截至 2025 年 11 月 4 日，中资券商板块 PB 为 1.53 倍，处于近 10 年来 41.48%分位点处； 25Q3 机构持仓为 0.90%，环比持平，但尚且低于标配 3.99%。 上市券商前三季度业绩高增。42家上市券商前三季度实现归母净利润1,690亿元，同比增长62%，扣非 净利润1,620亿元，同比增长68%。 其中Q3单季度扣非净利润677亿元，同比增长97%，环比增长31%。 分业务来看，经纪、投资是业绩增长的核心驱动力，前三季度净收入分别同比增长75%、增长44%。 中信建投（601066）认为，当前市场对券商股的关注点或过度聚焦于交易层面的短期压力：受同比与环 比高基数影响，四季度市场交投热度或难以为代买业务贡献超预期的盈利增量。但市场认知中仍存在明 显预期差，核心在于忽略了今年与去年底行业基本面的重要差异——证券行业的景气修复已不再局限于 经纪、自营等局部业务，而是在投行、资管等多个领域均实现不同程度的回暖。 招商证券（600999）发布研报称，综合考虑，慢牛行情持续，券商作为"牛市旗手"却整体滞涨的情况 下、值得更多的关注和仓位配置。 中资券商相关港股： 华泰证券（601688 ...

Group 1 - The Federal Reserve's interest rate cut expectations have risen to 93.6%, indicating a potential liquidity bull market globally [1] - The U.S. non-farm payroll data for July showed a significant miss with only 73,000 jobs added, and prior months' data was revised down by 258,000, marking the largest revision since June 2020 [1] Group 2 - The Shanghai Composite Index reached a peak of 3656 points, with a strong expectation to break through the resistance level of 3674 points [3] - The current market sentiment remains bullish, with no strong signals to turn bearish unless clear signs of a downturn appear [3] Group 3 - The A-share market experienced a significant rally, particularly in sectors such as lithium mining, lithium extraction from salt lakes, rare metals, and lithium batteries [5] - Major lithium companies, Tianqi Lithium and Ganfeng Lithium, saw their stocks hit the daily limit due to strong market interest driven by the new energy sector [6] Group 4 - The Shanghai Composite Index fluctuated around 3650 points, while the ChiNext Index approached 2400 points, indicating a broad market rebound with over 4200 stocks rising [8] - The market's trading volume reached 1.14 trillion, a healthy increase compared to the previous week, suggesting a structural market opportunity [8] - The focus remains on identifying opportunities in core technology stocks and brokerage shares, as the market aims to challenge last October's high of 3674 points [8]

Group 1 - A-share brokerage stocks have shown significant upward movement, with Zhongyin Securities rising over 8% in a short period [1] - Hongta Securities has increased by over 4%, and other stocks such as Hatou Shares, Guotou Shares, Pacific Securities, and Jinlong Shares have also followed suit [1] - Hongta Securities previously disclosed its semi-annual report, projecting a net profit growth of 45%-55% year-on-year [1] Group 2 - The A-share market has seen a continuous trading volume exceeding 1 trillion yuan for several consecutive days [1]