Jin Rong Shi Bao·2026-02-04 02:27Core Viewpoint - The performance of listed securities firms in the A-share market has shown steady growth, driven by a favorable equity market and increased trading activity, with all reported firms expecting profit increases for 2025 [1][6]. Group 1: Performance of Major Securities Firms - Three securities firms are expected to exceed 10 billion yuan in revenue for 2025: CITIC Securities, China Merchants Securities, and Everbright Securities [2]. - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a year-on-year increase of 28.75%, and a net profit attributable to shareholders of 30.05 billion yuan, up 38.46% [2]. - China Merchants Securities achieved a total revenue of 24.9 billion yuan and a net profit of 12.3 billion yuan for 2025, both showing growth [3]. - Everbright Securities reported a revenue of 10.863 billion yuan, a 13.18% increase, and a net profit of 3.729 billion yuan, up 21.92% [3]. - Guotai Junan is expected to achieve a net profit of 27.53 billion to 28.01 billion yuan, reflecting a year-on-year growth of 111% to 115% [3]. Group 2: Performance of Small and Medium-sized Securities Firms - Smaller securities firms are demonstrating significant growth resilience through differentiated development based on niche markets and regional advantages [4]. - Huaxi Securities anticipates a net profit of 1.27 billion to 1.65 billion yuan for 2025, representing a year-on-year increase of 74.46% to 126.66% [4]. - Xiangcai Securities expects a substantial net profit growth of 266.4% to 403.8% due to significant increases in wealth management and proprietary business [4]. - Guolian Minsheng is projected to achieve a net profit of 2.008 billion yuan, reflecting a growth of approximately 406% [4]. Group 3: Market Trends and Future Outlook - The overall market activity in 2025 is expected to significantly benefit securities firms, with a total trading volume in the Shanghai and Shenzhen markets reaching 413.78 trillion yuan, marking a historical high [7]. - The average daily trading volume has set a new record, and the margin trading balance reached 2.54 trillion yuan, a 36% year-on-year increase, indicating a recovery in investor confidence [7]. - Analysts remain optimistic about the securities sector's future performance, with expectations of continued growth driven by favorable policies and market conditions in 2026 [7].