SooChow Securities has released its 1H26 results, with operating revenue of RMB5,751mn (+29.88% YoY) and an attributable NP of RMB2,420mn (+25.32% YoY), hitting a record high. In 2Q26, the attributable NP was RMB1,619mn (+70.12% YoY, +102.13% QoQ). Investment business upside potential was unleashed, while brokerage, credit, and investment banking businesses recovered in tandem. The integration of Donghai Securities may strengthen regional synergies. Maintain OVERWEIGHT.
Asset scale grew robustly
At end-1H26, total assets were RMB239.4bn (+39.32% YoY, -0.66% vs end-1Q26), with balance sheet expansion stabilizing in the second quarter after being completed in 1H26. The leverage ratio was 3.77x (+0.88x YoY), remaining within a controllable range. Financial investments were RMB107.6bn (+22.07% YoY, -13.90% vs end-1Q26), of which financial assets held for trading were RMB36.6bn (-14.28% vs end-2025), with bonds/funds/equities/others at RMB17.3/8.2/3.0/ 8.0bn, indicating some contraction in trading books. Other debt investments were RMB53.6bn (+63.04% YoY), and other equity instrument investments were RMB17.4bn (+34.15% YoY), with OCI equity exposure continuing to rise. The parent company’s proprietary equity securities and equity derivatives/net capital was 54.47%, up by 21.95pp from end-2025; proprietary non-equity securities and derivatives/net capital was 282.23%, down by 18.42pp from end-2025, indicating increased directional equity risk appetite. The notional amount of equity derivative instruments was RMB1.37bn (+72.63% vs end-2025). The capital leverage ratio was 20.84%, down by 1.55pp from end-2025.
Brokerage investment up YoY
In 1H26, net investment income was RMB2,387mn (+10.64% YoY), accounting for 43.61% of net income from the five major businesses, underpinning earnings growth. In 2Q26, net investment income was RMB2,046mn (+97.09% YoY, +498.91% QoQ), with quarterly upside driven by structural market conditions in the equity market and improved fair-value gains. Net brokerage income was RMB1,551mn (+54.48% YoY), accounting for 28.34% of net income from the five major businesses, with active market trading driving strong revenue growth. In 2Q26, net brokerage income was RMB816mn (+64.68% YoY, +10.87% QoQ). At end-1H26, the total number of wealth management customers grew by 10.38% from end-2025, and customer assets reached RMB1.16tn (+36.61% vs end-2025). The scale of financial products held for distribution was RMB36.75bn (+33.63% vs end-2025), with both customer base and product sales validating the quality of wealth management recovery.
Earnings forecasts and valuation
Given the recovery in brokerage, investment banking, and credit businesses in 1H26, and the upside potential for investment income under structural market conditions in the equity market, we raise our revenue and profit assumptions. We forecast 2026/2027/2028E attributable NP of RMB4,279/4,758/5,273mn (+20%/ +11%/+11% YoY; +16%/+14%/+13% vs. our previous estimates). Our 2026E BVPS forecast is RMB9.14. Comparable companies are trading at an average of 1.04x 2026E PB on Wind consensus. Considering the company’s rapid growth in wealth-management customer assets, solid regional investment banking advantages, and the potential synergies from the Donghai Securities integration, we assign a 2026E PB of 1.20x, arriving at our target price of RMB10.97 (previous: RMB11.80, based on 1.30x 2026E PB). Maintain OVERWEIGHT.
Risks: investment income sliding amid a volatile equity market; disappointing business synergy with Donghai Securities on slower integration progress.

　　东吴证券发布26H1报告，实现营业收入57.51亿元，同比+29.88%；归母净利润24.20亿元，同比+25.32%，创历史新高。26Q2单季归母净利润16.19亿元，同比+70.12%，环比+102.13%。投资业务弹性释放，经纪、信用、投行同步修复，东海证券整合推进有望强化区域协同，维持增持评级。
　　资产规模保持稳健
　　截至26H1末，公司总资产2394亿元，同比+39.32%，较26Q1末-0.66%，扩表在上半年完成后单季趋稳；杠杆率3.77倍，同比+0.88倍，仍处可控区间。金融投资1076亿元，同比+22.07%，较26Q1末-13.90%，其中交易性金融资产366亿元，较25年末-14.28%，债券、基金、股票、其他分别为173/82/30/80亿元，交易账户规模有所收缩；其他债权投资536亿元，同比+63.04%，其他权益工具投资174亿元，同比+34.15%，OCI权益敞口继续抬升。母公司自营权益类证券及证券衍生品/净资本54.47%，较25年末+21.95pct；自营非权益类证券及其衍生品/净资本282.23%，较25年末-18.42pct，权益方向性风险偏好提升。权益衍生工具名义金额13.69亿元，较25年末+72.63%；资本杠杆率20.84%，较25年末-1.55pct。
　　经纪投资同比增长
　　26H1投资净收入23.87亿元，同比+10.64%，占五大业务净收入43.61%，是盈利增长的核心支撑；26Q2投资净收入20.46亿元，同比+97.09%，环比+498.91%，单季弹性主要来自权益市场结构性行情和公允价值收益改善。经纪业务净收入15.51亿元，同比+54.48%，占五大业务净收入28.34%，市场交投活跃带动收入高增；26Q2经纪净收入8.16亿元，同比+64.68%，环比+10.87%。截至26H1末，公司财富管理总客户数较25年末增长10.38%，客户资产规模1.16万亿元，较25年末增长36.61%；代销金融产品保有规模367.53亿元，较25年末+33.63%，客户基础和产品销售共同验证财富管理修复质量。
　　信用投行业务修复
　　26H1信用业务净收入8.51亿元，同比+47.74%，占五大业务净收入15.55%；截至期末融出资金348.06亿元，同比+73.14%，较26Q1末+21.97%，融资融券余额341.53亿元，较25年末+21.94%，市场风险偏好回升对利息净收入形成支撑。投行业务净收入5.77亿元，同比+37.62%。资管业务净收入1.08亿元，同比+9.30%。信用减值损失0.26亿元，由25H1转回2.27亿元转为小幅计提；管理费用24.95亿元，同比+20.60%，管理费率43.38%，较25H1下降3.35pct。
　　盈利预测与估值
　　考虑到公司26H1经纪、投行及信用业务修复，投资收入在权益市场结构性行情下保持弹性，我们上调公司收入和利润假设，预计公司2026-2028年归母净利润42.79/47.58/52.73亿元，同比+20%/+11%/+11%（分别上调16%/14%/13%）；2026年BPS为9.14元。可比公司2026年Wind一致预期平均PB为1.04倍，考虑到公司财富管理客户资产增长较快、区域投行优势稳固，东海证券整合推进有望打开协同空间，给予公司2026年1.20倍PB，目标价10.97元（前值11.80元，对应2026年1.30倍PB），维持增持评级。
　　风险提示：权益市场波动导致投资收益下滑；东海证券整合进度及协同释放不及预期。

For 2025,revenue rose by 27.7%YoY to RMB9bn,due to the retroactive adjustment of futures revenue following accounting standard updates.Attributable net profit(NP)rose by 50.1%YoY to RMB3,550mn,missing our estimate of RMB3,840mn,mainly because 4Q25 investment income was only RMB280mn(-80%QoQ).Brokerage and investment businesses were the main drivers for the full-year YoY growth.For 1Q26,revenue was RMB2,050mn(-34%YoY),and attributable NP was RMB800mn(-18%YoY).Net incomes from brokerage,investment banking(IB),and credit businesses climbed YoY,while investment income fell temporarily.The company is proceeding the acquisition of Donghai Securities.Currently,market trading is active,and we are optimistic about its future growth potential.Maintain OVERWEIGHT.
Brokerage:the core earnings growth driver
For 2025,net brokerage income was RMB2,393mn(+33%YoY).By the end of 2025,the total number of wealth management service customers rose by 16.25%YoY.Customer assets amounted to RMB852.5bn(+RMB191.1bn or+29%YoY).The company held RMB27.5bn(+16%YoY)of financial products for distribution and RMB10.9bn of ETFs(a record high),and its private fund pool expanded by 38%YoY.Relying on its proprietary A5 core trading system and digital middle office,the company built adigital wealth management service matrix around the"Xiucai APP",released and upgraded the intelligent service officer"Xiaoshuidi",and built an"embedded APP+AI"companion service model.By launching digital branches,it has covered afull range of service scenarios,significantly improving operating efficiency and customer experience.For 1Q26,net brokerage income was RMB736mn(+45%YoY).
Net IB income jumped YoY in 1Q26
For 2025/1Q26,net IB income was RMB797/377mn(+13/+72%YoY),showing astrong upside in the first quarter.For 2025,the company reported 5A-share IPO approvals,ranking 5th in the sector.Specifically,it reported 4BSE IPO approvals,ranking 3rd in the sector,and its competitive advantages on the BSE were further consolidated.The number of newly declared IPOs and IPOs under review both entered the top 10 in the sector.As the lead broker,it completed 17 NEEQ listing projects.It completed over 580 bond underwriting projects,with atotal underwriting value of over RMB170bn.The underwriting value of corporate bonds(including enterprise bonds)ranked among the top in the market.SooChow Securities(Hong Kong)focused on the overseas bond market,completing 71 overseas bond projects with atotal issuance value of nearly USD9bn.Its international business footprints continued expanding.
AM income faced pressure
For 2025/1Q26,net asset management(AM)income was RMB198/39mn(+13/-23%YoY).For 2025,investment income climbed by 40%YoY to RMB3,837mn,driving earnings growth.For 1Q26,related income fell by 69%YoY to RMB342mn on ahigh base in 1Q25 and market fluctuations.By the end of 1Q26,financial investments amounted to RMB124.9bn(+15%vs the beginning of the year).Specifically,financial assets held for trading/other equity instrument investments/other debt investments were RMB51.2/14.7/59.0bn(+20/+20/+9%vs the beginning of the year).
Earnings forecasts and valuation
To factor in persistent uncertainties stemming from overseas geopolitical tensions,we lower our investment income assumption.Thus,we trim our 2026/2027 attributable NP forecasts by 12/11%to RMB3,690/4,160mn and add our 2028 forecast of RMB4,660mn,implying 2026/2027/2028 EPS of RMB0.74/0.84/0.94.Our 2026E BVPS is RMB9.08.We value the stock at 1.3x 2026E PB,a premium over its peers'average of 1.1x on Wind consensus to factor in the company's plan to acquire Donghai Securities,active market trading,and sound growth prospects.Our target price is RMB11.80(previous:RMB12.35,based on 1.4x 2025E PB).Maintain OVERWEIGHT.
Risks:Disappointing business development;market fluctuations.

　　事件描述
　　公司发布2025年年报及2026年一季报，2025年实现营业收入90.30亿元，+27.70%；归母净利润35.52亿元，+50.12%，加权平均ROE8.35%，同比增加2.54pct。26Q1实现营业收入20.48亿元（-9.45%），实现归母净利润8.01亿元（-18.22%）。
　　事件点评
　　业绩保持韧性，轻资产业务全面增长。2025年投资交易业务收入38.37亿元（+41.78%），投资净收益+69.38%。同时，轻资产业务全面增长，经纪业务、投行业务、资管业务分别增长33.41%、13.06%和17.31%，盈利能力显著提升。26Q1投资业务同比下滑59.36%拖累业绩，但轻资产业务保持韧性，经纪业务实现收入7.36亿元，同比增长44.55%；投行业务实现收入3.77亿元，同比增长71.57%。
　　打造“投顾+”服务生态，构建基于客户生命周期的智能运营体系，深入推进数字化转型，以自研秀财大模型为引擎，落地AI盯盘、AI信号、AI对话核心场景，持续围绕客户差异化需求，深化财富管理品牌建设。公司获批账户管理功能优化试点，升级账户分类管理体系，管理客户资产规模+28.89%达8525亿元，股基交易额8.91万亿元，+67.80%；代理买卖证券业务收入+48.82%实现23.10亿元。
　　完善全产业链投行服务，全力巩固北交所、新三板领先优势。大力推进并购、再融资业务，完成股权融资4单，承销规模45亿元，+276.53%；北交所IPO过会数量4家，累计保荐北交所上市家数位列全国第三，优势持续巩固；债券总承销规模超1700亿元，公司债规模稳居市场前列，在高成长产业债领域落地多个首单项目，产业研究聚焦产业深耕区域，打造“东吴智库”品牌，全产业链金融服务体系做深做实。
　　资配结构优化，拓展业务牌照。公司权益业务积极把握市场结构性机会，优化资产配置结构，主动增加权益投资配置规模，加大高股息资产配置力度，并获得上交所上市基金做市牌照，北交所做市排名行业前列。固收业务坚持配置与交易并重的投资策略，拓展销售交易展业深度。截止年末，投资类资产增长12.97%，其中权益OCI资产增长91.76%。
　　收购东海证券，开始新征程。公司3月7日发布公告，筹划通过发行A股股份的方式收购东海证券，进一步提升公司的业务规模和核心竞争力，对公司在常州地区业务拓展带来助力，推动公司在长三角地区一体化发展战略。同时，增强资本实力，实现能级跃升。
　　投资建议
　　公司长期持续深化根据地战略，在北交所、新三板取得特色化发展优势，逐步构建综合金融服务能力，并购进一步扩大公司业务边界，看好公司长期稳健发展。预计公司2026年-2028年分别实现营业收入99.80亿元、111.05亿元和122.94亿元。归母净利润38.83亿元、43.56亿元和47.68亿元，增长9.31%、12.18%和9.47%；PB分别为0.87/0.83/0.79，维持“增持-A”评级。
　　风险提示
　　金融市场大幅波动风险。金融市场波动率加大可能导致自营投资收入及持仓资产的公允价值减少，从而降低业绩表现。
　　业务推进不及预期风险。公司在财富管理转型、资产管理子公司展业过程中可能存在业务推进不达预期风险。
　　公司出现较大风险事件。“国九条”下，防风险强监管促高质量发展成为资本市场主线，券商经营过程中的合规疏漏可能导致业务开展停滞，从而影响业绩表现。

　　公司公布2025年年报和2026年一季报。2025年收入90亿元，同比+27.7%（会计准则调整导致期货类收入追溯调整），归母净利润35.5亿元，同比+50.1%（低于我们预期的38.4亿元，主要系25Q4单季投资收入仅2.8亿元，环比大幅下降80%），经纪、投资业务是全年同比增长的主要驱动力。26Q1收入20.5亿元，同比-34%，归母净利润8.0亿元，同比-18%，经纪、投行、信用净收入实现同比增长，投资收入阶段性回落。公司正推动收购东海证券，当前市场交易活跃，看好未来增长潜力。维持增持评级。
　　经纪业务是业绩增长的核心驱动
　　2025年公司实现经纪净收入23.93亿元，同比+33%。截至2025年末，公司财富管理总客户数同比+16.25%；客户资产规模8,525亿元，同比增加1,911亿元，同比增幅29%；代销金融产品保有规模达到275亿元，同比+16%；私募保有规模同比提升38%；ETF保有规模达109亿元，创历史新高。公司依托自研的A5核心交易系统和数字化中台，围绕“秀财APP”构建数字化财富管理服务矩阵，发布并升级智能服务官“小水滴”，构建“嵌入式APP+AI”的陪伴式服务模式；落地运营数智分公司，推动数字化展业与智能化服务全场景覆盖，显著提升运营效率与客户体验。26Q1经纪业务净收入为7.36亿元，同比+45%，延续高增长态势。
　　26Q1投行净收入同比大幅提升
　　公司2025年和26Q1公司分别实现投行净收入7.97亿元、3.77亿元，同比+13%、+72%，一季度弹性明显。2025年，公司完成A股IPO过会5家，过会数排名跻身行业第5位；其中北交所过会4家，排名行业第3位，北交所竞争优势持续巩固；新增申报IPO单数和在审IPO单数均进入行业前十；作为主办券商完成新三板挂牌项目17单。完成债券承销项目超580只，总承销规模超1,700亿元，公司债（含企业债）承销规模位居市场前列。东吴香港深耕境外债券市场，完成境外债券项目71单，发行总规模近90亿美元，国际化业务版图持续拓展。
　　资管收入承压，投资单季度波动
　　2025年、26Q1公司分别实现资管净收入1.98、0.39亿元，同比分别+13%、-23%，26Q1资管业务收入有所承压。2025年全年投资类收入38.37亿元，同比大幅增长40%，驱动业绩增长；26Q1相关收入3.42亿元，同比-69%，系25Q1高基数效应叠加市场波动所致。26Q1末公司金融投资总规模1,249亿元，较年初+15%，其中交易性金融资产512亿元（较年初+20%），其他权益工具投资147亿元（+20%），其他债权投资590亿元（+9%）。
　　盈利预测与估值
　　考虑当前但外围地缘政治仍有不确定性，适当下调公司投资类收入等假设。我们预计2026-2028年归母净利润分别为36.9/41.6/46.6亿元（相较2026-2027年前值分别下调12%/11%），EPS分别为0.74/0.84/0.94元，2026年BPS为9.08元。可比公司2026EPBWind一致预期均值1.1倍，考虑公司正推动收购东海证券，当前市场交易活跃，看好未来增长潜力，给予2026EPB溢价至1.3倍，目标价11.80元（前值12.35元，对应2025EPB为1.4倍），维持增持评级。
　　风险提示：业务开展不及预期，市场波动风险。