Brokerage firms' 2025 interim earnings meetings are being held intensively, with industry focus areas gradually becoming clear. On September 15, three brokerage firms including Dongxing Securities Corporation Limited (601198.SH), Guolian Minsheng Securities Company Limited (601456.SH), and Caida Securities Co.,Ltd. (600906.SH) collectively held their 2025 interim earnings meetings. To date, 24 brokerage firms and related listed entities have completed their interim earnings meetings.
In addition to the aforementioned three firms, others include The Pacific Securities Co., Ltd. (601099.SH), Harbin Hatou Investment Co.,Ltd. (600864.SH), Huaxi Securities Co.,Ltd. (002926.SZ), Central China Securities Co.,Ltd. (601375.SH), Sinolink Securities Co., Ltd. (600109.SH), Guotai Haitong Securities Co., Ltd. (601211.SH), Haitong Securities Co., Ltd. (600837.SH), Nanjing Securities Co.,Ltd. (601990.SH), China Galaxy Securities Co., Ltd. (601881.SH), China Merchants Securities Co.,Ltd. (600999.SH), Guoyuan Securities Co.,Ltd. (000728.SZ), Soochow Securities Company Limited (601555.SH), China Securities Co., Ltd. (601066.SH), Shenwan Hongyuan Group Co., Ltd. (000166.SZ), Orient Securities Company Limited (600958.SH), Founder Securities Co.,Ltd. (601901.SH), Huatai Securities Co., Ltd. (601688.SH), Northeast Securities Co.,Ltd. (000686.SZ), Citic Securities Company Limited (600030.SH), Everbright Securities Company Limited (601788.SH), Guosheng Financial Holding Inc. (002670.SZ), and Southwest Securities Co.,Ltd. (600369.SH). Subsequent earnings meetings will continue to be held intensively.
According to public schedules, nine additional listed brokerage firms will hold earnings meetings, including Caitong Securities Co.,Ltd. (601108.SH) on September 16, Polaris Bay Group Co.,Ltd. (600155.SH) and Industrial Securities Co.,Ltd. (601377.SH) on September 17, China International Capital Corporation Limited (601995.SH), Capital Securities Corporation Limited (601136.SH), and Hongta Securities Co.,Ltd. (601236.SH) on September 19, Zhongtai Securities Co.,Ltd. (600918.SH) on September 26, Huaan Securities Co.,Ltd. (600909.SH) on October 10, and Tianfeng Securities Co.,Ltd. (601162.SH) on October 17.
Based on the content of the 24 brokerage firms' earnings meetings already held, market attention focuses on seven key dimensions: performance results, proprietary trading business, mergers and acquisitions, refinancing, business transformation, operational efficiency, and international business.
**Focus One: Performance Growth Supported, Brokerages Optimistic About H2 Outlook**
Brokerage performance in the first half was impressive, with firms generally highlighting their performance as the opening focus of earnings meetings and providing detailed explanations for performance changes. Caida Securities Co.,Ltd. stated that the company's net profit growth in H1 2025 was mainly due to year-over-year increases in revenue from brokerage business, securities investment business, and investment banking business.
Guolian Minsheng President Ge Xiaobo noted that the company proactively seized market opportunities, actively explored deep integration of technology, finance, and industry, used "synergistic empowerment" and "endogenous growth" as main themes to enhance comprehensive financial service capabilities, orderly advanced integration work with Minsheng Securities and included it in consolidated financial statements. The company's securities investment, wealth management, and investment banking business lines achieved significant growth, and due to a smaller comparative base in the same period last year, current operating performance increased substantially year-over-year.
Brokerages are generally optimistic about continued high growth trends in H2. Huatai Securities Co., Ltd. stated that since Q3, market trading has remained active, which is expected to bring positive impacts to the company's subsequent operating performance. China Merchants Securities Co.,Ltd. Executive Director and President Zhu Jiangtao expressed that in H2, the company will fully complete target tasks and achieve high-quality development through four approaches: doing well in financial "five major articles" to better and more greatly play functional roles; strengthening synergistic development within China Merchants Group and the company to enhance synergistic value; improving stable and diversified revenue structure to enhance risk resistance; and focusing on characteristic development, continuously building an "AI securities company" and exploring internationalization paths.
**Focus Two: Proprietary Trading Business Emphasizes Diversified Allocation, Prudent Strategy Remains Mainstream**
Proprietary trading business revenue growth became a highlight for many brokerages, with leading firms generally emphasizing prudent allocation and absolute return concepts. Citic Securities Company Limited stated that the company's securities investment business holding assets are mainly financing-related, fixed income, and customer demand hedging stocks, with overall good asset allocation effects. In the future, the company will continue to adhere to prudent asset-liability management strategy thinking and style, actively grasp market rhythm and trading opportunities, and continuously promote company business growth and high-quality development.
China Galaxy Securities Co., Ltd. disclosed clear allocation directions, with high-tech industry investment being one of the company's equity investment business allocation directions. Overall, the company's investment targets absolute returns with relatively balanced allocation structure.
China Securities Co., Ltd. Chairman Liu Cheng introduced that in proprietary equity investment, the company adheres to absolute returns and prudent risk control, actively seizes phased and structural market opportunities while controlling exposure to better respond to market volatility.
Dongxing Securities Corporation Limited achieved significant results in proprietary trading business transformation. General Manager Wang Hongliang stated that the company has continuously promoted directional strategic transformation of equity proprietary trading business in recent years, based on long-term value investment with significant results. Investment varieties continue to expand, investment strategies continue to enrich, forming a multi-variety, multi-market, multi-strategy directional investment system.
**Focus Three: Industry Consolidation Continues to Heat Up, Resource Synergy Becomes Key Word**
With brokerage industry M&A cases gradually landing, integration and synergy became high-frequency words at earnings meetings. Regarding Guosheng Financial Holding Inc.'s absorption merger with Guosheng Securities, Guosheng Financial Holding Inc. pointed out at its earnings meeting that the company will use the absorption merger of wholly-owned subsidiary Guosheng Securities as an opportunity to further focus on securities main business, accelerate resource integration, and enhance Guosheng Securities' brand effect advantages.
Citic Securities Company Limited stated that in the future, the company will continue to maintain strategic balance between endogenous development and external growth, consolidate leading domestic position, strengthen and expand international business, accelerate construction of first-class investment banks and investment institutions, and assist in building a financial powerhouse.
China Galaxy Securities Co., Ltd. Party Secretary and Chairman Wang Sheng pointed out that the securities industry is currently entering a new stage of high-quality development with many factors determining industry landscape. As competition intensifies, concentration is expected to increase in the future. The company will focus on main business, continuously consolidate endogenous development momentum, proactively seize market opportunities, seek progress while maintaining stability, and steadily advance first-class investment bank construction.
In Wang Hongliang's view, the current securities industry is integrating resources through M&A to achieve business complementarity and regional synergy. The company will actively comply with national policy guidance, focus on main business development while paying attention to industry M&A opportunities, committed to creating long-term value for shareholders.
Guotai Haitong Securities Co., Ltd. Chairman Zhu Jian stated that standing at a new starting point, the company will base itself on national and Shanghai economic and social development overall situation, grasp capital market development stage characteristics and securities industry evolution trends, anchor the vision goal of building a first-class investment bank with international competitiveness and market leadership, persist in putting functionality first, practice customer-centered business philosophy, fully release integration and fusion effectiveness, accelerate business "comprehensive, professional, platform-based" transformation, and fully create new customer operation models.
Guolian Minsheng Party Committee Deputy Secretary and President Ge Xiaobo noted that as the first market-based brokerage M&A case to land after the Central Financial Work Conference and new "Nine Articles," the company will continue to properly and orderly advance integration work according to regulatory requirements.
**Focus Four: Additional Issuances and Other Refinancing Draw Attention, Capital Supplementation Aids Business Expansion**
Securities industry additional issuance refinancing dynamics became another market focus, with institutions like Soochow Securities Company Limited and Nanjing Securities Co.,Ltd. receiving close investor attention for their additional issuance plans.
Soochow Securities Company Limited plans to raise no more than 6 billion yuan through additional issuance. The company stated at its earnings meeting that work on issuing A-shares to specific targets is progressing steadily, currently expected not to directly impact H2 performance.
Nanjing Securities Co.,Ltd.'s 5 billion yuan additional issuance validity period has been extended to July 4 next year. Nanjing Securities Co.,Ltd. stated that the company's application for issuing A-shares to specific targets is currently still under Shanghai Stock Exchange review and needs to pass exchange review and obtain China Securities Regulatory Commission registration approval before implementation.
Wang Sheng expressed that the company highly values capital supplementation work, continuously strengthens asset-liability management, constantly enriches financing tools, and conducts timely capital supplementation according to company business development needs to ensure adequate capital levels.
Additionally, some investors urged Huatai Securities Co., Ltd. that "now is a good time for rights offering, suggest starting the rights offering process," to which the company only politely responded "thank you for investors' attention and support for company development."
**Focus Five: Business Transformation Accelerates, Specialized Development Becomes Consensus**
Multiple brokerages detailed business transformation paths at earnings meetings, with specialized development becoming the core direction. Southwest Securities Co.,Ltd. stated that the company actively adapts to industry development trends, proactively identifies, responds to, and seeks change, promoting research institute upgrade to research academy, transforming from traditional sell-side research institution to "sell-side research + internal empowerment + think tank construction" model, further improving research service systems for wealth clients, industry clients, and institutional clients.
China Securities Co., Ltd. achieved significant results in wealth management transformation. As of end-H1, China Securities Co., Ltd.'s financial product holdings exceeded 280 billion yuan, with buy-side customization business and non-monetary ETF holdings both doubling year-over-year. Liu Cheng stated that the company persists in research-driven iteration of product supply systems, optimizes product quality, enriches product strategies, and takes multiple measures in public funds, private funds, and fixed income products to continuously enhance the company's financial product holdings.
Dongxing Securities Corporation Limited simultaneously strengthened research business and investment banking business. Dongxing Securities Corporation Limited publicly recruited a chief economist for the first time in six years. Wang Hongliang stated at the earnings meeting that the company's research business is guided by value concepts, further strengthening macro research capabilities and consolidating macro research foundation for enterprise value discovery.
Dongxing Securities Corporation Limited's interim report revealed "implementing investment banking business architecture reform in H1, with business management teams changing from team-based to project-based." Wang Hongliang responded that this adjustment makes investment banking business management more refined and intensive, better adapts to industry competitive situation, and makes internal and external coordination more efficient and smooth. In the future, the company will proactively adapt to new industry development trends and strive to achieve new development in investment banking business.
**Focus Six: Multiple Measures to Enhance ROE, Optimize Asset and Cost Structure**
How to improve return on equity (ROE) and operational efficiency is a core operational issue of investor concern. The Pacific Securities Co., Ltd. stated that in the future, the company will rely on business outlets, supplemented by online services, to provide comprehensive online and offline wealth management services for various clients; integrate brokerage, direct investment, investment banking, M&A, asset management and other businesses to provide effective investment and financing services for small and medium enterprises; leverage advantages in bond research, trading, and pricing capabilities to actively strengthen and expand.
Northeast Securities Co.,Ltd. stated that in H1, the company's weighted average ROE was 2.24%, up 1.53 percentage points year-over-year. In the future, under full consideration of risk-return balance, it will continuously optimize asset allocation and improve capital operation business return levels. While accelerating traditional business transformation and vigorously developing light asset businesses, it will fully utilize rich financing tools, enhance customer development and service capabilities, strive to develop capital intermediary business, effectively strengthen company operating cost control, and continuously improve ROE levels.
**Focus Seven: International Business Achieves Multiple Breakthroughs, Cross-border Layout Continues to Deepen**
Multiple brokerages disclosed international business progress at earnings meetings, with cross-border layout becoming a new highlight of business growth. Shenwan Hongyuan Group Co., Ltd. stated that in H1 2025, subsidiary Shenwan Hongyuan (International) achieved operating profit of 174 million Hong Kong dollars, up 519% year-over-year. Driven by integrated domestic and international operations, the company will continue to consolidate business foundation, strengthen risk management and control, focus on enhancing core capabilities in light capital businesses such as wealth management, asset management, and investment banking, increase layout in overseas financing M&A and overseas wealth management businesses, and serve domestic enterprise overseas expansion and supply chain internationalization.
The Pacific Securities Co., Ltd. stated that as a Yunnan-based listed brokerage, the company benefits from opportunities brought by the Belt and Road Initiative, with business scope extending to Southeast Asia. Currently, it participates in Southeast Asian capital markets through equity participation in Lao-China Securities. In H1 this year, Lao-China Securities achieved operating revenue of 7.48 million yuan and net profit of 5.16 million yuan.
Additionally, Hong Kong virtual currency business progress also drew investor attention, but most brokerages did not disclose specific layouts. Among them, Everbright Securities Company Limited stated it has been following industry dynamics and actively conducting relevant research.
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