智通财经8月28日讯（研究员 王蔚）随着部分上市券商披露2025 年半年报，券商资管业务的最新情况浮 出水面。 截至发稿日，共有18家上市券商公布半年报，不同机构间的资产管理规模与经营业绩呈现出明显的分化 态势。 券商资管产品总体来说有四种，分别为单一资管计划、集合资管计划、专项资管计划和公募基金。其 中，公募基金需要取得公募基金管理人资质，根据中基协披露数据，共有14家券商（含券商资管子公 司）取得公募牌照。 智通财经根据半年报不完全梳理发现，资管规模同比增加的有国元证券、西部证券等；同比降低的有山 证资管、华西证券、浙商资管等。 业绩方面，资管业务利润同比降低的有东证融汇、锦龙股份、国元证券、国盛资管、华西证券、东兴证 券；同比增加的有山证资管等。 2025年上半年，有多家机构出现资管规模与利润"倒挂"现象。例如，截至6月末，山证资管受托管理合 计总规模 601.99亿元（含公募基金及 ABS），同比降低57.31亿元，降幅为9%，但是今年上半年其实现 净利润为0.49亿元，净利润同比增长0.02亿元。 规模有增有减，部分券商逆势上扬 根据中基协最新数据，截至2025年6月末，证券期货经营机构私募资管产品 ...

Investment Rating - The report maintains a positive outlook on the securities industry, indicating that performance elasticity is expected in 2025 due to a bullish market environment and base effect from previous years [1][9]. Core Insights - The report highlights that the securities industry is experiencing a recovery in revenue and net profit, driven by a rebound in equity markets and a strong bond market [1][9]. - The overall revenue for the 21 listed securities firms reached 369.8 billion, a year-on-year increase of 7%, while net profit rose by 15% to 113.9 billion [14][16]. - The report emphasizes the structural differentiation in business performance, with proprietary trading showing significant growth while investment banking revenues are under pressure [24][39]. Summary by Sections Q4 Performance and Recovery - Q4 performance has significantly contributed to the annual recovery, with a quarterly revenue of 107.5 billion, up 30% year-on-year and 10% quarter-on-quarter [16]. - The average return on equity (ROE) for the 21 listed firms was 5.65%, an increase of 0.38 percentage points year-on-year, with leverage ratios rising to 5.14 times [28][29]. Business Segment Analysis - **Brokerage Business**: Brokerage income reached 77 billion, a 9% increase year-on-year, driven by retail investor participation [30][37]. - **Investment Banking**: Investment banking revenue was 22.1 billion, down 28% year-on-year, reflecting ongoing challenges in the market [39][47]. - **Asset Management**: Asset management income was 36.1 billion, a slight decrease of 3% year-on-year, but the scale of managed assets stabilized at 6.1 trillion, up 3% [50][54]. Annual Outlook - The report forecasts total revenue for the securities industry in 2025 to be 468.6 billion, a 4% increase year-on-year, with net profit expected to reach 180.4 billion, an 11% increase [9][13]. - The report suggests that the regulatory environment remains supportive, with expectations of continued inflow of medium to long-term capital into the market [9][10]. Investment Recommendations - The report recommends focusing on high-performing stocks such as CITIC Securities, CICC, Guotai Junan, and GF Securities, indicating a significant potential for valuation recovery [9][10].