CITIC Securities Co., Ltd.(SH:600030) Mei Ri Jing Ji Xin Wen·2025-11-27 13:37Core Viewpoint - The A-share market has been steadily rising since 2025, leading to significant growth in the brokerage industry, with a notable increase in revenue and net profit for listed brokerages in the first three quarters of 2025 compared to the same period in 2024 [1] Group 1: Industry Performance - In the first three quarters of 2025, 42 listed brokerages achieved a total operating income of 419.56 billion yuan and a net profit attributable to shareholders of 169.05 billion yuan, representing year-on-year growth of 42.55% and 62.38% respectively [1] - The brokerage industry is experiencing a positive trend in its operational fundamentals, with asset management business showing significant growth in the third quarter of 2025 [2] - The ETF market has seen strong growth, with the total domestic ETF scale reaching 5,704.56 billion yuan by the end of October 2025, a 53% increase from the end of 2024 [4] Group 2: Future Outlook - The ROE (Return on Equity) for the brokerage industry is expected to steadily improve, with predictions suggesting it could reach 7.1% in 2025, nearing levels seen from 2019 to 2021 [5] - The upcoming "15th Five-Year Plan" period is anticipated to reshape the brokerage industry, with asset allocation, comprehensive services, and international capabilities becoming key differentiators [9] Group 3: Business Innovation - Brokerages are increasingly focusing on business innovation, particularly through the integration of AI technologies in wealth management and other services [6] - Various brokerages have launched AI-driven tools and platforms to enhance service offerings, such as Huatai Securities' AI investment assistant and Dongfang Securities' AI application platform [7] - The emergence of collaborative service brands among brokerages indicates a shift towards more integrated service offerings, moving from internal organizational focus to external brand promotion [8] Group 4: Strategic Developments - The brokerage industry is shifting its focus from financing to investment, with an emphasis on wealth management and proprietary trading as key profit drivers [10] - There is a notable trend towards the rise of merger and acquisition activities, with global M&A transaction volumes surpassing 1 trillion USD in the third quarter of 2025 [10]