Core Insights - The total revenue of 42 listed securities firms in the first half of 2025 reached 251.9 billion yuan, a year-on-year increase of 31%, while the net profit attributable to shareholders was 104 billion yuan, up 65% [1] - Among these firms, the asset management business saw a decline in net income from fees, totaling 21.195 billion yuan, down 3.02% year-on-year [1] Company-Specific Analysis - Dongfang Securities reported a revenue of 8.001 billion yuan in the first half of 2025, representing a year-on-year growth of 38.87%, and a net profit of 3.463 billion yuan, up 64.02% [1][2] - The asset management segment of Dongfang Securities generated a net income from fees of 601 million yuan, a decrease of 15.13% compared to the previous year [3] - Dongfang Securities' asset management subsidiary, Dongzheng Asset Management, has experienced a continuous decline in revenue and net profit over the past three years, with revenues dropping from 2.73 billion yuan in 2022 to 1.435 billion yuan in 2024 [4][6] Market Position and Trends - As of the end of the first half of 2025, Dongzheng Asset Management managed a total of 233.781 billion yuan in assets, reflecting a growth of 7.95% from the end of 2024 [3] - Dongzheng Asset Management's revenue and net profit ranked fifth among 23 asset management subsidiaries of securities firms in the first half of 2025, a significant drop from its previous first-place position in 2021 [7]

资管业务为公司传统优势业务，在权益市场稳定上行和财富管理转型的行业趋势下，看好公司凭借大资 管业务优势兑现长期成长。预计公司2025-2027 年归母净利润分别为37.93、40.98、44.76 亿元，同比分 别+13.2%、+8.0%、+9.2%，对应3 月28 日收盘价的PB 估值分别1.03、0.98、0.93 倍，维持"买入"评 级。 风险提示：政策风险、市场大幅波动、经营及业务风险。 公司其他债权投资、其他权益工具投资规模分别同比+21.7%、+211.8%。 事件：东方证券发布2024 年年报，2024 年分别实现营业收入和归母净利润191.90、33.50 亿元，同比分 别+12.3%、+21.7%；四季度分别实现营业收入和归母净利润51.11、0.48 亿元，环比分 别-7.2%、-96.0%，净利润环比大幅下降系Q4 计提管理费用大幅提升。加权平均ROE 同比+0.7pct 至 4.1%，剔除客户资金后经营杠杆较年初增加8.1%至3.74 倍。 投行资管有所承压，客户基础不断扩大。2024 年公司实现经纪、投行和资管净收入分别为25.11、 11.68、13.41 亿元，同比分别-9.7% ...