Wind数据显示，2025年上半年券商分仓佣金收入为44.58亿元，行业同比下滑的中位数为-25%。 智通财经8月31日讯（记者 闫军）券商分仓佣金下滑还在继续。 2025年上半年基金半年报披露收官，券商分仓佣金收入出炉。 2024年7月起实施的公募基金降佣新规，依然影响着今年半年报的增幅数据，同比下滑仍是主流。 从前十排名来看，座次排名变动明显，中信证券以3.45亿元的分仓佣金收入，稳居第一，同比下滑三成；国泰海通完 成合并后，以2.82亿元的总佣金跃居行业第二，较年初排名前进了6位；广发证券和长江证券顺次后移一名，上半年总 佣金分别为2.49亿元、2.3亿元，排名第三、第四；华泰证券则进一名，以2.22亿元排名第五。 从第六名开始，总佣金进入1字头，国联民生、浙商证券、中信建投、兴业证券和申万宏源排名第六至第十，其中，中 信建投排名下滑4个席位，而申万宏源前进3个名次，进入前十。 申万宏源表示，通过执着专注的研究实力及专业全方位的综合服务，上半年公募基金分仓佣金数据逆势大幅回升，交 易量市占率达4%，同比上升0.93个百分点。 | | | | 2025年上半年券商分仓佣金排名前十 | | | | | -- ...

【环球网财经综合报道】日前，上市券商半年报披露完毕，42家上市券商的业绩表现亮点十足，国泰海通发布合并后半年报，归母净利润以 157.37亿元登榜首，不过中信证券凭借330.39亿元的营业收入，依旧稳坐营收首位。机构分析认为，投资收益高增，以及市场活跃度提升下经纪业 务扩张是推动中信证券业绩增长的主要原因，投行业务复苏亦对业绩增长有助力。 今年上半年，10家上市券商营业收入突破百亿元大关，除上述两家外，华泰证券、广发证券、中国银河、中金公司、申万宏源、国信证券、中信 建投、招商证券位列其中。归母净利润方面，9家券商增幅超100%，其中华西证券和国联民生同比增长超10倍，分别达1195%和1185%，东北证 券、国泰海通也实现逾2倍的增长。 多家券商上半年业绩创历史同期新高，其中，中信证券归母净利润达137.19亿元，同比增长29.8%；中国银河归母净利润64.88亿元，同比增长 47.86%。还有10家上市券商上半年归母净利润达去年全年规模的80%以上，东方证券、方正证券、中原证券3家更是超过去年全年水平。 自营业务成为驱动券商业绩高增长的关键。36家上市券商自营收入同比增长，仅6家下滑。中信证券以190.5 ...

| | | 上市券商2025年上半年员工人均薪酬 | | | --- | --- | --- | --- | | 证券名 | 2025年 ┣半年 | 2024年 上半年 | 同比变 | | 称 | 人均薪 | 人均薪 | 化 | | | | | | | 中信证券 | 41.53 | 36.51 | 13.75% | | 中金公司 | 38.03 | 28.51 | 33.39% | | 申万宏源 | 34.98 | 27.57 | 26.88% | | 国金证券 | 34.55 | 27.32 | 26.46% | | 日台三十平 | 21 21 | 01 11 | CO 470/ | | 四信业分 J4.J4 | | | 21.44 OU. 11 70 | | --- | --- | --- | --- | | 东兴证券 | 33.79 | 24.29 | 39.11% | | 广发证券 | 32.59 | 25.04 | 30.15% | | 国元证券 | 32.19 | 23.8 | 35.25% | | 首创证券 | 31.05 | 29.01 | 7.03% | | 中国银河 | 30.39 | 2 ...

Core Viewpoint - The significant stock-bond seesaw market since the second quarter is attributed to the complex macroeconomic environment, where the economic cycle has bottomed out but recovery mainly relies on policy-driven factors [1] Group 1: Market Dynamics - The current stock-bond seesaw market is somewhat similar to that of 2015, driven by a global emerging market bull market, accelerated entry of medium to long-term funds, and a rapid increase in market risk appetite [1] - Investors' risk appetite is expected to remain high, with a continued favorable performance of stocks anticipated [1] Group 2: Valuation and Inflation - High market valuations are not necessarily a barrier to market growth, with a focus on whether inflation can rebound in the fourth quarter [1] - Bond yields have returned to reasonable levels corresponding to policy rates due to the stock-bond seesaw effect, indicating a gradual desensitization of bonds to this effect [1] Group 3: Interest Rate Outlook - The high risk appetite among investors suggests that short-term interest rates are unlikely to quickly return to a rapid downward trend, with short-term rates expected to fluctuate [1] - Waiting for clearer interest rate cut guidance from the central bank may be a better strategy for investors [1]

Core Viewpoint - The current market activity is driven more by high-net-worth individuals and corporate clients rather than retail investors, indicating a more rational and long-term investment approach [1] Group 1: Investment Focus - The focus should be on core industry trends, emphasizing the alignment of valuation and growth [1] - Recommended sectors include innovative pharmaceuticals, resources, media, and military industries that demonstrate real profit realization or strong industrial trends [1] - Attention should also be given to industries with sustainable pricing power, particularly in certain cyclical sectors [1] Group 2: Upcoming Catalysts - September will see a series of consumer electronics product launches, highlighting developments in edge AI and related devices [1] - The ongoing structural bull market suggests maintaining focus on industries with growth and valuation alignment, such as innovative pharmaceuticals, resources, media, and military sectors [1] - There is a specific interest in chemical stocks that benefit from "anti-involution and overseas expansion" strategies, alongside the consumer electronics catalysts in September [1]

数据来源/Wind 制表人/刘英杰 证券公司 营业收入 同比增长率 （亿元） （%） 中信证券 330.39 20.44 国泰海通 238.72 华泰证券 162.19 31.01 广发证券 153.98 34.38 中国银河 137.47 37.71 中金公司 128.28 43.96 申万宏源 116.95 44.44 国信证券 110.75 51.84 中信建投 107.40 19.93 招商证券 105.20 9.64 ...

证券公司 净利润 同比增长率 （亿元） （%） 国泰海通 157.37 中信证券 137.19 29.80 华泰证券 75.49 42.16 中国银河 64.88 47.86 广发证券 64.70 48.31 国信证券 53.67 71.00 招商证券 51.86 9.23 中信建投 45.09 57.77 中金公司 43.30 94.35 申万宏源 42.84 101.32 ...

【导读】2025年中报显示：上市券商薪酬"涨了" 中国基金报记者 孙越 42家上市券商2025年半年报披露完毕，行业薪酬状况也随之浮出水面。 与上年同期相比，上市券商薪酬"总包"明显增长。数据显示，上半年近九成券商薪酬总额实现同比增 长，有可比数据的39家上市券商总薪酬超过770亿元，同比增长超18%，员工人均薪酬也纷纷回升。 上市券商"薪酬包"普增 不过，并非所有券商薪酬总额均呈涨势。其中，中信建投证券上半年薪酬总额同比下降14.39%。此 外，中原证券、财通证券、信达证券、东北证券的薪酬总额亦有不同程度下降。 | 上市券商2025年上半年薪酬总额 | | | | | --- | --- | --- | --- | | 证券名 | 2025年 | 2024年 | 同比变 | | 上半年 | | 上半年 | | | 称 | 新酬总 | 新聞总 | 化 | | 额 | | 额 | | | 中信证券 111.23 | | 97.93 | 13.58% | | 国泰海通 | | | | | --- | --- | --- | --- | | 中金公司 | 55.72 | 43.69 | 27.53% | | 华泰证 ...

Core Insights - The total compensation for listed securities firms in the first half of 2025 has significantly increased compared to the same period last year, with nearly 90% of firms reporting a year-on-year growth in total compensation [1][3] - The total compensation for 39 comparable listed securities firms reached 77.715 billion yuan, representing a year-on-year increase of over 18% from 65.754 billion yuan in the first half of 2024 [3] - The average employee compensation has also rebounded, with 34 out of 39 firms reporting an increase in average employee compensation [8] Compensation Growth - Among the leading firms, CITIC Securities reported the highest total compensation of 11.123 billion yuan, a year-on-year increase of 13.58% [3][4] - Several firms, including Huaxi Securities, Hu'an Securities, and Guohai Securities, saw their total compensation increase by over 30% [3] - Conversely, CITIC Jiantou Securities experienced a decline in total compensation by 14.39%, along with other firms like Zhongyuan Securities and Northeast Securities showing varying degrees of decline [3][5] Average Employee Compensation - CITIC Securities leads with an average employee compensation of 415,300 yuan, up 13.75% from the previous year [8][9] - Other firms such as CICC, Shenwan Hongyuan, and Guojin Securities also reported average compensations exceeding 300,000 yuan [8] - Notably, Huaxi Securities and Guohai Securities recorded average compensation increases of over 40% [8][10]

【导读】2025年中报显示： 上市券商薪酬"涨了" 中国基金报记者 孙越 42家 上市券商2025年半年报披露完毕，行业薪酬状况也随之浮出水面。 与上年同期相比，上市券商薪酬"总包" 明显增长 。数据显示， 上半年 近 九成券商薪酬总额实现 同比 增长 ， 有可比数据的39 家 上市 券商总薪酬 超过770 亿元，同比增长超1 8 %，员工人均薪酬也 纷纷 回升。 上市券商"薪酬包" 普增 截至8月 29 日晚间，4 2 家上市券商已全部披露202 5 年半年报。 记者 按照"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"的公式计算， 有可比数据的39 家上市券商，今年上半年的薪酬总额为 777.15亿元，相比2024年上半年 657.54亿元的薪酬总额，同比增长了18.19%。 | | | 上市券商2025年上半年薪酬总额 | | | --- | --- | --- | --- | | 证券名 | 2025年 上半年 | 2024年 上半年 | 同比变 | | 称 | 薪酬总 | 薪酬总 | 化 | | | 额 | 額 | | | 中信证券 | 111.23 | 97. ...