Xin Lang Zheng Quan·2025-09-03 10:20Core Insights - The total revenue of 42 listed securities firms in the first half of 2025 reached 251.9 billion yuan, a year-on-year increase of 31%, while net profit attributable to shareholders was 104 billion yuan, up 65% [1][2] - Proprietary investment business has become the main pillar of performance, with total proprietary investment income of 112.35 billion yuan, reflecting a year-on-year growth of 53.53% and accounting for nearly 45% of total revenue [1][5] - The top three firms in terms of proprietary investment income growth were Changjiang Securities, Guolian Minsheng, and Huaxi Securities, with growth rates of 668%, 459%, and 245% respectively [5][14] Business Performance - CITIC Securities reported the highest proprietary investment income at 19.05 billion yuan, while Bank of China Securities had the lowest at 0.12 billion yuan [1][3] - The largest increase in proprietary investment income was also from CITIC Securities, which saw an increase of 7.32 billion yuan, while the largest decrease was from China Merchants Securities, which fell by 0.63 billion yuan [1][5] - The proprietary investment income of China Merchants Securities decreased by 13.25% year-on-year, amounting to 4.12 billion yuan in the first half of 2025 [5][6] Market Trends - The stock market 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][5] - The bond market experienced high volatility, with the China Bond Index rising by 1.14% [2] Investment Asset Scale - As of the end of the first half of 2025, the proprietary investment asset scale of the 42 listed securities firms reached 6.8323 trillion yuan, a year-on-year increase of 14% [4][5] - The proportion of proprietary investment assets to total assets remained stable at 50% [4] Derivative Financial Instruments - China Merchants Securities reported a significant loss from derivative financial instruments, with a floating loss of 1.44 billion yuan and an actual loss of 0.96 billion yuan in the first half of 2025 [10][11] - The company’s derivative financial instruments had the largest negative value in equity derivatives, amounting to approximately -2.09 billion yuan [11][12]