来源：证券时报网 作者：胡飞军 长假归来，A股最新开户数据新鲜出炉。 | 账户新开户状况表 (单位:万户)数据日期:2025-09 | | | | | | --- | --- | --- | --- | --- | | 日期 | 总数 | A 股 | B BS | 其金 | | 2025.01 | 177.37 | 157.00 | 0.04 | 20.33 | | 2025.02 | 313.77 | 283.59 | 0.04 | 30.14 | | 2025.03 | 348.53 | 306.55 | 0.05 | 41.93 | | 2025.04 | 213.32 | 192.44 | 0.04 | 20.84 | | 2025.05 | 172.77 | 155.56 | 0.04 | 17.17 | | 2025.06 | 184.73 | 164.64 | 0.06 | 20.04 | | 2025.07 | 212.58 | 196.36 | 0.07 | 16.15 | | 2025.08 | 283.37 | 265.03 | 0.09 | 18.25 | | 2025.09 | 31 ...

长假归来，A股最新开户数据新鲜出炉。 至此，今年前三季度A股新开户数合计已达2014.89万户，较去年前三季度新开户数1346.46万户同比增长49.64%。 9月新开户数年内第二高 今年9月A股行情收官时，三大指数均收涨，其中，创业板指9月累计涨超12%。活跃行情背后，A股新开户数如何？ 10月10日，上交所官网发布的新开户数据显示，今年9月上交所A股新开户数达到293.72万户，较8月环比增长10.83%。具体来看，9月A股293.72万户中，个人新 开户292.63万户，机构新开户1.09万户，这属于今年以来机构新开户首次突破1万户。 值得一提的是，去年9月，A股迎来"9·24行情"，这使得去年9月新开户数据达到182.74万户，环比去年8月大增83.79%。就同比而言，今年9月新开户数远超去年同 期水平，同比增长60.73%。 10月10日，上交所官网发布的新开户数据显示，今年9月上交所A股新开户数达到293.72万户，较8月的新开户数265.03万户环比增长10.83%。9月新开户数远超去 年同期水平，同比增长60.73%，去年9月数据为182.74万户。 9月A股新开户数293.72万户，成为今年 ...

Investment Rating - The report maintains a "Recommended" rating for the securities industry [2] Core Viewpoints - The securities industry is experiencing a stable upward trend, with strong performance driven by market conditions. The total revenue of listed securities firms reached 251.9 billion yuan, a year-on-year increase of 31%, while net profit attributable to shareholders was 104.0 billion yuan, up 65% [6][16] - The industry is expected to achieve a total revenue of 557.2 billion yuan in 2025, representing a 24% year-on-year growth, and a net profit of 228.5 billion yuan, up 37% [7] Summary by Sections Market Conditions and Performance - The stock and bond markets are recovering, with the three major indices rising by an average of 1.11% in the first half of 2025. The bond market also saw a cumulative increase of 1.14% [6][9] - Daily average trading volume for stock funds reached 16,135 billion yuan, a year-on-year increase of 64%, while the average margin trading amount increased by 75% [11][16] Business Overview - The revenue breakdown for the first half of 2025 shows significant contributions from various segments: investment income at 112.4 billion yuan (+50%), brokerage income at 63.5 billion yuan (+39%), and credit income at 19.7 billion yuan (+17%) [6][16] - The average annualized ROE for listed securities firms was 6.93%, an increase of 1.6 percentage points from the previous year [24] Segment Performance - Brokerage business showed strong growth with net income of 63.5 billion yuan, up 39%. The number of new personal and institutional accounts increased significantly [36][43] - Investment banking revenue reached 15.5 billion yuan, a year-on-year increase of 11%, with a notable rise in IPO fundraising [51][62] - Asset management revenue declined slightly to 21.2 billion yuan, down 7%, attributed to a shift in product structure towards ETFs [68][70] Outlook and Recommendations - The report suggests that the securities industry remains a key focus for investment, particularly in a bull market. It highlights specific firms such as Nanhua Futures, Bank of China Securities, and others as potential investment opportunities [7][8]

Core Viewpoint - Shenwan Hongyuan Securities achieved significant growth in the first half of 2025, with a revenue of 11.695 billion yuan, representing a year-on-year increase of 44.44%, which is notably higher than the industry average growth rate [1][2]. Revenue Performance - The company maintained its revenue ranking at seventh in the industry, despite a slight drop of one position [1]. - The revenue increased by 819 million yuan compared to the previous year, indicating stable growth [1][2]. Profitability - Shenwan Hongyuan reported a net profit attributable to shareholders of 4.284 billion yuan, which is a substantial year-on-year growth of 101.32%, effectively doubling its profit [1][5]. - The net profit increased by 2.156 billion yuan compared to the previous year, showcasing strong performance elasticity [1][5]. Competitive Landscape - Despite the impressive profit growth, the company's net profit ranking remained at eleventh, indicating that competitors are also experiencing rapid growth [1][5]. - Under the leadership of General Manager Huang Hao, the company continued to leverage its traditional strengths in research and fixed income while expanding into wealth management and other transformation areas [1]. Future Outlook - The high profit growth rate reflects the company's intrinsic value and growth potential, suggesting promising future development prospects [1].

Core Insights - China Galaxy Securities reported a net profit of 6.488 billion yuan for the first half of 2025, reflecting a year-on-year increase of 47.86%, despite a decline in revenue ranking from third to fifth in the industry [1][2][3]. Financial Performance - The company achieved operating revenue of 13.746 billion yuan, a year-on-year growth of 37.71%, although the revenue decreased by 3.339 billion yuan compared to the previous year [2][4]. - The total profit amounted to 7.635 billion yuan, marking a significant increase of 68.09% year-on-year [2]. - The net profit attributable to shareholders increased by 21 million yuan, indicating progress in revenue structure optimization and profit margin enhancement [2][7]. Industry Ranking - Despite the revenue ranking drop, China Galaxy's net profit ranking improved from fifth to fourth in the industry, showcasing its resilience and competitive strength [1][3][7]. - The average net profit growth rate in the industry was 127%, indicating that while China Galaxy's growth was below average, it still managed to improve its position [2][7]. Strategic Shift - Under the leadership of General Manager Xue Jun, China Galaxy is shifting focus from scale expansion to enhancing quality and efficiency, which is reflected in its improved profitability [3].

Core Insights - In the first half of 2025, GF Securities reported impressive financial results, achieving operating revenue of 15.398 billion yuan, a year-on-year increase of 34.38%, surpassing the industry average growth rate [1] - The company's net profit attributable to shareholders reached 6.470 billion yuan, reflecting a year-on-year growth of 48.31%, although this growth rate was below the industry average of 127% [1] - Under the leadership of General Manager Qin Li, GF Securities has made significant investments and reforms in investment banking and wealth management, resulting in improved revenue and profit growth, indicating a return to a growth trajectory [1] Revenue and Ranking Changes - GF Securities ranked fourth in revenue among A-share listed brokerages, moving up one position from the previous year, with a revenue increase of 3.620 billion yuan [2] - The top three brokerages by revenue were CITIC Securities (33.039 billion yuan), Guotai Junan (23.872 billion yuan), and Huatai Securities (16.219 billion yuan) [2] - The average revenue growth rate for A-share listed brokerages was 27.06% [4] Net Profit and Ranking Changes - GF Securities ranked fifth in net profit among A-share listed brokerages, with a net profit increase of 2.107 billion yuan [5] - The leading brokerages by net profit were Guotai Junan (15.737 billion yuan), CITIC Securities (13.719 billion yuan), and Huatai Securities (7.549 billion yuan) [5] - The average net profit growth rate for A-share listed brokerages was 126.85% [6]

Group 1 - The company reported total revenue and other income of 19.916 billion yuan for the six months ending June 30, 2025, representing an increase of 18.43% year-on-year [1] - The net profit attributable to shareholders was 6.47 billion yuan, an increase of 48.31% year-on-year, with basic earnings per share of 0.79 yuan [1] - As of June 30, 2025, the total assets of the company were 815.839 billion yuan, an increase of 7.52% from the end of 2024 [1] Group 2 - The company completed five A-share equity financing projects with a total underwriting amount of 15.622 billion yuan during the reporting period [2] - The company was recognized with multiple awards, including "Best Local Investment Bank" and "Best Equity Underwriting Investment Bank" by New Fortune in 2025 [2] - The company completed 11 overseas equity financing projects, all of which were Hong Kong IPOs, with a total issuance scale of 42.773 billion Hong Kong dollars [2]

Group 1 - The core viewpoint of the article highlights the significant increase in new stock accounts in the A-share market, indicating a strong market recovery and heightened trading activity [1][2][3] - In July, the A-share market saw 1.9636 million new accounts opened, representing a nearly 20% increase from June and over 70% year-on-year growth [5][7] - Cumulatively, by July 2025, the total number of new accounts reached 14.5613 million, a 36.88% increase compared to the same period in 2024 [6][8] Group 2 - The increase in new accounts is reflective of a broader recovery in the A-share market, with trading volumes and investor participation significantly rising [4][7] - The performance of brokerage firms has improved markedly in the first half of the year, with many reporting substantial profit increases, driven by active trading and wealth management services [8] - As of July 31, the margin financing balance reached 1.98 trillion yuan, marking a significant increase and indicating strong investor confidence [7][8]

Core Insights - Zhongshan Securities has experienced significant performance fluctuations, primarily influenced by its proprietary trading business, leading to a return to losses in the first half of 2025 despite an overall industry recovery [1][4]. Group 1: Financial Performance - In the first half of 2025, Zhongshan Securities reported a revenue of 231 million yuan, a decrease of 52% year-on-year, and a net loss of 28.12 million yuan, marking a shift from profit to loss compared to the previous year [2][4]. - In contrast, Dongguan Securities achieved a revenue of 1.413 billion yuan, a 38% increase year-on-year, and a net profit of 477 million yuan, up 60% [2]. - Among the 37 brokerages that disclosed their performance, Zhongshan Securities was the only one to report a loss, while 34 brokerages saw varying degrees of profit growth [2][3]. Group 2: Business Segment Analysis - The decline in Zhongshan Securities' performance is attributed to significant drops in revenue across its proprietary trading, investment banking, and asset management segments [4][6]. - In the first half of 2025, proprietary trading revenue plummeted by over 90% year-on-year, while investment banking and asset management revenues also saw substantial declines of 62.57% and 84.35%, respectively [6]. - The only segments showing growth were brokerage and interest income, with brokerage fees increasing by 58.44% to 123 million yuan and interest income rising by 38.26% to 61.53 million yuan [6]. Group 3: Historical Context - Zhongshan Securities has faced ongoing performance challenges since 2021, with revenues dropping from 646 million yuan in 2021 to 426 million yuan in 2023, and net losses increasing from 126 million yuan to 84 million yuan during the same period [4][5]. - The losses have been primarily driven by fluctuations in proprietary trading returns and compliance issues, with significant impacts from the domestic real estate policy adjustments affecting investment banking revenues [5][6]. - Despite a recovery in 2024, where the company achieved a revenue of 776 million yuan and a net profit of 17 million yuan, the current year has seen a regression back into losses [5].

Core Viewpoint - The article highlights that 31 A-share listed brokerages have reported a growth in net profit for the first half of 2025, with two companies turning losses into profits, notably Jinlong Co., which expects to achieve a net profit of between 105 million to 153 million yuan, compared to a loss of 51.09 million yuan in the same period last year [1][3]. Group 1: Company Performance - Jinlong Co. anticipates a revenue of 390 million to 450 million yuan for the first half of 2025, an increase from 358.60 million yuan in the previous year [3]. - The company expects to report a basic earnings per share of between 0.117 yuan and 0.171 yuan, recovering from a loss of 0.057 yuan per share in the same period last year [3]. - The significant increase in net profit is attributed to the transfer of 300 million shares of Dongguan Securities, which led to a substantial rise in investment income [3][4]. Group 2: Subsidiary Performance - Jinlong Co.'s subsidiary, Zhongshan Securities, reported a revenue of 231 million yuan for the first half of 2025, a decrease of 52.17% year-on-year, and a net loss of 28.12 million yuan [4]. - Despite an increase in brokerage fee income to 123 million yuan, the investment banking and asset management fee incomes saw significant declines of 62.57% and 84.35%, respectively [4]. - The self-operated business income of Zhongshan Securities fell by 94.23% to 1.77 million yuan, contrasting with the previous year's performance where it had driven substantial growth [4]. Group 3: Strategic Decisions - Jinlong Co. holds two brokerage licenses, owning 67.78% of Zhongshan Securities and 40% of Dongguan Securities, and has been seeking to divest assets to improve financial health [5]. - The company decided to terminate the sale of its 67.78% stake in Zhongshan Securities to avoid becoming a cash-only entity after the sale [6]. - Jinlong Co. successfully completed the transfer of 300 million shares of Dongguan Securities, receiving a total of 2.272 billion yuan, while retaining a 20% stake in the company [6].