20家券商一季报：经纪、两融高增长，自营分化

Core Insights - The overall performance of the brokerage industry is showing signs of recovery, driven by active market trading and growth in brokerage and margin financing businesses, while proprietary trading has become a source of performance divergence among brokerages due to the recent bond market pullback [1][6] Group 1: Financial Performance - As of April 28, over 20 listed brokerages have reported their Q1 2025 results, with more than 80% achieving year-on-year growth in both revenue and net profit, and several small to mid-sized brokerages seeing net profit growth exceeding 100% [2][4] - Major brokerages like China International Capital Corporation (CICC) and China Merchants Securities reported Q1 net profits exceeding 2 billion yuan, with year-on-year growth rates of 47.69% and 9.64% respectively [2][4] - The overall revenue for 150 securities firms in 2024 reached 451.17 billion yuan, marking an 11.15% increase year-on-year, while net profit was 167.26 billion yuan, up 21.35% [4][5] Group 2: Business Segment Performance - Brokerage fee income has increased by over 30% year-on-year for the brokerages that have disclosed their Q1 results, while proprietary trading income has shown significant divergence, with some firms like Huaxi Securities and Dongwu Securities reporting over 100% growth [3][5] - Investment banking and asset management revenues have varied, with some large brokerages experiencing declines in investment banking income, while others, including China Merchants Securities, reported increases exceeding 100% [3][5] - The proprietary trading business has become a key factor in performance divergence, with firms like Caitong Securities reporting declines in revenue and net profit due to the bond market adjustment [6]