10月31日，上市券商三季报均完成披露，券商行业整体业绩表现十分亮眼。 在市场行情的助推下，A股上市券商业绩喜人。在市场环境回暖下，头部公司多项业务增长明显。值得 一提的是，在头部券商中，完成并购整合的国泰海通前三季度营收同比增长101.60%，归母净利润同比 增长131.80%，整合之后带来业绩大幅增长。 除国泰海通外，多家完成并购整合的券商也实现业绩大幅增长。国联民生今年前三季度营收和归母净利 润成倍增长。从业务端来看，前三季度在行情助推下，券商经纪业务增长明显。经过整合，并购券商国 联民生、国泰海通、国信证券等公司前三季度的经纪业务增幅均位于上市券商前列，整合后业务的联动 效应逐步凸显。 中信证券最赚钱，国泰海通退居第二 从盈利能力来看，"全能选手"中信证券重回行业领头羊的位置，前三季度归母净利润为231.59亿元，在 一众上市券商排名第一，不过完成并购整合的国泰海通也迎头直追，与中信证券前三季度归母净利润差 距仅10亿元左右。 回顾2025年中报期，国泰海通曾在归母净利润上超越中信，主要原因是由于此前并购产生的90亿元负商 誉，短期提振公司业绩。基于此，上半年国泰海通归母净利润为157.37亿元，中信 ...

Core Insights - The report highlights the significant shift in stock holdings by brokerage firms in the A-share market during the third quarter, with a focus on "hard technology" sectors and cyclical industries, as well as popular themes like AI and humanoid robots [1][4][8]. Brokerage Holdings - As of October 31, 47 brokerage firms appeared among the top ten shareholders of 373 A-share listed companies, with a total holding value of approximately 66.73 billion yuan [1]. - A total of 206 new stocks were added to the brokerage firms' heavy holdings, with the hardware equipment sector leading with 29 new stocks [3][4]. Sector Performance - The hardware equipment index has risen over 60% year-to-date, driven by strong demand in AI servers, optical modules, PCBs, and consumer electronics [3]. - Notable new heavy holdings include companies like Shaanxi Huada, Guanghong Technology, and Yachuang Electronics, which were favored by multiple brokerages [4]. Investment Strategies - Major brokerages adopted a "broad net" strategy, while smaller firms focused on "key bets," leading to a significant increase in self-operated business revenues, which reached 186.86 billion yuan, a year-on-year increase of 43.83% [1][13]. - The top six brokerages accounted for over half of the total self-operated business revenue, with notable performances from CITIC Securities and Guotai Junan [15]. Stock Adjustments - In the third quarter, 63 stocks saw increased holdings, while 62 experienced reductions, indicating a strategic shift towards sectors with structural opportunities [8][11]. - The chemical and hardware equipment sectors saw the most significant increases in holdings, with 10 and 7 stocks respectively being added [8]. Notable Stock Movements - Postal Savings Bank was the most heavily acquired stock by a single brokerage, with Guotai Junan acquiring 126.47 million shares [5][7]. - Inner Mongolia Huadian was the top stock in terms of increased holdings, with Dongfang Securities adding 21.94 million shares [10]. Market Outlook - The report suggests that the active A-share market has provided rich investment opportunities for brokerages, with a notable focus on sectors poised for recovery and growth [12][16].

Core Insights - The ETF market is experiencing significant growth, with brokers focusing on transforming retail investors into institutional investors through comprehensive ETF services [1][2][5] - Major brokers are enhancing their competitive edge by upgrading from basic ETF trading to a full-fledged investment ecosystem, leveraging their research capabilities [1][3][6] Market Overview - As of September 2025, the total number of ETFs in the Shanghai market reached 760, with a total market value of 4 trillion yuan, reflecting a 7.65% increase [3] - The leading brokers in ETF holdings are Galaxy Securities and Shenwan Hongyuan, holding a combined market share of approximately 39.49% [3][4] Broker Performance - In terms of trading volume, CITIC Securities led the Shanghai market with an 11.24% share, followed closely by Huatai Securities at 11.09% [4] - Huabao Securities has established a comprehensive service system around ETFs, indicating its strategic importance to the firm [4][6] Strategic Developments - Brokers are increasingly focusing on creating an ETF ecosystem, integrating research, distribution, and custody services to enhance collaboration [2][7] - The shift towards a comprehensive investment ecosystem is evident, with firms like Guotai Junan and招商证券 developing tools and community platforms to support investors throughout the investment process [6][7] Future Outlook - The ETF market is expected to continue its robust growth, with brokers that effectively leverage AI and deepen business collaboration likely to gain a competitive advantage [2][5] - Analysts suggest that ETFs serve not only as investment products but also as a vehicle for brokers to transition retail investors into a more structured investment framework [7]

【环球网财经综合报道】截至10月30日，52家券商及上市主体陆续披露了2025年前三季度业绩，行业整体呈现出 积极向上的发展态势，多项关键指标实现显著增长，不过内部业绩分化的情况也较为明显。 金公司、招商证券、申万宏源等也位列前十，这些券商在总资产规模上展现出较强的实力，为行业的稳定发展提 供了有力支撑。（水手） 从净利润增速来看，券商前三季度归母净利普遍实现了较高增长。有34家券商的同比增幅超过50%，其中12家券 商更是实现了净利润翻倍的佳绩。国联民生以345.30%的同比增速位居首位，公司表示业绩大幅增长主要得益于 主动把握市场机遇，持续推进各项业务发展，并将民生证券纳入合并报表范围，使得证券投资、经纪业务、投资 银行业务等同比显著增长。其他增速翻倍的券商还包括华西证券、国海证券、国盛证券等，这些券商在不同业务 领域展现出强大的增长潜力，通过不断创新和优化业务模式，实现了业绩的快速提升。 第三季度的业绩表现则呈现出明显的分化态势。在48家数据可比券商中，有31家券商的环比增速为正，17家增速 告负，正负增速比例接近2比1。环比增速超过50%的有13家，其中6家实现了翻倍增长。天风证券以高达1404.44 ...

中信证券研报指出，10月制造业PMI景气有所回落，可能与10月假期较长，叠加少数行业经营受到上游 涨价挤压有关。从结构上看，生产、需求、价格等指标均有一定回落，假期对供给限制和需求放缓的影 响得到体现。从行业看，制造业细分行业PMI并未出现广谱式下降，主要是个别行业PMI在反内卷影响 之下出现明显回落。10月非制造业PMI较历史同期差距缩小，主要是假期较长使得服务业景气有所改 善。总的来说，合并制造业和非制造业看，10月经济景气表现平稳，随着四季度财政货币政策部署相继 落地，预计全年有望实现增长目标。 ...

Core Viewpoint - The recent feedback from the China Securities Regulatory Commission (CSRC) regarding China Post Securities' alternative investment subsidiary reflects the evolving needs of the brokerage industry, highlighting a strategic shift towards optimizing capital allocation and enhancing professional capabilities in alternative investments [1][2]. Group 1: Business Expansion - China Post Securities' alternative investment subsidiary is seeking to expand its business scope beyond just participating in the ChiNext and STAR Market projects, indicating a growing demand for alternative investment services among brokerages [1][2]. - The alternative investment subsidiaries primarily focus on equity and real estate investments, with the upcoming regulatory changes in 2024 allowing for broader investment opportunities, including commodities and private placements [1][2]. Group 2: Capital Optimization - Several brokerages have opted to reduce the registered capital of their alternative investment subsidiaries, with examples including Zhongyuan Securities and Northeast Securities, aiming to optimize resource allocation and enhance capital efficiency [4]. - The trend of reducing capital is seen as a strategy to focus on core business areas and improve operational resilience in a complex market environment [4]. Group 3: Strategic Shift - The industry consensus is shifting from a focus on scale to precision, with many brokerages recognizing the importance of professional judgment and deep industry understanding over mere capital-driven growth [5]. - A report indicates that 90.5% of the alternative investment subsidiaries of listed brokerages have improved their operating performance, with many achieving significant revenue growth [5].

10月30日晚间，A股上市券商三季报全部披露完毕（此次统计新增"国盛证券"）。据《证券日报》记者统计，前三季度， 43家A股上市券商合计实现营业收入4214.16亿元，同比增长42.57%；合计实现归母净利润1692.91亿元，同比增长62.48%，业 绩增长态势强劲。 对此，东海证券非银首席分析师陶圣禹向《证券日报》记者表示："上市券商业绩大幅增长，主要原因是市场行情回暖下 的各业务条线基本面改善。同时，交投活跃带动下的自营、资管业务也呈现边际复苏，推动基本面持续改善。" 头部"双雄"业绩亮眼 前三季度，上市券商整体业绩远超市场预期。头部券商凭借优势稳定发挥，部分通过并购重组实现资源优化配置、业务协 同发展的券商，以及业绩弹性足的中小券商，成为行业发展的亮点。 在43家上市券商中，有42家前三季度的营业收入和归母净利润同比正增长。中信证券、国泰海通、华泰证券、广发证券、 中国银河、中金公司等头部券商营业收入均突破200亿元；中信证券、国泰海通、华泰证券、中国银河、广发证券等5家券商的 归母净利润均超百亿元。 行业龙头中信证券与强强联合后的国泰海通，前三季度业绩表现亮眼，双双刷新历史同期最佳纪录，总资产规模均 ...

Core Viewpoint - Despite a significant recovery in the performance of the securities industry, the stock prices of leading brokerages have declined, leading to confusion among investors [1][11]. Group 1: Industry Performance - As of October 31, the CSI All Share Securities Index has a year-to-date increase of 6.05%, which is lower than the Shanghai Composite Index's 17.99% and the CSI 300's 17.94% [2]. - In the first three quarters, 42 listed brokerages achieved a total operating income of 419.56 billion yuan, a year-on-year increase of 17.02%, and a net profit of 169.05 billion yuan, up 62.38% [2]. - The net profit for the third quarter alone reached 65.03 billion yuan, reflecting a year-on-year growth of 64.69% [2]. Group 2: Key Signals from Q3 Reports - Two major brokerages, CITIC Securities and Guotai Junan, both surpassed 2 trillion yuan in total assets, marking increases of 18.45% and 91.7% respectively compared to the end of 2024 [4]. - Except for Western Securities, which reported a revenue decline, the majority of brokerages experienced revenue and profit growth, with some seeing net profits double [5]. - Nine brokerages reported over 100% growth in net profit, with Guolian Minsheng, Huaxi Securities, and Guohai Securities showing increases of 345.30%, 316.89%, and 282.96% respectively [6]. Group 3: Competitive Landscape - The competition among brokerages has intensified, with revenue and profit rankings frequently changing. For instance, in the third quarter, the revenue of China Merchants Securities surpassed that of CITIC Securities [6]. - The performance of brokerages in the third quarter showed significant shifts, with Guotai Junan's revenue closely trailing CITIC Securities by just 7.56 billion yuan [7]. Group 4: Business Line Recovery - All major business lines of brokerages have shown recovery, with brokerage and proprietary trading businesses being key contributors to high growth. Brokerage fee income rose by 74.64% year-on-year, totaling 111.78 billion yuan [9]. - The investment banking sector also saw a recovery, with a year-on-year growth rate of 23.46% in revenue, driven by increased equity financing and M&A activities [9]. - Average employee compensation in the brokerage sector increased, with Guolian Minsheng leading with a 141.04% rise, reaching an average of 825,800 yuan [9]. Group 5: Stock Price Dynamics - Despite strong earnings, stock prices of brokerages have not reflected this performance, with some stocks underperforming the market [11][12]. - The underlying reasons include unpredictable earnings, reliance on market fluctuations, and a lack of differentiation among brokerage strategies [12]. - Analysts suggest that the securities sector may experience a rebound, supported by favorable policies and a conducive market environment [13].

格隆汇10月31日｜南华期货股份有限公司在港交所递交上市申请，独家保荐人为中信证券。 ...

Group 1: Overall Industry Performance - The brokerage industry showed strong performance in the first three quarters of 2025, with five companies surpassing a net profit of 10 billion yuan, collectively earning over 82.5 billion yuan [2] - CITIC Securities led the industry with a net profit of 23.916 billion yuan, followed closely by Guotai Junan with 23.059 billion yuan, marking a significant year-on-year growth of 132.59% [2] - Among the 40 brokerages that disclosed data, only Huachuang Yuxin reported a net profit of less than 100 million yuan, while the majority experienced positive growth, with 12 brokerages seeing net profit growth exceeding 100% [2] Group 2: Brokerage Business Growth - The brokerage business revenue increased across the board, benefiting from heightened trading volumes in the A-share market, particularly in technology stocks [3] - All brokerages that disclosed data reported positive growth in brokerage business, with three companies experiencing growth rates exceeding 100% [3] - CITIC Securities reported brokerage business revenue of 10.939 billion yuan, a 52.90% increase year-on-year, while Guotai Junan's revenue surged by 142.80% to 10.814 billion yuan [4][6] Group 3: Investment Business Performance - Investment income saw substantial growth, with over 80% of brokerages reporting positive net investment income, and nine companies achieving growth rates over 100% [8] - CITIC Securities led the investment income with 32.838 billion yuan, reflecting a year-on-year increase of 195.92%, followed by Guotai Junan and Huatai Securities with 18.374 billion yuan and 16.140 billion yuan, respectively [9] - Notably, Caitong Securities reported an extraordinary increase in investment income from 0.025 billion yuan to 2.317 billion yuan, marking a growth rate of 9022.70% [8][11] Group 4: Margin Financing and Interest Income - The margin financing market remained active, with the balance exceeding 2.5 trillion yuan by October 29 [11] - Guotai Haitong topped the interest income rankings with 5.208 billion yuan, a growth of 232%, while CITIC Securities experienced a decline of 16.88% in interest income [12] - Several small and medium-sized brokerages showed significant expansion in margin financing, with Longcheng Securities reporting a more than 30-fold increase in interest income [12]