◎刘禹希 记者 李雨琪 在市场情绪与资金推动之下，券商自身基本面的改善预期成为板块拉升的重要催化剂。据西部证券非银 金融行业首席分析师孙寅测算，在中性假设下，证券行业2025年三季度净利润有望达到672亿元，同比 增长87%；前三季度净利润有望达到1800亿元，同比增长55%。从收入分项看：前三季度行业经纪业务 净收入有望达到1364亿元，同比增长82.5%；自营投资收益有望达到1462亿元，同比增长14.1%。 除了周期性的业绩反弹，券商行业深层次的转型也为其价值重估注入新的动力。中信建投证券研报表 示，证券行业正着力向高附加值的财富管理和机构业务转型。因此，券商既受益于市场整体回暖带来的 贝塔弹性，也因业务转型而具备了独立的阿尔法增长潜力。 研究机构普遍认为，当前券商板块正呈现难得的配置价值。开源证券非银金融行业首席分析师高超发布 观点称，投行、衍生品和公募业务等业务有望接续改善，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，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。 西部证券研报分析认为，证券行业景气上行的趋势未改，是年内市场中不可多得的兼具相对低估与业绩 同 ...

Group 1 - The number of registered securities analysts in China has reached a new high of 6,100, with 5,972 registered as of September 24, 2023, marking significant growth from previous years [1] - The increase in analyst numbers is attributed to the expansion of research teams in brokerage firms and the registration of new analysts who have completed the required two years of experience [2] - Major brokerage firms like CICC, Guotai Junan, and CITIC Securities lead in analyst numbers, with 345, 302, and 302 analysts respectively, while several others have over 150 analysts [1] Group 2 - Despite the growth in analyst numbers, the brokerage research environment is changing due to the impact of public fund fee reforms, leading to a significant decline in commission income [2] - The brokerage industry is shifting towards business transformation, focusing on specialization, digitalization, and internationalization, with an emphasis on attracting high-quality talent [3] - The future of the brokerage industry is expected to exhibit characteristics of significant polarization and premiumization, with research departments playing a crucial role in enhancing the competitiveness of various business lines [3]

【导读】红塔证券发"海选贴"，公开选聘四位高级管理人员 中国基金报记者 张燕北 又见证券公司公开选聘高管！ 9月22日，红塔证券股份有限公司（以下简称红塔证券）发布公告称，公司计划选聘高级管理 人员4位，涉及副总裁、首席信息官、董事会秘书等职位，工作地点为昆明。 今年以来，包括东兴证券、国盛证券、诚通证券等券商均曾公开招聘管理层，市场化选聘人 才渐成潮流。 红塔证券于9月22日在公司官方平台发布关于高级管理人员公开选聘的公告，释放出多个管理 岗位。 选聘信息显示，根据发展需要，红塔证券现面向公司内外部开展公开选聘，计划选聘高级管 理人员4名。 从岗位看，此次选聘涉及副总裁、首席信息官、董事会秘书三个职位。首先，红塔证券对这 三个岗位提出了必须满足的基本条件，包括具有良好的政治素质和道德品质、年龄50周岁以 下等。 具体到各个岗位的任职条件，副总裁人选需要具备3年以上与其拟任职务相关的证券、基金、 金融、法律、会计、信息技术等工作经历；曾担任证券基金经营机构部门负责人（含主持工 作）以上职务不少于2年，或者曾担任金融机构部门负责人（含主持工作）以上职务不少于4 年，或者具有相当职位管理经历；符合证券从业人员条件 ...

Management Changes - Zhao Jingliang, the deputy general manager of Caida Securities, has resigned due to work changes and is set to join Guosheng Securities as the new general manager [2][4] - Another deputy general manager, Guo Aiwen, also left the company for work adjustments but remains the chairman of Caida Futures [2][4] - The company stated that these changes are part of routine management and will not impact operations [5] Stock Performance - Caida Securities' stock price has declined significantly, dropping over 11% from a high of 8.1 yuan on August 21 to 7.2 yuan by September 19 [2][6] - The company has experienced continuous net outflows of capital, totaling 480 million yuan over the past 20 days [6] - Shareholder Hebei Guokong reduced its holdings by 26.34 million shares, decreasing its stake from 13.67% to 12.86% [6] Financial Performance - For the first half of 2025, Caida Securities reported revenue of 1.239 billion yuan, a year-on-year increase of 13.39%, and a net profit of 375 million yuan, up 55.64% [9] - The asset management business saw a decline, with net commission income dropping by 7.93%, marking it as the only segment with negative growth [9][10] Future Strategy - The company aims to enhance its asset management business by optimizing product layout, strengthening customer service, and deepening business collaboration [10] - Caida Securities plans to focus on industry development trends and improve its service capabilities to support the real economy [10] Compliance Issues - An employee of Caida Securities was penalized for privately accepting client orders for securities trading, leading to a warning and a fine of 150,000 yuan [11][12] - The company emphasized its commitment to compliance and risk management, stating that it has established a comprehensive compliance management system [12]

Group 1: Brokerage Firms Restructuring - The trend of brokerage firms downsizing continues, with 19 firms closing a total of 43 branches since August, despite rising investor trading sentiment as the Shanghai Composite Index breaks key levels [1] - The shift from expansion to efficiency improvement indicates a transformation in the brokerage industry, moving from a focus on scale to enhancing operational efficiency and cost structure [1] - This optimization is expected to enhance long-term value release and lead to a differentiation in competitive strategies among firms, with larger firms consolidating their market positions while smaller firms seek unique paths [1] Group 2: Analyst Workforce Growth - The number of brokerage analysts has surpassed 6,000, marking a historical high, but the industry faces challenges as the market for commissions shrinks due to public fund fee reforms, leading to a decline of over 30% in commission income [2] - Large brokerages primarily focus on internal training for analysts, while smaller firms rely on external recruitment, highlighting a disparity between workforce expansion and market contraction [2] - The urgent need for research departments to diversify income sources beyond commissions is evident, as some leading firms begin to slow their hiring pace [2] Group 3: Surge in Index Enhanced Funds - The number of newly established index-enhanced funds has surged by 207% year-on-year, with 129 new products launched this year, surpassing the total number and scale of the previous two years combined [3] - The total scale of these new funds reached 72.843 billion, indicating a growing investor preference for low-cost and transparent investment strategies [3] - This trend is expected to stimulate product innovation among fund companies and enhance market liquidity, contributing positively to overall market efficiency and stability [3] Group 4: Growth of Bond ETFs - The total scale of domestic bond ETFs has exceeded 600 billion, reaching 607.448 billion, with 53 bond ETFs now available, reflecting strong demand for fixed-income products [4] - Major institutions like Bosera and Hai Fu Tong lead in product scale, indicating a concentration of funds towards high-quality assets [4] - The influx of over 374 billion into bond ETFs this year suggests accelerated market expansion and may provide liquidity support to the stock market while reflecting a shift in investor risk appetite [4]

东吴证券表示，证券行业转型有望带来新的业务增长点。受益于市场回暖、政策环境友好，券商经纪业 务、投行业务、资本中介业务等均受益。 国金证券指出，券商板块上半年业绩同比显著改善，高盈利与低估值的显著错配凸显配置性价比，建议 关注估值显著低于平均水平的头部优质券商。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 消息面上，据智通财经，券商2025年半年度业绩说明会密集召开，行业关注焦点渐次明晰。从已召开的 24家券商业绩说明会内容来看，市场关注焦点集中于业绩表现、自营业务、并购重组、再融资、业务转 型、经营效率及国际业务等七大维度。 9月16日，A股三大指数集体高开，证券板块走势平稳。热门ETF中，券商ETF（159842）截至发稿小幅 飘红，上涨0.08%。成分股中，长城证券涨近2%，国盛金控、华林证券、国联民生、东兴证券、浙商 证券等多股飘红。 资金流向方面，Wind数据显示，券商ETF（159842）已连续14个交 ...

证券研究报告 | 2025年09月10日 自营轮动加快，海外谋扩张机遇 证券行业 2025 年中报综述暨券业战略转型总结 优于大市 轻资本业务：经纪业务为增长主力，佣金率延续下滑。2025 上半年，A 股日 均交易额为 12,317 亿元，较去年同期+60%；股基交易额达 188.78 万亿（单 边），较去年同期+61%，市场活跃度提升。我们根据中证协的全行业经纪收 入对交易佣金率进行测算，2025 年上半年证券行业佣金率为 0.0182%，较 2024 年上半年有所降低，经纪业务竞争持续激烈。投行业务，境内股承同比 有所改善，境外股承实现高增。资管业务，伴随行情复苏，公募基金对母公 司业绩贡献逐步增加，私募资管受益于银行理财委外规模增长。 国际业务：加快海外业务及数字资产等创新业务布局。一方面，中资券商加 速海外布局，持续提升国际竞争力。头部券商综合实力强劲，国际业务处领 先地位。另一方面，RWA 等创新业务为中资券商展业提供机遇。当前，部分 券商积极申请相关牌照，也将传统业务向数字资产、虚拟资产领域深度拓展。 投资建议：当前，中证证券全指 PB 估值为 1.56 倍，略高于近 5 年均值，我 们维持行业" ...

Core Viewpoint - The securities industry is undergoing a significant transformation, with increasing competition prompting firms to seek high-quality development and adapt to new market conditions through leadership changes and talent acquisition [1][3]. Group 1: Executive Changes - Recent months have seen a wave of executive turnover in the securities industry, with several high-profile resignations due to job adjustments and retirements [1][2]. - Notable departures include executives from firms such as Xinda Securities, First Capital Securities, and Changcheng Securities, with many citing personal reasons or retirement age as factors [1]. - The trend of executive turnover reflects a broader shift in the industry as firms seek to adapt to changing market dynamics and operational challenges [1][3]. Group 2: New Leadership - The industry is also welcoming new executives with diverse backgrounds, indicating a shift towards hiring leaders with cross-industry experience [2][4]. - Recent appointments include Ying Chaohui as the new general manager of Caitong Securities and Wang Suwang as the chairman of Guotou Securities, both of whom bring extensive experience from various financial institutions [2]. - The new leadership is expected to leverage their insights and experiences to drive innovation and transformation within their respective firms [3][4]. Group 3: Market-oriented Recruitment - Market-oriented recruitment has become a prominent trend in the securities industry, allowing firms to attract talent with specialized skills and innovative thinking [3][4]. - Companies like Chengtong Securities and Guosheng Financial Holdings have publicly advertised executive positions, reflecting a shift from traditional internal selection methods [3][4]. - This approach is believed to enhance the firms' ability to adapt to market changes and meet diverse client needs through innovative business models and service offerings [4].

Group 1 - The securities industry is accelerating its transition towards high-quality development, facing intensified competition that presents both opportunities and challenges for brokerages [1] - Recent changes in executive leadership within the securities industry indicate a trend of talent turnover, with a preference for executives with diverse professional backgrounds [1][2] - Several executives have resigned due to work adjustments or retirement, including notable figures from companies like Xinda Securities and First Capital Securities [1] Group 2 - New executives are being appointed across various brokerages, with many possessing extensive cross-industry experience, such as the incoming general manager of Caitong Securities, Ying Chaohui, who has a background in state-owned enterprise management [2] - The trend of market-oriented recruitment for executives is becoming prominent, allowing brokerages to attract talent with professional expertise and innovative thinking [3][4] - Market-oriented selection mechanisms are believed to enhance the long-term sustainable development of brokerages by introducing diverse external talent, which can drive innovation in business models and service systems [4]

Core Viewpoint - The brokerage industry is undergoing a significant transformation, focusing on optimizing branch network layouts and enhancing operational efficiency in response to cost pressures and the rise of digital platforms [1][3][5] Group 1: Branch Network Optimization - As of July 10, 2023, 19 brokerages have announced the closure of 56 branches, including 7 subsidiaries and 49 business offices [2] - Notable closures include 13 branches by Founder Securities, 8 by Orient Securities, and 5 by Dongwu Securities, among others [2] - The primary motivation for these closures is to optimize regional layouts and improve operational efficiency through centralized operations [2] Group 2: Market Expansion and New Openings - Despite branch closures, some brokerages are actively opening new offices in high-potential markets, such as the establishment of new branches by Chengtong Securities and Wanlian Securities earlier this year [4] - Brokerages are strategically planning to open new branches in economically developed areas with high demand for wealth management services [4] Group 3: Cost Considerations and Digital Transformation - The high operational costs associated with physical branches, including rent and personnel, are driving brokerages to reduce their number of physical locations [3] - The ongoing decline in commission rates for traditional brokerage services further pressures firms to streamline operations [3] - The shift towards online trading platforms is becoming the mainstream mode of operation, leading to lower service costs per client compared to physical branches [3] Group 4: Future Trends in Branch Operations - The industry is expected to continue its shift from scale-driven growth to efficiency-driven operations, focusing on high-value, integrated service models [5] - Brokerages are encouraged to modernize and leverage financial technology to enhance operational efficiency and create competitive advantages through differentiated services [5]