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]

证券研究报告·行业深度报告·证券Ⅱ 证券Ⅱ行业深度报告 低基数叠加市场活跃，归母净利润同比增长 80% ——证券行业 2025 年一季报总结 增持（维持） [Table_Tag] [Table_Summary] 投资要点: 2025 年一季度 50 家上市券商归母净利润同比+80%，调整后归 母净利润同比增长 51%。目前券商股估值较低，考虑到行业发展政策积 极，我们认为大型券商优势仍显著，推荐中信证券、招商证券、中国银河、 中金公司、广发证券、华泰证券。同时推荐弹性较高的互联网金融东方财 富、指南针、湘财股份等。 ◼ 2025 年一季度交投活跃度延续高位。1）2025Q1 市场日均股基交易额为 17031 亿元，同比增长 70%，环比下滑 16%，仍保持在高位。2025Q1 沪 市投资者平均每月账户新开户数为 280 万户，同比增长 32%，环比去年 四季度高位的 419 万户下滑 33%。2）2025Q1 融资融券余额同比增长 25%，较上年末增长 3%。平均维持担保比为 264%，较 2024 年增加 10pct， 保持在较高水平。3）IPO 持续收紧、再融资规模大增。2025Q1 共发行 27 家 I ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about TJX (TJX) .TJX currently has an average brokerage recommendation ...

丨证券研究报告丨 公司研究丨点评报告丨中国银河（601881.SH） [Table_Title] 中国银河 2025 一季报点评：经纪业务随市高增， 自营投资韧性凸显 报告要点 [Table_Summary] 2025 年一季度，中国银河业绩维持较快增长。具体来看，经纪业务随市高增，融资业务市场份 额提升；债市震荡中投资收益亮眼，扩表节奏放缓；投行收入快速增长，债券承销份额持续提 升；看好公司作为头部央企券商，受益于扶优限劣与并购重组政策导向，同时投行及资管业务 在新管理层与新战略下有望继续发力。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国银河（601881.SH） cjzqdt11111 [Table_Title 中国银河 2025 2] 一季报点评：经纪业务随市高 增，自营投资韧性凸显 [Table_Summary2] 事件描述 中国银河发布 2025 一季报，报告期内实现营业收入 75.6 ...

Core Insights - Huatai Securities reported a significant recovery in performance for Q1 2025, with operating revenue of 8.23 billion yuan, up 34.8% year-on-year, and net profit attributable to shareholders of 3.64 billion yuan, up 59.0% year-on-year [1][2] Revenue Breakdown - The company's revenue from various business lines includes brokerage at 1.94 billion yuan (up 42.6%), investment banking at 540 million yuan (down 5.9%), asset management at 420 million yuan (down 61.7%), interest income at 960 million yuan (up 319.5%), and proprietary trading at 3.51 billion yuan (up 66.8%) [2] Market Activity - The average daily trading volume in the market reached 15.2 trillion yuan, an increase of 70.3% year-on-year, with margin trading balance at 1.92 trillion yuan, up 24.8% year-on-year [2] - The company's brokerage income increased to 1.94 billion yuan, with a market share of 7.0%, a slight decrease of 0.15 percentage points from the beginning of the year [2] Asset Management Performance - By the end of Q1 2025, the market's non-monetary fund size was 18.9 trillion yuan, down 1.7% from the beginning of the year, while the company's non-monetary fund management scale was 632.67 billion yuan and 552.26 billion yuan for its subsidiaries, both down approximately 2.4% [3] Investment Banking and Bond Underwriting - The equity financing market saw a contraction, with IPO and refinancing scales down 30.2% and up 60.4% respectively, while bond financing grew by 19.5% [3] - Huatai Securities' IPO and refinancing scales were down 63.7% and up 113.5% respectively, with market shares of 9.3% for IPOs and 4.4% for refinancing [3] Proprietary Trading and Investment Returns - The company's financial asset scale reached 378 billion yuan, up 5.1% from the beginning of the year, with investment income of 3.51 billion yuan, up 66.8% year-on-year, reflecting a strong resilience in investment returns [4] - The annualized investment return rate was 4.6%, an increase of 2.43 percentage points year-on-year [4] Technological Advancements - Huatai Securities is recognized as a pioneer in financial technology, successfully developing leading platforms such as "Zhangle Wealth" and "Xingzhi," which are expected to continue generating positive effects in wealth management and fintech [4] Future Projections - The company forecasts net profits attributable to shareholders of 13.48 billion yuan and 15.06 billion yuan for 2025 and 2026, respectively, with corresponding price-to-book ratios of 0.81 and 0.75 [4]

【导读】券商一季报收官，"最牛"自营暴增超2300% 上市券商一季报披露"收官"。 据记者统计，49家券商中，共有9家券商归母净利润同比翻倍，16家增速超过50%，天风证券和国联民生证券扭亏 为盈，华创证券是唯一一家由盈转亏的券商。 因并购重组，国泰海通一季度归母净利润以122亿元的规模位居榜首，同比增长391.78%，不过也正是因为吸收合 并产生的负商誉，国泰海通扣非后净利润为32.93亿元，不敌中信证券和华泰证券。 综合来看，受益于A股市场强势回暖，券商的经纪业务全面向好，自营业务板块成为业绩"胜负手"。去年从"配 角"化身增长"新引擎"的券商资管业务则格局显著分化，42家数据可比上市券商中，仅19家券商同比增速为正，占 比为45.24%。投行业务方面，42家数据可比上市券商中，24家券商投行业务增速为正，其中包括中银证券、招商 证券在内的5家券商增速达到一倍以上。 最牛"自营"暴增2300% 今年一季度，自营业务是证券公司业绩分化的关键因素。例如东北证券、长江证券、华西证券、东吴证券等归母净 利润翻倍增长的券商，主要因自营业务大幅增长；而财通证券、中原证券、第一创业等券商的业绩减少则受自营业 务收入下滑 ...

Summary of Key Points Group 1: Overview of New Listings - In the first four months of 2025, a total of 37 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, with 13 on the main board, 16 on the ChiNext, 5 on the Sci-Tech Innovation Board, and 3 on the Beijing Stock Exchange [1] - The total amount raised by these 37 listed companies was 24.745 billion yuan, with Tianyouwei leading the fundraising at 3.740 billion yuan [1] Group 2: Underwriting and Sponsorship Fees - A total of 23 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 1.794 billion yuan [2] - CITIC Securities ranked first in underwriting fees, earning 207.0626 million yuan by sponsoring three companies: Tianyouwei, Xingtum Kexun, and Honghai Technology [2] - Guotai Junan and Huatai United ranked second and third, earning 202.9983 million yuan and 176.2837 million yuan respectively [2] Group 3: Detailed Ranking of Securities Firms - The top five securities firms collectively earned 847 million yuan, accounting for 47.18% of the total underwriting fees for the period [4] - Dongxing Securities, CICC, Huatai Securities, Tianfeng Securities, and Orient Securities ranked sixth to tenth, with fees of 116.3532 million yuan, 92.928 million yuan, 84.0835 million yuan, 74.1925 million yuan, and 65.8674 million yuan respectively [4] - A detailed breakdown of the number of companies sponsored and the corresponding fees for each firm is provided, highlighting the competitive landscape in the underwriting sector [5][6]