Hong Kong stock concept tracking | Listed securities companies' performance in the first three quarters significantly increased, with market valuation possibly balanced (with concept stocks attached)

As of November 4, 2025, the PB ratio of Chinese securities firms is 1.53 times, at the 41.48th percentile in the past 10 years; In Q3 2025, institutional holdings were 0.90%, unchanged from the previous quarter, but still below the standard 3.99%. The performance of listed securities firms in the first three quarters of 2025 has shown a significant increase. 42 listed securities firms achieved a net profit attributable to the parent company of 169 billion yuan in the first three quarters, a year-on-year increase of 62%, and a non-net profit of 162 billion yuan, a year-on-year increase of 68%. Among them, the non-net profit in Q3 alone was 67.7 billion yuan, a year-on-year increase of 97%, and a quarter-on-quarter increase of 31%. In terms of business segments, brokerage and investment are the core drivers of performance growth, with net revenues in the first three quarters increasing by 75% and 44% respectively. China Securities Co., Ltd. believes that the current market's focus on securities stocks may be overly focused on short-term trading pressure: influenced by the high base figures from the previous year, the market may find it difficult in the fourth quarter to contribute profits beyond expectations. However, there is still a clear expectation gap in the market, as it has overlooked the significant differences in the industry fundamentals between this year and the end of last year - the recovery of the securities industry is no longer limited to brokerage and proprietary trading, but has spread to investment banking, asset management, and other areas to varying degrees. CMSC has released a research report stating that considering the overall situation, while the slow bull market continues, securities firms as the "flagship of the bull market" are worth more attention and position allocation despite their overall stagnation. Hong Kong-listed Chinese securities firms include Huatai (06886), GF SEC (01776), China Galaxy (06881), Guotai Haitong (02611), CICC (03908), CITIC SEC (06030), China Securities Co., Ltd. (06066), Orient (03958), EB SECURITIES (06178), Shenwan Hongyuan Group (06806), CC SECURITIES (01375), Guolian Minsheng (01456), etc.