炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 招商证券 视觉中国 资料图 招商证券股份有限公司（下称"招商证券"，600999.SH、06099.HK）前三季度营收净利均增逾20%。 10月30日，招商证券发布《2025年第三季度报告》指出，今年第三季度，公司营业收入为77.23亿元，同比（与前一年同期相较）增加64.89%；归 属于上市公司股东的净利润（下称"净利润"）36.86亿元，同比增加53.45%。 2025年前三季度，招商证券营业收入为182.44亿元，同比增加27.76%；净利润为88.71亿元，同比增加24.08%。 2025年第三季度，招商证券基本每股收益0.41元/股，同比增加57.69%；2025年前三季度，中金公司基本每股收益0.97元/股，同比增加25.97%。 截至2025年三季度末，招商证券总资产7456.32亿元，较2024年末7211.60亿元的总资产规模，增加了3.39%。 对于报告期内公司营业收入和净利润的增加，招商证券在三季报中表示，主要原因系经纪业务和自营业务收入增加。招商证券三季报数据显示，今 年前三季度，得益于经纪业务手续费净收入增加， ...

Core Viewpoint - CITIC Securities maintains its leading position in revenue and total assets despite mergers among domestic top brokerages [1] Financial Performance - In Q1 2025, CITIC Securities reported operating revenue of 17.76 billion yuan, ranking first in the industry, with a year-on-year growth of 29.13% [2] - The net profit for the same period was 6.55 billion yuan, reflecting a year-on-year increase of 32.00% [2] - Total assets reached 1.79 trillion yuan at the end of Q1, also ranking first in the industry [3] Revenue Growth Drivers - The revenue growth is attributed mainly to increases in wealth management and investment trading business [4] - Investment income saw a remarkable increase of 535.36% year-on-year, rising from 2.28 billion yuan in Q1 2024 to 14.50 billion yuan in Q1 2025 [5][6] Business Segment Performance - All core business segments, including brokerage, investment banking, and asset management, experienced positive year-on-year growth [7] - Specific figures include: - Brokerage net commission income of 3.33 billion yuan, up 36% year-on-year [8] - Investment banking net commission income of 976 million yuan, up 12% year-on-year [8] - Asset management net commission income of 2.56 billion yuan, up 8.69% year-on-year [8] Other Financial Metrics - Operating income from non-operating activities increased over 46 times, primarily due to increased default payments collected by subsidiaries [10] - Fair value changes were negatively impacted by market fluctuations, leading to a significant decrease in fair value gains [11] - Credit impairment losses increased significantly due to provisions for lent funds and repurchased financial assets [12] Subsidiary Performance - CITIC Securities' subsidiary, Huaxia Fund, reported a net profit of 561 million yuan in Q1 2025, continuing its profitable trend [16]