第一财经·2025-09-03 09:08Core Viewpoint - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with significant growth in their performance driven by proprietary trading income [2][3]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [2]. - Proprietary trading contributed significantly to the performance, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total income [3][4]. - Among the brokerages, CITIC Securities was the only firm with proprietary income exceeding 10 billion yuan, totaling 19.05 billion yuan, contributing approximately 57% to its total revenue [3]. Group 2: Top Holdings and Stock Preferences - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [9]. - The market value of these holdings was over 10 billion yuan for Jiangsu Bank alone, indicating strong interest from brokerages in non-bank financials, electronics, and biomedicine sectors [2][9]. - In the second quarter, brokerages significantly increased their positions in stocks like Sichuan Chengyu and Hongchuang Holdings, with notable increases in shareholdings [11]. Group 3: Changes in Holdings - Brokerages reduced their holdings in several stocks, including Huangshi Group and Shanghai Mechanical, with significant decreases in share quantities [12][16]. - The reduction in holdings was particularly pronounced for Huangshi Group, where Oriental Securities cut its stake by over 34% due to regulatory issues [15]. - Other stocks that saw substantial reductions included New Steel and Yingfang Micro, with brokerages decreasing their holdings by over 2 million shares in the second quarter [16].