獨家保 贈人、保磨人兼整體協調人,聯席全球協調人、聯席製傳管理人及聯席奉頭組織人 ●中信证券 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 (於中華人民共和國註冊成立的股份有限公司。 中文公司名稱為南華期貨股份有限公司,通過我們的香港附屬公司 在香港以横華國際的名義問展業務) 全球發售 | 全球發售的發售股份數目 : | 107.659.000股H股(視乎超额配股權行使與否 | | --- | --- | | | 圓足) | | 香港發售股份數目 : | 10.766.000股H股(可予重新分配) | | 國際發售股份數目 : | 96,893,000 股H股(可于重新分配及視乎超額 | | | 配股權行使與否而定) | | 最高發售價 : | 每股H股16.00港元,另加1.0%經紀佣金、 | | | 0.0027% 證監會交易做費、0.00015% 會财局 | | | 交易微量及0.00565%聯交所交易費(須於 | | | 申請時以港元藏足,多繳股款可于提爐) | | 图 | 每股H股人民幣1.00元 | | 股份代號 : | 2691 | 整體 培調人、聯席全球協劇人、聯席獲 ...

Core Viewpoint - Nanhua Futures has established a unique path for high-quality development by focusing on "serving the real economy" and "innovation-driven development" in the rapidly growing futures industry [1] Group 1: Business Model Innovation - Nanhua Futures has been deeply engaged in the futures industry for over 20 years, focusing on derivative business as its core, while actively promoting innovative business development [2] - The company has developed a comprehensive financial service platform that includes futures brokerage, asset management, basis trading, OTC derivatives, and public fund services, providing one-stop financial services for clients [2] - Nanhua Futures has helped enterprises transition from passive risk acceptance to proactive risk management, significantly aiding in the high-quality development of businesses [2] Group 2: Internationalization Efforts - Nanhua Futures has made significant strides in internationalization, recently becoming a clearing member of the Intercontinental Exchange (ICEU) in the UK, further expanding its global clearing layout [3] - The company is one of the earliest in the domestic futures industry to pursue internationalization, with a broad overseas financial service network covering Asia, North America, and Europe [3] - Nanhua Futures aims to support Chinese enterprises going global by leveraging its global exchange clearing advantages and enhancing service processes for physical delivery needs [3] Group 3: Social Responsibility and Brand Value - Nanhua Futures has actively engaged in rural revitalization efforts, establishing a leadership group to explore ways to leverage its industry characteristics for local economic development [4] - The company has implemented various forms of assistance, including education and consumption support, to contribute to rural revitalization and has seen significant results in underdeveloped areas [4] - Nanhua Futures has built a strong brand image through extensive media outreach, with over 4,587 content pieces published and 1.068 billion views in domestic media, enhancing its brand value [5] Group 4: Investor Education and Industry Responsibility - Nanhua Futures has committed to enhancing investor education through various channels, including lectures and live broadcasts, to help investors understand the futures market and legal regulations [6] - The company has developed original educational content that has received multiple awards, further solidifying its reputation in the industry [6] - Nanhua Futures' brand-building efforts have increased its attractiveness and influence within the market, contributing to a positive social image [6]

Core Viewpoint - Huazhong Securities has shown a positive stock performance with a year-to-date increase of 12.33%, reflecting investor confidence and market interest in the company [1][2]. Group 1: Stock Performance - On November 6, Huazhong Securities' stock rose by 2.15%, reaching 6.65 CNY per share, with a trading volume of 162 million CNY and a turnover rate of 0.53% [1]. - The company's total market capitalization is 31.111 billion CNY [1]. - The stock has experienced a 0.00% change over the last five trading days, a 4.72% increase over the last 20 days, and a 9.20% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huazhong Securities reported a net profit attributable to shareholders of 1.883 billion CNY, marking a year-on-year growth of 64.71% [2]. - The company has cumulatively distributed dividends of 3.513 billion CNY since its A-share listing, with 1.595 billion CNY distributed over the last three years [3]. Group 3: Business Operations - Huazhong Securities is primarily engaged in securities brokerage, underwriting, proprietary trading, asset management, and capital intermediary services, with revenue contributions from proprietary trading (27.25%), brokerage (27.23%), futures (17.36%), financial services (11.14%), asset management (11.05%), investment banking (3.96%), and other operations (3.11%) [1]. - As of September 30, 2025, the number of shareholders decreased by 6.58% to 108,000, while the average number of circulating shares per person increased by 7.04% to 43,329 shares [2]. Group 4: Shareholder Structure - The top ten circulating shareholders include the Guotai Zhongxin CSI All-Share Securities Company ETF, which holds 72.5751 million shares, an increase of 29.2913 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 71.7807 million shares, a decrease of 1.31818 million shares from the previous period [3].

Core Viewpoint - Huaan Securities experienced a stock price decline of 2.11% on November 3, with a current price of 6.49 CNY per share and a total market capitalization of 30.363 billion CNY [1] Financial Performance - For the period from January to September 2025, Huaan Securities reported a net profit attributable to shareholders of 1.883 billion CNY, representing a year-on-year growth of 64.71% [2] - The company has cumulatively distributed dividends of 3.513 billion CNY since its A-share listing, with 1.595 billion CNY distributed over the past three years [3] Stock Market Activity - As of November 3, the trading volume was 334 million CNY, with a turnover rate of 1.09% [1] - The stock has increased by 8.89% year-to-date, with a 0.31% increase over the last five trading days, a 5.87% increase over the last 20 days, and a 7.45% increase over the last 60 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders was 108,000, a decrease of 6.58% from the previous period [2] - The average number of circulating shares per shareholder increased by 7.04% to 43,329 shares [2] Business Segmentation - The main revenue sources for Huaan Securities include proprietary trading (27.25%), brokerage services (27.23%), futures business (17.36%), financial services (11.14%), asset management (11.05%), investment banking (3.96%), and other operations (3.11%) [1]

Core Insights - The company reported a significant decline in revenue for the first three quarters of 2025, with a total operating income of 8.355 billion yuan, down 55.26% year-on-year, primarily due to changes in accounting standards affecting the reporting of commodity risk management business [1] - Despite the revenue drop, the net profit attributable to shareholders increased by 13.31% year-on-year to 475 million yuan, with a notable surge in Q3 net profit of 305 million yuan, reflecting a year-on-year increase of 173.39% and a quarter-on-quarter increase of 89.43% driven by substantial growth in investment income [1] Investment Income Growth - The company's investment income for the first three quarters reached 659 million yuan, marking a 33% increase year-on-year, with Q3 alone showing a dramatic 409% increase to 508 million yuan [2] - The investment income improvement has been consistent throughout the year, with Q1 showing a slight net loss, Q2 generating 204 million yuan, and Q3 further increasing, indicating a strong recovery trend [2] - As of the end of Q3, the company's financial investment assets totaled 8.966 billion yuan, up 3% from the previous quarter, primarily due to a 200 million yuan increase in debt investments [2] Brokerage Fees and Commissions - The net income from brokerage fees and commissions for the first three quarters was 395 million yuan, reflecting a 4% year-on-year increase, with Q3 net income also up 4% to 157 million yuan [3] - The company is focusing on providing tailored services for institutional, industrial, and individual clients, establishing four major industry divisions and a "4+1" service platform to enhance product innovation and meet rapid trading demands [3] - The active trading environment is supported by a 18.29% increase in cumulative trading volume and a 24.11% increase in cumulative trading value in the national futures market from January to September [3] Share Buyback Progress - The company initiated a share buyback program in June 2025, planning to repurchase shares worth between 50 million and 100 million yuan, with the first buyback of 626,800 shares completed on August 27, representing 0.043% of total shares [4] - By September 30, 2025, the company had repurchased a total of 967,400 shares, accounting for 0.066% of total shares, with a total expenditure of approximately 14.9972 million yuan, demonstrating a commitment to boosting investor confidence [4] Earnings Forecast and Valuation - Following the significant growth in investment income, the company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 0.46, 0.50, and 0.52 yuan, representing increases of 34%, 27%, and 24% respectively from previous estimates [5] - The book value per share (BPS) for 2025 is projected at 9.14 yuan, with a target price set at 21.02 yuan based on a price-to-book (PB) ratio of 2.3, reflecting a slight discount compared to comparable companies [5]

Company Overview - Huazhong Securities is located in Hefei, Anhui Province, established on January 8, 2001, and listed on December 6, 2016. The company primarily engages in securities brokerage, underwriting, proprietary trading, asset management, and capital intermediary services, with subsidiaries involved in securities investment consulting and futures brokerage [1]. Financial Performance - As of June 30, 2025, Huazhong Securities reported a net profit attributable to shareholders of 1.035 billion yuan, representing a year-on-year growth of 44.94% [2]. - The company has distributed a total of 3.326 billion yuan in dividends since its A-share listing, with 1.407 billion yuan distributed over the past three years [3]. Stock Performance - On September 23, Huazhong Securities' stock price decreased by 2.10%, trading at 6.05 yuan per share, with a total market capitalization of 28.304 billion yuan [1]. - Year-to-date, the stock price has increased by 1.51%, but it has declined by 4.57% over the past five trading days and 8.89% over the past 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased to 115,600, a reduction of 4.57%, while the average number of circulating shares per person increased by 4.79% to 40,479 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 12.7003 million shares to 84.9625 million shares [3].

Group 1 - The company has officially changed its name from "恒泰证券股份有限公司" to "金融街证券股份有限公司" as of September 9 [1] - Financial Street Securities, established in 1992, is a fully licensed securities company with 108 branches and 7 subsidiaries across the country [1] - The change in name reflects a shift in the ownership structure, with Financial Street Group becoming the largest shareholder after acquiring 30% of the company [1][2] Group 2 - The new controlling shareholder, Beijing Financial Street Investment Group, is expected to provide significant support through its financial resources, risk management systems, and business collaboration opportunities [2] - Financial Street Securities reported a net profit growth of 346.86% in its 2025 semi-annual report, achieving a net profit of 241 million yuan [3] - The company’s revenue reached 1.666 billion yuan, marking a year-on-year increase of 42.45%, with significant growth in various business segments [3]

Group 1 - The core viewpoint of the news is that Huazhong Securities experienced a decline in stock price and trading volume, with significant net outflow of funds, while also showing mixed performance in terms of revenue and profit growth [1][2]. - As of September 3, Huazhong Securities' stock price was 6.21 yuan per share, with a market capitalization of 29.053 billion yuan and a trading volume of 224 million yuan [1]. - The company has seen a year-to-date stock price increase of 4.19%, but a decline of 4.61% over the last five trading days [1]. Group 2 - Huazhong Securities operates in the non-bank financial sector, specifically in the securities industry, and is involved in various business segments including securities brokerage, underwriting, proprietary trading, asset management, and capital intermediary services [1][2]. - The company reported a net profit of 1.035 billion yuan for the first half of 2025, representing a year-on-year growth of 44.94% [2]. - Cumulatively, Huazhong Securities has distributed 3.326 billion yuan in dividends since its A-share listing, with 1.407 billion yuan distributed in the last three years [3]. Group 3 - As of June 30, 2025, the number of shareholders for Huazhong Securities was 115,600, a decrease of 4.57% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Guotai CSI All-Index Securities Company ETF, with changes in their respective holdings noted [3].

Investment Rating - The report maintains a "Recommended" rating for Huatai Securities [6] Core Views - In the first half of 2025, Huatai Securities reported operating revenue of 16.2 billion yuan, a year-on-year increase of 31.0%, and a net profit attributable to shareholders of 7.5 billion yuan, up 42.2% year-on-year [1] - The company's self-operated, credit, and brokerage revenues showed significant growth, while investment banking revenue turned positive year-on-year, and the decline in asset management revenue narrowed [2] - The company is expected to see continued growth in revenue and net profit over the next few years, with projected revenues of 45 billion yuan in 2025, 48.1 billion yuan in 2026, and 51.4 billion yuan in 2027 [8] Summary by Sections Financial Performance - In Q2 2025, the net profit attributable to shareholders was 3.9 billion yuan, a quarter-on-quarter increase of 7.3% and a year-on-year increase of 29.4% [1] - The company's financial investment scale reached 434.1 billion yuan by the end of Q1 2025, with a significant quarter-on-quarter increase of 14.8% [3] Business Segments - Self-operated business revenue in H1 2025 was 6.6 billion yuan, up 57% year-on-year, with a notable increase in interest income [2] - Brokerage business revenue in H1 2025 was 3.8 billion yuan, a year-on-year increase of 38%, with a consistent growth rate above 30% [4] - Credit business saw a significant year-on-year increase in interest income, with net interest income in Q2 2025 reaching 1.1 billion yuan, up 123% year-on-year [5] - Investment banking revenue in Q2 2025 was 600 million yuan, a year-on-year increase of 76.4%, with substantial growth in IPO and refinancing activities [6] - Asset management revenue in Q2 2025 was 500 million yuan, down 57.9% year-on-year, but the total assets under management (AUM) increased to 627 billion yuan, up 23.9% year-on-year [7] Profitability and Efficiency - The annualized return on equity (ROE) for Q2 2025 was 7.9%, an increase of 2 percentage points year-on-year [8] - The company’s net profit margin rose to 46.5% in H1 2025, although it decreased by 13 percentage points compared to the same period last year [8] Future Outlook - The report forecasts revenue growth rates of 8.5% in 2025, 6.9% in 2026, and 6.9% in 2027, with net profit growth rates of 8.3% in 2025, 7.9% in 2026, and 7.9% in 2027 [9]

Core Viewpoint - The rapid development of overseas business by futures companies is significantly contributing to their profits and accelerating the internationalization of China's futures market [1][2]. Group 1: Factors Driving Development - As of June 2025, there are 22 first-level overseas subsidiaries, 39 second-level subsidiaries, and 6 third-level subsidiaries established by mainland Chinese futures companies, located in major financial centers such as Hong Kong, Singapore, the UK, and the US [2]. - The overseas business expansion is driven by multiple factors, including favorable policy support and the increasing demand for risk management from Chinese enterprises going abroad [3][4]. - Major companies like Nanhua Futures, Yong'an Futures, and GF Futures have made significant strides in their overseas business [2][3]. Group 2: Importance of Strengthening Overseas Business - Strengthening overseas business is crucial for futures companies as it diversifies their business types and income sources, enhancing international competitiveness [4][5]. - The development of overseas business helps alleviate intense domestic competition and promotes high-quality growth and value creation within the industry [5][6]. - By expanding into overseas markets, futures companies can better meet the growing cross-border risk management needs of Chinese enterprises [6][7]. Group 3: Opportunities and Challenges - The rapid growth of overseas business presents both opportunities and challenges for futures companies, including a relatively simple business structure and the need for enhanced service innovation [7]. - There are higher demands for risk compliance management due to varying legal and regulatory frameworks across different countries [7]. - The competitive international landscape and the need for significant investment in system construction pose additional challenges for futures companies [7].