Perspective on the first quarter report of listed securities firms: high growth performance, securities industry may enter a new round of upswing.

Listed securities firms released their first quarter report, with the data from Choice showing that over 70% of listed securities firms had double-digit growth in operating income and net profit in the first quarter of 2025. Among them, the merged Guolian Minsheng Securities and Guotai Haitong Securities both presented outstanding "report cards". Looking at the revenue structure of securities firms, the upsurge in the A-share market and increased trading activity have benefited self-operated investment and brokerage business, which are the key factors driving the first quarter performance of listed securities firms. Institutional investors generally believe that relying on high trading volumes in the capital market and the continuing trend of warming up, securities firms are expected to maintain a high level of performance in 2025, and the securities industry will enter a new upswing cycle.