Sou Hu Cai Jing·2025-10-31 04:46Core Insights - The performance of listed securities firms in the first three quarters has significantly improved, with over 60% of firms reporting a net profit growth exceeding 50% [1][2] - The main drivers of this growth are the brokerage and proprietary trading businesses, benefiting from active market trading [1][8] - Investment banking business shows signs of recovery, with net income from fees totaling 25.15 billion yuan, a year-on-year increase of 23.46% [1][14] Financial Performance - Among 43 listed securities firms, all except Western Securities reported revenue and net profit growth [1] - CITIC Securities remains the industry leader with revenue of 55.81 billion yuan, up 32.70%, and net profit of 23.16 billion yuan, up 37.86% [2][5] - Over 60% of firms reported net profit growth exceeding 50%, with 12 firms achieving over 100% growth, including Guolian Minsheng and Huaxi Securities [2][3] Brokerage Business - The brokerage business has seen substantial growth, with net income from fees increasing by at least 47.91% across firms [8][9] - Notable firms with over 100% growth in brokerage fees include Guolian Minsheng (293.05%) and Guotai Junan (142.80%) [9][10] - CITIC Securities and Guotai Junan lead in brokerage fee income, with 10.94 billion yuan and 10.81 billion yuan, respectively [8][9] Proprietary Trading - Proprietary trading income has shown uneven performance, with 37 firms reporting growth [11][15] - Leading firms in proprietary trading income include CITIC Securities (31.60 billion yuan) and Guotai Junan (20.37 billion yuan) [15][16] - Some firms, such as Huatai Securities and Guohai Securities, reported declines in proprietary trading income [11][15] Investment Banking - The investment banking sector is recovering, with net income from fees increasing by 23.46% year-on-year [14] - Major firms like CITIC Securities and Guotai Junan dominate the investment banking fee income, while smaller firms like Huaxi Securities and Xibu Securities show significant growth [13][14] - The overall market environment for equity financing has improved, benefiting investment banking activities [14] Asset Management - The asset management business has faced challenges, with more firms reporting declines in fee income than increases [16] - Only about 30% of firms achieved positive growth in asset management fees, with significant declines observed in several firms [16] - The pressure on asset management income is attributed to declining management fee rates [16]