BOCIC(SH:601696) Xin Lang Zheng Quan·2025-09-10 10:37Core Viewpoint - The report highlights the performance of 42 listed securities firms in China for the first half of 2025, showing significant growth in revenue and net profit, with self-operated investment business being a key driver of this performance [1][2]. Revenue and Profit Performance - The 42 listed securities firms achieved a total operating revenue of 251.9 billion yuan, representing a year-on-year increase of 31% [1]. - The net profit attributable to shareholders reached 104 billion yuan, marking a 65% year-on-year growth [1]. Self-Operated Investment Business - Self-operated investment income for the 42 firms totaled 112.35 billion yuan, up 53.53% year-on-year, accounting for nearly 45% of total revenue [1]. - CITIC Securities reported the highest self-operated investment income at 19.05 billion yuan, while Bank of China Securities had the lowest at 0.12 billion yuan [1]. Performance of Bank of China Securities - Bank of China Securities not only had the lowest self-operated investment income at 0.12 billion yuan but also the lowest investment return rate at 1.52% [2][7]. - The firm's self-operated assets accounted for only 20.52% of total assets, significantly below the average of 50.29% for the 42 firms [2][11]. Market Context - In the first half of 2025, major stock indices in China showed an upward trend, with the Wind All A Index rising by 5.83% and the Shanghai Composite Index increasing by 2.76% [4]. - The bond market also experienced high volatility, with the China Bond Index rising by 1.14% [4]. Future Outlook - The report suggests that if Bank of China Securities enhances its self-operated business, there could be significant potential for performance improvement [11]. - It emphasizes that large securities firms should focus on low-volatility absolute return strategies, while smaller firms should develop non-capital-dependent businesses [11].