上半年券商两融利息收入揭晓。 今年以来，A股交投活跃度显著提升，大盘震荡上行，持续吸引市场目光。在此背景下，两融市场有所升 温，已成为券商上半年重点角逐的"核心战场"。 此前多家券商分管财富管理板块的高管接受券商中国记者采访，他们普遍认为，发力两融业务、提升市场 份额是今年全年的重要发力点。 随着券商半年报"收官"，记者注意到，逾95%的上市券商两融利息收入同比实现增长，其中，中小券商增 速明显。 从券商半年报数据来看，多家机构已披露上半年融资融券（两融）业务的开户数据及客户拓展策略。当 前，券商之间的竞争不仅聚焦于 "价格" 层面，还延伸至综合实力的比拼，具体包括优化交易系统使用体 验、创新服务模式与金融产品等多个维度。 3家头部券商揽金逾30亿元 从开户成效来看，部分券商在中期报告中披露了开户相关数据，显示强劲增长势头。国泰海通称，上半年 公司净新增融资融券客户数2.64万户，同比增长61%；融资融券余额市场份额9.78%，较上年末提升 0.61%。 中信建投表示，截至6月末，融资融券账户数量较2024年末增长4.54%；信用账户净新增开户市占率 3.53%，较2024年末增长31.47%。 随着A股市场 ...

Core Viewpoint - The article highlights the significant growth in margin financing and securities lending (two-in-one) interest income for brokerage firms in the first half of the year, driven by an active A-share market and intensified competition among brokerages [2][4]. Group 1: Market Overview - The A-share market has seen increased trading activity, leading to a rise in the two-in-one market, which has become a key battleground for brokerages in 2023 [2]. - Over 95% of listed brokerages reported a year-on-year increase in two-in-one interest income, with notable growth among smaller firms [3]. Group 2: Revenue Performance - Three leading brokerages generated over 3 billion yuan in two-in-one interest income in the first half of the year: Guotai Junan (3.827 billion yuan), CITIC Securities (3.686 billion yuan, up 7.04%), and Huatai Securities (3.509 billion yuan, up 1.49%) [4]. - Several other brokerages, such as Galaxy Securities (2.747 billion yuan) and China Merchants Securities (2.338 billion yuan), also reported significant income, with 42 listed brokerages showing only one firm, Changcheng Securities, experiencing a slight decline of 1.85% [4][5]. Group 3: Client Acquisition Strategies - Brokerages are focusing on expanding their two-in-one client base and market share through various strategies, including optimizing mechanisms and differentiated marketing [6]. - Guotai Junan reported a net increase of 26,400 two-in-one clients, a 61% year-on-year growth, while CITIC Jiantou noted a 4.54% increase in account numbers [6][7]. Group 4: Competitive Landscape - The competition among brokerages has intensified, with some firms engaging in a price war that has driven interest rates down to near breakeven points [7]. - To counteract this "internal competition," brokerages are implementing targeted client acquisition and tiered pricing strategies [7]. Group 5: Service and Operational Enhancements - Brokerages are enhancing their service and operational capabilities through system upgrades, product innovation, and risk management improvements [8]. - For instance, Dongfang Securities has upgraded its trading system, while Guohai Securities launched an intelligent investment advisory tool for two-in-one products [8].