证券代码：601236 证券简称：红塔证券 公告编号：2026-003 红塔证券股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 截至 2026 年 1 月 31 日，公司通过集中竞价交易方式已累计回购股份 1,603.05 万股，占公司总股本的比例为 0.340%，购买的最高价为人民币 9.07 元/股，最低 价为人民币 8.33 元/股，已支付的总金额为人民币 13,997.57 万元（不含交易费 用）。本次回购股份符合法律法规的规定及公司回购股份方案。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 红塔证券股份有限公司董事会 重要内容提示： | 回购方案首次披露日 | 2025/7/18，由公司董事长景峰先生提议 | | | | | | | --- | --- | ...

Group 1 - The company Hongta Securities (601236.SH) announced that as of January 31, 2026, it has repurchased a total of 16.03 million shares through centralized bidding, accounting for 0.340% of the company's total share capital [1] - The highest purchase price for the repurchased shares was RMB 9.07 per share, while the lowest was RMB 8.33 per share [1] - The total amount paid for the repurchased shares, excluding transaction fees, was RMB 139.98 million [1]

Group 1 - The core point of the article is that Hongta Securities (601236.SH) has completed a share buyback program, acquiring a total of 16.03 million shares, which represents 0.340% of the company's total share capital [1] - The highest purchase price for the shares was RMB 9.07 per share, while the lowest was RMB 8.33 per share [1] - The total amount spent on the buyback, excluding transaction fees, was RMB 139.98 million [1]

Core Viewpoint - The performance of listed securities firms in 2025 is expected to be strong, driven by active capital markets and robust growth in brokerage and proprietary trading businesses [1][2]. Group 1: Performance of Major Securities Firms - 21 listed securities firms have disclosed their 2025 performance forecasts, showing overall positive growth in net profits [2]. - CITIC Securities is projected to achieve over 30 billion yuan in net profit, with a revenue of 74.83 billion yuan, marking a 28.75% year-on-year increase [2]. - Guotai Junan expects a net profit between 27.53 billion yuan and 28.01 billion yuan, reflecting a year-on-year growth of 111% to 115% [2]. - Other notable firms include招商证券 with a net profit of 12.3 billion yuan (up 18.43%), and申万宏源 with a projected net profit of 9.1 billion to 10.1 billion yuan (up 74.64% to 93.83%) [2]. Group 2: Performance of Small and Medium-sized Securities Firms - Smaller firms like国联民生 anticipate a net profit of 2.008 billion yuan, representing a significant year-on-year growth of approximately 406% [3]. -天风证券 expects to turn a profit with a net profit forecast of 12.5 million to 18.5 million yuan [3]. - Other small firms such as长江证券 and中原证券 are also expected to see net profit increases exceeding 100% and 50%, respectively [3]. Group 3: Drivers of Growth - The growth in performance is attributed to the active capital market, with wealth management, proprietary trading, and asset management businesses benefiting significantly [3]. - Guotai Haitong noted a substantial increase in income from wealth management and institutional trading due to the rising activity in the domestic capital market [3]. - CITIC Securities reported rapid growth across brokerage, investment banking, and proprietary trading revenues [3]. Group 4: Investment Value of the Sector - The non-bank financial sector has seen a decline of 1.59% as of January 30, but analysts believe that the valuation of securities firms is at a historically low level, enhancing their investment appeal [4]. - The sector is entering a golden window for valuation and performance recovery, driven by favorable policies and an improving market environment [5]. - Analysts suggest focusing on three investment themes: strong comprehensive capabilities of leading firms, firms with significant performance elasticity, and those with strong international business competitiveness [5].

● 本报记者 林倩 随着资本市场持续活跃，上市券商2025年业绩表现备受关注。Wind数据显示，截至1月30日中国证券报 记者发稿时，有21家上市券商披露了2025年业绩预告或业绩快报。 头部券商中信证券、国泰君安等继续巩固市场领先地位，中信证券2025年归母净利润超300亿元，国泰 海通预计2025年归母净利润同比增速超100%。中小券商业绩弹性更大，国联民生预计2025年净利润同 比增速超400%。经纪业务、自营业务等成为上述上市券商2025年业绩增长的核心驱动力。 业内人士表示，2025年A股市场活跃，券商业绩高景气度延续，建议关注业绩向好带来的券商板块投资 机会。 中小券商净利润规模虽小，但业绩弹性更大。国联民生预计2025年度实现归母净利润20.08亿元，同比 增长约406%。国联民生也在公告中表示，报告期内公司完成通过发行A股股份的方式收购民生证券控 制权，并将其纳入财务报表合并范围。天风证券则预计在2025年实现归母净利润1.25亿元到1.85亿元， 将实现扭亏为盈。 此外，长江证券预计2025年净利润增幅超过100%；中原证券、红塔证券、华西证券、东北证券预计 2025年净利润增幅也超过50% ...

Core Viewpoint - The A-share brokerage sector is experiencing significant profit growth, with 17 listed brokerages reporting an average net profit of 5.85 billion yuan for 2025, reflecting a year-on-year increase of 92.92% [1] Group 1: Performance of Leading Brokerages - Four leading brokerages, including CITIC Securities and Guotai Junan, are expected to report net profits exceeding 10 billion yuan, driven by resilience in self-operated, wealth management, and investment banking sectors [2] - Shenwan Hongyuan anticipates a net profit of 10.1 billion to 11.1 billion yuan for 2025, marking a year-on-year growth of 61.59% to 77.59% [2] - Guotai Junan expects a net profit of 27.53 billion to 28.01 billion yuan, representing a year-on-year increase of 111% to 115% [3] Group 2: Performance of Smaller Brokerages - Among smaller brokerages, Guolian Minsheng reported a net profit of 2.01 billion yuan, a staggering increase of approximately 406% [5] - Other smaller brokerages, such as Huaxi Securities and Hongta Securities, also showed strong performance with net profit growth exceeding 50% [5] - However, companies like Guorong Securities and Zhongshan Securities faced significant declines in net profit, highlighting a disparity in performance within the sector [6] Group 3: Market Conditions and Valuation - Despite strong earnings, brokerage stock prices have remained stagnant, indicating a mismatch between profitability and valuation [7] - The A-share brokerage index rose by 4% in 2025, while the CSI 300 index increased by 18%, suggesting potential for valuation recovery [8] - Analysts predict that the brokerage sector still holds strategic allocation value, with expectations for significant valuation recovery [8] Group 4: Future Outlook - The sector is expected to benefit from favorable policies aimed at stabilizing growth and boosting the capital market, alongside a conducive liquidity environment [9] - The current low valuation levels present opportunities for defensive rebounds, with recommendations to focus on strong leading brokerages and those with competitive advantages in wealth management and proprietary trading [10]

本报记者 周尚伃 作为行业并购重组的标杆，国泰海通2025年预计实现归母净利润275.33亿元至280.06亿元，同比增长111%至115%；预计实 现归母扣非净利润210.53亿元至215.16亿元，同比增长69%至73%。业绩大幅增长的背后，2025年，国泰海通全面提升经营管理 水平，稳中求进、主动作为，平稳高效完成合并交易，有序推动整合融合，充分发挥合并后的品牌优势、规模效应和互补效 应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户经营"增量扩面、提质增效"，资产规模及经营业 绩创历史新高，财富管理、机构与交易等业务收入同比显著增长，初步实现"1+1＞2"的效果。 从已披露的数据来看，2025年上市券商业绩整体向好，形成了头部券商稳中有进、重组标的爆发增长、中小券商突围发力 的多梯队协同发展格局，高质量发展成效逐步显现。 头部券商业绩稳中有进 2025年，头部券商的规模优势与综合竞争力进一步释放，业绩表现稳中有进。具体来看，中信证券全年实现营业收入748.3 亿元，同比增长28.75%；归母净利润300.51亿元，同比增长38.46%，刷新自身盈利纪录。招商证券与光大证券同样保持稳健 ...

纵观2025年，证券行业在波动的市场中绘就了一幅"大象起舞，黑马奔袭"图景：头部券商凭借全业务链 优势稳健领跑，中小券商则依靠差异化战略突围而出。业内人士认为，高活跃度的市场环境为券商业绩 增长提供了肥沃土壤，业务结构的优化与转型则铸就持续增长的内核。 超九成实现净利润增长 业绩增长成为券商2025年的核心主题。截至1月28日，共有21家券商披露2025年度业绩预告或快报，预 计合计实现净利润约1075.87亿元，同比增长近60%。其中，19家券商实现净利润增长，12家券商净利 润增长超50%，5家券商净利润增长超1倍。 从净利润增幅来看，合并后的国联民生证券2025年实现净利润20.08亿元，以同比超4倍的增幅居首位。 国联民生证券表示，公司探索科技、金融与产业的深度融合，以"协同赋能"和"内生增长"为主线提升综 合金融服务能力，证券投资、经纪及财富管理等业务条线实现显著增长。 湘财证券、麦高证券、华西证券及国泰海通证券紧随其后，构成了业绩倍增"阵营"。其中，华西证券把 握市场机遇，推动财富管理业务和投资业务均实现较高增长，预计实现净利润12.70亿元至16.50亿元， 同比增长74.76%至126.66% ...

证券日报网讯 1月28日，红塔证券（601236）在互动平台回答投资者提问时表示，二级市场股价受宏观 经济、市场环境、投资偏好等多重因素影响。股票市场有风险，入市需谨慎。 ...

证券日报网讯 1月28日，红塔证券在互动平台回答投资者提问时表示，公司于2025年7月17日发布《红 塔证券股份有限公司关于以集中竞价方式回购股份的方案》，自股东大会审议通过本次回购方案之日起 12个月内，公司将回购不低于人民币1亿元（含），不超过人民币2亿元（含）股份，用于减少注册资 本。截至12月底，累计回购公司股份1603.05万股，累计回购金额13997.57万元。公司严格按照法律法规 和监管要求，规范经营管理，规范投资行为。关于公司业绩情况，请关注公司于2026年1月28日在上海 证券交易所网站披露的《红塔证券股份有限公司2025年年度业绩预告》。 （编辑 楚丽君） ...