After 3 years, CITIC Securities' growth rate has finally returned to double digits

The "brokerage king" has finally ended a three-year performance stagnation.

On January 14, CITIC Securities released its performance report, showing that in 2025, revenue and net profit attributable to shareholders were 74.83 billion yuan and 30.051 billion yuan, respectively, representing year-on-year growth of 28.75% and 38.46%.

This is the first time since 2022 that CITIC Securities has returned to a double-digit year-on-year growth range.

Prior to this, CITIC Securities experienced a long period of performance bottoming out due to market fluctuations.

Behind this performance recovery is a significant increase in trading activity in the A-share market and a rebound in the IPO market.

In 2025, the total transaction volume of the A-share market exceeded 40 trillion yuan for the first time, with a year-on-year growth of over 60%; during the same period, the IPO financing amount in the A-share market reached 131.771 billion yuan, a year-on-year surge of over 90%.

With a large market, leading brokerages have become the big winners in this recovery cycle.

"The company actively seizes market opportunities and steadily expands its client market scale, with revenue from brokerage, investment banking, and proprietary trading all achieving rapid growth," CITIC Securities stated.

From an industry perspective, the most noteworthy event in 2025 is the threat posed by the newly formed "aircraft carrier-level" brokerage Guotai Junan to CITIC Securities' position as the "brokerage king."

In this "king" competition, Guotai Junan's investment banking business has not yet shaken CITIC Securities' position.

In 2025, CITIC Securities maintained its top position with an IPO underwriting total of 21.888 billion yuan, pulling ahead of the second-place Guotai Junan by 3.2 billion yuan.

Looking ahead to 2026, CITIC Securities' leading advantage may be further strengthened.

Currently, CITIC Securities has a planned fundraising amount of up to 71.5 billion yuan for its reserve projects, and it holds market attention with large orders like China Resources New Energy.

Since the beginning of this year, the market has maintained a high level of activity. On January 14, the total transaction volume of the A-share market reached 3.99 trillion yuan, just a step away from the 4 trillion yuan mark, and this also marks the third consecutive day that the A-share market has set a new transaction record.

If this feast continues, the high-scoring report card that CITIC Securities just submitted for 2025 may only be the prologue to a "super cycle."