21世纪经济报道记者 孙永乐 正值A股年报预告披露期，一批上市券商密集"交卷"报喜。 1月28日下午，长城证券（002939.SZ）发布业绩预告，公司预计2025年1-12月业绩大幅上升，归母净利润为22.91亿至24.49亿元，净利润同比增长45.00%至 55.00%，预计基本每股收益为0.57至0.61元。 就在前一晚，国泰海通（601211.SH）、申万宏源（000166.SZ）、东方证券（600958.SH）、招商证券（600999.SH）、华西证券（002926.SZ）、红塔证券 （601236.SH），6家券商同步发布了2025年业绩预告或快报，全年归母净利润分别同比增长111%—115%、74.64%—93.83%、67.80%、18.43%、74.46%— 126.66%、59.05%。 同花顺iFinD数据显示，截至1月28日18时，A股已有13家上市券商披露2025年度业绩预告或快报，业绩集体实现高增，3家净利润同比增长10%—50%，7家 净利润同比增长50%—100%，3家净利润同比增长超过100%。 | | | | A股券商2025年业绩预告/快报一览 | | | | | --- ...

同花顺iFinD数据显示，截至1月28日18时，A股已有13家上市券商披露2025年度业绩预告或快报，业绩 集体实现高增，3家净利润同比增长10%—50%，7家净利润同比增长50%—100%，3家净利润同比增长 超过100%。 （文章来源：21世纪经济报道） 1月28日下午，长城证券（002939.SZ）发布全年业绩预告，公司预计2025年1-12月业绩大幅上升，归母 净利润为22.91亿至24.49亿，净利润同比增长45.00%至55.00%，预计基本每股收益为0.57至0.61元。 就在前一晚，国泰海通（601211.SH）、申万宏源（000166.SZ）、东方证券（600958.SH）、招商证券 （600999.SH）、华西证券（002926.SZ）、红塔证券（601236.SH），这6家券商同步发布了2025年业绩 预告或快报，全年归母净利润分别同比增长111%—115%、74.64%—93.83%、67.80%、18.43%、74.46% —126.66%、59.05%。 ...

Group 1 - The core focus of the news is on the strong performance of the non-ferrous metal sector in the A-share market, with fund managers adjusting their portfolios to include cyclical sectors like coal, oil and gas, and transportation to balance their holdings [1] - As of January 27, 2025, 1,201 A-share companies disclosed their annual performance forecasts, with 475 companies expecting positive results and 107 companies predicting a doubling of net profits year-on-year [2] - The public fund of funds (FOF) has shown a significant preference for resource-related assets, with the Huaan Gold ETF being heavily favored in the first three quarters of 2025, indicating a trend towards resource investment [3] Group 2 - The Hong Kong stock market has become a key focus for public funds, with 26 new products reported in 2026, primarily targeting technology, pharmaceuticals, and cyclical sectors, and a notable net inflow of nearly 30 billion yuan into Hong Kong-themed ETFs [4] - The gold and jewelry industry is expected to undergo significant changes in 2026 due to high gold prices, leading to a shift from price competition to value competition, favoring high-quality development [5] - The private equity fund management scale reached a record high of 22.15 trillion yuan by the end of 2025, with private securities investment funds being the main contributors to new registrations [7] Group 3 - Several listed brokerages have reported positive earnings forecasts for 2025, with net profits expected to grow significantly, indicating a strong performance across the brokerage sector [8] - Over 150 companies are projected to achieve record high net profits in 2025, with the electronics industry being the largest contributor, highlighting a robust recovery in various sectors [9] - Nearly 1,250 companies have disclosed performance forecasts, with a median net profit exceeding 173 billion yuan, reflecting a nearly 100% increase compared to the previous year, indicating a strong market recovery [10] Group 4 - Insurance capital is increasingly investing in private equity funds, with China Life announcing significant investments in two funds, reflecting a trend towards diversifying asset allocation [11] - The Ministry of Human Resources and Social Security plans to expand the scale of entrusted investments for basic pension insurance funds, indicating ongoing reforms in social security systems [12] - In 2025, profits of large-scale industrial enterprises in China increased by 0.6% compared to 2024, with a notable recovery in December, particularly in the manufacturing sector [13][14]

近期江苏、重庆等地推出中小学春秋假，工会鼓励组织春秋游，政策不断落地，板块景气度提升，坚定看好26年 出行产业链投资机会，后续不排除政策层面的催化；下月即将迎来史上最长春节，航旅纵横及旅行社平台预订双 位数增长，板块调整迎来布局良机。 核心推荐：景气度景区：陕西旅游、三峡旅游、黄山旅游、九华旅游；行业触底迎来拐点酒店板块：锦江酒店/首 旅酒店/华住/亚朵；销售数据持续提升中国中免/珠免。 【兴证社服】坚定看好出行产业链，调整即是布局良机 【兴证社服】坚定看好出行产业链，调整即是布局良机 今天市场较大跌幅，过往复盘来看重要节假日前1个月经常出现较大波动，调整系市场正常波动。 今天市场较大跌幅，过往复盘来看重要节假日前1个月经常出现较大波动，调整系市场正常波动。 近期江苏、重庆等地推出中小学春秋假，工会鼓励组织春秋游，政策不断落地，板块景气度提升，坚定看好26年 出行产业链投资机会，后续不排除政策层面的催化；下月即将迎来史上最长春节，航旅纵横及旅行社平台预订双 位数增长，板块调整迎来布局良机。 核心推荐：景 ...

（板块转发：兴证社服） 坚定看好出行产业链，调整即是布局良机 （板块转发：兴证社服） 坚定看好出行产业链，调整即是布局良机 今天市场较大跌幅，过往复盘来看重要节假日前1个月经常出现较大波动，调整系市场正常波动。 近期江苏、重庆等地推出中小学春秋假，工会鼓励组织春秋游，政策不断落地，板块景气度提升，坚定看好26年 出行产业链投资机会，后续不排除政策层面的催化；下月即将迎来史上最长春节，航旅纵横及旅行社平台预订双 位数增长，板块调整迎来布局良机。 核 今天市场较大跌幅，过往复盘来看重要节假日前1个月经常出现较大波动，调整系市场正常波动。 近期江苏、重庆等地推出中小学春秋假，工会鼓励组织春秋游，政策不断落地，板块景气度提升，坚定看好26年 出行产业链投资机会，后续不排除政策层面的催化；下月即将迎来史上最长春节，航旅纵横及旅行社平台预订双 位数增长，板块调整迎来布局良机。 核心推荐：景气度景区：陕西旅游、三峡旅游、黄山旅游、九华旅游；行业触底迎来拐点酒店板块：锦江酒店/首 旅酒店/华住/亚朵；销售数据持续提升中国中免/珠免。 ...

Group 1 - Several listed brokerages have collectively forecast strong performance for 2025, with net profit growth rates ranging from 18.43% to 115% for firms like Guotai Junan and Haitong Securities [1] - Analysts predict an overall net profit increase of 40% to 60% for listed brokerages in 2025, indicating a significant recovery in industry sentiment [1] - The impressive performance of leading brokerages is expected to enhance investor confidence in the overall liquidity and profitability of the stock market, contributing to a sustained recovery in the capital market [1] Group 2 - A leadership change is occurring at China Tai Investment Management, with Jiang Tianfang set to replace Huang Wenqing as chairman, indicating a potential strategic shift in the company's operations [2] - Jiang Tianfang has a strong background in investment banking and has been with the company since 2015, suggesting continuity in expertise while possibly introducing new strategies [2] - The asset management business of China Tai Investment Management reported a total scale of 1057.51 billion yuan as of June 30, 2025, highlighting its significant market presence [2] Group 3 - The Hong Kong Stock Exchange has listed the first China Securities A500 ETF, marking a significant step in the internationalization of Chinese assets [3] - The A500 ETF, managed by Huatai-PB, has a scale of 466.84 billion yuan, making it the largest of its kind in the market [3] - The listing of this ETF is expected to enhance the pricing power and influence of A-shares in the global capital market, attracting more international investment [3]

Core Viewpoint - The brokerage industry is experiencing significant profit growth, with many firms reporting substantial increases in net profits for 2025, indicating a strong recovery and potential for further gains in the sector [1][3]. Group 1: Performance Highlights - Guotai Haitong Securities expects a net profit of 27.53 billion to 28.01 billion yuan for 2025, representing a year-on-year growth of 111% to 115% [1]. - CITIC Securities reported a net profit exceeding 30 billion yuan for the first time, with a year-on-year increase of 38.64% [1]. - A total of 21 brokerages have disclosed their 2025 performance, with a combined net profit of approximately 104.82 billion yuan, reflecting a year-on-year growth of 58.14% [1]. Group 2: Industry Trends - 90.48% of the brokerages reported positive year-on-year growth, with five firms, including Guotai Haitong and Guolian Minsheng, achieving a doubling of net profit growth [1]. - The active trading environment has driven significant increases in market turnover and margin financing balances, supporting retail business growth and the recovery of proprietary trading [3]. - The brokerage sector is currently undervalued, with the CSI All Share Securities Companies Index showing only a 2.54% increase in 2025, lagging behind broader market indices [4]. Group 3: Future Outlook - Analysts predict continued profit growth in 2026, driven by favorable policies and the potential for a revaluation of the sector [3]. - The current market conditions suggest that the brokerage sector, characterized by strong performance and low valuations, may see a rebound once trading constraints are lifted [4]. - The average daily trading volume and other high-frequency indicators indicate a positive trend for earnings growth in the near future [6].

Core Viewpoint - The brokerage industry is experiencing significant profit growth, with several firms reporting substantial increases in net profit for 2025, indicating a strong recovery and potential for further gains in the sector [1][2]. Group 1: Performance Highlights - Guotai Junan Securities expects a net profit of 27.53 billion to 28.01 billion yuan for 2025, representing a year-on-year growth of 111% to 115% [1]. - CITIC Securities reported a net profit exceeding 30 billion yuan for the first time, with a year-on-year increase of 38.64% [1]. - A total of 21 brokerages have disclosed their 2025 performance, with a combined net profit of approximately 104.82 billion yuan, reflecting a year-on-year growth of 58.14% [1]. Group 2: Industry Trends - 90.48% of the brokerages reported positive year-on-year growth, with five firms, including Guotai Junan and Guolian Minsheng, achieving a doubling of net profit growth [1]. - The active trading environment has driven significant increases in market turnover and margin financing balances, supporting retail business growth and the recovery of proprietary trading [3]. - The brokerage sector is currently undervalued, with the CSI All Share Securities Companies Index showing only a 2.54% increase in 2025, lagging behind broader market indices [4]. Group 3: Future Outlook - The industry is expected to continue benefiting from favorable policies in 2026, with potential for revaluation as new growth drivers in investment banking, asset management, and international business emerge [3]. - The current low valuation of brokerages compared to U.S. counterparts suggests a potential for upward price adjustments once trading constraints are lifted [5]. - The average daily trading volume and other high-frequency indicators indicate a positive trend for earnings growth in the brokerage sector [6].

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。 重要内容提示： ● 红塔证券股份有限公司（以下简称"公司"）预计2025年年度的经营业绩符合《上海证券交易所股票上 市规则》第5.1.1条中应当进行预告的情形，"（三）实现盈利，且净利润与上年同期相比上升或者下降 50%以上"。 ● 预计公司2025年年度实现归属于母公司所有者的净利润为121,514.12万元，与上年同期相比将增加 45,112.30万元，同比增长59.05%。预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利 润为120,061.49万元，与上年同期相比将增加43,792.46万元，同比增长57.42%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为121,514.12万元，与上年同 期相比将增加45,112.30万元，同比增长59.05%。预计2025年年度实现归属于母公司所有者的扣除非经 常性损益的净利润为120 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为121,514.12万元，与上年同 期相比将增加45,112.30万元，同比增长59.05%。预计2025年年度实现归属于母公司所有者的扣除非经 常性损益的净利润为120,061.49万元，与上年同期相比将增加43,792.46万元，同比增长57.42%。 证券代码：601236 证券简称：红塔证券 公告编号：2026-002 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。 重要内容提示： ● 红塔证券股份有限公司（以下简称"公司"）预计2025年年度的经营业绩符合《上海证券交易所股票上 市规则》第5.1.1条中应当进行预告的情形，"（三）实现盈利，且净利润与上年同期相比上升或者下降 50%以上"。 ● 预计公司2025年年度实现归属于母公司所有者的净利润为121,514.12万 ...