上半年的高增更多是基数贡献，年化收益率 3.9%是近 3 年的新高、但较 19-21 年均 值 4.8%仍有距离。更重要的是模式变化从局部发散，头部券商走向全球配置、中小 券商从大类资产配置求变，以及权益投资从 OCI 走向 OCI+，期待更多变化！ 投资要点： 股票研究 /[Table_Date] 2025.10.10 25H1 小结：高增之下，酝酿变化 投资银行业与经纪业 [Table_Industry] 券商自营业务跟踪系列之二 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 投资银行业与经纪业《居民资金入市显迹，销售 费用降费落地》2025.09.13 投资银行业与经 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has mandated securities firms to report on their off-exchange securities business for 2024, emphasizing compliance, risk management, and innovative profit models [1][2]. Group 1: Off-Exchange Business Reporting Requirements - Securities firms are required to provide detailed reports on six categories of off-exchange business, including financial derivatives trading, income certificate issuance, cross-border business, and more [1]. - Firms must disclose their business models, risk management measures, and actual profitability related to off-exchange derivatives trading [1][2]. - Specific attention is given to compliance management, including reporting major events such as defaults and significant business risks [1][2]. Group 2: Industry Trends and Developments - The off-exchange business has become a crucial driver for the high-quality transformation of securities firms, optimizing income structure and enhancing risk management [2][3]. - The securities industry achieved a revenue of 451.17 billion yuan in 2024, with a year-on-year growth of 11.2%, and proprietary business income grew by 43% [1][2]. - The shift towards customer-demand-driven business models has allowed firms to mitigate the impact of market volatility on overall profitability [3]. Group 3: Regulatory Focus and Market Impact - The CSRC's requirements reflect a regulatory focus on promoting standardization, preventing risks, and enhancing practical effectiveness in the industry [2]. - Off-exchange derivatives trading provides a differentiated business model that supports investor services and fulfills functional missions [3][4]. - The integration of off-exchange derivatives into the business ecosystem enhances the intermediary role of securities firms, aligning with their market development goals [4].