【深圳商报讯】（记者 陈燕青）随着中报收官，上市券商集体交出一份亮眼成绩单。根据Wind统计， 上半年共有10家券商营收超百亿元，9家券商净利润增速实现翻倍。由于并购重组，国泰海通超越中信 证券，位居券商净利润榜首。 净利润方面，国泰海通超越中信证券，上半年实现归母净利润157.37亿元，位居榜首；中信证券实现净 利润137.19亿元，位居第二；华泰证券实现净利润75.49亿元，位居第三。此外，中国银河、广发证券、 国信证券、招商证券净利润均超50亿元。 国泰海通上半年归母净利润同比增长213.74%，其业绩大幅预增主要得益于换股吸收合并海通证券产生 的负商誉计入营业外收入。 营业收入方面，上半年中信证券以330.39亿元的营收位居榜首；国泰海通位居第二，上半年实现营收 238.72亿元；华泰证券、广发证券紧随其后，营收均超150亿元；此外，中国银河、中金公司、申万宏 源、国信证券、中信建投、招商证券营收规模均超100亿元。 ...

Core Insights - China Galaxy Securities reported a net profit of 6.488 billion yuan for the first half of 2025, reflecting a year-on-year increase of 47.86%, despite a decline in revenue ranking from third to fifth in the industry [1][2][3]. Financial Performance - The company achieved operating revenue of 13.746 billion yuan, a year-on-year growth of 37.71%, although the revenue decreased by 3.339 billion yuan compared to the previous year [2][4]. - The total profit amounted to 7.635 billion yuan, marking a significant increase of 68.09% year-on-year [2]. - The net profit attributable to shareholders increased by 21 million yuan, indicating progress in revenue structure optimization and profit margin enhancement [2][7]. Industry Ranking - Despite the revenue ranking drop, China Galaxy's net profit ranking improved from fifth to fourth in the industry, showcasing its resilience and competitive strength [1][3][7]. - The average net profit growth rate in the industry was 127%, indicating that while China Galaxy's growth was below average, it still managed to improve its position [2][7]. Strategic Shift - Under the leadership of General Manager Xue Jun, China Galaxy is shifting focus from scale expansion to enhancing quality and efficiency, which is reflected in its improved profitability [3].

Core Insights - The overall performance of the securities industry in China has been strong in the first half of 2025, with significant revenue and profit growth reported by major brokerage firms [1][2]. Financial Performance - In the first half of 2025, 150 securities firms achieved a total operating income of 251.036 billion yuan and a net profit of 112.280 billion yuan [1]. - Among 50 listed brokerages, 44 reported year-on-year revenue growth, with 10 firms exceeding 10 billion yuan in revenue [2]. - Notable firms such as CITIC Securities and Guotai Junan reported revenues of 33.039 billion yuan and 23.872 billion yuan, respectively [2]. - The net profit of 50 listed brokerages all turned positive, with eight firms exceeding 5 billion yuan in profit [2]. Profit Growth - Thirteen brokerages reported a net profit growth of over 100% year-on-year, with Guolian Minsheng achieving a staggering 1185.19% increase [2][3]. - Huaxi Securities also saw a significant profit increase of 1195.02% [2][3]. Business Segments - Proprietary trading and brokerage services are the main drivers of profit growth for brokerages [4]. - In the first half of 2025, securities investment income reached 100.242 billion yuan, while brokerage business net income was 68.842 billion yuan [4]. - CITIC Securities reported proprietary trading income exceeding 10 billion yuan, with a year-on-year growth of 62.42% [4]. Investment Banking Recovery - The investment banking sector is showing signs of recovery, with CITIC Securities' investment banking revenue growing by 20.91% [5]. - The Hong Kong IPO market has been active, providing new opportunities for leading brokerages [6]. Future Outlook - The performance of listed brokerages is expected to remain strong, driven by market activity and regulatory support [6].

承销机构及其关联方参与了本期债券(续发行)的认购。主承销商中信建投（601066）证券股份有限公司 及其关联方中信银行股份有限公司参与认购并分别获配本期债券(续发行)金额人民币0.3亿元及人民币3 亿元，主承销商国信证券股份有限公司参与认购并获配本期债券(续发行)金额人民币0.5亿元，主承销商 光大证券股份有限公司参与认购并获配本期债券(续发行)金额人民币0.5亿元。 中国银河（601881）(06881)发布公告，根据上述股东授权及中国证券监督管理委员会的批复，本公司 已于2025年9月1日完成向专业投资者公开发行2025年公司债券(第一期)(品种一)(续发行)(本期债券(续发 行))。本期债券(续发行)的发行规模为人民币 30亿元，发行价格为每单位人民币99.810元，票面利率为 1.79%。本期债券(续发行)的期限为三年，自2025年8月7日起计。本期债券(续发行)发行所募集的资金将 用于偿还本公司到期公司债券本金及补充营运资金。 ...

中国银河（601881）(06881)发布公告，根据股东授权及中国证券监督管理委员会的批复，本公司已于 2025年9月1日完成向专业投资者公开发行2024年公司债券(第一期)(品种二)(续发行)(本期债券(续发 行))。本期债券(续发行)的发行规模为人民币16 亿元，发行价格为每单位人民币102.945元，票面利率为 2.25%。本期债券(续发行)的期限为五年，自2024年10月17日起计。本期债券(续发行)发行所募集的资金 将用于偿还本公司到期公司债券本金及补充营运资金。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1]. Core Insights - The capital market continues to recover, with a significant increase in net profit for the first half of 2025, up 51% year-on-year, leading to an upward revision of the annual profit forecast [1][8]. - The average daily trading volume of stock funds reached 15,703 billion yuan, a 63% increase year-on-year, indicating a robust market activity [1][13]. - The report highlights the strong performance of major securities firms, recommending companies such as CITIC Securities, China Galaxy, and Huatai Securities due to their competitive advantages in the current market environment [8]. Summary by Sections 1. Market Performance - The securities industry saw a 23% increase in revenue and a 40% increase in net profit in the first half of 2025, with 150 securities firms reporting a total revenue of 2,510 billion yuan [42]. - The average return on equity (ROE) for the first half of 2025 was 3.53%, an increase of 0.85 percentage points year-on-year [42]. - The average daily trading volume for stock funds was 15,703 billion yuan, reflecting a 63% year-on-year growth [13][19]. 2. Brokerage Business - Brokerage income for listed firms increased by 47% year-on-year, totaling 592 billion yuan in the first half of 2025 [2]. - The commission rate decreased from 0.020% in 2024 to 0.019% in the first half of 2025, indicating a competitive pricing environment [2][44]. 3. Investment Banking - Investment banking revenue grew by 18% year-on-year, benefiting from a recovery in refinancing activities [2][29]. - A total of 51 IPOs were issued in the first half of 2025, raising 37.4 billion yuan, which represents a 15% increase in the number of IPOs and a 16% increase in funds raised compared to the previous year [22][29]. 4. Asset Management - Asset management income slightly declined by 3% year-on-year, with a total of 213 billion yuan reported [7]. - The total asset management scale for 34 firms with comparable data was 7.4 trillion yuan, reflecting a 2% year-on-year increase [7]. 5. Proprietary Trading - The net investment income for the first half of 2025 was 1,178 billion yuan, a 51% increase year-on-year, driven by favorable market conditions [7][34]. - The second quarter alone saw a net investment income of 671 billion yuan, marking a 53% year-on-year increase [7]. 6. Dividend Distribution - Mid-term cash dividends increased by 40% year-on-year, although the dividend payout ratio decreased by 3 percentage points [7][46]. - The average dividend yield for A-share listed securities firms was 1.30%, with Dongwu Securities having the highest yield at 3.1% [7]. 7. Profit Forecast - The report projects a 32% year-on-year increase in industry net profit for 2025, driven by active market trading and improved business conditions [8][19]. - The expected growth rates for various business segments include a 66% increase in brokerage income and an 18% increase in investment banking revenue [8].

该信息由智通财经网提供 智通财经APP讯，中国银河(06881)发布公告，根据股东授权及中国证券监督管理委员会的批复，本公司 已于2025年9月1日完成向专业投资者公开发行2024年公司债券(第一期)(品种二)(续发行)(本期债券(续发 行))。本期债券(续发行)的发行规模为人民币16 亿元，发行价格为每单位人民币102.945元，票面利率为 2.25%。本期债券(续发行)的期限为五年，自2024年10月17日起计。本期债券(续发行)发行所募集的资金 将用于偿还本公司到期公司债券本金及补充营运资金。 ...

格隆汇9月1日丨中国银河(06881.HK)公布，根据股东授权及中国证券监督管理委员会的批覆，公司已于 2025年9月1日完成向专业投资者公开发行2024年公司债券（第一期）（品种二）（续发行）。本期债券 （续发行）的发行规模为人民币16亿元，发行价格为每单位人民币102.945元，票面利率为2.25%。本期 债券（续发行）的期限为五年，自2024年10月17日起计。本期债券（续发行）发行所募集的资金将用于 偿还公司到期公司债券本金及补充营运资金。 ...

智通财经APP讯，中国银河(06881)发布公告，根据上述股东授权及中国证券监督管理委员会的批复，本 公司已于2025年9月1日完成向专业投资者公开发行2025年公司债券(第一期)(品种一)(续发行)(本期债券 (续发行))。本期债券(续发行)的发行规模为人民币 30亿元，发行价格为每单位人民币99.810元，票面利 率为1.79%。本期债券(续发行)的期限为三年，自2025年8月7日起计。本期债券(续发行)发行所募集的资 金将用于偿还本公司到期公司债券本金及补充营运资金。 承销机构及其关联方参与了本期债券(续发行)的认购。主承销商中信建投证券股份有限公司及其关联方 中信银行股份有限公司参与认购并分别获配本期债券(续发行)金额人民币0.3亿元及人民币3亿元，主承 销商国信证券股份有限公司参与认购并获配本期债券(续发行)金额人民币0.5亿元，主承销商光大证券股 份有限公司参与认购并获配本期债券(续发行)金额人民币0.5亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 公告 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2024年公司債券（第一期）（品種二）公開發行（續發行）完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以 及2025年2月17日之公告。於2025年2月17日召開的2025年第一次臨時股東大會 上，本公司通過了股東大會對本公司董事會（「董事會」）的授權方案的修訂，據 此，股東大會授權董事會發行債務融資工具，發行規模合計不超過本公司最近一 期經審計淨資產的350%。 亦提述本公司(i)日期為2024年9月2日之公告，內容有關本公司收到中國證券監督 管理委員會的批覆，核准本公司向專業投資者公開發行面值總額不超過人民幣200 億元的公司債券；以及(ii)日期為2024年10月17日之公告，內容有關本公司已於 2024年10月17日完成向專業 ...