（原标题：暴涨！"牛市旗手"重磅榜单来了） 2025年上半年，证券行业交出了一份超出市场预期的"成绩单"。 42家A股上市券商的半年度报告均已披露完毕，合计实现营业收入2518.66亿元，同比增长30.8%；合计 实现归母净利润1040.17亿元，同比增长65.08%。其中，37家券商营收和净利润均实现同比正增长，仅 有少数券商营收出现下滑。 头部券商发挥稳定 浙商证券表示，营业收入减少的原因主要系衍生金融工具市场价格下降，引发公司公允价值变动收益较 上年同期减少30.22%。财通证券称，主要原因是投资银行业务手续费净收入、资产管理业务手续费净 收入、投资收益及公允价值变动收益同比有所下降。 中小券商爆发 头部券商发挥稳定，中信证券、国泰海通、华泰证券、广发证券、中国银河、中金公司、申万宏源、国 信证券、中信建投、招商证券十家券商上半年的营收都突破百亿元大关。 中信证券以330.39亿元的营收稳坐"头把交椅"，并创历史中期最好水平；国泰海通公布合并后首份半年 报，营收规模为238.72亿元，位列第二；华泰证券、广发证券两家券商营收均在150亿元以上。 从归母净利润来看，国泰海通、中信证券的归母净利润均超百亿元 ...

Core Insights - The securities industry in China has reported a strong performance for the first half of 2025, with total revenue reaching 251.87 billion yuan, a year-on-year increase of 30.8%, and net profit attributable to shareholders amounting to 104.02 billion yuan, up 65.08% [1][2][3] Group 1: Performance of Major Securities Firms - Ten leading securities firms, including CITIC Securities and Guotai Junan, reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, marking its best mid-year performance [2][3] - Guotai Junan's revenue reached 23.87 billion yuan, showing a significant year-on-year growth of 77.71% [3] - Other firms like Huatai Securities and GF Securities also reported revenues above 15 billion yuan, with growth rates of 31.01% and 34.38% respectively [3] Group 2: Growth Drivers - The increase in revenue and net profit is attributed to a recovery in the market, with a notable rise in self-operated investment income and brokerage fees [1][8] - The number of new A-share accounts opened reached 12.6 million, a 32.8% increase year-on-year, contributing to a 61% rise in average daily trading volume to 1.39 trillion yuan [7][10] Group 3: Investment Banking Recovery - The investment banking sector also showed signs of recovery, with total investment banking fees reaching 15.53 billion yuan, an 11% increase compared to the previous year [13] - CITIC Securities led the investment banking fees with 2.098 billion yuan, reflecting a 20.91% increase [14] - Smaller firms like Huazhong Securities and Zhongyin Securities reported over 100% growth in their investment banking revenues, indicating a shift towards comprehensive investment banking services [15]

Core Viewpoint - The securities industry in China has shown significant growth in the first half of 2025, with a total revenue of 251.87 billion yuan, representing a year-on-year increase of 30.8%, and a net profit of 104.02 billion yuan, up 65.08% [1][2]. Group 1: Performance of Major Securities Firms - Ten major securities firms, including CITIC Securities and Guotai Junan, reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.04 billion yuan, marking its best mid-year performance [3][4]. - Guotai Junan's revenue reached 23.87 billion yuan, showing a year-on-year growth of 77.71%, while Huatai Securities and GF Securities both surpassed 15 billion yuan in revenue [4][5]. Group 2: Growth Drivers - The growth in the securities industry is primarily driven by self-operated investment income and brokerage business, with a notable increase in daily trading volume and new account openings [8][9]. - The average daily trading volume increased by 61% to 1.39 trillion yuan, and new A-share accounts reached 12.6 million, up 32.8% year-on-year [8][9]. Group 3: Investment Banking Recovery - The investment banking sector has shown signs of recovery, with total investment banking fees reaching 15.53 billion yuan, a year-on-year increase of 11% [14][16]. - CITIC Securities led the investment banking fees with 2.098 billion yuan, reflecting a growth of 20.91% compared to the previous year [15][16]. Group 4: Performance of Smaller Securities Firms - Smaller securities firms also demonstrated impressive growth, with Guolian Minsheng reporting a revenue increase of 269.4% to 4.01 billion yuan and a net profit surge of 1185.19% [5][6]. - Other smaller firms like Dongbei Securities and Hualin Securities also reported significant net profit growth, with increases of 225.9% and 172.72% respectively [5][6]. Group 5: Challenges Faced - Some firms experienced revenue declines, such as Zhejiang Securities, which saw a 23.66% drop in revenue due to decreased market prices of derivative financial instruments [6][7]. - Other firms like Xibu Securities and Caitong Securities also reported revenue declines, indicating challenges in certain segments of the market [6][7].