Core Viewpoint - Dongwu Securities plans to raise up to 6 billion yuan through a private placement of A-shares, with significant subscriptions from major shareholders, aimed at enhancing capital strength and supporting business growth [1][3]. Fundraising Details - The total amount to be raised is capped at 6 billion yuan, with major shareholders including Guohua Group subscribing for 1.5 billion yuan and Suzhou Yingcai for 500 million yuan [1]. - The issuance price will be no less than 80% of the average stock price over the last 20 trading days or the higher of the net asset value per share, with the recent average price being 7.18 yuan [1]. Fund Allocation - The funds will be allocated as follows: 1.5 billion yuan (25%) for subsidiary capital increases, 1.2 billion yuan (20%) for information technology and compliance, 500 million yuan (8%) for wealth management, 1 billion yuan (17%) for bond investments, 500 million yuan (8%) for market-making, and up to 1.3 billion yuan for debt repayment and working capital [2]. Business Impact - The fundraising is expected to strengthen Dongwu Securities' capital base, particularly in wealth management, investment, and market-making businesses, which have been key profit drivers [3]. - As of the end of Q1 2025, the company had a net asset of 42.3 billion yuan and total assets of 199.4 billion yuan, ranking 18th and 17th in the industry respectively [3]. Industry Context - This marks the first non-merger and acquisition related private placement in the securities industry in two years, indicating a potential acceleration in capital replenishment across the sector [4]. - The recent trend shows a recovery in capital raising activities among securities firms, with several firms making progress in their fundraising efforts since May 2025 [4]. Investment Outlook - The securities sector is expected to see a significant improvement in profitability, with projected net profit growth of 45% year-on-year for Q2 2025 and 16% for the full year [5]. - The current dynamic price-to-book ratio for the sector is 1.34, indicating a potential undervaluation compared to historical levels [5].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 04 月 27 日 1Q25 公募非银持仓触底，关注高 看好 ——非银金融行业周报（2025/4/21-2025/4/25） 本期投资提示： 证 券 研 究 报 告 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 中庚基金 使用。1 评 景气度下券商盈利修复趋势 ⚫ 券商：本周申万券商 II 指数收涨 0.89%，跑赢沪深 300 指数 0.50pct。券商业绩密集披露，多 数券商 4Q24&1Q25 业绩放量增长。2024 年：截止本周末共 38 家上市券商披露 2024 年 ...