2025年上半年，证券行业在市场活跃度回升与业务结构优化的双重驱动下，薪酬水平呈现显著增长态 势。据Wind数据，42家上市券商中，除去涉及合并的国泰海通、国联民生和浙商证券3家券商外，39家 具有可比数据的上市券商薪酬总额合计达777.15亿元，较2024年同期的657.55亿元同比增长18.19%。 | 证券代码 | 证券简称 | 薪酬总额(亿元) | 同比增长 | | --- | --- | --- | --- | | 600030.SH | 中信证券 | 111.23 | 13.58% | | 601211.SH | 国泰海通 | 88.05 | 118.29% | | 601995.SH | 中含公司 | 55.72 | 27.53% | | 601688.5H | 华泰证券 | 51.37 | 21.46% | | 000776.SZ | 广发证券 | 45.53 | 20.92% | | 601881.SH | 中国银河 | 44.70 | 24.07% | | 000166.SZ | 申万宏源 | 40.39 | 24.13% | | 002736.SZ | 国信证券 | 36.87 | 43 ...

Core Viewpoint - The securities industry has shown clear signs of recovery in the first half of 2025, with major brokerages reporting significant increases in net profits and revenues, marking the end of a three-year adjustment period [6][8]. Group 1: Industry Performance - Major brokerages collectively experienced a substantial increase in net profits and positive revenue growth, indicating a clear recovery in the industry [6][8]. - The top brokerages, including CICC, Guosen Securities, and Guotai Junan, reported impressive revenue growth rates of 43.96%, 42.77%, and 39.85% respectively, with ten brokerages exceeding 10 billion yuan in revenue [2][8]. - The industry is entering a new phase characterized by a "double champion" era of net profits exceeding 10 billion yuan, with Guotai Junan surpassing CITIC Securities in net profit for the first time [12][14]. Group 2: Individual Brokerage Highlights - Guotai Junan achieved a net profit of 163.21 billion yuan, surpassing CITIC Securities by 21.75 billion yuan, driven by a strong performance in wealth management, which contributed nearly one-third of its net profit [12][14][15]. - CICC experienced a remarkable turnaround with a 149.70% increase in investment banking revenue, reaching 14.45 billion yuan, marking its best mid-year performance in nearly a decade [17][20]. - Guosen Securities returned to the top ten in revenue rankings for the first time since 2018, with a revenue of 110.75 billion yuan, driven primarily by its proprietary trading business [3][23]. Group 3: Revenue Growth Comparison - The top ten brokerages by revenue in the first half of 2025 include CITIC Securities (330.39 billion yuan), Guotai Junan (238.72 billion yuan), and CICC (128.28 billion yuan), showcasing a significant increase in overall industry strength [10][24]. - The revenue growth rates of other notable brokerages include GF Securities at 30.74% and Shenwan Hongyuan at 24.64%, both of which have shown consistent improvement in their rankings over the past two years [9][10]. Group 4: Wealth Management and Business Strategy - Guotai Junan's wealth management business generated 97.72 billion yuan in revenue, with a gross margin of 52.16%, highlighting its strategic focus on high-margin business lines [14][15]. - Guosen Securities has also seen a significant increase in its proprietary trading revenue, which accounted for nearly 50% of its total revenue, indicating a shift in its business strategy [23][24].