Shang Hai Zheng Quan Bao·2025-09-06 01:18Core Viewpoint - The overall performance of the securities industry has shown a recovery in the first half of the year, with major firms expressing optimism about sustaining this momentum into the second half [3][4]. Performance Overview - The 42 listed securities firms collectively achieved operating revenue of approximately 251.87 billion yuan, a year-on-year increase of over 10% [3]. - The net profit attributable to shareholders reached about 104.02 billion yuan, with a year-on-year growth rate of 65% [3]. - Several firms, including Shenwan Hongyuan and China Merchants Securities, indicated plans to capitalize on opportunities in the second half to maintain their growth trajectory [3]. Business Strategy - Wealth management, proprietary investment, and investment banking remain the core business lines, while digital transformation and international expansion are emerging as key focus areas [6]. - Firms are emphasizing a customer-centric approach in wealth management, with strategies to enhance service offerings [6]. - In proprietary investment, firms are adopting a conservative approach with a focus on absolute returns [6]. Investment Banking Focus - Smaller firms are concentrating on regional development and industry-specific strategies, with a focus on local economic initiatives [7]. - Digital transformation and internationalization are seen as essential for improving operational efficiency, with several firms planning to enhance their overseas financial services [7]. Dividend Plans - A total of 28 out of 42 listed firms plan to implement mid-term cash dividends, with a cumulative total of 18.80 billion yuan, reflecting a year-on-year increase of 39.8% [9]. - Notably, China CITIC Securities leads with a proposed cash dividend of 4.30 billion yuan [9]. - Companies are committed to maintaining stable and sustainable dividend policies to enhance investor confidence [10].