Insight into the Third Quarter Reports of Listed Securities Firms: Dual Drivers of Brokerage and Investment Business, the "Elephant" Steadily Moves, while the "Dark Horse" Speeds Ahead

The disclosure of the third quarterly reports of A-share listed securities firms for 2025 has successfully concluded. A total of 42 listed securities firms achieved operating revenue of 418.95 billion yuan, a year-on-year increase of 16.96%; the net profit attributable to shareholders of the listed companies reached 171.038 billion yuan, a year-on-year increase of 62.06%. Throughout the first three quarters, the securities industry exhibited a distinct characteristic of "scale and growth rate competing on separate tracks": leading securities firms are the "kings of scale," while small and medium-sized firms have boldly claimed the "crown of growth rate." Behind the "shining" performance of listed securities firms is the rise in market trading activity. Looking ahead, industry insiders believe that various businesses of securities companies will reach a new level, and with profitability steadily improving while the sector's valuation remains relatively low, the securities sector still presents strategic allocation opportunities