Core Viewpoint - The first quarter financial reports of listed securities firms show significant performance disparities, with self-operated businesses being a key factor driving profits, particularly for firms like Changjiang Securities, which reported a staggering growth of over 2300% in self-operated income [1][2]. Summary by Category Overall Performance - Among 49 listed securities firms, 9 reported a year-on-year net profit increase of over 100%, while 16 firms saw growth exceeding 50%. Notably, Guotai Junan's net profit reached 12.2 billion yuan, a 391.78% increase year-on-year, although its non-recurring profit was only 3.293 billion yuan due to negative goodwill from mergers [1][2]. Self-Operated Business - The self-operated business has emerged as a critical growth engine, with firms like Northeast Securities, Changjiang Securities, and Huaxi Securities achieving significant profit increases primarily due to this segment. For instance, Changjiang Securities reported a 2328.61% growth in self-operated income [2][5]. - CITIC Securities led the self-operated income rankings with 8.862 billion yuan, a 62.32% increase year-on-year, followed by Guotai Junan at 4.010 billion yuan and CICC at 3.396 billion yuan, which saw an 83.32% increase [4][5]. Asset Management Business - The asset management sector faced challenges, with 7 firms experiencing a "halving" of net income. Despite a slight recovery in total asset management scale to 5.47 trillion yuan, revenue from this segment decreased due to falling management fees [7][8]. - Among 42 comparable firms, only 19 achieved positive growth in asset management revenue, while 23 experienced declines. CITIC Securities topped the list with 2.563 billion yuan in management fees, a year-on-year increase of 8.69% [8].

Core Insights - The overall performance of the brokerage industry is showing signs of recovery, driven by active market trading and growth in brokerage and margin financing businesses, while proprietary trading has become a source of performance divergence among brokerages due to the recent bond market pullback [1][6] Group 1: Financial Performance - As of April 28, over 20 listed brokerages have reported their Q1 2025 results, with more than 80% achieving year-on-year growth in both revenue and net profit, and several small to mid-sized brokerages seeing net profit growth exceeding 100% [2][4] - Major brokerages like China International Capital Corporation (CICC) and China Merchants Securities reported Q1 net profits exceeding 2 billion yuan, with year-on-year growth rates of 47.69% and 9.64% respectively [2][4] - The overall revenue for 150 securities firms in 2024 reached 451.17 billion yuan, marking an 11.15% increase year-on-year, while net profit was 167.26 billion yuan, up 21.35% [4][5] Group 2: Business Segment Performance - Brokerage fee income has increased by over 30% year-on-year for the brokerages that have disclosed their Q1 results, while proprietary trading income has shown significant divergence, with some firms like Huaxi Securities and Dongwu Securities reporting over 100% growth [3][5] - Investment banking and asset management revenues have varied, with some large brokerages experiencing declines in investment banking income, while others, including China Merchants Securities, reported increases exceeding 100% [3][5] - The proprietary trading business has become a key factor in performance divergence, with firms like Caitong Securities reporting declines in revenue and net profit due to the bond market adjustment [6]