国盛证券(002670.SZ)公告称，公司于2025年11月25日领取了《经营证券期货业务许可证》，业务范围 包括证券经纪、证券投资咨询、与证券交易相关的财务顾问、证券承销与保荐、证券自营、融资融券、 公募证券投资基金销售及代销金融产品。 ...

■ 李 文 近期，A股上市公司三季度业绩预告进入密集披露期。作为资本市场"行情风向标"的券商板块，其业绩 表现尤为引人注目。据券商研究机构分析，预计上市券商第三季度归母净利润同比增幅将超过50%，整 体呈现出"增速提升、结构优化"的稳健成长态势。在资本市场交投活跃度持续攀升、政策面暖风频吹的 背景下，券商板块基本面正发生深刻变化，业绩高增预期的背后也向市场传递出三重积极信号。 第二，业务结构优化破解"靠天吃饭"的传统困境。 本轮券商业绩高增，并非单纯依赖市场行情的周期性反弹，而是业务结构从"高波动周期"向"稳健成 长"转变的阶段性成果。一方面，传统业务如经纪、自营业务依然保持弹性，为业绩筑牢基本盘；另一 方面，财富管理、机构业务等收费型中收业务的占比稳步提升，与投行业务共同构建起"抗周期"的收入 结构。 当前，证券行业正着力向高附加值的财富管理与机构业务转型。以基金投顾、代销金融产品为代表的财 富管理业务持续放量，推动券商从传统通道服务商向综合资产配置平台转型。同时，机构交易、主经纪 商、衍生品做市等面向机构客户的服务体系逐步完善，进一步平滑了市场波动对业绩的冲击。这种"多 条腿走路"的模式，显著增强了券商在 ...

Core Insights - The performance of the brokerage sector in the A-share market is expected to show a year-on-year net profit growth of over 50% in Q3, indicating a robust growth trend characterized by "increased growth and optimized structure" [1] Group 1: Market Confidence Recovery - The high growth in brokerage performance reflects a substantial recovery in market confidence and activity, with September seeing 2.9372 million new A-share accounts opened, a 10.83% month-on-month increase, marking the second-highest monthly account opening this year [2] - The average daily trading volume of A-shares reached 21,053 billion yuan in Q3, a 212% year-on-year increase, alongside a continuous rise in margin financing balances, indicating a significant increase in investor risk appetite and market participation [2] - The A-share IPO fundraising scale grew by 67% year-on-year in the first three quarters, while the financing scale of private placements (excluding the four major banks) increased by 123%, showcasing the enhanced effectiveness of the capital market in serving the real economy [2] Group 2: Business Structure Optimization - The current high growth in brokerage performance is attributed not only to market recovery but also to a shift in business structure from "high volatility cycles" to "steady growth," with traditional businesses like brokerage and proprietary trading maintaining elasticity [3] - The proportion of fee-based income from wealth management and institutional business is steadily increasing, contributing to a more resilient revenue structure that mitigates the impact of market fluctuations [3] - The industry is transitioning towards high-value-added wealth management and institutional services, enhancing operational resilience and moving away from the traditional reliance on market conditions [3] Group 3: Valuation and Growth Discrepancy - Despite strong performance, the brokerage sector remains undervalued, with a price-to-book ratio around 1.5, indicating a mismatch between high growth and low valuation [4] - The sector's growth potential is being overlooked due to traditional perceptions of brokerages as "cyclical" entities, while the transformation towards wealth management and institutional services injects long-term growth momentum [4] - As performance continues to improve, the brokerage sector is expected to undergo a value reassessment, highlighting its investment appeal and role in supporting the high-quality development of the capital market [4]

Core Insights - The China Securities Investment Fund Industry Association released the top 100 public fund sales institutions for the first half of 2025, highlighting the strong performance of securities firms in the fund distribution sector [1] - The total "equity fund holding scale" of the top 100 fund distribution institutions reached 51,374 billion yuan, a growth of 5.89% compared to the end of 2024 [1] - The "stock index fund holding scale" increased significantly by 14.57% to 19,522 billion yuan, indicating a robust growth trend [1] - The "non-money market fund holding scale" reached 101,993 billion yuan, up by 6.95% from the end of 2024 [1] Securities Firms Performance - A total of 57 securities firms made it to the top 100 list, with CITIC Securities leading as the top distributor, followed by Huatai Securities and Guotai Junan [1] - CITIC Securities maintained its leading position in "equity fund holding scale" with 1,421 billion yuan, while Huatai Securities followed closely with 1,266 billion yuan [2] - In the "non-money market fund holding scale," the top three securities firms were CITIC Securities (2,397 billion yuan), Huatai Securities (1,752 billion yuan), and Guotai Junan (1,605 billion yuan) [2] - The top ten firms in "stock index fund holding scale" included CITIC Securities (1,223 billion yuan) and Huatai Securities (1,150 billion yuan) [2] Financial Product Distribution - The evaluation of securities firms now includes new metrics related to the growth of equity fund holdings and asset management services, reflecting the importance of financial product distribution capabilities [3] - In the first half of the year, 42 listed securities firms generated 5.568 billion yuan in revenue from financial product distribution, a year-on-year increase of 32.09% [3] - CITIC Securities led the revenue generation with 838 million yuan, followed by CICC with 603 million yuan [3] Growth of Smaller Firms - Smaller securities firms like Nanjing Securities, Guolian Minsheng, and Guojin Securities showed remarkable growth, with revenue from financial product distribution increasing by over 100% year-on-year [4] - Other firms such as Southwest Securities and Guotai Junan also reported significant growth, exceeding 50% year-on-year [4]

Core Insights - In the first half of 2025, 42 listed securities firms reported a total operating revenue of 251.9 billion yuan, a year-on-year increase of 31%, and a net profit attributable to shareholders of 104 billion yuan, up 65% [1] - The brokerage business generated a net income of 63.45 billion yuan, reflecting a growth of 43.98%, with all firms experiencing an increase in brokerage income [1] - The distribution of financial products by these firms reached 5.568 billion yuan, marking a 32.09% increase year-on-year, indicating a shift towards comprehensive wealth management services [5] Brokerage Business Performance - The brokerage business saw a significant increase in revenue, with all 42 firms reporting growth in this segment [1] - Notably, the fastest growth in brokerage income was observed in Nanjing Securities, which surged by 191.28%, while Shanxi Securities experienced the largest decline at -44.9% [1][3] Shanxi Securities Analysis - Shanxi Securities reported a revenue of 1.641 billion yuan, a year-on-year increase of 17.22%, and a net profit of 524 million yuan, up 64.47% [2] - The firm’s investment income reached 1.057 billion yuan, a substantial increase of 173.13%, with self-operated business income accounting for 50.87% of total revenue [3] - However, the firm faced a significant drop in financial product distribution income, which fell to 18 million yuan, the lowest among the 42 firms [3][6] Market Position of Leading Firms - Leading firms in the financial product distribution sector included CITIC Securities, with 838 million yuan, followed by CICC and Guotai Junan, indicating a strong competitive position in the market [7] Regulatory and Legal Challenges - Shanxi Securities' subsidiary, Zhongde Securities, has been embroiled in a lawsuit related to the LeEco financial fraud case, which could impose significant financial liabilities on the firm [8][9] - The ongoing legal issues have hindered Zhongde Securities' ability to secure IPO sponsorship projects, with a withdrawal rate of 90%-100% over the past three years [9][10]

Group 1 - In August 2025, the Shanghai Composite Index reached a nearly ten-year high, with new A-share accounts increasing significantly, totaling 2.65 million, a year-on-year increase of 165% and a month-on-month increase of 35% [2][3] - The shift from a "sell-side" to a "buy-side advisory service" model in wealth management has become a consensus among brokerages, aiming for a more sustainable partnership with investors [2][5] - Half of the 46 listed brokerages reported a year-on-year increase in investment advisory income exceeding 50%, although the average contribution of advisory income to total revenue remains low at 1.3% [6][8] Group 2 - The total number of new A-share accounts opened by individual investors in 2025 reached 17.15 million, a 48% increase year-on-year, with the total number of individual A-share accounts reaching 386 million [3][4] - Despite the increase in new accounts, the August 2025 new account numbers were only 38.7% of the new accounts opened in October 2024, indicating a more cautious approach from investors compared to previous market rallies [5] - The average revenue contribution from advisory services among the top brokerages remains low, with only a few firms achieving significant advisory income relative to their total revenue [8][12] Group 3 - The transition to a "buy-side advisory" model is seen as essential for aligning the interests of brokerages and investors, moving from a focus on product sales to comprehensive asset management [5][13] - The performance of advisory services is increasingly being evaluated based on metrics such as asset retention, client retention rates, and investor profitability [14][15] - The market for advisory services is expected to face challenges during periods of volatility, requiring brokerages to enhance communication and support for investors [15][16]

Core Insights - The securities industry in China showed significant growth in the first half of 2025, with total operating income reaching 251.036 billion yuan, a year-on-year increase of 23.47%, and net profit of 112.280 billion yuan, up 40.37% [1][2] Revenue Structure - Proprietary trading remains the largest source of income, contributing 39.93% of total revenue, followed by brokerage business at 30.44%, net interest income at 10.45%, investment banking at 6.62%, and asset management at 4.52% [1][2] Business Growth - Brokerage business experienced the highest growth rate, with revenue of 76.413 billion yuan, a 46.02% increase year-on-year, and its revenue share increased by 4.7 percentage points [2] - The average net commission rate for securities trading was 0.215%, continuing a downward trend [2] Asset Management - The total scale of asset management business reached 9.35 trillion yuan, a year-on-year increase of 0.93%, with actively managed products and public funds showing significant growth [3] - The scale of collective asset management reached 2.96 trillion yuan, and public funds reached 1.18 trillion yuan, with a combined growth of 3.74% [3] Equity Financing - The securities industry facilitated equity financing of 735.081 billion yuan, a 4.6-fold increase year-on-year, primarily due to increased fundraising through additional share issuance [5] - A total of 33 companies were served for IPOs, raising 19.7 billion yuan, with the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange accounting for 64.71% of the total IPOs [5] Internationalization - The internationalization of securities companies accelerated, with 36 overseas subsidiaries established, and total assets reaching 1.64 trillion Hong Kong dollars, a 20.45% increase [6] - Cross-border business stock reached 948.1 billion yuan, a year-on-year increase of 21.37%, with significant trading volumes in Hong Kong and mainland stock markets [6] Foreign Investment - The industry saw an increase in foreign investment, with 16 foreign-controlled securities firms, total assets of 53.28 billion yuan, and net assets of 29.63 billion yuan, reflecting increases of 10% and 6.96% respectively [7] - Foreign securities firms reported total operating income of 4.36 billion yuan and net profit of 710 million yuan, with year-on-year increases of 19.88% and 5.8 times respectively [7]

Core Viewpoint - The Chinese securities industry showed significant growth in the first half of 2025, with a total operating income of 251.04 billion yuan, a year-on-year increase of 23.47%, and a net profit of 112.28 billion yuan, up 40.37% [2][4]. Revenue Structure - Proprietary trading remains the largest source of income, contributing 39.93% of total revenue, followed by brokerage business at 30.44%, net interest income at 10.45%, investment banking at 6.62%, and asset management at 4.52% [4][5]. Business Growth - Brokerage business experienced the highest growth rate, with revenue reaching 76.41 billion yuan, a year-on-year increase of 46.02%, and its revenue share increased by 4.7 percentage points [4][5]. Cost Reduction Initiatives - The industry actively implemented "fee reduction and commission lowering" policies, leading to a decrease in the average net commission rate for securities trading to 0.0215% [5]. Asset Management Optimization - The total scale of asset management business reached 9.35 trillion yuan, a year-on-year increase of 0.93%. The scale of actively managed products and public funds increased, while single asset management scale decreased to 3.08 trillion yuan, down 8.33% [7]. Wealth Management Transformation - The industry is accelerating its transformation in wealth management, with the scale of financial products sold reaching 3.8 trillion yuan, up 23.88%, and net income from investment consulting at 3.24 billion yuan, up 25.11% [7]. Equity Financing Growth - The securities industry facilitated equity financing of 735.08 billion yuan, a year-on-year increase of 460%, with 33 companies successfully listed through IPOs, raising 19.7 billion yuan [9]. International Expansion - The internationalization of securities companies is accelerating, with 36 overseas subsidiaries established, total assets reaching 1.64 trillion HKD, and cross-border business stock increasing by 21.37% [11].

Core Viewpoint - Guangfa Securities reported steady growth across all business segments in its 2025 mid-term report, with significant increases in revenue and net profit [1] Group 1: Financial Performance - The company achieved total operating revenue of 15.398 billion yuan and a net profit attributable to shareholders of 6.470 billion yuan in the first half of the year [1] - All four major business segments experienced robust growth during the reporting period [1] Group 2: Wealth Management - As of the end of June, the company had over 300 billion yuan in financial products under distribution, reflecting a year-on-year growth of approximately 14.13% [1] - The margin trading and securities lending balance reached 103.638 billion yuan, with a market share of 5.60% [1] - The trading volume of stock mutual funds in the Shanghai and Shenzhen markets reached 15.14 trillion yuan, marking a year-on-year increase of 62.12% [1] Group 3: Investment Banking - During the reporting period, the company completed five A-share equity financing projects with a total underwriting amount of 15.622 billion yuan [1] - The company also completed two new three-board listings and 11 Hong Kong IPO projects, with a total issuance scale of 42.773 billion Hong Kong dollars [1] - In the mergers and acquisitions sector, the company led three major domestic asset restructuring and financial advisory projects, involving a total transaction amount of 2.272 billion yuan [1] Group 4: Investment Management - The combined management scale of public funds by Guangfa Fund and E Fund exceeded 3.6 trillion yuan, ranking third and first in the industry, respectively, excluding money market funds [2] - The net asset value of specialized asset management plans managed by Guangfa Asset Management increased by 39.49% compared to the end of 2024 [2] - Guangfa Futures managed a total of 158.56 billion yuan across 63 asset management plans [2] Group 5: Trading and Institutional Business - The company maintained a leading position in market-making services, officially launching market-making for stocks on the Sci-Tech Innovation Board and the Beijing Stock Exchange [2] - The company provided market-making services for over 900 funds and all ETF options on the Shanghai and Shenzhen stock exchanges [2] - As of the end of June, the company had issued 51,508 private placement products with a total scale of 501.18 billion yuan [2] Group 6: Strategic Development - The company is actively exploring new models of industry-finance integration, supporting regional economic transformation through various forms of industrial funds [3] - As of the end of June, the company had the highest number of business outlets in the nine cities of the Pearl River Delta, enhancing its market reach [3] - The company is committed to building an ecosystem for mergers and acquisitions, providing comprehensive services to facilitate orderly asset capital flow [3]

Core Insights - The company, GF Securities, reported a stable performance in the first half of 2025, achieving total operating revenue of 15.398 billion yuan and a net profit attributable to shareholders of 6.470 billion yuan [1] Group 1: Business Performance - All four major business segments of GF Securities experienced steady growth in the first half of 2025 [1] - The wealth management segment has seen a deepening transformation, with over 4,600 securities investment advisors, ranking second in the industry [1] - As of June 30, 2025, the company’s financial product distribution scale exceeded 300 billion yuan, a year-on-year increase of approximately 14.13% [1] Group 2: Investment Banking - In equity financing, GF Securities completed five A-share projects with a total underwriting amount of 15.622 billion yuan and two new three-board listings [2] - In debt financing, the company underwrote 419 bond issuances with a total amount of 153.721 billion yuan [2] - The company completed 29 offshore bond issuances with an underwriting amount of 49.865 billion USD [2] Group 3: Investment Management - The combined public fund management scale of GF Fund and E Fund exceeded 3.6 trillion yuan, ranking third and first in the industry, respectively, excluding money market funds [2] - The net asset value of the special asset management plans managed by the wholly-owned subsidiary, GF Asset Management, increased by 39.49% compared to the end of 2024 [2] - The total asset management scale of GF Futures, a wholly-owned subsidiary, reached 15.856 billion yuan [2] Group 4: Trading and Institutional Business - The company is a leading primary dealer in over-the-counter derivatives, maintaining a top-tier position in market-making business [2] - GF Securities has officially launched market-making services for stocks on the Sci-Tech Innovation Board and the Beijing Stock Exchange [2]