回暖的券商：头部忙“瘦身”，小券商“捡漏”扩张？

Core Viewpoint - The performance of the securities industry is recovering, with a notable increase in revenue and net profit for many firms, despite a trend of employee reduction among leading brokerages [6][15][21]. Group 1: Employee Trends - As of mid-2023, the total number of employees in 50 listed brokerages reached 319,452, showing a slight increase year-on-year, primarily due to the merger of Guotai Junan and Haitong Securities [3][7]. - The merger of Guotai Junan and Haitong Securities resulted in a significant increase in employee count, with Guotai Haitong leading with 27,200 employees [4][9]. - Over 70% of listed brokerages have reduced their workforce in the past year, while some smaller firms have increased hiring, contributing to improved performance [11][12]. Group 2: Financial Performance - In the first half of 2023, 150 securities firms reported total revenue of 251.04 billion yuan, a 23% increase year-on-year, with total assets rising from 11.75 trillion yuan to 13.46 trillion yuan [6][15]. - Many brokerages experienced significant net profit growth, with firms like Huaxi Securities and Guolian Minsheng seeing their net profits double [15][21]. - Despite some firms expanding their workforce, not all saw corresponding revenue growth; for instance, Huachuang Yuxin increased its staff by over 3,000 but reported a 12% decline in revenue [14]. Group 3: Market Trends and Outlook - The securities industry is witnessing a recovery in market sentiment, with increased trading activity and a rise in IPOs and fundraising [18][19]. - Key trends include accelerated mergers and acquisitions, the rise of cross-border business, and advancements in digital finance [20]. - The outlook for the brokerage sector remains optimistic, with expectations of continued profit growth, although potential risks from market adjustments and reduced trading activity are acknowledged [21].