券商中国·2025-10-31 04:13Core Viewpoint - The performance of listed securities firms in the first three quarters has significantly improved, with over 60% of firms reporting a net profit growth exceeding 50%, driven by active market trading and robust brokerage and proprietary trading businesses [2][3][4]. Group 1: Overall Performance - All but one of the 43 listed securities firms reported revenue and net profit growth, with the exception of Western Securities, which saw a revenue decline of 2.17% to 4.335 billion yuan [3][4]. - The leading firm, CITIC Securities, achieved a revenue of 55.815 billion yuan, a year-on-year increase of 32.70%, and a net profit of 23.159 billion yuan, up 37.86% [3][5]. - Notable performers include Guolian Minsheng and Huaxi Securities, both of which reported net profit growth exceeding three times [2][3]. Group 2: Business Segments Brokerage and Proprietary Trading - Brokerage and proprietary trading are identified as the main growth engines, with brokerage fee income increasing by at least 47.91% across firms, and some firms reporting over 100% growth [2][8]. - The average daily trading volume in the A-share market reached 2.1 trillion yuan, a year-on-year increase of 211%, contributing to the growth in brokerage income [8]. Investment Banking - Investment banking showed signs of recovery, with total fee income reaching 25.151 billion yuan, a year-on-year increase of 23.46% [14]. - Major firms like CITIC Securities and Guotai Junan led in investment banking income, while smaller firms like Huaxi Securities and Xibu Securities showed significant growth rates [14]. Asset Management - The asset management segment exhibited mixed results, with only about 30% of firms reporting positive growth in fee income, while 10 firms experienced declines exceeding 30% [16]. - The decline in asset management income is attributed to reduced management fee rates [16]. Group 3: Future Outlook - Analysts predict continued improvement in investment banking, derivatives, and public fund businesses, with head firms expected to drive return on equity (ROE) expansion [17]. - The securities sector remains undervalued, presenting strategic investment opportunities for institutions [17].