国泰海通｜非银：自营及经纪驱动盈利高增，也是分化关键——券商板块2025H1业绩综述

Core Viewpoint - The brokerage sector is expected to benefit from the resonance of allocation power and performance elasticity, with a continued recommendation for investment in this sector [3]. Group 1: Performance Overview - In the first half of 2025, 42 listed brokerages achieved a total net profit attributable to shareholders of 104 billion yuan, representing a year-on-year increase of 65.1% [1]. - The main driver for performance improvement was the revenue increase from brokerage and proprietary trading, with adjusted revenue (operating income - other business costs) rising by 35.1% year-on-year to 247.3 billion yuan, while the net profit margin increased by 7.6 percentage points to 42.1% [1]. - In Q2 2025, adjusted revenue for listed brokerages increased by 16.2% quarter-on-quarter, while net profit decreased by 0.7% quarter-on-quarter, primarily due to the impact of a high base from significant non-operating income in some brokerages [1]. Group 2: Business Segment Contributions - In H1 2025, proprietary trading and brokerage businesses contributed significantly to adjusted revenue growth, with proprietary trading and brokerage businesses growing by 45% and 44% year-on-year, respectively, contributing 53% and 30% to net revenue growth [2]. - The investment banking business saw an 18% year-on-year increase, driven by a recovery in equity financing and high growth in Hong Kong stocks, while asset management business experienced a slight decline due to adjustments following the sale of Huatai Assetmark and a decrease in income from some brokerages' private asset management businesses [2]. - There is a notable performance differentiation among brokerages, with large and medium-sized brokerages benefiting from proprietary trading transformation, while small and medium-sized brokerages primarily rely on brokerage business [2]. Group 3: Investment Recommendations - The brokerage sector is expected to benefit from the dual drivers of allocation power (including the entry of resident funds) and performance improvement, leading to a positive outlook for the non-bank sector market [3].