8月14日晚间，西南证券披露上半年业绩情况，该公司营收同比增加26.23%至15.04亿元；归母净利 润同比增加24.36%至4.23亿元。拟派发现金红利6645万元（含税），占2025年半年度归母净利润的 15.7%。 股价表现上，目前西南证券股价低于5元/股，年内涨幅不超过4%，今日收涨3.02%报4.77元/股，最 新总市值为317亿元。 归母净利润增逾24% 今年5月，北京证监局对西南证券北京昌平证券营业部出具警示函，该营业部存在未履行投资者财 务状况审核义务，对投资者资格审核把关不严的情况，反映出适当性管理要求履行不到位。对此，西南 证券表示，公司已督促北京昌平证券营业部就北京证监局提出的问题认真落实整改，并已向监管机构报 送书面整改报告。 券商股能否上车 官网信息显示，西南证券系通过重庆长江水运股份有限公司重大资产重组及吸收合并原西南证券有 限责任公司（下称"西南有限"），并依法承继西南有限的各项证券业务资格设立的全国第9家上市证券 公司。西南证券控股股东为重庆渝富资本运营集团有限公司，实控人为重庆国资委。自2024年11月15日 起，姜栋林担任西南证券董事长。 8月15日，券商股走高，西南证券收 ...

Group 1 - The A-share market opened higher on August 12, with all three major indices rising collectively [1] - The broker ETF (159842) experienced a slight decline of 0.26% as of the report, with a premium trading occurrence at the beginning of the session [1] - The broker ETF has seen a net inflow of over 208 million yuan in the first 11 days of August, indicating strong investor interest [1] Group 2 - Open-source securities noted a significant expansion in the margin financing scale, suggesting further growth potential in the broker sector [2] - Huatai Securities reported a 71% year-on-year increase in new account openings in July, with margin financing balance surpassing 1.99 trillion yuan, indicating a rising market risk appetite [2] - The broker sector's return on equity (ROE) is entering an upward phase, with expectations of stronger stability and sustainability in earnings during the current market cycle [2]

非银金融 2025 年 07 月 27 日 投资评级：看好（维持） 行业走势图 -17% 0% 17% 34% 50% 67% 84% 2024-07 2024-11 2025-03 非银金融 沪深300 数据来源：聚源 相关研究报告 《券商定增再填一例，继续看好低估 值券商板块机会 — 行 业 周 报 》 -2025.7.20 《券商中报预告超预期，继续推荐券 商板块—行业点评报告》-2025.7.15 《险企考核周期再拉长，券商中报超 预期继续推荐—行业周报》-2025.7.13 预定利率调降 50bp 符合预期，交易量站上两万亿 ——行业周报 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | lukun@kysec.cn 证书编号：S0790524040002 周观点：预定利率调降 50bp 符合预期，交易量站上两万亿 2季度公募持仓数据看，券商板块仍明显欠配：2025Q2主动型基金重仓股中券商 板块占比0.78% ...

Group 1 - The People's Bank of China and other regulatory bodies issued guidelines to support consumption, which is expected to enhance the business environment for securities firms [1] - Citic Securities anticipates strong growth potential for the brokerage sector due to a favorable secondary market and a rapid recovery in the primary market [1] - The recent Lujiazui Forum introduced reforms for the Sci-Tech Innovation Board, which are expected to improve market activity and lay a foundation for brokerage performance with a trading volume of 1.5 trillion yuan [1] Group 2 - Citigroup's report indicates that the SFISF initiative has positively impacted the real estate market and consumption, with a low percentage of household assets allocated to stocks compared to the U.S. [2] - An increase of 1% in stock investment within household assets could lead to over 5 trillion yuan inflow into the stock market, highlighting the potential for significant capital reallocation [2] - The Shanghai Composite Index is projected to break the 3,500-point mark, benefiting Chinese brokerages as household assets shift towards equities [2] Group 3 - Key brokerage firms mentioned include CITIC Securities, China Galaxy, and Huatai Securities, among others, indicating a competitive landscape in the brokerage sector [3] - The report emphasizes the importance of selecting stocks based on low valuation, strong retail business, and potential benefits from the Hong Kong IPO market [2]

NO.1猛增392%！国泰海通首份季报出炉 4月29日晚间，国泰海通披露一季报。数据显示，2025年第一季度实现营业收入117.73亿元，同比增长 47.48%；归属于母公司所有者的净利润为122.42亿元，同比增长391.78%。扣除非经常性损益后的净利 润为32.93亿元，同比增加60.65%。根据季报，营业收入增长主要是金融工具投资收益净额、经纪业务 手续费净收入同比增加。归属于母公司所有者的净利润增长主要是吸收合并海通证券产生的负商誉带来 营业外收入增加。 点评：国泰海通一季度业绩大幅提升，金融工具投资收益和经纪业务手续费净收入显著增加，吸收合并 海通证券产生负商誉带来营业外收入增加，对公司股价形成积极支撑。券商板块或受益于市场活跃度提 升，整体市场情绪可能受到提振。 NO.2公募总规模稳住32万亿，QDII及股票型基金申购热情高涨 4月29日，中国基金业协会发布最新一期公募基金市场数据。截至今年3月底，公募基金总规模达到 32.22万亿元，连续两个月规模站稳32万亿元大关。从环比情况看，上个月公募基金规模变化较为平 稳，相比2月末，规模减少近百亿元，环比下跌0.03%，这也是自2020年10月以来， ...