数据来源/Wind 制表人/刘英杰 证券公司 营业收入 同比增长率 （亿元） （%） 中信证券 330.39 20.44 国泰海通 238.72 华泰证券 162.19 31.01 广发证券 153.98 34.38 中国银河 137.47 37.71 中金公司 128.28 43.96 申万宏源 116.95 44.44 国信证券 110.75 51.84 中信建投 107.40 19.93 招商证券 105.20 9.64 ...

证券公司 净利润 同比增长率 （亿元） （%） 国泰海通 157.37 中信证券 137.19 29.80 华泰证券 75.49 42.16 中国银河 64.88 47.86 广发证券 64.70 48.31 国信证券 53.67 71.00 招商证券 51.86 9.23 中信建投 45.09 57.77 中金公司 43.30 94.35 申万宏源 42.84 101.32 ...

广发证券2025半年报披露，旗下控股子公司广发基金和参股子公司易方达基金经营业绩出炉，今年上半 年，广发基金营业收入38.98亿元，同比增长22.16%；净利润11.8亿元，同比增长43.55%；同期，易方 达基金实现营业收入为58.96亿元，同比增长9.8%；净利润18.77亿元，同比增长23.81%。两家基金公司 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，广发基金、易方达基金规模分别排名 行业第3、第1。 ...

Group 1: Foreign Investment in Chinese Assets - Major foreign institutions such as JPMorgan, Citigroup, and Morgan Stanley have significantly increased their holdings in Chinese H-shares, including CATL, ZTE, and WuXi AppTec [1][2] - Morgan Stanley reported that global hedge funds have ramped up their bets on Chinese stocks, with August expected to see the highest monthly buying volume since February [1][2] Group 2: Stock Performance - As of August 29, CATL and WuXi AppTec saw substantial stock price increases, with CATL's A and H shares rising by 10.37% and 4.17% respectively, and WuXi AppTec's A and H shares increasing by 7.95% and 6.52% respectively [2] - The rise in CATL's stock price is attributed to the upcoming sales season and the release of new models, with expectations for high growth in domestic electric vehicle sales by 2025 [2] Group 3: Industry Trends - The lithium battery industry is experiencing a "de-involution," with a growing consensus on price discipline in certain segments, which is expected to improve the competitive landscape [3] - The solid-state battery industrialization process is accelerating, with several companies initiating pilot production lines and planning mass production by 2026 [3] Group 4: Market Outlook - The Hong Kong stock market has shown resilience, with the Hang Seng Index rising by 1.23% in August, marking four consecutive weeks of gains [6] - Analysts predict that the market will continue to be supported by improving global liquidity conditions and ongoing economic stabilization policies in mainland China [6][7] - The expectation of a dovish shift in the Federal Reserve's monetary policy is anticipated to further enhance liquidity, benefiting the Hong Kong market [6][7]

报告显示，上半年，广发证券四大业务板块均实现稳健增长。财富管理转型不断深化。广发证券拥有优秀的产品研究、销 售能力，专业的资产配置能力，超过4600名证券投资顾问在行业排名第二（母公司口径），致力于为不同类型的客户提供精准 的财富管理服务。截至2025年6月末，该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%；融资融券余额为 1036.38亿元，市场份额5.60%。 投行业务持续稳健发展。上半年，股权融资方面，广发证券完成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。债务融资方面，该公司主承销发行债券419期，主承销金额1537.21亿元。在中资境外债业务方面，完成29单债券发 行，承销金额498.65亿美元。 投资管理业务保持领先。上半年，集团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三、第一。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理的资产管理计划合计63只，资产管理总规模158.56亿元。全资私募基金子公司广发 信 ...

Core Viewpoint - Guangfa Securities reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, reflecting its commitment to supporting the national development strategy and enhancing its core business capabilities [1][2] Financial Performance - The company achieved operating revenue of 15.398 billion yuan, a year-on-year increase of 34.38% [1] - The net profit attributable to shareholders reached 6.470 billion yuan, up 48.31% year-on-year [1] - A cash dividend of 1 yuan per 10 shares is proposed, totaling 761 million yuan based on the current share capital of 7.606 billion shares [1] Business Segments - Wealth management, trading and institutional business, and investment management all experienced double-digit revenue growth [1] - Trading and institutional business revenue was 4.969 billion yuan, showing a substantial increase of 78.46% year-on-year, with an operating profit margin up by 13.04 percentage points compared to the previous year [1][2] Investment Strategy - The company emphasized a value investment approach in equity investments, combining macro strategies with industry and stock research to enhance core investment capabilities [2] - In fixed income sales and trading, the company effectively managed bond portfolio duration, leverage, and investment scale to capitalize on market opportunities [2] - As a primary dealer in OTC derivatives, Guangfa Securities maintained a leading position in market-making services, supporting over 900 funds and all ETF options on major exchanges [2] Strategic Positioning - The company is strategically located in the Guangdong-Hong Kong-Macao Greater Bay Area, actively supporting national regional strategies and fostering a robust client base [2] - Looking ahead, Guangfa Securities aims to focus on high-quality development, reinforcing its competitive advantages in key regions and contributing to the high-quality development of the economy and society [2]

Core Viewpoint - The performance of listed securities firms in the first half of the year shows significant growth, driven by a low base effect from the previous year and a recovery in the stock market, with many firms reporting record earnings and increased profitability [2][4]. Group 1: Financial Performance Highlights - 42 listed securities firms reported notable performance, with Guotai Junan and Haitong Securities leading in net profit at 15.737 billion yuan, while CITIC Securities maintained the top position in operating revenue at 33.039 billion yuan [2][4]. - 10 firms achieved operating revenues exceeding 10 billion yuan, with CITIC Securities at 33.039 billion yuan and Guotai Junan at 23.872 billion yuan [4][5]. - 9 firms reported net profit growth exceeding 100%, with Huaxi Securities and Guolian Minsheng showing increases of 1195% and 1185% respectively [3][5]. Group 2: Business Segment Performance - Self-operated business remains a key driver of growth, with 36 firms reporting increased self-operated income, while only 6 experienced declines [8]. - CITIC Securities led self-operated income at 19.052 billion yuan, a 62.42% increase year-on-year [8][9]. - Brokerage and wealth management businesses also saw growth, with all listed firms reporting increased brokerage fee income, particularly CITIC Securities and Guotai Junan [11]. Group 3: Dividend Distribution - Listed securities firms are increasingly proactive in cash dividends, with 28 firms announcing mid-year dividend plans totaling 18.797 billion yuan, an increase of 5.35 billion yuan compared to the previous year [2].

| | | 上市券商中期业绩 | | | | --- | --- | --- | --- | --- | | 名称 | 营业收入/亿元 | 同比/% | 归母净利润/亿 | 同比/% | | | | | 元 | | | 中信证券 | 330.39 | 20.44 | 137.19 | 29.80 | | 環膜廠圖 | 238.72 | 77.71 | 157.37 | 213.74 | | 华泰证券 | 162.19 | 31.01 | 75.49 | 42.16 | | 广发证券 | 153.98 | 34.38 | 64.70 | 48.31 | | 中国银河 | 137.47 | 37.71 | 64.88 | 47.86 | | 中金公司 | 128.28 | 43.96 | 43.30 | 94.35 | | 申万宏源 | 116.95 | 44.44 | 42.84 | 101.32 | | 国信证券 | 110.75 | 51.84 | 53.67 | 71.00 | | 中信建投 | 107.40 | 19.93 | 45.09 | 57.77 | | 招商证券 | 105.20 | 9.64 ...

报告期内，境内股权融资方面，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。截至2025年6月末，公司作为主办券商持续督导挂牌公司共计47家，其中"专精特新"企业占比达 82.98%。 报告期内，公司立足服务实体经济高质量发展，深入贯彻国家战略与监管要求，积极发挥直接融资"服 务商"及资本市场"看门人"功能。坚持行业引领，加强重点赛道产业资源积累与专业能力建设，着力打 造产业投行、科技投行。深耕重点区域，巩固大湾区市场地位及竞争力，深化长三角重点区域布局。持 续深化境内外一体化战略，健全跨境人才培养及协同机制，全面提升跨境协作质效和综合服务能力，有 效助力中国企业出海布局。扎实推进数智化转型，强化精细化管理和风险防控，不断夯实提质增效、稳 健发展的基础。 格隆汇8月29日丨广发证券(000776.SZ)公布2025年半年度报告，2025年上半年，本集团营业总收入 153.98亿元，同比增加34.38%；营业利润83.37亿元，同比增加62.51%；归属于上市公司股东的净利润 64.70亿元，同比增加48.31%；归属于上市公司股东的扣除非经常性损益的净利润63.11亿元，同比增 ...

8月29日晚间，上市券商半年报"收官"。这42家上市券商业绩颇具看点，伴随国泰海通发布合并后的半 年报，归母净利润榜首"易主"，该公司以157.37亿元位居首位；不过中信证券仍然稳坐营业收入"头把 交椅"。 一是，10家券商上半年营业收入超百亿元。中信证券以330.39亿元排名第一；国泰海通发布合并后的首 份半年报，营业收入规模为238.72亿元，排名第二；此外，营收超百亿元的还有华泰证券、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。 二是，9家券商归母净利润实现逾100%增长。其中，两家同比增长10倍以上，华西证券大增1195%，该 券商主要因为去年同期基数较低；国联民生因今年成功合并而实现同比增长1185%；东北证券、国泰海 通也实现逾2倍的增长。 三是，除国泰海通及国联民生外，有6家上市券商今年上半年业绩创下历史同期新高。例如，中信证券 上半年归母净利润达到137.19亿元，同比增长29.8%；中国银河归母净利润达到64.88亿元，同比增长 47.86%。东吴证券（19.32亿元）、长城证券（13.85亿元）、浙商证券（11.49亿元）、信达证券 （10.24亿元）等也实现历 ...