Core Viewpoint - Guangfa Securities reported its 1H25 results, which met expectations, showing significant growth in revenue and net profit driven by brokerage and investment businesses, while investment banking faced slight pressure [1] Financial Performance - In 1H25, Guangfa Securities achieved operating revenue of 15.4 billion, a year-on-year increase of 34.4%, and a net profit attributable to shareholders of 6.47 billion, up 48.3% year-on-year [1] - The weighted average ROE (unannualized) for 1H25 was 4.83%, an increase of 1.44 percentage points year-on-year [1] - The breakdown of main revenue sources in 1H25 included brokerage at 3.92 billion (up 42.0%), investment banking at 320 million (down 4.8%), asset management at 3.67 billion (up 8.4%), net interest income at 1.06 billion (up 18.5%), and net investment income at 5.24 billion (up 42.8%) [1] Investment Business - As of the end of 2Q25, total assets were 815.8 billion, a 7.5% increase from the beginning of the year, while net assets were 150.9 billion, up 2.3% [2] - The investment asset scale was 418.3 billion, a 12.0% increase year-to-date, with trading stocks at 43.8 billion (up 13.8%) and other equity investments at 35.1 billion (up 57.1%) [2] - The investment leverage ratio was 2.77x, with an investment return rate of 2.65%, an increase of 0.67 percentage points year-on-year [2] Public Fund Management - The public fund management sector showed growth, with Guangfa Fund (54.53% stake) achieving revenue of 3.9 billion (up 22.2%) and net profit of 1.18 billion (up 43.5%) in 1H25 [3] - E Fund (22.65% stake) reported revenue of 5.9 billion (up 9.7%) and net profit of 1.88 billion (up 23.8%) in 1H25 [3] - The combined profit contribution from public asset management was 1.07 billion, up 35.0%, accounting for 16.5% of total profits [3] Brokerage and Distribution Business - The agency buying business saw significant growth, with net income of 3.13 billion in 1H25, up 44.1%, and stock trading volume reaching 15.1 trillion, a 62.1% increase [4] - The agency selling business also grew, with a financial product holding scale exceeding 300 billion, up 14.1%, and revenue of 400 million, up 35.9% [4] - Margin financing and securities lending income was 2.67 billion, up 9.4%, with a financing balance of 103.6 billion, maintaining a market share of 5.6% [4] Future Outlook - Forecasts for net profit attributable to shareholders for 2025-2027 are 13.03 billion, 14.00 billion, and 14.74 billion, representing year-on-year growth of 35.2%, 7.5%, and 5.2% respectively [4]

财富管理转型稳步推进，代买、代销业务收入均高增，两融市占率稳定。 代买业务看，25 年以来公司深化客户管理，打造精细化客群运营管理模式，依托线上数字化平台及线 下分支机构网点优势、多渠道稳慎拓展新客、深耕存量客户；期末公司客户总数突破1800 万户/较年初 +4.0%，1H25 公司实现代买业务净收入31.8 亿/yoy+47.8%/上半年市场ADTyoy+63.9%。代销业务看，公 司持续优化完善多产品布局和服务矩阵、深化买方投顾体系建设，期末金融产品保有规模2141 亿/较年 初+1.4%，1H25 公司代销业务收入2.4 亿/yoy+52.8%。信用业务方面，1H25 公司两融业务收入27.5 亿/yoy+5.7%，期末公司融资融券余额924 亿/较年初+0.3%，市占率为5.0%/较年初+0.05pct。 事件：中国银河公布2025 年半年报，与业绩预告保持一致。1H25 中国银河实现营业收入137.5 亿/yoy+37.7%；实现归母净利润64.9 亿/yoy+47.9%；1H25 加权平均ROE（未年化）为 5.16%/yoy+1.53pct。 资本市场高景气度助推公司各业务条线增长，经纪、投资业 ...