Xin Lang Zheng Quan·2025-10-31 04:01Core Insights - The performance of 50 A-share listed securities firms in the third quarter of 2025 shows that all firms achieved profitability, but only 32 firms experienced "double growth" in both operating revenue and net profit, indicating a recovery in the industry [1][3] Revenue Performance - CITIC Securities led the revenue rankings with 55.815 billion yuan, followed by Guotai Junan with 45.892 billion yuan, showing a significant gap from other firms [1] - Huatai Securities, GF Securities, and China Galaxy ranked third, fourth, and fifth, with revenues of 27.129 billion yuan, 26.164 billion yuan, and 22.751 billion yuan respectively [1] Net Profit Analysis - The top ten securities firms by net profit for the first three quarters are CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, GF Securities, Guoxin Securities, Dongfang Caifu Securities,招商证券, Shenwan Hongyuan, and CITIC Construction Investment [3] - CITIC Securities achieved a net profit of 23.159 billion yuan, while Guotai Junan followed closely with 22.074 billion yuan, with the top ten firms collectively accounting for over 60% of the total net profit of all 50 listed firms [3] Year-on-Year Comparison - Compared to the previous year, there were slight changes in the rankings of the top ten firms, with Huatai Securities and CITIC Construction Investment dropping one position each, and招商证券 dropping four positions [3] Performance of Smaller Firms - Smaller securities firms demonstrated stronger performance resilience, with 12 firms doubling their net profit year-on-year, including Guolian Minsheng, Huaxi Securities, Guohai Securities, and Xiangcai Securities [5] - Guolian Minsheng's net profit surged by 345.3%, while Huaxi Securities saw an increase of 316.89% [5] Business Segment Growth - The significant growth in the securities industry is attributed to the recovery of market conditions, with brokerage business becoming a key driver of performance [6] - In Q3 2025, the total brokerage commission income of 44 comparable A-share listed securities firms reached 112.785 billion yuan, a substantial increase of 72.24% year-on-year [6] - The investment banking business also showed signs of recovery, with net income from investment banking reaching 28.294 billion yuan, up 37.52% year-on-year [6]