炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收 入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 值得一提的是，42家券商的归母净利润2025H1全部实现正增长。今年上半年，42家纯证券业务上市券 商中有28家宣布现金分红，还有14家未宣布。 其中兴业证券营收、净利润双双大增却还没决定中期是否分红，并且公司在业绩向好的情况下半年减员 321人。从2022年开始到今年上半年，兴业证券已经连续三年半减员。 营收、净利润双增未宣布中期分红 半年减员321人 兴业证券投行业务收入下降的一个原因是股权主承销规模的大幅下降。根据wind及东吴证券研报统计， 兴业证券2025H1股权主承销规模为4.8亿元，同比下降67.3%，行业排名第 42名；上半年无IPO项目，完 成2单均为再融资项目。 兴业证券资管业务收入也有所下滑。2025年上半年，兴业证券资管业务手续费净收入为0.75 亿元，同比 下降1.7%。 兴业证券的资管业务 ...

Investment Rating - The report maintains a "Recommended" rating for Huatai Securities [6] Core Views - In the first half of 2025, Huatai Securities reported operating revenue of 16.2 billion yuan, a year-on-year increase of 31.0%, and a net profit attributable to shareholders of 7.5 billion yuan, up 42.2% year-on-year [1] - The company's self-operated, credit, and brokerage revenues showed significant growth, while investment banking revenue turned positive year-on-year, and the decline in asset management revenue narrowed [2] - The company is expected to see continued growth in revenue and net profit over the next few years, with projected revenues of 45 billion yuan in 2025, 48.1 billion yuan in 2026, and 51.4 billion yuan in 2027 [8] Summary by Sections Financial Performance - In Q2 2025, the net profit attributable to shareholders was 3.9 billion yuan, a quarter-on-quarter increase of 7.3% and a year-on-year increase of 29.4% [1] - The company's financial investment scale reached 434.1 billion yuan by the end of Q1 2025, with a significant quarter-on-quarter increase of 14.8% [3] Business Segments - Self-operated business revenue in H1 2025 was 6.6 billion yuan, up 57% year-on-year, with a notable increase in interest income [2] - Brokerage business revenue in H1 2025 was 3.8 billion yuan, a year-on-year increase of 38%, with a consistent growth rate above 30% [4] - Credit business saw a significant year-on-year increase in interest income, with net interest income in Q2 2025 reaching 1.1 billion yuan, up 123% year-on-year [5] - Investment banking revenue in Q2 2025 was 600 million yuan, a year-on-year increase of 76.4%, with substantial growth in IPO and refinancing activities [6] - Asset management revenue in Q2 2025 was 500 million yuan, down 57.9% year-on-year, but the total assets under management (AUM) increased to 627 billion yuan, up 23.9% year-on-year [7] Profitability and Efficiency - The annualized return on equity (ROE) for Q2 2025 was 7.9%, an increase of 2 percentage points year-on-year [8] - The company’s net profit margin rose to 46.5% in H1 2025, although it decreased by 13 percentage points compared to the same period last year [8] Future Outlook - The report forecasts revenue growth rates of 8.5% in 2025, 6.9% in 2026, and 6.9% in 2027, with net profit growth rates of 8.3% in 2025, 7.9% in 2026, and 7.9% in 2027 [9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price target of 31.50 CNY [5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 33 billion CNY, a year-on-year increase of 20.4%, and net profit attributable to shareholders at 13.7 billion CNY, up 29.8% year-on-year [3][4]. - The company's asset management and investment banking businesses are recovering rapidly, while proprietary trading income continues to grow significantly [4][9]. - The report anticipates continued growth in revenue and net profit for the years 2025 to 2027, with projected revenues of 69.5 billion CNY, 74.9 billion CNY, and 80.7 billion CNY, respectively [9][10]. Summary by Sections Revenue Structure - In Q2 2025, the company's revenue from proprietary trading, brokerage, asset management, investment banking, and credit businesses was 19.1 billion CNY, 6.4 billion CNY, 5.4 billion CNY, 2.1 billion CNY, and 0.2 billion CNY, respectively, with year-on-year growth rates of 62%, 31%, 11%, 21%, and -80% [4]. - The brokerage business showed a net income growth of 26.2% year-on-year, with significant contributions from securities trading [4]. Proprietary Business - The proprietary business reported a revenue of 10.2 billion CNY in Q2 2025, with a year-on-year increase of 62.5% and a return on investment of 4.6%, the highest since Q4 2021 [4][8]. Asset Management - The asset management segment's revenue grew by 12.4% year-on-year, with the total assets under management (AUM) of 华夏基金 reaching 2.85 trillion CNY, a 32.1% increase [6]. Investment Banking - The investment banking business saw a significant increase in domestic equity refinancing and a notable recovery in IPO activities, with Q2 2025 investment banking revenue rising by 29.6% year-on-year [7]. Credit Business - The credit business reported a net interest income of 0.4 billion CNY in Q2 2025, although it still showed a year-on-year decline of 46.4% [8]. Financial Metrics - The company's total assets reached 1.81 trillion CNY, with a year-on-year increase of 20.9%, and the return on equity (ROE) improved to 4.91% [8].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported strong performance in its half-year results, with revenue of 2.86 billion yuan, a year-on-year increase of 44.2%, and a net profit of 1.38 billion yuan, up 91.9% year-on-year [5][7]. - The self-operated business significantly contributed to the company's revenue, accounting for over 60% of total income in the first half of 2025 [7]. - The company has seen a steady growth in asset management scale and is expected to benefit from a recovery in the stock market, which could catalyze profit growth [7]. Financial Data and Earnings Forecast - For 2025, the company is projected to achieve a revenue of 5.53 billion yuan, with a year-on-year growth rate of 37.64% [6][8]. - The net profit for 2025 is estimated at 2.08 billion yuan, reflecting a year-on-year increase of 31.51% [6][8]. - The company's return on equity (ROE) is expected to reach 6.75% in 2025, up from 5.12% in 2023 [6][8]. Revenue Structure - The main sources of income for the company include self-operated, brokerage, and asset management businesses, with self-operated business showing significant growth [7]. - In the second quarter of 2025, the company achieved a main business income of 1.58 billion yuan, with various segments showing different growth rates [7]. Investment Analysis - The company is expected to maintain a competitive advantage due to its strong shareholder background and distinctive asset management business [7]. - The forecast for net profit has been revised upwards for 2025-2027, with expected profits of 2.1 billion yuan in 2025, 2.2 billion yuan in 2026, and 2.4 billion yuan in 2027 [7].

Core Viewpoint - Huatai Life Insurance achieved profitability in 2024 primarily through strong performance in its asset management business, which has become increasingly critical for the company's financial health [4][10]. Group 1: Management Changes and External Influence - Huatai Insurance Group is entering a crucial phase under the dual pressures of foreign control and performance commitments, with the appointment of Niu Zengliang as the new general manager of Huatai Life Insurance [5][7]. - Niu Zengliang's extensive experience in various insurance companies and his alignment with the risk control culture of the foreign shareholder, Chubb Insurance, are expected to drive strategic coordination between Huatai Life and its parent company [5][7]. - Chubb Insurance has increased its stake in Huatai Insurance Group to over 85%, making it the first domestic insurance group to transition from Chinese to foreign control [5][7]. Group 2: Asset Management Business Dynamics - Huatai Life Insurance's profitability is increasingly reliant on its asset management segment, which has seen significant growth, with investment income reaching 2.192 billion yuan in 2024, a year-on-year increase of 984 million yuan [10][11]. - The asset management division has expanded its third-party business significantly, with its management scale surpassing 900 billion yuan in 2024, indicating a shift towards a model resembling an asset management company with insurance licenses [10][12]. - The company has faced challenges, including a compliance scandal involving a former investment manager, which highlighted risks in its aggressive growth strategy [8][9]. Group 3: Future Challenges and Strategic Goals - The company aims to achieve an asset management scale of over 1 trillion yuan by 2025, with approximately 20% of its assets in equity, amidst increasing regulatory scrutiny and market volatility [15][16]. - The transition to a fully foreign-controlled structure may complicate investment decision-making, as the integration of foreign governance practices with local market realities presents unique challenges [21]. - The success of Huatai Insurance Group in 2025 will hinge on stabilizing returns from its asset management segment while navigating the complexities of foreign and local governance dynamics, regulatory pressures, and market uncertainties [21].

Core Viewpoint - The appointment of Sun Jianbo as the Deputy General Manager of Wanlian Asset Management marks a significant personnel change, aiming to enhance the company's asset management capabilities and growth potential [1][3]. Group 1: Personnel Changes - Sun Jianbo, a veteran investor with extensive experience across various financial sectors, has joined Wanlian Asset Management from Green Fund, where he served as Deputy General Manager [1][2]. - Wanlian Asset Management has seen several leadership changes, including the appointment of Li Ye as Chairman and Liu Changjian as Chief Compliance Officer in March 2024 [3]. Group 2: Company Performance - In 2024, Wanlian Asset Management achieved a total asset management business scale of 27.86 billion yuan, with 156 active asset management products [3]. - The company reported a revenue of 193.19 million yuan in 2024, reflecting a year-on-year increase of 163.07%, and a net profit of 50.60 million yuan, up 220.24% year-on-year [3]. Group 3: Strategic Initiatives - Wanlian Securities is focused on expanding its asset management business, with plans to increase its registered capital from 500 million yuan to 1 billion yuan to further drive growth [3]. - The company has submitted an application to establish a public fund management company, with the latest update indicating it has entered the first written feedback stage [4].

Core Viewpoint - The establishment of Guoxin Asset Management Company is a strategic move by Guoxin Securities to align with industry trends and enhance its position as a world-class comprehensive investment bank, focusing on high-quality development and innovation in asset management services [2][3]. Group 1: Company Development and Achievements - Guoxin Securities has been a pioneer in the asset management industry since it obtained its asset management license in 2002, and it has achieved significant growth with a net asset management scale of 144.764 billion yuan and revenue of 820 million yuan in 2024, marking a year-on-year increase of 65.42% [2]. - Guoxin Asset Management has successfully established itself with a focus on core competitiveness, achieving notable business growth and industry influence, winning nearly 100 authoritative awards in the past three years [3]. Group 2: Investment Research and Product Strategy - The investment research (IR) is the core driving force behind Guoxin Asset Management's business, with a focus on fixed income, equity investment, multi-asset allocation, and asset securitization, creating a diverse product matrix [4]. - In the fixed income sector, Guoxin Asset Management has developed a comprehensive understanding of various markets, while in equity investment, it emphasizes a balanced value investment strategy [4]. - The company has issued public REITs totaling 9 billion yuan and has launched several asset-backed securities (ABS) with attributes like "green energy" and "rural revitalization," achieving both economic and social benefits [5]. Group 3: Customer-Centric Approach - Guoxin Asset Management prioritizes customer service and value creation, focusing on collaboration with securities companies, commercial banks, and third-party internet channels to reach a broader client base [7]. - The company has leveraged digital platforms to enhance its brand presence and engage with clients through personalized services, showcasing its professional image and service characteristics [8]. Group 4: Future Outlook - Guoxin Asset Management aims to continue its long-term focus on investment research, attracting top talent, and enhancing its active management capabilities across various strategies to provide suitable products and services in different market environments [6].

Financial Performance - In 2024, the company achieved revenue of 41.466 billion yuan (+13.37%) and a net profit attributable to shareholders of 15.351 billion yuan (+20.40%) [1] - The basic earnings per share increased to 1.62 yuan (+20.00%), while the return on equity (ROE) for 2023 was 9.24%, an increase of 1.12 percentage points year-on-year [1] Wealth Management - The company reported net income from brokerage services of 6.447 billion yuan (+8.19%) in 2024 [2] - By the end of 2024, the company had 1,776.39 billion yuan in cash, a year-on-year increase of 18.17% due to increased client funds [2] - The number of financial products sold (excluding cash management products) reached 16,760, an increase of 51.40%, with a sales scale of 503.991 billion yuan (+13.63%) [2] - The company maintained a leading position in public fund sales, with significant holdings in various fund categories [2] Investment Banking - The company achieved net income from investment banking of 2.097 billion yuan (-30.95%) in 2024, with equity underwriting reaching 54.897 billion yuan (-39.87%) [3] - The company ranked second in the industry for IPO and refinancing projects, participating in two of the top ten IPOs and two of the top ten refinancing projects [3] - Bond underwriting reached 12,960.48 billion yuan (+3.12%), ranking third in the industry [3] Asset Management - The company reported net income from asset management of 4.146 billion yuan (-2.58%) [4] - The total asset management scale grew significantly to 556.267 billion yuan (+16.98%), driven by increases in collective and single asset management [4] - The company's fund subsidiary, Southern Fund, managed assets totaling 2.47 trillion yuan (+30.54%), while Huatai-PineBridge managed 688.208 billion yuan (+72.82%) [4] Proprietary Trading - The company generated 14.5 billion yuan (+24.24%) in proprietary trading income, which was a major driver of performance growth [5] - The proportion of bond investments increased, accounting for 56.86% of the investment portfolio, while equity investments slightly decreased [5] International Business - International business revenue surged to 14.34 billion yuan (+80.93%), accounting for 34.58% of total revenue [6] - The company ranked third in the market for Hong Kong IPO sponsorship projects [6] Investment Outlook - The company is expected to benefit from a gradually improving economic environment and ongoing reforms in the capital market, which may lead to valuation increases [7] - Forecasted basic earnings per share for 2025-2027 are 1.73 yuan, 1.80 yuan, and 1.95 yuan, respectively [7]

东方红资管为东方证券全资子公司，对于上述信息，南都·湾财社联系了东方证券，对方表示，"东方红 资管为下属公司，并不清楚具体情况"。 成飞是一名拥有丰富金融工作经验的"80后"。国信证券历史财报显示，成飞曾任国泰君安证券固定收益 证券总部助理研究员、资产管理总部研究员、投资经理，上海国泰君安证券资产管理有限公司固定收益 部副总经理、总经理、公司总裁助理、公司副总裁等职务。 2021年5月，成飞加入国信证券，先后担任国信证券副总裁兼资产管理总部总经理，兼任国信弘盛私募 基金管理有限公司董事长。 在国信证券期间，成飞主要负责资产管理业务。值得一提的是，2023年11月，国信证券收到中国证监会 批复，获准设立全资证券资产管理子公司，即国信资管，成飞在国信资管担任董事长一职。 南都·湾财社梳理发现，成飞在国信证券任职期间，曾在公开会议上发表了对于行业长远建设的看法。 日前，国信证券在董事会决议公告中披露，董事会同意成飞辞去公司副总裁职务，同时不再委派成飞担 任国信证券资产管理有限公司（以下简称"国信资管"）董事。 对于成飞的下一站，据媒体报道，或将加盟上海东方证券资产管理有限公司（东方红资管），并担任总 经理一职。 成 ...

Investment Rating - The report maintains a "Buy" rating for Dongfang Securities [4] Core Views - Dongfang Securities reported a 2024 revenue increase of 12.3% year-on-year, with a net profit attributable to shareholders rising by 21.7%, resulting in a return on equity (ROE) of 4.14% [2][3] - The significant growth in revenue is primarily driven by the investment business, which saw a 106% increase year-on-year [2][3] - In Q4 2024, the company achieved a revenue of 5.11 billion yuan, reflecting a 50.5% year-on-year increase, although the net profit for the quarter decreased by 146.6% to 0.05 billion yuan [2][3] Summary by Sections Revenue Breakdown - For the full year 2024, the revenue from various business segments is as follows: - Brokerage: 2.51 billion yuan, down 10% - Investment Banking: 1.17 billion yuan, down 23% - Asset Management: 1.34 billion yuan, down 34% - Investment: 4.93 billion yuan, up 106% - Credit Business: 1.32 billion yuan, down 25% [2][3] Financial Performance - The total revenue for 2024 was 19.19 billion yuan, with a net profit of 3.35 billion yuan [2][3] - The company’s financial investment assets reached 221.93 billion yuan, a 13% increase year-on-year [3] Future Projections - Revenue projections for 2025 and 2026 are estimated at 20.9 billion yuan and 22.5 billion yuan, respectively, with year-on-year growth rates of 9% and 8% [3] - Expected net profits for 2025 and 2026 are 4.6 billion yuan and 5.1 billion yuan, with growth rates of 38% and 11% [3]