Hongta Securities(SH:601236) 中国基金报·2025-07-09 12:54Core Viewpoint - Hongta Securities expects a net profit growth of 45% to 55% year-on-year for the first half of 2025, driven by differentiated and specialized development strategies [2]. Group 1: Performance Forecast - Hongta Securities anticipates a net profit attributable to shareholders of 651 million to 696 million yuan for the first half of 2025, an increase of 202 million to 247 million yuan compared to the same period last year [2]. - The expected performance increase is attributed to the company's efforts in enhancing asset allocation effectiveness and optimizing its asset-liability structure [2]. Group 2: Historical Performance - In 2024, Hongta Securities reported an operating income of 2.022 billion yuan, a year-on-year increase of 68.36%, and a net profit of 764 million yuan, up 144.66% [4]. - The growth in performance is primarily due to the optimization of asset-liability management and the non-directional transformation of self-operated investment business, leading to stable investment returns [4]. - In 2024, the self-operated investment business generated an income of 1.365 billion yuan, reflecting a year-on-year growth of 106.32% [4]. Group 3: Market Environment - The A-share market saw significant trading activity in the first half of the year, with a total transaction volume of 162.65 trillion yuan, surpassing 100.94 trillion yuan in the same period of 2024 [6]. - Analysts expect that the recovery of the market and favorable policy environment will benefit brokerage, investment banking, and capital intermediary businesses, suggesting investment opportunities in leading brokerage firms [6]. - The concentration of the top ten brokerage firms in the equity underwriting industry has exceeded 90%, indicating a stable and high-growth performance among leading firms [6].