Xin Lang Cai Jing·2025-04-30 09:22Core Insights - The total revenue of 49 securities firms and listed entities for Q1 reached 132.40 billion yuan, a year-on-year increase of 27.1%, while net profit attributable to shareholders was 55.39 billion yuan, up 75.55% year-on-year [1][2] - Excluding special impacts from Guotai Junan's negative goodwill, the net profit growth rate for the 49 firms was 49.26% [1] Revenue and Profit Rankings - The top ten securities firms by net profit in Q1 are: CITIC Securities (6.55 billion yuan), Huatai Securities (3.64 billion yuan), Guotai Junan (3.29 billion yuan, adjusted), China Galaxy (3.02 billion yuan), GF Securities (2.76 billion yuan), Dongfang Caifu (2.72 billion yuan), Guoxin Securities (2.33 billion yuan), China Merchants Securities (2.31 billion yuan), Shenwan Hongyuan Securities (2.23 billion yuan), and CICC (2.04 billion yuan [1][2] Business Segment Performance - Brokerage business net income for 42 comparable firms totaled 32.74 billion yuan, a year-on-year increase of 48.7% [4][9] - Investment banking revenue for the same firms was 6.67 billion yuan, up 5.39% year-on-year, with 24 firms showing positive growth [13] - Asset management revenue fell to 10.10 billion yuan, down 3.34% year-on-year, with 19 firms reporting positive growth [17] Revenue Structure - Brokerage and proprietary trading accounted for 64.56% of total revenue, with proprietary trading being the largest source at 38.57% [5] - The contribution of investment banking, asset management, and interest-related income was relatively low, at 5.3%, 8.02%, and 6.26% respectively [5] Notable Growth Rates - Guotai Junan's net profit growth reached 391.78%, primarily due to the absorption of Haitong Securities' negative goodwill [6] - Significant net profit growth was observed in firms like Northeast Securities (859.84%), Guolian Minsheng (271.95%), and Guosheng Financial Holdings (205.96%) [6] - The average net income growth for the securities firms was around 50% [6] Revenue Growth by Business Type - The top ten firms in brokerage income were CITIC Securities (3.33 billion yuan), Guotai Junan (2.65 billion yuan), GF Securities (2.05 billion yuan), and others [10][11] - Proprietary trading income for 42 firms was 48.57 billion yuan, a year-on-year increase of 51.02% [21] - Interest income for the firms was 7.88 billion yuan, up 27.25% year-on-year [26]