拆解其增长结构，一条清晰的"深市主线"跃然纸上：以电子、电力设备、通信为代表的科技创新板块景 气度持续高企，成为拉动增长的核心引擎；千亿市值龙头公司以不足2%的公司数量，贡献了超五成的 净利润，牵引力显著。 与此同时，在政策暖风与市场情绪回暖驱动下，非银金融业业绩迎来"大反弹"，净利润同比增幅近半。 这不仅印证了中国经济转型升级的微观活力，也凸显了深市作为"创新企业聚集地"的鲜明特色。 营收净利双增 主板、创业板各展风采 截至 10月末，深市2879家上市公司2025年三季报如期"交卷"。 在复杂的内外部环境下，这份"成绩单"展现出超预期的韧性：2025年前三季度，深市公司合计实现营业 收入15.72万亿元，同比增长4.31%，实现归属于母公司股东的净利润（以下简称净利润）9030.18亿 元，同比增长9.69%，双双录得同比与环比的稳健增长。 电子行业在AI算力需求爆发、半导体封测及消费电子需求回暖、库存周期改善与国产替代进程加速等 多重利好驱动下，整体步入上行通道。2025年前三季度，该行业实现营业收入1.59万亿元，同比增长 15.03%；实现净利润791.22亿元，同比大幅增长32.12%。 环比来看 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [8] Core Insights - A total of 46 listed brokerages reported their Q3 earnings, achieving revenue and net profit attributable to shareholders of 435.65 billion and 178.95 billion yuan respectively for the first three quarters of 2025, representing year-on-year growth of 17.7% and 62.2% [2][4] - The market trading activity remains high, and it is expected that the performance of brokerages will continue to grow significantly, presenting investment opportunities [4] - The insurance sector has seen a substantial upward adjustment in profit growth expectations for the first three quarters, with notable investment returns alleviating short-term concerns [4] - The report indicates a gradual improvement in overall cost-effectiveness for investments, supported by the logic of deposit migration, increased equity allocation, and improved new policy costs [4] Summary by Sections Earnings Performance - The report highlights the strong earnings performance of brokerages, with significant revenue and profit growth in Q3 2025 [2][4] - Specific recommendations include Jiangsu Jinzu, China Ping An, and China Pacific Insurance based on their stable profit growth and dividend rates [4] Market Trends - The non-bank financial index decreased by 0.5% this week, with a year-to-date increase of 7.6%, indicating a relatively weak performance compared to the broader market [5] - The average daily trading volume in the market increased to 232.53 billion yuan, up 29.38% from the previous period, reflecting a recovery in market activity [5][42] Regulatory Developments - Recent regulatory updates include the issuance of the "Qualified Foreign Investor System Optimization Work Plan" by the CSRC, aimed at enhancing the attractiveness of the domestic market to foreign investors [6][64] Company Announcements - Notable company earnings include New China Life Insurance reporting revenue and net profit of 137.25 billion and 32.86 billion yuan respectively, with year-on-year growth of 28.3% and 58.9% [6] - Other companies such as Guotai Junan and CICC also reported significant increases in revenue and net profit for the same period [6]

丨证券研究报告丨 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 2025Q3 公募基金持仓点评：非银港股配置比例 环比显著提升，被动持仓占比仍高于主动 报告要点 [Table_Summary] 基金非银板块港股配置环比显著提升，被动基金持仓市值占比高于主动型基金。1）被动基金保 险港股配置比例环比提升，港股主被动第一大持仓分别为中国太保 H、中国平安 H；2）港股券 商配置比例环比提升，个股仍集中于头部机构；3）多元金融持续低配，H 股持仓集中于港交 所。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 SFC：BUV596 吴一凡 谢宇尘 程泽宇 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 2025Q3 公募基金持仓点评：非银港股配置比例 2] 环比显著提升，被动持仓占比仍高于主动 [Table_Summary2] 事件描述 公募基金披露 2025 年三季 ...

Core Viewpoint - The current A-share market shows more resilience in valuation compared to 2007 and 2015, despite the Shanghai Composite Index fluctuating around the 4000-point mark, indicating a more robust market environment under global liquidity easing [1] Market Analysis - The Shanghai Composite Index's movement around the 4000-point level reflects investor caution, but the market's valuation is deemed more resilient than in previous years [1] - The current market is characterized by an enhanced autonomous logic due to the global liquidity environment, suggesting that investors should focus on valuation rationality and profit growth matching rather than overemphasizing the significance of the 4000-point level [1] Market Phases - The bull market is divided into three phases: 1. Improvement in liquidity 2. Increase in risk appetite 3. Improvement in fundamentals - The market is currently in the second phase, driven by an increase in risk appetite, with potential for entering the third phase if fundamental improvements spread [1] Investment Direction - Recommended investment focuses on three main areas: artificial intelligence, biotechnology, and commodities, which are expected to provide growth opportunities in the current market context [1]

Core Insights - The company reported a significant increase in total revenue and net profit for Q1-Q3 2025, with total revenue reaching 11.59 billion yuan, up 58.7% year-on-year, and net profit attributable to shareholders at 9.1 billion yuan, up 50.6% year-on-year [1][2] Group 1: Financial Performance - For Q1-Q3 2025, the company achieved a basic earnings per share of 0.58 yuan, reflecting a year-on-year increase of 50.6% [1] - The weighted average return on equity (ROE) was 10.74%, an increase of 2.60 percentage points year-on-year [1] - The brokerage business segment saw a net income from fees and commissions rise by 86.8% to 6.64 billion yuan, driven by active market trading [2] - The margin financing and securities lending business generated a net interest income of 2.41 billion yuan, up 59.7% year-on-year, due to increased interest income from lent funds [2] - The proprietary investment segment reported a decline in investment income and fair value changes, down 18.2% to 1.97 billion yuan, primarily due to decreased returns from fixed income investments [2] Group 2: Market Trends and Business Outlook - The fund distribution business generated 2.54 billion yuan in revenue, a year-on-year increase of 13.4%, benefiting from a recovery in fund issuance and sales driven by a rising equity market [1] - As of Q3 2025, the total net asset value of all funds reached 36.7 trillion yuan, a year-on-year increase of 115% and a quarter-on-quarter increase of 7%, with stock funds up 139% year-on-year [1] - The company is exploring financial technology innovations through its proprietary model, achieving breakthroughs in key areas such as intelligent agent construction and financial application innovation [2] Group 3: Investment Recommendations - The company maintains a "Buy-A" investment rating, with expectations of performance elasticity as market conditions improve [3] - Projected earnings per share (EPS) for 2025 to 2027 are estimated at 0.81 yuan, 0.94 yuan, and 1.02 yuan respectively, with a target price of 29.22 yuan based on a 36x P/E ratio for 2025 [3]

■营业成本有所提升，金融大模型探索深入。2025Q1-Q3 公司营业总 成本同比+8.6%至 33.5 亿元，其中销售、管理、研发费用分别同比 +20.9%、+11.5%、-11.2%。公司依托自主研发的妙想大模型底座，已 在智能体构建、金融场景应用创新等关键领域取得突破，看好公司金 融科技研发实力提升及落地应用拓展。 ■投资建议：维持买入-A 投资评级。公司凭借自身用户存量积淀及 数智化深耕赋能，有望伴随市场景气回暖而充分释放业绩弹性。我们 预计公司 2025 年-2027 年 EPS 分别为 0.81 元、0.94 元、1.02 元， 给予公司 36x2025 年 P/E，对应目标价 29.22 元。 ■风险提示：权益市场大幅波动、行业竞争加剧、宏观经济下行等。 2025 年 11 月 04 日 东方财富(300059.SZ) 利润同比高增，收费类业务贡献明显 | [Table_Finance1] （百万元） | 2 0 23A | 2 0 24A | 2 0 25E | 2 0 26E | 2 0 27E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | ...

资金面上看，两市主力资金全天净流出239.44亿元，今日有9个行业主力资金净流入，传媒行业主力资 金净流入规模居首，该行业今日上涨3.12%，全天净流入资金20.31亿元，其次是银行行业，日涨幅为 1.33%，净流入资金为18.31亿元。 沪指11月3日上涨0.55%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为传媒、煤炭，涨幅 分别为3.12%、2.52%。跌幅居前的行业为有色金属、家用电器，跌幅分别为1.21%、0.66%。非银金融 行业今日下跌0.06%。 | 601099 | 太平洋 | -0.22 | 1.87 | -5232.21 | | --- | --- | --- | --- | --- | | 601995 | 中金公司 | -0.52 | 0.85 | -5111.82 | | 601788 | 光大证券 | 0.21 | 0.65 | -5090.87 | | 601198 | 东兴证券 | 0.87 | 1.49 | -4892.80 | | 601878 | 浙商证券 | -0.43 | 0.77 | -4828.44 | | 601881 | 中国银河 | -0.06 | ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The securities industry has shown significant growth, with a 62% year-on-year increase in net profit for the first three quarters of 2025, and a 59% increase in the third quarter alone [1][38] - Daily average stock trading volume reached 18,723 billion yuan, reflecting a 109% year-on-year growth [1][12] - The report anticipates a 47% year-on-year increase in industry net profit for the full year of 2025, driven by active market trading and improved performance across various business segments [7] Summary by Sections 1. Market Activity - The stock market has remained strong, with daily average stock trading volume of 18,723 billion yuan, up 109% year-on-year [12] - The number of new accounts opened in the Shanghai market increased by 46% year-on-year, averaging 2.47 million new accounts per month [12] - Margin financing and securities lending balances grew by 66% year-on-year, indicating increased investor confidence [15][17] 2. Performance of Listed Securities Firms - Listed securities firms reported a total revenue of 4,522 billion yuan, a 41% increase year-on-year, with net profit reaching 1,831 billion yuan, up 62% [38] - The average return on equity (ROE) for these firms was 5.51%, an increase of 2.65 percentage points year-on-year [39] - All firms reported positive growth or turned profitable, with significant increases in net profit for the third quarter [38] 3. Business Segment Performance - Brokerage commission income rose by 74% year-on-year, totaling 1,135 billion yuan, although the growth rate was lower than the trading volume increase [2] - Investment banking revenue increased by 23% year-on-year, benefiting from a recovery in refinancing activities [2] - Proprietary trading net income grew by 42% year-on-year, with total investment net income reaching 1,956 billion yuan [2] 4. Future Outlook - The report projects a 47% year-on-year increase in industry net profit for 2025, with expectations of growth across various business lines: brokerage income (+66%), investment banking (+18%), and proprietary trading (+50%) [7] - The report emphasizes the competitive advantages of large securities firms and recommends several key players, including CITIC Securities and China Galaxy [7]

Core Insights - The A-share market experienced fluctuations in October, with the margin balance reaching a historical high of 24,864.02 billion yuan by October 31, and an increase of 905.30 billion yuan in financing balance during the month [1][2]. Industry Summary - In October, out of 31 industries, 28 saw an increase in financing balance, with the electronics, non-ferrous metals, and power equipment sectors leading in net financing purchases, amounting to 181.01 billion yuan, 115.01 billion yuan, and 79.76 billion yuan respectively [1][2]. - The only industries that experienced net selling were food and beverage, automotive, and light industry manufacturing, with net selling amounts of 17.15 billion yuan, 1.45 billion yuan, and 0.45 billion yuan respectively [1][2]. Individual Stock Performance - In October, 344 stocks saw net purchases exceeding 100 million yuan, with the top ten stocks being Zhongji Xuchuang, Shenghong Technology, ZTE Corporation, Sunshine Power, CITIC Securities, Cambricon Technologies, Zijin Mining, Lianqi Technology, Sanhua Intelligent Controls, and Dongfang Caifu, with net purchases of 29.43 billion yuan, 25.51 billion yuan, and so on [3][4]. - The stock with the highest increase was Sunshine Power, which rose by 17.94% during the month [3][4].

YiwealthSMI｜当前市场行情下，券商社媒作品如何收获高赞？ 本期为证券社交媒体指数(2025年9月)。 9月券商SMI总榜前三分别由东方财富、中信证券、招商证券揽获，和8月一致。名单进出方面，第一创业证券、山西证券、申万宏源证券新入榜单，上期排 名13、17、18位的天风证券、国泰海通证券、国盛证券掉出榜单。 抖音方面，9月，券商抖音号高赞作品呈现出"热点即时化"的趋势，券商机构敏锐捕捉实时行情、宏观政策等多元热点，以即时、独到的解读吸引用户关 注。例如，在"美联储降息"这一国际金融事件落地后，中信证券TALK、国金证券迅速推出解读视频，分别剖析了其对全球六大资产的影响及和A股投资的 相关性，满足了用户在关键节点对专业解读的急切需求。与此同时，财经社牛养成记（招商证券）对贵金属市场的解读、华西证券对于市场板块轮动的点评 以及华安证券整理的ETF涨幅榜，都迎合了用户追踪投资市场热点的需求。 | 01 | 东方财富 | 不离不弃感动无数网友 #上海j | | --- | --- | --- | | | | 停板 #财经 #行情 #股民 | | | | 白银上涨,热度不高?同是贵 金和白银差别竟这么大! | ...