截至3月31日，兴业证券股东户数22.26万，较上期减少4.54%；人均流通股38789股，较上期增加 4.75%。2025年1月-3月，兴业证券实现营业收入0.00元；归母净利润5.16亿元，同比增长57.32%。 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3月31日，兴业证券十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2.62亿股，相比上期减少3077.97万股。国泰中证全指证券公司ETF（512880）位居第八大 流通股东，持股1.18亿股，相比上期增加1692.31万股。华泰柏瑞沪深300ETF（510300）位居第九大流 通股东，持股1.13亿股，相比上期减少620.05万股。华宝中证全指证券公司ETF（512000）位居第十大 流通股东，持股9662.95万股，相比上期增加1260.46万股。 责任编辑：小浪快报 8月25日，兴业证券盘中上涨2.13%，截至11:07，报7.18元/股，成交6.20亿元，换手率1.01%，总市值 620.06亿元。 资金流向方面，主力资金净流入1187.83万元，特大单买入 ...

（原标题：平安银行零售金融业务进一步承压 净利润占比降至4%） 8月22日，平安银行（000001.sz）交出了一份承压的半年度业绩报告。2025年上半年，平安银行实现营 业收入693.85亿元，同比下降10.0%；实现归属于本行股东的净利润248.70亿元，同比下滑3.9%。净息 差收窄至1.80%，较去年同期下降16个基点。与此同时，资产质量保持稳定，不良贷款率较上年末微降 0.01个百分点至1.05%，拨备覆盖率维持在238.48%的稳健水平。 在这份整体表现平淡的财报中，尤为引人关注的莫过于其战略核心——零售金融业务的表现。该业务板 块营业收入为310.81亿元，在集团总营收中占比降至44.8%。更关键的是，其贡献的净利润仅为10.02亿 元，在集团总净利润中的占比从去年同期的7.0%大幅下滑至惊人的4.0%。 这一数据深刻揭示了平安银行零售转型正面临的严峻挑战。在净息差收窄、风险成本高企的双重压力 下，零售业务虽然通过主动调整资产结构控制了风险，但其盈利能力和对集团的利润贡献度正经历前所 未有的考验。零售业务的深度调整，已成为观察平安银行本轮战略转型成效的关键窗口。 收入利润贡献率骤降 零售业务步入 ...

中泰证券股份有限公司的主营业务是投资银行业务、财富管理业务、机构业务、投资业务、信用业务、 资产管理业务、国际业务、期货业务等。公司的主要产品是投资银行业务、财富管理业务、机构业务、 投资业务、信用业务、资产管理业务、国际业务、期货业务。2024年，公司获中国人民银行"2023年度 金融科技发展奖"二等奖1个、三等奖2个。 最新一期业绩显示，2025年一季报，公司实现营业收入25.45亿元，同比0.23%；净利润3.70亿元，同比 11.61%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13中泰证券52.2854.421.35510.10亿行业平均 29.9338.181.78810.39亿行业中值27.4631.331.44458.94亿1华泰证券11.9713.031.201999.55亿2国元证券 15.2417.981.09403.65亿3国信证券15.4217.491.591437.06亿4广发证券15.7117.691.381705.23亿5招商证券 15.9516.181.441680.17亿6国泰海通16.6429.101.223790.22亿7华安证券17.1420.851.3 ...

渣打网络布局深融新兴市场，铸造跨境业务独特优势。渣打在40 个"一带一路"市场设有经营网点，其 中超20 个市场的运营历史超过100 年，积累了丰富的牌照资源与扎实的客群基础。公司核心市场东盟地 区是全球产业转移的主要目的地，依托网络银行优势为企业出海提供多元金融服务，增厚非息收入的同 时沉淀低成本存款。轻资本模式有助于平滑降息对营收冲击，25H1 末香港商业地产敞口占比在总贷款 占比仅0.7%。截至2025/8/18，PB（MRQ）0.91 倍，回购+分红综合回报率8.35%，具备配置价值。 全球资产配置需求打开财富管理空间 全球跨境资产配置需求旺盛，财富管理业务迎来增长机遇。渣打深度布局中国香港、新加坡、阿联酋三 大高成长性财富中心，财富管理AUM 增长有望受益于区域红利。渣打采取代销模式，产品货架覆盖全 球优质资产，助力富裕客群挖掘投资机会。25H1 财富管理收入同比+23.1%，H1 共计13.5 万名新客户 开户。随跨境理财需求日益活跃，有望支撑财富管理持续扩容，指引24-29 年财富管理收入或实现 CAGR 双位数增长。 维持2025 年目标PB 1.00 倍 我们预计本次舆情波动对公司基本面经营 ...

Core Viewpoint - Foreign banks in China are rapidly adjusting their retail business strategies, focusing on high-end retail and cross-border wealth management as new growth engines while closing numerous traditional branches [3][4][8]. Group 1: Structural Adjustments - Over 10 foreign banks have closed branches in mainland China since the beginning of 2025, indicating a trend of reducing physical network presence [4][5]. - HSBC and Standard Chartered have opened flagship branches and private wealth management centers in major cities, emphasizing high-net-worth clients and wealth management as primary business directions [5][6]. - The shift from standard branches to flagship outlets highlights a focus on privacy, professionalism, and brand representation, which are crucial for building competitive advantages in the Chinese market [5][6]. Group 2: Market Opportunities - The wealth management market in China is experiencing structural growth, driven by the expansion of the middle-income group and increasing demand for diversified financial services [8][9]. - The total scale of entrusted assets in various financial products reached 154 trillion yuan by 2024, with an annual growth rate of approximately 10.4% [8]. - Foreign banks are capitalizing on the growing demand for comprehensive wealth management services, including family trusts and global asset allocation [8][9]. Group 3: Competitive Landscape - Despite the potential in the wealth management market, foreign banks face significant competition from domestic banks, which have extensive networks and customer bases [11][12]. - As of the end of 2023, there were only 888 operational foreign bank branches in China, limiting their brand recognition and market coverage [11]. - Some foreign banks, like Dah Sing Bank and Citibank, have divested their personal banking operations, focusing instead on corporate and cross-border services [11][12]. Group 4: Future Outlook - The future growth of foreign banks in China’s wealth management sector is expected to be characterized by differentiation and specialization, focusing on high-end and cross-border services [12]. - Digital transformation is a priority, with foreign banks leveraging technology to enhance service efficiency and compensate for the reduction in physical branches [12]. - The ongoing structural changes in the Chinese financial market are prompting foreign banks to adapt by concentrating on their strengths and transitioning from broad coverage to deep specialization [12].

Group 1 - The core viewpoint of the article is that DBS Hong Kong reported a year-on-year profit increase of 11% to HKD 5.13 billion, with total revenue rising 8% to HKD 10.51 billion, both reaching record highs [1] - Net interest income decreased by 1% to HKD 5.95 billion, and the net interest margin narrowed by 5 basis points to 1.75% compared to the end of 2024 [1] - The group has set aside an additional credit provision of HKD 636 million, reflecting an increase of approximately 18% due to a weak economic environment and uncertainty in tariff policies [1] Group 2 - The non-performing loan ratio rose to 1.6%, an increase of 0.41 percentage points year-on-year [1] - Non-interest income grew by 22% to HKD 4.56 billion, benefiting from the growth in wealth management and trading income [1] - Deposits increased by 9% year-on-year to HKD 49.4 billion, while loans decreased by 5% to HKD 37.2 billion, with mortgage loans down by 10%, small and medium enterprises down by 6%, and large enterprises down by 4% [1]

Core Viewpoint - The stock of Nanhua Futures (603093) has experienced a decline, with significant net outflows from major and retail investors, while retail investors showed some net inflow [1][2]. Group 1: Stock Performance - As of August 7, 2025, Nanhua Futures closed at 21.32 yuan, down 2.16% with a turnover rate of 2.14% and a trading volume of 130,700 lots, amounting to a transaction value of 280 million yuan [1]. - Over the past five days, the stock has seen a consistent decline in major and speculative funds, with retail investors showing a net inflow on August 7 [2]. Group 2: Financial Metrics - Nanhua Futures has a total market capitalization of 13.007 billion yuan, with a net asset value of 4.158 billion yuan and a net profit of 857.383 million yuan [3]. - The company's price-to-earnings ratio (P/E) stands at 37.93, while the price-to-book ratio (P/B) is 3.17, indicating a higher valuation compared to industry averages [3]. - The company's gross margin is reported at 0%, and the net margin is 16.1%, which are significantly lower than the industry averages [3]. Group 3: Recent Ratings and Analyst Insights - In the last 90 days, three institutions have provided ratings for Nanhua Futures, with one buy rating and two hold ratings, and the average target price set at 22.48 yuan [4].

Core Viewpoint - Standard Chartered Group reported better-than-expected performance for Q2 2025, with adjusted operating income of $5.5 billion, a year-on-year increase of 14.6%, and adjusted net profit attributable to shareholders of $1.8 billion, up 53.7% year-on-year, primarily driven by stronger non-interest income [1] Financial Performance - Non-interest income exceeded expectations, growing 33% year-on-year to $2.8 billion, with a contribution of $240 million from the sale of Solv India equity; even excluding this, non-interest income still showed a 22% year-on-year increase [1] - The company's financial market services revenue grew 47.2% year-on-year, driven by demand for interest rate and currency hedging amid market volatility [1] - Wealth management revenue increased by 20.1% year-on-year, primarily from affluent clients in overseas markets such as India, Hong Kong, and the Middle East [1] Guidance and Projections - The strong performance in non-interest income led the company to raise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [1] - Net interest income was in line with expectations, remaining flat year-on-year and decreasing 3% quarter-on-quarter, mainly due to the decline in HIBOR; the adjusted net interest margin was 2.03%, down 9 basis points quarter-on-quarter [2] - The company maintained its guidance for operating expenses to be below $12.3 billion in 2026, with credit costs expected to gradually normalize to 30-35 basis points [2] Shareholder Returns - The company announced a new $1.3 billion share buyback, following the completion of a previous $1.5 billion buyback, maintaining a total buyback guidance of at least $8 billion for 2024-2026 [3] - The company aims to gradually increase its annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026 [3] Earnings Forecast and Valuation - Due to the strong performance in non-interest income and better-than-expected asset quality, the company raised its 2025E/2026E net profit forecasts by 30.6% and 21.2% to $5.01 billion and $4.80 billion, respectively [3] - The company is currently trading at 0.9x/0.8x 2025E/2026E price-to-book ratios, and the target price was raised by 21.7% to HKD 158.8, corresponding to 1.0x/0.9x 2025E/2026E price-to-book ratios with an upside potential of 11.8% [3]

Core Viewpoint - As of August 1, 2025, Nanhua Futures (603093) closed at 21.88 yuan, down 4.12%, with significant net outflows from major and retail investors, indicating a bearish sentiment in the market [1][2]. Financial Performance - Nanhua Futures reported a main revenue of 534 million yuan for Q1 2025, a year-on-year decline of 46.2% [2]. - The net profit attributable to shareholders was 85.74 million yuan, showing a slight increase of 0.13% year-on-year [2]. - The company had a debt ratio of 89.41% and investment income of 15.49 million yuan [2]. Market Position - The total market capitalization of Nanhua Futures is 13.348 billion yuan, ranking 12th in the diversified financial industry [2]. - The company has a price-to-earnings (P/E) ratio of 38.92, which is significantly lower than the industry average of 176.52, ranking 14th [2]. - The net profit margin stands at 16.1%, compared to the industry average of 131.21%, ranking 15th [2]. Investor Sentiment - In the last 90 days, three institutions provided ratings for Nanhua Futures, with one buy rating and two hold ratings, indicating a cautious outlook [3]. - The average target price set by institutions over the past 90 days is 22.48 yuan [3]. Capital Flow Analysis - On August 1, 2025, major funds experienced a net outflow of 56.56 million yuan, accounting for 12.0% of the total transaction volume [1]. - Retail investors saw a net inflow of 88.31 million yuan, representing 18.73% of the total transaction volume, suggesting a divergence in investor behavior [1].

Group 1: Financial Performance - Standard Chartered Group reported record high revenue and profit in Hong Kong for the first half of 2025, with revenue increasing by 26% year-on-year to approximately $2.8 billion [1] - Operating profit before impairment and tax rose by 41% year-on-year, reaching about $1.6 billion, while credit impairment charges increased by 79% [1] - The bank's pre-tax basic profit increased by nearly 40% year-on-year to approximately $1.4 billion, with both major business segments achieving record high revenue and profit [1] Group 2: Business Segments - The "Wealth Management and Retail Banking" segment saw a 20% year-on-year revenue increase, driven by growth across various wealth management products and an increase in deposits [1] - The "Corporate and Investment Banking" segment's revenue increased by 27% year-on-year, primarily due to strong trading demand [1] Group 3: Future Outlook - The President of International Business at Standard Chartered emphasized a continued focus on cross-border business and wealth management, with digital assetization being essential to meet diverse client growth needs [3] - The Hong Kong government's estimated GDP growth rate for Q2 this year is 3.1%, with a more optimistic outlook for the economy compared to six months ago, particularly in the active financial market [3]