Nan Fang Du Shi Bao·2025-11-11 08:13Core Insights - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a year-on-year increase of 62.4% [2] - The industry concentration continues to rise, with the top five brokerages also being the top five in net profit, indicating a "dual leader" competitive landscape [2][5] - There is a notable divergence in performance among brokerages, particularly in proprietary trading income [2] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.81 billion yuan, followed by Guotai Junan at 45.89 billion yuan, together accounting for 57.6% of the top five's total revenue [3][4] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the absorption and merger with Haitong Securities, while CITIC Securities shows a stable growth of 32.7% [4] Net Profit Analysis - The net profit of the top five brokerages has surpassed 10 billion yuan, with CITIC Securities at 23.16 billion yuan and Guotai Junan at 22.07 billion yuan, creating a "dual giant" scenario [5][7] - Guotai Junan leads in net profit growth at 131.8%, significantly influenced by goodwill from the merger, while CITIC Securities shows a robust growth of 37.86% [7] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a year-on-year increase of 106.1%, driving brokerage commission income to grow by over 50% across the board [10] - Guotai Junan's commission income surged by 142.8% to 10.81 billion yuan, while CITIC Securities leads in scale with 10.94 billion yuan, reflecting strong performance in the brokerage business [11][12] Proprietary Trading Income - The top five brokerages achieved a total proprietary trading income of 83.58 billion yuan, accounting for 47.02% of total revenue, with CITIC Securities leading at 31.60 billion yuan, a 45.88% increase [13][14] - There is a significant divergence in proprietary trading income growth, with Guotai Junan at 90.11% and Huatai Securities experiencing a decline of 15.08% [14][15]