Bei Jing Shang Bao·2025-09-01 00:14Core Viewpoint - The overall performance of listed securities firms in the A-share market showed significant recovery in the first half of 2025, with both revenue and net profit experiencing substantial growth compared to the previous year [1][2]. Revenue and Profit Growth - In the first half of 2025, the total operating revenue of 42 directly listed securities firms reached 251.87 billion yuan, an increase of 11.37% year-on-year, while the net profit attributable to shareholders amounted to 104.02 billion yuan, reflecting a year-on-year growth of 65.08% [2][3]. - Among these firms, CITIC Securities led with a revenue of 33.04 billion yuan, followed by Guotai Junan with 23.87 billion yuan. Other notable firms included Huatai Securities and GF Securities, both exceeding 15 billion yuan in revenue [2]. 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 totaling 112.35 billion yuan, up 53.53% year-on-year, and brokerage business net income reaching 63.45 billion yuan, an increase of 43.98% [4][5]. - Wealth management also contributed significantly, with Guotai Junan reporting a 92% increase in revenue from this segment, reaching 9.77 billion yuan [6]. Investment Banking Growth - The investment banking sector also saw steady growth, with total income from this business reaching 15.53 billion yuan, a year-on-year increase of 18.11%. Notably, CITIC Securities and CICC were among the top performers in this area [7][8]. Market Outlook - The overall market environment is expected to continue improving, with projections indicating sustained growth in trading volumes and further enhancements in the performance of securities firms. The industry is anticipated to trend towards specialization and the strengthening of leading firms, with the "Matthew Effect" becoming more pronounced [1][8].