Group 1 - The Securities ETF Southern (512900) experienced a significant increase, rising over 3% and aiming for a third consecutive gain, with a trading volume of 26.8858 million yuan as of 10:01 AM on May 7 [1] - The latest scale of the Securities ETF Southern reached 6.569 billion yuan, marking a one-month high [2] - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates [2] Group 2 - In the first quarter, 50 listed securities firms reported a year-on-year net profit increase of 80%, with an adjusted net profit growth of 51% [3] - The expectation of continued capital market reforms and policies encouraging quality securities firms to strengthen through mergers and acquisitions suggests significant upward potential for the return on equity (ROE) and valuations in the securities industry [3] - The Securities ETF Southern closely tracks the CSI All Share Securities Company Index, indicating its alignment with the performance of the securities sector [3]

Core Viewpoint - The completion of the merger between Guotai Junan and Haitong Securities has established a "dual aircraft carrier" structure in the domestic securities industry, with Guotai Haitong emerging as a significant player in the market [1][10]. Financial Performance - In the first quarter of 2025, Guotai Haitong reported operating revenue of approximately 118 billion yuan, a year-on-year increase of about 47%, and a net profit attributable to shareholders of 122.42 billion yuan, representing a year-on-year growth of approximately 3.9 times [1][3]. - Guotai Haitong is the only securities firm among the 49 A-share companies to exceed 100 billion yuan in net profit, ranking second in operating revenue [1][5]. Asset and Capital Structure - As of the end of March 2025, Guotai Haitong's total assets reached approximately 1.69 trillion yuan, making it the second-largest in the industry, following CITIC Securities [2][10]. - The company raised 10 billion to 20 billion yuan through a targeted issuance of shares to Shanghai State-owned Assets Operation Co., improving its financial condition post-merger [2][11]. Market Position and Growth Potential - Guotai Haitong's net profit excluding non-recurring items was 32.93 billion yuan, a year-on-year increase of 60.65%, placing it third in the industry in this metric [7]. - The company is optimistic about its future growth prospects and plans to repurchase shares worth between 10 billion and 20 billion yuan within the next three months [2][11]. Business Segments and Revenue Sources - The company benefited from a vibrant capital market, achieving an investment net income of 70.76 billion yuan in the first quarter, compared to a loss of 30.19 billion yuan in the same period last year [9]. - Guotai Haitong's net income from brokerage fees was 26.52 billion yuan, a year-on-year increase of 76.96%, driven by increased trading volume [11].

| 证券简称 | 营收(亿元) | 同比变动(%) | | --- | --- | --- | | 国联民生 | 15.62 | 800.98 | | 天风证券 | 6.34 | 243.05 | | 长江证券 | 25.14 | 88.81 | | 华安证券 | 14.31 | 72.02 | | 华西证券 | 10.85 | 67.59 | | 国信证券 | 52.82 | 57.10 | | 方正证券 | 29.64 | 49.35 | | 东方证券 | 53.82 | 49.06 | | 中金公司 | 57.21 | 47.69 | | 国泰海通(扣非) | 117.73 | 47.48 | | 广发证券 | 72.40 | 46.29 | | 红塔证券 | 5.66 | 46.00 | | 长城证券 | 12.77 | 41.02 | | 东吴证券 | 30.92 | 38.95 | | 国元证券 | 15.19 | 38.27 | | 华泰证券 | 82.32 | 34.83 | | 中信证券 | 177.61 | 29.13 | | 国金证券 | 18.85 | 27.14 | | 东北证券 | ...

定增方面，今年以来已有国泰海通和国联民生两家券商成功实施了定增计划，主要目的都是为实施并购 重组募集配套资金，通过资本运作实现业务的拓展和整合。 Wind资讯数据显示，当前，国信证券、中泰证券、南京证券的定增事项正在推进中，这三家券商的定 增计划目前均已获股东大会审议通过。公开信息显示，国信证券开展定增的目的主要是融资收购其他资 产，以实现业务的多元化和规模扩张。中泰证券和南京证券开展定增的目的主要是补充流动资金、优化 业务结构、提升公司竞争力。 另据了解，发行债券正成为券商重要的融资方式之一。同花顺数据显示，今年以来截至5月6日，已有62 家券商合计发行债券229只，发行规模合计为3815.28亿元。其中，已发行证券公司债124只，发行规模 为2333.4亿元；发行证券公司次级债30只，发行规模为374.88亿元；发行证券公司短期融资券75只，发 行规模为1107亿元。 本报记者 周尚伃 见习记者 于宏 5月5日，天风证券发布公告称，公司近期收到上交所对其定增申请出具的审核问询函，并披露了相关回 复报告以及修订后的募集说明书。其中提到，天风证券控股股东拟全额认购本次定增股份，并给出5年 内不转让的承诺。 对 ...

2025 年 05 月 06 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（分析师） 证书编号：S0790524070009 陈 威（研究员） 证书编号：S0790123070027 《开源量化评论（23）-"金股+"组 合的量化方案》-2021.4.26 《开源量化评论（32）-券商金股的内 部收益结构》-2021.8.29 券商金股解析月报（2025 年 5 月） ——金融工程定期 魏建榕（分析师） 高鹏（分析师） weijianro ...

——券商板块1Q25业绩综述 证券分析师： 罗钻辉 A0230523090004 证 券 研 究 报 告 1Q25业绩同比+83%，高景气度下券商板块盈利能力与估值存在预期差 ◼ 业绩概览： 1Q25，券商板块归母净利润同比增长83%，环比增长19%，经纪及自营表现较好。 ◼ 轻资产业务：经纪零售业务发力，投行再融资同比高增驱动收入同比正增（IPO同比承压）。 • 1Q25经纪、投行、资管业务收入分别yoy+49%、yoy+5%、yoy-3%，我们预计收入结构变化&佣金率下行导致券商板块经纪业务收入同比跑输市场成交；投行 业务IPO同比承压，再融资同比高增支撑收入同比正增；资管业务量增不敌价减，关注参控股公募对券商利润的稳定作用。 ◼ 资本金业务：投资收益率显著改善，融资业务扩表&资金成本压降共同驱动利息净收入增长。 研究支持： 金黎丹 A0230123060002 2025.5.6 核心观点：高景气度下券商板块盈利能力&估值存在预期差 • 投资业务为业绩同比高增关键，主营收入拆分如下（剔除其他手续费及长股投）：1）轻资产业务：经纪业务收入327亿元/yoy+49%/qoq-22%/占比29%；投 行业务收入 ...

Group 1 - The core viewpoint of the article highlights that securities firms are intensifying their cultural construction assessment for 2024, with a focus on preventing major reputational incidents [1] - Securities firms are required to submit their annual cultural construction reports by May 20, emphasizing the importance of reputation management this year [1] - A new scoring criterion has been added to the assessment, which specifically penalizes firms for significant reputational events that have serious impacts, particularly those related to extravagance and improper management practices [1]

一、券商金股股票池上月回顾 2025年4月，万辰集团、先达股份、民士达等券商金股股票的月度上涨幅度靠前。 2025年4月，东北证券、华西证券、华源证券收益排名前三，月度收益分别为 17.31%、13.41%、12.75%，同期偏股混合型基金指数收益-2.26%，沪深300指数 收益-3.00%。 2025年以来，东北证券、华鑫证券、国联证券收益排名前三，年度收益分别为 44.56%、42.58%、16.68%，同期偏股混合型基金指数收益2.28%，沪深300指数收 益-4.18%。 二、券商金股股票池中选股因子表现 最近一个月，总市值、SUE、单季度净利润增速表现较好，EPTTM、波动率、预 期股息率表现较差； 今年以来，总市值、SUE、剥离涨停动量表现较好，预期股息率、EPTTM、波动 率表现较差。 三、券商金股股票池本月特征 截至2025年5月6日，共有41家券商发布本月金股。在对券商金股股票池进行去重 后，总共有291只A股。 从 绝 对 占 比 来 看 ， 本 期 券 商 金 股 在 电 子 (10.00%) 、 医 药 (8.25%) 、 基 础 化 工 (8.25%)、食品饮料(7.25%)、机械 ...

智通财经记者 | 陈靖 2025年一季度，券业迎来开门红。 据季报数据，今年一季度，42家上市券商合计实现营业收入1259.30亿元，同比增长24.6%；实现归属于 母公司股东的净利润521.83亿元，同比增加83.48%。 其中，37家券商净利润同比增长，22家增幅超50%，7家实现翻倍式增长。 头部券商优势依旧显著，其中，中信证券（600030.SH）以177.61亿元营收、65.45亿元净利润稳居行业 第一，同比分别增长29%和32%，经纪、自营、投行业务均贡献稳定收入。国泰海通（601211.SH）净 利润同比暴增391.78%至122.42亿元，主因并购重组带来的资产整合效应及自营业务收益提升。华泰证 券（601688.SH）营收82.32亿元、净利润36.42亿元，同比分别增长35%和59%，财富管理与机构服务业 务表现亮眼。 在营业收入方面，Choice金融终端显示，共有2家证券公司突破百亿大关。中信证券以177.61亿元的营 业收入稳居榜首，同比增长29.13%。合并后的国泰海通以117.73亿元位列第二，营业收入同比大幅增长 47.48%。 值得关注的是，营收前十的座次出现调整。东方证券（6 ...

Core Insights - The performance of listed securities firms in Q1 2025 shows significant growth, with over 70% of firms reporting increases in both revenue and net profit, indicating a potential new upward cycle for the securities industry [2][3] Group 1: Financial Performance - Total revenue for 42 listed securities firms reached 125.93 billion yuan, a year-on-year increase of 27.6%, while net profit attributable to shareholders was 52.18 billion yuan, up 83.48% [3] - CITIC Securities led the revenue rankings with 17.76 billion yuan, followed by the merged Guotai Junan and Haitong Securities at 11.77 billion yuan, and Huatai Securities at 8.23 billion yuan [3] - Over 70% of firms reported revenue growth, with Guolian Minsheng Securities showing the highest increase at 800.98% [3][4] Group 2: Profitability - More than 80% of securities firms experienced year-on-year net profit growth, with Northeast Securities showing the most significant increase at 859.84% [4] - Guotai Junan Securities achieved a net profit of 12.24 billion yuan, surpassing CITIC Securities, making it the only firm to exceed 10 billion yuan in net profit for the quarter [3][4] Group 3: Revenue Structure - Proprietary trading and brokerage services accounted for nearly 65% of total revenue, with net income from proprietary trading and brokerage services increasing by 51.02% and 48.70%, respectively [5] - 17 firms reported brokerage service net income growth exceeding 50%, with Guolian Minsheng Securities leading at 333.69% [5] Group 4: Market Conditions - The A-share market saw a significant increase in trading volume and new account openings, with 7.47 million new accounts opened in Q1 2025, a 31.7% increase from the previous year [6] - The average daily trading volume reached 1.7 trillion yuan, a 70% year-on-year increase, indicating a robust market environment [6] Group 5: Future Outlook - Analysts expect the securities industry to maintain a high level of prosperity in 2025, driven by high trading volumes and a recovering capital market [7] - The industry is anticipated to enter a new upward cycle, supported by ongoing policy initiatives and improving market sentiment [7]