Core Viewpoint - Multiple securities firms are expected to report strong performance in the first quarter of 2025, driven by significant growth in wealth management, investment trading, and investment banking businesses [2][3][4]. Group 1: Earnings Forecasts - Galaxy Securities anticipates a net profit of 27.73 billion to 31 billion yuan for Q1 2025, representing a year-on-year increase of 70% to 90% [3]. - CITIC Securities expects a net profit of approximately 65.45 billion yuan for Q1 2025, reflecting a growth of around 32% year-on-year [4]. - Guotai Junan forecasts a net profit of 112.01 billion to 124.45 billion yuan for Q1 2025, with an expected increase of 350% to 400% year-on-year [4][5]. - Industrial Securities reported a revenue of 27.92 billion yuan for Q1 2025, up 17.48% year-on-year, and a net profit of 5.16 billion yuan, increasing by 57.32% [6]. - Dongwu Securities projects a net profit of 9.12 billion to 10.03 billion yuan for Q1 2025, indicating a growth of 100% to 120% year-on-year [7]. Group 2: Business Growth Drivers - The growth in net profits for these firms is primarily attributed to substantial increases in wealth management and investment trading revenues [4][5][6]. - Guotai Junan's profit growth is also linked to the absorption merger that generated negative goodwill, enhancing its competitive position in core business areas [5]. - The overall market activity has improved, leading to expectations of better-than-expected earnings reports from securities firms [8]. Group 3: Share Buybacks - Several securities firms are initiating share buyback programs to boost market confidence, including Guojin Securities, which plans to repurchase shares worth between 50 million and 100 million yuan [8][9]. - Guotai Junan has proposed a buyback plan with a total fund of 1 billion to 2 billion yuan to enhance shareholder value [9]. - Dongfang Securities intends to repurchase A-shares with a budget of 250 million to 500 million yuan, further indicating a trend among firms to stabilize their stock prices [9].

Core Viewpoint - The article highlights the significant growth in the first quarter performance of several listed securities firms, driven by an active A-share market and increased investor participation [2][4]. Group 1: Performance Highlights - Guotai Junan expects a net profit attributable to shareholders of RMB 112.01 billion to RMB 124.45 billion for Q1 2025, representing a year-on-year increase of 350% to 400% [2]. - Industrial Securities reported a Q1 revenue of RMB 27.92 billion, up 17.48% year-on-year, with a net profit of RMB 5.16 billion, reflecting a 57.32% increase [2]. - Dongwu Securities anticipates a net profit of RMB 9.12 billion to RMB 10.03 billion for Q1 2025, marking a 100% to 120% year-on-year growth [3]. - CITIC Securities projects a net profit of approximately RMB 65.45 billion for Q1 2025, indicating a 32% year-on-year increase [3]. Group 2: Factors Driving Growth - The strong performance of the A-share market in Q1 2025 has laid the foundation for improved earnings among securities firms [4]. - Guotai Junan attributes its profit growth to the absorption merger that generated negative goodwill and the enhancement of its core business competitiveness [4]. - Industrial Securities credits its revenue and profit growth to the successful development of wealth management, credit trading, and investment trading businesses [5]. - CITIC Securities also notes that its revenue growth is primarily driven by wealth management and investment trading [6]. Group 3: Market Outlook - Analysts are optimistic about the securities sector's performance, with a reported 747,000 new A-share accounts opened in Q1, a 32% year-on-year increase, indicating strong retail investor enthusiasm [6]. - The issuance of equity funds in Q1 reached RMB 110.1 billion, a 102% increase year-on-year, contributing to ample incremental capital [6]. - The average daily trading volume of equity funds was RMB 1.77 trillion, up 72% year-on-year, suggesting heightened market activity that benefits brokerage revenues [6]. - Zhejiang Securities predicts a 21% year-on-year increase in revenue and a 23% increase in net profit for listed securities firms in Q1 2025, with specific growth forecasts across various business lines [8].