With the capital market remaining active, the performance of listed securities firms in 2025 is drawing significant attention. Wind data shows that as of January 30, at the time of writing, 21 listed brokerages have disclosed their 2025 performance forecasts or preliminary results. Leading firms such as CITIC SEC and Guotai Junan continue to solidify their market-leading positions; CITIC SEC reported an estimated attributable net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates its attributable net profit to surge by over 100% year-on-year. Small and medium-sized brokerages are demonstrating even greater earnings flexibility, with Guolian Minsheng projecting a year-on-year net profit growth rate surpassing 400% for 2025. Brokerage services and proprietary trading businesses have emerged as the core drivers behind the 2025 performance growth for these listed securities companies.

Industry insiders indicate that the high activity in the A-share market during 2025 has sustained the securities sector's robust performance momentum, suggesting investors focus on the investment opportunities arising from this positive earnings trend. A Galaxy Securities research report states that national policy objectives focusing on "stabilizing growth and the stock market" and "boosting the capital market" will continue to set the direction for the securities sector. Factors such as the continuation of appropriately loose liquidity conditions, ongoing optimization of the capital market environment, and the rebuilding of investor confidence collectively contribute to an upward trend in the sector's prosperity.

Under the current environment, medium to long-term funds are accelerating their entry into the market, maintaining high levels of market activity. The transformation towards wealth management, expansion into international business, and empowerment through financial technology are all expected to become key drivers for improving the industry's Return on Equity (ROE). Currently, the valuation of the securities sector is at a historically low level, presenting a strategic position that offers both defensive qualities and potential for rebound.

Investors are advised to focus on leading securities firms with strong comprehensive capabilities, as well as those brokerages that possess differentiated competitive advantages in areas such as wealth management, proprietary trading, and cross-border business. Related Hong Kong-listed concept stocks of Chinese securities firms include: Huatai Securities (06886), GF Securities (01776), China Galaxy (06881), Guotai Haitong (02611), CICC (03908), CITIC SEC (06030), CSC (06066), Oriental Securities (03958), Everbright Securities (06178), Shenwan Hongyuan (06806), Central China Securities (01375), Guolian Minsheng (01456), among others.