SCS(SH:601555) 智通财经网·2025-05-06 12:00Core Viewpoint - The report from Dongwu Securities indicates that the net profit attributable to shareholders of 50 listed securities firms in Q1 increased by 80% year-on-year, with an adjusted net profit growth of 51% [1][3][4]. Group 1: Market Activity and Performance - In Q1 2025, the average daily trading volume of stock funds was 17,031 billion yuan, a year-on-year increase of 70% [2]. - The average number of new accounts opened per month in the Shanghai market was 2.8 million, a year-on-year increase of 32% [2]. - The balance of margin financing and securities lending increased by 25% year-on-year [2]. - The total revenue of 50 listed securities firms reached 136.1 billion yuan, a year-on-year increase of 24% [3]. Group 2: Profitability and Revenue Sources - The net profit attributable to shareholders of listed securities firms was 55.8 billion yuan, with a year-on-year increase of 80% [3]. - The average return on equity (ROE) for these firms was 1.43%, an increase of 0.56 percentage points year-on-year [4]. - Brokerage income increased by 49% year-on-year, totaling 33 billion yuan [4][5]. - Investment income (including fair value) reached 50.7 billion yuan, a year-on-year increase of 48% [5][6]. Group 3: Future Outlook and Recommendations - The industry is expected to see a 13% year-on-year increase in net profit in 2025 under neutral assumptions [6]. - Dongwu Securities recommends several firms, including CITIC Securities, China Merchants Securities, and GF Securities, highlighting the advantages of large securities firms in the context of capital market reforms [1][6].