Di Yi Cai Jing·2025-11-02 11:09Core Insights - The securities industry in China has experienced significant performance growth in 2023, driven by an active A-share market and robust trading activities [1][2]. Group 1: Overall Performance - In the first three quarters of 2023, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit attributable to shareholders of 169.05 billion yuan, with a net profit growth rate exceeding 60% [1][2]. - All listed securities firms, except for Western Securities, reported increased revenue and profit during this period [2][3]. Group 2: Leading Firms - The top three firms by revenue and net profit are CITIC Securities, Guotai Junan, and Huatai Securities, with revenues of 55.81 billion yuan, 45.89 billion yuan, and 27.13 billion yuan, respectively [2][4]. - Eleven firms reported revenues exceeding 10 billion yuan, with five firms achieving net profits over 10 billion yuan [2][3]. Group 3: Business Segments - Brokerage business revenues increased across the board, with all 42 listed firms reporting growth in brokerage fees, with the smallest increase being over 40% [5]. - CITIC Securities and Guotai Junan reported brokerage fee revenues of 10.94 billion yuan and 10.81 billion yuan, respectively, with growth rates of 52.9% and 142.8% [5][6]. Group 4: Proprietary Trading - Proprietary trading contributed significantly to the overall performance, with six firms reporting proprietary income exceeding 10 billion yuan [6]. - CITIC Securities' proprietary income reached 31.60 billion yuan, accounting for approximately 57% of its total revenue [6]. Group 5: Investment Banking - The investment banking segment showed a mixed performance, with 42 firms generating a total of 25.15 billion yuan in fees, a year-on-year increase of over 20% [7]. - Six firms, including CITIC Securities and China International Capital Corporation, reported investment banking fees exceeding 1 billion yuan [7][8]. - Some smaller firms experienced significant declines in investment banking revenues, with Zhongyuan Securities and Pacific Securities reporting decreases of over 60% [8].