Sou Hu Cai Jing·2026-02-02 06:13Core Viewpoint - The performance of 21 listed securities firms has shown positive growth for 2025, driven by active capital markets and strong business segments such as brokerage and proprietary trading [2][3]. Group 1: Performance Highlights - Among the 21 securities firms, CITIC Securities is the only one expected to exceed 70 billion yuan in revenue for 2025, with a projected revenue of 74.83 billion yuan, representing a year-on-year increase of 28.75% [3][5]. - CITIC Securities is also the only firm expected to surpass 30 billion yuan in net profit, with a forecasted net profit of 30.05 billion yuan, reflecting a year-on-year growth of 38.46% [3][5]. - Guotai Junan is projected to achieve a net profit between 27.53 billion yuan and 28.01 billion yuan, with a year-on-year growth rate of 111% to 115% [3][5]. Group 2: Growth Drivers - The growth in performance is attributed to the active capital market in 2025, which has enhanced business segments such as wealth management, proprietary trading, and asset management [6][7]. - CITIC Securities noted that the overall upward trend in the domestic capital market has significantly boosted trading activity and investor confidence, leading to rapid growth in brokerage, investment banking, and proprietary trading revenues [6][7]. - The merger and acquisition activities have also played a crucial role in enhancing the performance of firms like Guotai Junan and Guolian Minsheng, with the latter expected to report a net profit of 2.008 billion yuan, a year-on-year increase of approximately 406% [5][7]. Group 3: Market Performance - Despite the positive earnings forecasts, the securities sector has experienced a downturn in the secondary market, with the non-bank financial sector index declining by 1.59% as of January 30 [8]. - CITIC Securities' stock price fell by 7.5% from its peak at the beginning of the month, while Guotai Junan's stock price decreased by 12.41% [8]. - Analysts suggest that the high growth rates in earnings may support a rebound in stock prices despite the recent declines [8].