Guolian Minsheng Sec(SH:601456) Nan Fang Du Shi Bao·2026-01-19 04:07Core Viewpoint - The performance reports of several securities firms for 2025 indicate significant growth, driven by a bullish market and strategic mergers and acquisitions [1][2]. Group 1: Company Performance - Guolian Minsheng Securities expects a net profit attributable to shareholders of 2.008 billion yuan for 2025, a year-on-year increase of approximately 406% [1]. - CITIC Securities anticipates a net profit exceeding 30 billion yuan, reflecting a year-on-year growth of 38.46% [2]. - Southwest Securities projects a net profit between 1.028 billion and 1.098 billion yuan, representing a year-on-year increase of 47% to 57% [3]. Group 2: Market Trends - The overall Chinese capital market is experiencing an upward trend in 2025, with active trading and major A-share indices showing gains [1][2]. - The integration of Guolian Securities and Minsheng Securities has contributed to the substantial increase in Guolian Minsheng's performance [2]. Group 3: Revenue Breakdown - CITIC Securities reported an operating income of 74.83 billion yuan for 2025, a year-on-year increase of 28.75% [2]. - Southwest Securities attributes its profit growth to significant increases in wealth management, securities investment, and investment banking businesses [3]. - Estimates suggest that the net profit of 43 listed securities firms could reach 216.7 billion yuan, a year-on-year increase of 55% [3]. Group 4: Business Segments - Expected revenue growth for brokerage and credit businesses is projected at 50% and 43% respectively for 2025 [4]. - Investment banking revenues are anticipated to grow by approximately 27% due to a significant increase in A-share IPOs and refinancing activities [4]. - Self-operated business revenues are expected to grow by 35%, despite challenges in bond trading [4].