CITIC Securities Co., Ltd.(SH:600030) Chang Jiang Shang Bao·2025-09-07 23:17Core Insights - The A-share listed securities firms reported their best first half in 2025, with total operating revenue reaching 251.87 billion yuan, a year-on-year increase of 11.37%, and net profit attributable to shareholders of 104.02 billion yuan, up 65.09% [1][4] Group 1: Performance Overview - All 42 listed securities firms achieved net profit growth, driven by active capital market trading, which boosted brokerage and proprietary trading revenues [1][4] - The top 10 securities firms generated over 100 billion yuan in operating revenue, with CITIC Securities leading at 33.04 billion yuan, a 20.44% increase, and Guotai Junan Securities following with 23.87 billion yuan, a 77.71% increase [2][3] - The top 10 firms accounted for 70.8% of the total net profit, with CITIC Securities and Guotai Junan's net profits at 13.72 billion yuan and 15.74 billion yuan, respectively [3][4] Group 2: Business Segmentation - Proprietary trading and brokerage services contributed nearly 70% of total revenue, with proprietary trading income for the 42 firms reaching 112.35 billion yuan, a 53.53% increase [6][7] - Brokerage fee income also saw robust growth, totaling 63.45 billion yuan, up 43.98%, with most firms reporting significant increases [7][8] - The investment management sector was the only area to see a decline, with revenues falling by 2.72% to 21.20 billion yuan [8] Group 3: Market Dynamics - The industry is experiencing a "stronger getting stronger" trend, with significant performance disparities among firms, particularly among smaller institutions [2][4] - Some smaller firms, like Guolian Minsheng Securities, reported explosive growth, with operating revenue increasing by 269.4% to 4.01 billion yuan [4][6] - However, four smaller firms experienced revenue declines, highlighting the competitive pressures within the industry [4][6]