Core Viewpoint - The recent surge in bond issuance by securities firms is driven by a combination of active market trading, low interest costs, policy encouragement, and the need for debt structure adjustment and business expansion [1][4]. Group 1: Bond Issuance Trends - In August, securities firms issued a record 141 bonds, raising a total of 2,935 billion yuan, marking the highest monthly figures of the year [2][3]. - As of September 12, the total bond issuance by securities firms for the year reached 1.06 trillion yuan, a significant increase from 673.63 billion yuan in the same period last year [2][3]. - Six securities firms have issued over 500 billion yuan in bonds this year, with China Galaxy Securities leading at 1,025 billion yuan [3]. Group 2: Business Development and Financing Needs - The financing demand from securities firms surged significantly from July to August, coinciding with a notable rise in the A-share market, where the Shanghai Composite Index broke through several key points [4]. - The primary uses of the raised funds include refinancing existing debts and supplementing working capital to support business expansion [4]. - The shift in the securities industry towards capital-driven growth necessitates increased capital scale, which can be achieved through bond issuance [4]. Group 3: Margin Financing and Competitive Landscape - The balance of margin financing reached 2.34 trillion yuan by September 11, indicating a growing demand for leveraged funds among high-net-worth clients [7]. - The average bond issuance interest rate for securities firms this year is 1.89%, with larger firms enjoying lower rates around 1.85% [7][8]. - Some leading firms are offering competitive margin financing rates as low as 2.8% for high-net-worth clients, while smaller firms face pressure due to higher financing costs [8].

Core Viewpoint - The article emphasizes that the flexibility in equity self-operation remains a significant investment strategy within the brokerage sector, with a gradual shift towards moderate elasticity in active equity operations, while high-elasticity investment targets are expected to be limited in the future [1][4]. Summary by Sections Equity Self-Operation and Market Performance - As of August 25, 2023, the Wind All A index has risen by 16% and the Sci-Tech Innovation 50 index by 28% since Q3 2025, indicating a notable increase in market trading activity [1]. - Equity self-operation is identified as a crucial source of performance elasticity for brokerages, with a focus on self-operated business complemented by investment banking and private equity follow-ups [1]. Transformation and Elasticity Trends - Over the past decade, brokerage self-operation has shown a trend of "fixed income expansion and stagnant equity growth," with self-operated fixed income assets increasing from 908.1 billion to 4.5 trillion, while equity self-operation has decreased from 449.7 billion to 399.2 billion, resulting in equity self-operation accounting for only 8% of investment assets [2]. - The current environment shows that brokerages are gradually building momentum in active equity, as evidenced by the recent approval from the board of China Merchants Securities to increase the upper limit of equity self-operation [2]. Profit Contribution and Market Conditions - In Q3 2024, equity self-operation is expected to contribute over 20% of incremental profits, with smaller brokerages exhibiting greater elasticity [3]. - The financial results are anticipated to reflect stronger performance elasticity due to market uplift, with the Wind All A index rising by 18% in Q3 2024 [3]. Investment Recommendations - The article concludes that while brokerages are moving towards moderate elasticity in active equity, high-elasticity investment targets will remain scarce, necessitating collaboration among stakeholders, management, and execution teams [4].

智通财经APP获悉，国泰海通发布研报称，当前券商主动权益蓄势，逐步走向适度弹性，但认为投资意 义上的高弹性标的仍将不多，需要股东方、管理层和执行部门形成合力。从权益自营弹性维度，推荐东 方证券(03958)、兴业证券(601377.SH)，关注相关标的长江证券(000783.SZ)、长城证券(002939.SZ)。 1)从过去10年看，券商自营的发展呈现出"固收持续扩张，权益增长停滞"的现象。以自营类资产/净资本 净资本指标倒推，2015-2024年固收自营规模从9081亿元提升至4.5万亿元，而权益自营则从4497亿元下 滑至3992亿元(推算当前权益自营占投资资产比重仅8%)，并且模式逐步向"OCI+多策略+主动权益"迭 代，实际上主动权益收缩比例更高。究其原因，除了外部市场环境波动、券商去方向化转型外，"短周 期的绝对收益考核"也是机制上的重要约束。2)当前该行观察到券商主动权益正在逐步蓄势，比如8月19 日中银证券董事会审议通过《关于提升权益类自营业务规模上限的议案》，提升权益自营授权。但该行 认为，券商主动权益的未来发展更趋向于从有限弹性走向适度弹性。虽然外部市场环境明显改善，但短 周期考核的机制约 ...

Core Viewpoint - The article discusses the evolution of equity proprietary trading in the context of the changing market environment, highlighting the transition towards the "OCI+" strategy as a new starting point for brokers' proprietary trading business [1][3]. Group 1: Historical Evolution of Equity Proprietary Trading - Equity proprietary trading has undergone two significant phases of transformation: the exploration of multi-strategy trading around 2010, and the recent shift towards high-dividend OCI strategies since 2022 [1]. - Major brokers like CITIC Securities and Huatai Securities were early adopters of multi-strategy and quantitative models to achieve stable and neutral returns [1]. - The adoption of high-dividend OCI strategies has become a consensus in the industry, with brokers increasingly diversifying their asset allocations [1]. Group 2: Current Trends and Strategies - As of Q1 2025, the total investment in other equity instruments by listed brokers reached 506.4 billion, with an estimated 200 to 250 billion attributed to high-dividend OCI strategies, representing over 50% of the industry's equity allocation [2]. - The acceleration in adopting high-dividend OCI strategies is driven by changes in market conditions and regulatory constraints on proprietary trading, making it a favorable option for brokers to enhance their balance sheets and yield [2]. Group 3: Future Outlook and Recommendations - The new mission for equity proprietary trading is to achieve high-quality balance sheet expansion, with "OCI+" expected to be a new starting point [3]. - If brokers allocate OCI strategies to 40% of their net capital, the potential incremental growth could reach 497.2 billion, providing stable income through coupon revenue [3]. - Investment recommendations suggest focusing on leading brokers with significant competitive advantages and considering smaller brokers with strong equity proprietary trading flexibility [3].