The list of brokerage proprietary investment "battle" is out!

Proprietary Investment - Securities firms using their own capital for asset allocation - can be said to be a key area for competition among securities firms.

This business has a crucial impact on the net profit figures of securities firms, and the internal operational details have always been "deeply guarded."

The outside world knows very little about it.

However, the investment income figures are reflected in the financial reports of various securities firms, from which the outside world can glean some insights.

With the disclosure of the first quarter reports for 2025 completed, the results of the investment capabilities competition among securities firms have officially been released!

CITIC Securities Leads by a Wide Margin

According to data from Wind, Zhitang has compiled the investment income of listed securities firms for the first quarter of 2025 as follows:

CITIC Securities leads its peers with an investment income of only 14.5 billion yuan, achieving a staggering year-on-year growth of 535%.

CITIC Securities is the only securities firm with quarterly income exceeding the 10 billion yuan mark.

Guotai Junan Securities, which just completed its merger at the beginning of this year, follows closely behind CITIC Securities with an investment income of 7.076 billion yuan after achieving the "1+1" power merger.

In third place is CICC, which, despite the continued sluggishness of its investment banking business, has provided "support" for the company's net profit with an income figure of 4.245 billion yuan.

It is worth noting that the competition between the third and fifth places in the above ranking is quite intense.

The investment incomes of CICC, Shenwan Hongyuan, and Huatai Securities are very close, all around 4.2 billion yuan, with differences only in the "decimal" places.

Among them, Shenwan Hongyuan recorded 4.24 billion yuan, while Huatai Securities recorded 4.231 billion yuan, indicating a very "slight" advantage.

Growth Figures Have Their Secrets

The sixth to tenth places in proprietary income are: CMS, Galaxy Securities, GF Securities, Guosen Securities, and CITIC Construction Investment.

This time, the year-on-year growth figures have shown very high numbers, such as CMS recording a growth of 1465%, while behind this is its negative income from the first quarter of last year.

It is worth mentioning that the market operation difficulty in the first quarter of 2024 was quite high, with many securities firms recording negative income, yet some firms achieved positive income in both recent reporting periods, including: CITIC Securities, CICC, Huatai Securities, GF Securities, and Guosen Securities.

This shows that the proprietary investment teams of the aforementioned institutions have a strong ability to seize market opportunities; however, securities firms have always kept the details of proprietary investments "deeply guarded," and we cannot further learn about their operational details.

The Second Tier "Competes Vigorously"

In the ranking of proprietary income for listed securities firms, the 11th to 20th places are: Dongfang Securities, Industrial Securities, Soochow Securities, Founder Securities, Guoyuan Securities, Changjiang Securities, Great Wall Securities, Huaan Securities, Western Securities, and Zhongtai Securities

Among the "second tier" mentioned above, except for Industrial Securities and Changjiang Securities, which recorded negative returns in the same period last year, the other eight firms achieved an increase in returns above a positive baseline.

The brokerage with the most significant growth is Dongfang Securities, which recorded a year-on-year increase of up to 337%, achieving over 1.7 billion yuan in returns in the first three months of this year from an investment income of 400 million yuan in the first quarter of last year, with its investment portfolio being "on the right track."

In addition, Founder Securities and Huaxin Securities also recorded impressive increases, with self-operated income growing year-on-year by 280% and 295%, respectively.

In the above chart, only Great Wall Securities has a single-digit year-on-year increase (nearly 8%), maintaining a quarterly income level of around 700 to 800 million yuan over the past two years, appearing relatively "stable."

Doubling and Surpassing

Zhitang noted that currently, the Wind terminal has recorded investment income data for 49 listed brokerages. Excluding the top 20 institutions, several brokerages have shown significant investment growth.

One is Tianfeng Securities, which achieved over 500% growth in returns in the first quarter of this year based on positive returns from the first quarter of last year.

Another is Huaxi Securities, which achieved nearly 290% growth in returns from less than 100 million yuan in the first quarter of last year (with a positive baseline).

Another is Hongta Securities, which achieved close to 200% growth in returns (with a positive baseline).

Additionally, the brokerages that doubled their returns (with a positive baseline) include: Nanjing Securities, Southwest Securities, Guojin Securities, Huaxin Securities, and Shanxi Securities.

Below is a summary chart of investment income for listed brokerages

Risk Warning and Disclaimer

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