Group 1 - The core viewpoint of the article highlights that Nomura Holdings reported a net profit of 104.57 billion yen for the first fiscal quarter, representing a year-on-year increase of 52% [1] - The total revenue for the first fiscal quarter was 1.16 trillion yen, showing a year-on-year decline of 5% [1] - The investment banking fee income for the first fiscal quarter was 38.36 billion yen, which is a year-on-year decrease of 7.1% [1] Group 2 - The asset management fees for the first fiscal quarter amounted to 92.86 billion yen, reflecting a year-on-year growth of 2.8% [1] - Trading profits for the first fiscal quarter reached 142.24 billion yen, indicating a year-on-year increase of 7.8% [1] - Brokerage commissions for the first fiscal quarter totaled 100.61 billion yen, which is a year-on-year decline of 2.1% [1]

Core Viewpoint - The article highlights the contrasting performance of listed securities firms in the first half of the year, with some reporting significant profit increases while others, like Zhongshan Securities, faced substantial losses due to poor operational performance in key business areas [1][7]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net profit loss of nearly 30 million yuan in the first half of the year, becoming the first securities firm to announce a loss [2][6]. - The firm's revenue dropped by 52.17% year-on-year to 231 million yuan, with self-operated business income plummeting over 90% [6][8]. - Investment banking and asset management revenues also saw significant declines, with respective drops of 62.57% and 84.35% [10]. Group 2: Comparison with Other Firms - In contrast, over 20 listed securities firms projected profit increases, with at least 9 firms expecting net profit to double, and some large firms reporting over 50% growth [7]. - Zhongshan Securities' self-operated business, which had previously been a key growth driver, faced challenges, leading to a drastic reduction in income [9]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan due to the sale of part of its stake in Dongguan Securities [4][14]. - The sale of 300 million shares of Dongguan Securities generated over 2 billion yuan, significantly boosting Jinlong's financial performance [16]. Group 4: Dongguan Securities Performance - Dongguan Securities showed strong performance with a revenue increase of 38% year-on-year to 1.413 billion yuan and a net profit growth of 60.07% to 477 million yuan [17]. - The brokerage business was the main revenue contributor for Dongguan Securities, with a 65% increase in commission income [18].

Core Insights - In 2024, only 6 out of 38 listed brokerage firms reported positive growth in their investment banking fee income, with the highest increase reaching 91% [1] - In stark contrast, 32 brokerage firms experienced an average decline of 27%, with the maximum drop being 84% [1] Group 1: Performance Overview - The brokerage firm Huayin Securities reported the largest decline, with its investment banking fee income falling to 0.17 billion yuan, a year-on-year decrease of 84% [1] - The annual report indicates that Huayin Securities' investment banking revenue primarily relied on financial advisory services, while underwriting business generated almost no income [1]