Guo Ji Jin Rong Bao·2025-10-31 08:32Core Viewpoint - The performance of A-share listed securities firms has generally improved in the first three quarters of the year, driven by the rise in the A-share market, particularly in brokerage and proprietary trading businesses, although significant disparities in performance among firms have emerged [1][2][3]. Group 1: Overall Performance - All 42 listed securities firms reported year-on-year revenue growth in the first three quarters, except for Western Securities, which saw a slight decline [1][2]. - The leading firm, CITIC Securities, achieved a total revenue of 55.815 billion yuan, a year-on-year increase of 32.7%, with net profit rising by 37.86% to 23.159 billion yuan [2]. - Notable performers include Guotai Junan and Guolian Minsheng, with revenue growth of 101.6% and 201.17%, respectively [2][3]. Group 2: Business Segmentation - Brokerage and proprietary trading businesses have been the main drivers of revenue growth, with all firms reporting positive growth in brokerage income, and 38 firms seeing increases of over 50% [6][8]. - Guolian Minsheng's brokerage income surged by 293%, while Guotai Junan's increased by 143% [6]. - Proprietary trading also performed well, with Longjiang Securities reporting a 290% increase in proprietary income [6]. Group 3: Performance Disparities - Despite overall growth, some firms like Western Securities experienced revenue declines, although their net profit increased significantly due to improved efficiency and cost management [3][5]. - The disparity in performance is evident, with some firms' proprietary trading income declining, while others saw substantial increases [7][8]. - The investment banking sector has faced challenges, with several firms reporting declines in income, attributed to a shift of companies opting for listings in Hong Kong instead of A-shares [8]. Group 4: Market Sentiment and Stock Performance - The stock prices of securities firms have shown significant divergence from their performance, with a notable drop following a market downturn despite a cumulative increase of over 31% since April [9][11]. - Analysts suggest that the traditional logic of "bull markets favoring securities firms" is changing, indicating a more structural rather than broad-based market recovery [13].