以 24Q3 为参考，高弹性行情下权益自营有望贡献 20% 以上增量利润，中小券商更具弹性。 由于权益业务去方向化转型和报表披露颗粒度有限，我们难以 拆分报表层面自营股票类资产的敞口情况，但财务结果将是更为有力的弹性体现。 24Q3 受益市场提振、当季万得全 A 上涨 18% ，券商权益业务尤其是权 益自营释放出较强的业绩弹性。我们以" Q3 自营业务增量 / 全年归母净利润"比例排序选股，其中 Q3 自营业务增量 =Q3 自营业务收入 - 年度季均投资收 入，发现该比例超过 15% 的共计 10 家 。 报告导读： 从权益自营弹性选股仍是券商板块的重要投资思路之一。当前券商主动权益蓄 势，逐步走向适度弹性，我们认为未来投资意义上的高弹性标的仍将不多。 权益自营是券商业绩弹性的重要来源之一。 截至 8/25 ， 25Q3 以来 Wind 全 A 上涨 16% 、科创 50 上涨 28% ，市场交投活跃度显著提升。从投资者视 角而言，更加关心券商的盈利弹性。我们认为，权益自营是券商业绩弹性的重要来源之一，也是券商板块的重要选股思路。拆解权益业务的弹性来源，以自营 业务为主，辅以部分的投行跟投、私募股权跟投等。 ...

智通财经APP获悉，国泰海通发布研报称，当前券商主动权益蓄势，逐步走向适度弹性，但认为投资意 义上的高弹性标的仍将不多，需要股东方、管理层和执行部门形成合力。从权益自营弹性维度，推荐东 方证券(03958)、兴业证券(601377.SH)，关注相关标的长江证券(000783.SZ)、长城证券(002939.SZ)。 1)从过去10年看，券商自营的发展呈现出"固收持续扩张，权益增长停滞"的现象。以自营类资产/净资本 净资本指标倒推，2015-2024年固收自营规模从9081亿元提升至4.5万亿元，而权益自营则从4497亿元下 滑至3992亿元(推算当前权益自营占投资资产比重仅8%)，并且模式逐步向"OCI+多策略+主动权益"迭 代，实际上主动权益收缩比例更高。究其原因，除了外部市场环境波动、券商去方向化转型外，"短周 期的绝对收益考核"也是机制上的重要约束。2)当前该行观察到券商主动权益正在逐步蓄势，比如8月19 日中银证券董事会审议通过《关于提升权益类自营业务规模上限的议案》，提升权益自营授权。但该行 认为，券商主动权益的未来发展更趋向于从有限弹性走向适度弹性。虽然外部市场环境明显改善，但短 周期考核的机制约 ...

Core Viewpoint - The article discusses the evolution of equity proprietary trading in the context of the changing market environment, highlighting the transition towards the "OCI+" strategy as a new starting point for brokers' proprietary trading business [1][3]. Group 1: Historical Evolution of Equity Proprietary Trading - Equity proprietary trading has undergone two significant phases of transformation: the exploration of multi-strategy trading around 2010, and the recent shift towards high-dividend OCI strategies since 2022 [1]. - Major brokers like CITIC Securities and Huatai Securities were early adopters of multi-strategy and quantitative models to achieve stable and neutral returns [1]. - The adoption of high-dividend OCI strategies has become a consensus in the industry, with brokers increasingly diversifying their asset allocations [1]. Group 2: Current Trends and Strategies - As of Q1 2025, the total investment in other equity instruments by listed brokers reached 506.4 billion, with an estimated 200 to 250 billion attributed to high-dividend OCI strategies, representing over 50% of the industry's equity allocation [2]. - The acceleration in adopting high-dividend OCI strategies is driven by changes in market conditions and regulatory constraints on proprietary trading, making it a favorable option for brokers to enhance their balance sheets and yield [2]. Group 3: Future Outlook and Recommendations - The new mission for equity proprietary trading is to achieve high-quality balance sheet expansion, with "OCI+" expected to be a new starting point [3]. - If brokers allocate OCI strategies to 40% of their net capital, the potential incremental growth could reach 497.2 billion, providing stable income through coupon revenue [3]. - Investment recommendations suggest focusing on leading brokers with significant competitive advantages and considering smaller brokers with strong equity proprietary trading flexibility [3].