2025-06-13-Jefferies-嘉信理财公司（SCHW）_五月月度报告_短期融资持续减少_7页_126kb

Charles Schwab Corporation Equity Research Summary

Financial Highlights:

• NNA Growth: May core NNA increased by +$35B, representing a +4.2% annualized growth rate, aligning with seasonal trends and showing year-over-year improvement.
• Cash Flows: Total sweep cash declined by -$5.2B m/m, while BDA (Broker Call Money) balances fell -$2B to $80B. Supplemental borrowings reduced from $39.5B to $32B by end-May.
• Client Activity: May DATs (Daily Average Trades) declined to 7.2M, but margin balances increased +2.1% to $79.1B, indicating moderate client engagement post-volatility.

Rating and Valuation:

• Equity Analyst: BUY with a price target of $88.00 (down -1% from $88.50). The analysis supports a 15%+ total return over 12 months, driven by organic growth and healthy NNA trajectory.

Company Description:

• Provides securities brokerage, banking, and financial services to individual and institutional clients via two segments: Investor Services (retail) and Institutional Services (RIA/advisory).

Key Risks:

• Lower equity markets, reduced trading volumes, lower interest rates, and heightened regulatory scrutiny may impact performance.

Analyst Certification:
Daniel T. Fannon, Aqil Taiyeb, and Ritwik Roy confirm the report reflects their objective views, unaffected by compensation tied to recommendations.