Investment Rating - The investment rating for the company is "Buy" [6][11]. Core Views - The company achieved a record high in performance for the first half of 2025, with operating revenue and net profit attributable to shareholders reaching 33.039 billion and 13.719 billion yuan, respectively, representing year-on-year changes of +20.4% and +29.8% [1][6]. - The company’s return on equity (ROE) increased by 0.95 percentage points to 4.9% in the first half of 2025, indicating improved profitability [1][6]. - The company’s self-operated income remains a major source of profit, with investment income increasing by 30.5% year-on-year, and investment returns up by 135% [3][6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 33.039 billion yuan and net profit of 13.719 billion yuan, with a significant increase in Q2 net profit to 7.174 billion yuan, up 27.9% year-on-year and 9.6% quarter-on-quarter [1][2]. - The average ROE for the first half of 2025 was 4.9%, with a slight decrease in operating leverage to 4.42 times [1][3]. Business Segments - The brokerage, investment banking, and asset management segments reported net revenues of 6.402 billion, 2.098 billion, and 5.444 billion yuan, respectively, with year-on-year growth rates of 31.2%, 20.9%, and 10.8% [2][3]. - The company maintained a leading position in the A-share market with a market share of 19% in equity underwriting [2][3]. Future Outlook - The company’s net profit forecasts for 2025-2027 are 27.552 billion, 29.708 billion, and 32.499 billion yuan, reflecting year-on-year growth rates of +26.9%, +7.8%, and +9.4% [3][4]. - The price-to-book (PB) ratios for 2025-2027 are projected to be 1.61, 1.46, and 1.33, respectively, indicating a favorable valuation outlook [3][4].