Jin Rong Shi Bao·2025-09-01 13:18Core Insights - The A-share listed securities firms reported strong performance in the first half of 2025, with total operating revenue reaching 251.87 billion yuan, a year-on-year increase of over 30%, and net profit attributable to shareholders of 104.02 billion yuan, up 65.08% from the previous year [1] - The growth was driven by active trading in the equity market, with brokerage and proprietary trading businesses being the main contributors to the firms' performance [1][7] - Regulatory policies aimed at stabilizing expectations and boosting confidence, along with continued inflows from individual and long-term investors, provided a solid foundation for the positive performance of listed securities firms [1] Performance of Major Firms - Ten securities firms reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, a 20.44% increase year-on-year, and a net profit of 13.72 billion yuan, up 29.80% [2] - Guotai Junan's revenue reached 23.87 billion yuan, a significant increase of 77.71%, with net profit soaring by 213.74% to 15.74 billion yuan, surpassing CITIC Securities [2][3] Growth of Smaller Firms - Smaller securities firms exhibited remarkable growth, with eight out of ten firms showing over 100% year-on-year increase in net profit [4] - Huaxi Securities achieved a revenue of 2.07 billion yuan, a 46.72% increase, and a net profit of 512 million yuan, up 1195.02%, leading the industry [4] - Guolian Minsheng also demonstrated strong growth, with revenue of 4.01 billion yuan, a 269.40% increase, and net profit of 1.13 billion yuan, up 1185.19% [5][6] Market Trends and Future Outlook - The trading volume in the Shanghai and Shenzhen markets reached 188.78 trillion yuan, a 63.87% increase year-on-year, with the A-share market continuing to show upward momentum [7] - The active trading environment and ongoing capital market reforms are expected to further enhance the performance of securities firms [7]