Jin Rong Shi Bao·2025-08-08 08:00Core Viewpoint - The performance of listed securities companies in the first half of 2025 shows significant growth, particularly among small and medium-sized brokers, which are expected to continue this trend into the second half of the year [1][2][3]. Group 1: Performance Overview - As of July 17, 2025, 31 A-share listed brokers have disclosed their mid-year performance forecasts, with all reporting positive growth in net profit attributable to shareholders [2]. - Among these, 27 brokers expect a year-on-year increase in net profit of over 50%, representing more than half of the total listed brokers [2]. - Major brokers like Guotai Junan and China Galaxy have projected substantial increases in net profit, with Guotai Junan expecting between 15.283 billion to 15.957 billion yuan, a growth of 205% to 218% [3]. Group 2: Small and Medium-sized Brokers - Many small and medium-sized brokers are forecasting net profit growth exceeding 100%, indicating greater performance elasticity [4]. - Huaxi Securities anticipates a net profit between 445 million to 575 million yuan, reflecting a growth of 1025.19% to 1353.90% year-on-year [4]. - Guolian Minsheng Securities also expects a net profit increase exceeding 1000%, attributing this to market opportunities and the integration with Minsheng Securities [4]. Group 3: Business Drivers - The primary drivers of growth for most brokers include increased brokerage income, investment returns, and a recovery in investment banking revenues [6]. - The securities industry is experiencing a favorable operating environment, with a strong growth trend in mid-year performance, suggesting potential for valuation recovery [6]. - The industry is entering a new phase of high-quality development, with a clear strategic direction for top-tier investment banks [6].