As of mid-August, the first batch of securities firms has gradually disclosed their semi-annual reports for 2025. As of August 18, five securities firms and their parent companies, including Guosheng Finance, EASTMONEY, HTGF, SWSC, and Yuekai Securities, have announced their semi-annual &#34;report cards,&#34; all of which achieved growth in both revenue and net profit. Among them, benefiting from a low base, HTGF's subsidiary Jianghai Securities saw a year-on-year increase in net profit of 1311.60%.
Due to the hot secondary market and high growth performance, the securities sector has recently attracted significant market attention. The non-bank team of securities firms generally believes that the influx of incremental funds into the market opens up growth space for brokerage, margin trading, asset management, and investment banking businesses, and the securities industry is expected to enter a new growth phase.
<h2>Five Securities Firms Achieve Growth in Revenue and Net Profit; Proprietary Business Performance Diverges</h2>
Overall, most of the securities firms disclosing semi-annual reports this round are small and medium-sized firms, showing high elasticity in performance. In terms of revenue, EASTMONEY ranked first with 6.856 billion yuan, a year-on-year increase of 38.65%; SWSC, Guosheng Finance, Jianghai Securities, and Yuekai Securities achieved operating revenues of 1.504 billion yuan, 1.136 billion yuan, 726 million yuan, and 482 million yuan, respectively.
In terms of performance growth, Jianghai Securities ranked first with a year-on-year growth of 1311.60%; Guosheng Finance also performed well with a year-on-year growth of 369.91%, ranking second; Yuekai Securities, EASTMONEY, and SWSC achieved year-on-year growth of 84.56%, 37.27%, and 24.36%, respectively.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f290e58c-c969-4654-9823-675fc11a19c5.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f290e58c-c969-4654-9823-675fc11a19c5.jpeg"/>
From a business perspective, the core driving force behind the performance of securities firms in the first half of the year shows divergence, with proprietary capabilities becoming a dividing line for the performance of small and medium-sized securities firms. During the reporting period, Jianghai Securities' proprietary business achieved revenue of 406 million yuan, a year-on-year increase of 211.77%, contributing the vast majority of its total revenue growth.
Jianghai Securities stated that the significant growth in proprietary business is attributed to two main reasons: first, the equity investment adhered to a quantitative outsourcing strategy, effectively avoiding the risks of significant market fluctuations, with both outsourcing and investment capabilities significantly improved, achieving better performance in recent years; second, the fixed income business has gradually formed a development pattern that balances bond investment and multi-asset investment, continuously consolidating and expanding a good development trend.
In contrast, Yuekai Securities saw its proprietary business revenue decline by 31.98% to 115 million yuan, mainly affected by the bond market conditions and a high base during the same period. SWSC achieved steady growth in proprietary income in the first half of the year, with a year-on-year increase of 15.06% to 622 million yuan.
<h2>Wealth Management Becomes the Core Engine of Performance Growth</h2>
While the performance of proprietary businesses diverges, wealth management is becoming a new growth pole for securities firms' performance. In the first half of the year, Yuekai Securities' wealth management business revenue reached 318 million yuan, a year-on-year increase of 34.65%; it achieved cumulative signed assets exceeding 10 billion yuan, with private wealth holdings close to 5 billion yuan, and high-net-worth client product allocations exceeding 1 billion yuan
Guosheng Finance's semi-annual report shows that Guosheng Securities' brokerage business revenue in the first half of the year was 554 million yuan, a year-on-year increase of 20.88%, accounting for nearly 60% of total revenue. As of the end of June, Guosheng Securities had launched over 8,000 financial products; more than 1,000 new quantitative trading terminals were opened, continuously providing one-on-one exclusive services for core clients in active trading regions, enhancing the branch's quantitative terminal docking service capabilities; and ongoing online live streaming services were organized to strengthen the online channel brand.
Based on the &#34;customer-centric&#34; strategy, Southwest Securities achieved a client asset scale exceeding 550 billion yuan, an increase of 14.58% compared to the end of last year; both the scale of non-monetary public funds and financing-related businesses grew by over 30%, with intermediary business income increasing by over 20%.
The securities business of Eastmoney has formed a synergistic effect with fund sales. During the reporting period, the company's securities business revenue was 6.257 billion yuan, a year-on-year increase of 33%; the trading volume of brokerage business in stock funds increased by 74% year-on-year to 16.03 trillion yuan, becoming the core engine of growth. In terms of fund sales, the company's subsidiary TianTian Fund achieved operating revenue of 1.424 billion yuan in the first half of the year, a slight year-on-year increase; net profit was 64 million yuan, unchanged from the same period last year.
Eastmoney's internet gene further amplifies wealth management efficiency. In the first half of 2025, the company's internet financial e-commerce platform achieved a total of 98.2335 million fund subscription (including regular investment) transactions, with fund sales amounting to 1.057264 trillion yuan. Among them, non-monetary funds achieved a total of 63.6896 million subscription (including regular investment) transactions, with sales of 626.041 billion yuan, a year-on-year increase of 25.29%.
<h2>Regional Deepening + AI Empowerment Become Key Drivers for Securities Firms' Development</h2>
In the face of intensified homogeneous competition and increased industry concentration, &#34;regional deepening&#34; has become a key strategy for small and medium-sized securities firms to differentiate themselves. In the first half of the year, Southwest Securities issued ABS to help local enterprises in Sichuan and Chongqing revitalize assets, with a clear path for functional business specialization. Guangdong Development Securities launched specialized asset management products such as &#34;Development Zone Theme&#34; and &#34;Public REITs Enhancement&#34; in the first half of the year, while leveraging its shareholder background to deepen its presence in the Guangdong-Hong Kong-Macao Greater Bay Area, with increasingly distinct regional characteristics.
Similarly, Guosheng Securities, relying on the background of state-owned assets in Jiangxi Province, has maximized its regional deepening efforts. In the first half of the year, Guosheng Securities actively served Jiangxi's real economy, providing research support to local governments, assisting in the province's economic transformation and high-quality development of enterprises, and established the province's first national-level investment education base in Ganzhou, effectively fulfilling its investor protection responsibilities.
In addition, AI is deeply integrated into the securities business chain. Jianghai Securities found a breakthrough in technology empowerment in the traditional brokerage business red ocean, with brokerage business income growing by 21.11%, mainly benefiting from the continuous deepening of AI empowerment. Eastmoney's &#34;Miaoxiang&#34; large model has fully empowered various business lines, supporting &#34;multi-source analysis and in-depth research,&#34; with its AI tools directly serving core scenarios such as institutional investment research, achieving dual growth in intelligent capabilities and intelligent user scale. Southwest Securities has listed &#34;App upgrade and digital intelligence operation&#34; as a key focus for its brokerage business in the second half of the year
<h2>The Investment Value of the Brokerage Sector is Highlighted Under Multi-Factor Resonance</h2>
According to the views of multiple brokerages, under the combined effects of high performance growth, low valuations, policy support, and an active market, the investment value of the brokerage sector is increasingly prominent.
Recently, brokerage stocks, known as the &#34;flag bearers of the bull market,&#34; have frequently gained momentum, becoming one of the important forces driving the Shanghai Composite Index to break through 3,700 points. As of the close on August 18, Changcheng Securities achieved a four-day consecutive rise, with Hualin Securities, Xiangcai Co., Ltd., and others following suit.
Overall, the Liu Xinqi team from Guotai Junan Securities expects that the operating income of 42 listed brokerages in the first half of the year may increase by 30.29% year-on-year to 238.48 billion yuan, and the net profit attributable to shareholders may increase by 61.23% year-on-year to 101.59 billion yuan, with the semi-annual report likely to become a major catalyst for the non-bank sector.
The market recovery provides a favorable environment for the continuous improvement of brokerage performance. Data shows that in July, new A-share accounts increased by 70.5% year-on-year, and the margin trading balance exceeded 2 trillion yuan. Donghai Securities analyst Tao Shengyu believes that the increased trading activity in the market will directly drive the improvement of brokerage profitability, and the semi-annual report performance of listed brokerages will show significant marginal improvement.
Tao Shengyu further analyzes that the active trading is due to the clear direction of the current active capital market, which includes enhancing the investment value of listed companies through strict supervision, increasing the frequency of dividends to expand investor returns, and guiding medium- and long-term funds into the market to enrich the investor structure.
From the perspective of the refinancing market, the private placement market is nurturing a new blue ocean for brokerage performance. Bo Xiaoxu, an analyst of non-bank finance at AVIC Securities, analyzes that brokerages' investment banking departments, as lead underwriters, will benefit from the expansion of underwriting scale, while institutions with capital strength can obtain excess returns by participating in private placements. For private placement projects aimed at industrial mergers and acquisitions, brokerage financial support will promote the integration of industrial chain resources and facilitate economic transformation and upgrading.
Regarding the future of the brokerage sector, the non-bank team at Changjiang Securities analyzes its investment value from three aspects: first, brokerage stocks within the large financial sector are relatively lagging in growth, and the valuation safety margin remains high; second, the semi-annual report disclosure is imminent, and performance is expected to continue its high growth trend; third, the absolute value of AH premium remains high, and the valuation repair of H shares is underway.
In terms of allocation, the non-bank team at Shenwan Hongyuan believes that under the background of loose monetary policy, &#34;national team&#34; support, and medium- and long-term funds entering the market, the upward trend of the margin trading balance will benefit brokerage and credit businesses. In terms of investment strategy, it is recommended to focus on leading institutions with strong comprehensive strength and brokerages with significant performance elasticity.
This article is sourced from: Shanghai Securities Journal, original title: &#34;The First Batch of Brokerage Semi-Annual Reports Released&#34;
Risk Warning and Disclaimer
The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not consider individual users' specific investment goals, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk

002670

600864

300059

600369

As of August 18, the first batch of brokerage firms' semi-annual reports has been released, with Guosheng Finance, EASTMONEY, HTGF, SWSC, and Yuekai Securities all achieving double growth in revenue and net profit. HTGF's subsidiary, Jianghai Securities, saw a year-on-year net profit increase of 1311.60%. The brokerage sector has attracted attention due to the hot secondary market, and it is expected to enter a new growth period. EASTMONEY's revenue of 6.856 billion yuan ranks first, Jianghai Securities' proprietary business revenue surged by 211.77%, while Yuekai Securities' proprietary business revenue declined by 31.98%

Wallstreetcn

GUOSHENG SECURITIES

HTGF

EASTMONEY

SWSC

The first batch of brokerage firms' semi-annual reports is out: 5 brokerage firms saw both revenue and net profit increase, while proprietary trading performance varied