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！ 出品：新浪财经上市公司研究院 作者：郑权 2025年上半年， 150家券商实现营业收入2510亿元，同比增长23%，实现净利润1123亿元，同比增长40%。42家上市券商2025年上半年合计 实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 | 序号 | 证券代码 | 证券简称 | 营业总收入 (同比增长率) | 归母浄利润(同 比增长率) | 润(同比增长率) | 营业总收入 | 归母净利润 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | [单位] 亿元 | [单位] 亿元 | [单位] 亿元 | | | | | [单位] % | [単位] % | [単位] % | | | | | 1 | 300033.SZ | 同花顺 | 28.07 | 38.29 | 40.64 | 17.79 | 5.02 | 4.84 | | 2 | 601519.SH | 大智慧 | 13.19 | 97.48 | 7 ...

出品：新浪财经上市公司研究院 作者：郑权 2025年上半年，150家券商实现营业收入2510亿元，同比增长23%，实现净利润1123亿元，同比增长40%。42家上市券 商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 研究认为，证券IT厂商是国内证券投资市场生态体系的重要组成部分。证券投资市场主要由投资者、证券公司、交易 所、监管机构、证券科技服务商组成。证券IT服务商主要面向证券公司、资管机构等B端客户，提供交易系统等软件系 统支持。代表机构为恒生电子、金证股份、顶点软件、财富趋势、同花顺、大智慧等，其中，前三家公司主要面向B端 金融机构，后三家公司主要面向C端投资者。 大智慧的主要业务聚焦在证券信息服务、大数据及数据工程服务、境外业务三大板块。其中，证券信息服务的产品形态 包括金融资讯及数据 PC 终端服务系统、金融资讯及数据移动终端服务系统、证券公司综合服务系统和直播平台等。金 融资讯及数据 PC 终端服务系统的 2C 产品包括："大智慧365"、"大智慧专业版"、"大智慧财富版"、"大智慧策略投资终 端"以及"大智慧港股通专业版"等。 20 ...

Core Insights - In the first half of 2025, 150 brokerage firms achieved operating income of 251 billion yuan, a year-on-year increase of 23%, and net profit of 112.3 billion yuan, a year-on-year increase of 40% [1] - Among 42 listed brokerages, total operating income reached 251.9 billion yuan, a year-on-year increase of 31%, with net profit attributable to shareholders of 104 billion yuan, a year-on-year increase of 65% [1] Group 1: Performance of Securities IT Companies - The performance of major listed companies in the securities IT industry varied, with companies like Tonghuashun showing the highest sales expenses and expense ratio [1][2] - Tonghuashun's operating income for the first half of 2025 was 1.779 billion yuan, a year-on-year increase of 28.07%, and its net profit attributable to shareholders was 502 million yuan, a year-on-year increase of 38.29% [2] - Despite strong performance, Tonghuashun had the highest sales expenses of 335 million yuan and a sales expense ratio of 18.82%, significantly above the average of 10.24% for the other five companies [2][5] Group 2: Financial Metrics and Ratios - Tonghuashun's sales expenses grew by 38.15%, outpacing its revenue growth of 28.07%, indicating a high dependency on marketing for its performance [5] - The asset-liability ratio for Tonghuashun was 33.64%, the highest among the six companies analyzed, while other companies had lower ratios ranging from 4.37% to 31.36% [5] - As of mid-2025, Tonghuashun held 8.618 billion yuan in cash, representing 83.41% of its total assets, with a low cash yield of approximately 0.79% [6][7] Group 3: Investment and Utilization of Cash - The lack of trading financial assets for Tonghuashun raises questions about the utilization of its substantial cash reserves, as it has not invested in financial products to enhance cash yield [6][7] - In contrast, another securities IT service provider, Dingdian Software, achieved a higher cash yield of approximately 1.23% due to its investment strategies [6][7]

2025年上半年，150家 券商 实现营业收入2510亿元，同比增长23%，实现净利润1123亿元，同比增长40%。42家上市券商2025年上半年合计 实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 在下游行业火热的情况下，证券IT行业的主要上市公司（选取 恒生电子 、 同花顺 、 财富趋势 、 顶点 软件 、 金证股份 作为主要参考）业 绩表现不一。 6家公司中，营收最多的是恒生电子（24.26亿元）；营收最少的是财富趋势，仅有1.33亿元。此外，财富趋势营收还逆势下 滑，是扣非归母净利润唯一负增长的公司。值得一提的是，财富趋势的市盈率在6家公司中却最高，高达125倍的泡沫是否会破裂不得而知， 而实控人选择在高位减持巨额套现。 上半年营收最少还同比下滑研发人员和人均薪酬皆缩减 研究认为，证券IT厂商是国内证券投资市场生态体系的重要组成部分。证券投资市场主要由投资者、 证券公司 、交易所、监管机构、证券 科技服务商组成。证券IT服务商主要面向证券公司、资管机构等B端客户，提供交易系统等软件系统支持。代表机构为恒生电子、金证股 份、顶点软件、财富趋势、同花顺等，其中，前 ...

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！ 出品：新浪财经上市公司研究院 作者：郑权 2025年上半年， 150家券商实现营业收入2510亿元，同比增长23%，实现净利润1123亿元，同比增长40%。42家上市券商2025年上半年合计实 现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 在下游行业火热的情况下，证券IT行业的主要上市公司（选取恒生电子、同花顺、财富趋势、顶点软件、大智慧、金证股份作为主要参考） 业绩表现不一。 6家公司中，金证股份多项指标垫底，净利润垫底、营收降幅近50%增幅垫底、毛利率垫底、研发费用率垫底……并且公司连 续亏损。 上半年营收近乎"腰斩"延续亏损 盈利能力薄弱 研究认为，证券IT厂商是国内证券投资市场生态体系的重要组成部分。证券投资市场主要由投资者、证券公司、交易所、监管机构、证券科 技服务商组成。证券IT服务商主要面向证券公司、资管机构等B端客户，提供交易系统等软件系统支持。代表机构为恒生电子、金证股份、顶 点软件、财富趋势、同花顺、大智慧等，其中，前三家公司主要面向B端金融机构，后三家公司主要面向C端投资者 ...

在下游行业火热的情况下，证券IT行业的主要上市公司（选取恒生电子、同花顺、财富趋势、顶点软件、大智慧、金证 股份作为主要参考）业绩表现不一。 6家公司中，恒生电子2025H1的研发费用和研发费用率皆最高；财富趋势的研发费 用最低，金证股份的研发费用率最低。此外、大智慧、顶点软件、恒生电子三家公司的研发费用降幅还超过了10%，与 靠技术吃饭的行业特征背离。 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！ 出品：新浪财经上市公司研究院 作者：郑权 2025年上半年，150家券商实现营业收入2510亿元，同比增长23%，实现净利润1123亿元，同比增长40%。42家上市券 商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。 | | | | 6家证券IT服务商研发费用情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 研发费用 2024中报 [单位] 亿元 | 研发费用 2025中报 [单位] 亿元 | 研发费用占营 业收入比例 20 ...

Core Insights - In the first half of 2025, 150 brokerage firms achieved operating income of 251 billion yuan, a year-on-year increase of 23%, and net profit of 112.3 billion yuan, up 40% [1] - Among the major listed securities IT companies, performance varied significantly, with Hengsheng Electronics leading in revenue at 2.426 billion yuan, while Wealth Trend lagged behind with only 133 million yuan, marking a 9.96% decline [1][2] - Wealth Trend's high price-to-earnings ratio of 125 times raises concerns about potential overvaluation, especially as its actual controller plans to reduce holdings significantly [7][9] Brokerage Firms Performance - The 42 listed brokerage firms collectively reported operating revenue of 251.9 billion yuan, a 31% increase year-on-year, and a net profit of 104 billion yuan, up 65% [1] - The performance of the six major securities IT service providers varied, with Tonghuashun, Dazhihui, and Dingdian Software showing positive growth in both revenue and net profit, while Wealth Trend and Jinzhen Co. faced declines [3][4] Wealth Trend Analysis - Wealth Trend's total revenue for the first half of 2025 was 133 million yuan, a decrease of 9.96%, with net profit increasing by 6.61% to 107 million yuan, but its non-recurring net profit fell by 13.77% to 67 million yuan [2][4] - The decline in revenue is attributed to reduced main business projects and a decrease in acceptance and collection, impacting software sales and information security product income [2] - Wealth Trend's R&D expenses also decreased by 3.17% to 40 million yuan, reflecting a reduction in both the number of R&D personnel and average salary [6] R&D and Human Resources - As of mid-2025, Wealth Trend had 310 R&D personnel, down from 328 the previous year, with an average salary of 69,700 yuan, a decrease of 11.66% [5][6] - The company’s reliance on R&D as a competitive advantage is questioned due to the reduction in R&D staff and salaries alongside declining revenue and profits [6] Market Valuation and Shareholder Actions - Wealth Trend's stock price reached 151.68 yuan per share by September 23, 2025, reflecting a 138% increase from the previous year [7][9] - The company's TTM price-to-earnings ratio of 125.08 is the highest among its peers, raising concerns about potential overvaluation [9] - The actual controller, Huang Shan, plans to reduce holdings by up to 768,340 shares, valued at approximately 863 million yuan based on earlier stock prices, indicating a strategy to capitalize on high valuations [9]

Group 1 - The core viewpoint of the articles highlights the contrasting fortunes of top fund managers in the current market, particularly those focused on technology and growth sectors, compared to those heavily invested in traditional sectors like consumption and renewable energy [1][22][25] - Fund manager Liu Gesong, who previously achieved significant returns, has seen his products struggle, with some still 30% below their peak net value [1][13] - In contrast, technology-focused fund managers like Hu Yibin and Chen Hao have seen their products recover significantly, with some nearing or surpassing their 2021 highs [2][5][6] Group 2 - The current market is characterized as a "technology bull," with growth-oriented funds performing well, particularly in sectors like AI, robotics, and innovative pharmaceuticals [2][19] - Hu Yibin's performance stands out, with his flagship fund showing a 25% increase compared to its 2021 peak [2][4] - Chen Hao's fund has also performed well, achieving a 48.65% return year-to-date, with net values exceeding 2021 highs [6][8] Group 3 - Many former top fund managers who relied heavily on sectors like renewable energy are facing significant challenges, with some still far from recovering their previous highs [15][18] - The article notes that while some managers have adapted to new trends, others remain stuck in their previous strategies, leading to poor performance [28][30] - The medical sector has shown resilience, with top managers like Zhao Bei achieving substantial returns due to the innovative drug market, although they still face challenges in recovering from past losses [25][27] Group 4 - The articles emphasize the importance of adapting investment strategies to current market trends, with successful managers demonstrating the ability to pivot between sectors [28][31] - The long-term outlook for technology and medical sectors appears promising, driven by demographic trends and innovation, while traditional consumption sectors face more uncertainty [29][32] - The performance of fund managers is increasingly scrutinized based on their ability to help investors recover from previous losses, highlighting the need for effective strategy adjustments [28][30]

Core Insights - A significant system upgrade is occurring in the Chinese securities industry, marked by the launch of the new core business system UF3.0 by Hengsheng Electronics [2][3] - UF3.0 represents a shift from a "trading channel" to a "wealth management engine," supporting 24/7 operations with high concurrency and low latency [2][4] - The successful implementation of UF3.0 in 11 securities firms, including major players like China Merchants Securities and Dongfang Securities, sets a benchmark for digital transformation in the industry [2][5] Industry Transformation - The core business system is essential for various operations such as account opening, trading, clearing, risk control, and customer service, serving as a foundational infrastructure for business operations [4] - The transition towards wealth management and internationalization in the securities sector presents challenges to traditional core business systems, necessitating the development of UF3.0 [4][5] - UF3.0 is designed to support comprehensive financial services and modern IT infrastructure, addressing the evolving needs of the securities industry [4][5] Technological Advancements - UF3.0 employs a cloud-native architecture and distributed, full-stack technology to enhance system capabilities, ensuring high performance and flexibility [2][7] - The system features a dual-state architecture that separates stable and agile operations, allowing for rapid iteration and innovation in response to business demands [7][9] - The integration of self-developed technologies and products into UF3.0 is crucial for maintaining financial information security and achieving IT autonomy in the securities industry [8] Implementation and Collaboration - The successful rollout of UF3.0 involved deep collaboration between Hengsheng Electronics and various securities firms, establishing a solid foundation for its implementation [3][9] - The transition to UF3.0 was managed through agile methodologies, automated data migration tools, and comprehensive operational monitoring to ensure a smooth upgrade process [9] - As more firms adopt UF3.0, the Chinese securities industry is poised to build a digital ecosystem based on the new core business system, marking a new phase in wealth management transformation [9]

Group 1 - The IT sector in the securities industry continues to strengthen, with Xiangcai Co., Ltd. hitting the daily limit up [1] - Other companies such as Guiding Compass, Yingshi Sheng, Dazhihui, Lingzhi Software, Dongfang Caifu, and *ST Huike also experienced significant gains [1]