券商中国·2025-03-29 23:23Core Viewpoint - The article discusses the performance of major securities firms in China as they release their 2024 annual reports, highlighting the competitive landscape and the impact of mergers on profitability and market positioning [1][2]. Group 1: Performance of Major Securities Firms - As of March 29, 2024, 21 listed securities firms have released their annual reports, with 9 large firms showing significant results [1]. - CITIC Securities leads with an operating income of 63.789 billion yuan and a net profit of 21.704 billion yuan, maintaining its top position [2][3]. - Guotai Junan's operating income is 43.397 billion yuan, ranking second, while its net profit is 13.024 billion yuan, placing it third [3][4]. - Five firms have net profits exceeding 10 billion yuan, expanding from only two in 2023 [3]. Group 2: Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is anticipated to enhance capital strength, potentially making it the industry leader in total assets post-merger [1][3]. - The simulated combined financials show an increase in operating income to 58.646 billion yuan but a drop in net profit to 9.030 billion yuan, which may place it outside the top five [3]. Group 3: Self-Operated Business Performance - Self-operated business remains a critical factor for performance, with significant correlations to profit changes [8]. - CITIC Securities leads in self-operated income at 26.345 billion yuan, while Guotai Junan follows with 14.695 billion yuan, showing a 61.04% increase [9][10]. - Firms with high growth in net profit also exhibit strong performance in self-operated income, such as Huayin Securities, which turned losses into profits [9]. Group 4: Brokerage and Wealth Management - The brokerage and wealth management sectors are under scrutiny, with a notable increase in trading activity during the "9.24 market" [12]. - 19 firms reported growth in brokerage fee income, with CITIC Securities exceeding 10 billion yuan, marking a 4.79% increase [13][16]. - Guotai Junan's projected brokerage income post-merger is expected to reach 11.822 billion yuan, positioning it as the industry leader [13]. Group 5: Investment Banking Revenue - The investment banking sector is facing challenges, with 18 out of 21 firms reporting declines in revenue [17]. - CITIC Securities remains the top firm with 4.159 billion yuan in investment banking fees, despite a 33.91% decrease [18]. - Guotai Junan's projected investment banking income post-merger is estimated at 4.603 billion yuan, leading the industry [17]. Group 6: Asset Management Performance - In asset management, 10 firms reported growth while 11 experienced declines [20]. - CITIC Securities is the only firm with asset management fees exceeding 10 billion yuan, achieving 10.506 billion yuan, a 6.67% increase [20]. - Nanjing Securities showed significant growth in asset management fees, doubling its revenue [21].