Xin Lang Cai Jing·2025-10-31 00:01Core Insights - The securities industry is experiencing a significant performance boost, with a notable increase in profitability and market activity as of October 30, 2025 [1] Financial Performance - The total net profit of 52 securities firms for the first three quarters of 2025 reached CNY 183.78 billion, marking a year-on-year increase of 61.25% [1] - In Q3 alone, the net profit totaled CNY 70.36 billion, reflecting a year-on-year increase of 59.08% and a quarter-on-quarter increase of 26.45% [1] Individual Firm Performance - Five firms reported net profits exceeding CNY 10 billion: CITIC Securities (CNY 23.16 billion), Guotai Junan (CNY 22.07 billion), Huatai Securities (CNY 12.73 billion), China Galaxy (CNY 10.97 billion), and GF Securities (CNY 10.93 billion) [5] - Twelve firms achieved a net profit growth of over 100%, with Guolian Minsheng leading at 345.30% [6] Business Segments - Brokerage income surged by 74.64% year-on-year, totaling CNY 111.78 billion across 42 comparable firms [10] - Proprietary trading income reached CNY 186.86 billion, up 43.83% year-on-year, with 88.1% of firms reporting positive growth [13] - Investment banking revenue increased by 23.46% year-on-year, totaling CNY 25.15 billion, with 64.29% of firms showing positive growth [16] Market Trends - The overall market activity has positively impacted brokerage and proprietary trading businesses, leading to substantial revenue increases [10][13] - The IPO market is showing signs of recovery, contributing to the resurgence of investment banking revenues [16] Asset Management - Asset management revenues grew modestly by 2.77% year-on-year, totaling CNY 33.25 billion, with only 35.71% of firms reporting positive growth [19] Interest Income - Interest income related to credit business reached CNY 33.91 billion, reflecting a year-on-year increase of 54.52% [22]