NO.1"西部+国融"获证监会核准，又一千亿券商将诞生 ｜2025年8月18日 星期一｜ 证监会官网近日披露公告，正式核准西部证券对国融证券部分股权的收购，表示对西部证券依法受让国 融证券11.51亿股股份（占公司股份总数64.5961%）无异议。2024年6月，西部证券首次对外公布了收购 国融证券股份的意向。此番获证监会正式核准，为这场历时一年有余的收购案注入确定性。据估算，收 购完成后西部证券总资产有望接近1200亿元。在政策支持"头部机构通过并购重组、组织创新等方式提 升核心竞争力"的当下，"西部+国融"的组合能否实现优势互补，达到"1+1>2"的效果，外界仍拭目以 待。 点评：西部证券收购国融证券获证监会核准，总资产将接近1200亿元，跻身千亿券商行列。此次并购顺 应监管鼓励头部券商通过重组提升核心竞争力的政策导向，有望增强西部证券在区域市场的竞争力。对 证券行业而言，此案例或将加速行业整合步伐，推动资源向头部集中。整体来看，券商并购重组趋势或 将为资本市场带来结构性变化，提升行业整体服务实体经济能力。 点评：险资系私募证券基金扩容至7家，显示监管层对险资参与资本市场支持力度加大。人保资产获批 设立私 ...

Core Insights - The A-share ETF market is experiencing underlying changes despite a seemingly calm surface, with increased participation from state-owned funds and a competitive landscape among leading brokerages [1] Group 1: Market Participation - Galaxy Securities maintains the top position in the Shanghai ETF market with a 24.63% share, showing a slight increase of 0.06 percentage points, driven by state-owned funds increasing their holdings in major ETFs [2] - Shenwan Hongyuan Securities follows with an 18.05% share, up by 0.18 percentage points, but still trails Galaxy by 6.58 percentage points, solidifying a duopoly in the market [4] - The Shenzhen Stock Exchange shows a more balanced holding scale among various institutions, encouraging broader participation in the ETF ecosystem [4] Group 2: Trading Activity - Huatai Securities leads in trading activity with an 11.30% monthly share, significantly ahead of competitors, while CITIC Securities has surged to second place, outperforming the third by 1.87 percentage points [5] - Galaxy Securities saw a drop in monthly trading share to 5.71%, falling to fifth place, indicating limited adjustments by state-owned funds in May [5] - Shenwan Hongyuan, despite a strong holding position, continues to lag in trading activity, highlighting a mismatch between holdings and trading volume [5] Group 3: Emerging Trends - Smaller brokerages like Dongfang Securities and Huabao Securities are gaining traction in the ETF market, with respective monthly trading shares of 6.12% and 4.64%, ranking fourth and sixth [6] - There is a renewed interest in Hong Kong ETFs, with the return of Hongyu Information Services to the top 30 in trading volume, reflecting a resurgence in investment enthusiasm [6] Group 4: Client Engagement - The trading landscape at the brokerage level is dynamic, with notable shifts in trading volume among various branches, indicating concentrated state fund activity [7] - Huatai Securities and Dongfang Wealth continue to dominate in terms of active trading accounts, with Huatai's app enhancing its appeal to individual investors [7] - The personal client trading accounts on the Shenzhen Stock Exchange are primarily led by Dongfang Wealth, showcasing its strong retail presence [7]

华泰证券（601688.SH）2025 年一季报点评 单季自营收入同比转正，经纪与信用业务持续高增 2025 年 05 月 01 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：4/29 晚间华泰证券发布 25 年一季报。2025 年一季度，公司营业收 入 82 亿元，环比-18.0%，同比+34.8%，同比增速较 24Q4 增加 27.41pct；归 母净利润 36 亿元，环比+28.7%，同比+59.0%，接近 4/10 业绩预增公告区间 （50%~60%）上沿，同比增速较 24Q4 增加 69.57pct，单季归母净利润同比增 速实现由负转正。 ➢ 单季自营收入同比转为增长，利息净收入与经纪收入同比保持高位，投行同 比小幅负增，资管业务同比转负。2025 年一季度公司自营/经纪/信用/投行/资管 业务收入分别为 28/ 19/ 10/ 5/ 4 亿元，同比+47%/ +43%/ +320%/ -6% ...