资料显示，兴业证券股份有限公司位于福建省福州市湖东路268号，成立日期2000年5月19日，上市日期 2010年10月13日，公司主营业务涉及财富管理业务、机构服务业务、自营投资业务、海外业务。主营业 务收入构成为：自营投资业务32.21%，证券及期货经纪业务30.96%，资产管理业务26.54%，其他 13.81%，机构服务业务10.54%，海外业务4.83%。 兴业证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：福建国资、基金重仓、大 盘、MSCI中国、融资融券等。 1月7日，兴业证券盘中下跌2.06%，截至13:13，报7.61元/股，成交7.82亿元，换手率1.18%，总市值 657.20亿元。 资金流向方面，主力资金净流出6009.46万元，特大单买入6466.23万元，占比8.26%，卖出1.16亿元，占 比14.84%；大单买入2.05亿元，占比26.17%，卖出2.13亿元，占比27.28%。 兴业证券今年以来股价涨2.56%，近5个交易日涨1.60%，近20日跌0.52%，近60日涨16.54%。 分红方面，兴业证券A股上市后累计派现111.22亿元。近三年，累计派现35.4 ...

12月29日，兴业证券盘中下跌2.09%，截至13:10，报7.49元/股，成交9.16亿元，换手率1.40%，总市值 646.84亿元。 资金流向方面，主力资金净流出1.39亿元，特大单买入5821.32万元，占比6.35%，卖出1.38亿元，占比 15.01%；大单买入2.04亿元，占比22.30%，卖出2.64亿元，占比28.84%。 兴业证券今年以来股价涨22.59%，近5个交易日涨2.46%，近20日涨9.99%，近60日涨19.08%。 资料显示，兴业证券股份有限公司位于福建省福州市湖东路268号，成立日期2000年5月19日，上市日期 2010年10月13日，公司主营业务涉及财富管理业务、机构服务业务、自营投资业务、海外业务。主营业 务收入构成为：自营投资业务32.21%，证券及期货经纪业务30.96%，资产管理业务26.54%，其他 13.81%，机构服务业务10.54%，海外业务4.83%。 责任编辑：小浪快报 兴业证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：福建国资、基金重仓、大 盘、MSCI中国、融资融券等。 截至10月31日，兴业证券股东户数19.83万，较上期减少 ...

Core Viewpoint - The stock of Industrial Securities has shown a mixed performance with a year-to-date increase of 8.60%, but a decline in the recent trading periods, indicating potential volatility in the market [1][2]. Financial Performance - As of September 30, 2025, Industrial Securities reported a net profit of 2.52 billion yuan, reflecting a year-on-year growth of 90.98% [2]. - The company has distributed a total of 10.69 billion yuan in dividends since its A-share listing, with 4.66 billion yuan distributed over the past three years [3]. Stock Market Activity - On November 24, the stock price reached 6.69 yuan per share, with a trading volume of 312 million yuan and a market capitalization of 57.77 billion yuan [1]. - The stock has experienced a net outflow of 548,800 yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased to 207,300, while the average number of circulating shares per person increased to 41,654 shares [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3].

责任编辑：小浪快报 截至9月30日，兴业证券股东户数20.73万，较上期减少5.68%；人均流通股41654股，较上期增加 6.02%。2025年1月-9月，兴业证券实现营业收入0.00元；归母净利润25.21亿元，同比增长90.98%。 分红方面，兴业证券A股上市后累计派现106.90亿元。近三年，累计派现46.63亿元。 机构持仓方面，截止2025年9月30日，兴业证券十大流通股东中，中国证券金融股份有限公司位居第四 大流通股东，持股2.14亿股，持股数量较上期不变。香港中央结算有限公司位居第五大流通股东，持股 1.80亿股，相比上期减少1.46亿股。国泰中证全指证券公司ETF（512880）位居第六大流通股东，持股 1.79亿股，相比上期增加7201.09万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股 1.17亿股，相比上期减少564.48万股。华宝中证全指证券公司ETF（512000）位居第十大流通股东，持 股1.16亿股，为新进股东。 11月21日，兴业证券跌5.07%，成交额10.70亿元。两融数据显示，当日兴业证券获融资买入额1.16亿 元，融资偿还1.17亿元，融资净买 ...

Core Viewpoint - The stock price of Industrial Securities has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 9.74%, indicating volatility in market performance [1]. Financial Performance - As of September 30, 2025, Industrial Securities reported a net profit of 2.521 billion yuan, representing a year-on-year growth of 90.98% [2]. - The company has cumulatively distributed dividends of 10.69 billion yuan since its A-share listing, with 4.663 billion yuan distributed in the last three years [3]. Shareholder Information - The number of shareholders decreased by 5.68% to 207,300, while the average circulating shares per person increased by 6.02% to 41,654 shares [2]. - Major shareholders include China Securities Finance Corporation, holding 214 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 146 million shares [3]. Market Activity - The stock's trading volume was 196 million yuan with a turnover rate of 0.33%, indicating moderate trading activity [1]. - The net outflow of main funds was 34.2652 million yuan, with significant selling pressure observed [1].

Group 1 - The company reported unaudited revenue of approximately HKD 9 million from its financial intermediary business for the three months ending September 30, 2025 [1] - The company's proprietary investment business generated unaudited net trading gains of approximately HKD 39 million for the same period [1] - Unaudited operating expenses for the company were approximately HKD 18 million, resulting in an unaudited profit of approximately HKD 18 million [1] Group 2 - As of September 30, 2025, the company's unaudited net asset value was approximately HKD 645 million [1]

Core Insights - On November 17, 2023, Industrial Securities experienced a decline of 1.16% with a trading volume of 466 million yuan, indicating a negative market sentiment towards the company [1] - As of September 30, 2025, Industrial Securities reported a net profit of 2.521 billion yuan, reflecting a year-on-year growth of 90.98% despite having zero operating revenue for the same period [2] Financing and Margin Trading - On November 17, 2023, Industrial Securities had a financing buy-in amount of 77.7096 million yuan and a financing repayment of 80.2739 million yuan, resulting in a net financing outflow of 2.5643 million yuan [1] - The total margin trading balance for Industrial Securities reached 2.124 billion yuan, with the financing balance accounting for 3.59% of the circulating market value, indicating a high level of leverage [1] Short Selling Activity - On the same day, Industrial Securities saw a short selling of 93,700 shares, amounting to 640,900 yuan based on the closing price, while the short selling balance stood at 2.7654 million yuan, also reflecting a high level of activity [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for Industrial Securities was 207,300, a decrease of 5.68% from the previous period, while the average circulating shares per person increased by 6.02% to 41,654 shares [2] - The top ten circulating shareholders included China Securities Finance Corporation, holding 214 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 14.6 million shares [2] Business Overview - Industrial Securities, established on May 19, 2000, and listed on October 13, 2010, operates in various sectors including wealth management, institutional services, proprietary investment, and overseas business [1] - The revenue composition of the company includes proprietary investment (32.21%), securities and futures brokerage (30.96%), asset management (26.54%), and other services [1]

Core Viewpoint - On November 11, 2023, Industrial Securities experienced a decline of 0.86% with a trading volume of 622 million yuan, indicating a relatively stable market position despite fluctuations in financing activities [1] Financing Summary - On November 11, 2023, Industrial Securities had a financing buy-in amount of 93.70 million yuan and a financing repayment of 84.26 million yuan, resulting in a net financing buy of 9.43 million yuan [1] - The total financing and securities lending balance reached 2.10 billion yuan, with the financing balance accounting for 3.50% of the circulating market value, which is above the 70th percentile of the past year [1] - The securities lending activities showed a repayment of 85,400 shares and a sell-out of 44,600 shares, with a total sell-out value of 310,000 yuan, indicating a lower lending balance compared to the past year [1] Financial Performance - As of September 30, 2023, Industrial Securities reported a total of 207,300 shareholders, a decrease of 5.68% from the previous period, while the average circulating shares per person increased by 6.02% to 41,654 shares [2] - For the period from January to September 2023, the company achieved an operating income of 0.00 yuan, while the net profit attributable to shareholders reached 2.52 billion yuan, marking a year-on-year growth of 90.98% [2] Dividend and Shareholding Structure - Since its A-share listing, Industrial Securities has distributed a total of 10.69 billion yuan in dividends, with 4.66 billion yuan distributed over the past three years [3] - As of September 30, 2023, the top ten circulating shareholders included China Securities Finance Corporation, holding 214 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 146 million shares [3]

Core Insights - The company reported a significant increase in total revenue and net profit for Q1-Q3 2025, with total revenue reaching 11.59 billion yuan, up 58.7% year-on-year, and net profit attributable to shareholders at 9.1 billion yuan, up 50.6% year-on-year [1][2] Group 1: Financial Performance - For Q1-Q3 2025, the company achieved a basic earnings per share of 0.58 yuan, reflecting a year-on-year increase of 50.6% [1] - The weighted average return on equity (ROE) was 10.74%, an increase of 2.60 percentage points year-on-year [1] - The brokerage business segment saw a net income from fees and commissions rise by 86.8% to 6.64 billion yuan, driven by active market trading [2] - The margin financing and securities lending business generated a net interest income of 2.41 billion yuan, up 59.7% year-on-year, due to increased interest income from lent funds [2] - The proprietary investment segment reported a decline in investment income and fair value changes, down 18.2% to 1.97 billion yuan, primarily due to decreased returns from fixed income investments [2] Group 2: Market Trends and Business Outlook - The fund distribution business generated 2.54 billion yuan in revenue, a year-on-year increase of 13.4%, benefiting from a recovery in fund issuance and sales driven by a rising equity market [1] - As of Q3 2025, the total net asset value of all funds reached 36.7 trillion yuan, a year-on-year increase of 115% and a quarter-on-quarter increase of 7%, with stock funds up 139% year-on-year [1] - The company is exploring financial technology innovations through its proprietary model, achieving breakthroughs in key areas such as intelligent agent construction and financial application innovation [2] Group 3: Investment Recommendations - The company maintains a "Buy-A" investment rating, with expectations of performance elasticity as market conditions improve [3] - Projected earnings per share (EPS) for 2025 to 2027 are estimated at 0.81 yuan, 0.94 yuan, and 1.02 yuan respectively, with a target price of 29.22 yuan based on a 36x P/E ratio for 2025 [3]

Investment Rating - The report maintains a "Buy" rating for Guotai Junan Securities [6][10] Core Insights - Guotai Junan Securities reported a revenue of 458.92 billion yuan and a net profit attributable to shareholders of 220.74 billion yuan for the first three quarters of 2025, representing year-on-year increases of 12.6% and 101.6% respectively [1][6] - The integration with Haitong Securities has led to significant synergies, enhancing the company's competitive position in the industry [2][3] - The company achieved a non-GAAP net profit of 90.25 billion yuan in Q3, with a total non-GAAP net profit of 163.04 billion yuan for the first three quarters, reflecting an 80.46% year-on-year growth [1][3] Revenue and Profitability - For the first three quarters of 2025, the net income from brokerage, investment banking, and asset management was 108.14 billion yuan, 26.29 billion yuan, and 42.73 billion yuan respectively, with year-on-year growth rates of 142.8%, 46.2%, and 49.3% [2] - The company's interest income and investment income for the first three quarters were 52.08 billion yuan and 209.36 billion yuan, showing increases of 232.3% and 91.0% year-on-year [3] Market Position and Future Outlook - The company ranks fourth in the industry for IPO financing with 10 billion yuan completed in the first three quarters [2] - The report projects a net profit attributable to shareholders of 298.22 billion yuan for 2025, representing a year-on-year increase of 129.0% [3][10] - The price-to-book (PB) ratio is expected to be 0.99 times based on the closing price on October 31 [3][10]