机构：平安证券 研究员：李冰婷 事项： 中信证券发布2025 年三季报， 前三季度营业收入558.15 亿元（YoY+32.70%），归母净利润231.59 亿元 （YoY+37.86%）。总资产20263亿元（较上年末+18.45%），归母净资产3150 亿元（较上年末 +7.48%）。 EPS（期末股本摊薄）1.56 元，BVPS 为18.91 元。 资金利用效率提升，杠杆倍数上行、ROE 明显提升。25Q3 末杠杆倍数4.83 倍（YoY+0.10 倍、较上年 末+0.23 倍），主要由于资本市场持续向好，客户资金存款、客户备付金、融出资金等较上年末实现较 好增长；同时交易性金融资产、其他权益工具投资等金融投资也较上年末明显增加。截至25Q3 末，母 公司自营权益类证券及其衍生品/净资本29.97%、非权益类证券及其衍生品/净资本359.68%，均较上年 末明显提升，预计权益类和固收类资产均有增配。2025 年前三季度年化ROE（平均）为10.16% （YoY+2.09pct）。 自营业务：资本市场自2024 年9 月下旬持续回暖，自营业绩增长强劲。2025 前三季度公司自营收入 316.03 亿元、自 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of 52% [8] - The capital market is performing well, and cost control measures have shown positive results, contributing to the company's strong performance [8] - The company has increased its profit forecasts for 2025 and 2026, reflecting a positive outlook for its financial performance [11] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 558.15 billion yuan, a year-on-year increase of 32.70%, and a net profit attributable to shareholders of 231.59 billion yuan, up 37.86% [4] - The total assets reached 20,263 billion yuan, an increase of 18.45% compared to the end of the previous year, while the net assets attributable to shareholders rose by 7.48% to 3,150 billion yuan [4] - The earnings per share (EPS) for the period was 1.56 yuan, with a book value per share (BVPS) of 18.91 yuan [4] Business Segment Performance - The company's net income from various business segments for Q3 2025 showed the following year-on-year changes: brokerage +52.90%, investment banking +30.88%, asset management +16.37%, interest income -16.88%, proprietary trading +44.38%, and other businesses -93.52% [8] - The brokerage business accounted for 19.60% of total revenue, while proprietary trading made up 56.62% [8] Market Position and Outlook - The company is expected to benefit from the ongoing recovery in the capital markets, with an anticipated increase in market share for its margin financing business [11] - The report indicates that the company is well-positioned as a leading brokerage firm, with enhanced competitive barriers due to its comprehensive service capabilities [11] - The forecast for net profit attributable to shareholders for 2025 has been raised to 306 billion yuan, reflecting a year-on-year growth of 41.2% [11]

来源：市场资讯 （来源：环球豪源基金） 实务中常见的结构化安排 实务中，私募基金的结构化安排（不考虑以保本保收益为目的的结构化安排）一般体现在分配顺序上， 即在基金进行可分配财产分配时，按照"优先级投资者投资本金>劣后级投资者投资本金>优先级投资者 门槛收益>劣后级投资者门槛收益>剩余收益分配"或者"优先级投资者投资本金>优先级投资者门槛收益 >劣后级投资者投资本金>劣后级投资者门槛收益>剩余收益分配"的顺序进行分配。 对于私募股权投资基金最常采用的有限合伙型组织形式，上述结构化安排一般是指优先级LP和劣后级 LP之间的分配顺序安排，而GP与LP之间的分配顺序安排在实务中则一般不被视为基金结构化安排。GP 与LP之间的常见分配顺序安排一般与上述优先级投资者与劣后级投资者之间的分配顺序安排类似， 即"LP投资本金>GP投资本金>LP门槛收益>GP门槛收益>超额收益分配"或者"LP投资本金>LP门槛收益 >GP投资本金>GP门槛收益>超额收益分配"。 1、私募基金监管规定和自律规则方面 《中国人民银行、中国银行保险监督管理委员会、中国证券监督管理委员会、国家外汇管理局关于规范 金融机构资产管理业务的指导意见》（银 ...

Core Viewpoint - The bond issuance scale of securities firms remains high in 2022, with a total of 430.765 billion yuan issued, and the cost of bond issuance has significantly decreased due to more relaxed market liquidity [1][2]. Group 1: Bond Issuance and Financing Costs - The median coupon rate for newly issued bonds by securities firms in 2022 is 3%, down from 3.43% in the same period last year [1][2]. - The largest single issuance in 2022 was by Industrial Securities, with a bond size of 5.9 billion yuan and a coupon rate of 3.02% [2]. - The financing costs have decreased, as evidenced by the comparison of similar bonds; for instance, the "22 Dongxing G2" bond was issued at a rate of 2.9%, compared to 3% for a similar bond issued earlier [2]. Group 2: Market Dynamics and Strategic Adjustments - Securities firms are increasingly recognizing the importance of capital-intensive businesses, leading to a strong impulse for financing [4]. - East Securities plans to use the proceeds from its bond issuance to repay maturing debt, highlighting the need for effective risk management in a more market-oriented capital environment [4]. - The competition among securities firms is intensifying, with financing capability becoming a core competency as they seek to expand financing channels and reduce financial risks [6]. Group 3: Trends in Equity Financing - Since 2021, there has been a surge in equity financing among securities firms, with many announcing plans for private placements and rights issues, with the latter being the most frequent [4]. - For example, CITIC Securities launched a 28 billion yuan rights issue plan, indicating a trend towards large-scale financing [4][5]. Group 4: Debt Levels and Leverage - The total bond balance of listed securities firms reached 1.93 trillion yuan, with CITIC Securities leading at 158 billion yuan [5][6]. - The leverage ratios of leading firms are significantly higher than the industry average, with only three firms exceeding a leverage ratio of 5 in 2021 [6]. - The disparity in profitability and leverage between top and bottom firms is widening, indicating a strengthening of the "Matthew Effect" in the industry [6].

Core Insights - The article discusses leveraged financing as a trading model that amplifies investment scale through borrowed funds, highlighting its core feature of "credit amplification" [1] - The market size for compliant leveraged financing is projected to reach 1.8 trillion yuan by 2025, with institutional and individual investors accounting for 60% and 40% respectively [1] Key Elements Analysis - The leverage ratio is determined by the margin requirement, with a minimum of 50% for main board stocks (2x leverage) and 60% for the ChiNext board (1.67x) [2] - The maintenance guarantee ratio is a critical risk threshold, with a formula to calculate it; if it falls below 130%, additional margin is required to avoid forced liquidation [2] - Interest costs are calculated daily, with an annualized rate of 6%-7.5%; for a 1 million yuan financing position held for one month, interest would be approximately 5,000-6,250 yuan [2] Main Types and Compliance Boundaries - Compliant leveraged financing includes broker financing and margin trading, with around 1,800 designated "financing targets" [3] - The balance of broker financing is expected to reach 1.2 trillion yuan by 2025, while structured leveraged financing aimed at institutional investors is projected to be around 600 billion yuan [3] - Illegal leveraged financing primarily involves off-market funding with leverage ratios of 3-10x, lacking regulatory oversight [3] Operational Process Details - Risk assessment is conducted to confirm risk tolerance, with conservative investors advised to use leverage of 1.2x or less [5] - Margin preparation involves transferring cash or securities that can be used as collateral; a 500,000 yuan margin can secure an additional 500,000 yuan under 2x leverage [5] - The selection of financing targets should prioritize high liquidity stocks, with a significantly lower forced liquidation rate compared to small-cap stocks [5] Core Differences with Other Financing Methods - Leveraged financing increases investment scale by 1-2 times, with both returns and risks amplified; under similar market conditions, leveraged trading returns are 1.8 times that of self-funded trading, after interest deductions [6] - Compliant leveraged financing is regulated and has lower leverage ratios compared to off-market funding, which is unregulated and carries higher risks [6] - Unlike equity financing, leveraged financing does not require giving up ownership rights but incurs interest costs, catering to different investment needs [6]