Zhi Tong Cai Jing·2025-09-15 03:21Core Viewpoint - The policy goals of "stabilizing growth, stabilizing the stock market," and "boosting the capital market" will continue to guide the future direction of the sector, supported by a moderately loose liquidity environment, ongoing optimization of the capital market, and the rebuilding of investor confidence [1] Group 1: Performance Metrics - In H1 2025, 42 A-share listed brokerages achieved a total operating income of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, a year-on-year increase of 65.08%, marking the highest level in nearly five years [1] - The growth in performance is primarily driven by brokerage and proprietary trading businesses, with brokerage income reaching 63.45 billion yuan, up 38.66% year-on-year, and proprietary trading income at 112.36 billion yuan, up 50.43% year-on-year, contributing 44.61% to total operating income [1] Group 2: Business Transformation - The distribution of financial products has become a key focus for wealth management transformation, with listed brokerages generating 5.57 billion yuan in income from financial product sales, a year-on-year increase of 29.56% [2] - The international business of listed brokerages showed strong growth, with the top ten firms achieving international business revenue of 19.10 billion yuan, a year-on-year increase of 21.15% [2] Group 3: Market Concentration - The industry is experiencing increased concentration, with the net profit concentration ratio (CR5) reaching 45.88%, up 6.81 percentage points year-on-year, and CR10 at 67.44%, up 9.04 percentage points year-on-year [3] - Leading brokerages are expanding their competitive advantages through diversified operations, while smaller firms are focusing on regional characteristics or niche markets to differentiate themselves [3] Group 4: Profitability and Capital Management - The industry’s annualized ROE reached 7.07%, an increase of 1.63 percentage points year-on-year, while the leverage ratio remained stable at 3.29x, a slight decrease of 0.08 percentage points from the end of 2024 [4] - The proportion of equity assets in proprietary investments has increased, with an average of 22.12% of net capital allocated to equity securities and derivatives, up 3.58 percentage points year-on-year [4] - A total of 29 listed brokerages announced interim dividend plans totaling 18.80 billion yuan, a year-on-year increase of 39.79%, reflecting a shift towards prioritizing shareholder returns [4]