2025年一季度市场表现良好驱动证券行业业绩高增 收入端，25Q1 42家上市券商合计实现营业收入和归母净利润分别为1,259.30和521.83亿元，同比分别 +24.6%和+83.5%((扣除国泰海通非经常性损益后42家上市券商归母净利润为432.34亿元，同比+52%)； 分明细来看，经纪业务、投行业务、资管业务、自营业务、利息净收入和其他业务收入分别为327.36、 66.72、101.31、512.10、78.78和57.78亿元，同比分别+48.7%、+5.4%、-3.3%、+46.6%、+27.2%和 +12.1%，一季度市场成交维持高位，权益市场同比大幅修复，驱动经纪、自营投资收入同比高增。 成本端，42 家上市券商合计管理费用同比+16.5%至591.96亿元，营收大幅扩张下管理费用率下降8.0个 百分点至51.7%。 智通财经APP获悉，西部证券发布研报称，2025年一季度市场表现良好驱动证券行业业绩高增，分明细 来看，经纪业务、投行业务、资管业务、自营业务、利息净收入和其他业务收入分别为327.36、66.72、 101.31、512.10、78.78和57.78亿元，同比分别+48.7 ...

Group 1 - The current stock market is perceived as unappealing, leading investors to feel stuck between holding cash and entering the market [1][3] - The sluggish performance of brokerage stocks is identified as a key factor contributing to the current market situation, as these stocks typically serve as a market indicator and engine [3][5] - Major brokerage firms like CITIC Securities and East Money have seen their stock prices stagnate, reflecting a lack of momentum in the market [3][5] Group 2 - Investors had hoped that major financial blue-chip firms would lead the market, but instead, they have remained silent and stagnant, resulting in reduced trading volumes [5] - The brokerage sector is described as being in a state of "having the will but lacking the power," waiting for a catalyst to revive market activity [5] - Experienced investors understand that 95% of market time is spent in boredom, with significant gains often occurring in brief bursts, emphasizing the importance of patience [7]

又一家券商换帅。 近日，中原证券发布董事长任职公告。中原证券表示，根据董事会决议，张秋云4月29日起任公司董事长，任 期至公司第七届董事会换届之日止。履历显示，张秋云曾任中学教师，后在河南投资集团任职和担任中原证券 董事。 相关知情人士对券商中国记者表示，张秋云本身就是中原证券的董事，因此，此次获推董事长人选，并不属于 外界直接空降而来，相对而言比较了解中原证券，一些原有的战略规划可以继续推行。同时，她还拥有河南投 资集团的股东背景，可能未来有利于借力股东资源，赋能中原证券进一步发展。 据悉，此次获推董事长人选的张秋云目前是河南投资集团副总经理，而河南投资集团是中原证券的控股股东。 中原证券作为河南省管金融企业，是河南省内规模最大券商，战略聚焦河南区域发展，拥有覆盖全省最完整的 证券营业网络。 中学教师出身，掌舵河南最大券商 近日，中原证券公告，根据董事会决议，张秋云4月29日起任公司董事长，任期至公司第七届董事会换届之日 止。 简历显示，张秋云，女，1972年2月出生，复旦大学经济学博士，现任该公司党委书记、董事。张秋云曾任中 学教师，并曾在中原证券的股东方河南投资集团任职。张秋云自2021年11月即开始担 ...

公司报告 | 公司定期报告点评 国泰海通（601211） 证券研究报告 【合并后 25 年一季度业绩高增，各业务条线收入均有提升】 国泰海通 25 年 Q1 实现调整后营收 102 亿元，同比+54.4%；实现归母净利润 122 亿 元，同比+391.8%，主要系吸收合并海通证券产生的负商誉带来营业外收入增加； 扣非净利润为 33 亿元，同比+60.7%。各业务条线均发力增厚业绩，经纪/投行/资管 /自营/信用营收同比增速分别为+77.0%/+10.3%/+27.2%/+68.7%/+97.9%。年化 ROE 为 25.8%，较去年同期+19.6Pct；杠杆率下降至 4.28x。 【市场交投活跃，手续费业务收入均表现亮眼】 1）经纪业务：公司 25 年 Q1 实现经纪业务收入 26.5 亿元，同比+77.0%，市场交投 活跃，成交量大幅上行提升公司经纪业务收入，25 年 Q1 累计股基日均成交额为 17465 亿元，较去年同期同比+70.9%，公司经纪收入增速高于市场成交量增速，财 富管理转型成效显著。 2）投行业务：公司 25 年 Q1 实现投行业务收入 7.1 亿元，同比+10.3%，投行业务 收入自 2 ...

风险提示：经济下行压力增大；市场股基成交活跃度大幅下降；居民资金入市进程放缓。 经营杠杆环比略增、金融投资资产规模稳定，单季度投资收益率同环比提升。1Q25 末公司经营杠杆 4.09x/yoy-0.41x/qoq+0.02x，期末投资杠杆2.72x/yoy-0.48x/qoq-0.04x，金融投资规模为3862 亿元/yoy- 9.1%/qoq-0.1%；从母公司口径看，1Q25 末公司自营权益类证券及其衍生品规模为293 亿元/较年 初-3.4%，自营非权益类证券及其衍生品规模为3336 亿元/qoq+3.9%。投资业务方面，1Q25 公司净投资 收入31.6 亿元/yoy+94.0%/qoq+14.8%，测算1Q 年化投资收益率3.27%/yoy+1.61pct/qoq+0.48pct。 经纪业务表现优于行业，两融市占率略增。经纪业务方面，1Q25 公司经纪业务收入19.2 亿/yoy+53.1%/qoq-23.0%（1Q25 市场股基日均成交额yoy+72%、佣金率延续下滑趋势，上市券商1Q25 经纪收入yoy+48%）；信用业务方面：1Q25 末公司融出资金规模1054 亿元/较年初+3.8%，两融市 ...

国信证券与万和证券的业务如何整合？最新整合计划来了。 国信证券表示，未来万和证券将成为控股子公司。不过在交易完成后的一定时期内，万和证券与国信证券将存在双 方原有业务各自并行经营的格局。 为解决业务并行经营、同业竞争和利益冲突，国信证券在回复文件中明确表示，拟对万和证券现有业务范围做调 整，万和证券将聚焦特定区域，保留该区域的经纪业务及与其高度协同的相关业务，其余业务统一整合至国信证券 及其子公司，或在过渡期内完成处置。 国信证券称，结合海南自由贸易港的政策优势，公司拟将跨境业务作为万和证券未来发展的战略方向。 伴随万和证券业务定位及业务范围明确后，整合路径也更为清晰。国信证券表示，万和证券特定区域外的分支机构 及相关资产将整合至国信证券，而国信证券位于特定区域内的分支机构及相关资产整合至万和证券。 4月29日晚，围绕收购万和证券交易事项，国信证券就深交所两周前提出的审核问询作出答复。券商中国记者注意 到，为回应有关解决同业竞争、业务整合安排等问询，此次国信证券披露了更多的整合规划。 据悉，业务整合及资产整合将以"特定区域"为核心展开。国信证券明确，万和证券将保留特定区域内的经纪业务及 与经纪高度协同的部分业 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [18]. Core Insights - Ant Group's subsidiary, Shanghai Yunjin, has launched a tender offer to acquire 50.55% of Yao Cai Securities at a price of HKD 3.28 per share, representing a 17.6% premium over the last trading price before suspension, with a total consideration of HKD 28.14 billion [6]. - The acquisition is expected to enhance Ant Group's strategic positioning in the Hong Kong financial market, leveraging Yao Cai Securities' licenses and customer base to expand its service offerings [7]. - The report anticipates a significant transformation in the Hong Kong brokerage industry, driven by technological advancements and increased competition among traditional and tech-driven brokers [7]. Summary by Sections Acquisition Details - Ant Group's tender offer for Yao Cai Securities involves acquiring 50.55% of shares at a PE ratio of 9.96x, with a total consideration of HKD 28.14 billion, of which 10% has been paid as a deposit [6]. - The acquisition aims to consolidate Ant Group's control over Yao Cai Securities, enhancing its operational capabilities in the Hong Kong market [6]. Market Positioning - Yao Cai Securities holds multiple financial licenses, allowing it to operate across various segments, including Hong Kong and U.S. stocks, which aligns with Ant Group's strategic goals [6]. - The customer base of Yao Cai Securities has been steadily increasing, reaching 579,000 by the end of 2024, although it still lags behind competitors like Futu Holdings and Tiger Brokers [9]. Business Synergies - The integration of Yao Cai Securities with Ant Group's wealth management platform is expected to create a comprehensive financial ecosystem, enhancing customer acquisition and service delivery [7]. - The acquisition is projected to facilitate a digital transformation within Yao Cai Securities, improving operational efficiency and customer engagement through advanced financial technology [7]. Industry Outlook - The report suggests that the Hong Kong brokerage industry will experience increased differentiation, with traditional brokers facing challenges from tech-enabled firms that offer lower commissions and superior customer experiences [7]. - The anticipated shift towards a "tech + finance" dual-track system is expected to reshape the competitive landscape, emphasizing the importance of digital innovation and a robust product offering [7]. Investment Recommendations - The report advises investors to focus on opportunities in mergers and acquisitions, high "financial inclusion rates," and improvements in return on equity (ROE), particularly in large, financially robust brokerage firms [7].

Core Insights - The total revenue of 49 securities firms and listed entities for Q1 reached 132.40 billion yuan, a year-on-year increase of 27.1%, while net profit attributable to shareholders was 55.39 billion yuan, up 75.55% year-on-year [1][2] - Excluding special impacts from Guotai Junan's negative goodwill, the net profit growth rate for the 49 firms was 49.26% [1] Revenue and Profit Rankings - The top ten securities firms by net profit in Q1 are: CITIC Securities (6.55 billion yuan), Huatai Securities (3.64 billion yuan), Guotai Junan (3.29 billion yuan, adjusted), China Galaxy (3.02 billion yuan), GF Securities (2.76 billion yuan), Dongfang Caifu (2.72 billion yuan), Guoxin Securities (2.33 billion yuan), China Merchants Securities (2.31 billion yuan), Shenwan Hongyuan Securities (2.23 billion yuan), and CICC (2.04 billion yuan [1][2] Business Segment Performance - Brokerage business net income for 42 comparable firms totaled 32.74 billion yuan, a year-on-year increase of 48.7% [4][9] - Investment banking revenue for the same firms was 6.67 billion yuan, up 5.39% year-on-year, with 24 firms showing positive growth [13] - Asset management revenue fell to 10.10 billion yuan, down 3.34% year-on-year, with 19 firms reporting positive growth [17] Revenue Structure - Brokerage and proprietary trading accounted for 64.56% of total revenue, with proprietary trading being the largest source at 38.57% [5] - The contribution of investment banking, asset management, and interest-related income was relatively low, at 5.3%, 8.02%, and 6.26% respectively [5] Notable Growth Rates - Guotai Junan's net profit growth reached 391.78%, primarily due to the absorption of Haitong Securities' negative goodwill [6] - Significant net profit growth was observed in firms like Northeast Securities (859.84%), Guolian Minsheng (271.95%), and Guosheng Financial Holdings (205.96%) [6] - The average net income growth for the securities firms was around 50% [6] Revenue Growth by Business Type - The top ten firms in brokerage income were CITIC Securities (3.33 billion yuan), Guotai Junan (2.65 billion yuan), GF Securities (2.05 billion yuan), and others [10][11] - Proprietary trading income for 42 firms was 48.57 billion yuan, a year-on-year increase of 51.02% [21] - Interest income for the firms was 7.88 billion yuan, up 27.25% year-on-year [26]

智通财经4月30日电，今年一季度，49家券商及上市主体营收合计为1324.01亿元，同比增27.1%；归母 净利合计为553.87亿元，同比增75.55%。剔除国泰海通数据因负商誉带来的特别影响，49家券商及上市 主体归母净利合计同比增速为49.26%。从业务结构看，自营总净收入485.66亿元，占比38.57%，为第一 大业务收入；经纪业务总收入327.36亿元，占比为26%，位居第二。投行、资管及利息净收入占比相对 较低，分别为5.3%、8.02%和6.26%，其他业务收入占比为 9.59%。（智通财经记者 高艳云） 49家券商Q1总营收1324亿 自营占比39%为第一大收入来源 ...

上 市 公 司 非银金融 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 29 日 | | --- | --- | | 收盘价（元） | 17.18 | | 一年内最高/最低（元） | 22.08/13.12 | | 市净率 | 1.9 | | 息率（分红/股价） | 3.20 | | 流通 A 股市值（百万元） | 231,349 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.68 | | 资产负债率% | 80.13 | | 总股本/流通 A 股(百万) | 17,630/13,466 | | 流通 B 股/H 股（百万） | -/3,506 | 一年内股价与大盘对比走势： ——负商誉驱动业绩高增，打造国际一流投行进行中 事件：4/29，国泰海通披露 1Q25 业绩，接近业绩预告上限。公司 1Q25 实现营收 117.7 亿元，同比+47.5%， 归母净利润 122.4 亿元 ...