

Core Insights - The report highlights the strong performance of the securities industry in 2021, with 26 listed brokerages disclosing their annual reports, showing significant profit growth driven by wealth management transformation [1][2] Group 1: Performance of Major Brokerages - Nine brokerages, including CITIC Securities, Guotai Junan, Huatai Securities, and Haitong Securities, reported net profits exceeding 10 billion yuan, with CITIC Securities leading with a net profit of 231 billion yuan, a year-on-year increase of 55.01% [1] - Among the 26 listed brokerages, 24 achieved positive year-on-year growth in both revenue and net profit, with several firms like Guolian Securities and Zheshang Securities reporting revenue growth exceeding 40% [1] Group 2: Performance of Small and Medium-sized Brokerages - Smaller brokerages also showed remarkable performance, with Zhongyuan Securities' self-operated and investment banking revenues increasing by 365.61% and 245.9% respectively, and Hongta Securities' asset management business growing by 1412.04% [2] - The wealth management transformation in the securities industry has led to significant revenue increases, as evidenced by CICC's report showing a 90% year-on-year growth in product holdings, surpassing 300 billion yuan [2] Group 3: CITIC Securities Business Segments - CITIC Securities reported revenues from brokerage, investment banking, and asset management of 139.6 billion yuan, 81.6 billion yuan, and 117.0 billion yuan respectively, with growth rates of 24.0%, 18.5%, and 46.2% [3] - The brokerage business has successfully transformed into wealth management, with over 12 million clients and total managed assets reaching 11 trillion yuan, a 29% increase [3]