"十四五"期间，资本市场作为金融强国战略的核心枢纽，正经历深刻变革与升级。券商行业从传统通道 服务向综合金融服务商转型的浪潮中，首创证券始终坚持金融工作的政治性与人民性，践行"合规、诚 信、专业、稳健"的证券行业文化理念，推动中国特色金融文化融入公司经营、引领发展，以"守正创 新、阳光经营、以人为本、共创共赢"的经营理念为锚点，将提质增效贯穿战略布局与业务实践全过 程，在服务国家战略、赋能实体经济、回报投资者等方面交出了一份亮眼答卷。 作为首都国有控股券商，首创证券在复杂多变的市场环境中，始终与国家战略同频共振。2024年，公司 实现营业收入24.18亿元，同比增长25.49%；归母净利润9.85亿元，同比增长40.49%，营收与利润双双 创下历史新高。2025年，公司前三季度的经营业绩在去年高基数的基础上继续实现营收与利润双增长。 自2022年上市以来，首创证券累计实施分红11.89亿元，现金分红比例始终保持在30%以上，让投资者 切实分享公司发展成果。这份成绩单的背后，是公司对"提质增效重回报"核心目标的坚定践行，更是对 金融报国使命的深度落地。 经营理念筑基：构建提质增效"压舱石" 经营理念是企业发展的 ...

Core Insights - The company reported a revenue of 1.284 billion yuan for the first half of the year, reflecting a year-on-year growth of 2.33% [1] - Net profit attributable to the parent company reached 490 million yuan, with a year-on-year increase of 2.8% [1] - The second quarter saw a significant revenue increase of 23.29% year-on-year, totaling 852 million yuan, and net profit rose by 32.17% to 339 million yuan [1] Financial Performance - Investment business revenue reached 820 million yuan, marking a 56.07% increase year-on-year [2] - Fixed income trading revenue was 637 million yuan, with a modest growth of 2.77% [2] - Investment banking revenue grew by 38.54% to 88 million yuan, focusing on specialized "little giant" enterprises [2] - Wealth management revenue increased by 23.21% to 220 million yuan, with over 40,000 new clients and a total of over 840,000 clients [2] - Asset management products numbered 842, with a net asset value of 165.44 billion yuan, up 14.99% from the previous year [2] Governance and Ratings - The company has improved its governance quality, adhering to regulatory requirements and enhancing its governance system [3] - The ESG rating was upgraded from BBB to A, reflecting the company's commitment to environmental, social, and governance practices [3] - The credit rating was raised from AA+ to AAA, indicating strong market recognition of the company's capabilities and future prospects [3] - Since its listing in 2022, the company has distributed a total of 1.189 billion yuan in dividends, maintaining a cash dividend ratio above 30% [3]

Core Viewpoint - The current market sentiment among retail investors is cautious, with many expressing concerns about the sustainability of the bull market and showing a tendency to reduce their positions as the index approaches 3700 points. Despite an increase in new account openings, the overall number remains below the levels seen during the "9·24" period last year, indicating a lingering "fear of heights" among investors [1][2][4]. Group 1: Market Activity and Investor Behavior - New account openings in July saw a significant increase of approximately 70.54% year-on-year, reaching 1.9636 million, but this is still far from the 6.85 million accounts opened in October last year [3][4]. - The cautious behavior of investors is attributed to previous market fluctuations, leading to a more rational investment approach. The current market is characterized as a "slow bull" rather than the rapid increases seen in past bull markets [4][5]. - The activation of dormant accounts has become a key focus for brokerages, with some firms reporting a threefold increase in activated dormant accounts since August [6][7]. Group 2: Business Strategies of Brokerages - Brokerages are shifting their focus from merely increasing new account numbers to enhancing the value of existing clients, emphasizing the activation of dormant accounts and the provision of tailored services [6][9]. - The demand for professional investment advisory services has surged, with many investors seeking guidance on sectors like technology and innovative pharmaceuticals, leading to a significant increase in advisory service sign-ups [8][9]. - Brokerages are implementing digital strategies to enhance customer engagement, including educational content and specialized investment tools to cater to the diverse needs of their clients [10][11].