Bei Jing Shang Bao·2025-08-31 12:07Core Viewpoint - The overall performance of listed securities firms in A-shares has significantly improved in the first half of 2025, with both revenue and net profit showing substantial growth compared to the previous year [1][3]. Revenue and Profit Growth - In the first half of 2025, the total operating revenue of 42 listed securities firms reached 251.87 billion yuan, a year-on-year increase of 11.37% [3]. - The total net profit attributable to shareholders was 104.02 billion yuan, reflecting a remarkable year-on-year growth of 65.08% [3][4]. - Notably, CITIC Securities led with a revenue of 33.04 billion yuan, followed by Guotai Junan with 23.87 billion yuan [3]. Business Segment Performance - The self-operated and brokerage businesses were the main drivers of the high growth in performance, with self-operated business net income reaching 112.35 billion yuan, up 53.53% year-on-year [5]. - Brokerage business net income totaled 63.45 billion yuan, marking a 43.98% increase compared to the previous year [5]. Wealth Management and Investment Banking - Wealth management has emerged as a significant contributor to revenue growth, with Guotai Junan reporting a 92% increase in wealth management revenue to 9.77 billion yuan [6]. - The investment banking sector also saw steady growth, with total revenue reaching 15.53 billion yuan, a year-on-year increase of 18.11% [7]. Market Outlook - The overall market environment has improved, with expectations of continued growth in trading volume and securities firm performance in the latter half of 2025 [9]. - The industry is anticipated to exhibit trends of specialization, centralization, and personalization, with the Matthew effect becoming more pronounced [1][8].