As of October 30, listed brokerages have completed their Q3 2025 earnings disclosures. Data shows the sector delivered strong overall performance, with five firms—CITIC SEC, Guotai Haitong, Huatai Securities, GF Securities, and China Galaxy—posting net profits exceeding 10 billion yuan each, collectively earning over 82.5 billion yuan. CITIC SEC led the pack with 23.916 billion yuan, while Guotai Haitong reported 23.059 billion yuan, surging 132.59% year-on-year. Among 50 brokerages disclosing data, only Huachuang Yunxin recorded sub-1-billion-yuan profits, while 15 firms saw profit growth exceeding 100%, signaling robust sector recovery.

Brokerage and investment businesses drove growth amid active A-share trading and expanding opportunities. All 50 brokerages reported higher brokerage income, with three posting >100% YoY growth. Guolian Minsheng Securities stood out, with net brokerage fee income skyrocketing 293.05% to 1.565 billion yuan. CITIC SEC’s brokerage revenue hit 10.939 billion yuan (+52.90% YoY), maintaining its industry lead.

Investment banking performance diverged, with top players like CITIC SEC, CICC, and CSC Financial sustaining >20% growth. CICC’s investment banking revenue rose 42.55% to 2.94 billion yuan. However, 17 brokerages saw declines, including GF Securities (-2.99%) and Pacific Securities (-61.49%).

Investment gains soared, with 80% of firms reporting growth—19 exceeding 100%. CITIC SEC’s investment income jumped 195.92% to 32.838 billion yuan, ranking first. Caitong Securities led in growth (9,022.70% YoY). Still, some firms like Hualin Securities and Guosheng Securities saw declines.

Margin financing remained lively, with balances surpassing 2.5 trillion yuan by late October. Guotai Haitong topped interest income at 5.208 billion yuan (+232% YoY), while CITIC SEC’s fell 16.88%. Six brokerages, including CICC, reported negative net interest income.