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！ 券商经纪、自营业务收入增长明显。 中报披露"收官"，上市券商业绩集体回暖。 同花顺iFinD数据显示，今年上半年，42家上市券商合计实现营收2518.66亿元，同比增长11.37%；合计 实现归母净利润1040.17亿元，同比增长65.08%。 从各项主营业务来看，上半年券商经纪、自营业务收入整体增长明显，超过六成券商的投行业务收入回 暖，资管业务收入出现分化。 行业业绩集中度进一步提高。上半年上市券商合计净利润占券业整体净利润的92.64%，其中超过七成 的净利润来自排名前十的券商。 上市券商利润贡献超九成 2025年上半年，券业整体业绩增幅明显，42家上市券商贡献了券业超过九成的利润。 根据中国证券业协会（下称"中证协"）近日披露的数据，150家证券公司2025年上半年度实现营业收入 2510.36亿元，实现净利润1122.80亿元，分别较去年同期增长23.47%、40.37%。 同花顺iFinD数据显示，上半年42家上市券商合计实现营收2518.66亿元，同比增长11.37%；合计实现归 母净利润1040.17亿元，同比增长65. ...

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。 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%。 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，而浙商证券 前进3个名次，排名第7；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 | | | | --- | --- | ...

8月29日，广发证券发布2025年半年报。2025年上半年，广发证券实现营收153.98亿元，同比增长 34.4%；归母净利润64.7亿元，同比增加48.3%，据wind数据，归母净利润创自2016年以来新高。其中， 投资收益48.8亿元，同比增长32.1%；经纪业务手续费净收入39.2亿元，同比增长42%，共同驱动业绩较 高速增长。 资产管理业务稳健增长。上半年，该公司投资管理（含资产管理，公募、私募基金管理）收入38.5亿 元，同比增长12.2%。截至2025年6月末，公司持有广发基金54.53%的股权；持有易方达基金22.65%的 股权，是其三个并列第一大股东之一。上半年，易方达基金营收58.96亿元、净利润18.8亿元，分别同比 增长9.7%、23.8%；广发基金营收38.98亿元、净利润11.8亿元，分别同比增长22.2%、43.6%。 财报显示，截至2025年6月末，易方达基金管理公募基金规模21645.91亿元，较2024年末增长5.40%；广 发基金管理公募基金规模合计15093.56亿元，较2024年末增长2.9%，两者管理非货币型公募基金规模分 别排行业第1、第3。 投资银行业务方面，上半 ...

Core Insights - The performance of listed securities firms in the first half of 2025 shows significant recovery and varying strategic outcomes among companies [1][4] Group 1: Financial Performance - Guotai Junan achieved a net profit of 15.737 billion yuan, ranking first among listed securities firms, while CITIC Securities led in operating revenue with 33.039 billion yuan [1][2] - A total of 10 securities firms reported operating revenues exceeding 10 billion yuan, including Guotai Junan, Huatai Securities, GF Securities, and China Galaxy Securities [1][2] - Nine securities firms experienced over 100% growth in net profit, with Huaxi Securities and Guolian Minsheng showing extraordinary increases of 1195% and 1185% respectively [2] Group 2: Business Segments - Proprietary trading significantly contributed to the high growth in performance, with CITIC Securities leading in proprietary income at 19.052 billion yuan, a year-on-year increase of 62.42% [3] - Brokerage and wealth management businesses also saw positive developments, benefiting from market recovery and increased investor enthusiasm, with notable performances from CITIC Securities and Guotai Junan [3] - The cash dividend policy has become more aggressive, with 28 listed securities firms disclosing mid-year dividend plans totaling 18.797 billion yuan, a 53.5 billion yuan increase from the previous year [3] Group 3: Investment Banking and Asset Management - Despite challenges in the overall market environment, over two-thirds of listed securities firms reported growth in net income from investment banking, indicating competitiveness and innovation in this area [4] - Asset management performance was relatively weak, with over 60% of firms facing revenue declines, reflecting the challenges and opportunities in the current market environment [4] - The overall performance of listed securities firms in the first half of 2025 indicates a recovery and differentiated development, driven by strong proprietary trading, rapid growth in brokerage and wealth management, and proactive cash dividend policies [4]

（原标题：暴涨！"牛市旗手"重磅榜单来了） 2025年上半年，证券行业交出了一份超出市场预期的"成绩单"。 42家A股上市券商的半年度报告均已披露完毕，合计实现营业收入2518.66亿元，同比增长30.8%；合计 实现归母净利润1040.17亿元，同比增长65.08%。其中，37家券商营收和净利润均实现同比正增长，仅 有少数券商营收出现下滑。 头部券商发挥稳定 浙商证券表示，营业收入减少的原因主要系衍生金融工具市场价格下降，引发公司公允价值变动收益较 上年同期减少30.22%。财通证券称，主要原因是投资银行业务手续费净收入、资产管理业务手续费净 收入、投资收益及公允价值变动收益同比有所下降。 中小券商爆发 头部券商发挥稳定，中信证券、国泰海通、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、招商证券十家券商上半年的营收都突破百亿元大关。 中信证券以330.39亿元的营收稳坐"头把交椅"，并创历史中期最好水平；国泰海通公布合并后首份半年 报，营收规模为238.72亿元，位列第二；华泰证券、广发证券两家券商营收均在150亿元以上。 从归母净利润来看，国泰海通、中信证券的归母净利润均超百亿元 ...

Core Insights - The securities industry in China has reported a strong performance for the first half of 2025, with total revenue reaching 251.87 billion yuan, a year-on-year increase of 30.8%, and net profit attributable to shareholders amounting to 104.02 billion yuan, up 65.08% [1][2][3] Group 1: Performance of Major Securities Firms - Ten leading securities firms, including CITIC Securities and Guotai Junan, reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, marking its best mid-year performance [2][3] - Guotai Junan's revenue reached 23.87 billion yuan, showing a significant year-on-year growth of 77.71% [3] - Other firms like Huatai Securities and GF Securities also reported revenues above 15 billion yuan, with growth rates of 31.01% and 34.38% respectively [3] Group 2: Growth Drivers - The increase in revenue and net profit is attributed to a recovery in the market, with a notable rise in self-operated investment income and brokerage fees [1][8] - The number of new A-share accounts opened reached 12.6 million, a 32.8% increase year-on-year, contributing to a 61% rise in average daily trading volume to 1.39 trillion yuan [7][10] Group 3: Investment Banking Recovery - The investment banking sector also showed signs of recovery, with total investment banking fees reaching 15.53 billion yuan, an 11% increase compared to the previous year [13] - CITIC Securities led the investment banking fees with 2.098 billion yuan, reflecting a 20.91% increase [14] - Smaller firms like Huazhong Securities and Zhongyin Securities reported over 100% growth in their investment banking revenues, indicating a shift towards comprehensive investment banking services [15]

Core Viewpoint - The securities industry in China has shown significant growth in the first half of 2025, with a total revenue of 251.87 billion yuan, representing a year-on-year increase of 30.8%, and a net profit of 104.02 billion yuan, up 65.08% [1][2]. Group 1: Performance of Major Securities Firms - Ten major securities firms, including CITIC Securities and Guotai Junan, reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, marking its best mid-year performance [3][4]. - Guotai Junan's revenue reached 23.87 billion yuan, showing a year-on-year growth of 77.71%, while Huatai Securities and GF Securities both surpassed 15 billion yuan in revenue [4][5]. Group 2: Growth Drivers - The growth in the securities industry is primarily driven by self-operated investment income and brokerage business, with a notable increase in daily trading volume and new account openings [8][9]. - The average daily trading volume increased by 61% to 1.39 trillion yuan, and new A-share accounts reached 12.6 million, up 32.8% year-on-year [8][9]. Group 3: Investment Banking Recovery - The investment banking sector has shown signs of recovery, with total investment banking fees reaching 15.53 billion yuan, a year-on-year increase of 11% [14][16]. - CITIC Securities led the investment banking fees with 2.098 billion yuan, reflecting a growth of 20.91% compared to the previous year [15][16]. Group 4: Performance of Smaller Securities Firms - Smaller securities firms also demonstrated impressive growth, with Guolian Minsheng reporting a revenue increase of 269.4% to 4.01 billion yuan and a net profit surge of 1185.19% [5][6]. - Other smaller firms like Dongbei Securities and Hualin Securities also reported significant net profit growth, with increases of 225.9% and 172.72% respectively [5][6]. Group 5: Challenges Faced - Some firms experienced revenue declines, such as Zhejiang Securities, which saw a 23.66% drop in revenue due to decreased market prices of derivative financial instruments [6][7]. - Other firms like Xibu Securities and Caitong Securities also reported revenue declines, indicating challenges in certain segments of the market [6][7].

证券承销与保荐业务净收入143.21亿元，同比增5.5%，营收占比为5.7%； 财务顾问业务净收入22.01亿元，同比下滑1.57%，营收占比为0.88%； | 150家券商上半年整体表现 | | | | | --- | --- | --- | --- | | 项目 上半年(亿元) | | 同比 | 出 | | 营业收入 | 2510. 36 | 23. 47% | 100. 00% | | 净利润 | 1122. 80 | 40. 37% | 44. 73% | | 代买卖证券净收入 | 688. 42 | 48. 22% | 27. 42% | | 承销保荐净收入 | 143. 21 | 5. 50% | 5. 70% | | 财务顾问净收入 | 22. 01 | -1.57% | 0. 88% | | 投资咨询净收入 | 32. 41 | 25. 09% | 1. 29% | | 资管净收入 | 113. 51 | -4. 68% | 4. 52% | | 利息净收入 | 262. 38 | 23. 68% | 10. 45% | | 证券投资收益(含 公允价值变动) | 1002. 42 | 21. ...

投行业务方面，报告期内，公司完成A股股权融资项目5单，主承销金额156.22亿元，完成新三板挂牌2 单；完成11单港股IPO股权融资项目，发行规模达427.73亿港元。并购重组业务主导完成3单境内重大资 产重组与财务顾问项目，其中上市公司独立财务顾问涉及交易总额22.72亿元。 中证报中证网讯(记者万宇)8月29日晚，广发证券发布2025年中期报告。上半年，广发证券各项工作稳 中向好，主要经营指标位居行业前列，实现营业总收入153.98亿元，归母净利润64.70亿元。报告期内， 公司四大业务板块均实现稳健增长。 财富管理业务方面，截至6月末，公司代销金融产品保有规模超过3000亿元，较上年末增长约14.13%； 融资融券余额1036.38亿元，市场份额5.60%。1-6月，公司沪深股票基金成交额达15.14万亿元(双边统 计)，同比增长62.12%。 投资管理业务方面，上半年，旗下控股子公司广发基金和参股子公司易方达基金合计管理公募基金规模 超过3.6万亿元，剔除货币市场型基金后的规模分别排名行业第3、第1。全资子公司广发资管管理的专 项资产管理计划净值规模较2024年末增长39.49%。全资子公司广发期货管 ...

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 | | | | | -- ...