2025年证券行业表现超预期：42家上市券商总资产逼近15万亿元，归母净利润同比劲增62%。年初担忧 证伪——行业未因23-24年自营高基数增长乏力，反而快速切换增长动能，内生盈利韧性凸显。当前 7%-8%的ROE虽达历史高位，但业务结构优化、竞争格局升级仍为继续改善留足空间，未来ROE或突破 前期峰值。那么行业是否已站在新一轮上行周期起点?从2025年全年看，行业呈现六大核心趋势性变 化，或许正为新一轮上行周期积蓄动能的关键信号，具体如下： 业绩驱动逻辑重塑：从自营单一主导到轻资产协同发力。业绩增长不再依赖自营单打独斗，而是转向经 纪/资管/投行等轻资产业务多点协同发力。当前轻资产业务复苏才刚启动，从业务规模来看，远未触及 周期性高点，后续空间广阔。 增长动能关键切换：权益等多元化驱动替代固收成主导力量。本轮增长并非旧动能的延续，而是源于结 构优化带来的新驱动因素，如投行从传统债券承销转向多元服务，自营从固收投资转向多元配置，财富 从稳健理财转向多元服务等。 增长底色更趋稳健：内生性发力替代杠杆扩张。全年增长依托内生性业务，未依赖杠杆大规模扩张，既 规避了流动性隐患，也为后续扩表留下安全空间。 炒股就看金麒 ...

（原标题：头部券商，加速"出海"！） 【导读】国泰海通境外子公司拟收购印尼证券公司 中国基金报记者 孙越 头部券商国际化布局再落一子！ 11月17日，国泰海通证券发布公告称，公司第七届董事会第八次会议（临时会议）审议通过了一项重要 议案——其境外子公司将收购一家印尼证券公司。 此前，国泰海通证券已在东南亚设立新加坡子公司、越南子公司等境外子公司，持续拓展区域业务。此 次收购若顺利落地，将标志着其在东南亚的布局再进一步。 近年来，国泰海通证券在海外布局取得积极进展，主要聚焦东南亚、美国、欧洲等市场，通过子公司增 资、业务牌照获取、跨境服务拓展等方式推进国际化战略。2024年，其越南子公司增资获得越南证监会 批复；英国子公司实现了E-FICC大类资产全覆盖。 国泰海通证券在2024年年报中展望2025年全年重点任务时，其中一项就是"推进国际化战略，优化跨境 一体化管理机制和发展模式，持续深耕重点区域市场，加强在'一带一路'国家的布局，全面提升公司业 务、人员和运营的国际化水平"。 随着中国资本市场双向开放不断深化，国际化已成为中资券商共同的发展方向。从区域布局来看，中小 券商多聚焦香港市场，而头部券商则倾向于在核 ...

【导读】国泰海通境外子公司拟收购印尼证券公司 头部券商国际化布局再落一子！ 国泰海通证券在2024年年报中展望2025年全年重点任务时，其中一项就是"推进国际化战略，优化跨境一体化管理机制 和发展模式，持续深耕重点区域市场，加强在'一带一路'国家的布局，全面提升公司业务、人员和运营的国际化水 平"。 此前，国泰海通证券已在东南亚设立新加坡子公司、越南子公司等境外子公司，持续拓展区域业务。此次收购若顺利 落地，将标志着其在东南亚的布局再进一步。 近年来，国泰海通证券在海外布局取得积极进展，主要聚焦东南亚、美国、欧洲等市场，通过子公司增资、业务牌照 获取、跨境服务拓展等方式推进国际化战略。2024年，其越南子公司增资获得越南证监会批复；英国子公司实现了E- FICC大类资产全覆盖。 11月17日，国泰海通证券发布公告称，公司第七届董事会第八次会议（临时会议）审议通过了一项重要议案——其境 外子公司将收购一家印尼证券公司。 随着中国资本市场双向开放不断深化，国际化已成为中资券商共同的发展方向。从区域布局来看，中小券商多聚焦香 港市场，而头部券商则倾向于在核心区域建立枢纽，辐射欧美、东南亚、中东等地。 其中，东南亚市 ...

Core Viewpoint - Guotai Junan Securities' overseas subsidiary plans to acquire an Indonesian securities company, marking a significant step in its internationalization strategy in Southeast Asia [2]. Group 1: International Expansion - Guotai Junan Securities has made positive progress in overseas expansion, focusing on Southeast Asia, the US, and Europe through subsidiary capital increases, business license acquisitions, and cross-border service expansions [4]. - The company aims to optimize cross-border integrated management mechanisms and development models while enhancing its international business, personnel, and operations by 2025 [4]. Group 2: Southeast Asia Market Growth - The Southeast Asian market is emerging as a new growth engine for Chinese securities firms, with several firms reporting significant revenue and scale growth in the region [4]. - China Galaxy has achieved a market share of 10% in Malaysia and 8% in Singapore, leading the largest IPO in Thailand in recent years, raising $207 million [4]. Group 3: Competitive Landscape - Huatai Securities is leveraging Singapore as a hub to create an ecosystem of investment banking, wealth management, and institutional trading, becoming the first Chinese institution to directly participate in Vietnamese securities trading [5]. - Other major firms like China International Capital Corporation (CICC) are also expanding into the Middle East, with CICC opening its first licensed branch in Dubai [5].

Core Viewpoint - The recent earnings presentations by leading securities firms highlight key industry trends, including M&A activities, international business expansion, digital transformation, and performance fluctuations [2]. Performance Fluctuations - Despite an overall market recovery, some securities firms reported performance volatility in Q3 2025. For instance, Huatai Securities reported a revenue of 10.909 billion yuan, a year-on-year decrease of 6.94%, and a net profit of 5.183 billion yuan, down 28.11% [4]. - Huatai Securities' CEO explained that excluding a one-time gain of 6.23 billion yuan from subsidiary disposals in the same period last year, the firm's Q3 2025 revenue would have increased by 98%, with a 389% year-on-year growth in net profit after adjustments [5]. - Investors questioned why Huatai Securities underperformed in a favorable market, while招商证券's president noted plans to enhance self-operated investment performance through better asset allocation and market strategy adjustments [5]. M&A Expectations and Progress - The market is closely watching the integration efforts of securities firms, especially under regulatory support for M&A to strengthen capabilities [6][7]. - Guotai Junan Securities' chairman stated that the firm is actively pursuing integration in business, management, and system platforms, including updating over 600 regulations to enhance compliance and risk management [8]. - CITIC Securities' chairman emphasized that M&A can effectively consolidate market resources and enhance competitiveness, indicating a balanced approach between organic growth and external expansion [8]. International Business Expansion - Several securities firms are focusing on international business development, with CITIC Securities aiming to leverage favorable external market conditions to enhance its international presence [9][10]. - Everbright Securities is implementing a "one body, two wings" strategy to strengthen its wealth management and cross-border financing capabilities [10]. - China Galaxy Securities plans to deepen its management of overseas subsidiaries and enhance its integrated operational system to solidify its position in Southeast Asia [10]. Investment Banking Challenges - In light of the current headwinds in the investment banking sector, firms are adapting their strategies. CITIC Securities is prioritizing functional roles to support national strategies and enhance services for key clients [11][12]. - The firm is also focusing on expanding its product offerings and exploring M&A opportunities for technology innovation companies [12]. - China Galaxy Securities is committed to enhancing its investment banking services by aligning with national strategic priorities and developing benchmark cases in equity and debt financing [13].

Core Viewpoint - The policy goals of "stabilizing growth, stabilizing the stock market," and "boosting the capital market" will continue to guide the future direction of the sector, supported by a moderately loose liquidity environment, ongoing optimization of the capital market, and the rebuilding of investor confidence [1] Group 1: Performance Metrics - In H1 2025, 42 A-share listed brokerages achieved a total operating income of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, a year-on-year increase of 65.08%, marking the highest level in nearly five years [1] - The growth in performance is primarily driven by brokerage and proprietary trading businesses, with brokerage income reaching 63.45 billion yuan, up 38.66% year-on-year, and proprietary trading income at 112.36 billion yuan, up 50.43% year-on-year, contributing 44.61% to total operating income [1] Group 2: Business Transformation - The distribution of financial products has become a key focus for wealth management transformation, with listed brokerages generating 5.57 billion yuan in income from financial product sales, a year-on-year increase of 29.56% [2] - The international business of listed brokerages showed strong growth, with the top ten firms achieving international business revenue of 19.10 billion yuan, a year-on-year increase of 21.15% [2] Group 3: Market Concentration - The industry is experiencing increased concentration, with the net profit concentration ratio (CR5) reaching 45.88%, up 6.81 percentage points year-on-year, and CR10 at 67.44%, up 9.04 percentage points year-on-year [3] - Leading brokerages are expanding their competitive advantages through diversified operations, while smaller firms are focusing on regional characteristics or niche markets to differentiate themselves [3] Group 4: Profitability and Capital Management - The industry’s annualized ROE reached 7.07%, an increase of 1.63 percentage points year-on-year, while the leverage ratio remained stable at 3.29x, a slight decrease of 0.08 percentage points from the end of 2024 [4] - The proportion of equity assets in proprietary investments has increased, with an average of 22.12% of net capital allocated to equity securities and derivatives, up 3.58 percentage points year-on-year [4] - A total of 29 listed brokerages announced interim dividend plans totaling 18.80 billion yuan, a year-on-year increase of 39.79%, reflecting a shift towards prioritizing shareholder returns [4]

Group 1: Company Overview - Zhongyuan Securities' stock price closed at 4.49 yuan on July 30, down 1.54% from the previous trading day, with a trading volume of 810,329 hands and a transaction amount of 365 million yuan [1] - Zhongyuan Securities is a comprehensive securities company based in Zhengzhou, Henan Province, offering services in securities brokerage, investment banking, and asset management [1] Group 2: Industry Trends - The internationalization process of the brokerage industry is accelerating, with several firms expanding overseas through listings in Hong Kong or increasing capital in their Hong Kong subsidiaries [1] - Currently, 13 mainland brokerage firms have achieved "A+H" dual listings, with Zhongyuan Securities being one of them [1] - In 2024, some leading brokerages are expected to see significant growth in international business revenue, with CITIC Securities reporting a 116% year-on-year increase in net profit from international operations [1] Group 3: Market Activity - On July 30, Zhongyuan Securities experienced a net outflow of 13.864 million yuan in principal funds, indicating a trend of net outflow for the day [2]

Group 1 - As of July 30, 2025, the stock price of China International Capital Corporation (CICC) closed at 37.08 yuan, down by 0.38 yuan or 1.01% from the previous trading day [1] - The trading volume on that day was 233,179 lots, with a total transaction amount of 869 million yuan [1] - CICC is a leading investment bank in China, primarily engaged in investment banking, equity business, fixed income, wealth management, and investment management [1] Group 2 - The internationalization process of the brokerage industry has accelerated, with several brokerages expanding their international business through listings in Hong Kong or increasing capital in their Hong Kong subsidiaries [1] - Currently, 13 mainland brokerages have achieved "A+H" dual listings, with CICC being one of them [1] - In 2024, CITIC Securities' international business generated revenue of 2.26 billion USD, representing a year-on-year growth of 41%, indicating a positive trend in the development of brokerage international business [1]

Core Viewpoint - The announcement of Shouchao Securities' plan to list in Hong Kong marks a significant step in the trend of Chinese brokerages pursuing internationalization and capital enhancement through overseas listings [1][2]. Group 1: Hong Kong Listing and Internationalization - Shouchao Securities is expected to become the 14th brokerage to achieve "A+H" share listing, joining a list of 13 existing brokerages that have already listed in both mainland China and Hong Kong [2]. - The move to list in Hong Kong is seen as a way for brokerages to enhance their capital strength, support cross-border operations, and improve international brand recognition [1][2]. - The Hong Kong market is characterized by a mature financing mechanism and an international investor structure, making it a key area for mainland financial institutions to expand their overseas presence [1]. Group 2: Capital Injection and Business Expansion - Several brokerages have been increasing their capital in Hong Kong subsidiaries, with notable examples including Guangfa Securities and Xibu Securities, which have injected significant amounts into their Hong Kong operations [3]. - The primary purpose of these capital increases is to bolster cross-border business capital, expand investment banking operations, and enhance derivatives capabilities [3][4]. - The trend indicates that brokerages are not only focusing on traditional services like IPOs and bond issuance but are also expanding into comprehensive services, including cross-border funds and structured products [4]. Group 3: Growth of International Business - Despite the current low proportion of international business revenue among brokerages, there is a clear upward trend, with expectations that it will become a crucial area for performance improvement [5]. - For instance, Citic Securities reported a significant increase in international revenue, achieving $2.26 billion in revenue and $530 million in net profit in 2024, marking a year-on-year growth of 41% and 116% respectively [5]. - Analysts suggest that international business will be a key battleground for brokerages, especially as traditional commission rates decline and domestic asset management faces challenges [5].

Group 1 - The core point of the article is that Shouchao Securities plans to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy amid a booming Hong Kong stock market [1][4]. - As of July 26, Shouchao Securities has officially announced its intention to become the 14th mainland broker to achieve "A+H" dual listing, which is expected to inject new vitality into the market [1][4]. - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising 27.4% year-to-date, creating favorable conditions for mainland brokers to consider overseas listings [1][4]. Group 2 - Shouchao Securities aims to enhance its capital strength and overall competitiveness through the H-share listing, while also seeking to better integrate international resources and expand its global influence [4][6]. - The company has engaged Ernst & Young Hong Kong as its listing audit firm to support the H-share listing process, indicating a serious commitment to its internationalization efforts [4]. - The Hong Kong market has seen a significant increase in equity financing, with a total of 291.64 billion yuan raised as of July 21, reflecting a year-on-year growth of 288.75% [4]. Group 3 - Since its A-share debut on December 22, 2022, Shouchao Securities has shown stable performance, but it faced a decline in Q1 2025, prompting the need for new growth avenues [5][6]. - In 2024, the company reported impressive financial results with operating revenue of 2.418 billion yuan, a year-on-year increase of 25.49%, and a net profit of 985 million yuan, up 40.49% [6]. - However, in Q1 2025, the company experienced a revenue drop of 23.34% to 432 million yuan and a net profit decline of 31.42% to 151 million yuan, highlighting the urgency of its decision to pursue a Hong Kong listing [6].