2026财年上半年财务摘要 他补充道："我们的衍生品业务在上半年创下新高，日均成交量达到135万份合约，充分体现我们世界级 风险管理产品的实力与价值。除上市产品市场外，新交所外汇业务进一步实现规模化增长，客户拓展与 平台采用度得到提升，推动日均成交额刷新至1,800亿美元。我们在这一领域的技术能力也正为客户创 造更大价值。" 除另有说明，新闻稿正文中的所有数据均为本年度(2026财年上半年)数据;括号中的数据均为去年(2025 财年上半年)数据。部分数据可能经过四舍五入取整。 新加坡交易所(下称"新交所集团")今日公布2026财年上半年业绩，实现创纪录的半年收入与净利润，彰 显其多元资产布局在支撑投资者应对全球市场不确定性方面的优势。 2026财年上半年净收入(不含财库收入)同比增长10.1%，至6.366亿新元(5.780亿新元);调整后的净利润同 比增长11.6%，至3.571亿新元(3.201亿新元)。调整后息税折旧摊销前利润(EBITDA)增长9.2%，至4.662 亿新元(4.269亿新元)，调整后每股收益为33.4新分(29.9新分)。 罗文才进一步表示："就本土市场而言，得益于证券市场检讨工作小 ...

Core Viewpoint - CITIC Securities reported strong financial performance for H1 2025, with significant year-on-year growth in revenue and net profit, indicating a solid market position and ongoing expansion trend [1][2]. Financial Performance - In H1 2025, CITIC Securities achieved revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and a net profit attributable to shareholders of 13.719 billion yuan, up 29.80% year-on-year [1]. - Q2 2025 revenue reached 15.278 billion yuan, reflecting a year-on-year growth of 11.69% but a quarter-on-quarter decline of 13.98%. The net profit for Q2 was 7.174 billion yuan, up 27.85% year-on-year and 9.61% quarter-on-quarter [1][2]. Asset Expansion and Leverage - As of the end of Q2 2025, total assets amounted to 1.81 trillion yuan, representing a 6% increase from the beginning of the year and a 1% increase quarter-on-quarter. The leverage ratio was 4.50x, slightly down from the beginning of the year [2][3]. Revenue Breakdown - Investment income in H1 2025 surged by 62% year-on-year, serving as the main driver of performance growth. Brokerage and investment banking revenues grew by 31% and 21% respectively, while asset management revenue increased by 11%. However, net interest income saw a significant decline of 80% [2][4]. - The financial investment scale at the end of Q2 2025 was 882.6 billion yuan, with fixed income investments at 457.2 billion yuan (up 9% year-to-date) and equity investments at 275.4 billion yuan (down 5% year-to-date) [3]. Brokerage and Investment Banking - Brokerage business net income for H1 2025 was 6.4 billion yuan, a 31% increase, driven by improved market conditions with daily trading volumes in A-shares and H-shares rising significantly [4]. - Investment banking net income for H1 2025 was 2.1 billion yuan, up 21%, with a leading market share in A-share underwriting projects [4]. Profit Forecast and Valuation - Given the improved market conditions since July, the company has adjusted its revenue and investment income forecasts upward for the year. The expected net profits for 2025-2027 are 29.3 billion, 33.6 billion, and 36.5 billion yuan respectively, with corresponding EPS estimates of 1.98, 2.27, and 2.46 yuan [5]. - The target price has been raised to 42.06 yuan and 39.17 HKD, reflecting a stable market position and ongoing expansion [5].