GF SECURITIES(SZ:000776) Zhi Tong Cai Jing·2025-10-24 14:33Group 1 - The core viewpoint of the articles highlights the significant increase in trading volume in the A-share market during Q3 2025, leading to optimistic expectations for brokerage firms' performance, particularly for GF Securities due to its stake in a large public fund company, E Fund [1][2][4] Group 2 - In Q3 2025, the average daily trading volume in the A-share market reached RMB 2 trillion, representing a year-on-year increase of 153% and a quarter-on-quarter increase of 37%, with total trading volume hitting RMB 134 trillion, up 161% year-on-year and 51% quarter-on-quarter [2] - The influx of household savings into the capital market is expected to continue, indicating strong performance for brokerages in Q3 and the potential for ongoing improvement in the Chinese capital market [2] Group 3 - Retail investors in China are increasingly participating in the market through ETFs, with ETF trading volume accounting for 20% of the A-share market in Q3 2025, up 4 percentage points year-on-year and 3 percentage points quarter-on-quarter [3] - The growth in ETF trading volume is anticipated to become a more significant driver of brokerage revenue than commission rates, which are expected to decline further [3] Group 4 - GF Securities is particularly favored due to its strong performance in brokerage and wealth management, with these segments contributing 49% to its total revenue in H1 2025, compared to 36% for CITIC Securities and 32% for CICC [4] - GF Securities' combined revenue from brokerage and wealth management is projected to reach RMB 4.7 billion in Q3 2025, reflecting a year-on-year growth of 60% and a quarter-on-quarter growth of 21%, accounting for 52% of total revenue [4] - CICC is expected to see a year-on-year revenue growth of 79% in the same segments, while the profit growth for GF Securities and CICC in Q3 is projected at 234% and 43%, respectively [4]