1)国际业务利润贡献愈发突出：样本18家券商国际子公司对券商整体利润贡献从2018年0.7%提升至 1H258.2%，中信证券、中金公司（601995）、华泰证券国际子利润贡献达20%、55%、14%，国际业务 成为头部券商盈利增长主要驱动。2)国际业务在券商发展中战略地位进一步提升：2025年以来中资券商 对国际子公司增资形成明显趋势，广发证券、华泰证券等拟通过增资增强国际业务资本实力，西部证券 （002673）、东北证券（000686）等宣布拟新设国际子公司。 金融强国战略导向下，券商国际化发展是必然之路 国泰海通（601211）发布研报称，国际化发展即是券商自身业务发展的主动选择，也是建设全球一流投 行的题中之义，在金融强国的使命责任下，头部券商需在国际市场中具备资本配置和资产定价的话语 权，为"中国投资"还是"投资中国"贡献中国力量，未来国际业务有望成为券商业绩成长重要驱动。个股 方面推荐国际化业务布局领先的中信证券（600030）(600030.SH)、广发证券（000776）(000776.SZ)、 华泰证券（601688）(601688.SH)等。 国泰海通主要观点如下： 近年来国际业务成为券商 ...

股票研究 /[Table_Date] 2026.02.26 赋能金融强国，券商国际业务迎新篇 投资银行业与经纪业 [Table_Industry] 券商国际业务系列专题之一 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 张轩铭(分析师) | 021-38038437 | zhangxuanming@gtht.com | S0880526020001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： 国际化发展即是券商自身业务发展的主动选择，也是建设全球一流投行的题中之义， 在金融强国的使命责任下，证券行业需进一步提升国际市场中资本配置能力和资产 定价话语权，国际业务有望成为头部券商未来业绩成长重要驱动。 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Invest] 评级： ...

Core Viewpoint - Chinese listed securities firms are increasingly expanding their overseas operations, with four companies announcing new international business strategies within three days [1][2]. Group 1: Company Announcements - Dongwu Securities announced a capital increase of HKD 2 billion to its Hong Kong subsidiary, receiving no objections from the China Securities Regulatory Commission (CSRC) [1]. - Huatai Securities successfully issued HKD 10 billion in H-share convertible bonds, with net proceeds aimed at supporting overseas business development and supplementing operational funds [2]. - Hua'an Securities received CSRC approval for a capital increase of HKD 500 million to its wholly-owned subsidiary in Hong Kong [2]. - Northeast Securities also received CSRC approval for establishing Dongzheng International Financial Holdings Limited in Hong Kong with its own funds amounting to HKD 500 million [2]. Group 2: Industry Insights - The concentrated overseas expansion by Chinese securities firms is seen as a proactive strategic choice to address industry homogenization and explore new growth points [2]. - The issuance of H-share convertible bonds and other financial instruments is viewed as an effective means to support business expansion [2]. - Hong Kong is recognized as a preferred location for these firms' international strategies, fostering collaboration among leading and mid-sized securities firms and indicating a shift from scale expansion to quality enhancement in the internationalization of Chinese securities firms [2].

Core Viewpoint - Domestic securities firms are accelerating their internationalization efforts in response to industry homogenization and to explore new growth points, driven by policy encouragement and recovering market demand [1][10]. Group 1: Recent Developments - Huatai Securities has completed the issuance of HKD 10 billion H-share convertible bonds, providing funding for overseas business development [6][8]. - Huazhong Securities and Northeast Securities have both received approval from the China Securities Regulatory Commission (CSRC) for capital increases in their Hong Kong subsidiaries, with each firm planning to inject HKD 5 million [2][4]. Group 2: Industry Trends - The recent actions of multiple securities firms reflect a broader industry consensus on the importance of expanding overseas markets and enhancing international business [9][10]. - In January, GF Securities announced the successful placement of 219 million new H-shares, raising approximately HKD 39.59 billion, with plans to allocate 70% of the funds to support international business development [9]. Group 3: Opportunities and Challenges - Opportunities include the increasing demand for cross-border financing as Chinese enterprises expand internationally, supported by favorable policies and Hong Kong's status as a global financial hub [10]. - Challenges faced by domestic securities firms include gaps in brand influence, global pricing capabilities, and regulatory complexities in foreign markets, which increase compliance costs and operational difficulties [11].

Group 1 - The core point of the news is that Huatai Securities has successfully issued a zero-coupon convertible bond due in 2027, with a total principal amount of 10 billion HKD, to support its overseas business development and enhance its operational capabilities [2][4]. - The net proceeds from the bond issuance are estimated to be approximately 9.925 billion HKD after deducting commissions and expected expenses, which will be used for overseas business development and to supplement operational funds [4]. - The initial conversion price of the convertible bond is set at 19.70 HKD per share, representing a premium of about 6.78% over the last closing price of 18.45 HKD per share [4]. Group 2 - Huatai Securities has shown steady growth in its performance, with reported operating income of 27.129 billion CNY for the first three quarters of 2025, reflecting a year-on-year increase of 12.55%, and a net profit attributable to shareholders of 12.733 billion CNY, up by 1.69% [4]. - The regulatory environment is supportive of securities firms expanding internationally, with the China Securities Regulatory Commission encouraging firms to enhance cross-border financial services and internationalization efforts [5]. - The current high demand for overseas business among securities firms is evident, with Huatai Securities' overseas subsidiaries achieving an annualized return on equity of 9.22% in the first quarter of 2025, indicating higher capital utilization efficiency compared to domestic operations [5].

Group 1 - Huatai Securities and Northeast Securities have received approval from the China Securities Regulatory Commission (CSRC) for the establishment and capital increase of their Hong Kong subsidiaries, marking a significant step in the internationalization of China's securities industry [1][2] - Huatai Securities will increase its capital in its wholly-owned subsidiary, Huatai Jin控, by HKD 500 million, raising its registered capital from HKD 480 million to nearly HKD 1 billion [1] - Northeast Securities has been approved to use its own funds to establish Dongzheng International Financial Holdings Limited with an investment of HKD 500 million, which will serve as its first overseas business platform [1][2] Group 2 - The successful approvals of these two mid-sized securities firms are part of the CSRC's strategy to build internationally competitive large financial institutions during the 14th Five-Year Plan period [2] - As of mid-2025, mainland securities firms have established 36 overseas subsidiaries, primarily in Hong Kong, with total assets reaching HKD 1.64 trillion, a year-on-year increase of over 20% [2] - Leading firms like CICC and CITIC Securities have seen their international business revenue ratios reach 31% and 21%, respectively, and hold significant positions in the Hong Kong IPO market [2] Group 3 - Securities firms are diversifying their internationalization strategies beyond traditional brokerage services, with many exploring wealth management and asset management innovations [3] - CITIC Securities has established a comprehensive service platform covering the Asia-Pacific region, achieving a doubling of overseas wealth management product sales in the first half of 2025 [3] - The increasing demand for RMB assets globally and the deepening globalization of Chinese enterprises highlight the importance of providing high-quality cross-border financial services as a key factor for enhancing core competitiveness [3]

Core Viewpoint - Huatai Securities and Northeast Securities have received regulatory approval for their Hong Kong subsidiaries, marking a significant step in the internationalization of mid-sized Chinese brokerage firms [1][2]. Group 1: Company Developments - Huatai Securities has been approved to increase its capital in its wholly-owned Hong Kong subsidiary, Huatai Jin控, by HKD 500 million, raising its registered capital to nearly HKD 1 billion [1]. - Northeast Securities has been authorized to establish a new offshore platform, Dongzheng International Financial Holdings, with its own funds of HKD 500 million, marking its first overseas operational entity [2]. - Both companies are part of the first batch of mid-sized brokerages to receive approval for overseas subsidiaries since the China Securities Regulatory Commission's (CSRC) 2025 plan to develop influential international institutions [1][2]. Group 2: Financial Performance - Huatai Securities reported a total revenue of CNY 5.064 billion for 2025, a year-on-year increase of 30.94%, and a net profit of CNY 2.104 billion, up 41.64% [1]. - Northeast Securities anticipates a net profit of CNY 1.477 billion for 2025, reflecting a 69.06% increase compared to the previous year [2]. Group 3: Industry Trends - The internationalization of brokerage firms is expanding beyond leading institutions to include mid-sized firms, driven by regulatory support and market demand [6]. - The total assets of overseas subsidiaries of mainland securities firms reached HKD 1.64 trillion by mid-2025, with a year-on-year growth of 20.45% [4]. - Chinese brokerages are increasingly dominating the Hong Kong IPO market, with the top ten underwriting institutions holding a combined market share of 72%, half of which are Chinese brokerages [4]. Group 4: Strategic Implications - The approval of Hong Kong subsidiaries for mid-sized brokerages signals a shift in the competitive landscape, as these firms transition from domestic competitors to active participants in the global financial services network [6]. - The internationalization of brokerage services is becoming essential, with the demand for cross-border services and the global allocation of RMB assets rising [6].

■周尚伃 近日，东北证券获批设立香港子公司、华安证券增资香港子公司获证监会无异议复函、华泰证券百亿港元H股可转债顺利 落地，三件行业大事同日落定，中资券商"走出去"正从单点突破迈向全面提速。 笔者认为，通过上述三家券商在国际业务上取得的新进展可以看出，当前中资券商国际化呈现出清晰的战略转型路径：以 中国香港为核心枢纽，头部券商加速资本扩容，中小券商密集补位入场。券商行业国际业务发展正从"有没有"的基础布局，稳 步迈向"强不强"的质量提升阶段。 首先，锚定中国香港枢纽，密集"落子"补齐国际业务短板。作为连接内地与全球市场的"超级联系人"，中国香港始终是券 商国际化的首选阵地。此次，东北证券获准以自有资金出资5亿港元设立子公司，一举补齐了国际业务牌照短板，迈出国际 化"从0到1"的关键一步。对于区域券商而言，在中国香港设立的子公司不只是开展跨境经纪、投行、资管等业务的运营主体， 更是服务企业跨境融资、对接全球资本、搭建跨境资产配置平台的核心通道。 最后，凭借创新资本工具，为国际业务拓展更大空间。在创新资本工具应用方面，头部券商更加"得心应手"。华泰证券从 2月3日发布发行议案，到2月10日顺利完成发行，百亿港元H ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The company’s leverage ratio is projected to increase slightly before the conversion of the bonds but is expected to decrease post-conversion, indicating a manageable impact on overall leverage [8] - The financing is anticipated to bolster the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with plans to expand into mature and emerging markets [8] - The regulatory environment is supportive of domestic brokers expanding overseas, which aligns with the company's strategic goals [8] - The long-term outlook for the securities industry remains positive, driven by capital market reforms and a recovering macroeconomic environment, which is expected to enhance market investment enthusiasm [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 42.34 billion yuan by 2027, with a notable decline in 2025 [1] - Net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 20.99 billion yuan in 2027, with a significant increase in 2025 [1] - The earnings per share (EPS) is expected to rise from 1.41 yuan in 2023 to 2.32 yuan in 2027, reflecting a positive growth trajectory [1] - The price-to-earnings (P/E) ratio is projected to decrease from 15.41 in 2023 to 9.48 by 2027, indicating an attractive valuation over time [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company plans to issue zero-coupon convertible bonds amounting to 10 billion yuan, primarily to support the development of its overseas business and supplement other operating funds [8] - The issuance is expected to have a significant dilution effect on H shares but minimal impact on A shares, with an initial conversion price set at 19.7 HKD per H share, representing a 7% premium over the previous trading day [8] - The financing is anticipated to enhance the company's international business, which has shown a revenue contribution of 14% in the first half of 2025, with expectations for further growth in mature and emerging markets [8] - The report highlights a favorable policy environment for domestic brokers to expand internationally, with regulatory encouragement for cross-border financial services [8] - The company has adjusted its profit forecasts upward, expecting net profits of 17.1 billion, 20.1 billion, and 21 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 11%, 18%, and 4% [8] Financial Projections - Total revenue is projected to be 36.58 billion yuan in 2023, increasing to 41.47 billion yuan in 2024, followed by a decline to 35.23 billion yuan in 2025, and then recovering to 40.59 billion yuan in 2026 and 42.34 billion yuan in 2027 [1] - The company's net profit attributable to shareholders is forecasted to grow from 12.75 billion yuan in 2023 to 15.35 billion yuan in 2024, reaching 17.07 billion yuan in 2025, and further increasing to 20.13 billion yuan in 2026 and 20.99 billion yuan in 2027 [1] - The report indicates a decrease in the price-to-earnings (P/E) ratio from 15.41 in 2023 to 9.48 by 2027, suggesting an improving valuation over time [1]