Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is driven by increased trading activity, with self-operated business being a major contributor [7] - The brokerage business saw significant revenue growth, with a 28.6% year-on-year increase in H1 2025 [7] - Investment income surged by 146.4% year-on-year in H1 2025, indicating a recovery in the equity market [7] - The report forecasts a steady increase in net profit for 2025-2027, with expected growth rates of 23.07%, 9.47%, and 8.84% respectively [7] Financial Summary - Total revenue for 2023 is projected at 17,638 million yuan, decreasing to 12,251 million yuan in 2025 [1] - Net profit attributable to shareholders is expected to rise from 1,754 million yuan in 2023 to 2,378 million yuan in 2025 [1] - The earnings per share (EPS) is forecasted to increase from 0.46 yuan in 2023 to 0.52 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 26.93 in 2023 to 23.83 in 2025 [1]