智通财经APP获悉，国信证券发布研报称，2025年互联网证券行业正从传统的、同质化的通道服务模 式，向以客户为中心、构建综合服务生态的模式转型，这一趋势将带动行业迭代创新。后续我国证券公 司可以通过打造专业内容生态、应用AI技术实现个性化服务、构建"证券+"开放生态，互联网证券未来 在于通过科技赋能和生态构建，从简单交易通道升级为以客户为中心、提供全生命周期财富管理服务的 综合平台。 国信证券主要观点如下： 证券经纪业务日薄西山了吗? 风险提示：互联网业务发展不及预期、市场波动、监管政策、创新推进不及预期等风险。 深化财富管理深度转型，目标是建立以客户利益为中心的资产配置和投顾服务能力，实现与客户资 产"双向奔赴" 该行具体剖析了五种代表性模式，揭示了成功互联网券商的核心能力：东方财富(流量生态型)：凭 借"东方财富网+天天基金网+股吧"构建巨大流量生态，实现从资讯、社区到证券交易、基金销售的闭 环转化，低成本获客并高效变现;嘉信理财(平台生态型)：从折扣经纪商成功转型为全球财富管理巨头， 通过推出"基金超市"和一体化账户，将客户闲余资金转化为可管理资产，构建了稳定的管理费收入模 式;富途证券(跨境差异化型) ...

证券研究报告 | 2025年12月22日 (1998) (200) 资料来源：Wind、国信证券经济研究所整理 宏观与策略 宏观快评:美国 11 月 CPI 点评-通胀回落，指引失真 宏观周报:宏观经济周报-年末放缓，质量上扬 固定收益专题研究:资金观察，货币瞭望-跨年资金需求季节性抬升，预 计 12 月市场利率上行 固 定 收 益 快 评 : 可 交 换 私 募 债 跟 踪 - 私 募 EB 每 周 跟 踪 （20251215-20251219） 固定收益周报:转债市场周报-弱资质及临期个券出现扰动 | 晨会纪要 | | --- | | 数据日期:2025-12-19 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3890.44 | 13140.21 | 4568.17 | 14068.19 | 3805.90 | 1308.58 | | 涨跌幅度（%） | 0.36 | 0.66 | 0.33 | 1.14 | 0.73 | 0.20 | ...

Investment Rating - The report maintains an "Outperform" rating for the internet securities industry [4]. Core Insights - The internet securities industry is transitioning from a traditional, homogeneous channel service model to a customer-centric, comprehensive service ecosystem by 2025, driving industry innovation [1]. - Traditional brokerage services are facing challenges due to a significant decline in average commission rates, leading to a "prisoner's dilemma" in the commission war, where increased competition results in reduced profitability [12]. - Successful internet brokers exhibit core capabilities such as traffic acquisition and conversion, exceptional product experience, data asset application, ecosystem construction, and regulatory adaptation [3]. Summary by Sections 1. Industry Dynamics - The brokerage business is evolving from a focus on transaction volume and commission rates to a model that emphasizes customer asset scale and management fees [25]. - Internet brokers are leveraging low-cost customer acquisition and traffic monetization strategies to break free from traditional profitability constraints [20]. 2. Case Studies of Internet Securities - **Dongfang Caifu**: Utilizes a traffic ecosystem to create a closed-loop from information to trading, achieving low-cost customer acquisition and high conversion rates [28]. - **Charles Schwab**: Transitioned from a discount broker to a global wealth management giant by integrating a "fund supermarket" and unified accounts, enhancing customer asset management [31]. - **Futu Securities**: Targets underserved markets, particularly among overseas Chinese, by providing an exceptional internet product experience and localized operations [37]. - **Jiufang Zhitu**: Extends services from investment education to a full-chain service model, enhancing its potential in the internet securities space [44]. - **Robinhood**: Disrupted the U.S. market with a zero-commission model, attracting young users and is currently transitioning to a comprehensive investment service platform [53]. 3. Key Capabilities of Successful Internet Brokers - The focus has shifted from scale-driven traffic to quality-driven traffic conversion, emphasizing user experience and data-driven marketing [3]. - The construction of a comprehensive service platform that integrates information, data, community, trading, and wealth management is essential for creating user stickiness and value [3]. 4. Business Outlook and Investment Recommendations - The report suggests focusing on the diffusion of AI technology in securities services, recommending companies like Huatai Securities for their strong fintech capabilities and innovative potential [3]. - Dongfang Caifu and Industrial Securities are also highlighted for their advantages in traffic and licensing, as well as strong reform momentum [3]. 5. Financial Projections and Ratings for Key Companies - **Huatai Securities**: Rated "Outperform" with an estimated EPS of 1.75 in 2025 and a PE ratio of 13.10 [6]. - **Dongfang Caifu**: Rated "Outperform" with an estimated EPS of 0.78 in 2025 and a PE ratio of 29.49 [6]. - **Industrial Securities**: Rated "Outperform" with an estimated EPS of 0.39 in 2025 and a PE ratio of 18.51 [6].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a total revenue of 11.6 billion yuan for 2024, representing a year-on-year increase of 5% [1] - The net profit attributable to shareholders was 9.61 billion yuan, up 17% year-on-year, with a return on equity (ROE) of 12.64%, an increase of 0.70 percentage points [1] - In Q4 alone, total revenue reached 4.3 billion yuan, showing a significant year-on-year increase of 66% and a quarter-on-quarter increase of 82% [1] - The company experienced a substantial increase in commission and fee income, which rose by 23% year-on-year, while net interest income increased by 7% [2] Revenue and Profitability - The company's revenue structure for 2024 consisted of 40% from commission and fees, 16% from interest, 20% from operating income, and 22% from securities investment business [2] - The profit margin improved to 62.7%, an increase of 2.8 percentage points year-on-year, with a Q4 profit margin of 68%, up 13% year-on-year [9] Market Position - The company continued to enhance its market share in securities brokerage and financing, with a market share of 4.14% in stock trading, an increase of 0.12 percentage points year-on-year [3] - The average daily trading amount for A-share stock funds was 1.2 trillion yuan, up 22% year-on-year [3] - The company’s net interest income from margin financing increased by 7% to 2.38 billion yuan, with a market share of 3.17% in margin financing [3] Fund Distribution and Recovery - The revenue from fund distribution, primarily from sales, decreased by 20% to 3.11 billion yuan, but showed a recovery in Q4 with a 6% year-on-year increase [4] - The sales of non-money market funds reached 1.0867 trillion yuan, up 20% year-on-year, indicating a recovery in the fund market [4] Investment Returns - The company’s financial asset scale reached 85.51 billion yuan, a year-on-year increase of 7%, although it decreased by 10% quarter-on-quarter [5] - The investment return rate was 3.91%, a significant increase year-on-year [8] Future Outlook - The company has adjusted its revenue forecasts for 2025-2026 to 12.45 billion yuan and 15.41 billion yuan, respectively, and introduced a new revenue forecast of 21.24 billion yuan for 2027 [10] - The earnings per share (EPS) estimates for 2025-2026 have been revised to 0.79 yuan and 0.96 yuan, with a new EPS forecast of 1.11 yuan for 2027 [10]