● 本报记者 林倩 7月以来，资本市场交易活跃度显著提升，给券商板块带来较高的业绩预期。开源证券非银首席分析师 高超表示，市场活跃度仍在较高水平，低利率环境下机构和居民资金入市趋势有望延续，三季度交易活 跃度和两融规模提升明显，叠加低基数效应，券商三季报业绩同比增速有望进一步扩大。 "展望未来，券商的投行、衍生品和公募等业务有望接续改善。"高超表示，头部券商海外业务崛起和内 生增长导向有望驱动本轮头部券商ROE扩张，目前券商板块估值仍在低位，机构欠配明显，继续看好券 商板块战略性配置机会，关注三季报和政策事件催化。 8月末以来，券商板块虽然持续调整，但资金仍然加码布局。Wind数据显示，截至9月19日，券商ETF （512000）已连续17个交易日净流入，合计超60亿元。 薄晓旭认为，目前监管明确鼓励行业内整合，在政策推动证券行业高质量发展的趋势下，并购重组是券 商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争力、优化资源配置以及促进市场健康 发展具有积极作用，同时行业整合有助于提高行业集中度，形成规模效应。 在业内人士看来，对于近期券商板块的调整无需过度担忧，受益于资本市场活跃度提升，以及行业转型 ...

Core Viewpoint - The A-share listed securities firms are beginning to distribute cash dividends for the first half of 2025, supported by improved operating performance and a favorable market environment [1][2][3] Group 1: Dividend Distribution - Nanjing Securities announced a cash dividend of 0.05 yuan per share, totaling 184 million yuan, with a profit of 621 million yuan for the first half of 2025, reflecting a year-on-year increase of 13.65% [1] - Prior to Nanjing Securities, China Merchants Securities distributed a cash dividend of 0.119 yuan per share, totaling 1.035 billion yuan, with a revenue of 10.52 billion yuan and a net profit of 5.186 billion yuan, both showing over 9% year-on-year growth [2] - Other firms like First Capital and Shanxi Securities are also set to implement their dividend plans, with First Capital distributing 42.02 million yuan and Shanxi Securities distributing nearly 18 million yuan [2] Group 2: Industry Performance and Outlook - A total of 24 listed securities firms have announced dividend plans for the first half of 2025, with a combined distribution amounting to 17.356 billion yuan, indicating a strong recovery in the sector [3] - The positive performance of the A-share market, with major indices reaching new highs, has led to an optimistic outlook for the securities industry, with expectations of continued growth in revenue and net profit [3][4] - Analysts suggest that the securities sector is well-positioned for recovery, with strong market activity and supportive regulatory conditions enhancing the investment environment [4] Group 3: Investment Recommendations - Analysts recommend focusing on leading securities firms that demonstrate strong capabilities across various business lines, as well as on merger and acquisition themes among smaller firms for potential value re-evaluation [4]

随着券商股持续回调，资金持续涌入证券ETF。 自8月25日-9月18日的19个交易日里，证券ETF、券商ETF、香港证券ETF跌8%。 在此期间，400亿元资金涌入证券主题ETF。其中，证券ETF、券商ETF、香港证券ETF、证券ETF、券 商ETF吸金分别为157.55亿元、78.44亿元、61.22亿元、32.90亿元、26.95亿元。 | | | Company of Children and | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 8.25以来净流入额(亿元) | 8.25以来涨幅% | 管理人 | | 512880.OF | 证券ETF | 157.55 | -7.92 | 国泰基金 | | 512000.OF | 券商ETF | 78.44 | -7.98 | 花堂喜喜 | | 513090.0F | 香港证券ETF | 61.22 | -8.14 | 易方达基金 | | 159841.OF | 证券ETF | 32.90 | -7.91 | 天弘基金 | | 159842.0F | 券商ETF | 26.95 | -7.59 | ...

Core Viewpoint - The cash dividends from A-share listed brokerages for the first half of 2025 are being distributed, supported by improved operating performance in the sector [1][2][4]. Group 1: Cash Dividends Distribution - On September 18, 2025, China Merchants Securities distributed a cash dividend of 0.119 yuan per share, totaling 1.035 billion yuan [2]. - Nanjing Securities plans to distribute a cash dividend of 0.05 yuan per share, totaling 184 million yuan, with the payment date set for September 19 [1][2]. - First Capital's cash dividend distribution plan includes 0.01 yuan per share, totaling 42.024 million yuan, with the payment date on September 24 [3]. Group 2: Financial Performance - In the first half of 2025, China Merchants Securities reported operating income of 10.52 billion yuan and a net profit of 5.186 billion yuan, both showing over 9% year-on-year growth [2]. - Nanjing Securities achieved operating income of 1.578 billion yuan, a nearly 6% decline year-on-year, while net profit increased by 13.65% to 621 million yuan [2][3]. - First Capital's operating income reached 1.832 billion yuan, with a net profit of 486 million yuan, both exceeding 20% year-on-year growth [3]. Group 3: Market Outlook and Investment Value - The positive performance of the A-share market in the first half of 2025 has provided a solid foundation for mid-term equity distribution among listed brokerages [4]. - The brokerage sector is expected to continue benefiting from increased trading activity and improved earnings, with a focus on brokerage, margin financing, and investment business revenues [4]. - Investment opportunities are suggested in brokerages with high revenue contributions from brokerage and margin financing, those with significant year-on-year performance improvements, and potential merger targets [4].

截至2025年9月16日 13:18，中证全指证券公司指数(399975)上涨0.05%，成分股太平洋(601099)上涨3.86%，首创证券(601136)上涨3.16%，长城证券(002939) 上涨2.50%，国海证券(000750)上涨1.68%，华林证券(002945)上涨1.31%。券商ETF(512000)多空胶着。 流动性方面，券商ETF盘中换手2.34%，成交7.88亿元。拉长时间看，截至9月15日，券商ETF近1月日均成交18.70亿元，居可比基金前2。 规模方面，券商ETF最新规模达337.16亿元，创近1年新高，位居可比基金第二。份额方面，券商ETF最新份额达559.04亿份，创近1年新高，位居可比基金 第一。资金净流入方面，券商ETF近13天获得连续资金净流入，最高单日获得7.68亿元净流入，合计"吸金"44.26亿元，日均净流入达3.40亿元。 截至9月15日，券商ETF近1年净值上涨56.32%。从收益能力看，截至2025年9月15日，券商ETF自成立以来，最高单月回报为38.02%，最长连涨月数为4个 月，最长连涨涨幅为28.47%。 消息面上，据相关机构，券商2025年半年度 ...

Group 1 - The brokerage sector experienced a low opening but rallied, with Guosheng Financial leading gains at 4% and Dongfang Caifu rising over 1% [1] - The 300 billion yuan top-tier brokerage ETF (512000) saw a slight increase of 0.33%, with a trading volume exceeding 400 million yuan within half a day, indicating active trading [1] - Financial data for August revealed a year-on-year decrease of 600 billion yuan in household deposits, while non-bank deposits increased by 550 billion yuan, suggesting a shift towards the stock market [3] Group 2 - The number of new A-share accounts opened in August reached 2.65 million, a 35% increase from July, with average daily trading volume hitting 2.25 trillion yuan, surpassing levels seen in September 2024 and June 2015 [3] - The brokerage sector is expected to benefit from the active market environment, with continuous inflows into the brokerage ETF totaling 1.698 billion yuan over the last five trading days and over 7.6 billion yuan in the past 20 days [3] - Open-source Securities noted that the brokerage sector's valuation remains low, with institutional holdings being relatively low, highlighting the potential for growth driven by trading volume and policy factors [5] Group 3 - Dongwu Securities emphasized that the average valuation of the non-bank financial sector is still low, providing a safety margin, and the transformation of the brokerage industry is likely to create new growth points [5] - The brokerage ETF (512000) has surpassed 33 billion yuan in size, setting a new historical high, with an average daily trading volume of 957 million yuan, making it one of the leading ETFs in A-shares in terms of scale and liquidity [5] - The brokerage ETF passively tracks the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages [6]

Group 1 - The securities industry reported a strong performance in the first half of 2025, showing growth in earnings, improved business profitability, and significant dividend payouts [1] - The brokerage sector is expected to benefit from market recovery and has unique Alpha growth potential due to successful transformation [1] - The profitability outlook for the brokerage sector is enhanced by policy expectations, improved funding, and internal growth drivers, making it an attractive investment opportunity [1] Group 2 - The current investment appeal of the brokerage sector is driven by three main factors: clear policy direction for an active capital market, recovery in market confidence leading to increased trading volume and margin financing, and a focus on developing high-value-added services such as wealth management and institutional business [1] - Investors can access the brokerage sector through the Yinhua Fund's brokerage ETF (159842) and its linked funds, which offer low management and custody fees, thus reducing holding costs for long-term investments [2] - The brokerage ETF (159842) has a management fee rate of only 0.15% and a custody fee rate of 0.05%, making it one of the lower-cost options in the market [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the brokerage sector, with the CSI All Share Securities Company Index experiencing a slight decline of 0.33% as of August 26, 2025, while individual stocks showed mixed results [1] - The brokerage ETF (512000) has reached a record high in scale at 31.093 billion, with a recent share count of 48.191 billion, marking a one-year high [1] - The brokerage ETF has seen continuous net inflows over the past six days, totaling 3.196 billion, with an average daily net inflow of 533 million [1] Group 2 - The A-share market is experiencing high trading activity, with margin financing balances exceeding 2.1 trillion, and daily trading volumes consistently surpassing 2 trillion [2] - Analysts from Zhonghang Securities and Kaiyuan Securities suggest that the active trading environment and expanding margin financing will lead to improved performance for brokerages, with expectations of exceeding earnings in various business segments [2] - The brokerage ETF is designed to passively track the CSI All Share Securities Company Index, encompassing 49 listed brokerage stocks, with a significant portion of its holdings concentrated in leading brokerages [5]

近日，A股多个指数均突破阶段高点，创下近年来新高，其中上证指数创下近十年新高。伴随A股持续 上行，作为"行情旗手"的券商股也吹响号角，在此背景下，银华基金旗下银华中证全指证券公司ETF发 起式联接（A类：025193；C类：025194）今起发行，为普通投资者关注券商股提供全新场外工具。 （数据来源：Wind，截至2025.08.18，指数历史业绩不预示未来表现） 作为联接基金，银华中证全指证券公司ETF发起式联接通过投资券商ETF（159842），间接跟踪中证全 指证券公司指数（399975.SZ）。自2021年3月成立以来，券商ETF规模持续提升，最新规模已达40.83亿 元，在跟踪该指数的ETF中处于规模前列。不仅如此，券商ETF还是目前同类产品中管理费率最低一 档。（数据来源：Wind，截至2025.08.15，同类产品指跟踪中证全指证券公司指数的ETF产品，共13 只，券商ETF规模处于5/13） 回顾A股历史，几乎每一轮上涨行情中，作为"股市风向标"的券商股均扮演了重要的发动机角色。比如 在2014-2015年的上涨行情中，中证全指证券公司指数（399975.SZ）大涨238.19%，大幅领先同期 ...

Core Viewpoint - The securities industry is experiencing a positive trend with increased trading activity and profitability, leading to a favorable outlook for brokerage firms and the ETF tracking the securities index [2][5]. Group 1: Market Performance - As of August 25, 2025, the CSI All Share Securities Company Index rose by 0.14%, with notable increases in individual stocks such as Xinda Securities (up 4.46%) and Guosen Securities (up 4.08%) [1]. - The brokerage ETF (512000) has seen a cumulative increase of 2.73% over the past week, with a trading volume of 9.91 billion yuan on a single day [1]. - The brokerage ETF's latest scale reached 29.679 billion yuan, marking a one-year high, and its shares reached 46.460 billion, also a one-year high [1]. Group 2: Fund Performance - The brokerage ETF has experienced a net value increase of 69.15% over the past year, with a maximum monthly return of 38.02% since its inception [2]. - The ETF has shown a consistent performance with an average monthly return of 6.89% during its rising months [2]. - The ETF has attracted significant net inflows, totaling 2.083 billion yuan over the past five days, with a peak single-day inflow of 1.143 billion yuan [1][2]. Group 3: Industry Outlook - Analysts from Hualong Securities indicate that the brokerage firms' net profit is expected to increase due to active market trading and policy benefits, which may enhance return on equity (ROE) [2]. - Ping An Securities notes that the securities sector is benefiting from improved market conditions and high trading activity, suggesting a positive outlook for both valuation and performance [2]. - The government is expected to continue supporting leverage in the economy, which may further enhance the growth potential for brokerage firms in the long term [2].