出品：新浪财经上市公司研究院 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元， 同比增长31%；实现归母净利润1040亿元，同比增长65%。 其中，安徽省两家国资券商2025H1业绩都实现了较快增长，营收、净利润增速都在40%以上，不相上下。整体业绩层 面，国元证券的营收、净利润更胜一筹，但差距减少。从对自营、经纪业务的依赖程度看，国元证券"靠行情吃饭"特 征更明显。 从细分业务上分析，国元证券的经纪业务手续费净收入、投资净收益更胜一筹，而华安证券的资管业务手续费净收 入、投行业务手续费净收入更高，尤其是资管业务收入是国元证券的7倍多。从盈利能力上看，国元证券净利率更 高，华安证券ROE 更高。 华安证券整体业绩、资产规模不及国元证券 2025年上半年，国元证券实现营业收入33.97亿元，同比增长41.60%；归母净利润14.05亿元，同比增长40.44%。同 期，华安证券实现营业收入28.08亿元，同比增长43.09%；归母净利润10.35亿元，同比增幅 ...

Core Insights - The performance of listed securities firms in the first half of the year has shown significant growth, driven by a combination of low base effects from the previous year and a recovery in the stock market [2][3] Group 1: Financial Performance - A total of 10 securities firms achieved revenue exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, followed by Guotai Junan at 23.87 billion yuan [3] - Nine firms reported a net profit growth of over 100%, with Huaxi Securities and Guolian Minsheng achieving increases of 1195% and 1185% respectively, largely due to low base effects from the previous year [3][4] - Six firms set historical records for their performance in the first half of the year, including CITIC Securities with a net profit of 13.72 billion yuan, a year-on-year increase of 29.8% [4] Group 2: Self-Operated Business - The high growth in securities firms' performance is closely linked to self-operated business income, with 36 firms reporting year-on-year growth in this area [5] - CITIC Securities led self-operated income at 19.05 billion yuan, a year-on-year increase of 62.42%, followed by Guotai Junan and China Galaxy [5] - Several firms reported significant increases in self-operated income, with Changjiang Securities achieving over sixfold growth [5] Group 3: Brokerage Business - All listed securities firms experienced growth in brokerage fee income, with CITIC Securities at 6.40 billion yuan and Guotai Junan at 5.73 billion yuan [6] - New customer acquisition has been strong, with CITIC Jiantou reporting an increase of 829,000 new clients, a year-on-year growth of 12.98% [6] - Financial product distribution and advisory services have also seen substantial growth, with various firms reporting significant increases in fund management and advisory scales [6]

Core Insights - The performance of listed securities firms in the first half of the year has shown significant growth, driven by a low base effect from the previous year and a recovery in the stock market [2][3] Group 1: Financial Performance - A total of 10 securities firms achieved revenue exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, followed by Guotai Junan with 23.87 billion yuan [3] - Nine firms reported a net profit growth of over 100%, with Huaxi Securities and Guolian Minsheng achieving increases of 1195% and 1185% respectively, largely due to low comparative figures from the previous year [3][4] - Six firms set historical records for net profit in the first half of the year, including CITIC Securities with a net profit of 13.72 billion yuan, a year-on-year increase of 29.8% [3][4] Group 2: Proprietary Trading Performance - The high growth in securities firms' performance is closely linked to proprietary trading income, with 36 firms reporting year-on-year increases [5] - CITIC Securities led proprietary trading income at 19.05 billion yuan, a 62.42% increase year-on-year, followed by Guotai Junan and China Galaxy [5] - Several firms, including Changjiang Securities, reported significant growth in proprietary trading income, with Changjiang achieving over sixfold growth [5] Group 3: Brokerage and Wealth Management - All listed securities firms experienced growth in brokerage fee income, with CITIC Securities at 6.40 billion yuan and Guotai Junan at 5.73 billion yuan [7] - New customer acquisition has been strong, with Dongwu Securities reporting a 147.88% increase in new clients [7] - Financial product distribution and advisory services have also seen substantial growth, with various firms reporting significant increases in fund management and advisory scales [7]

Core Viewpoint - The article highlights the contrasting performance of listed securities firms in the first half of the year, with some reporting significant profit increases while others, like Zhongshan Securities, faced substantial losses due to poor operational performance in key business areas [1][7]. Group 1: Zhongshan Securities Performance - Zhongshan Securities reported a net profit loss of nearly 30 million yuan in the first half of the year, becoming the first securities firm to announce a loss [2][6]. - The firm's revenue dropped by 52.17% year-on-year to 231 million yuan, with self-operated business income plummeting over 90% [6][8]. - Investment banking and asset management revenues also saw significant declines, with respective drops of 62.57% and 84.35% [10]. Group 2: Comparison with Other Firms - In contrast, over 20 listed securities firms projected profit increases, with at least 9 firms expecting net profit to double, and some large firms reporting over 50% growth [7]. - Zhongshan Securities' self-operated business, which had previously been a key growth driver, faced challenges, leading to a drastic reduction in income [9]. Group 3: Parent Company Performance - Despite Zhongshan Securities' losses, its parent company, Jinlong Co., reported a turnaround, expecting a net profit of 105 to 153 million yuan due to the sale of part of its stake in Dongguan Securities [4][14]. - The sale of 300 million shares of Dongguan Securities generated over 2 billion yuan, significantly boosting Jinlong's financial performance [16]. Group 4: Dongguan Securities Performance - Dongguan Securities showed strong performance with a revenue increase of 38% year-on-year to 1.413 billion yuan and a net profit growth of 60.07% to 477 million yuan [17]. - The brokerage business was the main revenue contributor for Dongguan Securities, with a 65% increase in commission income [18].

Core Viewpoint - The completion of the merger between Guotai Junan and Haitong Securities has established a "dual aircraft carrier" structure in the domestic securities industry, with Guotai Haitong emerging as a significant player in the market [1][10]. Financial Performance - In the first quarter of 2025, Guotai Haitong reported operating revenue of approximately 118 billion yuan, a year-on-year increase of about 47%, and a net profit attributable to shareholders of 122.42 billion yuan, representing a year-on-year growth of approximately 3.9 times [1][3]. - Guotai Haitong is the only securities firm among the 49 A-share companies to exceed 100 billion yuan in net profit, ranking second in operating revenue [1][5]. Asset and Capital Structure - As of the end of March 2025, Guotai Haitong's total assets reached approximately 1.69 trillion yuan, making it the second-largest in the industry, following CITIC Securities [2][10]. - The company raised 10 billion to 20 billion yuan through a targeted issuance of shares to Shanghai State-owned Assets Operation Co., improving its financial condition post-merger [2][11]. Market Position and Growth Potential - Guotai Haitong's net profit excluding non-recurring items was 32.93 billion yuan, a year-on-year increase of 60.65%, placing it third in the industry in this metric [7]. - The company is optimistic about its future growth prospects and plans to repurchase shares worth between 10 billion and 20 billion yuan within the next three months [2][11]. Business Segments and Revenue Sources - The company benefited from a vibrant capital market, achieving an investment net income of 70.76 billion yuan in the first quarter, compared to a loss of 30.19 billion yuan in the same period last year [9]. - Guotai Haitong's net income from brokerage fees was 26.52 billion yuan, a year-on-year increase of 76.96%, driven by increased trading volume [11].

Core Viewpoint - The overall performance of the securities industry in the A-share market has improved significantly in the first quarter, with 38 out of 42 listed brokerages reporting year-on-year profit growth, driven by increased market activity [1][2][4]. Group 1: Profit Performance - 12 brokerages achieved a net profit exceeding 1 billion yuan in the first quarter, with Guotai Haitong leading at 12.242 billion yuan [2][3]. - The top three brokerages by net profit growth are Northeast Securities (859.84%), Guotai Haitong (391.78%), and Guolian Minsheng (271.95%) [1][4][5]. - All listed brokerages reported profitability in the first quarter, contrasting with losses from Guolian Minsheng and Tianfeng Securities in the same period last year [2]. Group 2: Revenue Sources - The increase in wealth management business revenue has been a significant contributor to the positive performance of brokerages [6]. - Brokerage commission income saw growth across the board, with notable increases from leading firms: CITIC Securities (36.18%), Guotai Haitong (76.96%), and GF Securities (50.66%) [6][7]. - Securities investment income for the 42 brokerages reached 48.566 billion yuan, a year-on-year increase of 51.02% [9][10]. Group 3: Future Outlook - Market analysts express optimism regarding the future performance of the securities industry, citing ongoing reforms and potential policy support [13]. - The head institutions in the industry are expected to have greater valuation enhancement opportunities due to their ability to leverage policy innovations [13].