Hua Er Jie Jian Wen·2025-08-28 10:55Core Viewpoint - CITIC Securities reported a robust performance in the first half of the year, with revenue and profit both growing over 20% year-on-year, driven by favorable policies and strong market activity [1][2]. Financial Performance - The company's operating revenue for the first half of the year reached 33.04 billion yuan, a year-on-year increase of 20.4% [1][5]. - Total profit amounted to 17.75 billion yuan, reflecting a growth of 27.19% compared to the previous year [1][5]. - Net profit attributable to shareholders was 13.72 billion yuan, up 29.80% year-on-year [1][5]. - The return on equity (ROE) improved to 4.91%, an increase of 0.95 percentage points from the previous year [2]. Business Segments - All main business lines showed steady growth, with net commission and fee income reaching 14.82 billion yuan, a 23.48% increase [2][6]. - Brokerage income was 9.32 billion yuan, growing by 21.11%, benefiting from increased market trading activity and a larger client base [2][6]. - Investment income surged to 20.90 billion yuan, a significant increase of 126.91%, indicating enhanced investment management capabilities [2]. Investment Banking - The investment banking sector led the market, completing 36 A-share underwriting projects with a total underwriting scale of 148.53 billion yuan, capturing a market share of 19.19% [2][3]. - The company ranked first in underwriting for technology innovation enterprises, with a total scale of 26.1 billion yuan [3]. Bond and International Business - The bond underwriting business also performed well, with 2,821 domestic bonds underwritten, totaling 1,038.73 billion yuan, a year-on-year increase of 11.61% [3]. - In international business, the company completed 30 overseas equity projects with an underwriting scale of 2.99 billion USD [3]. Wealth Management and Asset Management - Wealth management transformation showed significant results, with over 16.5 million clients and total managed assets exceeding 12 trillion yuan, both up 4% from the previous year [3][4]. - The total asset management scale, including CITIC Securities and its subsidiaries, surpassed 4.4 trillion yuan, with a market share of 12.83% in private asset management, ranking first in the industry [4]. Policy Environment - The company benefited from ongoing policy support aimed at stabilizing and activating capital markets, with improved mechanisms for long-term funds such as insurance and pension funds entering the market [4].