Nan Fang Du Shi Bao·2025-09-03 10:56Core Viewpoint - The Shenzhen brokerage firms have shown strong performance in the first half of 2025, with notable revenue and profit growth, highlighting a competitive landscape among local firms [2][3]. Revenue and Profit Performance - As of now, all major Shenzhen brokerages have reported their financial results for the first half of 2025, except for Ping An Securities, with a general trend of growth in revenue and net profit [2][3]. - Guosen Securities leads in revenue with 11.075 billion yuan, followed closely by China Merchants Securities at 10.520 billion yuan, both securing their positions as top firms in the industry [3][4]. - Guosen Securities also achieved the highest revenue growth rate at 51.84%, while Changcheng Securities saw a nearly doubled net profit growth rate, marking it as a growth dark horse [3][5]. - Five Mining Securities is noted as a special case with declines in both revenue and net profit, contrasting with the overall positive trend in the industry [2][5]. IPO and Green Finance Initiatives - In the first half of 2025, the A-share market has seen a significant increase in IPO applications, with Shenzhen brokerages actively participating [6]. - Guosen Securities led in new IPO projects with 6, followed by China Merchants Securities with 4 [7]. - Green finance emerged as a key focus for several brokerages, with Guosen Securities successfully issuing the first carbon-neutral green bond in the country [7]. Wealth Management and Client Growth - The wealth management sector has benefited from the market's recovery, with notable increases in client numbers across several brokerages [8]. - China Merchants Securities reported a 45.53% increase in wealth management clients, while Guosen Securities' managed assets exceeded 2.6 trillion yuan, reflecting a 7.5% growth [8][9]. - The usage of brokerage apps has also increased, with Guosen Securities reporting over 30.85 million users, a 6.38% increase from the previous year [8][9]. Special Case of Five Mining Securities - Five Mining Securities is the only brokerage to report declines in both revenue and net profit, with a revenue drop of 13.67% and a net profit decrease of 3.36% compared to the previous year [10][11]. - Despite the overall market recovery, Five Mining Securities' performance appears lacking, necessitating a strategic overhaul under the new leadership of its chairman [11].