2 01 02 03 04 01 02 03 04 3 / 4 / 01 1 . 1 | 表 | ：42家上市券商2025E盈利预期 | | | 图 ：交投活跃下成交额及两融历史新高 | | --- | --- | --- | --- | --- | | 单位：亿元 | 2024 | 2025E | 同比增速 | | | 调整后营业收入 | 4,219 | 5,553 | 31.6% | | | 经纪业务 | 1,060 | 1,546 | 45.8% | | | 投行业务 | 306 | 342 | 11.9% | | | 资管业务 | 441 | 458 | 3.8% | | | 自营业务 | 1,789 | 2,316 | 29.4% | | | 信用业务 | 334 | 514 | 53.9% | | | 归母净利润 | 1,483 | 2,142 | 44.4% | | 注：调整后营业收入=营业收入-其他业务成本；自营业务收入=投资收益+公允价值变动损益-联营合营投资收益+汇兑净损益； 数据来源：Wind，国泰海通证券研究 5 • 2025年交投活跃下上市券商业绩显著改善，预计42家上市券商2025 ...

Core Viewpoint - The article highlights recent developments in the investment landscape, focusing on various funds being established and their strategic objectives, reflecting a trend towards targeted investments in emerging industries and sectors. Group 1: Government and Institutional Funds - Hebei and Hubei provinces reported issues with government investment funds, including long-term idle funds and unclear positioning, indicating challenges in the current investment environment [2] - The Zhejiang Provincial Industrial Structure Adjustment Fund was established with a scale of 3 billion RMB, aimed at optimizing industrial structure and supporting strategic emerging industries [11] - The Kunming City Industrial Development Equity Investment Fund was registered with a scale of 2 billion RMB, focusing on five key industrial chains [12] Group 2: Private Equity and Venture Capital Funds - Carlyle Group announced the successful fundraising of a global S fund totaling 20 billion USD (approximately 1,400 billion RMB), marking it as one of the largest S funds in history [3] - GCL and Jinko jointly established an overseas fund, PROFUSION POWER FUND, with a target size of up to 300 million USD, focusing on renewable energy sector investments [5] - Apex Capital completed the fundraising of its fifth advanced manufacturing theme fund, achieving a high re-investment rate of 66% from existing LPs [8] Group 3: New Fund Initiatives - The establishment of the Shenzhen Baoan District "Baoqi Jinfu" investment conference led to the signing of multiple key projects, with a total signed amount exceeding 500 billion RMB [7] - Blackstone announced the completion of fundraising for its latest infrastructure secondary fund, reaching a total scale of 5.5 billion USD, making it the largest fund focused on infrastructure [10] - The establishment of the Bayer Co.Lab Venture Alliance in China aims to connect venture capital institutions and support biotech startups [20] Group 4: Sector-Specific Funds - The establishment of the Shenyang Automotive Industry Investment Fund, with an initial scale of 800 million RMB, focuses on the intelligent, electrified, and low-carbon directions of the automotive industry [23] - The Jiangsu Wuxi Integrated Circuit Mother Fund aims to invest in the semiconductor industry chain, with a total scale of 2 billion RMB [30] - The establishment of the Zhejiang Provincial Talent Development Venture Capital Fund, with a scale of 200 million RMB, focuses on supporting high-level talent projects [15]