中信证券研报表示，中国证监会出台的《推动公募基金高质量发展行动方案》确定了以投资者利益和持 有人体验为核心的产品创新导向，其中新型浮动管理费率和高频次分红的产品设计创新重在提升持有人 体验和获得感，"主动+量化"相结合和多人共管的管理模式的创新旨在获取更多元阿尔法，增强市场适 应性，投资策略的不断创新和丰富为投资者提供了更低成本的多元配置工具。 ...

Core Insights - The innovative nuclear drug RDC is expected to address the significant clinical unmet needs in prostate cancer diagnosis and treatment, such as high detection burdens and limited efficacy, thereby transforming the treatment paradigm and enhancing patient compliance and survival rates [1] - Currently, there are no RDC products available in the Chinese market, indicating a blue ocean opportunity. In contrast, overseas prostate cancer RDC products reached nearly $3 billion in market size by 2024, validating their substantial commercial value [1] - It is anticipated that China will replicate the development trajectory of the overseas prostate cancer RDC market, with projections indicating that the Chinese market could exceed 10 billion yuan in the future, showcasing rapid growth [1] - Key factors for success in this industry include the types of radionuclides, ligand molecular forms, and production and distribution capabilities, suggesting that companies with advantages in these areas should be closely monitored [1]

事件：中信证券发布2025 年中报业绩：实现营业收入330.4 亿元，同比+20.4%；归母净利润137.2 亿 元，同比+29.8%；对应EPS 0.89 元，ROE4.9%，同比+1.0pct。第二季度实现营业收入152.8 亿元，同比 +11.69%，环比-14.0%；归母净利润71.7 亿元，同比+27.9%，环比+9.6%。 交易额大增，带动经纪业务收入大幅增长。2025 年上半年公司实现经纪业务收入64.0 亿元，同比 +31.2%，占营业收入（剔除其他业务收入）比重20%。经纪业务收入主要是由于市场交投活跃，上半年 全市场日均股基交易额15703 亿元，同比+63.3%。公司代销金融产品收入同比增长18%，占经纪业务收 入比同比减少2 个百分点至13%。公司两融余额1432 亿元，较年初+4%，市场份额7.7%，较年初 +0.1pct。利息净收入下滑较多主要是由于货币资金及结算备付金、其他债权投资利息收入减少。截至 2025 年上半年末，客户数量累计超1650 万户，托管客户资产超12 万亿元，均较2024 年末增长4%。 投行收入逆势小幅增长，优势地位依然稳固。2025 年上半年实现投行业务收 ...

Core Insights - CITIC Securities reported strong financial performance for the first half of 2025, with operating revenue of 33.04 billion yuan and net profit of 13.72 billion yuan, representing year-on-year growth of 20.44% and 29.8% respectively [2][4] - The company plans to distribute a cash dividend of 2.9 yuan per share, totaling 4.298 billion yuan, which is an increase from the previous year's dividend [8] Revenue and Profit Growth - CITIC Securities achieved significant growth across all main business segments, with brokerage, asset management, and securities investment revenues reaching 9.32 billion yuan, 6.02 billion yuan, and 14.50 billion yuan respectively, reflecting year-on-year increases of 21.11%, 22.32%, and 8.15% [4][6] - The securities investment business was the largest contributor to revenue, accounting for 43.87% of total revenue, while brokerage and asset management contributed 28.21% and 18.21% respectively [4][6] Market Activity and IPOs - The A-share market saw increased activity with 177 IPO applications processed by the three major exchanges, a more than fourfold increase compared to the same period last year, which positively impacted CITIC Securities' investment banking business [2][6] - CITIC Securities led the market in underwriting, completing 36 A-share main underwriting projects with a total underwriting scale of 148.53 billion yuan, capturing a market share of 19.19% [6] International Business Performance - CITIC Securities' international operations reported revenue of 1.49 billion USD and net profit of 390 million USD, both showing over 50% year-on-year growth, marking the highest performance for the same period in history [3][8] - The company has a strong pipeline of approximately 140 IPO projects in Hong Kong, benefiting from the robust demand for IPOs in the region [3][7] Strategic Initiatives - The company is increasing its business presence in Hong Kong, completing 30 overseas equity projects with an underwriting scale of 2.99 billion USD, including significant IPOs and refinancing projects [8] - The Hong Kong market saw a substantial increase in equity financing, with IPO issuance growing by 673.95% year-on-year, providing more opportunities for CITIC Securities [7][8]

2025.08. 29 本文字数：1784，阅读时长大约3分钟 作者 | 第一财经 周楠 营收、净利润双双增逾两成，主营业务收入全线增长，券商"一哥"中信证券交出亮眼业绩答卷。 今年上半年，A股震荡上行，市场交易活跃度较高，这让"靠天吃饭"的证券业迎来强有力的业绩支 撑，带动自营、经纪业务回暖；同时，上半年三大交易所共受理177单IPO申请，数量较前一年同期 增长超4倍，也为券商投行带来更多业务增量。 在此背景下，中信证券上半年主营业务收入全线增长，证券投资业务表现最突出，当期收入144.97 亿元，贡献了超四成营收，经纪、资管业务收入同比增幅均超两成，证券承销业务亦实现了接近两成 的收入增长。 随着港股IPO持续走热，中资投行纷纷抢食保荐"蛋糕"。据披露，中信证券香港IPO在手保荐储备项 目约140单。中信证券国际上半年营收14.9亿美元、净利润3.9亿美元，同比增幅均在五成以上创历 史同期新高。 主营业务收入全线增长 中信证券8月28日晚间披露了2025年中报，上半年实现营业收入330.39亿元、净利润137.19亿元， 分别同比增长20.44%和29.8%。目前，该公司是首批交出半年度"成绩单"的龙头券 ...

2025 年 08 月 29 日 证券研究报告·公司点评报告·证券Ⅱ 中信证券（600030） 2025 年中报点评：净利润增长 30%，各业务 板块稳健增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 60,068 | 63,789 | 64,752 | 75,033 | 81,387 | | 同比（%） | -7.74% | 6.20% | 1.51% | 15.88% | 8.47% | | 归母净利润（百万元） | 19,721 | 21,704 | 27,390 | 27,870 | 31,208 | | 同比（%） | -7.49% | 10.06% | 26.20% | 1.75% | 11.98% | | EPS-最新摊薄（元/股） | 1.30 | 1.41 | 1.85 | 1.88 | 2.11 | | P/E（现价&最新摊薄） | 20.75 | 19.13 | 17.04 | 16. ...

本报记者 于 宏 值得一提的是，头部券商整体上调研较为活跃。按调研次数排列，中信证券调研次数居首，累计达304 次；其次为中金公司，月内累计调研281次；国泰海通、长江证券、天风证券月内调研次数分别为269 次、242次、237次。 关注企业"出海" 值得注意的是，在券商调研过程中，中国企业"出海"、海外业务拓展情况备受关注。据梳理，月内接受 券商调研次数前十名的上市公司中，有9家在调研中都被问及在海外市场的销售情况或对海外市场的布 局情况。例如，中宠股份被问及目前公司旗下品牌"出海"发展情况、海外产业链布局进展及墨西哥工厂 的建设情况；若羽臣被问及未来在品牌"出海"方面有哪些计划、主要锚定哪些区域市场；水晶光电被问 及公司新加坡运营总部和越南基地建设进展、全球化人才队伍建设情况等。 "当前，'出海'已成为中国企业重要的战略布局方向。"中国国际经济交流中心经济研究部副部长刘向东 在接受《证券日报》记者采访时表示，通过全面布局与深耕海外市场，中国企业能够有效把握发展机 遇，开拓业务版图，打造新的盈利增长点，为业绩增长提供坚实支撑。未来，中国企业需进一步搭建全 球化组织架构与运营体系，可与海外企业合作以实现快速突 ...

这4家头部券商均实现营收和归母净利润双增长，净利增幅最高者达57.77%。与此同时，4家券商也都抛出大手笔 分红，现金分红占归母净利润比重最高者为32.53%。 从半年报来看，市场交投活跃度提升，为这4家头部券商财富管理业务贡献不少增量，佣金收入、客户数量等指 标均大幅增长。另关注的是，投行业务也正在回暖，有3家券商的手续费净收入同比增幅"由负转正"。 四家头部券商晒半年度成绩单 整体来看，中信证券等头部券商在上半年均取得了不错的成绩，其中净利润增幅最高的是中信建投（57.77%）。 具体来看： 中信证券实现营业收入330.39亿元，同比增长20.44%；实现归母净利润137.19亿元，同比增长29.80%；加权平均 净资产收益率为4.91%，同比增加0.95个百分点。 8月28日，中信证券、中国银河证券、中信建投、招商证券4家头部券商相继披露了2025年半年报。 招商证券拟每10股派发现金红利1.19元（含税），合计拟派发10.35亿元（含税），占2025年上半年归母净利润的 比例为19.96%。 三家券商投行业务收入增速回正 得益于报告期内市场交投持续活跃，日均成交量和成交额同比明显提升，四家头部券商的财 ...

Core Viewpoint - The company has reported strong performance in various financial services, including investment banking, wealth management, and asset management, with significant growth in revenue and market share across multiple sectors [5][8][13]. Company Overview - The company is primarily engaged in investment banking, wealth management, asset management, and financial market services, providing a range of financial solutions to various clients [3][5]. - As of June 30, 2025, the company had a total of 14,820,546,829 shares outstanding, with major shareholders including China CITIC Financial Holdings Limited, which holds 19.84% of the shares [2][4]. Financial Performance - In the first half of 2025, the company completed 36 A-share underwriting projects with a total underwriting scale of RMB 148.53 billion, capturing a market share of 19.19% [5]. - The company underwrote 2,821 domestic bonds with a total scale of RMB 1,038.73 billion, representing a year-on-year growth of 11.61% [5][6]. - The company achieved a total asset management scale of RMB 1,556.24 billion, with private asset management business holding a market share of 12.83%, ranking first in the industry [13]. Investment Banking - The company maintained its leading position in domestic equity financing and debt financing, completing significant projects for major state-owned banks [5][6]. - The company also supported technology-driven enterprises in issuing stocks on various boards, achieving a total underwriting scale of RMB 26.1 billion in the Sci-Tech Innovation Board [5]. Wealth Management - The company enhanced its wealth management services, achieving a client base of over 16.5 million and managing client assets exceeding RMB 12 trillion, both up by 4% from the previous year [8]. - The overseas wealth management products saw sales and revenue double year-on-year, focusing on major financial markets globally [8]. Institutional Brokerage - The company continued to lead in domestic institutional brokerage, with public fund commission income ranking first in the market [9]. - The overseas institutional brokerage business maintained a leading market share in the Asia-Pacific region, expanding its global sales collaboration [9]. Financial Markets - The company expanded its product offerings in equity derivatives and fixed income, enhancing its competitive edge and maintaining stable revenue [10][11]. - The internationalization of the financial market services accelerated, with a focus on meeting the trading service needs of overseas clients [11]. Asset Management - The company actively developed its pension finance business, with stable growth in management scale [13]. - The private asset management business saw comprehensive growth across various client segments, with significant international expansion [13][14]. Fundraising and Use of Proceeds - The company successfully completed fundraising through A-share and H-share placements, with net proceeds of RMB 22.32 billion and RMB 4.84 billion respectively [19][21]. - As of June 30, 2025, the company utilized the raised funds in accordance with its commitments, with no changes to the investment projects [26][27]. Profit Distribution - The company proposed a cash dividend of RMB 2.90 per 10 shares, amounting to a total distribution of RMB 4.30 billion, which represents 32.53% of the net profit for the first half of 2025 [54][55].

中信证券上半年各业务板块均实现正增长。其中，对营收贡献最高的是证券投资业务，实现收入144.97 亿元，同比增长8.15%，占总营收的比重为43.87%；其次是经纪业务，实现收入93.19亿元，同比增长 21.11%；再次是资产管理业务，实现收入60.17亿元，同比增长22.32%；此外，证券承销业务实现收入 20.54亿元，同比增长19.16%。 整体来看，中信证券收入结构仍保持相对均衡稳健，相较上年同期，经纪业务和资管业务占总营收的比 重均上升2个百分点，其他业务板块所占比重则有所下滑，其他板块占比均近乎持平。 今年上半年，A股和港股市场交投持续活跃，给不少券商经纪业务带来增量，中信证券亦受益于此。半 年报显示，中信证券财富管理客户数量累计超1650万户，托管客户资产规模超12万亿元，均较上年末增 长4%；金融产品保有规模达6000亿元，买方投顾资产保有规模达1100亿元，配置型FOF（基金中的基 金）保有规模达100亿元。上半年，中信证券境外财富管理产品销售规模和收入也实现同比翻倍增长。 值得一提的是，在中资券商积极推进国际化布局的大背景下，中信证券国际业务再创历史新高。半年报 显示，香港财务报告准则下 ...