本报记者 于宏 今年以来，券商自营业务实现良好收益，前三季度，42家A股上市券商（未包含国盛证券，下同）实现 自营业务净收入1868.57亿元，同比增长43.83%。 多位券商分析师表示，今年以来，经纪及自营业务的增长驱动券商业绩修复，泛自营业务能力将成为券 商业绩分化的关键影响因素。 聚焦行业"第一梯队"的表现来看，中信证券保持领跑，前三季度自营业务净收入为316.03亿元，同比增 长45.88%；其次是国泰海通，自营业务净收入为203.7亿元，同比增长90.11%；中国银河、申万宏源、 中金公司、华泰证券也保持稳健的表现，自营业务净收入分别为120.81亿元、119.33亿元、109.66亿 元、102.23亿元。 在自营业务保持可观增速、对总营收贡献度不断提高的背景下，券商纷纷加码自营业务布局。一方面， 行业自营业务规模不断扩张，最新数据显示，截至三季度末，上市券商自营证券规模（母公司口径）合 计达5.48万亿元，较去年年末增长了11.4%；另一方面，券商持续优化资产配置策略，以提升整体收 益。 业务表现分化显著 在自营业务的战略布局方面，多家券商披露了自身的独特"打法"。例如，东北证券自营业务致力于构 ...

Core Viewpoint - The self-operated business of securities firms has become a crucial variable for performance, significantly contributing to revenue growth amid ongoing capital market reforms and structural market trends in A-shares [1][2][6]. Summary by Sections Self-Operated Business Performance - In the first half of 2025, the self-operated business of 42 listed securities firms generated a net income of 112.35 billion yuan, marking a year-on-year increase of 53.53% from 73.18 billion yuan in the same period last year [2][5]. - The self-operated business has established itself as the primary source of income for securities firms, with many firms reporting that self-operated income accounts for over 50% of their total revenue [7][8]. Revenue Contribution Breakdown - The overall revenue for the securities industry reached 251.04 billion yuan, reflecting a year-on-year growth of 23.47%, with net profits totaling 112.28 billion yuan, up 40.37% [7]. - The revenue contributions from various business segments are as follows: self-operated business (39.93%), brokerage business (30.44%), net interest income (10.45%), investment banking (6.62%), and asset management (4.52%) [7]. Performance of Major Securities Firms - Leading firms like CITIC Securities reported a self-operated net income of 19.05 billion yuan, a 62.4% increase, representing 57.67% of its total revenue [8]. - Other major firms such as Guotai Junan, China Galaxy, and Shenwan Hongyuan also showed strong performance, with self-operated net incomes exceeding 7 billion yuan and growth rates above 50% [8]. Growth of Mid-Sized Firms - Mid-sized firms demonstrated remarkable growth, with Changjiang Securities achieving a staggering 668.43% increase in self-operated net income, rising from 0.19 billion yuan to 1.48 billion yuan [9]. - Guolian Minsheng Securities also saw a significant increase of 458.87%, with self-operated net income jumping from 0.375 billion yuan to 2.097 billion yuan [9]. Market Disparities - Despite the overall positive trend in self-operated business, performance disparities among firms remain evident, with some firms like Zhongyuan Securities and Caizheng Securities experiencing declines in self-operated net income [10]. - The increasing market volatility and stricter regulations are raising the bar for firms' investment capabilities, risk management, and asset allocation skills, which will be critical for maintaining competitive advantages in the future [10].

Group 1 - The core viewpoint of the articles highlights the significant growth in the proprietary trading business of listed securities firms in the A-share market, with a total net income of 112.35 billion yuan in the first half of 2025, representing a year-on-year increase of 53.53% [1][2] - The proprietary trading business has become the largest source of revenue for securities firms, with 15 firms reporting that over 50% of their total revenue came from this segment [1] - Major firms such as CITIC Securities and Guotai Junan reported substantial increases in proprietary trading income, with CITIC Securities achieving 19.05 billion yuan, up 62.42%, and Guotai Junan reaching 9.35 billion yuan, up 89.59% [1][2] Group 2 - A total of 36 out of 42 listed securities firms experienced year-on-year growth in proprietary trading income, with 23 firms showing increases of over 50% [2] - Notable growth was observed in smaller firms, with Changjiang Securities leading with a staggering increase of 668.35% in proprietary trading income [2] - Firms are adopting diverse strategies in their proprietary trading operations, focusing on non-directional investments and multi-asset strategies to enhance competitiveness [3] Group 3 - Securities firms are increasingly emphasizing deep research and value investment principles, aiming to optimize their asset allocation and improve their income stability [4] - The future outlook for proprietary trading suggests continued revenue growth, driven by favorable market conditions and strategic adjustments in investment approaches [4]

Core Viewpoint - The performance of listed securities firms in the first half of the year shows significant growth, driven by self-operated business and a recovering stock market, with many firms reporting record profits and increased cash dividends [1][3]. Group 1: Financial Performance - 42 listed securities firms reported notable performance, with Guotai Junan and Haitong Securities merging, leading to a new top profit holder, with a net profit of 15.737 billion yuan [1]. - 10 firms achieved revenue exceeding 10 billion yuan, with CITIC Securities leading at 33.039 billion yuan [4]. - 9 firms reported over 100% growth in net profit, with Huaxi Securities and Guolian Minsheng showing increases of 1195% and 1185% respectively [2][4]. - 6 firms set historical records for net profit in the first half, including CITIC Securities with a net profit of 13.719 billion yuan, up 29.8% year-on-year [4][5]. Group 2: Business Segments - Self-operated business remains a key driver of high growth, with 36 firms reporting increased self-operated income, and CITIC Securities leading with 19.052 billion yuan, a 62.42% increase [7][8]. - Brokerage business also saw growth, with all firms reporting increased commission income, CITIC Securities again leading with 6.402 billion yuan [10]. - Wealth management and advisory services experienced significant growth, with firms like CITIC Jiantou reporting a 109.70% increase in advisory income [11]. Group 3: Dividend Distribution - 28 listed securities firms announced mid-year dividend plans for 2025, totaling 18.797 billion yuan, with 22 firms continuing to distribute dividends for the second consecutive year, an increase of 5.35 billion yuan compared to the previous year [1].

Core Insights - The core viewpoint of the articles highlights the significant recovery in the performance of the securities industry in 2024, driven primarily by self-operated business income, which is projected to exceed 174 billion yuan, marking a year-on-year growth of over 40% [1][2]. Industry Performance - In 2024, the entire securities industry achieved operating income of 451.17 billion yuan and net profit of 167.26 billion yuan, representing year-on-year growth of 11.2% and 21.3% respectively [2]. - Self-operated business income accounted for 38.6% of the total revenue, maintaining its position as the largest source of income, with a year-on-year increase of 43% [2]. Key Players - Among the listed securities firms, six reported self-operated business income exceeding 10 billion yuan, with CITIC Securities leading at 26.345 billion yuan, followed by Guotai Junan and Huatai Securities at 14.769 billion yuan and 14.501 billion yuan respectively [2][3]. - Sixteen out of twenty-three listed firms reported year-on-year growth in self-operated business income, with five firms achieving growth exceeding 100% [3]. Strategic Focus - The self-operated business has become a crucial driver of performance for securities firms, influencing their competitiveness and profitability [3]. - Firms are increasingly focusing on diversified strategies and optimizing asset allocation to pursue stable growth while managing risks [3][4]. Future Outlook - Securities firms are unveiling their strategic plans for 2025, emphasizing "diversification" and "steady development" as core themes [5]. - CITIC Securities plans to enhance its self-operated business through multi-strategy platforms to improve return certainty and optimize risk-return structures [5]. - Huatai Securities aims to expand its equity trading business through big data, macro hedging, and innovative investments, while also pursuing international market opportunities [5].

Core Insights - The self-operated business remains the largest source of income for the securities industry, achieving a revenue of 174.07 billion yuan in 2024, representing a year-on-year growth of 43% [1] Revenue Structure - The revenue structure of the industry remains stable, with the following proportions: self-operated business at 38.6%, brokerage business at 28.4%, net interest income at 11.1%, investment banking at 7.8%, and asset management at 5.3% [1]