证券研究报告 金融公司|公司点评|中金公司（601995） 资本市场高景气度助推业绩增长，国际 业务优势有望进一步显现 请务必阅读报告末页的重要声明 glzqdatemark1 请务必阅读报告末页的重要声明 1 / 6 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 金融公司|公司点评 glzqdatemark2 2025年09月03日 2025年09月03日 证券研究报告 |报告要点 中金公司发布 2025 年半年报，2025H1 实现营业收入 128.3 亿元，yoy+43.96%；归母净利润 43.3 亿元，yoy+94.35%；加权平均 ROE4.16%，较去年同期+2.03pct。2025Q2 单季度营业收入 71.1 亿元，yoy+41%，qoq+24%；归母净利润 22.9 亿元，yoy+131%，qoq+12%。 |分析师及联系人 中金公司(601995) 资本市场高景气度助推业绩增长，国际业务 优势有望进一步显现 | 行 | 业： | 非银金融/证券Ⅱ | | --- | --- | --- | | 投资评级： | | 买入（维持） | | 当前价 ...

证券研究报告 金融公司|公司点评|中信证券（600030） 龙头优势稳固，高交投下看好业绩稳步 增长 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月03日 证券研究报告 |报告要点 中信证券发布 2025 年半年报，未重述口径下，2025H1 实现营业收入 330.4 亿元，同比+9.5%； 归母净利润 137.2 亿元，同比+29.8%；加权平均 ROE4.91%，较去年同期增加 0.95pct。2025Q2 单季度营业收入 152.8 亿元，同比-7%，环比-14%；归母净利润 71.7 亿元，同比+27.9%，环 比+9.6%。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 6 刘雨辰 耿张逸 SAC：S0590522100001 SAC：S0590524100001 金融公司|公司点评 glzqdatemark2 2025年09月03日 中信证券(600030) 龙头优势稳固，高交投下看好业绩稳步增长 | 行 业： | 非银金融/证券Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 31.17 元 | 基本数据 | 总股 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights the company's strong performance in the first half of 2025, with total operating revenue reaching 15.4 billion yuan, a year-on-year increase of 34.4%, and net profit attributable to shareholders of 6.47 billion yuan, up 48.3% year-on-year [3][11] - The report anticipates continued growth in the company's performance, driven by an active trading environment and a recovery in the equity market [15] Financial Performance Summary - For the first half of 2025, the company achieved total operating revenue of 154 billion yuan, with a year-on-year growth of 34.4% and a net profit of 64.7 billion yuan, reflecting a year-on-year increase of 48.3% [3][11] - The weighted average ROE was 4.83%, an increase of 1.44 percentage points compared to the same period last year [3][11] - In Q2 2025, the company reported a single-quarter operating revenue of 81.6 billion yuan, a year-on-year increase of 25.3% and a quarter-on-quarter increase of 12.7% [3][11] Business Segment Performance - Brokerage business revenue for H1 2025 was 39.2 billion yuan, up 42% year-on-year, accounting for 26.1% of the main securities revenue [12] - Asset management revenue for H1 2025 was 36.7 billion yuan, reflecting an 8.5% year-on-year increase [13] - Investment business revenue for H1 2025 was 52.4 billion yuan, a year-on-year increase of 42.7% [14] Future Projections - The report projects revenues for 2025, 2026, and 2027 to be 32.1 billion yuan, 34.8 billion yuan, and 37.2 billion yuan respectively, with year-on-year growth rates of 18.1%, 8.4%, and 6.9% [15] - Net profits for the same years are projected to be 13.6 billion yuan, 15.5 billion yuan, and 17.5 billion yuan, with growth rates of 41.3%, 13.6%, and 13.1% respectively [15]