2025.09.03 作者 | 第一财经 周楠 A股持续上攻，券商也进入丰收季节。 公开数据显示，今年上半年，A股42家上市券商，合计实现营业收入2518.66亿元、净利润1040.17亿 元，分别同比增长11.37%和65.08%。 券商业绩高增，离不开自营盘的贡献。按上述统计口径，上半年，上市券商自营收入总计达到1123.54 亿元，增幅超过五成，占比达到四成以上，成为业绩主要增长点。 根据半年报披露，截至上半年末，券商重仓股中，江苏银行（600919.SH）涉及规模最大，华泰证券持 有该公司9.23亿股，持股比例5.03%。为第四大股东，按6月底股价计算，持股市值超百亿元。永安期货 （600927.SH）、中信建投（601066.SH）也深受券商青睐，分别被财通证券、中信证券持有4.39亿股、 3.83亿股。 从券商自营持股风格来看，非银、电子、生物医药等行业最受喜爱。除了股票，券商自营资产还包括债 券、基金等金融产品。有上市券商内部人士说："自营表现和行情关系密切，一般行情好的时候，（券 商自营）股的头寸会更多。" 本文字数：2437，阅读 时长大约5分钟 中信证券上半年自营收入超百亿 按照"投资净收 ...

券商业绩高增，离不开自营盘的贡献。按上述统计口径，上半年，上市券商自营收入总计达到1123.54亿元，增幅超过五成，占比达到四成以上，成为 业绩主要增长点。 根据半年报披露，截至上半年末，券商重仓股中，江苏银行（600919.SH）涉及规模最大，华泰证券持有该公司9.23亿股，持股比例5.03%。为第四 大股东，按6月底股价计算，持股市值超百亿元。永安期货（600927.SH）、中信建投（601066.SH）也深受券商青睐，分别被财通证券、中信证券 持有4.39亿股、3.83亿股。 从券商自营持股风格来看，非银、电子、生物医药等行业最受喜爱。除了股票，券商自营资产还包括债券、基金等金融产品。有上市券商内部人士 说："自营表现和行情关系密切，一般行情好的时候，（券商自营）股的头寸会更多。" 本文字数：2437，阅读时长大约5分钟 作者 | 第一财经 周楠 A股持续上攻，券商也进入丰收季节。 公开数据显示，今年上半年，A股42家上市券商，合计实现营业收入2518.66亿元、净利润1040.17亿元，分别同比增长11.37%和65.08%。 中信证券是上半年唯一一家自营收入超百亿的券商，达到190.52亿元，该公司 ...

A股持续上攻，券商也进入丰收季节。 公开数据显示，今年上半年，A股42家上市券商，合计实现营业收入2518.66亿元、净利润1040.17亿 元，分别同比增长11.37%和65.08%。 券商业绩高增，离不开自营盘的贡献。按上述统计口径，上半年，上市券商自营收入总计达到1123.54 亿元，增幅超过五成，占比达到四成以上，成为业绩主要增长点。 根据半年报披露，截至上半年末，券商重仓股中，江苏银行（600919.SH）涉及规模最大，华泰证券持 有该公司9.23亿股，持股比例5.03%。为第四大股东，按6月底股价计算，持股市值超百亿元。永安期货 （600927.SH）、中信建投（601066.SH）也深受券商青睐，分别被财通证券、中信证券持有4.39亿股、 3.83亿股。 从券商自营持股风格来看，非银、电子、生物医药等行业最受喜爱。除了股票，券商自营资产还包括债 券、基金等金融产品。有上市券商内部人士说："自营表现和行情关系密切，一般行情好的时候，（券 商自营）股的头寸会更多。" 中信证券上半年自营收入超百亿 按照"投资净收益+公允价值变动净收益-对联营企业和合营企业的投资收益"计算，上半年，42家上市券 商合计 ...

Core Viewpoint - The A-share market is experiencing active trading, leading to significant performance gains for brokerage firms, particularly in their proprietary trading segments [1][2]. Group 1: Brokerage Performance - In the first half of the year, 42 listed brokerages achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [2]. - The proprietary trading income for these brokerages reached 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total income and becoming a major growth driver [2][3]. - Among the brokerages, CITIC Securities reported the highest proprietary trading income of 19.05 billion yuan, contributing approximately 57% to its total revenue [3]. Group 2: Top Holdings and Stock Preferences - As of the end of June, the largest holdings among brokerages included Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with respective holdings of 923 million shares, 43.9 million shares, and 38.3 million shares [6]. - The preferred sectors for proprietary trading include non-bank financials, electronics, and biomedicine, with brokerages also investing in bonds and funds [2][4]. - Notably, some brokerages significantly increased their positions in stocks like Sichuan Chengyu and Hongchuang Holdings during the second quarter, with increases of 151.33% and substantial additions in share quantities [8][9]. Group 3: Changes in Holdings - In the second quarter, several brokerages reduced their holdings in stocks such as Huangshi Group and Shanghai Mechanical, with significant decreases in share quantities [10][11]. - The reduction in holdings was particularly pronounced for stocks facing regulatory scrutiny, such as Huangshi Group, which saw a 34% decrease in shares held by Dongfang Securities [12][13]. - Other stocks that experienced substantial reductions in brokerage holdings included Xin Steel and Yingfang Micro, with decreases exceeding 2 million shares [14].