Core Viewpoint - The Chinese securities industry reported strong performance in the first half of 2025, with significant growth in both revenue and net profit, driven by increased market activity and a shift towards wealth management and international expansion [1] Group 1: Overall Performance - The industry achieved a total revenue of 251.04 billion yuan, representing a year-on-year increase of 23.47% [2] - Net profit reached 112.28 billion yuan, showing a substantial growth of 40.37% compared to the previous year [2] - Out of 150 securities firms, 128 reported profits, indicating an 85% profitability rate across the industry [2] Group 2: Revenue Structure - Proprietary trading remained the largest revenue source, contributing 39.93% to total revenue [2] - Brokerage services experienced the highest growth rate, with revenue of 76.41 billion yuan, up 46.02% year-on-year, and its revenue share increased by 4.7 percentage points to 30.44% [2] - Net interest income, investment banking, and asset management contributed 10.45%, 6.62%, and 4.52% to total revenue, respectively [3] Group 3: Asset Management and Wealth Management - The total scale of asset management business reached 9.35 trillion yuan, a slight increase of 0.93% year-on-year [4] - Active management and net value-based products saw a combined growth of 3.74%, with their share increasing by 1.2 percentage points [4] - The scale of single asset management decreased to 3.08 trillion yuan, down 8.33% year-on-year, reflecting a shift in asset management structure [4] Group 4: Support for the Real Economy - Securities firms facilitated equity financing of 735.08 billion yuan for the real economy, a 4.6-fold increase year-on-year [5] - In the IPO sector, 33 technology innovation companies raised 19.7 billion yuan, accounting for 64.71% of the total IPOs [5] - Bond financing also performed well, with 2.84 trillion yuan raised, marking a 17.65% increase year-on-year [5] Group 5: International Expansion - The internationalization of securities firms accelerated, with 36 overseas subsidiaries established, primarily in Hong Kong, and total assets reaching 1.64 trillion HKD, up 20.45% [6][7] - Cross-border business stock reached 948.1 billion yuan, a year-on-year increase of 21.37% [7] - The industry also saw 16 foreign-controlled securities firms, with total assets of 53.28 billion yuan, reflecting a 10% increase [7]

来源：证券时报网 作者：刘艺文 9月1日，券商中国记者从业内获悉，中证协日前在行业内披露了券商2025年上半年度经营情况，并进行 了解读。上半年全行业实现营收2510.36 亿元，同比增23.47%；实现净利润1122.80 亿元，同比增 40.37%。128家券商实现盈利，盈利面为85%。年化净资产收益率为7.25%，同比提升1.88个百分点。 承销科创债近4000亿元，同比增56.48% 中证协表示，券商立足科技创新发展需求，积极为不同类型企业提供差异化融资服务，持续强化对战略 性新兴产业的金融支持。 上半年证券行业服务实体经济通过股权融资7350.81亿元，同比增加4.6倍，主要原因是增发募集资金增 多。证券行业共服务33家企业通过IPO登陆科创板、创业板、北交所，实现融资197亿元。三个板块IPO 企业家数、融资金额分别占IPO总额的64.71%、52.63%，彰显了资本市场服务科技创新的核心枢纽作 用。 上半年证券行业服务实体经济通过债券融资2.84万亿元，同比增17.65%。其中，承销科技创新债券380 只，金额合计3813.91亿元，较去年同期大幅增长56.48%，债券市场在拓宽科创企业多元化融 ...