牛市，券商之蜜。 作者 | 观韬 编辑 | 小白 什么叫做含金量极高的业绩增长？3月19日晚间，东方财富（300059.SZ）用一份堪称炸裂的20 25年年度报告，给整个券商板块打了个样。 年报显示，2025年，东方财富总营收160.68亿，同比大增38.46%。然而，真正让风云君惊叹的 是其盈利能力——虽然160亿营收跟很多头部券商没得比，但归母净利润竟然高达120.85亿，同 比增长25.75%，创历史新高。 这意味着，东方财富在2025年的净利率超过了75%。这份业绩也证明其刻在骨子里的互联网平 台"高毛利率、高利润弹性"基因，将"炸裂"二字写在头上。 券商这两年行情好已经是常识，东方财富的年报透露出什么不一样的信息呢？ 年报显示，东方财富2025年经纪业务股基交易额38.46万亿，2025年A股累计成交额420.21万 亿，以此为基准计算东财占比约9.2%。 从收入增长结构看，金融电子商务服务就是基金代销业务，金融数据服务对应Choice软件，分别 同比增长25.18%和11.99%，尚未跑赢总营收增速。 而证券服务营收同比增长47.59%，主要是我们通常说的经纪业务和融资融券，拉萨军团大本营 果然名 ...

2026年03月21日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第九期) 券商业绩密集释放,资本市场中长期改革稳步推进 市场表现: 本期(2026.3.16-2026.3.20)非银(申万)指数-2.55%,行业排 6/31,券商Ⅱ指 数-2.79%,保险II指数-1.99%; 上证综指-3.38%,深证成指-2.90%,创业板指+1.26%。 个股涨跌幅排名前五位：中油资本（+2.41%）、爱建集团（+10.20%）、瑞达期 货（+3.52%）、中粮资本（+2.51%）、江苏金租（+2.31%）; 个股涨跌幅排名后五位:渤海租赁（-12.34%）、东吴证券（-11.84%）、拉卡拉 (-9.44%）、新力金融（-7.24%）、中银证券（-6.48%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 2.79%,跑输沪深 300 指数 0.60pct,跑赢上证综 指数 0.59pct。当前券商板块 PB 估值为 1.23 倍。 本周，东方财富发布 2025 年年度报告,公司实现总营业收入 160.68 亿元,同比增 长 38.46%，实现归母净 ...

证券代码：300059 证券简称：东方财富 公告编号：2026-025 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2026 年度第三期 东方财富信息股份有限公司董事会 二〇二六年三月二十四日 | 短期融资券名称 | | | | 东方财富证券股份有限公司 | 2026 | 年度第三期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 26 | 东财证券 | | CP003 | 短期融资券代码 | 072610059 | | | 发行价格 | 100.00 | 元 | | | 币种 | 人民币 | | | 短期融资券期限 | 天 361 | | | | 息票类型 | 固息 | | | 发行日期 | 2026 | 年 | 3 月 | 20 日 | 起息日期 | 2026 年 | 3 月 23 日 | | 兑付日期 | 2027 | 年 | 月 3 | 日 19 | 票面利率 | 1.61% | | | 计划发行总额 | 亿元 30 | | | | 实际发行总额 | 亿元 30 | | 本期发行短期融资券的 ...

证券代码：300059 证券简称：东方财富 公告编号：2026-026 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 东方财富信息股份有限公司（以下简称"公司"）子公司东方财富证券股份 有限公司（以下简称"东方财富证券"）于 2025 年 12 月 23 日成功发行了东方财 富证券股份有限公司 2025 年度第十三期短期融资券（以下简称"25 东财证券 CP013"），发行金额为人民币 30 亿元，票面利率为 1.68%，期限为 90 天，兑付 日期为 2026 年 3 月 24 日。详情见公司于 2025 年 12 月 25 日在深圳证券交易所 网站和符合中国证监会规定条件的信息披露媒体披露的相关公告。 2026 年 3 月 24 日，东方财富证券完成了 25 东财证券 CP013 的本息兑付工 作。 特此公告。 东方财富信息股份有限公司董事会 二〇二六年三月二十四日 东方财富信息股份有限公司 关于子公司东方财富证券股份有限公司 2025 年度第十三期 短期融资券兑付完成的公告 ...

东方财富(300059.SZ) 市场高景气推动业绩高增，经纪市占率略有降低 非银行金融 2026 年 03 月 24 日 推荐（维持） 股价：19.61 元 主要数据 | 行业 | 非银行金融 | | --- | --- | | 公司网址 | www.eastmoney.com | | 大股东/持股 | 其实/19.38% | | 实际控制人 | 其实 | | 总股本(百万股) | 15,804 | | 流通 A 股(百万股) | 13,338 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 3,099 | | 流通 A 股市值(亿元) | 2,616 | | 每股净资产(元) | 5.81 | | 资产负债率(%) | 76.6 | 行情走势图 相关研究报告 【平安证券】东方财富（300059.SZ）*半年报点评* 受 益于市场活跃，证券业务收入大幅增长*推荐2025 0818 【平安证券】东方财富（300059.SZ）*季报点评*代理 买卖证券款快速增长，关注后续业绩修复 *推荐 20241028 证券分析师 | 李冰婷 | 投资咨询资格编号 | | --- | --- | | | S ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 %% %% [Table_scodeMsg1] 公司研究丨点评报告丨东方财富（300059.SZ） [Table_Title] 东方财富 2025 年报点评：证券业务稳健成长， 构筑数智金融新生态 报告要点 [Table_Summary] 2025 年，公司业绩随市高增，证券业务为增长驱动。证券业务份额稳健，佣金率先于行业见底。 基金代销触底回升，非货保有份额提升。 逆市加速扩表，自营收益韧性较强。 强化成本管控， 盈利能力显著提升。短期内公募降费影响接近尾声，证券业务市场份额维持稳健，佣金费率先 于行业见底。2026 年以来市场热度大幅提升，公司业绩有望再上台阶。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 %% %% research.95579.com 1 [Table_scodeMsg2] 东方财富（300059.SZ） cjzqdt11111 [Table_Title 东方财富 2025 2] 年报点评：证券业务稳健成长， 构筑数智金融新 ...

Group 1: Strategy Insights - The financial system's fragility is expected to drive monetary easing in leading countries, with 2026 likely witnessing a bull market in commodities alongside a manufacturing leap by catching-up nations like China [1][9] - In the first half of 2026, it is recommended to increase allocation to the PPI chain, particularly in oil and chemicals, while also focusing on Chinese manufacturing sectors such as photovoltaics, wind power, energy storage, and construction machinery [1][9] - The second half of 2026 should shift focus to the CPI chain, particularly in the liquor sector, and also consider investments in Hang Seng Technology and gold, which are expected to benefit from a rebound in the US dollar index [1][9] Group 2: Company Analysis - Hu Shang A Yi (沪上阿姨) - Hu Shang A Yi has a diversified brand matrix that covers various categories and price ranges, allowing it to fully benefit from growth in different market segments [2][13] - The company is focusing on deepening its presence in lower-tier markets and small store formats, which provides a competitive advantage [2][13] - Revenue projections for Hu Shang A Yi are estimated at 4.197 billion, 4.894 billion, and 5.790 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 493 million, 556 million, and 667 million yuan [2][13] Group 3: Company Analysis - Hai Tong Development (海通发展) - Hai Tong Development reported a revenue of 4.443 billion yuan for 2025, reflecting a year-on-year increase of 21.43% [3][21] - The company achieved a foreign trade revenue of 2.899 billion yuan, up 21.87% year-on-year, while domestic revenue reached 1.205 billion yuan, increasing by 27.78% [3][21] - The overall gross margin slightly declined to 16.29%, down 1.87 percentage points year-on-year, primarily due to a decrease in the gross margin of foreign trade business [3][22] Group 4: Company Analysis - Fangda Special Steel (方大特钢) - Fangda Special Steel achieved a revenue of 18.233 billion yuan in 2025, a decrease of 15.43% year-on-year, while net profit surged by 280.18% to 942 million yuan [25][26] - The company optimized its product structure, resulting in improved profitability metrics, with a gross margin of 9.65%, up 4.85 percentage points year-on-year [25][26] - The production and sales of high-margin products like spring flat steel and automotive leaf springs increased, indicating a successful shift in product strategy [25][26] Group 5: Company Analysis - Xiangcai Co., Ltd. (湘财股份) - Xiangcai Co., Ltd. reported a total revenue of 2.420 billion yuan and a net profit of 464 million yuan for 2025, reflecting increases of 10.37% and 325.15% respectively [29][30] - The company experienced significant growth in its commission income, which rose by 40.11% year-on-year, driven by an active market [29][30] - The firm is focusing on enhancing its self-operated investment performance, which saw a 9.36% increase in investment income [29][30] Group 6: Company Analysis - Chery Automobile (奇瑞汽车) - Chery Automobile achieved a revenue of 300.29 billion yuan in 2025, marking an 11.3% increase year-on-year, with a net profit of 19.02 billion yuan, up 34.6% [33][34] - The company reported a significant increase in overseas sales, with exports reaching 1.294 million units, a growth of 33.2% [33][34] - Chery's strategy includes a multi-brand approach, with plans to launch 16 new models over the next three years, enhancing its market presence [33][35] Group 7: Company Analysis - China Jushi (中国巨石) - China Jushi reported a revenue of 18.881 billion yuan for the first three quarters of 2025, a year-on-year increase of 19.08%, with a net profit of 3.285 billion yuan, up 34.38% [37][38] - The company is focusing on high-end markets, with electronic fabric sales increasing by 21.4% year-on-year, driven by demand from the information technology sector [37][38] - The gross margin improved to 33.12%, reflecting effective cost management and pricing strategies [37][39] Group 8: Company Analysis - Jianghe Group (江河集团) - Jianghe Group achieved a revenue of 21.845 billion yuan in 2025, a decrease of 2.50% year-on-year, while net profit was 610 million yuan, down 4.31% [42][43] - The company reported strong growth in overseas orders, with a 30% increase in new overseas contracts [42][43] - The gross margin improved to 17.24%, despite an increase in expenses due to currency fluctuations [42][43]

证券研究报告 | 2026年03月23日 | 晨会纪要 | | --- | | 数据日期:2026-03-20 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3957.05 | 13866.20 | 4567.01 | 14727.67 | 4041.20 | 1318.30 | | 涨跌幅度（%） | -1.23 | -0.25 | -0.35 | -1.36 | -0.67 | -1.54 | | 成交金额（亿元） | 9648.63 | 13219.47 | 6154.63 | 4165.17 | 6595.59 | 726.35 | $\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi ...

Investment Rating - The report provides a "Buy" rating for the non-bank financial sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [36]. Core Insights - The report emphasizes the importance of strengthening market stability mechanisms and suggests focusing on left-side opportunities within the sector. It highlights that external risk events may fluctuate, but the market's resilience remains strong, with a trend of incremental capital inflow expected to continue [5]. - The introduction of the Financial Law draft is seen as a significant step towards enhancing regulatory frameworks and promoting high-quality development in the financial sector. This law aims to strengthen supervision, prevent risks, and support long-term growth [16][17]. - The insurance sector is advised to be actively monitored, as it continues to increase its equity investment ratio despite market downturns. The report notes that the solvency ratio of life insurance companies remains robust, providing a buffer against potential market pressures [13][5]. Summary by Sections 1. Market Performance - As of March 21, 2026, the Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index decreased by 2.90%. The CSI 300 Index dropped by 2.19%, and the ChiNext Index rose by 1.26% [10]. 2. Industry Dynamics and Weekly Commentary (a) Insurance - The report indicates that the insurance sector is guided by the two sessions to pursue high-quality development. The solvency ratio of life insurance companies is at 115%, significantly above the regulatory threshold of 50%, allowing for continued investment in equities [13]. - The proportion of insurance funds allocated to stocks and funds has increased to 14.8%, up by 2.1 percentage points from the previous year. The report suggests that the current valuation of the insurance sector presents a good cost-performance ratio [13]. (b) Securities - The Financial Law draft aims to enhance financial regulation and promote high-quality development. It establishes a comprehensive legal framework for financial activities, emphasizing risk prevention and regulatory clarity [16][17]. - The report notes that the Hong Kong Securities and Futures Commission has reported a significant increase in the virtual asset market, with a daily trading volume increase of 89.5% year-on-year, indicating a growing market and regulatory framework [21][23]. 3. Key Company Valuations and Financial Analysis - The report includes detailed valuations for key companies in the sector, with several companies rated as "Buy," including China Ping An, China Life, and Huatai Securities, among others. The expected earnings per share (EPS) and price-to-earnings (PE) ratios for these companies indicate strong growth potential [6].

业 及 产 业 非银金融 行 业 研 究 / 行 业 点 相关研究 《资金面因素逐步出清，看好非银板块投 资价值——非银金融行业周报 （2026/1/26-2026/1/30）》 2026/02/01 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 03 月 22 日 预计偿付能力规则调整预期对当前 险资配置影响有限，关注券商业绩 与估值修复齐头并进 看好 ——非银金融行业周报（2026/3/16-2026/3/20） 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息 ...