中资券商相关概念港股： 开源证券发布研报称，经中国证监会批准，沪深北交易所发布通知，将投资者融资买入证券时的融资保 证金最低比例从80%提高至100%。继续看好券商板块机会，券商业绩增长持续性和资金端压制影响两 方面存在预期差，券商板块滞涨明显，继续看好居民存款迁移、股市机制重建下券商大财富管理、投行 和机构业务的持续增长。 华泰证券（601688）指出，1月14日，沪深北交易所将融资买入最低保证金比例由80%上调至100%，这 一调整清晰体现了监管逆周期调节的政策取向：融资是当前市场重要的增量资金来源之一，开年来融资 余额、融资交易占比持续走高，通过提高门槛引导市场适度降杠杆。 对比2015年类似的调整，认为本次调整有助于平抑短期波动、稳定投资者预期，引导市场向节奏更健 康、持续性更强的中长期行情演化。 对证券行业而言，短期两融增速或趋缓，但整体业务环境更稳，建议关注资本实力、风控能力更强的头 部券商配置机会。 申万宏源 中国银河 华泰证券 光大证券 国联民生 东方证券 分时图 日K线 周K线 月K线 5.18 -0.07 -1.33% 1.33% 0.95% 0.38% 0.00% 0.38% 0.95% ...

Group 1 - The three major indices showed mixed performance, with the CSI All Share Securities Companies Index declining by 0.75%. Among its constituents, Guolian Minsheng rose over 4%, and Guosen Securities increased by more than 2% [1] - The Securities ETF (159841) had a latest circulation scale of 5.54 billion yuan, ranking first among similar products in the Shenzhen market. This ETF closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in A-shares, including both traditional and fintech leaders [2] - As of July 14, 11 A-share listed brokerages and brokerage concept stocks have released performance forecasts for the first half of 2025, with notable profit growth reported, particularly for Guolian Minsheng Securities and Huaxi Securities, which saw increases exceeding 1000% [2] Group 2 - The overall performance growth of most institutions is attributed to increased revenue from core businesses such as proprietary trading and wealth management. There are optimistic views on the continued upward trend of brokerage performance in the second half of the year, although market volatility and policy changes present uncertainties [2] - According to Guojin Securities, the trend of performance improvement in the brokerage sector is clear, with many companies showing impressive growth rates in net profit for the first half of 2025. The expected high growth in brokerage performance is primarily driven by a favorable capital market environment, leading to significant increases in brokerage and proprietary trading revenues [2][3] - Changcheng Securities indicated that the second half of the year will see a convergence of significant domestic and international events, with macro narratives potentially being key factors for further market strength. The brokerage sector, represented by non-bank financials, is expected to continue its breakthrough performance [3]