首创证券权益类资产占净资本比例最高 资管收入同比大降54%|券商半年报

Core Viewpoint - The report highlights the strong performance of 42 listed securities firms in the first half of 2025, with total operating revenue reaching 251.9 billion yuan, a year-on-year increase of 31%, and net profit attributable to shareholders amounting to 104 billion yuan, up 65% [1]. Group 1: Revenue and Profit Analysis - The self-operated investment business has become the main pillar of performance, generating 112.35 billion yuan in revenue, a year-on-year growth of 53.53%, accounting for nearly 45% of total revenue [1]. - The self-operated business revenue of Shouchao Securities increased by 50.86% year-on-year, reaching 873 million yuan [5]. Group 2: Asset Composition and Ratios - Shouchao Securities has the highest proportion of self-operated equity securities and derivatives to net capital at 53.28%, while Guojin Securities has the lowest at 1.98% [3][4]. - The ratio of self-operated fixed-income securities to net capital for Shouchao Securities is 249.88%, indicating a significant reliance on fixed-income assets [4]. Group 3: Business Dependency and Risks - Shouchao Securities relies heavily on its self-operated business, with self-operated income accounting for 67.98% of total revenue, ranking second among peers [8]. - The asset management business of Shouchao Securities saw a revenue decline of 54.06% due to market conditions, although the asset management scale grew steadily [10]. Group 4: Future Prospects and International Expansion - Shouchao Securities plans to list on the Hong Kong Stock Exchange to enhance capital strength and competitiveness, aiming to integrate international resources and improve global influence [11].