Zhong Guo Zheng Quan Bao·2025-09-03 22:42Core Viewpoint - The performance of listed securities firms in China has shown significant growth in the first half of 2025, raising questions about the sustainability of this momentum in the second half and the potential for mid-term dividend plans [1][2][4]. Group 1: Performance and Growth - Several securities firms reported strong net profit growth in the first half of 2025, driven by increases in brokerage, securities investment, and investment banking revenues [2]. - The A-share market's positive performance in the first half has contributed to the revenue growth of securities firms, leading to heightened investor interest in whether this growth can be maintained in the second half [2][3]. Group 2: Mid-term Dividend Plans - CITIC Securities announced a mid-term profit distribution plan, proposing a cash dividend of 2.90 yuan per 10 shares, totaling 4.298 billion yuan, marking an increase from the previous year's 3.557 billion yuan [4]. - Northeast Securities is also planning to implement a proactive and sustainable profit distribution policy, considering various factors such as company development and market trends [4]. Group 3: Differentiated Competitive Advantages - Smaller and specialized securities firms are exploring differentiated development paths to enhance their competitive advantages [5]. - Southwest Securities attributed its profit growth to the active A-share market and its strategic reforms aimed at building unique competitive strengths [6]. - Northeast Securities aims to establish itself as a comprehensive securities firm focused on small and innovative enterprises, enhancing its competitive edge in wealth management and investment banking [6].