证券研究报告：证券Ⅱ|行业周报 发布时间：2025-12-22 行业投资评级 中性|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 6920.08 | | 52 周最高 | 7730.11 | | 52 周最低 | 5627.38 | 行业相对指数表现 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024-12 2025-03 2025-05 2025-07 2025-10 2025-12 证券Ⅱ 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王泽军 SAC 登记编号:S1340525110003 Email:wangzejun@cnpsec.com 近期研究报告 《股基成交维持高位，估值未快速上 行》 - 2025.12.15 证券行业报告 （2025.12.15-2025.12.19） 两融资金未大规模撤离，债券交易沪强深弱 ⚫ 投资要点 宏观流动性层面宽松，资金面压力缓解，为券商的重资本业务（如 自营投资、两融业务）提供了稳定的负债端成本优势。股基成交额的 持续高企，将转化为券商佣金收入的支撑。融资客户的持仓周期似有 拉长， ...

Group 1 - The core viewpoint of the article highlights that Nomura Holdings reported a net profit of 104.57 billion yen for the first fiscal quarter, representing a year-on-year increase of 52% [1] - The total revenue for the first fiscal quarter was 1.16 trillion yen, showing a year-on-year decline of 5% [1] - The investment banking fee income for the first fiscal quarter was 38.36 billion yen, which is a year-on-year decrease of 7.1% [1] Group 2 - The asset management fees for the first fiscal quarter amounted to 92.86 billion yen, reflecting a year-on-year growth of 2.8% [1] - Trading profits for the first fiscal quarter reached 142.24 billion yen, indicating a year-on-year increase of 7.8% [1] - Brokerage commissions for the first fiscal quarter totaled 100.61 billion yen, which is a year-on-year decline of 2.1% [1]