Core Viewpoint - The securities industry is experiencing a "double bull" market in 2024, driven by robust investment business growth, international business expansion, and a recovery in brokerage services, leading to a steady increase in overall performance [1] Group 1: Investment Business Performance - In 2024, the securities industry achieved a proprietary business income of 1740.7 billion yuan, a year-on-year increase of 43%, accounting for 38.6% of total operating income [2] - The number of securities firms with proprietary income exceeding 100 billion yuan increased to 6 in 2024, up from 3 in 2023, with CITIC Securities leading at 263.45 billion yuan, a growth of 30.86% [2] - Smaller firms showed significant growth, with Huayin Securities turning a profit with a proprietary income of 3.87 billion yuan, a staggering increase of 3417% [2] Group 2: International Business Growth - International business has become a strategic focus for securities firms, with Huatai Securities leading with 143.402 billion yuan in international business income, an increase of 80.93% [5] - CITIC Securities reported international business income of 109.48 billion yuan, a year-on-year increase of 16.42%, contributing over 17% to its total operating income [6] - The international business income of several firms, including Guotai Junan and CICC, exceeded 10% of their total operating income, indicating significant contributions to revenue [6] Group 3: Dividend Distribution - The total dividend payout for the securities industry in 2024 exceeded 500 billion yuan, reflecting strong profitability [8] - Among 42 listed securities firms, 40 proposed cash dividends totaling 387.40 billion yuan, with major firms like Guotai Junan and CITIC Securities leading in proposed dividend amounts [9] - The focus on investor returns is evident, with most firms proposing dividends exceeding 1 billion yuan, showcasing the industry's commitment to rewarding shareholders [9]