上市券商2024年年报及2025年一季报综述：零售经纪、两融业绩贡献度明显上升，自营仍是核心变量

Investment Rating - The report maintains a "Market Perform" rating for the securities industry, in line with the performance of the CSI 300 index [1]. Core Insights - The securities industry achieved a year-on-year revenue growth of 11.15% and a net profit increase of 21.35% in 2024, with self-operated business income reaching a near ten-year high [7][13]. - In Q1 2025, listed securities firms reported a revenue increase of 24.60% and a net profit growth of 83.48% year-on-year, driven primarily by retail brokerage, self-operated, and margin financing businesses [7]. - The report emphasizes the importance of policy support for maintaining a stable and active capital market, which is expected to positively influence the overall operating environment for the securities industry [7]. Summary by Sections 1. Industry Performance in 2024 and Q1 2025 - The securities industry saw a recovery in operating performance, with total revenue reaching CNY 4,511.69 billion and net profit at CNY 1,672.57 billion in 2024, marking a significant recovery from previous years [13]. - The performance of listed securities firms showed a clear recovery trend, with 42 firms reporting a total revenue of CNY 5,088.47 billion and a net profit of CNY 1,478.35 billion in 2024 [13][17]. - The average leverage ratio for the industry slightly decreased to 3.31 times, while the return on equity (ROE) increased to 5.50% in 2024 [20][24]. 2. Business Segment Analysis - The self-operated business segment's revenue share reached a ten-year high at 38.6%, while other business segments saw a decline in their revenue contributions [27]. - Brokerage and self-operated businesses were the main drivers of the industry's overall performance recovery, with brokerage fees increasing by 16.60% and investment income rising by 43.02% in 2024 [31]. - The report highlights a significant drop in investment banking revenues, which fell by 35.47%, indicating ongoing challenges in that segment [31]. 3. Market Outlook and Investment Recommendations - The report suggests that the overall operating environment for the securities industry is expected to stabilize and improve, supported by recent policy measures aimed at maintaining market stability [7]. - The average price-to-book (P/B) ratio for the securities sector has been fluctuating between 1.278 and 1.544, indicating a relatively low valuation compared to historical averages, presenting potential investment opportunities [7]. - The report encourages continued attention to leading securities firms, particularly those with strong wealth management capabilities and significant equity exposure, as they are likely to benefit from market recovery [7].