Nan Fang Du Shi Bao·2025-07-10 13:22Core Viewpoint - The brokerage firms are reporting significant increases in their mid-year earnings, driven by improved market conditions and strategic business enhancements [2][4][7]. Group 1: Company Performance - Hongta Securities expects a net profit attributable to shareholders of 651 million to 696 million yuan for the first half of 2025, representing a year-on-year growth of 45% to 55% [2][4]. - Hongta Securities anticipates a net profit excluding non-recurring gains and losses of 634 million to 679 million yuan, with a growth of 40% to 50% compared to the previous year [2][4]. - Guosheng Jinkong forecasts a net profit attributable to shareholders of 150 million to 220 million yuan for the first half of 2025, indicating a year-on-year increase of 236.85% to 394.05% [4][5]. - Guosheng Jinkong's net profit after excluding non-recurring gains and losses is expected to be 145 million to 215 million yuan, reflecting a growth of 259.14% to 432.52% [5][6]. Group 2: Business Drivers - Hongta Securities attributes its profit increase to enhanced asset allocation strategies and a successful transition in its proprietary investment business [4][6]. - Guosheng Jinkong reports improvements in its brokerage and investment banking businesses, alongside a reduction in credit impairment provisions [5][6]. Group 3: Market Outlook - The A-share market has shown increased activity in the first half of the year, with expectations for continued high growth in brokerage performance due to favorable market conditions [7][8]. - Analysts predict that the active capital market initiatives will support ongoing trading activity, benefiting brokerage sector performance and valuation recovery [8].