Guoxin Securities·2025-09-10 12:18Investment Rating - The report maintains an "Outperform" rating for the securities industry [4][6] Core Insights - The securities industry has shown robust growth in the first half of 2025, with total revenue reaching 251.87 billion yuan, a year-on-year increase of 11.37%, and net profit attributable to shareholders reaching 104.02 billion yuan, up 65.08% [1][13] - The increase in performance is driven by a steady rise in the equity market, with trading volumes and margin financing balances continuing to grow [1][13] - The report highlights a significant increase in investment income, which accounted for 44.6% of total revenue, reflecting a year-on-year growth of 53.53% [14][24] Summary by Sections Revenue Structure - In the first half of 2025, the revenue breakdown for listed securities firms showed significant growth across various segments: brokerage income was 63.45 billion yuan (+43.98%), investment banking income was 15.53 billion yuan (+18.11%), asset management income was 21.20 billion yuan (-2.72%), interest income was 19.66 billion yuan (+30.66%), and investment income was 112.35 billion yuan (+53.53%) [1][14][24] Asset Configuration - As of mid-2025, the financial investment assets of listed securities firms reached 6.7494 trillion yuan, an increase of 684.2 billion yuan from the beginning of 2024, accounting for nearly 50% of total assets and about 250% of net assets [2][31] - The report notes a continuous increase in the proportion of OCI equity investments, which reached 571.6 billion yuan, representing 8.5% of financial assets [2][36] Brokerage Business - The average daily trading volume in A-shares was 1.2317 trillion yuan, a 60% increase year-on-year, indicating heightened market activity [3][17] - The commission rate for the securities industry was measured at 0.0182%, reflecting a decrease compared to the previous year, highlighting ongoing competitive pressures in the brokerage sector [3][17] Investment Banking Business - The report indicates a recovery in domestic equity financing, with IPOs continuing to rebound and underwriting activities gradually improving [3][19] - The scale of equity financing in the first half of 2025 reached 20.755 billion yuan, a year-on-year increase of 120% [3][19] Asset Management Business - The asset management sector remains under pressure, with a slight decline in income, although public fund contributions to parent company performance are gradually increasing [3][24] International Business - Chinese securities firms are accelerating their overseas expansion and enhancing their international competitiveness, with a focus on innovative businesses such as RWA [3][27] Investment Recommendations - The report recommends focusing on securities firms with high capital efficiency and strong institutional client bases, such as CITIC Securities and Huatai Securities, as well as firms benefiting from mergers and acquisitions like Guolian Minsheng [4][5]