JF SMARTINVEST (09636) experienced an intraday surge of over 5%, currently up 4.62% at HKD 63.45, with a trading volume of HKD 286 million. As of October 24, the balance of margin financing reached CNY 2.45 trillion, accounting for 2.55% of the A-share market capitalization and 11% of the A-share trading volume, setting a new historical high. Xangcai Securities previously pointed out that the company’s performance is closely tied to the trading activity in the stock market; as trading volume increases, orders and revenue grow more rapidly. According to the company's semi-annual report, revenue for the first half of 2025 saw a substantial year-on-year increase of 133%, with confirmed orders largely coming from the second half of last year. The firm expects that since the third quarter of 2025, the amount of orders will increase in line with market trading activity, continuing to support rapid revenue growth for the year. Pacific Securities noted that the company is one of the earliest securities advisory institutions in China to utilize a media matrix for large-scale customer acquisition, establishing substantial channel and traffic barriers; it is actively expanding its product matrix and has initiated a global strategy through the acquisition of a Hong Kong brokerage and the development of digital asset business, which is expected to open up new growth opportunities. Huaxi Securities expressed optimism regarding the performance of the capital markets and the brokerage sector in the fourth quarter, highlighting industry developments such as the expansion of brokerage and wealth management services driven by active market trading, with beneficiaries including JF SMARTINVEST.
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