Ge Long Hui A P P·2025-08-29 06:10Core Insights - CITIC Securities achieved a net profit attributable to shareholders of 13.72 billion yuan in the first half of the year, representing a year-on-year increase of 29.8% [1] - In the second quarter, the net profit attributable to shareholders was 7.17 billion yuan, showing a year-on-year increase of 27.9% and a quarter-on-quarter increase of 9.6% [1] Brokerage Business - The significant increase in trading volume led to a substantial rise in brokerage business revenue, with the average daily trading volume of stock funds in the market reaching 1.5703 trillion yuan, up 63.3% year-on-year [1] - Revenue from the sale of financial products increased by 18% year-on-year, although its proportion of brokerage business revenue decreased by 2 percentage points to 13% [1] - The margin financing and securities lending balance was 143.2 billion yuan, up 4% from the beginning of the year, with a market share of 7.7%, an increase of 0.1 percentage points from the beginning of the year [1] Interest Income and Client Growth - Net interest income declined significantly due to reduced interest income from monetary funds, settlement reserves, and other debt investments [1] - As of the end of June 2025, the total number of clients exceeded 16.5 million, and the assets under custody surpassed 12 trillion yuan, both growing by 4% compared to the end of 2024 [1] Investment Banking and Asset Management - Investment banking revenue experienced slight growth, maintaining a strong competitive position [1] - Asset management revenue saw a modest increase, with Huaxia Fund retaining its leading position and net investment income increasing significantly year-on-year [1] Rating - The company maintains a "Buy" rating [1]