（记者 胡玲） 截至发稿，中泰证券市值为458亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 每经AI快讯，中泰证券（SH 600918，收盘价：6.62元）11月25日晚间发布公告称，截至本公告披露之 日，公司对控股子公司以及控股子公司之间的担保总额为人民币约57.27亿元，占公司截至2024年12月 31日经审计净资产的比例为13.41%。其中，公司对控股子公司提供的担保总额为人民币约9.1亿元，占 公司截至2024年12月31日经审计净资产的比例为2.13%。 2025年1至6月份，中泰证券的营业收入构成为：证券经纪业务占比37.46%，资产管理业务占比 22.53%，证券投资业务占比12.5%，信用业务占比11.08%，期货经纪业务占比7.91%。 ...

Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]

Group 1 - The core point of the news is that southbound funds have increased their holdings in Zhongzhou Securities (01375.HK) by 171,000 shares on November 6, 2025, marking a total net increase of 13.155 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 11 days of net reductions in holdings by southbound funds, totaling a decrease of 11.405 million shares [1] - As of now, southbound funds hold 735 million shares of Zhongzhou Securities, accounting for 61.51% of the company's total issued ordinary shares [1] Group 2 - The trading data shows that on November 6, 2025, the total number of shares held was 735 million, with a change of 171,000 shares, representing a 0.02% increase [2] - The previous trading days indicate a pattern of fluctuating changes in holdings, with notable increases of 1.887 million shares on November 5, 2025 (0.26%), and 5.131 million shares on November 4, 2025 (0.70%) [2] - Zhongzhou Securities operates multiple divisions, including securities brokerage, proprietary trading, investment banking, credit services, investment management, and futures business [2]

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 9.52 CNY [2][9]. Core Insights - The company's net profit for Q3 increased by 71% year-on-year, benefiting from market fluctuations. The return on equity (ROE) improved significantly, reaching 4.2%, up by 1.6 percentage points year-on-year [2][9]. - The overall business performance is positively correlated with market conditions, with notable growth in brokerage services, which saw a year-on-year increase of 152.3% [3][9]. - The company is progressing with its merger with Guorong Securities, which is expected to expand its business scale and development potential [9]. Financial Performance Summary - The total revenue for the reporting period, excluding other business income, was 36 billion CNY, representing a year-on-year increase of 38.4% [7]. - The net profit attributable to the parent company was 12.4 billion CNY, up 70.6% year-on-year [7]. - The company's total assets, excluding client funds, reached 820 billion CNY, an increase of 62 billion CNY year-on-year, with a net asset value of 297 billion CNY, up 14.2 billion CNY [8]. Business Segment Performance - Proprietary business revenue totaled 1.85 billion CNY, with a quarterly revenue of 590 million CNY, showing a decrease from the previous quarter [3]. - Brokerage business revenue was 980 million CNY for the quarter, reflecting a 68.5% increase quarter-on-quarter and a 152.3% increase year-on-year [3]. - Investment banking revenue was 280 million CNY, with a slight year-on-year increase [3]. Market Position and Valuation - The company’s current share price is 8.61 CNY, with a market capitalization of 38.483 billion CNY [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.33 CNY, 0.35 CNY, and 0.38 CNY respectively, with corresponding price-to-book (PB) ratios of 1.31, 1.27, and 1.23 [10][9].

Core Insights - The performance of 42 listed securities firms in the first three quarters of 2025 showed significant growth, with total operating revenue reaching 419.56 billion yuan and net profit attributable to shareholders at 169.05 billion yuan, marking increases of 42.55% and 62.38% respectively compared to the same period in 2024 [1][2] Revenue Breakdown - Brokerage business emerged as the fastest-growing segment, achieving revenue of 111.78 billion yuan, a year-on-year increase of 74.64%, driven by heightened market activity and increased trading commission income [2][6] - Proprietary trading followed with revenue of 186.86 billion yuan, up 43.83%, benefiting from improved investment returns in a rising A-share market [2] - Credit and investment banking businesses also saw growth, with revenues of 33.91 billion yuan and 25.15 billion yuan, reflecting increases of 54.52% and 23.46% respectively [2] - Asset management business growth was slower, with revenue of 33.25 billion yuan, only a 2.43% increase [2] Performance Disparities - There was notable performance differentiation among firms, with 11 firms exceeding 10 billion yuan in revenue, while Western Securities was the only firm to report a revenue decline of 2.17% [3][4] - Leading firms included CITIC Securities and Guotai Junan, with revenues of 55.81 billion yuan and 45.89 billion yuan, respectively, maintaining their positions in the top tier [2][3] Net Profit Analysis - Five firms reported net profits exceeding 10 billion yuan, with CITIC Securities leading at 23.16 billion yuan, followed closely by Guotai Junan at 22.07 billion yuan [3] - Despite overall growth, Huatai Securities experienced a modest net profit increase of only 1.69% [3] Accounting Policy Changes - Zhejiang Securities exited the "100 billion club" with revenue of 6.79 billion yuan, down from 11.90 billion yuan in 2024, due to changes in accounting policies related to standard warehouse receipts [4][5] - The adjustments affected nearly 20 listed securities firms, including major players like CITIC Securities and Guotai Junan, indicating a widespread impact on the industry [5] M&A Impact on Growth - Mergers and acquisitions significantly influenced growth in the brokerage sector, with firms like Guolian Minsheng, Guotai Junan, and Guoxin Securities reporting year-on-year increases of 293.05%, 142.80%, and 109.30% in brokerage revenue, respectively [6][7] - The integration of acquired firms is progressing smoothly, with successful system transitions and customer migrations reported by Guolian Minsheng and Guotai Junan [7]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, indicating a positive outlook for future performance [3][6]. Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 55.81 billion yuan, a year-on-year increase of 32.7%, and net profit attributable to shareholders at 23.16 billion yuan, up 37.9% year-on-year [2]. - The brokerage business saw a notable year-on-year revenue increase of 53% to 10.9 billion yuan, driven by active trading in the equity market [2]. - Investment banking revenue also grew by 31% year-on-year to 3.7 billion yuan, with a strong performance in Q3 [2]. - Asset management revenue increased by 16% year-on-year to 8.7 billion yuan, benefiting from improved market conditions [2]. - The self-operated business generated a net income of 31.6 billion yuan, reflecting a year-on-year increase of 46% [3]. Financial Summary - The company expects earnings per share (EPS) to be 2.01 yuan, 2.28 yuan, and 2.51 yuan for the years 2025, 2026, and 2027, respectively [3]. - The projected price-to-book (P/B) ratio for 2025 is 1.5x, with a target price of 32.98 yuan over the next six months [3]. - The total revenue forecast for 2025 is 87.76 billion yuan, with net profit expected to reach 29.86 billion yuan [5][11].

Core Insights - The securities industry has continued its high growth trend in the first three quarters of the year, with 50 listed securities companies reporting positive net profit growth and only two experiencing a decline in operating revenue [1][2] Group 1: Industry Performance - The total revenue of 50 listed securities companies reached 452.22 billion yuan, a year-on-year increase of 41.05%, while net profit attributable to shareholders was 183.09 billion yuan, up 61.96% year-on-year [2] - The A-share market's increased activity and the proactive business expansion by securities firms have been key drivers of performance growth [1][6] - The average daily trading volume of A-shares reached 1.96 trillion yuan, a 112% year-on-year increase, with some trading days exceeding 3 trillion yuan [6][7] Group 2: Leading Firms - CITIC Securities ranked first in operating revenue with 55.81 billion yuan, a 32.70% year-on-year increase, followed by Guotai Junan with 45.89 billion yuan, which saw a remarkable 101.60% growth [2] - Guotai Junan achieved record highs in total assets, operating revenue, and net profit, with a total asset exceeding 2 trillion yuan, reflecting a 91.7% increase from the previous year [3] - The top five firms in net profit were CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities, collectively accounting for 66% of the total net profit of the 50 listed firms [3] Group 3: Small and Medium Firms - Some small and medium-sized securities firms demonstrated significant performance elasticity, with Guolian Minsheng reporting a 201.17% increase in operating revenue and a 345.3% rise in net profit [4] - Other notable performers included Huaxi Securities, Guohai Securities, and Zhongtai Securities, with net profit growth rates of 316.89%, 282.96%, and 158.63%, respectively [4] Group 4: Business Segments - The brokerage and investment businesses have shown strong performance, with brokerage net income for listed firms totaling 111.8 billion yuan, a 75% year-on-year increase [6] - Investment net income reached 186.9 billion yuan, reflecting a 44% year-on-year growth, with self-operated investment assets amounting to 7.09 trillion yuan, a 15% increase [6] - The industry is shifting towards high-value-added businesses, with wealth management and institutional business contributions steadily increasing [6]

Core Viewpoint - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 3.732 million shares on November 3, 2025, indicating a positive sentiment towards the company [1]. Group 1: Shareholding Changes - Over the past five trading days, southbound funds have increased their holdings on three occasions, with a total net increase of 1.344 million shares [1]. - In the last twenty trading days, there were twelve days of net reductions in holdings, totaling a decrease of 15.247 million shares [1]. - As of now, southbound funds hold 728 million shares of Zhongzhou Securities, accounting for 60.91% of the company's total issued ordinary shares [1]. Group 2: Company Overview - Zhongzhou Securities Co., Ltd. is a Chinese company engaged in securities brokerage, operating through eight divisions [2]. - The brokerage division handles client transactions involving stocks, funds, and bonds, while the proprietary trading division focuses on equity and fixed income investments [2]. - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting [2]. - The credit division provides margin financing, repurchase agreements, and stock pledge services [2]. - The investment management division encompasses asset management, private fund management, and alternative investment services [2]. - The futures division covers futures brokerage, trading consulting, and risk management services [2].

Investment Rating - The report maintains a "Recommended" rating for the securities industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [3][23]. Core Insights - The securities industry has experienced a significant recovery, with a 62% year-on-year increase in net profit attributable to shareholders for the first nine months of 2025, driven by a market beta recovery and strong performance in proprietary trading and traditional brokerage businesses [2][6]. - The current price-to-book (PB) ratio for the brokerage sector is 1.55x, which is at the 42.3% percentile over the past 10 years, indicating a certain degree of valuation divergence from performance [2][10]. - Future growth opportunities in the sector will depend on the continuation of market activity and the ability of firms to generate sustainable alpha in proprietary trading and derivatives [2][8]. Summary by Sections Industry Performance - In the first nine months of 2025, total revenue for 42 listed brokerages reached CNY 419.56 billion, a 17% increase year-on-year, with net profit attributable to shareholders at CNY 169.05 billion, up 62% year-on-year [6]. - The average daily trading volume for A-shares was CNY 1.6496 trillion, reflecting a 107% year-on-year increase [6]. Business Segments 1. **Brokerage**: - Net income from commissions and fees reached CNY 111.78 billion in 9M25, a 75% increase year-on-year, with Q3 showing a 142% increase year-on-year [6]. 2. **Investment Banking**: - Revenue from investment banking fees was CNY 25.15 billion in 9M25, a 23% increase year-on-year, with IPOs showing a 61.5% increase year-on-year [6]. 3. **Asset Management**: - Net income from asset management fees was CNY 33.25 billion in 9M25, a 2% increase year-on-year [6]. 4. **Credit**: - Net interest income from credit activities was CNY 33.91 billion in 9M25, a 55% increase year-on-year [6]. 5. **Proprietary Trading**: - Revenue from proprietary trading reached CNY 186.86 billion in 9M25, a 44% increase year-on-year [6]. Market Trends - The report highlights a significant increase in margin trading balances, which reached CNY 24.99 trillion as of October 30, 2025, indicating a recovery in market sentiment [6][9]. - The report also notes that the brokerage sector outperformed the broader market, with a 0.09 percentage point advantage over the benchmark index during the week ending October 30, 2025 [6]. Company Recommendations - The report recommends focusing on supply-side reforms and industry consolidation within the brokerage sector, with specific stock recommendations including Guangfa Securities, CITIC Securities, Huatai Securities, and others [8].

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating that the industry is in an upward trend in terms of market conditions in the short, medium, and long term [6]. Core Insights - The brokerage sector's performance in the first nine months of 2025 (9M25) shows a significant increase, with total assets rising by 21% compared to the end of 2024, and net profit increasing by 66% year-on-year [3][12]. - The self-operated and brokerage businesses are identified as the main contributors to the performance growth, with brokerage income increasing by 75% and self-operated income rising by 42% [15][17]. - The report highlights a historical high in margin financing and securities lending, reflecting a recovery in market trading activity [4][19]. Summary by Sections 1. Performance Overview - In 9M25, 43 listed brokerages (including Dongfang Caifu) achieved total operating income of 431.1 billion yuan, a year-on-year increase of 43%, and a net profit of 172.9 billion yuan, up 66% [3][12]. - The total assets of these brokerages reached 15.3 trillion yuan, marking a 21% increase from the end of 2024 [5][9]. 2. Capital Business - The report notes a balanced allocation between equity and debt investments, with margin financing reaching a record high [4][19]. - By the end of Q3 2025, the total financial investment assets of the brokerages amounted to 7.2 trillion yuan, a 4% increase from the previous quarter [5][9]. 3. Light Capital Business - The brokerage income for 9M25 was 118.4 billion yuan, reflecting a 75% year-on-year increase, while investment banking income rose by 23% to 25.2 billion yuan [15][17]. - The report emphasizes the recovery in the investment banking sector, driven by a low base from the previous year [19]. 4. Investment Analysis - The report recommends several leading brokerages based on competitive positioning, including Guotai Junan, CITIC Securities, and Huatai Securities, while also highlighting mid-sized firms like Industrial Securities and Dongxing Securities as potential investment opportunities [6].