21世纪经济报道·2025-08-29 03:47Core Viewpoint - The securities industry in China has shown significant recovery in the first half of 2025, with many brokerages reporting strong earnings growth driven by active trading in the A-share market [1][2]. Group 1: Earnings Performance - As of August 28, 2025, 14 listed brokerages have reported their mid-year earnings, with 10 of them achieving revenue exceeding 2 billion yuan and net profits over 1 billion yuan [1][2]. - Six brokerages, including Dongwu Securities and Guoyuan Securities, reported net profits exceeding 1 billion yuan, with Dongwu Securities achieving a revenue of 4.43 billion yuan and a net profit of 1.93 billion yuan [2][4]. - Notably, Huaxi Securities experienced a net profit surge of 11 times, while Northeast Securities and Hualin Securities saw net profit growth of 2 times and over 1 time, respectively [1][5]. Group 2: Revenue and Profit Growth - In the first half of 2025, all 14 listed brokerages reported a year-on-year increase in net profit, with Huaxi Securities, Northeast Securities, and Hualin Securities showing remarkable growth rates of 1195.02%, 225.90%, and 172.72% respectively [5][6]. - Two brokerages reported a decline in revenue but an increase in net profit, specifically Zheshang Securities and Xibu Securities, with revenue decreases of 23.66% and 16.23% respectively [6][8]. Group 3: Business Drivers - The main drivers of growth in the securities industry were brokerage and proprietary trading businesses, with all 14 brokerages reporting an increase in net income from brokerage fees [8][10]. - Nine brokerages, including Huaxi Securities and Guoyuan Securities, saw their brokerage fee income increase by over 40% year-on-year [8][10]. - Investment income also generally increased, with several brokerages reporting a doubling of investment net income compared to the previous year [8][11]. Group 4: Investment Banking and Asset Management - The investment banking sector showed signs of recovery, with 11 out of 14 brokerages reporting an increase in investment banking fee income [12][13]. - However, asset management businesses posed a drag on overall performance, with only Dongwu Securities and Changcheng Securities reporting growth in asset management fee income [12][13]. Group 5: Market Outlook - The securities sector's investment value is gaining attention due to significant earnings recovery, supported by favorable policies and capital influx [14]. - The industry is focusing on developing high-value-added services, particularly wealth management and institutional business, to enhance income stability and profitability [14].