Core Viewpoint - The performance of A-share listed securities firms in the first half of 2025 shows significant growth in net profit, driven by increased trading activity in the A-share market, improved IPO growth, and a recovering bond market [1][4]. Group 1: Performance Highlights - Over 30 listed securities firms, including Guolian Minsheng and Guotai Junan, have released performance forecasts indicating year-on-year growth in net profit [1]. - Notably, Huaxi Securities expects a net profit of 445 million to 575 million yuan, representing a year-on-year increase of 1025.19% to 1353.90% [2]. - Guolian Minsheng Securities anticipates a net profit of 1.129 billion yuan, up 1183% year-on-year, while its non-recurring net profit is expected to rise by 1345% [2]. Group 2: Leading Firms - Guotai Junan is projected to lead with a net profit of 15.283 billion to 15.957 billion yuan, reflecting a growth of 205% to 218% [3]. - China Galaxy expects a net profit of 6.362 billion to 6.801 billion yuan, an increase of 19.75 billion to 24.13 billion yuan compared to the previous year [3]. - Xinhua Securities forecasts a net profit of 4.78 billion to 5.53 billion yuan, marking a year-on-year growth of 52% to 76% [3]. Group 3: Business Drivers - The growth in net profit is attributed to increased income from proprietary trading and securities brokerage, alongside a recovering IPO market [4]. - The first half of 2025 saw a rebound in A-share IPOs, with notable performance from firms like CITIC Securities and Shenwan Hongyuan in terms of IPO quantity and fundraising scale [4]. - Analysts predict that the overall performance of securities firms will continue to improve, driven by high trading activity and supportive capital market policies [5].