长江商报消息 ●长江商报记者 潘瑞冬 在资本市场走势向好、交投活跃的背景下，券商积极通过发行债券的方式补充资本金，龙头中国银河 （601881.SH、06881.HK）月内发债规模超百亿。 业绩方面，2025年前三季度，中国银河的归母净利润同比增长57.51%至109.68亿元，创三季报历史新 高。公司表示，主要是受益于投资业务、经纪业务和投行业务的快速增长。 11月完成120亿债券发行 11月以来，中国银河的发债节奏有所加快。 11月19日晚间，中国银河公告2025年面向专业投资者非公开发行公司债券（第三期）发行结果。本期债 券注册规模不超200亿元，本期实际发行50亿元，分为2年期和3年期两个品种。其中，品种一实际发行 37亿元，票面利率1.92%，认购倍数2.4108倍；品种二实际发行13亿元，票面利率1.97%，认购倍数 3.4769倍。发行人关联方未参与认购，国信证券、中信证券等主承销商及其关联方合规参与认购。本期 债券通过网下簿记建档发行，全程符合法律法规规定。 日前，中国银河发布公告显示，2025年面向专业投资者非公开发行公司债券（第三期）50亿元，分为2 年期和3年期两个品种。其中，品种一实际 ...

Core Insights - The overall performance of the securities industry in the first three quarters of 2025 is impressive, with 42 listed brokerages achieving a total revenue of 419.56 billion yuan and a net profit attributable to shareholders of 169.05 billion yuan, indicating significant growth in profitability [1][5]. Revenue and Profit Performance - The average revenue growth rate for the 42 listed brokerages is 39.84%, while the average net profit growth rate is 86.18%, showing that profit growth significantly outpaces revenue growth [1][5]. - Among the top ten brokerages, Huatai Securities has a revenue growth of 12.55% and a net profit growth of 1.69%, indicating a relatively stable performance compared to others [1][5]. Notable Brokerage Performances - Citic Securities leads the industry with a revenue of 55.81 billion yuan and a net profit of 23.16 billion yuan, both showing substantial year-on-year growth [3][5]. - Guotai Junan's net profit has more than doubled compared to the previous year, reflecting strong operational efficiency [2][5]. - Several smaller brokerages, such as Changjiang Securities and Northeast Securities, have also shown remarkable net profit growth rates exceeding 125%, highlighting their development potential [2][4]. Industry Trends - A notable trend is the "profit growth outpacing revenue growth" among several brokerages, indicating improved cost control and operational efficiency [2][4]. - The overall industry is entering a new phase of high-quality development, driven by both leading and smaller brokerages adapting to market opportunities and optimizing their business structures [4][5].

Core Viewpoint - The brokerage industry has experienced a significant performance surge in Q3 2025, with 42 listed brokerages achieving a total net profit of 169 billion yuan, marking a 62.4% year-on-year increase [1] Revenue Performance - The top five brokerages exhibit a clear "one super, one strong" revenue pattern, with CITIC Securities leading at 55.815 billion yuan, followed by Guotai Junan at 45.892 billion yuan, together contributing 1.01707 billion yuan, which accounts for 57.6% of the top five's total revenue [2] - Guotai Junan's revenue growth of 101.6% is primarily attributed to the merger with Haitong Securities, while China Galaxy and GF Securities reported revenue growth of 44.39% and 41.04%, respectively [2] Net Profit Performance - The industry saw five brokerages surpassing 10 billion yuan in net profit, with CITIC Securities at 23.159 billion yuan and Guotai Junan at 22.074 billion yuan, establishing a "dual giant" market structure [3] - Guotai Junan led in net profit growth at 131.80%, influenced by goodwill from the merger, while CITIC Securities showed a 37.86% increase, indicating strong profitability [4] Brokerage Business - The average daily trading volume in the market reached 1.64 trillion yuan, a 106.1% increase year-on-year, driving brokerage commission income growth of over 50% across the board [5] - Guotai Junan's commission income surged to 10.814 billion yuan, a 142.80% increase, while CITIC Securities led in scale with 10.939 billion yuan, reflecting a 52.90% growth [6] Proprietary Business - The top five brokerages collectively generated 83.579 billion yuan in proprietary business income, accounting for 47.02% of total revenue [6] - CITIC Securities led proprietary income at 31.603 billion yuan, a 45.88% increase, while Guotai Junan exceeded 20 billion yuan with 20.370 billion yuan, marking a 90.11% growth [6] - There is a notable divergence in proprietary income growth rates, with Guotai Junan leading at 90.11%, while Huatai Securities experienced a decline of 15.08% due to a high base effect from a previous year [7]

Core Insights - The strong performance of brokerage firms in the first three quarters of 2025 is primarily attributed to the robust performance of the A-share market, despite the average performance of brokerage stocks in the secondary market [1][2] - The total revenue of 42 listed brokerage firms reached 419.56 billion yuan, a year-on-year increase of 42.55%, while net profit attributable to shareholders was 169.05 billion yuan, up 62.38% year-on-year [1][2] - The brokerage industry is experiencing a significant increase in revenue from brokerage and proprietary trading businesses, with the brokerage business showing the fastest growth rate [2][6] Brokerage Firms Performance - Among the listed brokerage firms, 11 achieved revenues exceeding 10 billion yuan, with CITIC Securities leading at 55.8 billion yuan, followed by Guotai Junan and Haitong Securities [1][4] - The top brokerage firms maintained steady growth, with CITIC Securities reporting a revenue increase of 32.70% and net profit growth of 37.86% [1][4] - Mid-sized brokerages also showed strong performance, with Guolian Minsheng achieving a revenue growth of 201% and net profit growth of 345% [1][7] Business Segments - Brokerage business net income for the first three quarters reached 111.78 billion yuan, a year-on-year increase of 74.64%, with Guolian Minsheng, Guotai Junan, and Guoxin Securities showing significant growth rates [2][6] - Proprietary trading business generated the largest revenue, totaling 186.86 billion yuan, up 43.83% year-on-year, with CITIC Securities leading this segment [2][4] Market Dynamics - Despite the impressive earnings, brokerage stocks have underperformed in the secondary market, with a 6% increase year-to-date, lagging behind the broader market by 12 percentage points [2][6] - Analysts suggest that the brokerage sector's return on equity (ROE) and valuation still have room for improvement, given the high-quality development of the capital market [2][6] Top Brokerage Firms - CITIC Securities and Guotai Junan are advancing towards becoming internationally recognized investment banks, with both firms surpassing 2 trillion yuan in total assets [4][5] - The top ten brokerage firms maintained their positions from the previous year, with six firms reporting revenues exceeding 20 billion yuan [3][5] Small and Mid-sized Brokerages - Smaller brokerages are accelerating their growth, with several reporting significant revenue and profit increases, driven by mergers and acquisitions [7][9] - Guolian Minsheng's revenue and net profit growth were attributed to proactive market engagement and the consolidation of Minsheng Securities [7][9] - Other small brokerages like Changjiang Securities and Huaxia Securities also reported impressive growth rates, with net profit increases exceeding 100% for several firms [9][10]

Core Viewpoint - The performance of A-share listed securities firms in the first three quarters of 2025 shows significant revenue growth, with major firms leading the market, while West Securities is the only firm to report a decline in revenue [4][6]. Revenue Performance - CITIC Securities maintains its position as the industry leader with a revenue of 558.15 billion yuan, significantly surpassing other firms and being the only one to exceed 500 billion yuan [5][6]. - Guotai Junan follows in second place with 458.92 billion yuan, while other firms like Huatai Securities (271.29 billion yuan) and GF Securities (261.64 billion yuan) also show strong performance [5][6]. - The highest revenue growth is seen in Guolian Minsheng, which reported a 201.17% increase, followed by Guotai Junan at 101.60% [5][6]. Net Profit Analysis - CITIC Securities leads in net profit with 231.59 billion yuan, closely followed by Guotai Junan at 220.74 billion yuan, both surpassing the 200 billion yuan mark [8][9]. - Five firms reported net profits exceeding 100 billion yuan, including Huatai Securities (127.33 billion yuan) and China Galaxy (109.68 billion yuan) [8][9]. - Guolian Minsheng achieved a remarkable net profit growth of 345.30%, indicating strong operational performance [8][9]. Brokerage Business Performance - The brokerage business shows robust growth, with net income from brokerage fees across the industry increasing significantly, the lowest growth rate being 47.91% [10][11]. - CITIC Securities leads in brokerage fee income with 109.39 billion yuan, followed closely by Guotai Junan at 108.14 billion yuan [10][11]. - Guolian Minsheng reported a staggering 293.05% growth in brokerage fee income, highlighting its strong market position [10][11]. Market Activity - The A-share market maintained strong activity in the first three quarters of 2025, with an average daily trading volume of 18,723 billion yuan, reflecting a 109% year-on-year increase [11][12]. - The average monthly new account openings reached 2.47 million, marking a 46% increase compared to the previous year [11][12].

Core Viewpoint - The securities sector continues to experience a pullback, with the securities ETF (512880) declining nearly 1%, while there has been a net inflow of over 4 billion yuan in the past three days, bringing the current scale to over 62 billion yuan [1] Group 1: Industry Performance - Huatai Securities reports that the net profit attributable to listed brokers, excluding non-recurring items, increased by 68% year-on-year in the first three quarters, with a 97% year-on-year growth in the third quarter alone and a 31% quarter-on-quarter growth [1] - The total trading volume of the entire A-share market has returned to 2 trillion yuan, with the financing balance reaching a new high, establishing a solid performance foundation for brokers [1] Group 2: Market Outlook - The valuation of the sector remains low, indicating high cost-performance opportunities that are worth looking into [1]

Core Insights - The securities industry has continued its high growth trend in the first three quarters of the year, with 50 listed securities companies reporting positive net profit growth and only two experiencing a decline in operating revenue [1][2] Group 1: Industry Performance - The total revenue of 50 listed securities companies reached 452.22 billion yuan, a year-on-year increase of 41.05%, while net profit attributable to shareholders was 183.09 billion yuan, up 61.96% year-on-year [2] - The A-share market's increased activity and the proactive business expansion by securities firms have been key drivers of performance growth [1][6] - The average daily trading volume of A-shares reached 1.96 trillion yuan, a 112% year-on-year increase, with some trading days exceeding 3 trillion yuan [6][7] Group 2: Leading Firms - CITIC Securities ranked first in operating revenue with 55.81 billion yuan, a 32.70% year-on-year increase, followed by Guotai Junan with 45.89 billion yuan, which saw a remarkable 101.60% growth [2] - Guotai Junan achieved record highs in total assets, operating revenue, and net profit, with a total asset exceeding 2 trillion yuan, reflecting a 91.7% increase from the previous year [3] - The top five firms in net profit were CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities, collectively accounting for 66% of the total net profit of the 50 listed firms [3] Group 3: Small and Medium Firms - Some small and medium-sized securities firms demonstrated significant performance elasticity, with Guolian Minsheng reporting a 201.17% increase in operating revenue and a 345.3% rise in net profit [4] - Other notable performers included Huaxi Securities, Guohai Securities, and Zhongtai Securities, with net profit growth rates of 316.89%, 282.96%, and 158.63%, respectively [4] Group 4: Business Segments - The brokerage and investment businesses have shown strong performance, with brokerage net income for listed firms totaling 111.8 billion yuan, a 75% year-on-year increase [6] - Investment net income reached 186.9 billion yuan, reflecting a 44% year-on-year growth, with self-operated investment assets amounting to 7.09 trillion yuan, a 15% increase [6] - The industry is shifting towards high-value-added businesses, with wealth management and institutional business contributions steadily increasing [6]

Core Insights - The securities industry in China has experienced significant performance growth in 2023, driven by an active A-share market and robust trading activities [1][2]. Group 1: Overall Performance - In the first three quarters of 2023, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit attributable to shareholders of 169.05 billion yuan, with a net profit growth rate exceeding 60% [1][2]. - All listed securities firms, except for Western Securities, reported increased revenue and profit during this period [2][3]. Group 2: Leading Firms - The top three firms by revenue and net profit are CITIC Securities, Guotai Junan, and Huatai Securities, with revenues of 55.81 billion yuan, 45.89 billion yuan, and 27.13 billion yuan, respectively [2][4]. - Eleven firms reported revenues exceeding 10 billion yuan, with five firms achieving net profits over 10 billion yuan [2][3]. Group 3: Business Segments - Brokerage business revenues increased across the board, with all 42 listed firms reporting growth in brokerage fees, with the smallest increase being over 40% [5]. - CITIC Securities and Guotai Junan reported brokerage fee revenues of 10.94 billion yuan and 10.81 billion yuan, respectively, with growth rates of 52.9% and 142.8% [5][6]. Group 4: Proprietary Trading - Proprietary trading contributed significantly to the overall performance, with six firms reporting proprietary income exceeding 10 billion yuan [6]. - CITIC Securities' proprietary income reached 31.60 billion yuan, accounting for approximately 57% of its total revenue [6]. Group 5: Investment Banking - The investment banking segment showed a mixed performance, with 42 firms generating a total of 25.15 billion yuan in fees, a year-on-year increase of over 20% [7]. - Six firms, including CITIC Securities and China International Capital Corporation, reported investment banking fees exceeding 1 billion yuan [7][8]. - Some smaller firms experienced significant declines in investment banking revenues, with Zhongyuan Securities and Pacific Securities reporting decreases of over 60% [8].

Core Insights - The operating performance of Changjiang Securities significantly improved in the first three quarters of 2025, with multiple indicators reaching the highest levels since its listing or ranking among the top securities firms [1][3] Financial Performance - In the first three quarters of 2025, the company's operating revenue was 8.49 billion yuan, ranking 15th among listed securities firms, with a year-on-year increase of 77%, placing it second in growth among peers [1] - The net profit attributable to shareholders reached 3.37 billion yuan, ranking 13th among listed securities firms, with a year-on-year growth of 135%, ranking 7th in growth [1] Financial Condition - As of the third quarter of 2025, the company's net assets reached 41.69 billion yuan, the highest level since its listing, with a year-on-year growth of 10% [3] Operational Efficiency - The weighted average return on equity for the first three quarters of 2025 ranked first among listed securities firms, increasing by 5.21 percentage points to 9.23%, improving by 19 positions year-on-year [3] Business Segments - The brokerage business showed significant revenue contributions, with net income from brokerage fees increasing by 59%, ranking 14th among listed securities firms [3] - The scale of funds lent in credit business ranked 13th among listed securities firms, improving by 3 positions year-on-year [3] - Investment business revenue surged by 290%, ranking first in growth among listed securities firms [3]

Core Insights - The overall performance of A-share listed securities firms in the first three quarters of the year showed strong growth, with total operating income reaching 421.42 billion yuan, a year-on-year increase of 42.57%, and net profit attributable to shareholders reaching 169.29 billion yuan, up 62.48% [1] Group 1: Performance Highlights - 42 out of 43 listed securities firms reported year-on-year growth in both operating income and net profit [1] - Leading firms such as CITIC Securities and Guotai Junan achieved significant revenue, with CITIC Securities reporting 55.81 billion yuan in operating income, a 32.7% increase, and net profit of 23.16 billion yuan, up 37.86% [2] - Guotai Junan's operating income reached 45.89 billion yuan, a remarkable 101.6% increase, with net profit soaring to 22.07 billion yuan, up 131.8% [2] Group 2: Mergers and Acquisitions Impact - Mergers and acquisitions have been pivotal for securities firms to overcome growth bottlenecks, with firms like Guolian Minsheng and Guotai Junan showing over 100% growth in operating income [3] - Guolian Minsheng's net profit surged by 345.3%, reaching 1.76 billion yuan, while Huaxi Securities and Guohai Securities also reported net profit increases exceeding 200% [3] Group 3: Business Segment Performance - All five core business segments (brokerage, investment banking, asset management, proprietary trading, and credit) experienced growth, indicating a comprehensive recovery across the industry [4] - Brokerage business net income reached 111.78 billion yuan, a 74.64% increase, with Guolian Minsheng leading with a 293.05% growth rate [4] - Proprietary trading, the largest income source for securities firms, generated 186.86 billion yuan, up 43.83%, with CITIC Securities leading at 31.60 billion yuan [5]