2 1 Shi Ji Jing Ji Bao Dao·2025-10-31 04:28Core Insights - The performance of listed securities firms in A-shares has significantly improved in the first three quarters of 2025, driven by a recovery in market activity and high trading volumes [2][10] - All 42 listed securities firms reported year-on-year growth in net profit, with notable performance from mid-sized firms compared to larger ones [4][9] Performance Overview - The top five securities firms by net profit for the first three quarters of 2025 are: CITIC Securities (23.16 billion), Guotai Junan (22.07 billion), Huatai Securities (12.73 billion), China Galaxy (10.97 billion), and GF Securities (10.93 billion) [2][5] - The total net profit of the top ten firms reached 119.55 billion, accounting for over 70% of the total net profit of all 42 firms [7] Growth Rates - Among the top ten firms, Guotai Junan, CICC, and Shenwan Hongyuan achieved net profit growth rates of 131.80%, 129.75%, and 108.22% respectively [7] - Mid-sized firms like Huaxi Securities and Dongbei Securities reported substantial growth, with net profits increasing by 316.89% and 125.21% respectively [9] Market Conditions - The average daily trading volume in A-shares reached 2.1 trillion, a year-on-year increase of 211%, contributing to a stable margin financing scale of 2.4 trillion [10] - The recovery in various business lines, including investment banking and asset management, has been noted as a key factor in the improved performance of the securities industry [10][14] Valuation and Future Outlook - Despite strong earnings growth, the securities sector's index has only risen by 7.21% this year, lagging behind other indices, indicating potential for valuation recovery [13] - Analysts suggest that the sector's performance is expected to improve further, driven by ongoing market activity and the expansion of capital markets [14][15]