近期市场交投活跃度显著提升，新开户需求持续高涨。为加速获客，多家券商通过降费让利、提供精细 化服务以及开展多平台营销等方式积极拓展市场。 按类型来看，沪市权益型ETF(含跨境ETF)7月成交额约26009.92亿元，约占沪市ETF成交额的46.58%。 沪市7月成交额最大的3只非货币ETF为短融ETF(511360)、香港证券ETF(513090)和政金债券 ETF(511520)，成交额分别为3918.27亿元、3757.04亿元、2172.49亿元。 深市7月成交额最大的3只非货币ETF分别为科创债ETF富国、信用债ETF博时和科创债ETF嘉实，成交 额分别为1079.10亿元、1032.04亿元和940.24亿元。 从券商经纪业务角度看，7月，沪市ETF(非货币)成交额(经纪业务)排名前五位的券商分别为华泰证券、 中信证券、国泰海通、华宝证券和东方证券，当月成交额在市场中的占比分别为10.80%、10.67%、 6.66%、6.14%和5.42%。7月深市ETF交易金额(经纪业务)排名前五位的券商分别为东北证券、东方财 富、东方证券、方正证券和港裕信息，与上个月保持一致。 从券商经纪业务持有的ETF规模 ...

● 本报记者 赵中昊 近日，上海证券交易所和深圳证券交易所分别在行业内部通报最新一期基金市场数据。截至7月末，沪 市ETF共719只，总市值33520.69亿元；深市ETF共516只，总市值12383.17亿元。沪深两市ETF规模合计 近4.6万亿元，较上个月稳步上升。从券商经纪业务角度看，在ETF业务竞争格局中，华泰证券、中信 证券、东方财富等传统优势券商的业务规模稳居第一梯队。 近期随着市场交投活跃度提升，部分券商ETF的交易佣金已降至万分之0.5。业内人士表示，近年来， 券商从服务升级、工具创新、买方投顾陪伴等多维度谋求破局，重点挖掘存量客户的增量需求。尤其是 在买方投顾领域加速向"以客户资产增值为核心"的模式转型，通过长周期服务提升客户黏性。财富管理 转型已成为券商构建核心竞争力的关键，并为业务增长注入新动能。 传统券商业务规模居前 近期市场交投活跃度显著提升，新开户需求持续高涨。为加速获客，多家券商通过降费让利、提供精细 化服务以及开展多平台营销等方式积极拓展市场。 Wind数据显示，8月21日，全市场股票ETF（含跨境ETF）资金净流入69.85亿元。中国证券报记者了解 到，部分券商近期密集推出新 ...

华泰证券表示，年初以来市场交易活跃度显著提升，新开户需求旺盛。券商通过降费让利、精细化服 务、多平台营销等加速获客。权益市场稳步向上，居民资金循序渐进入市，券商在新市场环境下进入业 绩、估值修复新阶段。当前A股券商指数PBLF为1.67x，处于2014年以来的46%分位； H股中资券商指 数PBLF为1.00x，处于2016年以来的76%分位。我们看好板块价值重估行情，个股关注：（1）业绩增长 稳健且PBLF仍处于1-1.1x左右的A、H头部券商；（2）财富管理转型/国际业务领先的公司；（3）估值 较低的中型券商。 ...

交银国际研究 公司更新 | 证券 | 收盘价 | | 目标价 | | | 潜在涨幅 2025 年 8 月 21 日 | | --- | --- | --- | --- | --- | --- | --- | | 美元 | | 178.66 | 美元 | 220.00↑ | | +23.1% | | 富途控股 (FUTU US) | | | | | | | | 盈利持续超预期；上调目标价至 | | | | 220 | 美元 | | 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% FUTU US MSCI中国指数 股份资料 | 52周高位 (美元) | 178.66 | | --- | --- | | 52周低位 (美元) | 56.96 | | 市值 (百万美元) | 20,145.70 | | 日均成交量 (百万) | 5.45 | | 年初至今变化 (%) | 123.35 | | 200天平均价 (美元) | 118.47 | | 资料来源 : ...

证券研究报告 2025 年 8 月 21 日│中国内地 动态点评 核心观点 年初以来市场交易活跃度显著提升，新开户需求旺盛。8 月 20 日财联社报 道，近期券商针对新客开户推出限时优惠，部分佣金费率低至万 0.8，ETF 交易佣金则低至万 0.5。2024 年行业经纪净收入占营业收入的比例约 26%， 但近年来行业净佣金率持续下行，当前已处于较低水平（测算 2024 年平均 净佣金率约万 2.0），继续大幅下行的空间相对有限。同时年初以来交易活 跃，A 股日均成交额 14,844 亿元，较 2024 年日均提升 40%，有望实现以 量补价。展望未来，财富管理转型是破局的关键，通过服务升级、工具创新、 买方投顾陪伴等，有望为券商财富管理业务注入新动能。 新开户活跃，券商降佣让利 近期市场交投活跃度显著攀升，新开户需求旺盛，券商通过降费让利、精细 化服务、多平台营销等加速获客。据 8 月 20 日财联社报道，近期新开户数、 开户咨询量、存量客户密码找回及交易权限开通量均呈上涨态势，券商针对 新客开户密集推出限时优惠活动，费率水平持续下探，部分券商佣金费率低 至万 0.8，ETF 交易佣金则低至万 0.5，降低投 ...

Core Viewpoint - The recent surge in the A-share market has led to increased enthusiasm among investors, prompting banks to launch promotional activities for fund sales, including fee rate discounts [1][2]. Group 1: Market Performance and Fund Sales - As of August 18, the Shanghai Composite Index rose by 0.85%, closing at 3728.03 points, reflecting a strong performance in the A-share market [1]. - Wind data indicates that, as of August 18, 2023, seven listed funds have seen a price increase of over 100% this year, while 32 funds have increased by over 50% [1]. - Banks are actively promoting fund sales, with institutions like HSBC China adding new fund distribution services and Shenzhen Rural Commercial Bank offering significant fee discounts for fund subscriptions [1]. Group 2: Drivers of Fund Distribution Growth - Three main factors are driving banks to increase fund distribution: 1. Pressure for higher returns as deposit and wealth management rates decline, leading clients to seek better returns, especially as active funds outperform index funds [2]. 2. The need for transformation in banking operations due to narrowing interest margins and slowing growth in traditional business, pushing banks to enhance wealth management and increase non-interest income [2]. 3. Policy support from recent reforms, such as the "National Nine Articles," which encourage long-term capital investment in equity markets [2]. Group 3: Institutional Performance and Strategy - City commercial banks and rural commercial banks are particularly active in fund distribution, reflecting their adaptation to changing market conditions and a shift towards non-interest income sources [3]. - The transformation in profit models emphasizes the importance of non-interest income, as banks face pressure from narrowing net interest margins [3]. - There is a growing demand for diversified asset allocation among clients, especially in lower-tier cities, which presents significant opportunities for banks to expand their fund distribution business [3]. Group 4: Compliance and Risk Management - As banks expand their fund distribution, balancing performance growth with compliance risk management is crucial [4]. - Key compliance measures include establishing strict suitability management mechanisms, creating long-term incentive structures, enhancing internal compliance management, and leveraging technology for risk monitoring [4][5]. - The recent regulatory framework emphasizes the importance of selling appropriate products to suitable clients, which requires banks to conduct thorough due diligence on fund products and understand their client base [5].

Core Insights - The securities industry is undergoing a significant transformation in human resources, shifting from a "massive workforce" strategy to a focus on "high quality and efficiency" [1] - By the end of 2024, the total number of securities industry employees is projected to reach 335,700, a decrease of 7,003 from the end of 2021, representing a decline of 2.04% [1] Personnel Structure Adjustment - The number of securities brokers has decreased by 27,000, a decline of 48.85% since the end of 2021, while the number of investment advisors has increased by 12,000, a rise of 17.46% [3] - The number of securities analysts and sponsoring representatives has increased by 2,140 and 1,406, with growth rates of 62.46% and 19.02% respectively, indicating a structural shift towards wealth management [3] - By 2024, over 50% of industry employees will be over 36 years old, an increase of 10.05 percentage points since 2021, with the 36-45 age group making up 35.26% of the workforce [3] - Leading securities firms are expanding their workforce, with the largest firm increasing its employee count to 14,216, a growth of 11.45%, and now accounting for 17.56% of the total industry workforce [3] Business Line Personnel Reconfiguration - The total number of brokerage business personnel has decreased from 178,500 in 2021 to 146,100 in 2024, a decline of 18.13%, leading to a recovery in per capita operating income to 875,500, surpassing 2021 levels [4] - In investment banking, personnel increased from 27,300 in 2021 to 30,200 in 2024, a growth of 10.6%, but per capita revenue fell from 2,580,600 to 1,167,900, a decline of 54.74% [4] - Asset management personnel grew from 6,126 in 2021 to 7,073 in 2024, with per capita revenue recovering after two years of decline, indicating a return on human capital investment [4] Research Field Expansion - From 2021 to 2024, the number of research and institutional sales personnel increased by 47.29%, from 5,813 to 8,562, with research personnel growing by 36.82% to 6,968 [5] - The institutional sales team surged by 121.39% to 1,594, improving the sales personnel to researcher ratio from 1:7.1 to 1:4.4 [5] - Due to factors like fee rate reforms, net income from trading unit seat leasing decreased by 42.7% to 14.434 billion, while per capita revenue from research reports fell by 30.1% to 123,300 [5]

Core Insights - The securities industry is transitioning from a "quantity-driven" approach to a "quality-driven" talent strategy, focusing on high-quality and efficient personnel to enhance industry development quality [1][3][7] Group 1: Personnel Changes and Structure - As of the end of 2024, the total number of securities industry employees is 335,700, a decrease of 7,003 or 2.04% from the end of 2021 [2] - The largest firms are expanding their workforce, with the top firm increasing its employee count to 14,216, a growth of 11.45%, while their share of the total industry workforce rose to 17.56% [2] - The number of securities brokers has decreased by 27,000, a decline of 48.85%, while investment advisors increased by 12,000, a rise of 17.46% [2] - The proportion of employees aged 36 and above has surpassed 50% for the first time, indicating a trend towards a more experienced workforce [2] Group 2: Revenue and Efficiency Metrics - Head firms maintain a human resource cost ratio of 32% to 38%, which is 10 to 15 percentage points lower than the industry average, and their revenue per employee is 2 to 3 times higher than that of smaller firms [3] - Average revenue per employee has stabilized and exceeded 2021 levels, reaching 875,500 yuan, following a two-year decline [4] - The investment banking sector saw a 54.74% drop in revenue per employee, from 2.58 million yuan to 1.17 million yuan, despite a 10.6% increase in personnel [4] Group 3: Business Line Adjustments - The asset management sector has seen personnel grow from 6,126 in 2021 to 7,073 in 2024, with a recovery in revenue per employee [5] - The self-operated business has shifted from expansion to contraction, with equity investment personnel decreasing by 14.68% and bond investment personnel increasing by 25.06% [6] - Research and institutional sales personnel have expanded by 47.29%, with researchers increasing by 36.82% [6] Group 4: Future Development Strategies - The industry aims to strengthen professional talent capabilities, as the average revenue and net profit per employee of leading firms are significantly lower than those of global competitors like Goldman Sachs [7] - There is a need to enhance information technology and international talent reserves to support high-quality development [7] - Smaller firms are encouraged to find transformation breakthroughs by leveraging regional characteristics and resources [8] - Continuous efforts in professional ethics education are necessary to mitigate compliance risks within the industry [8]

时至8月中旬，首批券商2025年半年报相继出炉。 江海证券的经营业绩最先曝光，随后，8月14日，西南证券、粤开证券分别发布了2025年半年报。此 外，8月15日，东方财富公布2025年半年报，东方财富证券的"成绩单"随之浮出水面。 上述4家券商在今年上半年均实现了营收、净利润"双增"。其中，江海证券得益于较低基数，净利润同 比暴增超10倍；粤开证券净利润同比增幅接近85%。 21世纪经济报道记者注意到，除了经纪业务，自营业务、投行业务也是券商业绩重要的增量来源，但各 家券商在这两项业务上的表现仍然呈现分化。 值得一提的是，除了上述4家券商，7月中旬左右，有20多家上市券商发布2025年半年度业绩预增公告 （净利润同比增长50%以上），券商业绩整体回暖已是大概率事件。 叠加近期A股市场交投活跃，券商行情又有"卷土重来"的迹象。8月15日，Wind券商指数大涨4.41%，为 当天表现最好的Wind中国行业指数。 营收、净利"双增" 在目前已公布2025年半年度业绩的4家券商中，江海证券的业绩弹性最为突出。 8月13日，哈投股份发布2025年半年度报告。报告显示，2025年上半年，江海证券实现营业总收入7.26 亿 ...

Core Insights - The first batch of brokerage firms has reported their 2025 semi-annual results, showing a general trend of revenue and net profit growth across the board [2][5][6] - The overall performance of the brokerage industry is improving, with many firms experiencing significant increases in net profit, particularly due to a low base effect from the previous year [4][6] Revenue and Profit Growth - Jianghai Securities reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, up 1311.60% [4] - Southwest Securities achieved a revenue of 1.504 billion yuan, a 26.23% increase, and a net profit of 423 million yuan, up 25.76% [6] - Guangdong Securities reported a revenue of 482 million yuan, a 16.42% increase, and a net profit of 135 million yuan, up 84.56% [6] - Dongfang Caifu Securities had a revenue of 6.257 billion yuan, a 32.99% increase, and a net profit of 4.175 billion yuan, up 35.82% [6] Business Segment Performance - The brokerage business, proprietary trading, and investment banking are key growth areas, but performance varies among firms [6][7] - Southwest Securities reported a net income from brokerage fees of 331 million yuan, up 28.13%, and investment income of 591 million yuan, up 64.92% [6] - Jianghai Securities saw a 211.77% increase in proprietary trading income, reaching 406 million yuan, while its investment banking revenue declined by 16.53% [7] - Guangdong Securities experienced growth in wealth management and asset management, but declines in proprietary trading and investment banking revenues [7] Wealth Management Transformation - Brokerages are increasingly focusing on wealth management, with different strategies being employed [9][10] - Southwest Securities reported a 95% year-on-year increase in asset scale and over 30% growth in public fund and financing business [9] - Jianghai Securities is enhancing customer service and asset allocation capabilities [10] - Guangdong Securities is accelerating its investment advisory business and has launched several smart advisory tools [11] Market Outlook - The recent performance of brokerage stocks has been positive, with the Wind brokerage index rising by 4.41% on August 15, indicating a potential recovery in the sector [16][18] - Analysts expect further improvement in the brokerage sector's fundamentals, supported by favorable monetary policy and increased market activity [19][20] - The brokerage sector is seen as having significant upside potential, with recommendations to focus on firms with strong competitive positions and earnings elasticity [20]