观察｜国际业务渐成券商业绩增长新引擎

Core Viewpoint - The article highlights the resurgence of investment activities in Hong Kong's primary and secondary markets, driven by increased demand for overseas asset allocation among residents, indicating that international business is likely to become a significant growth driver for brokerage firms' performance in the upcoming annual reports [1]. Group 1: Performance of Major Brokerages - CITIC Securities has made significant strides in its international business, which was previously lagging behind that of CICC, with its international revenue expected to grow rapidly by 2025, becoming a new profit growth engine [1]. - Guotai Junan International reported a 41% increase in revenue to HKD 6.23 billion in 2025, achieving a record high, while its net profit surged by 287% to HKD 1.345 billion, with a notable increase in return on equity (ROE) by 6.4 percentage points to 8.7% [2]. - Guotai Junan International's investment banking revenue grew by 133%, and its asset management business saw a 49% increase in scale, with revenue more than doubling [2]. Group 2: Growth of Smaller Brokerages - Smaller brokerages like Shanzheng International are also experiencing growth opportunities, with a net profit increase of 213.5% in the first three quarters of 2025, despite a modest net profit of HKD 47.03 million [2]. - Shanzheng International has strengthened collaboration with Shanxi Securities in fixed income, trade finance, investment banking, and asset management, achieving significant breakthroughs in cross-border integrated development [3]. Group 3: Market Position and Future Outlook - Most Chinese brokerages are still in the early stages of developing their international business, with only a few, like CICC, having over 30% of their revenue from international operations [3]. - Chinese brokerages are gradually capturing a significant share of the Hong Kong market, particularly in IPO sponsorship and underwriting, as the demand for Chinese companies to expand internationally continues to grow [3].