Core Insights - The A-share listed securities firms have shown impressive performance in the first three quarters of 2025, with total operating revenue reaching 419.56 billion yuan, a year-on-year increase of 17%, and net profit attributable to shareholders rising by 62.48% to 169.29 billion yuan [1][3]. Revenue and Profit Growth - The self-operated business of listed securities firms has become the primary driver of revenue growth, contributing approximately 44.6% to total operating revenue, with self-operated business income totaling 187.04 billion yuan, up 43.54% year-on-year [1][7]. - The brokerage business has also seen significant growth, with net income from brokerage fees reaching 111.78 billion yuan, an increase of 74.64% year-on-year [1][6]. - Investment banking business net income increased by 23.46% to 25.15 billion yuan, benefiting from a recovery in IPOs and refinancing activities [1][7]. Market Dynamics - The average daily trading volume in the A-share market reached 2.1 trillion yuan, a year-on-year increase of 211%, indicating a more active trading environment [6]. - The number of IPOs in the A-share market was 78, raising approximately 77.26 billion yuan, a 61% increase compared to the previous year [7]. Industry Concentration - The top 10 securities firms accounted for 65% of total revenue, with the top 10 in net profit contributing 70.6% of total net profit [2][3]. - There are 11 securities firms with revenue exceeding 10 billion yuan, highlighting the "Matthew Effect" in the industry [3][4]. Asset Management and Other Business Segments - Total assets of listed securities firms reached 14.92 trillion yuan, with the top 10 firms holding about 70% of total assets [4]. - The asset management business generated net income of 33.25 billion yuan, reflecting a year-on-year growth of approximately 2.8% [8].
上市券商前三季盈利1693亿增62% TOP10资产占比70%马太效应加剧
Chang Jiang Shang Bao·2025-11-02 23:17