2025年 11月 08日 证券研究报告|行业研究|行业点评 非银金融 上证综指+1.08%，深证成指+0.19%，创业板指+0.65%。 非银行业周报 (2025 年第三十九期) 自营业绩有望保持增长性,看好券商成长空间 市场表现: 本期（2025.11.3-2025.11.7）非银（申万）指数-0.17%、行业排 23/31，券商 II 指数-0.72%，保险Ⅱ指数+1.25%; 核心观点: 证券: 市场层面,本周,证券板块下跌 0.72%,跑输沪深 300 指数 1.54pct,跑输上证综 指数 1.80pct。当前券商板块 PB 估值为 1.42 倍。 个股涨跌幅排名前五位：九鼎投资（+11.26%）、亚联发展（+6.39%）、海德股 份（+4.93%）、华泰证券（+2.44%）、东北证券（+2.09%）; 个股涨跌幅排名后五位：第一创业（-6.98%）、南华期货（-6.20%）、中油资本 (-6.11%）、浙江东方（-5.59%）、拉卡拉（-5.06%）。 (注：去除 ST 及退市股票) 前三季度，43 家上市券商（东方财富除外），实现自营业务收入 1878.19 亿元 (+41.28%），占主营收 ...

Core Insights - The proprietary trading business has become the main driver of growth for securities firms this year, with significant revenue increases observed, although performance varies widely among listed firms, creating a "polarized" market environment [1][2] Group 1: Performance Overview - Six securities firms reported proprietary trading revenues exceeding 10 billion yuan, with notable growth in several firms, while some experienced declines [2][3] - The overall proprietary trading income for the six leading firms surpassed 100 billion yuan in the first three quarters, with CITIC Securities leading at 31.60 billion yuan, accounting for 57% of its total revenue [3] - Over 80% of securities firms saw an increase in proprietary trading income, with some firms like Changjiang Securities reporting a 290% year-on-year growth [3][4] Group 2: Market Environment - The recovery of the market has provided a favorable environment for the growth of proprietary trading, with major stock indices rising significantly, including a 14% increase in the Shanghai Composite Index [2] - As of the end of the third quarter, the proprietary investment asset scale of securities firms reached 70,915 billion yuan, a 15% year-on-year increase, representing 48% of total assets [2] Group 3: Stock Holdings and Sector Focus - A total of 44 securities firms appeared among the top ten shareholders of 361 stocks, with a combined market value exceeding 66 billion yuan [5] - The hardware equipment sector had the highest number of stocks held by securities firms, totaling 41, followed by the chemical industry with 33 stocks [6] - 11 firms held more than 10 stocks each, with Huatai Securities leading at 50 stocks, followed by CITIC Securities with 39 [7] Group 4: Stock Trading Activity - Certain stocks attracted multiple securities firms, with Shandong Highway, Zhongkuang Resources, and Fuan Energy being favored by three firms each [8] - As of the end of the third quarter, over 100 stocks had a holding value exceeding 100 million yuan, with CITIC Jinkong holding the highest value in Muyuan Foods at 1.98 billion yuan [8] - Securities firms collectively initiated positions in 193 new stocks, primarily in the hardware equipment, chemical, mechanical, and pharmaceutical sectors [8]

Core Insights - The A-share market showed a strong upward trend in the third quarter of this year, with brokerage firms' proprietary trading business significantly contributing to their performance [2][3]. Group 1: Brokerage Performance - In the first three quarters, 49 listed brokerages achieved a total proprietary trading income of 192.13 billion yuan, marking a year-on-year increase of 41.33% [3][4]. - Among these, CITIC Securities led with a proprietary income of 31.60 billion yuan, up 45.88% year-on-year, while Guotai Junan followed with 20.37 billion yuan, a remarkable 90.11% increase [3][4]. - 40 out of 49 brokerages reported a year-on-year increase in proprietary income, with some like Changjiang Securities and Guolian Minsheng seeing increases exceeding 200% [4]. Group 2: Heavy Holdings - As of the end of the third quarter, 43 brokerages appeared among the top ten shareholders of 329 stocks, collectively holding 5.195 billion shares valued at 66.623 billion yuan [2][5]. - Huatai Securities had the highest number of heavy holdings at 50 stocks, followed by CITIC Securities with 39 and Guosen Securities with 36 [5]. - Five brokerages held stocks with a market value exceeding 1 billion yuan, with CITIC Securities holding the highest value stock, CITIC Construction Investment, at 10.268 billion yuan [5][6]. Group 3: New Entrants and Increases - In the third quarter, 31 brokerages entered the top ten shareholders of 193 new stocks, primarily from the machinery, basic chemicals, electronics, and biomedicine sectors [7][8]. - Huatai Securities led with 48 new stock entries, while CITIC Securities and Guotai Junan entered 24 and 16 new stocks, respectively [8]. - Notable stock price increases were observed in several new entries, with Tianpu Co., Ltd. rising by 468.92% and Haibo Technology by 280.05% [8][9]. Group 4: Adjustments in Holdings - Brokerages increased their holdings in 60 stocks during the third quarter, with notable increases in stocks like Inner Mongolia Huadian and Jialin Jie [10][11]. - Conversely, 59 stocks were reduced in holdings, with Dongwu Securities reducing its stake in Zhongnan Media by 16.91 million shares, resulting in a market value decrease of 233 million yuan [11]. - Stocks like Jiadu Technology and Yingfang Micro experienced significant price increases despite being reduced in holdings by brokerages [11].

Core Viewpoint - The A-share market experienced a significant upward trend in the first three quarters of the year, particularly in the third quarter, leading to a notable increase in the proprietary trading income of securities firms, which grew by 41% year-on-year [3][5]. Summary by Sections Proprietary Trading Income - In the first three quarters, 49 listed securities firms achieved a total proprietary trading income of 192.13 billion yuan, marking a year-on-year increase of 41.33% [5]. - CITIC Securities ranked first with a proprietary income of 31.60 billion yuan, up 45.88% year-on-year, while Guotai Junan ranked second with 20.37 billion yuan, up 90.11% [5][6]. - 40 out of 49 firms reported a year-on-year increase in proprietary income, with some firms like Changjiang Securities and Guolian Minsheng seeing increases exceeding 200% [6]. Heavy Holdings by Securities Firms - As of the end of the third quarter, 43 securities firms appeared among the top ten shareholders of 329 stocks, collectively holding 5.195 billion shares valued at 66.623 billion yuan [3][7]. - Huatai Securities had the highest number of heavy holdings at 50 stocks, followed by CITIC Securities with 39 and Guosen Securities with 36 [7]. New Entrances and Increases in Holdings - 31 securities firms entered the top ten shareholders of 193 new stocks, with Huatai Securities leading with 48 new entries [9]. - The market value of stocks held by securities firms exceeded 1 billion yuan for 32 stocks, with Guotai Junan holding the highest value in Postal Savings Bank at 727 million yuan [9]. Stock Performance - Several stocks saw significant price increases in the third quarter, with Tianpu Co., Haibo Technology, and Feiling Ge rising over 100% [9][10]. - Securities firms increased their holdings in 60 stocks, with notable increases in Inner Mongolia Huadian and Jialin Jie [11]. Reductions in Holdings - 59 stocks were reduced in holdings by securities firms, with Dongwu Securities reducing its stake in Zhongnan Media the most, decreasing by 16.91 million shares [11][12]. - Stocks like Jiadu Technology and Yingfang Micro also faced significant reductions despite their price increases in the third quarter [12].

Core Insights - The A-share market experienced a notable upward trend in the third quarter, with a cumulative increase of 15.84% for the year, and a significant 12.73% rise in the third quarter alone [3][5] - The self-operated business of securities firms has become a major revenue source, with a 41% year-on-year increase in self-operated income for the first three quarters [2][4] - A total of 43 securities firms appeared among the top ten circulating shareholders of 329 stocks, holding a combined 5.195 billion shares valued at 66.623 billion yuan [2][3] Securities Firms' Performance - 49 listed securities firms achieved a total self-operated income of 192.132 billion yuan, with 40 firms reporting year-on-year growth [2][4] - CITIC Securities led with a self-operated income of 31.603 billion yuan, marking a 45.88% increase, while Guotai Junan saw a 90.11% rise to 20.370 billion yuan [2][4] - Notably, Changjiang Securities and Guolian Minsheng reported over 200% growth in self-operated income [2] Stock Holdings and Changes - In the third quarter, 31 securities firms entered the top ten circulating shareholders of 193 new stocks, primarily from the machinery, basic chemicals, electronics, and biomedicine sectors [5][6] - Huatai Securities had the highest number of new stock entries at 48, followed by CITIC Securities with 24 [5] - Five firms held stocks valued over 1 billion yuan, with CITIC Securities holding the highest value stock at 10.268 billion yuan [4] Stock Price Movements - Several newly entered stocks saw significant price increases, with Tianpu Co., Ltd. rising by 468.92% and Haibo Shichuang by 280.05% in the third quarter [5][6] - Securities firms increased their holdings in 60 stocks, with notable increases in Inner Mongolia Huadian and Jialin Jie [7] - Conversely, 59 stocks were reduced in holdings, with Dongwu Securities reducing its stake in Zhongnan Media by 16.9126 million shares [7][8]

Core Insights - The report highlights that 44 brokerage firms have emerged as significant shareholders in 351 A-share stocks, with a total holding value exceeding 66 billion yuan, reflecting a strong interest in high-end manufacturing and technology sectors [1][2] Brokerage Holdings Overview - 44 brokerage firms are identified as top ten shareholders in 351 stocks, with a combined holding value of over 66 billion yuan as of the end of Q3 [2] - The most favored sectors among brokerages include machinery, pharmaceuticals, electronics, basic chemicals, and automobiles, with respective stock counts of 35, 28, 26, 25, and 18 [2] - Notable stocks with multiple brokerage endorsements include Shandong Highway, Zhongmin Resources, and Furen Energy, each held by three different brokerages [2] Top Holdings by Brokerages - The top ten brokerage stocks by holding value include: - CITIC Jiantou: Muyuan Foods, 19.84 billion yuan - Shenwan Hongyuan: Guangqi Technology, 10.79 billion yuan - Shenwan Hongyuan: Cangge Mining, 9.28 billion yuan - China Merchants Securities: Cangge Mining, 9.23 billion yuan - GF Securities: Jilin Aodong, 8.65 billion yuan - CITIC Securities: Shanghai Qiushi, 8.32 billion yuan - Guotai Junan: Postal Savings Bank, 7.27 billion yuan - CITIC Securities: Northeast Securities, 6.21 billion yuan - CITIC Jiantou: Shannon Chip, 5.93 billion yuan - GF Securities: Zhongmin Resources, 5.50 billion yuan [3] Changes in Holdings - Brokerages have newly entered 186 stocks by the end of Q3, with Guotai Junan leading by acquiring 126 million shares of Postal Savings Bank [3] - A total of 69 stocks saw increased holdings from brokerages, particularly in the basic chemicals and transportation sectors [4] Performance of Proprietary Trading - Proprietary trading has become the primary growth driver for brokerage firms, with 42 listed brokerages reporting a total proprietary income of 186.86 billion yuan, a year-on-year increase of 43.83% [5] - CITIC Securities leads the industry with 31.60 billion yuan in proprietary income, reflecting a 45.88% year-on-year growth [5] Market Trends and Outlook - The report indicates that the recovery of the equity market and the active technology sector have significantly contributed to the growth of brokerage firms' proprietary income [5][6] - Analysts suggest that the overall market is expected to maintain a steady upward trend, enhancing the sustainability of performance growth and indicating potential for valuation recovery in the sector [6]

Core Insights - As of the end of Q3 2025, 44 brokerage firms appeared in the top ten shareholders of 361 listed companies, with a total holding value of 66.623 billion yuan [1][2] - The brokerage firms' holdings are primarily concentrated in the hardware equipment and chemical industries, with 41 and 33 stocks respectively [2] - A total of 118 A-shares have a holding value exceeding 100 million yuan from brokerages, with CITIC Jiantou holding the highest value in Muyuan Foods at 1.984 billion yuan [2] Brokerage Holdings Overview - The total number of shares held by brokerages reached 5.195 billion, corresponding to a market value of 66.623 billion yuan [2] - The top brokerage firms by number of holdings include Huatai Securities (50 companies), CITIC Securities (39), and Guosen Securities (36) [5] - The self-operated business revenue of brokerages accounted for over 44% of total revenue, with a total of 186.857 billion yuan generated in the first three quarters [5] New Investments and Increases - In Q3, brokerages entered the top ten shareholders of 206 new stocks, mainly in the non-ferrous metals, pharmaceutical, hardware equipment, and chemical industries [3] - Notable new investments include Guotai Junan's 727 million yuan stake in Postal Savings Bank and CITIC Jiantou's 352 million yuan stake in Shenhuo Co [3] - A total of 63 stocks saw increased holdings from brokerages, with Dongfang Securities increasing its stake in Inner Mongolia Electric Power by 88 million yuan [3] Reductions in Holdings - Some brokerages reduced their holdings in certain stocks, such as CITIC Jiantou's reduction in Xin Nuo Wei and Shenwan Hongyuan's reduction in Hongda Shares [4] - Despite reductions, the market value of some holdings increased due to stock price appreciation, as seen with Shenwan Hongyuan's holdings in Guangqi Technology and Cangge Mining [4]

Core Viewpoint - The article highlights the latest holdings of securities firms in the A-share market as of the end of Q3 2025, indicating significant investment activity and sector preferences among these firms [1][5]. Holdings Overview - As of the end of Q3 2025, 44 securities firms appeared in the top ten shareholders of 361 listed companies, with a total holding value of 66.623 billion yuan [1]. - The most concentrated sectors for securities firm investments are hardware equipment and chemical industries, with 41 and 33 stocks respectively, followed by pharmaceuticals and machinery with 26 and 20 stocks [1]. Major Holdings - The top holdings by securities firms include: - CITIC Securities holds 1.3743 million shares of Muyuan Foods valued at 1.984 billion yuan [4]. - Shenwan Hongyuan has a holding of 1.2148 million shares of Guangqi Technology valued at 1.079 billion yuan [4]. - Other notable holdings include Cangge Mining and Jilin Aodong, with holdings valued at 928 million yuan and 865 million yuan respectively [2][4]. New Investments - In Q3, securities firms entered the top ten shareholders of 206 new stocks, primarily in the non-ferrous metals, pharmaceuticals, hardware equipment, and chemical sectors [5]. - Noteworthy new investments include: - Guotai Junan's entry into Postal Savings Bank with a holding valued at 727 million yuan [5]. - CITIC Securities' new position in Huayuan Ecology valued at 344 million yuan [5]. Increased Holdings - A total of 63 stocks saw increased holdings from securities firms in Q3, with significant increases in positions such as: - Dongfang Securities increased its holding in Inner Mongolia Huadian by 21.94 million shares, adding over 8.8 million yuan in value [5]. - CITIC Securities increased its position in Muyuan Foods by 507,500 shares, adding approximately 433 million yuan [5]. Decreased Holdings - Some securities firms reduced their holdings in certain stocks, such as CITIC Securities reducing its position in Xin Nuo Wei, while others like Shenwan Hongyuan reduced holdings in Guangqi Technology and Cangge Mining but saw their holding values increase due to stock price appreciation [6]. Self-operated Business Performance - The performance of securities firms' self-operated businesses is closely linked to their stock holdings, with total self-operated income reaching 186.857 billion yuan in the first three quarters of the year, accounting for over 44% of total revenue [7]. - CITIC Securities led with a self-operated income of 31.603 billion yuan, a year-on-year increase of approximately 46% [8]. Self-operated Business Breakdown - The self-operated income of major securities firms for the first three quarters includes: - CITIC Securities: 31.603 billion yuan, 45.88% year-on-year growth [8]. - Guotai Junan: 20.37 billion yuan, 90.11% year-on-year growth [8]. - Other firms like China Galaxy and Shenwan Hongyuan also reported significant self-operated income exceeding 10 billion yuan [8].

Group 1 - As of the end of Q3 2025, 44 brokerages appeared in the top ten circulating shareholders of 361 stocks, holding a total of 5.195 billion shares valued at over 66.6 billion yuan [1] - The brokerage holdings are diversified, with hardware equipment and chemical industries being the most favored, having 41 and 33 stocks respectively, followed by pharmaceutical and machinery industries with 26 and 20 stocks [1] - The top holdings by market value include CITIC Jianan's 1.984 billion yuan in Muyuan Foods, followed by Shenwan Hongyuan's 1.079 billion yuan in Guangqi Technology, and other significant holdings in Cangge Mining and Jilin Aodong [1] Group 2 - In Q3, brokerages actively entered 206 new stocks, primarily in non-ferrous metals, pharmaceuticals, hardware equipment, and chemicals, with notable new entries including Postal Savings Bank and Shenhuo Co. [2] - A total of 63 stocks saw increased holdings, with notable increases from Dongfang Securities in Inner Mongolia Huadian and CITIC Jianan in Muyuan Foods, reflecting significant growth in market value [2] - Brokerages also reduced holdings in certain stocks, with CITIC Jianan and Shenwan Hongyuan among those reducing positions, although some saw an increase in market value due to prior stock price increases [3] Group 3 - Brokerage proprietary business performance is closely linked to their stock holdings, with Huatai Securities holding the most stocks at 50, followed by CITIC Securities and Guosen Securities [4] - In the first three quarters of the year, total proprietary business revenue for listed brokerages reached 186.857 billion yuan, accounting for over 44% of total revenue, with CITIC Securities leading at 31.603 billion yuan [4] - The top brokerages demonstrated significant advantages in proprietary business, with notable revenue growth from Guotai Junan and others, indicating a strong competitive position in the market [4]

Group 1 - As of the end of Q3 2025, securities firms held over 66.6 billion yuan in A-shares, with 361 stocks featuring securities firms among their top ten shareholders [1][2] - A total of 44 securities firms appeared in the top ten shareholders of 361 stocks, collectively holding 5.195 billion shares [2] - The most concentrated sectors for securities firm holdings were hardware equipment and chemicals, with 41 and 33 stocks respectively [2] Group 2 - In Q3, securities firms entered the top ten shareholders of 206 new stocks, primarily in the non-ferrous metals, pharmaceutical, hardware equipment, and chemical sectors [3] - Notable new entries included Guotai Junan in Postal Savings Bank with a holding value of 727 million yuan, and CITIC Securities in Huayuan Ecology with a holding value of 344 million yuan [3] - A total of 63 stocks saw increased holdings from securities firms in Q3, with notable increases from Dongfang Securities and CITIC Securities in Inner Mongolia Electric Power and Muyuan Foods respectively [3] Group 3 - Some securities firms reduced their holdings in certain stocks, yet the overall value of their holdings increased due to price appreciation [4] - For example, despite reducing positions in stocks like Guangqi Technology, the market value of Shenyuan Hongyuan's holdings increased due to stock price rises [4] Group 4 - Securities firms' proprietary trading contributed significantly to their revenue, accounting for over 44% of total revenue in the first three quarters of the year [5] - CITIC Securities led the sector with a proprietary income of 31.603 billion yuan, reflecting a year-on-year growth of approximately 46% [5] - Other firms like Guotai Junan and China Galaxy also reported substantial proprietary income, exceeding 20 billion yuan [5]