券商中国·2025-06-05 23:33Core Viewpoint - The recent surge in new A-share account openings indicates a positive trend in investor confidence, suggesting that the brokerage industry may experience significant revenue growth in the first half of the year [1][3]. Group 1: New Account Data - In May, approximately 1.56 million new A-share accounts were opened, with individual investors accounting for 1.5484 million and institutional investors for 0.07147 million [1][2]. - Although the new account openings in May decreased by 19.16% compared to April, they still showed a year-on-year increase of 22.86% compared to May 2024 [2]. - The total number of new accounts opened in the first five months of the year reached 10.9513 million, representing a 30.2% increase compared to the same period in 2024 [2]. Group 2: Brokerage Performance Outlook - The new account data serves as a barometer for investor confidence, with a notable "wave-like" trend in account openings observed in the first five months of the year [3]. - The peak was in March, with 3.0655 million new accounts opened, marking the second-highest monthly figure in history [3]. - In the first quarter, listed brokerages reported revenues of 125.93 billion yuan, a year-on-year increase of 24.6%, and net profits of 52.183 billion yuan, up 83.48% [3]. - The increase in new accounts directly correlates with the rise in brokerage revenue, with 42 listed brokerages reporting an increase in brokerage income, and 17 of them seeing growth rates exceeding 50% [3]. Group 3: Industry Outlook - According to research from Zhongyuan Securities, the overall operating environment for the securities industry is expected to improve steadily, with brokerage business activity likely to reach new highs in recent years [4]. - The proprietary trading business is anticipated to show slight fluctuations, while investment banking is expected to see marginal improvements [4]. - Asset management faces downward pressure, but the impact is expected to be limited, and net interest income is projected to recover due to increased interest income from margin financing [4].