上市券商2024年中报业绩梳理分析：业绩环比改善，自营业务仍是业绩核心变量

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The performance of listed securities firms improved on a quarter-on-quarter basis, with proprietary trading remaining the core variable for performance [1] - The capital market reform is progressing, with the new "National Nine Articles" aimed at promoting high-quality development in the capital market [3] - The overall performance of the equity market was weak in H1 2024, with major indices declining, while the bond market showed strong performance [3][6] Summary by Sections H1 2024 Performance Review - In H1 2024, 43 listed securities firms achieved operating income of CNY 235.02 billion, a year-on-year decrease of 12.69%, and net profit of CNY 66.65 billion, down 21.51% [9] - The second quarter saw a quarter-on-quarter improvement in performance, with operating income increasing by 22.08% and net profit rising by 18.08% compared to Q1 [9] Financial Metrics - As of June 30, 2024, total assets of listed securities firms reached CNY 11.83 trillion, a slight decrease from the end of 2023, while net assets increased to CNY 2.59 trillion [6] - The annualized ROE for listed securities firms in H1 2024 was 5.15%, slightly down from 5.20% in 2023 [6] Revenue Sources - Proprietary trading remained the largest source of revenue, accounting for 31.90% of total income, an increase of 5.08 percentage points from 2023 [12] - Asset management income showed resilience, while brokerage and credit business revenues slightly declined [12] Brokerage Business - The average daily trading volume in the A-share market decreased by 6.83% year-on-year, reflecting a decline in trading sentiment [16] - Brokerage income fell to CNY 51.56 billion, down 14.67% year-on-year, with net income from brokerage fees also declining [19] Asset Management - The asset management business showed stability, with net income from this segment at CNY 22.70 billion, a slight decrease of 1.44% year-on-year [21] - The public fund management scale of 14 licensed securities firms reached CNY 779.07 billion, up 7.59% from the end of 2023 [25] Proprietary Trading - Proprietary trading income totaled CNY 74.97 billion, down 8.66% year-on-year, but showed improvement in Q2 [28] - The focus on fixed-income investments by smaller firms contributed to the growth in proprietary trading performance [32] Investment Banking - Investment banking revenue dropped significantly to CNY 14.00 billion, a year-on-year decline of 41.07%, primarily due to a sharp decrease in IPO financing [35] - The IPO financing scale was CNY 32.49 billion, down 84.50% year-on-year [35] Credit Business - The margin financing balance was CNY 1.48 trillion, down 6.77% year-on-year, indicating a contraction in credit business [39] - Interest income from credit business fell to CNY 16.82 billion, down 29.07% year-on-year [39] Industry Development Trends - The new "National Nine Articles" emphasizes the political and public nature of the capital market, focusing on strong regulation, risk prevention, and promoting high-quality development [46]