悉数报喜 公开数据显示，截至2月2日，已有26只券商股及券商概念股披露相关数据。整体来看，26家机构预计 2025年净利润均实现正收益，且同比均增长。 截至目前，中信证券以2025年预计实现300.51亿元的归母净利润领先行业其余机构。对于业绩增长的原 因，中信证券表示，2025年，公司经纪、投资银行、自营业务等收入均实现较快增长；同时，公司坚定 推进国际化布局，深化跨境服务能力，叠加香港市场的良好表现，公司境外收入实现较快增长。 同期，若以区间数值最大值计算，还有4家券商预计归母净利润也超百亿元。其中，国泰海通、中金公 司、申万宏源分别预计归母净利润约为275.33亿—280.06亿元、85.42亿—105.35亿元、91亿—101亿元， 招商证券则预计归母净利润约为123亿元。 上市公司2025年度业绩预告/快报陆续披露中。北京商报记者梳理公开信息统计，截至2月2日，已有26 只券商股及券商概念股报喜，预计2025年度归母净利润实现正收益且同比增长。具体来看，不仅有5家 机构预计归母净利润区间最大值超百亿元，还有多家机构同比增速翻倍，更有天风证券、锦龙股份同比 扭亏为盈。有业内人士预计，券商股在2026年 ...

中信建投证券发布研报称，2025年证券行业进入新一轮增长周期，但券商股票因缺少独立催化、前两年 悲观情绪的延续等原因而导致超额收益不佳。2026年政策利好驱动业绩持续增长，板块有望重新定价。 中信建投表示，当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市 场充分定价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中 长期业绩弹性与韧性提供坚实支撑。 ...

Core Viewpoint - The brokerage sector is experiencing a resurgence, driven by favorable market conditions and regulatory support, with expectations for significant growth in the coming years [3][4][11]. Group 1: Market Performance - On December 26, the brokerage sector showed active performance, with the top brokerage ETF (512000) reaching a peak increase of 1.89% and closing up 0.86%, marking three consecutive days of gains [1][9]. - The total trading volume for the day was 1.83 billion yuan, with a significant increase of over 800 million yuan compared to the previous day [1][9]. - Individual stocks mostly rose, with China Merchants Securities leading with a 5.59% increase, followed by Industrial Securities with over a 3% rise [1][9]. Group 2: Sector Growth Drivers - The brokerage industry is entering a new growth cycle, supported by three core favorable factors: serving new productive forces, long-term capital entering the market, and opportunities for internationalization [3][11]. - The total trading volume of A-shares exceeded 400 trillion yuan for the first time this year, indicating increased market activity driven by low interest rates and positive returns in the equity market [4][12]. - The resilience of the capital market and reduced volatility are expected to enhance profitability for brokerages, allowing them to capitalize on opportunities in the equity market [4][12]. Group 3: Future Catalysts - The brokerage sector is anticipated to benefit from four key catalysts by 2026: 1. Increased market activity due to the migration of household deposits and long-term investments [4][12]. 2. Enhanced profitability from a more resilient capital market [4][12]. 3. Opportunities in investment banking driven by direct financing and support for innovative enterprises [4][12]. 4. Mergers and acquisitions within the industry, leading to improved market structure and international expansion [4][12][6]. Group 4: Valuation and Market Sentiment - The brokerage sector has underperformed this year, with the ETF tracking the CSI All-Share Securities Company Index showing a modest increase of 3.96%, lagging behind the broader market [5][13]. - The current price-to-book ratio (PB) for the sector is 1.5 times, indicating a low valuation relative to historical levels [5][13]. - Analysts believe that the lack of independent catalysts and lingering pessimism from previous years have contributed to this underperformance [5][13].

Core Viewpoint - The brokerage sector is experiencing a positive trend with most stocks rising, supported by high trading volumes and favorable market conditions, indicating potential investment opportunities in the sector [1][5]. Group 1: Market Performance - As of December 22, 2025, the total trading volume of A-shares has exceeded 405 trillion yuan, marking the first time in history that annual trading volume surpasses 400 trillion yuan [1][5]. - The average turnover rate for A-shares is approaching 1.74% this year, which is expected to reach a new high since 2016 [1][5]. - The leading brokerage ETF (512000) has seen a price increase of 0.35%, indicating strong market interest [1][5]. Group 2: Future Outlook - Citic Securities suggests focusing on non-bank investment opportunities as policy support is expected to drive continuous growth in earnings by 2026 [1][5]. - The brokerage sector is anticipated to benefit from three core favorable factors: service for new productive forces, long-term capital inflow, and internationalization opportunities, which have not yet been fully priced in by the market [1][5]. - Galaxy Securities emphasizes that government policies aimed at stabilizing growth and boosting the capital market will continue to shape the sector's future, with a favorable liquidity environment and improved investor confidence [1][5]. Group 3: Valuation and Investment Strategy - Xiangcai Securities notes that the brokerage industry's performance is recovering, supported by long-term capital inflows and international business opportunities, providing a solid foundation for future earnings [2][6]. - The price-to-book (PB) ratio has fallen to a low range not seen in nearly a decade, indicating a high safety margin for the brokerage sector [2][6]. - The brokerage ETF (512000) has a fund size exceeding 40 billion yuan and an average daily trading volume of over 1 billion yuan, making it a highly efficient investment tool for both large and small brokerage stocks [2][6].

Core Viewpoint - The brokerage sector is experiencing positive momentum, with several stocks showing gains, supported by strong trading volumes and favorable market conditions [1][3]. Group 1: Market Performance - As of December 24, the brokerage sector is up, with Dongwu Securities rising nearly 2% and Bank of China Securities increasing over 1% [1]. - The brokerage ETF (512000) has seen a price increase of 0.35%, surpassing the 5-day moving average [1]. - A-share total trading volume has exceeded 405 trillion yuan this year, marking the first time it has surpassed 400 trillion yuan in history, with an average turnover rate close to 1.74%, potentially reaching a new high since 2016 [2]. Group 2: Investment Opportunities - Citic Securities suggests focusing on non-bank investment opportunities, with policy benefits expected to drive performance growth in 2026 [3]. - The brokerage sector is anticipated to benefit from a favorable policy environment aimed at stabilizing growth and boosting the capital market, with liquidity remaining moderately loose [3]. - The current valuation of the brokerage sector is at historical lows, indicating a high safety margin for potential investments [3]. Group 3: ETF Insights - The brokerage ETF (512000) tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, making it an efficient investment tool for both large and small brokerages [4]. - The ETF has a fund size exceeding 40 billion yuan, with an average daily trading volume of over 1 billion yuan, positioning it as a leading ETF in terms of scale and liquidity in the A-share market [4].

Group 1 - The core viewpoint of the articles highlights a positive outlook for the securities industry, driven by policy support and market reforms aimed at enhancing capital market functions [1][2] - The National Securities Leading Index (399437) has shown a strong increase of 2.46%, with key stocks like Huatai Securities (601688) rising by 6.77% and GF Securities (000776) by 3.49%, indicating robust market performance [1] - The Central Economic Work Conference emphasized the need for continuous deepening of capital market reforms, positioning brokerages as essential service providers for direct financing and wealth management [1] Group 2 - According to CITIC Securities research, the securities sector is expected to enter a new growth cycle in 2025, with performance driven by favorable policies and market conditions [2] - The report identifies three core positive drivers: service to new productive forces, long-term capital inflow, and internationalization opportunities for brokerages, which are not yet fully priced into the market [2] - As of November 28, 2025, the top ten weighted stocks in the National Securities Leading Index account for 79.05% of the index, indicating a concentrated market structure [2]

Core Viewpoint - The report from CITIC Securities indicates that the securities sector is expected to experience sustained growth driven by favorable policies in 2026, leading to a potential revaluation of the sector [1] Group 1: Industry Growth Outlook - The securities industry is entering a new growth cycle in 2025, although brokerage stocks have underperformed due to a lack of independent catalysts and the continuation of pessimistic sentiment from previous years [1] - Three core favorable factors—service for new productive forces, long-term capital entering the market, and opportunities for brokerage internationalization—have not yet been fully priced in by the market [1] Group 2: Future Performance Drivers - The new drivers of investment banking, asset management, and international business are expected to gradually materialize in the industry fundamentals after 2026, providing solid support for medium to long-term performance resilience and elasticity [1] - There is no need to worry about a growth gap, as the aforementioned factors are anticipated to support the industry's performance [1]