北交所券商执业质量最新"成绩单"出炉。 北交所、全国股转公司发布的2025年券商执业质量评价结果显示，头部券商已全面占据前列。国泰海通 证券以145.04分稳居榜首，华泰证券、招商证券、申万宏源、中信证券分别位列二至五名，与上年排名 相比，可谓经历了一次"大洗牌"。 拉长时间来看，位列第一梯队的券商，尤其是前五名乃至前十名，每年都会迎来大调整。在这背后，不 同券商的差异化竞争策略开始显现效果；另一方面，头部券商优势日益凸显。未来券商在北交所的执业 格局将走向何方？中小券商还有机会吗？ 北交所市场券商执业格局"大洗牌"，头部券商逐渐跃居前列 以往中小券商在北交所及新三板市场中占据主导地位，但2025年的评价结果显示，头部券商基本已实现 全面领跑，国泰海通、华泰证券、招商证券、申万宏源、中信证券五家券商排名靠前。 回顾2024年，中信建投以137.21分位列榜首，第二至第四名则由民生证券、东吴证券、国投证券、中泰 证券中小券商占据，部分大型券商被挤出前列。 纵观近年排名，榜首位置频繁易主。2022年，前五名分别为申万宏源、中泰证券、开源证券、中信建 投、安信证券（现国投证券），彼时，"一哥"中信证券还未跻身第一梯 ...

Core Viewpoint - The performance of listed securities firms in China has shown significant growth in the first half of 2025, raising investor interest in whether this momentum can be sustained in the second half of the year [1][2]. Group 1: Performance and Growth - Several securities firms, including Caida Securities and Huatai Securities, reported that their net profit growth in the first half of 2025 was driven by increases in brokerage, securities investment, and investment banking revenues [1][2]. - Huatai Securities noted that the active trading in the A-share market since July and August is expected to positively impact its future operating performance [2]. - Citic Securities indicated that its asset allocation strategy remains focused on financing, fixed income, and client demand hedging, aiming for steady growth and high-quality development [2]. Group 2: Mid-term Dividend Plans - Citic Securities announced a mid-term profit distribution plan, proposing a cash dividend of 2.90 yuan per 10 shares, totaling 4.298 billion yuan, marking an increase from 3.557 billion yuan the previous year [3]. - Northeast Securities stated that it will develop a profit distribution policy based on its development status and industry trends, aiming to enhance investor returns through a stable dividend policy [3]. Group 3: Differentiated Competitive Advantage - Southwest Securities attributed its profit growth to the active A-share market and its strategic reforms aimed at building a unique competitive advantage [4]. - Northeast Securities plans to focus on becoming a comprehensive securities firm with a specialty in serving small and medium-sized innovative enterprises, aiming for industry leadership in wealth management and investment banking [4].