CITIC Securities Co., Ltd.(SH:600030) Sou Hu Cai Jing·2025-09-01 09:16Core Viewpoint - The A-share market opened positively in September, with the Shanghai Composite Index rising by 0.46%, the ChiNext Index increasing by over 2%, and the Sci-Tech 50 Index gaining over 1% [1] Market Performance - The leading Securities ETF (560090) experienced a volatile trading day, closing down by 0.91%, despite attracting over 34 million yuan in net inflows on the previous trading day, totaling over 190 million yuan in net inflows over the last 10 days [1][3] - Most constituent stocks of the Securities ETF saw declines, with notable increases in China International Capital Corporation (CICC) by over 1%, while Guotai Junan, Huatai Securities, and Dongfang Securities fell by over 1% [3] Financial Performance of Securities Firms - The China Securities Association reported that the securities industry achieved significant growth in the first half of the year, with total operating revenue reaching 2510.36 billion yuan, a year-on-year increase of 23.47%, and net profit of 1122.80 billion yuan, up 40.37% [5] - Among 128 securities firms, 85% reported profits, with 30 firms achieving profitability and 12 firms, including Huaxi Securities and Guolian Minsheng, seeing net profit growth exceeding 100% [5][6] Revenue Breakdown - The total revenue of 42 listed securities firms reached 2518.66 billion yuan, reflecting a year-on-year increase of 11.37%, while net profit totaled 1040.17 billion yuan, up 65.08% [6] - Revenue from various business segments included brokerage (634.54 billion yuan, +43.98%), investment banking (155.30 billion yuan, +18.11%), asset management (211.95 billion yuan, -3.02%), investment (1123.54 billion yuan, +53.05%), and net interest income (196.57 billion yuan, +30.66%) [7] Individual Firm Performance - Notable individual performances included: - CITIC Securities: Operating revenue of 330.39 billion yuan (+9.46%), net profit of 137.19 billion yuan (+29.80%) - Guotai Junan: Operating revenue of 238.72 billion yuan (+39.85%), net profit of 157.37 billion yuan (+213.74%) - Huatai Securities: Operating revenue of 162.19 billion yuan (-7.00%), net profit of 75.49 billion yuan (+42.16%) [8] Market Outlook - The securities industry is expected to benefit from high trading volumes, normalized equity financing, and a recovering capital market, leading to improved performance and valuation recovery [9] - The A-share securities sector has seen significant gains since June, driven by favorable policies and increased market activity, suggesting potential for further valuation uplift [9]