Surpassing 30 billion yuan! CITIC Securities' net profit increased by 38% last year, with a dividend of 4.1 yuan per 10 shares; 9 public funds announced their performance last year: China Asset Management's net profit was 2.4 billion yuan, ranking first, while Guolian An shrank by nearly 15% | Early Insights on Brokerage Funds

｜March 27, 2026, Friday｜

NO.1 Breakthrough of 30 Billion Yuan! CITIC Securities’ Net Profit Increased by 38% Last Year, Proposing a Dividend of 4.1 Yuan per 10 Shares

On the evening of March 26, CITIC Securities released its “2025 Annual Report,” showing that during the reporting period, the company achieved an operating income of 74.854 billion yuan, a year-on-year increase of 28.79%; the net profit attributable to shareholders of the parent company was 30.076 billion yuan, a year-on-year increase of 38.58%. As of the end of 2025, CITIC Securities’ total assets amounted to 2.08 trillion yuan, a growth of 21.70% compared to the beginning of the year. The annual report stated that the profit distribution plan approved by the board of directors for this reporting period is: a cash dividend of 4.10 yuan (tax included) for every 10 shares. According to the profit distribution plan approved by CITIC Securities’ board of directors for 2025, the total cash dividend for the year reached 10.374 billion yuan (tax included), an increase of nearly 35% compared to the total dividend for 2024, marking the highest dividend amount since CITIC Securities’ establishment.

Comment: The significant growth in CITIC Securities’ performance and the record high dividend reflect the strong resilience and sound operational capability of the industry leader. The substantial cash returns not only strengthen investor confidence but also help boost the valuation level of the brokerage sector. As a market barometer, its excellent performance sends a positive signal, which may improve market expectations for the non-bank financial industry, providing positive support for market sentiment and guiding capital towards high-value blue-chip targets.

NO.2 Nine Publicly Offered Funds Announce Last Year’s Performance: Huaxia Fund’s Net Profit of 2.4 Billion Yuan Ranks First, Guolianan Shrinks by Nearly 15%

The annual profit situation for nine publicly offered funds in 2025 has been initially released. According to incomplete statistics, as of the evening of March 26, data on operating income and net profit for at least nine fund companies in 2025 have been disclosed. Overall, six publicly offered funds saw an increase in net profit for 2025 compared to 2024, one fund turned a loss into a profit, one fund’s net profit shrank; another fund was not included in the comparison due to the lack of relevant data disclosed for 2024. Specifically, Huaxia Fund’s net profit for 2025 is 2.396 billion yuan, ranking first with a year-on-year increase of 11.01%. Meanwhile, Huaxia Fund’s total operating income for 2025 was 9.626 billion yuan, also a 19.86% increase compared to 8.031 billion yuan for the same period in 2024. Dacheng Fund, Industrial Bank Fund, Guolianan Fund, CITIC Construction Investment Fund, and Everbright Prudential Fund’s net profits for 2025 are 533 million yuan, 512 million yuan, 98 million yuan, 70 million yuan, and 57 million yuan, respectively, ranking second to sixth. Among them, Guolianan Fund experienced a performance adjustment, with an annual net profit decline of 14.78%, showing relative pressure among the disclosed companies.

Comment: The performance of publicly offered funds has become increasingly polarized, with a significant head effect. Huaxia Fund, with its outstanding dual growth in revenue and net profit, firmly holds the top position, demonstrating strong research and investment capabilities and brand effect, likely to boost confidence in the equity market. Guolianan Fund’s pressured performance reflects the challenges faced by small and medium-sized funds amid fierce competition.

NO.3 Market Risk Appetite Hard to Improve in the Short Term, Beware of High Premium Risks in Oil and Gas Themed Products

On March 26, the “seesaw” market once again played out. In the context of rising oil prices, the S&P Oil and Gas ETF, Energy and Chemical ETF, and others saw notable gains, while software and precious metals ETFs led the pullback. It is worth noting that the S&P Oil and Gas ETF from Fidelity failed to effectively reduce its premium and continued to be suspended during midday trading on the 26th. The S&P Oil and Gas ETF from Harvest saw its trading volume exceed 13 billion yuan on the 26th, setting a new historical high, with a premium rate surpassing 14%. According to the post-market announcement on the 26th, to protect investor interests, the S&P Oil and Gas ETF from Harvest and several other high-premium on-exchange oil and gas thematic funds will be suspended from trading from the market opening on the 27th until 10:30 AM that day.

Comment: The high premium of oil and gas themed ETFs warns of the spread of irrational market sentiment. The frequent suspensions by fund companies aim to cool down the market and remind investors to be wary of the risk of prices returning to net asset value. In the short term, market risk appetite is weak, and funds are rapidly rotating among sectors, raising doubts about the sustainability of the oil and gas sector. The valuation correction pressure faced by high-premium varieties may lead to increased volatility in related individual stocks, and investors should remain calm and avoid blindly chasing highs.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice; please verify before use. Risks are borne by the user based on their operations.

Daily Economic News