红塔证券、华西证券则紧随其后，上半年归母净利润分别预计为6.51亿—6.96亿元、4.45亿—5.75亿元。 同期，财达证券、哈投股份、华林证券、国盛金控也预计上半年的归母净利润为3.63亿—4.04亿元、3.8 亿元、2.7亿—3.5亿元、1.5亿—2.2亿元。 进入7月中旬，上市公司的半年度业绩也逐步披露。公开数据显示，截至当前，A股上市券商及券商概 念股中已有11家发布2025年半年度业绩预告/快报，相关机构在上半年的归母净利润同比均有不同幅度 的增长，国联民生证券、华西证券的涨幅更超1000%。整体来看，多数机构的业绩增长源自自营、财富 管理等核心业务的收入提升。展望下半年券商业绩，有观点认为，有望继续保持向上趋势，但需关注市 场波动和政策变化带来的不确定性。 | | A股上市券商及券商概念股业绩预告 | | | --- | --- | --- | | 证券公司 | 预计归母净利润 | 同比情况 | | 国信证券 | 47.8亿—55.3亿元 | 52%-76% | | 长城证券 | 13.35亿——14.07亿元 | 85%- 02% | | 国联民生证券 | 11.29亿元 | T183M | | ...

证券板块 内地监管环境转向包容、积极，境内离岸与境外离岸人民币稳定币或协同推进。7 月 10 日，上海市国资委党委召开 中心组学习会，围绕加密货币与稳定币的发展趋势及应对策略开展学习，表示坚持创新驱动，保持对新兴技术的敏锐 感知，加强对数字货币的研究探索.国家金融发展研究室也表示可以考虑在上海自贸试验区与香港同步推动相关人民 币稳定币的创新探索工作，未来金融领域对于加密货币以及相关技术的重视将提高。 券商板块业绩改善趋势明确，2025H1 多家公司归母净利润增速表现亮眼。本周多家券商发布业绩预增公告，其中华 西证券（+1025%~1354%）、国联民生（+1183%）及华林证券（+119%~184%）展现中小券商高弹性，红塔证券、财达证券、 国信证券同比增速均超 45%。我们预计券商业绩高增主要是资本市场向好背景下，经纪业务与自营业务收入大幅增长。 投资建议：建议关注三条主线：（1）稳定币主题催化，建议关注稳定币主题相关券商：已有牌照的国泰君安；券商板 块上半年业绩同比改善趋势明确，高盈利与低估值的显著错配凸显配置性价比，建议关注主动基金超低配的权重券商 以及估值显著低于平均水平的头部优质券商；券商并购预期增 ...

| | | 券商2025年上半年业绩预告 | | -览 | | --- | --- | --- | --- | --- | | | | (截至7月13日20:30) | | | | 并购 | 净利润(亿元) | 同比 | 置收(亿元) | 同比 | | 国金证券 | 10.92 11. 37 | 140% 150% | | | | 长城证券 | 13. 35 14. 07 | 85% 95% | | | | 国信证券 | 47. 8 55. 3 | 52% 76% | | | | 国联民生 | 11. 29 | 11.83 | | | | 华西证券 | 4. 45 5. 75 | 1025. 2% 1353. 9% | | | | 红塔证券 | 6. 51 6. 96 | 45% 55% | | | | 财达证券 | 3. 63 4. 04 | 51% 68% | | | | 哈投股份 | 3. 8 | 233. 1% | | | | 华林证券 | 2. 73. 5 | 118. 98% 183. 9% | | | | 华安证券 | 10. 35 | 45% | 28.08 | 43% | | 国盛证券 | ...

非银行业周报 20250713 中报业绩催化下，非银板块有望迎β和α共振 2025 年 07 月 13 日 ➢ 险资"长钱长投"新规发布，助力资本市场中长期资金供给，推动险企资产 和负债更为匹配。2025 年 7 月 11 日，财政部《关于引导保险资金长期稳健投 资 进一步加强国有商业保险公司长周期考核的通知》（以下简称《通知》），将 现有的国有商业保险公司经营效益类绩效评价指标"净资产收益率"和"资本保 值增值率"调整为"1+3+5"模式（当年度指标+3 年周期指标+5 年周期指标） 的考核方式，从考核制度层面进行改革，有助于提升保险资金对投资收益短期波 动的包容性，长期来看有望提升险资权益投资占比，在为资本市场提供增量资金 的同时，险企自身有望同时获得稳健的股息收入和资本利得，从而提升权益投资 收益和净利润弹性，有助于更好地进行资产负债匹配。头部险企凭借更完善的公 司治理、更强大的综合投研能力而更为受益。 ➢ 上市券商陆续发布 2025 年上半年业绩预增公告，1H25 券商业绩有望保持 较快增速。7/9 红塔证券率先发布首份上市券商 2025 年上半年业绩预告，截至 7/11，已有 6 家上市券商和 1 ...

国家网络安全通报中心日前发布消息称，经国家计算机病毒应急处理中心检测，发现68款移动应用存在 违法违规收集使用个人信息的情况。中国证券报记者注意到，这些移动应用中，有2家券商机构APP在 列，涉及银泰证券和财达证券。 据了解，国家网络安全通报中心发布权威网络安全预警信息，传播网络安全防范知识技能。据该中心通 报，经国家计算机病毒应急处理中心检测，上述68款移动应用存在违法违规收集使用个人信息情况，检 测时间为2025年6月11日至7月1日。 被点名的68款移动应用共涉及13项违规行为。其中，有3种情形是"重灾区"：一是隐私政策未逐一列出 APP（包括委托的第三方或嵌入的第三方代码、插件）收集使用个人信息的目的、方式、范围等，共涉 及30款移动应用。 一是在APP首次运行时未通过弹窗等明显方式提示用户阅读隐私政策等收集使用规则；以默认选择同意 隐私政策等非明示方式征求用户同意；隐私政策难以访问；个人信息处理者在处理个人信息前，未以显 著方式、清晰易懂的语言真实、准确、完整地向个人告知个人信息处理者的名称或者姓名、联系方式、 个人信息的保存期限等。 二是个人信息处理者向其他个人信息处理者提供其处理的个人信息的，未 ...

金十数据7月13日讯，国家网络安全通报中心日前发布消息称，经国家计算机病毒应急处理中心检测， 发现68款移动应用存在违法违规收集使用个人信息的情况。据悉，这些移动应用中，有2家券商机构 APP在列，涉及银泰证券和财达证券。被点名的68款移动应用共涉及13项违规行为，此外，被点名的68 款移动应用种类广泛，涉及餐饮、游戏、交友、生活服务、金融应用等多个方面。 （中证报） 违规收集使用个人信息，两券商APP被通报 ...

中经记者 罗辑 北京报道 截至7月11日晚间，9家上市券商发布2025年上半年业绩预告，全员实现净利润大幅增长。随着上半年A 股活跃度回升，券商业绩也水涨船高。多位券商分析师认为，券商板块作为"牛市旗手"，在当前A股重 回活跃的背景下，业绩提升、预期加码，板块有望强势领涨。 业绩暴涨 具体来看，9家首批披露业绩预告的上市券商全员实现业绩预增。9家券商整体净利润或超90亿元，业绩 平均增幅在3倍左右。不过，不同券商之间净利润规模和增长幅度差异较大。 2025年中报券商业绩预告 证券简称 业绩预告摘要 红塔证券 净利润约65137.0800万—69629.3000万元,增长45%—55% 国信证券 净利润约36334.1400万—40424.7400万元,增长51%—68% 华林证券 净利润约27000万—35000万元,变动幅度为118.98%—183.86% 国盛金控 净利润约478000万—553000万元,变动幅度为52%—76% 华西证券 净利润约44500.00万—57500.00万元,变动幅度为1025.19%—1353.90% 哈投股份 净利润约38003.8200万元,增长约233.10% 财达 ...

Core Viewpoint - The brokerage sector is experiencing significant performance improvements, with multiple firms reporting substantial profit growth, indicating a bullish market trend for the industry [1][4][8]. Group 1: Performance Highlights - Several listed brokerages have released performance forecasts for the first half of 2025, with many stocks in the brokerage sector rising over 5% this month, and some, like Zhongyin Securities, achieving consecutive trading limits [2][4]. - Huaxi Securities expects a net profit of 445 million to 575 million yuan, representing a year-on-year growth of 1025.19% to 1353.9% [4]. - Guolian Minsheng forecasts a net profit of 1.129 billion yuan, an increase of approximately 1183% year-on-year [4]. - Hualin Securities anticipates a net profit of 270 million to 350 million yuan, with a growth of 118.98% to 183.86% [5]. - Caida Securities projects a net profit of 363 million to 404 million yuan, reflecting a year-on-year increase of 51% to 68% [6]. - Guoxin Securities expects a net profit of 4.78 billion to 5.53 billion yuan, with a growth of 52% to 76% [7]. Group 2: Market Dynamics - The brokerage index rose by 2.47% on July 11, 2025, with a net inflow of 8.992 billion yuan, marking the highest increase since the beginning of the year [8][12]. - Zhongyin Securities has been a standout performer, with significant trading activity from northbound funds, indicating strong market interest [10][11]. - Other brokerages, such as Hatou Co., Xiangcai Co., Zhongyuan Securities, and Guojin Securities, have also seen stock price increases exceeding 10% this month [11]. Group 3: Future Outlook - Analysts remain optimistic about the brokerage sector's continued growth, citing internal market dynamics as a key driver, rather than external policy changes [13]. - The capital market is expected to stabilize, with various funding sources supporting upward trends in equity markets [13]. - The current market environment shows similarities to late 2014, with signs of improving investor confidence and potential policy shifts aimed at boosting domestic demand [13].

Core Viewpoint - Seven brokerage firms have reported significant profit increases for the first half of the year, with notable growth from Guolian Securities and Huaxi Securities, both exceeding a tenfold increase in net profit [1] Group 1: Company Performance - Guolian Securities achieved a net profit attributable to shareholders of 1.129 billion yuan, representing a year-on-year increase of approximately 1183% [1] - Huaxi Securities is expected to report a net profit attributable to shareholders between 445 million and 575 million yuan, with a year-on-year growth ranging from 1025.19% to 1353.90% [1] - Other brokerage firms reported the following net profits: - Hongta Securities: 651 million to 696 million yuan (+45% to 55%) [1] - Caida Securities: 363 million to 404 million yuan (+51% to 68%) [1] - Hatou Co.: 380 million yuan (+233.1%) [1] - Hualin Securities: 270 million to 350 million yuan (+118.98% to 183.86%) [1] - Guosheng Securities: 243 million yuan (+109.48%) [1]

Group 1 - The core point of the news is the successful issuance of a 500 million yuan corporate bond by Cangzhou Construction Investment Group Co., Ltd., with a record low interest rate of 2.05% for AA+ rated state-owned enterprises in Hebei Province [1] - The bond has a term of 3 years and was underwritten by Caida Securities, which played a crucial role in facilitating the issuance process [1][2] - Cangzhou Construction Investment Group is a significant state-owned capital operation platform in Cangzhou, involved in various sectors including urban development, transportation, energy, and financial investment [1] Group 2 - The company aims to enhance urban development and create social value, having participated in key projects such as the Cangzhou High-speed Railway New City and the renovation of the old railway station [1] - Cangzhou Construction Investment Group is focusing on market-oriented transformation and optimizing its debt structure to support low-cost financing [1] - Caida Securities emphasizes its commitment to strategic cooperation with Cangzhou Construction Investment Group, reflecting strong market recognition and support for the company's development and regional economic growth [2]