随着近期A股市场行情愈发火热，被视作"牛市旗手"的券商板块备受市场关注，已经发布半年报的券商 均实现了营收、净利润双增。其中，近日发布半年报的东方财富（300059）信息股份有限公司（以下简 称"东方财富"），不仅实现了营收、净利润的双增，还成为了首批披露半年报的券商中最赚钱的券商。 东方财富上半年业绩出炉 东方财富发布2025年上半年业绩表现亮眼。半年报显示，上半年东方财富实现营业总收入为68.56亿 元，同比增长38.65%；归属于上市公司股东的净利润为55.67亿元，同比增长37.27%。 对于营收大幅增长，东方财富在半年报中提到是因证券手续费及佣金净收入同比增加。其中，手续费及 佣金净收入为38.47亿元，同比大增60.62%。值得注意的是，东方财富旗下券商东方财富证券股份有限 公司（以下简称"东方财富证券"）上半年实现营业收入62.57亿元；净利润41.75亿元，成为业绩的最大 贡献来源。报告期内，东方财富证券营业收入和净利润同比实现快速增长，资产规模、资本实力进一步 增强；经纪业务股基交易额16.03万亿元，经纪业务、信用业务稳健发展，资产管理规模快速增长。同 时，在业务拓展方面，东方财富证券上半 ...

Financial Performance - In 2024, the company achieved revenue of 20.891 billion yuan (+5.40%) and a net profit attributable to shareholders of 10.386 billion yuan (+18.51%) [1] - The basic earnings per share reached 1.13 yuan (+20.21%), with a return on equity (ROE) of 8.82%, an increase of 0.91 percentage points year-on-year [1] Wealth Management Transformation - The company reported net income from brokerage business of 6.183 billion yuan (+11.79%) and income from agency securities trading of 6.779 billion yuan (+18.29%) [2] - The total transaction volume for stock-based transactions was 26.71 trillion yuan (+6.08%), with a market share of 4.51% [2] - The number of wealth management clients reached 627,500 (+16.66%), including 34,700 high-net-worth clients (+9.46%) [2] Investment Banking Performance - The investment banking segment saw a significant decline, with net income of 856 million yuan (-34.25%) and equity underwriting volume of 9.126 billion yuan (-54.84%) [3] - Bond underwriting performed well, with a total underwriting volume of 426.524 billion yuan (+30.91%), including financial bonds at 166.136 billion yuan (+36.14%) [3] - Asset-backed securities underwriting volume increased to 144.9 billion yuan (+57.84%) [3] Asset Management - The asset management business generated net income of 717 million yuan (+0.56%), but the total asset management scale decreased to 267.392 billion yuan (-9.31%) [4] - The scale of collective asset management increased to 126.562 billion yuan (+9.87%), while single and special asset management continued to decline [4] Credit Business - The credit business reported income of 1.134 billion yuan (-21.90%), with a financing margin balance of 90.879 billion yuan (+9.81%) [5] - The balance of stock pledge repurchase business decreased to 18.489 billion yuan (-18.82%) [5] Proprietary Trading and Derivatives - The proprietary trading segment showed strong performance with income of 9.527 billion yuan (+41.56%) [6] - The scale of financial assets reached 378.822 billion yuan (+1.13%), with a focus on bond investments [6] Investment Outlook - The company is expected to enhance overall performance due to strong capabilities in proprietary and wealth management businesses, alongside a moderate upward trend in the secondary market [7] - Earnings per share forecasts for 2025-2027 are 1.32 yuan, 1.36 yuan, and 1.45 yuan, respectively [7]