Xin Lang Zheng Quan·2025-09-03 09:59Core Insights - The 42 listed securities firms in China reported a total operating revenue of 251.9 billion yuan for the first half of 2025, marking a year-on-year increase of 31% [1] - The net profit attributable to shareholders reached 104 billion yuan, reflecting a significant growth of 65% compared to the previous year [1] - Proprietary investment business emerged as the main contributor to performance, generating 112.35 billion yuan in income, which is a 53.53% increase year-on-year and accounts for nearly 45% of total revenue [1][3] Business Performance - Among the firms, CITIC Securities led with the highest proprietary investment income of 19.05 billion yuan, while Bank of China Securities reported the lowest at 0.12 billion yuan [1] - The largest increase in proprietary investment income was also seen in CITIC Securities, which grew by 7.32 billion yuan year-on-year, while the most significant decrease was recorded by招商证券, which fell by 0.63 billion yuan [1] - Changjiang Securities exhibited the highest growth rate in proprietary income at 668.35%, while Zhongyuan Securities faced the largest decline at 57.18% [3] Market Trends - The stock market indices showed an upward trend in the first half of 2025, with the Wind All A Index rising by 5.83%, the Shanghai Composite Index by 2.76%, and the Shenzhen Component Index by 0.48% [2] - The bond market also experienced volatility, with the China Bond Index increasing by 1.14% [2] - The total proprietary investment asset scale reached 6.8323 trillion yuan by the end of the first half of 2025, representing a year-on-year increase of 14% [2] Company-Specific Insights - Zhongyuan Securities reported a significant decline in operating revenue, down 23.14% to 0.921 billion yuan, primarily due to reduced income from commodity sales and proprietary investments [6][8] - The proprietary investment income for Zhongyuan Securities fell to 0.249 billion yuan, a decrease of 57.18% from the previous year [6] - The firm faced severe floating losses in its trading securities, with a reported 31.84% unrealized loss on its stock assets, which had a fair value of 0.779 billion yuan against an initial cost of 1.143 billion yuan [10][12]