Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]

2025.11. 20 本文字数：3105，阅读时长大约5分钟 作者 | 第一财经 周楠 进 入 年 尾 ， 券 商 并 购 重 组 再 下 一 城 ， 中 金 公 司 （ 601995.SH ， 03908.HK ） 吸 并 信 达 证 券 （601059.SH）、东兴证券（601198.SH）的"1+2"重整提上日程。 中金公司19日晚间称，公司正在筹划重大资产重组，拟换股吸收合并东兴证券、信达证券，三方已 于当日签署相关协议。同时，3家公司的股票均自20日起停牌，预计停牌时间不超过25个交易日。 这并非中金公司首次进行重组，早在2017年该公司就收购了中投证券，后者改名为中金财富证券。 而近两年，在券商并购动作频频的背景下，中金公司一度与银河证券传出合并传闻，两方曾就此发布 澄清公告。 从股东背景看，此次整合的3家公司均是"汇金系"券商。截至9月底，中央汇金持有中金公司19.36亿 股，持股比例40.11%，为控股股东；中央汇金通过中国信达、东方资产间接持有信达证券、东兴证 券股份，持股比例分别为78.67%和45%。 对于三者的整合，有投行人士告诉记者："本质上是为解决牌照过多、管理复杂的问题。与中金 ...

进入年尾，券商并购重组再下一城，中金公司（601995.SH，03908.HK）吸并信达证券 （601059.SH）、东兴证券（601198.SH）的"1+2"重整提上日程。 对于此次重组，中金公司表示，这将有助于公司加快建设一流投行，支持金融市场改革与证券行业高质 量发展，力争在合并后实现规模经济和协同效应。该公司同时提到，重组涉及A+H股两地上市公司同 时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂。 从交易方式来看，此次重大资产重组采用换股吸收合并的方式。据开源证券测算，参考国泰海通的整合 情况，若以停牌前60个交易日均价确定换股价，中金公司、东兴证券、信达证券的60个交易日均价分别 为37.12元/股、12.07元/股和19.07元/股，预计中金公司和东兴证券的换股比例为0.33：1，中金公司和信 达证券的换股比例为0.51：1。 从三方背景来看，中金公司是"A+H"券商，2015年在H股上市，2020年11月"回A"。信达证券、东兴证 券均是"AMC（资产管理公司）"系券商，控股股东分别为中国信达、东方资产，分别于2023年2月、 2015年2月登陆A股。 从规模和行业排名来看，中金公司是第 ...

Core Viewpoint - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a 62.4% year-on-year increase [1] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.815 billion yuan, followed by Guotai Junan at 45.892 billion yuan, together contributing 1.01707 billion yuan, which accounts for 57.6% of the top five's total revenue [2] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the merger with Haitong Securities, while China Galaxy and GF Securities reported revenue growth of 44.39% and 41.04%, respectively [2] Net Profit Performance - The industry saw five brokerages surpassing 10 billion yuan in net profit, with CITIC Securities at 23.159 billion yuan and Guotai Junan at 22.074 billion yuan, establishing a "dual giant" market structure [3] - Guotai Junan led in net profit growth at 131.80%, influenced by goodwill from the merger, while CITIC Securities showed a 37.86% increase, indicating strong profitability [4] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a 106.1% increase year-on-year, driving brokerage commission income growth of over 50% across the board [5] - Guotai Junan's commission income surged to 10.814 billion yuan, a 142.80% increase, while CITIC Securities led in scale with 10.939 billion yuan, reflecting a 52.90% growth [6] Proprietary Business - The top five brokerages collectively generated 83.579 billion yuan in proprietary business income, accounting for 47.02% of total revenue [6] - CITIC Securities led proprietary income at 31.603 billion yuan, a 45.88% increase, while Guotai Junan exceeded 20 billion yuan with 20.370 billion yuan, marking a 90.11% growth [6] - There is a notable divergence in proprietary income growth rates, with Guotai Junan leading at 90.11%, while Huatai Securities experienced a decline of 15.08% due to a high base effect from a previous year [7]

投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 其他 （中信证券 2026 年资本市场年会） 参与单位名称及 人员姓名 中信证券股份有限公司陆昊先生，建信基金管理有限责任公司 曾文琦先生，富国基金管理有限公司徐健荣先生 时间 2025 年 11 月 13 日 13:30-14:30 地点及形式 深圳福田香格里拉大酒店 上市公司 接待人员姓名 董事会秘书董曼女士，董事会办公室投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司 2025 年前三季度经营情况。 答：2025 年以来，公司坚持以"三一五三"战略为引领， 聚焦主责主业，扎实做好金融"五篇大文章"，积极把握市场 机遇，加快业务模式转型升级，全力推进大财富、大投行、大 投资三大业务条线优化举措加速落地，强化数字赋能和科技引 领，提升资产配置效率，打造差异化核心竞争优势，为经营业 绩的稳步提升奠定了坚实基础。2025 年前三季度，公司实现营 业收入 38.61 亿元，同比增长 38.83%；实现归母净利润 10.67 亿元，同比增长 125.21%，主要是公司 ...

Core Insights - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a year-on-year increase of 62.4% [2] - The industry concentration continues to rise, with the top five brokerages also being the top five in net profit, indicating a "dual leader" competitive landscape [2][5] - There is a notable divergence in performance among brokerages, particularly in proprietary trading income [2] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.81 billion yuan, followed by Guotai Junan at 45.89 billion yuan, together accounting for 57.6% of the top five's total revenue [3][4] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the absorption and merger with Haitong Securities, while CITIC Securities shows a stable growth of 32.7% [4] Net Profit Analysis - The net profit of the top five brokerages has surpassed 10 billion yuan, with CITIC Securities at 23.16 billion yuan and Guotai Junan at 22.07 billion yuan, creating a "dual giant" scenario [5][7] - Guotai Junan leads in net profit growth at 131.8%, significantly influenced by goodwill from the merger, while CITIC Securities shows a robust growth of 37.86% [7] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a year-on-year increase of 106.1%, driving brokerage commission income to grow by over 50% across the board [10] - Guotai Junan's commission income surged by 142.8% to 10.81 billion yuan, while CITIC Securities leads in scale with 10.94 billion yuan, reflecting strong performance in the brokerage business [11][12] Proprietary Trading Income - The top five brokerages achieved a total proprietary trading income of 83.58 billion yuan, accounting for 47.02% of total revenue, with CITIC Securities leading at 31.60 billion yuan, a 45.88% increase [13][14] - There is a significant divergence in proprietary trading income growth, with Guotai Junan at 90.11% and Huatai Securities experiencing a decline of 15.08% [14][15]

Core Insights - The strong performance of brokerage firms in the first three quarters of 2025 is primarily attributed to the robust performance of the A-share market, despite the average performance of brokerage stocks in the secondary market [1][2] - The total revenue of 42 listed brokerage firms reached 419.56 billion yuan, a year-on-year increase of 42.55%, while net profit attributable to shareholders was 169.05 billion yuan, up 62.38% year-on-year [1][2] - The brokerage industry is experiencing a significant increase in revenue from brokerage and proprietary trading businesses, with the brokerage business showing the fastest growth rate [2][6] Brokerage Firms Performance - Among the listed brokerage firms, 11 achieved revenues exceeding 10 billion yuan, with CITIC Securities leading at 55.8 billion yuan, followed by Guotai Junan and Haitong Securities [1][4] - The top brokerage firms maintained steady growth, with CITIC Securities reporting a revenue increase of 32.70% and net profit growth of 37.86% [1][4] - Mid-sized brokerages also showed strong performance, with Guolian Minsheng achieving a revenue growth of 201% and net profit growth of 345% [1][7] Business Segments - Brokerage business net income for the first three quarters reached 111.78 billion yuan, a year-on-year increase of 74.64%, with Guolian Minsheng, Guotai Junan, and Guoxin Securities showing significant growth rates [2][6] - Proprietary trading business generated the largest revenue, totaling 186.86 billion yuan, up 43.83% year-on-year, with CITIC Securities leading this segment [2][4] Market Dynamics - Despite the impressive earnings, brokerage stocks have underperformed in the secondary market, with a 6% increase year-to-date, lagging behind the broader market by 12 percentage points [2][6] - Analysts suggest that the brokerage sector's return on equity (ROE) and valuation still have room for improvement, given the high-quality development of the capital market [2][6] Top Brokerage Firms - CITIC Securities and Guotai Junan are advancing towards becoming internationally recognized investment banks, with both firms surpassing 2 trillion yuan in total assets [4][5] - The top ten brokerage firms maintained their positions from the previous year, with six firms reporting revenues exceeding 20 billion yuan [3][5] Small and Mid-sized Brokerages - Smaller brokerages are accelerating their growth, with several reporting significant revenue and profit increases, driven by mergers and acquisitions [7][9] - Guolian Minsheng's revenue and net profit growth were attributed to proactive market engagement and the consolidation of Minsheng Securities [7][9] - Other small brokerages like Changjiang Securities and Huaxia Securities also reported impressive growth rates, with net profit increases exceeding 100% for several firms [9][10]

Core Viewpoint - Guotai Junan reported significant growth in revenue and net profit for Q3 2025, driven by the absorption of Haitong Securities and strong performance across various business lines [1][2][3] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 45.892 billion yuan, a year-on-year increase of 101.60%, and a net profit of 16.304 billion yuan, up 80.5% year-on-year [1] - The weighted average return on equity (ROE) increased by 2.13 percentage points to 8.1% [1] - The company's leverage ratio, excluding client funds, was 4.49x, a decrease of 4.5% year-on-year [1] Business Line Growth - Revenue from brokerage, investment banking, asset management, interest income, and proprietary trading for the first three quarters of 2025 were 10.814 billion, 2.629 billion, 4.273 billion, 5.208 billion, and 21.255 billion yuan, respectively, with year-on-year growth rates of 142.8%, 46.2%, 49.3%, 232.3%, and 94.5% [1] - The average daily trading volume for equity funds was 1,929.743 billion yuan, reflecting a year-on-year increase of 109.5% [1] Market Share and Rankings - The company's financing share was 10.03%, an increase of 4.22 percentage points year-on-year [2] - In the equity underwriting market, the company ranked second with a market share of 13.9%, up 9.0 percentage points year-on-year, and an IPO scale of 10.656 billion yuan, a 252% increase [2] - The bond underwriting scale was 1,082.55 billion yuan, a 33% increase year-on-year, with a market share of 9.0%, ranking third [2] Asset Management Performance - In Q3 2025, the net income from asset management was 1.695 billion yuan, with quarter-on-quarter growth of 80.1% and year-on-year growth of 20.2% [2] - As of mid-2025, the public fund management scales for Huazhang Fund, Haitong Fund, and Fuguo Fund were 748.816 billion, 216.123 billion, and 1,194.049 billion yuan, respectively, with net profit contributions of 1.56%, 2.00%, and 0.18% to the group [2] Investment Outlook - The company's financial asset scale reached 873.135 billion yuan, a year-on-year increase of 100.6%, with an investment return rate of 4.08%, up 0.86 percentage points year-on-year [3] - The company is expected to maintain its leadership position in institutional brokerage and trading, with projected net profits of 24.46 billion and 25.39 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 13.94 and 13.43 [3]

Group 1 - The core point of the news is that southbound funds have increased their holdings in Zhongzhou Securities (01375.HK) by 171,000 shares on November 6, 2025, marking a total net increase of 13.155 million shares over the past five trading days [1] - Over the last 20 trading days, there have been 11 days of net reductions in holdings by southbound funds, totaling a decrease of 11.405 million shares [1] - As of now, southbound funds hold 735 million shares of Zhongzhou Securities, accounting for 61.51% of the company's total issued ordinary shares [1] Group 2 - The trading data shows that on November 6, 2025, the total number of shares held was 735 million, with a change of 171,000 shares, representing a 0.02% increase [2] - The previous trading days indicate a pattern of fluctuating changes in holdings, with notable increases of 1.887 million shares on November 5, 2025 (0.26%), and 5.131 million shares on November 4, 2025 (0.70%) [2] - Zhongzhou Securities operates multiple divisions, including securities brokerage, proprietary trading, investment banking, credit services, investment management, and futures business [2]

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 9.52 CNY [2][9]. Core Insights - The company's net profit for Q3 increased by 71% year-on-year, benefiting from market fluctuations. The return on equity (ROE) improved significantly, reaching 4.2%, up by 1.6 percentage points year-on-year [2][9]. - The overall business performance is positively correlated with market conditions, with notable growth in brokerage services, which saw a year-on-year increase of 152.3% [3][9]. - The company is progressing with its merger with Guorong Securities, which is expected to expand its business scale and development potential [9]. Financial Performance Summary - The total revenue for the reporting period, excluding other business income, was 36 billion CNY, representing a year-on-year increase of 38.4% [7]. - The net profit attributable to the parent company was 12.4 billion CNY, up 70.6% year-on-year [7]. - The company's total assets, excluding client funds, reached 820 billion CNY, an increase of 62 billion CNY year-on-year, with a net asset value of 297 billion CNY, up 14.2 billion CNY [8]. Business Segment Performance - Proprietary business revenue totaled 1.85 billion CNY, with a quarterly revenue of 590 million CNY, showing a decrease from the previous quarter [3]. - Brokerage business revenue was 980 million CNY for the quarter, reflecting a 68.5% increase quarter-on-quarter and a 152.3% increase year-on-year [3]. - Investment banking revenue was 280 million CNY, with a slight year-on-year increase [3]. Market Position and Valuation - The company’s current share price is 8.61 CNY, with a market capitalization of 38.483 billion CNY [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.33 CNY, 0.35 CNY, and 0.38 CNY respectively, with corresponding price-to-book (PB) ratios of 1.31, 1.27, and 1.23 [10][9].