Zhong Guo Xin Wen Wang·2025-09-04 13:39Core Insights - In the first half of 2025, China's A-share listed securities firms achieved a total operating income of approximately 251.87 billion yuan and a net profit attributable to shareholders of about 104.02 billion yuan, reflecting a year-on-year increase of over 65% [1][2] - The net profit growth rate of listed securities firms outpaced the overall industry, with 150 securities companies reporting a net profit of around 112.28 billion yuan, a year-on-year increase of approximately 40.37% [1] - The recovery in performance is attributed to improved market sentiment and increased trading activity in the A-share market, with brokerage and investment businesses significantly contributing to overall performance [1] Industry Performance - Brokerage business for listed securities firms grew by over 43% year-on-year, while investment business saw a growth of over 53% [1] - In terms of operating income, CITIC Securities led the industry with approximately 33.04 billion yuan, followed closely by Guotai Junan with about 23.87 billion yuan [1] - Guotai Junan achieved the highest net profit in the industry at approximately 15.74 billion yuan, surpassing CITIC Securities, which reported about 13.72 billion yuan, breaking CITIC's long-standing record of being the top in mid-year net profit [1] Asset Scale and Future Outlook - As of June 30, 2025, CITIC Securities maintained the largest total assets in the industry at approximately 1.81 trillion yuan, while Guotai Junan's total assets reached about 1.80 trillion yuan following mergers and acquisitions [2] - Analysts predict an upward adjustment in the annual profit forecast for the securities industry due to active trading in the A-share market since the third quarter [2] - The long-term outlook suggests that as China's capital market develops and securities firms enhance their operational capabilities, there remains potential for valuation increases among listed securities firms [2]