The disclosure of the 2024 quarterly reports of listed brokerage firms has begun. On the evening of April 25, Nanjing Securities and Caitong Securities disclosed their quarterly reports. As of press release, listed brokerage firms such as Fangzheng Securities, Western Securities, Capital Securities, Oriental Fortune, Guojin Securities, Nanjing Securities, and Caitong Securities have announced their results for the first quarter of this year. Judging from various operating data, the self-operated business was still an important growth point for brokerage performance in the first quarter; brokerage and investment banking businesses declined to varying degrees. Looking ahead to the brokers' first quarter results, many analysts continued their previous judgments about the high contribution of proprietary businesses to performance. Luo Huizhou, a non-bank analyst at Huaxi Securities, said that due to the structural situation in the equity market, investment management is more difficult, and it is expected that the investment business of various brokerage firms will be greatly differentiated due to changes in equity and bond allocations, equity investment styles, and positions. Therefore, it is expected that proprietary investment will be the “winner and loser” of listed brokers' performance in the first quarter of 2024. (Shanghai Securities Report)