西南证券2025年半年报显示，公司上半年实现营业收入15.04亿元，同比增长26.23%；归母净利润4.23亿元，同比 增长24.36%，成为首家交出"成绩单"的A股上市券商。从业务结构来看，自营业务表现最为亮眼，贡献收入6.22亿 元，占比超四成，其中权益投资采用"多策略"配置模式，固收投资则通过久期管理和持仓结构调整，成功把握市 场节奏。 经纪业务方面，西南证券聚焦差异化竞争，券结资产规模同比大增95%，非货公募基金和融资类业务余额均增长 超30%，客户总资产突破5500亿元。此外，资管业务虽收入同比下降，但管理规模逆势增长28%至176.59亿元。 值得关注的是，西南证券还推出了中期分红方案，拟每10股派发现金红利0.1元，合计派现6645.11万元。 【环球网财经综合报道】随着2025年半年报披露季拉开帷幕，A股上市券商的首批业绩报告相继出炉。西南证券 拔得头筹，成为首家披露半年报的券商，而东方财富证券则以超预期的业绩增速领跑行业，展现出证券板块在资 本市场回暖背景下的强劲增长势头。 西南证券：营收净利双增，自营业务贡献超四成 紧随其后，东方财富证券披露的半年报显示，公司上半年营业总收入达68.56亿 ...

时至8月中旬，首批券商2025年半年报相继出炉。 江海证券的经营业绩最先曝光，随后，8月14日，西南证券、粤开证券分别发布了2025年半年报。此 外，8月15日，东方财富公布2025年半年报，东方财富证券的"成绩单"随之浮出水面。 上述4家券商在今年上半年均实现了营收、净利润"双增"。其中，江海证券得益于较低基数，净利润同 比暴增超10倍；粤开证券净利润同比增幅接近85%。 21世纪经济报道记者注意到，除了经纪业务，自营业务、投行业务也是券商业绩重要的增量来源，但各 家券商在这两项业务上的表现仍然呈现分化。 值得一提的是，除了上述4家券商，7月中旬左右，有20多家上市券商发布2025年半年度业绩预增公告 （净利润同比增长50%以上），券商业绩整体回暖已是大概率事件。 叠加近期A股市场交投活跃，券商行情又有"卷土重来"的迹象。8月15日，Wind券商指数大涨4.41%，为 当天表现最好的Wind中国行业指数。 营收、净利"双增" 在目前已公布2025年半年度业绩的4家券商中，江海证券的业绩弹性最为突出。 8月13日，哈投股份发布2025年半年度报告。报告显示，2025年上半年，江海证券实现营业总收入7.26 亿 ...

Core Insights - The first batch of brokerage firms has reported their 2025 semi-annual results, showing a general trend of revenue and net profit growth across the board [2][5][6] - The overall performance of the brokerage industry is improving, with many firms experiencing significant increases in net profit, particularly due to a low base effect from the previous year [4][6] Revenue and Profit Growth - Jianghai Securities reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, up 1311.60% [4] - Southwest Securities achieved a revenue of 1.504 billion yuan, a 26.23% increase, and a net profit of 423 million yuan, up 25.76% [6] - Guangdong Securities reported a revenue of 482 million yuan, a 16.42% increase, and a net profit of 135 million yuan, up 84.56% [6] - Dongfang Caifu Securities had a revenue of 6.257 billion yuan, a 32.99% increase, and a net profit of 4.175 billion yuan, up 35.82% [6] Business Segment Performance - The brokerage business, proprietary trading, and investment banking are key growth areas, but performance varies among firms [6][7] - Southwest Securities reported a net income from brokerage fees of 331 million yuan, up 28.13%, and investment income of 591 million yuan, up 64.92% [6] - Jianghai Securities saw a 211.77% increase in proprietary trading income, reaching 406 million yuan, while its investment banking revenue declined by 16.53% [7] - Guangdong Securities experienced growth in wealth management and asset management, but declines in proprietary trading and investment banking revenues [7] Wealth Management Transformation - Brokerages are increasingly focusing on wealth management, with different strategies being employed [9][10] - Southwest Securities reported a 95% year-on-year increase in asset scale and over 30% growth in public fund and financing business [9] - Jianghai Securities is enhancing customer service and asset allocation capabilities [10] - Guangdong Securities is accelerating its investment advisory business and has launched several smart advisory tools [11] Market Outlook - The recent performance of brokerage stocks has been positive, with the Wind brokerage index rising by 4.41% on August 15, indicating a potential recovery in the sector [16][18] - Analysts expect further improvement in the brokerage sector's fundamentals, supported by favorable monetary policy and increased market activity [19][20] - The brokerage sector is seen as having significant upside potential, with recommendations to focus on firms with strong competitive positions and earnings elasticity [20]

时至8月中旬，首批券商2025年半年报相继出炉。 江海证券的经营业绩最先曝光，随后，8月14日，西南证券、粤开证券分别发布了2025年半年 报。此外，8月15日，东方财富公布2025年半年报，东方财富证券的"成绩单"随之浮出水面。 上述4家券商在今年上半年均实现了营收、净利润"双增" 。其中，江海证券得益于较低基数， 净利润同比暴增超10倍；粤开证券净利润同比增幅接近85%。 21世纪经济报道记者注意到，除了经纪业务，自营业务、投行业务也是券商业绩重要的增 量来源，但各家券商在这两项业务上的表现仍然呈现分化。 值得一提的是，除了上述4家券商，7月中旬左右，有20多家上市券商发布2025年半年度业绩 预增公告（净利润同比增长50%以上），券商业绩整体回暖已是大概率事件。 叠加近期A股市场交投活跃，券商行情又有"卷土重来"的迹象。8月15日，Wind券商指数大涨 4.41%，为当天表现最好的Wind中国行业指数。 营收、净利"双增" 在目前已公布2025年半年度业绩的4家券商中，江海证券的业绩弹性最为突出。 8月13日，哈投股份发布2025年半年度报告。报告显示，2025年上半年，江海证券实现营业总 收入7.26 ...

Group 1: Core Performance Highlights - The first batch of brokerage firms reported significant growth in both revenue and net profit for the first half of 2025, with Jianghai Securities showing the most remarkable performance, achieving a net profit increase of over 10 times year-on-year due to a low base effect [1][2] - Southwest Securities and Yuekai Securities also reported revenue and net profit growth, with Southwest Securities achieving a revenue of 1.50 billion yuan, up 26.23%, and a net profit of 423 million yuan, up 25.76% [3] - Orient Securities reported a revenue of 6.26 billion yuan, reflecting a year-on-year growth of 32.99%, and a net profit of 4.18 billion yuan, up 35.82% [4] Group 2: Business Segment Performance - Brokerage, proprietary trading, and investment banking are key growth drivers for the brokerage firms, although performance varies across firms. For instance, Southwest Securities reported a net income from brokerage fees of 331 million yuan, up 28.13%, and investment banking fees of 99 million yuan, up 88.17% [5] - Jianghai Securities saw a significant increase in proprietary trading revenue, which grew by 211.77% to 406 million yuan, while its investment banking revenue declined by 16.53% [5] - Yuekai Securities experienced a 34.65% increase in wealth management revenue, but saw declines in proprietary trading and investment banking revenues [5] Group 3: Wealth Management Transformation - Brokerages are actively pursuing wealth management transformation, with varying strategies. Southwest Securities reported a 95% year-on-year growth in asset scale and over 30% growth in non-monetary public fund balances [7] - Jianghai Securities focused on developing new client segments and enhancing customer service and asset allocation capabilities [8] - Yuekai Securities accelerated its investment advisory business and upgraded its "Yue Manager" service system, achieving over 10 billion yuan in cumulative signed assets [9] Group 4: Market Outlook and Valuation - Analysts expect the performance of listed brokerages in the first half of 2025 to catalyze the non-bank sector, with a projected net profit growth of 61.23% year-on-year [5][11] - The A-share market has shown signs of recovery, with the Wind brokerage index rising by 4.41% on August 15, indicating positive market sentiment [12][13] - Institutions are optimistic about the brokerage sector's valuation recovery, citing strong correlations with capital market performance and favorable financial policies [15][16]

Core Viewpoint - Southwest Securities reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in the company's operations and market position [1]. Financial Performance - Total revenue for the first half of 2025 reached 1.504 billion yuan, a year-on-year increase of 26.23% compared to 1.191 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 423 million yuan, up 24.36% from 340 million yuan in the previous year [1]. - In Q2 2025, total revenue was 889 million yuan, reflecting a 46.6% increase year-on-year, while net profit for the quarter was 178 million yuan, a 60.4% rise [1]. - The net profit margin stood at 28.14%, slightly down by 0.37% from the previous year [1]. - Earnings per share increased by 20.0% to 0.06 yuan from 0.05 yuan [1]. Asset and Liability Changes - Cash and cash equivalents increased by 61.34% to 21.272 billion yuan, attributed to higher deposits from both the company and its clients [1]. - The company's short-term financing payables rose by 30.1%, indicating an increase in short-term financial instruments [8]. - The total liabilities related to sell-back financial assets surged by 52.76%, reflecting an increase in sell-back business scale [8]. Investment and Operational Insights - The company is focusing on enhancing its brokerage business, with plans to expand its client base and improve service efficiency [9]. - Southwest Securities aims to leverage its competitive advantages in the Chongqing region while contributing to major strategic initiatives such as the Chengdu-Chongqing economic circle [9]. - The company is committed to digital transformation to enhance operational efficiency and service delivery [10].

Market Performance - The A-share market continued its strong performance this week, with all three major indices rising. The Shanghai Composite Index increased by 1.7%, the Shenzhen Component Index rose by 4.55%, and the ChiNext Index surged by 8.58% [1] - Market trading activity significantly increased, with a total trading volume of approximately 2.27 trillion yuan [1] - There was notable divergence in individual stock performance, with 55 stocks rising over 30% during the week, led by Oulutong with an 82.52% increase [1] Industry Analysis - Among the stocks that rose over 30%, the electronics sector had the highest representation with 9 stocks, followed by the machinery equipment sector with 7 stocks [3] - Conversely, 36 stocks experienced declines of over 10%, with Jinlihua Electric, Jihua Group, and *ST Gaohong each falling over 20% [3] Institutional Investment Trends - Institutional fund movements showed a mixed pattern, with institutions appearing on the trading lists of 119 stocks, net buying 56 and net selling 63 [4] - 41 stocks received net purchases exceeding 10 million yuan from institutions, with five stocks, including Zhinan Zhen and Innovation Medical, seeing net purchases over 100 million yuan [4] - Zhinan Zhen had the highest net purchase amount among stocks on the trading list, rising 26% with a turnover rate of 54.55% and a total trading volume of 31.427 billion yuan [4] Brokerage Sector Performance - The brokerage sector performed exceptionally well this week, with several stocks achieving consecutive daily limit increases. Changcheng Securities recorded a "three consecutive limit up," while Tianfeng Securities hit the daily limit [5] - The first batch of semi-annual reports from brokerages showed significant profit growth for small and medium-sized firms. Jianghai Securities reported a revenue of 726 million yuan, up 81.17%, and a net profit of 288 million yuan, a staggering increase of 1311.60% [5] - Self-operated businesses were the main driver of performance growth for small and medium-sized brokerages, with Jianghai Securities' self-operated business revenue reaching 406 million yuan, a 211.77% increase [5] Margin Trading Activity - Margin trading saw a substantial net purchase of 45.7 billion yuan this week, marking the largest weekly net purchase of the year, with the total margin balance exceeding 2 trillion yuan, the highest level since June 2015 [5] - The electronics sector was the most favored by margin traders, receiving over 13.3 billion yuan in net purchases, followed by machinery equipment with over 4 billion yuan [5]

8月14日晚间，西南证券披露上半年业绩情况，该公司营收同比增加26.23%至15.04亿元；归母净利 润同比增加24.36%至4.23亿元。拟派发现金红利6645万元（含税），占2025年半年度归母净利润的 15.7%。 股价表现上，目前西南证券股价低于5元/股，年内涨幅不超过4%，今日收涨3.02%报4.77元/股，最 新总市值为317亿元。 归母净利润增逾24% 今年5月，北京证监局对西南证券北京昌平证券营业部出具警示函，该营业部存在未履行投资者财 务状况审核义务，对投资者资格审核把关不严的情况，反映出适当性管理要求履行不到位。对此，西南 证券表示，公司已督促北京昌平证券营业部就北京证监局提出的问题认真落实整改，并已向监管机构报 送书面整改报告。 券商股能否上车 官网信息显示，西南证券系通过重庆长江水运股份有限公司重大资产重组及吸收合并原西南证券有 限责任公司（下称"西南有限"），并依法承继西南有限的各项证券业务资格设立的全国第9家上市证券 公司。西南证券控股股东为重庆渝富资本运营集团有限公司，实控人为重庆国资委。自2024年11月15日 起，姜栋林担任西南证券董事长。 8月15日，券商股走高，西南证券收 ...

| | 期末余额/本期发生额 | 期初余额/上期发生额 | | --- | --- | --- | | | 银华基金管理股份有限公司 | 银华基金管理股份有限公司 | | 资产合计 | 6,861,398,913.28 | 6,732,936,623.16 | | 负债合计 | 2,504,618,840.86 | 2,415,678,284.09 | | 归属于母公司股东权益 | 4,356,780,072.42 | 4,317,258,339.07 | | 按持股比例计算的净资产份额 | 1,921,532,165.15 | 1,904,101,337.66 | | 调整事项 | 684.008.184.23 | 684.008.184.23 | | -- 商誉 | 892,261,060.27 | 892,261,060.27 | | -- 減值 | -208,252,876.04 | -208,252,876.04 | | 对联营企业权益投资的账面价值 | 2,605,540,349.38 | 2,588,109,521.89 | | 营业收入 | 1,346,399,237.43 | 1,335,5 ...

全景网了解到，今年是成渝地区双城经济圈建设川渝相向而行、携手并进的第5个年头，五年来，在川 渝合作机制框架下，以西南证券为代表的区域内上市公司主动挺膺、积极作为，不断推动双核联动联建 走深走实。 今年上半年，西南证券积极参与科技创新、绿色发展、成渝地区双城经济圈及西部陆海新通道建设等领 域投资，助力实体经济发展。在场外衍生品业务方面，公司累计对客发行产品规模约17.21亿元，服务 了多家川渝地区实体企业。公司还成功参与标准债券远期和标准利率互换业务新合约上市首日交易，并 在重庆碳市场完成首笔碳排放权交易。 公司表示，将持续增强核心能力建设，进一步提高行业竞争力，提升发展质效。 值得指出的是，公司拟向全体股东每10股派发现金红利0.10元，将延续其去年开始的中期分红节奏，持 续增强投资者获得感，提振投资者对公司未来发展的信心。 分板块而言，上半年西南证券手续费及佣金净收入、利息净收入增长明显，实现30%以上的同比增幅。 公司投资收益异军突起，同比增长超60%，成为拉动公司盈利增长的强劲引擎。 当前，A股市场人气渐旺，成交额、两融余额频频双破"2万亿"，作为"牛市发动机"的 券商 板块盈利预 期持续向好。 202 ...