.4 billion yuan, reflecting a 75% year-on-year increase, while investment banking income rose by 23% to 25.2 billion yuan [15][17]. - The report emphasizes the recovery in the investment banking sector, driven by a low base from the previous year [19]. 4. Investment Analysis - The report recommends several leading brokerages based on competitive positioning, including Guotai Junan, CITIC Securities, and Huatai Securities, while also highlighting mid-sized firms like Industrial Securities and Dongxing Securities as potential investment opportunities [6].