EFR 证券■ 时玩人行业 看好 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 行业点评 表 2: 重要上市券商估值表一览 (2026 年 2 月 3 日) 申万宏源研究微信服务号 华泰及广发 H 股再融资 加得国际业务 券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 2026 年 02 月 03 日 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 0 元。募资净额：拟 99.25 亿港元。初始转股价: 每 H 股 19.70 港元 (可予调整)，较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 亿股，占已发行 H 股的 29.53%，已发行总股本的 5.62%。摊薄影响：BPS 从 9M25 的 ...

行 业 及 产 业 非银金融/ 证券Ⅱ 行 业 研 究 / 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 03 日 华泰及广发 H 股再融资落地，持续 加码国际业务 看好 ——券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 点 评 ⚫ 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 元。募资净额：拟 99.25 亿港元。初始转股价：每 H 股 19.70 港元（可予调整），较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 ...

Core Insights - The international business competition among leading and small to medium-sized brokerages has intensified in the first half of 2025, with significant profit growth reported by major firms [1][2][3] - Major brokerages like CITIC Securities, CICC, Huatai Securities, and Guotai Junan have shown remarkable performance in their international business segments, with net profits from these operations becoming crucial to their overall profitability [1][2][3] - Smaller brokerages are also actively expanding their international business through various strategies, including capital increases and establishing subsidiaries, particularly focusing on the Hong Kong market and other key financial regions [4][5][6] Major Brokerages Performance - CITIC Securities reported a revenue of $1.492 billion and a net profit of $387 million in its international business for the first half of 2025, marking a year-on-year increase of 52.80% and 65.85% respectively [1] - CICC's international business achieved a revenue of 6.877 billion HKD and a net profit of 2.634 billion HKD, with net profit growth of 168.96%, indicating a strong contribution to the company's overall earnings [2] - Huatai Securities' international segment generated a revenue of 3.762 billion HKD and a net profit of 1.145 billion HKD, reflecting a 25.58% increase in net profit [2] - Guotai Junan's international business reported a revenue of 4.376 billion HKD and a net profit of 958 million HKD, with a net profit growth of 47.84% [3] Small to Medium-Sized Brokerages Initiatives - In January 2025, GF Securities increased its capital by 2.137 billion HKD to support its international business [4] - In March, Guojin Securities signed a guarantee contract to support its subsidiary's international operations [4] - In April, Huazhong Securities and Northeast Securities announced capital increases to establish subsidiaries in Hong Kong, each with a capital of 500 million HKD [4] - In June, Western Securities announced plans to invest 1 billion RMB to set up a wholly-owned subsidiary in Hong Kong [5] - In July, Dongwu Securities proposed a capital increase plan of up to 1.5 billion RMB for its international business [5] Trends and Predictions - Analysts noted three significant trends in the international business focus of brokerages: accelerated capital injection, broader business dimensions beyond traditional services, and simultaneous advancements in fintech and compliance infrastructure [6] - Future predictions for the international business of brokerages include a shift from single hub regional layouts to global networks, a transition from channel services to ecosystem innovation, and a deepening of technology-driven structural changes [6]

Core Viewpoint - The announcement of Shouchao Securities' plan to list in Hong Kong marks a significant step in the trend of Chinese brokerages pursuing internationalization and capital enhancement through overseas listings [1][2]. Group 1: Hong Kong Listing and Internationalization - Shouchao Securities is expected to become the 14th brokerage to achieve "A+H" share listing, joining a list of 13 existing brokerages that have already listed in both mainland China and Hong Kong [2]. - The move to list in Hong Kong is seen as a way for brokerages to enhance their capital strength, support cross-border operations, and improve international brand recognition [1][2]. - The Hong Kong market is characterized by a mature financing mechanism and an international investor structure, making it a key area for mainland financial institutions to expand their overseas presence [1]. Group 2: Capital Injection and Business Expansion - Several brokerages have been increasing their capital in Hong Kong subsidiaries, with notable examples including Guangfa Securities and Xibu Securities, which have injected significant amounts into their Hong Kong operations [3]. - The primary purpose of these capital increases is to bolster cross-border business capital, expand investment banking operations, and enhance derivatives capabilities [3][4]. - The trend indicates that brokerages are not only focusing on traditional services like IPOs and bond issuance but are also expanding into comprehensive services, including cross-border funds and structured products [4]. Group 3: Growth of International Business - Despite the current low proportion of international business revenue among brokerages, there is a clear upward trend, with expectations that it will become a crucial area for performance improvement [5]. - For instance, Citic Securities reported a significant increase in international revenue, achieving $2.26 billion in revenue and $530 million in net profit in 2024, marking a year-on-year growth of 41% and 116% respectively [5]. - Analysts suggest that international business will be a key battleground for brokerages, especially as traditional commission rates decline and domestic asset management faces challenges [5].