24 securities firms held earnings meetings intensively, focusing on seven key points.

Brokerage 2025 interim performance briefing intensifies, industry focus gradually clarified. On September 15th, Dongxing (601198.SH), Guolian Minsheng Securities (601456.SH), Caida (600906.SH), and 3 other brokerages held their 2025 interim performance briefings. As of now, a total of 24 brokerages and related listed entities have completed their interim performance briefings. In addition to the above-mentioned 3 brokerages, the list includes The Pacific (601099.SH), Harbin Hatou Investment (600864.SH), Huaxi (002926.SZ), Central China (601375.SH), Sinolink (600109.SH), Guotai Haitong (601211.SH), Haitong (600837.SH), Nanjing (601990.SH), Galaxy Securities (601881.SH), CMSC (600999.SH), Guoyuan (000728.SZ), Soochow (601555.SH), China Securities Co., Ltd. (601066.SH), Shenwan Hongyuan Group (000166.SZ), Orient (600958.SH), Founder (601901.SH), Huatai (601688.SH), Northeast (000686.SZ), CITIC SEC (600030.SH), EB SECURITIES (601788.SH), Guosheng Financial Holding Inc. (002670.SZ), Southwest (600369.SH), and others. Subsequent performance briefings will continue to be held intensively. According to public arrangements, there will be 9 more listed brokerages hosting performance briefings in the future, including Caitong (601108.SH) on September 16th, Polaris Bay Group (600155.SH), Industrial (601377.SH) on September 17th, CICC (601995.SH), Shouchuang Securities (601136.SH), Hongta (601236.SH) on September 19th, Zhongtai (600918.SH) on September 26th, Huaan (600909.SH) on October 10th, and Tianfeng (601162.SH) on October 17th. Based on the content of the 24 brokerage performance briefings that have been held so far, the market focus is on performance, proprietary business, mergers and acquisitions, refinancing, business transformation, operational efficiency, and international business across seven dimensions. Focus One: Performance growth supported, brokerages optimistic about second half expectations Brokerages had a strong performance in the first half of the year, and they generally highlighted their performance in the beginning of the performance briefing and explained in detail the reasons for the performance changes. Caida stated that the increase in net profit in the first half of 2025 was mainly due to the year-on-year increase in brokerage business, securities investment business, and investment banking business revenue. Ge Xiaobo, President of Guolian Minsheng, stated that the company actively seized market opportunities, actively explored the deep integration of technology, finance, and industry, and improved the overall financial service capabilities based on the main line of "synergizing and empowering" and "internal growth." The orderly integration work with Minsheng Securities has led to significant growth in the company's securities investment, wealth management, and investment banking businesses. As the comparison base in the same period of the previous year was relatively small, the operating performance of this period has significantly improved year-on-year. Brokerages are generally optimistic about the high growth trend in the second half of the year. Huatai stated that since the third quarter, the market trading has been continuously active, which is expected to have a positive impact on the company's future operational performance. Zhu Jiangtao, Executive Director and President of CMSC, stated that the company will spare no effort to achieve its target goals in the second half of the year and achieve high-quality development. The company will focus on five major areas in finance, strengthen collaborative construction within and outside the company, improve collaborative value, improve a stable and diverse income structure, enhance risk resistance capabilities, focus on characteristic development, continuously build an "AI securities company," and explore the path of internationalization. Focus Two: Emphasis on diversification in proprietary business, conservative strategies still mainstream The growth of proprietary business income has become a highlight for many brokerages, and top brokerages generally emphasize conservative allocation and absolute income concepts. CITIC SEC stated that the company's securities investment business is mainly composed of financing, fixed-income, and customer hedging stock, and the overall asset allocation effect is good. In the future, the company will continue to adhere to a stable asset-liability management strategy and style, actively grasp market rhythms and trading opportunities, and continuously promote the high-quality development of the company's business. Galaxy Securities disclosed a clear direction in asset allocation, with high-tech industry investment being one of the company's equity investment business directions. Overall, the company's investment aims for absolute income, and the allocation structure is relatively balanced. Liu Cheng, Chairman of China Securities Co., Ltd., introduced that in terms of proprietary equity investment, the company adheres to absolute income, conservative risk control, actively seizes stage and structural market opportunities, and controls exposure well to deal with market fluctuations. Dongxing has achieved significant results in the transformation of proprietary business. General Manager Wang Hongliang stated that the company has been continuously promoting the strategic transformation of equity proprietary business towards long-term value investment in recent years. The company has achieved significant results, with the expansion of investment varieties, enrichment of investment strategies, and the establishment of a diversified investment system in various markets. Focus Three: Industry integration continues to heat up, resource synergy becomes a keyword With a number of brokerage industry mergers and acquisitions cases being finalized, integration and synergy have become high-frequency words at performance briefings. Regarding the absorption and merger of Guosheng Securities, Guosheng Financial Holding Inc. stated at the performance briefing that it will take the opportunity of absorbing and merging its wholly-owned subsidiary Guosheng Securities to further focus on the core business of securities, accelerate resource integration, and enhance the brand advantage of Guosheng Securities. CITIC SEC stated that in the future, the company will continue to balance internal development and external growth strategically, consolidate its leading position domestically, grow and strengthen its international business, accelerate the construction of a first-class investment bank and investment institution, and contribute to building a strong financial country. Wang Sheng, Secretary of the Party Committee and Chairman of Galaxy Securities, pointed out that the securities industry is entering a new stage of high-quality development, with many factors determining the industry landscape. With increasing competition, the concentration is expected to increase in the future. The company will focus on the core business, consolidate the internal development momentum, actively seize market opportunities, steadily promote the construction of a first-class investment bank. In Wang Hongliang's view, by integrating resources through mergers and acquisitions in the securities industry to achieve business complementarity and regional synergy, the company will actively comply with national policy directions, focus on the development of its core business, and pay attention to opportunities for industry mergers and acquisitions while focusing on the development of the main industry to create long-term value for shareholders. Zhu Jian, Chairman of Guotai Haitong, stated that at a new starting point, the company will base itself on the overall economic and social development of the country and Shanghai, grasp the characteristics of the development stage of the capital market and trends in the evolution of the securities industry, anchor the vision of building a first-class investment bank with international competitiveness and market leadership, put functionality first, practice a customer-centric business philosophy, fully release the integration efficiency, accelerate the transformation of business into "comprehensive, professional, and platform-oriented," and strive to create a new model of customer operations. Ge Xiaobo, Deputy Secretary of the Party Committee and President of Guolian Minsheng, stated that as a result of the Central Financial Work Conference and the new "Nine Regulations" after the company's first market-oriented merger and acquisition case, the company will continue to promote integration work orderly according to regulatory requirements. Focus Four: Attention to additional equity issuance and other refinancing, capital replenishment aids business expansion The dynamics of additional equity issuance and other refinancing activities in the securities industry have become another focus of market attention, with the additional equity issuance plans of Soochow, Nanjing, and other institutions closely watched by investors. Soochow's additional equity fundraising does not exceed 6 billion yuan, and the company stated at the performance briefing that the issuance of A-shares to specific entities is steadily progressing and is not expected to have a direct impact on the company's performance in the second half of the year. Nanjing's 5 billion yuan additional equity issuance validity period has been extended to July 4th of the next year. Nanjing stated that the issuance of A-shares to specific entities is currently under review by the Shanghai Stock Exchange and still needs to be approved by the China Securities Regulatory Commission before it can be implemented. Wang Sheng stated that the company attaches great importance to capital replenishment-related work, continuously strengthens asset-liability management, constantly enriches financing tools, and timely replenishes capital according to the company's business development needs to ensure an adequate level of capital. Additionally, some investors urged Huatai to "start the equity placement process now, as it is a good time for equity placements," but the company only responded politely, thanking investors for their attention and support for the company's development. Focus Five: Accelerating business transformation, consensus on specialized development Several brokerages detailed their business transformation paths at the performance briefing, with specialized development becoming a core direction. Southwest stated that the company actively adapts to industry trends, proactively responds to changes, and drives the upgrade of the institute to the research institute. The company is transforming from a traditional sell-side research institution to a model of "sell-side research + internal empowerment + think tank construction," further improving its research service system for wealth clients, industry clients, and institutional clients. China Securities Co., Ltd. has made significant progress in its wealth management transformation. As of the end of the first half of the year, China Securities Co., Ltd.'s financial product holding scale has exceeded 280 billion yuan, with both customized buying business and non-ETF fixed-income close to double year-on-year. Liu Cheng stated that the company adheres to research-driven iterative product supply systems, optimizes product quality, enriches product strategies, and continuously enhances the scale of the company's financial product holdings in public offering, private equity, and fixed-income products. Dongxing is simultaneously strengthening its research business and investment banking business fields. For the first time in six years, Dongxing publicly recruited a chief economist. Wang Hongliang stated at the performance briefing that the company's research business is guided by a value-oriented approach, further enriches macro research capabilities, and strengthens the macro research foundation for enterprise value discovery. Dongxing's half-year report revealed that "the investment banking business structure reform was implemented in the first half of the year, and the business management team shifted from a team-based to a project-based approach." Regarding this adjustment, Wang Hongliang responded that this adjustment makes the management of the investment banking business more refined and intensive, more adaptable to industry competitive dynamics, and more efficient in internal and external collaboration. In the future, the company will actively adapt to new industry trends, strive to promote new development in the investment banking business. Focus Six: Taking multiple measures to improve ROE, optimizing asset and cost structure Improving Return on Equity (ROE) and operational efficiency is a core operational concern for investors. The Pacific stated that in the future, the company will rely on its business network, with online services as auxiliary, to provide comprehensive wealth management services to various clients; integrate brokerage, direct investment, investment banking, mergers and acquisitions, and asset management businesses to provide effective investment and financing services to small and medium-sized enterprises; leverage its advantages in research, trading, and pricing in the bond field, actively expanding its overseas financing mergers and acquisitions, international wealth management, and other business layouts, servicing domestic enterprises going global and the internationalization of the industrial chain. Northeast stated that in the first half of the year, the company's weighted average return on equity was 2.24%, an increase of 1.53 percentage points compared to the same period last year. In the future, while continuing to optimize asset allocation and improve the level of revenue from fund operations, the company will optimize the cost structure, develop capital intermediation business, effectively strengthen cost control, and continuously improve ROE levels while considering the balance between risk and return and accelerating the transformation of traditional businesses and vigorously developing light-asset businesses. Focus Seven: Multiple breakthroughs in international business, deepening cross-border layout Several brokerages disclosed progress in their international business at the performance briefing, with cross-border layout becoming a new highlight in business growth. Shenwan Hongyuan Group stated that in the first half of 2025, its subsidiary Shenwan Hongyuan Group (International) achieved operating profit of 174 million Hong Kong dollars, a year-on-year increase of 519%. With the support of an overall strategy at home and abroad, the company will continue to consolidate its business foundation, strengthen risk control, focus on improving core capabilities in wealth management, asset management, investment banking, and other light capital business areas, expand its overseas financing mergers and acquisitions, overseas wealth management, and other business layouts, and serve domestic enterprises going global and internationalizing the industrial chain. The Pacific stated that as a locally listed brokerage in Yunnan, it benefits from opportunities brought by the "Belt and Road" initiative and its business scope extends to Southeast Asia. Currently, through equity participation in Lao-Zhong Securities, it is involved in Southeast Asian capital markets. In the first half of this year, Lao-Zhong Securities achieved operating income of 7.48 million yuan and net profit of 5.16 million yuan. Additionally, the progress in Hong Kong virtual currency businesses has also attracted investor attention, but most brokerages did not disclose specific layouts. EB SECURITIES stated that it is closely monitoring industry trends and actively conducting related research.