Global Research abc 2025 年 12 月 22 日 拓展区域网络布局，财富管理业务规模优势增加 公司表示：若成功合并，网点总数量提升78%至436家（行业第三），辽宁 网点数第一，福建从第十二上升至第三，广东从第十上升到第五，北京从第 七上升到第三。提升创收效能：若成功合并，公司零售客户总数将增 加52%，投顾人数增加43%；公司代买份额将提升至4.1%（行业第八）， 交易单元收入将提升至第三。同时凭借中金的产品、业务平台、专业的财富 管理体系以及数字化能力赋能东兴/信达，提升创收能力，释放收入/利润。 补足投行短板，资管规模有效提升 公司表示：投行方面，若成功合并，将有效补充专精特新、中小客户、民营 企业覆盖（东兴/信达累计推荐挂牌270家新三板企业，且目前持续督导61 家）。并购重组方面，中国东方资管和信达资管提供了丰富的客群以及项目 资源（东方及信达合计资产3万亿，其中金融资产1.6万亿）。资管方面，成 功合并后资管受托资金增长18%至8000亿，同时将进一步补充公募实力。 研究方面， 将进一步扩大人才队伍，强化细分领域的研究深度。 | 股票 | | | --- | --- | | ...

Core Viewpoint - The banking industry is facing challenges due to narrowing net interest margins, with the net interest margin recorded at 1.43%, 1.42%, and 1.42% for the first three quarters of the year, indicating a need for transformation towards diversified revenue sources and value-driven strategies [1][2] Group 1: Net Interest Margin and Revenue Structure - The net interest margin is at historical lows, prompting banks to adjust their asset-liability management and revenue structures to overcome profitability challenges [1] - Non-interest income has been gradually increasing, particularly through investment income, which has become a key driver for banks in a declining interest rate environment [1] - The proportion of loans in total assets has risen from 45% at the end of 2016 to 58% by the end of 2024, reflecting effective asset structure adjustments [1] Group 2: Credit Allocation and Loan Growth - Recent policies have directed bank credit towards technology, green, and inclusive finance sectors, which are expected to yield stable returns, optimizing the loan allocation structure [1] - Loans for inclusive small and micro enterprises, green projects, and technology-oriented SMEs have been growing faster than total loan growth, with technology loans leading since 2025 [1] Group 3: Liability Structure and Deposit Management - Deposits remain a cornerstone for banks, with their proportion in total liabilities stabilizing around 81% by the end of 2024, aided by ongoing financial deleveraging [2] - Banks are adjusting deposit term structures to manage liability costs, including controlling long-term deposit interest rates and implementing quota restrictions [2] Group 4: Business Strategies for Revenue Enhancement - Banks are focusing on wealth management by creating a "product supermarket" to diversify offerings and enhance customer loyalty, thereby increasing revenue contributions [3] - Customized payment and settlement services are being developed to serve clients' supply chain needs, facilitating bulk customer acquisition [3] - In the capital market, banks are adjusting trading strategies and may invest in overseas high-yield bonds to address asset shortages [3] - Investment banking services are being sought in both domestic and international markets, particularly in sectors benefiting from policy support, such as technology [3]

Group 1: Industry Overview - The investment banking sector has shown significant recovery in 2023, with 42 A-share listed brokers achieving a net income of 25.151 billion yuan from investment banking fees, marking a year-on-year increase of 23.46% [1] - Brokers are accelerating the exploration of differentiated and specialized development in investment banking to expand performance growth, focusing on niche markets and regional services [1] Group 2: Company Strategies - First Capital is focusing on four key areas: deepening regional economies, advancing industrial investment banking strategies, enhancing risk control, and expanding innovative business lines such as innovative bonds and asset-backed securities [2] - Southwest Securities is reforming its investment banking division with a strategy centered on serving the Chongqing area, aiming to establish itself as a leading regional investment bank [3] Group 3: International Expansion - Major brokers are experiencing rapid growth in international business, driven by the Belt and Road Initiative and the increasing demand from overseas investors for Chinese assets [3] - Shenwan Hongyuan has established a comprehensive offshore business platform centered in Hong Kong, with plans to expand into surrounding overseas markets [3] - China Galaxy is extending its international business network, currently covering regions such as Hong Kong, Singapore, and Thailand, and aims to enhance the management of its overseas subsidiaries [3] Group 4: Capital Increases by Smaller Brokers - Several mid-sized brokers have announced capital increases for their Hong Kong subsidiaries, reflecting confidence in the prospects of international business [4] - Shanxi Securities plans to increase capital by 1 billion HKD for its subsidiary, while Dongxing Securities has raised its subsidiary's registered capital from 1.5 billion HKD to 1.8 billion HKD [4] - These capital increases are expected to enhance the subsidiaries' market competitiveness and support their international business development [4]

Core Insights - The partnership between Wuxi High-tech Zone and Guolian Minsheng Securities has entered a new phase of deep integration, focusing on financial empowerment for high-quality regional economic development [1][2] Group 1: Partnership Development - The signing ceremony marks a continuation of the strategic partnership established in February 2024, following the signing of over 9 billion yuan investment projects in June [1] - The collaboration aims to enhance the integration of financial services and industrial development, with a focus on the "6+2+X" modern industrial cluster and "5+N" future industry needs in Wuxi High-tech Zone [2][4] Group 2: Financial Services and Support - Guolian Minsheng Securities is expected to leverage its comprehensive financial platform to accelerate the introduction of quality projects and provide tailored financing solutions for enterprises in Wuxi High-tech Zone [2][3] - The company will focus on providing various capital market services, including IPOs, mergers, and overseas listings, to support local enterprises [4] Group 3: Future Collaboration - The next phase will concentrate on the "465" modern industrial cluster and "3010" key industrial chain layout, aiming for a win-win cooperation between government and enterprises [5] - The partnership will also solidify the "finance + investment" linkage mechanism, positioning Guolian Minsheng Securities as a "city partner" for high-quality development in Wuxi High-tech Zone [4]

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with operating income reaching 23.872 billion and net profit attributable to shareholders at 15.737 billion, reflecting year-on-year increases of 77.7% and 213.7% respectively [1][2] - The substantial increase in net profit is primarily driven by the consolidation of Haitong Securities, which contributed 7.964 billion in negative goodwill, enhancing non-operating income [1] - The company’s return on equity (ROE) improved by 3.14 percentage points to 6.3%, indicating better profitability [1] Revenue and Profit Breakdown - For the first half of 2025, the company’s net income from brokerage, investment banking, and asset management reached 5.733 billion, 1.392 billion, and 2.578 billion respectively, with year-on-year growth rates of 86.3%, 19.4%, and 34.2% [1][2] - The average daily trading volume (ADT) in the A-share market increased by 61%, contributing to the rise in brokerage income [1] Market Position and Competitive Advantage - Following the merger with Haitong, the company’s competitiveness in the investment banking sector has improved, achieving a market share of 11.95% in the domestic securities market and 11.09% in the bond market, both ranking second in the industry [2] - The company’s asset management business also showed growth, with public fund assets under management (AUM) for Huashan Fund, Haitong Fund, and Fuguo Fund increasing by 8%, 25.5%, and 9.8% respectively [2] Financial Performance and Future Outlook - The company’s net interest income and investment income for the first half of 2025 were 3.187 billion and 9.436 billion respectively, reflecting year-on-year increases of 205.4% and 81.6% [2] - The company added 26,400 new margin trading clients, with a market share of 9.78% in margin trading balances [2] - The total financial assets reached 802.9 billion by the end of the first half of 2025, indicating continued growth [2] - The merger with Haitong is expected to position the company towards becoming a leading investment bank, with projected net profit for 2025 estimated at 23.405 billion, a year-on-year increase of 79.7% [2]

Core Viewpoint - Guosheng Financial Holdings Group Co., Ltd. is expected to report a significant increase in net profit for the current period compared to the same period last year, driven by improvements in investment banking services and a reduction in credit impairment provisions [1][2]. Financial Performance Summary - The company forecasts a net profit attributable to shareholders ranging from 150 million to 220 million yuan, representing a year-on-year increase of 236.85% to 394.05% compared to 44.53 million yuan in the previous year [1]. - The net profit after deducting non-recurring gains and losses is expected to be between 145 million and 215 million yuan, reflecting a year-on-year growth of 259.14% to 432.52% from 40.37 million yuan [1]. - Basic earnings per share are projected to be between 0.078 yuan and 0.114 yuan, compared to 0.023 yuan per share in the same period last year [1]. Operational Insights - The company has optimized its investment banking service model, leading to a notable improvement in both brokerage and investment banking business performance year-on-year [1]. - Enhanced risk management practices have contributed to a decrease in credit impairment provisions compared to the previous year [1].