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证券行业2025年三季报综述：业绩同环比高增，景气持续回升
Western Securities·2025-11-03 11:21

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The securities industry has shown significant growth in performance, driven by a strong equity market, with total revenue and net profit for 42 listed brokers reaching CNY 4,195.6 billion and CNY 1,690.5 billion respectively, representing year-on-year increases of 42.6% and 62.4% [1][10] - The report predicts that the securities industry will achieve total revenue and net profit of CNY 5,503 billion and CNY 2,476 billion in 2025, reflecting year-on-year growth of 22.0% and 48.0% [3] Revenue Summary - In the first three quarters of 2025, the total revenue and net profit of 42 listed brokers were CNY 4,195.6 billion and CNY 1,690.5 billion, with year-on-year growth of 42.6% and 62.4% respectively [10][11] - The breakdown of revenue sources includes brokerage income of CNY 1,117.8 billion (up 74.6%), investment banking income of CNY 251.5 billion (up 23.5%), asset management income of CNY 332.5 billion (up 2.4%), proprietary trading income of CNY 1,952.5 billion (up 43.3%), and net interest income of CNY 339.1 billion (up 54.5%) [10][11] - The average daily trading volume (ADT) in the A-share market reached CNY 1.65 trillion, a year-on-year increase of 107% [2] Business Performance - Brokerage and proprietary trading are the main drivers of performance recovery in 2025, with brokerage net income increasing by 75% year-on-year [2] - The investment banking sector saw a significant increase in IPO issuance, with A/H shares totaling CNY 773 billion and HKD 1,878 billion, representing year-on-year growth of 61% and 237% respectively [2] - Asset management income remained stable, with a slight increase of 2.4% year-on-year, indicating a potential recovery in this segment [2] Outlook - The report anticipates continued growth in the securities industry, supported by favorable economic conditions and a rising capital market [3] - The report highlights that the brokerage sector is currently undervalued and presents a good investment opportunity, recommending specific companies such as Guotai Junan, Huatai Securities, and GF Securities [3]