Core Viewpoint - The A-share market has seen significant activity in 2023, leading to impressive performance from listed securities firms, with a collective revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan for the first three quarters, marking a net profit growth of over 60% [3][5]. Group 1: Performance Overview - In the first three quarters, 42 listed securities firms achieved a total revenue of 419.56 billion yuan and a net profit of 169.05 billion yuan, with all but one firm reporting revenue and profit growth [3][5]. - The top three firms by revenue and net profit are CITIC Securities, Guotai Junan, and Huatai Securities, with revenues of 55.81 billion yuan, 45.89 billion yuan, and 27.13 billion yuan, respectively [5][7]. - Eleven firms reported revenues exceeding 10 billion yuan, with five firms achieving net profits over 10 billion yuan [5][6]. Group 2: Business Segment Performance - The brokerage business has seen widespread revenue growth, with all 42 listed firms reporting an increase in brokerage fee income, with the smallest growth rate exceeding 40% [9][10]. - CITIC Securities and Guotai Junan reported brokerage fee incomes of 10.94 billion yuan and 10.81 billion yuan, respectively, with growth rates of 52.9% and 142.8% [9][10]. - Over 70% of listed firms (30 firms) reported brokerage fee income growth rates exceeding 60% [10]. Group 3: Proprietary Trading and Investment Banking - Proprietary trading has also contributed significantly to revenue, with six firms reporting proprietary income exceeding 10 billion yuan, led by CITIC Securities with 31.60 billion yuan [10][11]. - The investment banking sector has shown a mixed performance, with 42 firms achieving a total investment banking fee income of 25.15 billion yuan, a year-on-year increase of over 20% [12][13]. - Notably, some firms experienced significant declines in investment banking income, with firms like Zhongyuan Securities and Pacific Securities reporting decreases exceeding 60% [13][14].

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].