2025年券商资管半年报揭晓，行业上演"冰火两重天"：华泰资管以超12亿元营收强势称霸，而广发资管 却巨亏近5亿元。 《每日经济新闻》记者注意到，在证监会分类评价新规引导下，发力权益投资已成为行业共识。2025年 以来，券商资管旗下的FOF产品赛道迅速升温，成为绝大多数券商破解权益投资规模短板的重要方向。 2025年上半年，券商资管行业营收呈现分化态势，头部券商资管表现依然强劲。 国泰海通资管营收第二 华安证券（600909）半年报显示，2025年上半年，华安资管坚定权益投资转型，持续发行增赢、慧赢系 列产品，扩大定增投资的市场覆盖面和影响；加快混合型FOF产品发行节奏。 截至2025年二季度末，浙商资管私募FOF类资管产品存量规模提升至29.01亿元，较年初增幅达55%。 净利润表现方面，华泰资管以7.13亿元净利润居于行业首位；中信资管净利润为3.45亿元，位居第二； 国泰海通资管净利润上升至2.54亿元。部分公司增速亮眼，光证资管2025年上半年净利润增长至1.73亿 元，同比大幅增长147.14%；浙商资管净利润增幅达182.14%，扭亏为盈；兴证资管也表现强劲，同比 增长375%。 然而，也有机构净 ...

Core Viewpoint - The significant increase in mid-term dividends announced by listed securities firms reflects a recovery in performance, adherence to new policies, and efforts to enhance brand appeal and attract investors [1][4]. Group 1: Dividend Announcements - A total of 28 listed securities firms have announced mid-term dividend plans, with a cumulative dividend amount of 18.797 billion yuan, representing a nearly 40% year-on-year increase [1][3]. - Among the firms, 21 have announced dividends exceeding 100 million yuan, with 7 firms exceeding 1 billion yuan, the highest being 4.298 billion yuan from CITIC Securities [3][4]. - The per-share dividend (pre-tax) ranges from 0.008 yuan to 0.29 yuan, with cash dividend ratios primarily between 10% and 35% [3]. Group 2: Performance and Policy Impact - The securities industry has shown a significant performance recovery in the first half of 2025, with 150 securities firms reporting a total revenue of 251.036 billion yuan and a net profit of 112.28 billion yuan, marking increases of 23.47% and 40.37% respectively compared to the same period in 2024 [4]. - The new "National Nine Articles" policy encourages multiple dividends within a year, aiming to enhance shareholder returns and improve the overall dividend culture among listed companies [4][5]. - The policy also imposes stricter regulations on companies with low or no dividends, incentivizing firms to maintain higher dividend payouts [4]. Group 3: Market Perception and Investor Confidence - The substantial dividends are seen as a strategy to establish a strong market image of profitability, thereby enhancing brand competitiveness and attracting more investors [4]. - High and frequent dividends can boost investor confidence in the long-term development of the capital market and related securities firms [5].

Core Viewpoint - The significant increase in mid-term dividends announced by listed securities firms reflects a recovery in performance, adherence to new policies, and efforts to enhance brand appeal and attract investors [1][3]. Group 1: Dividend Announcements - A total of 28 listed securities firms have announced mid-term dividends, amounting to 18.797 billion yuan, representing a nearly 40% year-on-year increase [1][2]. - Among the firms, 21 have announced dividends exceeding 100 million yuan, with 7 firms surpassing 1 billion yuan, the highest being 4.2 billion yuan [1][2]. - The per-share dividend (pre-tax) ranges from 0.008 yuan to 0.29 yuan, with cash dividend ratios primarily between 10% and 35% [1][2]. Group 2: Year-on-Year Comparison - In 2024, 25 listed securities firms implemented mid-term dividends totaling 13.447 billion yuan, indicating a year-on-year increase in the number of firms and a 39.79% rise in total dividends [2]. - Notably, 22 firms have consistently issued mid-term dividends in both 2024 and 2025, with several new entrants in 2025 [2]. Group 3: Financial Performance - The securities industry has shown a significant recovery in performance, with 150 securities firms reporting a total revenue of 251.036 billion yuan and a net profit of 112.28 billion yuan in the first half of 2025, marking increases of 23.47% and 40.37% respectively compared to 2024 [3]. - For the 42 directly listed securities firms, total revenue reached 251.866 billion yuan, and net profit was 104.017 billion yuan, reflecting year-on-year growth of 11.37% and 65.08% [3]. Group 4: Policy Influence - The new "National Nine Articles" policy emphasizes the importance of cash dividends, encouraging firms to enhance dividend stability and predictability, and promoting multiple dividends within a year [3]. - The policy also imposes restrictions on major shareholders of companies that have not paid dividends for years or have low dividend ratios, aiming to incentivize high-quality dividend-paying companies [3]. Group 5: Considerations for Dividends - While high dividends can attract investors and enhance confidence in the capital market, firms must also consider their liquidity to avoid negatively impacting normal operations [4]. - High and frequent dividends can provide investors with greater returns, fostering long-term confidence in the development of the capital market and related securities firms [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年上半年，华泰证券继续保持行业领先地位，实现营业收入162.19亿元，同比增长31.01%，略高于 行业平均增速。尽管营收规模被国泰海通反超，从行业第二微降至第三，但其业务根基依然雄厚。营收 同比减少12.22亿元，但主要是由于去年同期高基数所致。资料显示，华泰证券首席执行官为周易。 | ﺎ ﺍ | 小天 ML 7J | | | | | ATSA | | --- | --- | --- | --- | --- | --- | --- | | 19 | 国联民生 | 40.11 | 269.40 | 29.25 | 21 | 葛小波 | | 20 | 国金证券 | 38.62 | 44.28 | 11.85 | 3 Acres of the | 美文国 | | 21 | 国元证券 | 33.97 | 41.60 | 3.12 | -1 | 胡伟 | | 22 | 财通证券 | 29.59 | -2.19 | 0.66 | -1 | 草启诚 | | 23 | 长城证券 | 28.59 | 44.24 | 8.77 | 2 | 周钟山 ...

Core Insights - The overall performance of the securities industry in China has been strong in the first half of 2025, with significant revenue and profit growth reported by major brokerage firms [1][2]. Financial Performance - In the first half of 2025, 150 securities firms achieved a total operating income of 251.036 billion yuan and a net profit of 112.280 billion yuan [1]. - Among 50 listed brokerages, 44 reported year-on-year revenue growth, with 10 firms exceeding 10 billion yuan in revenue [2]. - Notable firms such as CITIC Securities and Guotai Junan reported revenues of 33.039 billion yuan and 23.872 billion yuan, respectively [2]. - The net profit of 50 listed brokerages all turned positive, with eight firms exceeding 5 billion yuan in profit [2]. Profit Growth - Thirteen brokerages reported a net profit growth of over 100% year-on-year, with Guolian Minsheng achieving a staggering 1185.19% increase [2][3]. - Huaxi Securities also saw a significant profit increase of 1195.02% [2][3]. Business Segments - Proprietary trading and brokerage services are the main drivers of profit growth for brokerages [4]. - In the first half of 2025, securities investment income reached 100.242 billion yuan, while brokerage business net income was 68.842 billion yuan [4]. - CITIC Securities reported proprietary trading income exceeding 10 billion yuan, with a year-on-year growth of 62.42% [4]. Investment Banking Recovery - The investment banking sector is showing signs of recovery, with CITIC Securities' investment banking revenue growing by 20.91% [5]. - The Hong Kong IPO market has been active, providing new opportunities for leading brokerages [6]. Future Outlook - The performance of listed brokerages is expected to remain strong, driven by market activity and regulatory support [6].

华泰证券（601688）(06886)发布公告，华泰证券股份有限公司2023年面向专业投资者公开发行永续次 级债券(第一期)，简称"23华泰Y1"将于2025年9月8日开始支付自2024年9月8日至2025年9月7日期间的利 息。 本期债券票面利率(计息年利率)为3.46%，每手本期债券面值为人民币1,000元，派发利息为人民币34.60 元(含税)。 ...

华泰证券（601688）(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行短期公 司债券(第五期)(续发行)发行工作已于2025年9月1日结束。本期续发行债券实际发行规模为13亿元，发 行价格为100.187元，认购倍数为4.24倍。 ...

证券研究报告·行业深度报告·证券Ⅱ 证券Ⅱ行业深度报告 资本市场持续回暖，上半年扣非净利润同比 +51%，上调全年盈利预测——证券行业 2025 年中报总结 增持（维持） [Table_Tag] [Table_Summary] 投资要点:2025H1 日均股基交易额 15703 亿元，同比增长 63%。IPO 持续 收紧，再融资边际好转，债券发行规模稳中有增。权益市场波动上行，同 比大幅改善；债券市场表现较弱。2025 年已披露业绩的 50 家上市券商净 利润同比增长 64%，扣非后净利润同比增长 51%；第二季度净利润同比 增长 50%，环比增长 20%（扣非）。上调全年盈利预测，预计行业净利润 同比+32%。目前券商股估值合理，考虑到行业发展政策积极，我们认为 大型券商优势仍显著，推荐中信证券、中国银河、中金公司、广发证券、 华泰证券、国泰海通、东方证券。同时推荐弹性较高的互联网金融东方财 富、指南针、湘财股份等。 ◼ 费类业务几乎全线增长，自营弹性巨大。1）经纪佣金大幅增长。2025 年 上半年上市券商经纪业务收入合计 592 亿元，同比+47%；代销金融产 品收入 56 亿元，同比+30%，占经纪收入 ...

智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2023年面向专业投资者公开发行永 续次级债券(第一期)，简称"23华泰Y1"将于2025年9月8日开始支付自2024年9月8日至2025年9月7日期间 的利息。 本期债券票面利率(计息年利率)为3.46%，每手本期债券面值为人民币1,000元，派发利息为人民币34.60 元(含税)。 ...

智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2025年面向专业投资者公开发行短 期公司债券(第五期)(续发行)发行工作已于2025年9月1日结束。本期续发行债券实际发行规模为13亿 元，发行价格为100.187元，认购倍数为4.24倍。 ...