CITIC Securities Co., Ltd.(SH:600030) Jin Rong Shi Bao·2025-09-02 03:09Core Viewpoint - The performance of A-share listed brokerages in the first half of 2025 exceeded expectations, with significant growth in both revenue and net profit, boosting market confidence [1][2]. Group 1: Overall Performance - In the first half of 2025, 42 A-share listed brokerages achieved a total revenue of 251.87 billion yuan, a year-on-year increase of over 30%, and a net profit attributable to shareholders of 104.02 billion yuan, up 65.08% from the same period last year [1]. - 37 brokerages reported both revenue and net profit growth year-on-year, indicating a broad-based improvement across the sector [1]. Group 2: Key Contributors to Growth - The active trading in the equity market and a steady upward trend in A-share performance were primary drivers of revenue growth, with brokerage and proprietary trading businesses being significant contributors [1]. - Regulatory policies aimed at stabilizing expectations and boosting confidence, along with the continued entry of individual and long-term investors into the market, laid a solid foundation for the positive performance of listed brokerages [1]. Group 3: Top Performers - Ten brokerages, including CITIC Securities and Guotai Junan, reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, a 20.44% increase year-on-year [2]. - Guotai Junan's revenue reached 23.87 billion yuan, a 77.71% increase, with net profit soaring by 213.74% to 15.74 billion yuan, surpassing CITIC Securities [2][3]. Group 4: Small and Medium-sized Brokerages - Small and medium-sized brokerages showed remarkable growth, with eight out of ten brokerages reporting over 100% year-on-year increase in net profit, including Huaxi Securities and Guolian Minsheng [4]. - Huaxi Securities achieved a revenue of 2.07 billion yuan, up 46.72%, and a net profit of 512 million yuan, a staggering increase of 1195.02% [4]. Group 5: 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, indicating a significant rise in market activity [6]. - The first half of 2025 saw a recovery in key indicators such as trading volume and the issuance of equity products, which are expected to continue driving brokerage performance [6]. - Analysts predict that with the recovery of market risk appetite and sustained trading volume growth, brokerage performance is likely to improve further in the third quarter [7].