Zhong Guo Ji Jin Bao·2025-11-03 01:00Core Viewpoint - The brokerage industry in the A-share market has experienced significant performance growth in the first three quarters of 2025, driven primarily by a surge in brokerage business revenue, with notable contributions from mergers and acquisitions among brokerages [1][2]. Brokerage Business Revenue Surge - The total brokerage revenue for 42 listed brokerages reached 111.77 billion yuan, marking a year-on-year increase of 74.64%, significantly outpacing other business growth rates [2][3]. - The average daily trading volume in the A-share market was approximately 1.65 trillion yuan, reflecting a year-on-year growth of 51.65%, with some trading days exceeding 3 trillion yuan [2]. - Among the brokerages, Guolian Minsheng, Guotai Junan, and Guoxin Securities led in revenue growth, with Guolian Minsheng's brokerage revenue soaring by 293.05% to 1.565 billion yuan [2]. Performance of Leading Brokerages - Leading brokerages such as CITIC Securities and Guotai Junan both surpassed 10 billion yuan in brokerage revenue, with figures of 10.939 billion yuan and 10.814 billion yuan, respectively [3]. - Certain brokerages, like Founder Securities, showed a high dependency on brokerage revenue, with it constituting 46% of their total revenue [3]. Divergence in Proprietary Business - There was a notable divergence in proprietary business revenue among brokerages, with 37 out of 42 reporting growth, while 5 experienced declines [4][5]. - CITIC Securities led the proprietary revenue rankings with 31.603 billion yuan, a year-on-year increase of 45.88% [4]. - Some smaller brokerages, such as Changjiang Securities and Guolian Minsheng, exhibited remarkable growth, with Changjiang Securities' proprietary revenue increasing by 289.68% [4]. Recovery in Investment Banking Business - The investment banking sector showed a clear recovery trend, with total net income from investment banking fees for 42 brokerages reaching 25.151 billion yuan, a year-on-year increase of 23.46% [7]. - Major players like CITIC Securities and CICC maintained their top positions in investment banking revenue, with CITIC Securities leading at 3.689 billion yuan [7]. - Smaller brokerages like Huazhang Securities and Southwest Securities achieved high growth rates of 164.73% and 122.84%, respectively, by focusing on regional markets and niche sectors [7].