今日视点：券商“十四五”答卷彰显行业高质量发展成效

Core Viewpoint - The article discusses the significant achievements and structural changes in China's securities industry during the "14th Five-Year Plan" period, highlighting the transition from scale competition to functional enhancement and the industry's alignment with national strategies [1][2]. Group 1: Industry Growth and Performance - As of June 30, 2025, the total assets of 150 securities firms reached 13.46 trillion yuan, marking a historical high. In the first half of the year, the industry achieved a total operating income of 251.036 billion yuan, a year-on-year increase of 23.47%, and a net profit of 112.28 billion yuan, up 40.37% year-on-year [1]. - The securities industry has undergone a profound structural transformation, focusing on enhancing functionality rather than merely expanding scale, which has led to significant growth in both assets and profitability [2]. Group 2: Functional Optimization and Structural Changes - The industry has shifted its development philosophy from pursuing scale expansion to prioritizing functional capabilities, enhancing market stability, value discovery, risk management, and long-term investor returns [2]. - The concentration of the industry has increased, with leading firms gaining competitive advantages in profitability, business synergy, and risk management, while smaller firms have carved out niches in specific segments [2]. Group 3: Alignment with National Strategies - The securities industry has positioned itself to support national strategies by focusing on key areas such as technological innovation, advanced manufacturing, green finance, and inclusive finance, facilitating a positive cycle between finance and the real economy [3]. - In the first half of the year, the industry underwrote over 720 billion yuan in bonds related to national strategic themes, including 594.44 billion yuan in green bonds and 118.2 billion yuan for small and micro enterprises [3]. Group 4: Internationalization Efforts - The securities industry is accelerating its internationalization, with regulatory improvements facilitating overseas listings and cross-border financing, enhancing the international competitiveness of Chinese securities firms [5]. - By establishing overseas subsidiaries and engaging in international market activities, the industry aims to support domestic companies in global markets while attracting foreign investment into China's capital markets [5].