Chang Jiang Shang Bao·2025-10-27 01:48Core Viewpoint - The performance of leading brokerage firms, represented by CITIC Securities, has significantly improved due to a recovery in market conditions and increased trading activity, as evidenced by their third-quarter financial results for 2025 [2][4]. Financial Performance - For the first three quarters of 2025, CITIC Securities achieved operating revenue of 55.815 billion yuan, a year-on-year increase of 32.7%, and a net profit of 23.159 billion yuan, up 37.86% [2][4]. - In Q3 2025, CITIC Securities reported a net profit of 9.44 billion yuan, marking a 51.54% year-on-year growth, the highest quarterly growth rate in nearly four years [2][5]. - The quarterly breakdown shows operating revenues of 17.761 billion yuan, 15.278 billion yuan, and 22.775 billion yuan for Q1, Q2, and Q3 respectively, with year-on-year growth rates of 29.13%, 11.69%, and 55.71% [4][5]. Business Segments - The brokerage business generated a net income of 10.939 billion yuan in fees, reflecting a 52.9% increase year-on-year, while investment income reached 32.838 billion yuan, a staggering increase of 190% [8][10]. - The investment banking segment also performed well, with net income from fees amounting to 3.689 billion yuan, up 30.88% year-on-year [10]. Market Context - The overall market environment has improved due to the implementation of new policies and a resurgence in IPO activities, contributing to the strong performance of listed brokerages [4][9]. - In the A-share market, 78 new stocks were listed in the first three quarters of 2025, a 13% increase year-on-year, with total financing of 77.1 billion yuan, up 61% [9]. - The Hong Kong market also saw significant activity, with 66 new listings and financing of 182.3 billion HKD, representing a 228% increase year-on-year [9]. Asset Management - As of September 30, 2025, CITIC Securities' total assets reached 2.03 trillion yuan, making it the first securities firm in China to surpass the 2 trillion yuan mark, reflecting an 18.45% increase from the end of 2024 [3][5][11]. - The asset management business generated net income of 8.703 billion yuan in fees, a year-on-year increase of 16.37% [11].