Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's performance continues to improve, with a significant increase in Q3. Specifically, proprietary brokerage shows strong performance, while the decline in investment banking business has narrowed, and asset management remains stable. The growth momentum is likely to continue in the future, supported by the company's dual-driven development strategy focusing on wealth management and accelerated institutionalization [11][12]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue and net profit attributable to shareholders of 9.28 billion and 2.52 billion respectively, representing year-on-year increases of 40.0% and 91.0%. The weighted average return on equity increased by 2.06 percentage points to 4.37%. The operating leverage, excluding client funds, decreased by 1.0% to 3.54 times compared to the beginning of the year [6][11]. Q3 Performance Highlights - In Q3 alone, the company reported operating revenue and net profit attributable to shareholders of 3.87 billion and 1.19 billion respectively, with year-on-year increases of 59.2% and 214.8%. The revenue from brokerage, investment banking, asset management, interest, and proprietary trading was 2.16 billion, 420 million, 110 million, 1.24 billion, and 3.44 billion respectively, with year-on-year changes of +64.7%, -5.8%, -0.9%, +41.5%, and +55.7% [11][12]. Business Segments - The proprietary investment segment performed strongly, with revenue of 3.44 billion in the first three quarters, up 55.7% year-on-year, and 1.67 billion in Q3, up 64.1%. The financial investment scale continued to expand, reaching 152.91 billion by the end of Q3, a 3.7% increase from the beginning of the year. The asset management business showed stability, with revenue of 110 million, down 0.9% year-on-year [11][12]. Market Conditions - The brokerage business continued to thrive, with the average daily trading volume in the two markets reaching 2.1 trillion, a year-on-year increase of 211.3%. The company’s brokerage revenue for the first three quarters was 2.16 billion, up 64.7% year-on-year. The investment banking revenue for the first three quarters was 420 million, down 5.8%, but the decline has narrowed [11][12]. Future Outlook - The company is expected to maintain its growth momentum, with projected net profits attributable to shareholders of 3.22 billion and 3.57 billion for 2025 and 2026, corresponding to price-to-earnings ratios of 18.3 and 16.5, and price-to-book ratios of 1.00 and 0.97 respectively. The dual-driven strategy focusing on wealth management and institutionalization is anticipated to support future growth [11][12].