Di Yi Cai Jing·2025-09-02 10:49Core Viewpoint - The A-share market is experiencing active trading, leading to significant performance gains for brokerage firms, particularly in their proprietary trading segments [1][2]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [2]. - The proprietary trading income for these brokerages reached 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total income and becoming a major growth driver [2][3]. - Among the brokerages, CITIC Securities reported the highest proprietary trading income of 19.05 billion yuan, contributing approximately 57% to its total revenue [3]. Group 2: Top Holdings and Stock Preferences - As of the end of June, the largest holdings among brokerages included Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with respective holdings of 923 million shares, 43.9 million shares, and 38.3 million shares [6]. - The preferred sectors for proprietary trading include non-bank financials, electronics, and biomedicine, with brokerages also investing in bonds and funds [2][4]. - Notably, some brokerages significantly increased their positions in stocks like Sichuan Chengyu and Hongchuang Holdings during the second quarter, with increases of 151.33% and substantial additions in share quantities [8][9]. Group 3: Changes in Holdings - In the second quarter, several brokerages reduced their holdings in stocks such as Huangshi Group and Shanghai Mechanical, with significant decreases in share quantities [10][11]. - The reduction in holdings was particularly pronounced for stocks facing regulatory scrutiny, such as Huangshi Group, which saw a 34% decrease in shares held by Dongfang Securities [12][13]. - Other stocks that experienced substantial reductions in brokerage holdings included Xin Steel and Yingfang Micro, with decreases exceeding 2 million shares [14].