每经记者｜李娜 每经编辑｜陈柯名 叶峰 随着42家上市券商2025年半年报全部披露完毕，券商2025年上半年薪酬情况也随之浮出水面。统计显示，超八成券商薪酬总额实现增长，行业人均薪酬也 呈现同步回升态势。 超八成券商上半年薪酬总额上涨 随着42家上市券商2025年半年报全部披露完毕，券商2025年上半年薪酬也随之浮出水面。 根据"当期薪酬总额=支付给职工以及为职工支付的现金+期末应付职工薪酬 - 期初应付职工薪酬"这一统计公式计算，Choice数据显示，在剔除因合并重组 导致数据波动较大的国泰海通证券、国联民生证券及浙商证券后，其余39家具有可比数据的上市券商，今年上半年薪酬总额合计达777.15亿元，较2024年 同期的657.55亿元，同比增长18.19%。 具体来看，券商"一哥"中信证券依然位居榜首，2025年上半年薪酬总额达111.23亿元，较2024年上半年的97.93亿元，同比增长13.58%。紧随其后的中金公 司、华泰证券，2025年上半年薪酬分别为55.72亿元、51.37亿元，同比增长27.53%、21.46%。 从变动幅度来看，39家券商中共有33家薪酬总额实现增长，其中8家增速超过30% ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the proprietary trading business of listed securities firms in the A-share market, with a total net income of 112.35 billion yuan in the first half of 2025, representing a year-on-year increase of 53.53% [1][2] - The proprietary trading business has become the largest source of revenue for securities firms, with 15 firms reporting that over 50% of their total revenue came from this segment [1] - Major firms such as CITIC Securities and Guotai Junan reported substantial increases in proprietary trading income, with CITIC Securities achieving 19.05 billion yuan, up 62.42%, and Guotai Junan reaching 9.35 billion yuan, up 89.59% [1][2] Group 2 - A total of 36 out of 42 listed securities firms experienced year-on-year growth in proprietary trading income, with 23 firms showing increases of over 50% [2] - Notable growth was observed in smaller firms, with Changjiang Securities leading with a staggering increase of 668.35% in proprietary trading income [2] - Firms are adopting diverse strategies in their proprietary trading operations, focusing on non-directional investments and multi-asset strategies to enhance competitiveness [3] Group 3 - Securities firms are increasingly emphasizing deep research and value investment principles, aiming to optimize their asset allocation and improve their income stability [4] - The future outlook for proprietary trading suggests continued revenue growth, driven by favorable market conditions and strategic adjustments in investment approaches [4]

【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。 ...

Group 1 - The overall commission from brokerage firms in the first half of the year reached 4.472 billion yuan, a year-on-year decrease of 33.98% [1] - Leading brokerage firms dominate the market, with CITIC Securities leading at 347 million yuan in commission, followed by Guotai Junan at 283 million yuan [1][2] - The top 20 brokerages accounted for 75% of the total commission, with individual firms surpassing 100 million yuan in commission income [2] Group 2 - Some mid-sized brokerages achieved significant growth in commission revenue, with Huafu Securities seeing a 312.34% increase to 86.83 million yuan [3] - Zhezhang Securities and Xinyu Securities also reported substantial growth, with increases of 2163.26% to 48.20 million yuan [3] - The research business is undergoing a comprehensive transformation, focusing on returning to value and exploring new development paths [4][5] Group 3 - CITIC Securities is expanding its research capabilities and global reach, enhancing service for institutional clients [4][6] - Guolian Minsheng plans to improve market share through differentiated and forward-looking research [6] - The industry is witnessing a shift towards integrated financial services, combining research with business operations to meet client needs [5][6]

中信证券股份有限公司 关于江苏微导纳米科技股份有限公司 董事、高级管理人员暨核心技术人员离职的核查意见 截至本核查意见出具日，LI XIANG 先生直接持有公司股份 20,158,464 股。 LI XIANG 先生承诺：辞职后将继续遵守《中华人民共和国公司法》《上市公司 董事和高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所科创 板股票上市规则》等有关规定以及所作的相关承诺。 （二）参与研发项目及专利情况 LI XIANG 先生在任职期间参与了公司的研发工作，目前已经完成工作交接， 其离职不会对公司的技术研发和日常经营造成重大不利影响。截至本核查意见出 具日，LI XIANG 先生任职期间参与研发的知识产权均归公司所有，不存在涉及 职务成果、知识产权的纠纷，其离职不影响公司知识产权的完整性。 （三）保密义务等情况 LI XIANG 先生与公司签署了《保密协议》等相关协议，双方对保密义务等 相关权利义务及违约责任进行了约定，LI XIANG 先生负有相应的保密义务。截 至本核查意见出具日，公司未发现 LI XIANG 先生有违反保密义务的情形。 中信证券股份有限公司（以下简称"中信证券"、"保荐人 ...

Core Viewpoint - The report outlines the verification opinion of CITIC Securities regarding the listing and circulation of restricted shares for Shenzhen BGI Intelligent Manufacturing Technology Co., Ltd. (BGI Intelligent) following its initial public offering (IPO) on the STAR Market [1][2]. Summary by Sections 1. Type of Restricted Shares for Listing - The restricted shares being listed are part of the shares held by pre-IPO shareholders, totaling 200,177,511 shares, which accounts for 48.06% of the company's total share capital [2][12]. - The lock-up period for these shares is 36 months, expiring on September 9, 2025 [2]. 2. Changes in Share Capital Since Formation of Restricted Shares - After the IPO, the total share capital of the company was 413,110,000 shares [2]. - Following the exercise of stock options in October 2022, May 2023, and October 2024, the total share capital increased to 416,516,155 shares [3]. 3. Commitments Related to Restricted Shares - Shareholders have made commitments regarding the lock-up and reduction of their holdings, including a commitment not to transfer or manage their shares for 36 months post-IPO [4][5]. - In the event of a reduction in holdings after the lock-up period, the reduction must not exceed 2% of the total shares held in the fourth and fifth fiscal years after the IPO [6][7]. 4. Verification of Compliance - The report confirms that all shareholders holding restricted shares have adhered to their commitments made during the IPO process [11]. - The verification by CITIC Securities indicates that the listing and circulation of restricted shares comply with relevant laws and regulations [12].

Group 1 - The market continues to focus on high-capacity pricing sectors, with the index strength approaching levels seen in previous bull markets [1] - In July, the profit decline of industrial enterprises in China narrowed, with marginal increases in profit margins for manufacturing and public utilities [1] - The U.S. core PCE inflation rate for July met expectations at 2.9%, with an 86.4% probability of a 25 basis point rate cut by the Federal Reserve in September 2025 [1] Group 2 - The asset allocation indicators show that the relative value of stocks compared to bonds has eased from historical extremes, with the overall A-share index PE at 22.1 [2] - Market trading indicators, such as turnover rate and transaction volume, have significantly increased, indicating heightened market activity [2] - Investor behavior shows a decrease in buyback scale while the main capital flow has increased compared to the previous month [2] Group 3 - The current market rally is characterized by structural features, with TMT leading the gains, contributing significantly to the overall market performance [3] - AI has not yet reached an extreme overheating state, with TMT's contribution to the overall A-share market remaining below historical highs [3] - The market capitalization contribution from leading companies like Guizhou Moutai and Ningde Times has shown significant growth, indicating potential for further gains [3] Group 4 - The market is in an upward trend, with a positive profit effect expected to attract mid-term incremental capital [6] - The Fed's interest rate cut expectations are rising, which may enhance global risk appetite [6] - The industry allocation model continues to recommend sectors benefiting from policy support, such as innovative pharmaceuticals and new energy [6] Group 5 - The company reported a revenue of 81.7 billion yuan in H1 2025, a decrease of 2.6% year-on-year, with a net profit of 20.6 billion yuan, down 8.0% [17] - The company is actively expanding into data center and solar lighting businesses, leveraging its R&D capabilities [17] - The company maintains a strong position in the consumer electrical sector and is exploring new markets, with profit forecasts adjusted for 2025-2027 [17] Group 6 - The company achieved a revenue of 334.91 billion yuan in H1 2025, an increase of 7.1%, with a net profit of 7.09 billion yuan, up 17.28% [20] - The company is enhancing its upstream supply chain and actively developing new fiber materials, with significant capacity expansion planned [20] - The company anticipates a recovery in demand for polyester filament as the market enters the peak season [20] Group 7 - The company reported a revenue of 42.3 billion yuan in H1 2025, a decrease of 2.2%, but a net profit increase of 22% [22] - The company is focusing on technological upgrades in its traditional gear products for new energy vehicles, aiming for market share growth [22] - The company is adjusting its revenue and profit forecasts for 2025-2027, maintaining a "buy" rating [22]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company continues to demonstrate double-digit growth in performance, with robust profitability highlighting its leading advantages in the industry. The self-operated brokerage business maintains high growth, asset management is steadily improving, and investment banking is recovering, further showcasing the company's comprehensive strengths [2][5]. - Looking ahead, the company's leading position remains solid, and it is expected to benefit further from an improved competitive landscape in the industry. The company is actively exploring growth opportunities in international business, which may enhance its profitability and competitive edge [2][5]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue and net profit attributable to shareholders of 33.04 billion and 13.72 billion respectively, representing year-on-year increases of 9.5% and 29.8%. The weighted average return on equity rose by 0.95 percentage points to 4.91%. The operating leverage, excluding customer funds, decreased by 2.1% to 4.42 times compared to the beginning of the year [5][10]. Business Segments - The company reported revenues from various business lines: brokerage (6.40 billion), investment banking (2.10 billion), asset management (5.44 billion), interest income (0.22 billion), and proprietary trading (19.38 billion), with year-on-year growth rates of 31.2%, 20.9%, 10.8%, -80.1%, and 62.2% respectively. All business segments, except for interest income, showed year-on-year growth, with proprietary trading being a significant contributor to overall performance [10]. Brokerage and Wealth Management - The average daily trading volume in the two markets was 1.39 trillion, up 61.1% year-on-year, leading to a 31.2% increase in brokerage revenue to 6.40 billion. The wealth management segment continues to grow, with the number of clients exceeding 16.5 million and total client assets under custody surpassing 12 trillion, both showing a 4% increase from the end of the previous year [10]. Investment Banking - The investment banking segment reported revenue of 2.10 billion, reflecting a year-on-year increase of 20.9%. The company maintained its leading position in the market, with equity financing and bond underwriting volumes of 148.53 billion and 1,038.73 billion respectively, representing year-on-year increases of 365.7% and 18.4% [10]. Proprietary Trading - The proprietary trading business generated revenue of 19.38 billion, a year-on-year increase of 62.2%, with investment income reaching 20.90 billion, compared to 8.89 billion in the same period last year. The overall asset quality remains stable, with a credit impairment loss reversal of 270 million [10]. Future Outlook - The company is expected to achieve net profits attributable to shareholders of 24.88 billion and 27.60 billion for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 18.8 and 16.9, and price-to-book ratios of 1.63 and 1.51. The report maintains a "Buy" rating based on these projections [10][11].

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The report highlights strong mid-year performance from 42 listed brokerages, with total revenue and net profit attributable to shareholders reaching CNY 251.89 billion and CNY 103.61 billion, respectively, reflecting year-on-year increases of 11.3% and 65.6% [2][4] - The insurance sector's mid-year disclosures confirm trends of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [4] - Recommendations include focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Eastmoney, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4] Summary by Sections Industry Overview - The non-bank financial index decreased by 0.8% this week, underperforming the CSI 300 by 3.5%, ranking 23rd out of 31 sectors [5] - Year-to-date, the non-bank financial index has increased by 13.5%, with a relative underperformance of 0.8% against the CSI 300, ranking 19th out of 31 sectors [5] Market Performance - Market activity has shown signs of recovery, with average daily trading volume across both exchanges reaching CNY 298.31 billion, up 15.29% week-on-week [5][36] - The margin financing balance increased to CNY 2.24 trillion, reflecting a week-on-week rise of 4.52% [5][42] Brokerage Data Tracking - The report notes a recovery in trading activity, with the average daily trading volume exceeding the 2024 average, indicating a gradual improvement in brokerage business profitability [36] - The report emphasizes the importance of monitoring the stock and bond market fluctuations for brokerage self-operated income [40] Insurance Sector Insights - The insurance industry reported a cumulative premium income of CNY 420.85 billion in July 2025, marking a year-on-year increase of 6.75% [20][21] - The total assets of the insurance sector reached CNY 39.59 trillion, with a month-on-month increase of 0.95% [25][26] Investment Banking Activity - In July 2025, equity financing decreased significantly to CNY 53.38 billion, down 90.2% month-on-month, while bond financing totaled CNY 783 billion, down 11.3% [44] - The report anticipates an increase in stock underwriting scale due to the advancement of refinancing regulations [47] Asset Management and Derivatives - The report indicates a decline in new issuance of collective asset management products, with July 2025 issuance at 5.489 billion units, down 43.6% [49] - The futures market saw a significant increase in trading volume, with July 2025 transactions reaching CNY 62.23 trillion, up 34.02% [54]

Core Insights - The overall compensation for over 80% of listed securities firms increased in the first half of 2025, with an industry-wide average salary also showing a recovery trend [1][2]. Compensation Overview - The total compensation for 39 comparable listed securities firms reached 77.715 billion yuan in the first half of 2025, a year-on-year increase of 18.19% from 65.755 billion yuan in the same period of 2024 [2]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, up 13.58% from 9.793 billion yuan in the first half of 2024 [2]. - Among the 39 firms, 33 reported an increase in total compensation, with 8 firms experiencing growth rates exceeding 30%, including Guosen Securities, Huaxi Securities, and Hu'an Securities, which all saw increases over 40% [2][3]. Individual Firm Performance - Some firms, such as CITIC Jiantou Securities and Zhongyuan Securities, reported a decline in total compensation, with both experiencing a drop of over 14% [3]. - A detailed list of total compensation for various firms shows significant increases for many, with notable growth in firms like Guosen Securities (36.87 billion yuan) and Huaxi Securities (10.671 billion yuan) compared to their previous year's figures [4][5]. Average Salary Trends - The average salary for employees in the securities industry also rose, with CITIC Securities reporting an average salary of 426,400 yuan, a 13.4% increase from 376,000 yuan in the previous year [7]. - Out of the 39 listed firms, 34 saw an increase in average salary, while 5 firms, including CITIC Jiantou Securities and Changcheng Securities, experienced a decline [7]. Detailed Average Salary Data - A comprehensive overview of average salaries for various firms indicates significant increases, with Guosen Securities at 353,230 yuan and Huaxi Securities at 266,050 yuan, both showing substantial year-on-year growth [8][9][10]. Industry Insights - Industry experts suggest that the calculation of average salaries may overestimate actual employee income due to the inclusion of various benefits and the averaging of employee numbers, which may not accurately reflect the workforce at any given time [11]. - The compensation structure in the securities industry is closely tied to market performance, indicating a cyclical nature in salary trends [11].