券商中国·2026-01-18 15:07Core Viewpoint - The article highlights the significant performance growth of major securities firms in China, indicating a bullish trend in the market, with expectations of continued strong earnings in 2025 due to various factors including market conditions and strategic business integrations [1][5]. Group 1: Company Performance - Guolian Minsheng Securities announced an expected net profit of 2.008 billion yuan for 2025, representing a year-on-year increase of approximately 406% [2][3]. - CITIC Securities reported a net profit of 30.051 billion yuan for 2025, a year-on-year growth of 38.46% [4]. - Southwest Securities anticipates a net profit between 1.028 billion yuan and 1.098 billion yuan for 2025, reflecting a growth rate of 47% to 57% [4]. Group 2: Market Trends - The overall capital market in China is experiencing an upward trend, with increased trading activity and investor confidence, contributing to the strong performance of listed securities firms [3]. - Analysts predict that the combined net profit of 43 listed securities firms could reach 216.7 billion yuan in 2025, marking a 55% year-on-year increase [5]. Group 3: Business Segments - The growth in earnings is attributed to significant increases in brokerage, investment banking, and wealth management services, with brokerage and credit business revenues expected to grow by 50% and 43% respectively [5]. - Investment banking revenues are projected to increase by approximately 27% in 2025 due to a rise in A-share IPOs and refinancing activities [5]. Group 4: Regulatory Environment - Recent regulatory changes, including the introduction of a new derivative trading supervision management approach, are expected to enhance the development of derivative products and improve market stability [7]. - Adjustments to financing margin ratios are anticipated to bolster market resilience and support the long-term growth of securities firms' credit businesses [7][8].