Changjiang Securities·2026-02-13 05:08Investment Rating - The investment rating for the company is "Buy" [11] Core Insights - The report indicates that with the continuation of a slow bull market, wealth management is expected to enter a golden development period. The company, with its geographical advantages, diversified layout, and market-oriented mechanisms, has formed a strong first-mover advantage in wealth management. In the medium to long term, wealth management is seen as a key competitive factor for brokerages, with the company expected to have superior growth potential compared to its peers. Additionally, the company is focusing on international business and enhancing its cross-border comprehensive capabilities, while its proprietary trading is also expected to benefit from improved risk control indicators [2][9]. Summary by Sections Wealth Management Market Outlook - The slow bull market and low interest rates are significantly enhancing the attractiveness of equity assets. The report forecasts that the demand for wealth management among residents will likely explode, with a substantial increase in the proportion of non-deposit financial assets [18][20]. Company Strengths - The company ranks fourth among listed brokerages with a net asset of 153.5 billion yuan as of Q3 2025. It holds strong competitive advantages in brokerage and asset management, ranking third and second respectively among peers [6][40]. Strategic Layout - The company has made proactive and diversified business layouts, establishing its public fund subsidiaries early on, which are now industry leaders. Its headquarters in Guangzhou provides a significant advantage in accessing high-net-worth clients in the Greater Bay Area [7][45]. International Business Development - The company has been expanding its international business since 2006 and plans to raise 6.1 billion HKD for its overseas subsidiaries, laying a foundation for its long-term international strategy [8][9]. Financial Performance Forecast - The company is projected to achieve a net profit attributable to shareholders of 13.49 billion yuan and 16.07 billion yuan for the years 2025 and 2026, respectively, with corresponding price-to-book ratios of 1.27 and 1.18 [9].