非银金融行业上市券商2025年三季报业绩综述：营收净利双增长行业集中度持续提升

内容目录业绩总览：营收净利双增长，行业集中度持续提升 1业务结构：自营业务占比超四成，经纪业务增速领先 6投资建议 风险提示 图目录图1：2025Q3上市券商业绩同比增速较快 1图2：上市券商前三季度业绩纵向对比 2图3：上市券商ROE情况 2图4：上市券商杠杆倍数 2图5：上市券商分项业务收入（亿元） 6图6：上市券商分项业务收入权重自营占比明显提升 7图7：上市券商分项业务收入（亿元） 8图8：上市券商经纪业务集中度 8图9：上市券商投行业务集中度 8图10：上市券商资管业务集中度 9图上市券商自营业务集中度 9图12：上市券商利息业务集中度 9表目录表1：上市券商营收明细 3表2：上市券商利润明细 4表3：上市券商ROE及杠杆明细 5表4：上市券商2025Q1-Q3分项业务增速及业务占比 10业绩总览：营收净利双增长，行业集中度持续提升2025增长的首要引擎，2025年前三季度42家上市券商合计实现营业收入4195.6042.55%1690.49亿元，同62.38%2025年上半年明显提升，显示行业景气度持1676.9464.80%650.3258.23%。从盈利面看，所有上市券商均实现盈利，其中10家券商净利润增速超过100%，国联民生、等券商净利润增幅超过300%。行业马太效应持续加剧，营收前十大券商合计实现营业收入2727.46亿元，占上市券商总营收的65%；净利润前十大券商合计实现净利润1195.48亿元，占比高达70.6%图1：2025Q3上市券商业绩同比增速较快图2：上市券商前三季度业绩纵向对比2025ROE7.01%20244.97%2个百分点，显示行业盈利能力显著增强。杠杆水平方面，行业平均杠杆倍数（剔除客户资金）20243.35倍微升至20253.470.13倍。券商在维持相对稳健杠杆水的显著改善。图3：上市券商ROE情况 图4：上市券商杠杆倍数2025年前三季度，共有11家券商营收突破百亿元，较2024年同期增加一家。中信证券以558.15亿元的营收和231.59亿元的净利润稳居行业双龙头地位。国泰海通紧随其后，营收达458.92亿元，净利润220.74亿元，与中信证券共同形成行业第一梯队。并购重组券商表现尤为亮眼，国联民生证券营收增速高达201.17%，净利润增速达345.30%，成为行业最大黑马，国泰海通营收同比增长101.60%，净利润同比增长131.80%，同样受益于与海通证券的整合效应。部分中小券商也展现出强劲增长势头国海证券净利润增速分别达316.89%和282.96%，中泰证券、等多家券商净利润也实现翻倍增长。表1：上市券商营收明细营业收入(亿元)24Q1-Q325Q1-Q3YOY25Q225Q3QOQ中信证券420.60558.1532.70%152.78227.7549.07%101.60%国泰海通227.63458.92120.99220.1981.99%12.55%36.58%241.03271.2979.87109.0931.97%广发证券185.51261.6441.04%81.58107.66中国银河157.56227.5144.39%61.8990.0445.50%中金公司134.49207.6154.36%71.0779.3311.62%125.62194.9955.22%62.1678.0425.55%国信证券113.35192.0369.41%57.9381.2840.30%27.76%142.79182.4458.0777.2333.00%12.51%131.73172.8931.25%58.2165.4979.70%东方证券91.18127.0839.38%26.1947.0739.96%48.29%兴业证券66.2992.7726.1238.7367.17%26.68%方正证券54.3390.8226.9934.1921.30%27.1237.4838.18%中泰证券74.2490.0576.66%72.65%长江证券48.0484.8621.9037.8227.83%光大证券64.0681.8926.2030.6517.00%东吴证券53.7072.7435.45%13.3628.46112.96%-78.11%浙商证券40.7267.8966.73%31.136.8243.36%15.91%国金证券42.9161.5219.7622.91201.17%国联民生20.0560.3824.4920.27-17.23%13.99%财通证券44.4150.6318.9021.0311.29%26.20%18.7815.75-16.15%国元证券39.3949.7167.32%17.39%华安证券26.4444.2313.7616.16-2.17%-1.72%44.3143.3515.7315.4644.61%-20.22%28.5041.2115.8212.6238.83%223.46%27.8138.615.6118.1520.25%65.92%东兴证券30.0236.108.2013.6156.52%22.3234.939.8814.2043.69%28.46%信达证券23.5030.1910.719.82-8.32%第一创业24.0129.8524.32%11.7111.53-1.55%国海证券21.0626.1724.22%7.6110.3035.37%42.75%14.10%17.6425.188.8910.1513.53%-7.92%山西证券21.6624.598.898.1826.95%23.86%19.2124.387.539.3312.72%-14.25%南京证券20.0722.627.986.8457.53%天风证券13.4121.125.888.9051.35%21.52%财达证券17.0520.727.538.3310.58%8.75%-14.11%18.5320.158.527.318.46%-8.03%红塔证券16.2517.626.235.7311.38%-0.43%12.9214.395.205.1818.08%-28.51%华林证券10.1612.005.103.6519.88%37.67%太平洋8.6510.373.064.22总计 2943.15 4195.60 42.55 1259.35 1676.94 33.1664.95%129.75%54.76%93.31%135.20%125.21%316.89%64.95%129.75%54.76%93.31%135.20%125.21%316.89%31.18%32.59%29.28%20.21%37.34%46.11%282.96%79.50%归母净利润(亿元)24Q1-Q3 25Q1-Q3 YOY 25Q2 25Q3 QOQ中信证券167.99231.5937.86%71.7494.4031.58%131.80%国泰海通95.23220.7434.9563.3781.31%1.69%125.21127.3339.0751.8332.67%57.51%中国银河69.64109.6837.1344.6520.26%61.64%广发证券67.64109.3422.8822.36-2.26%国信证券48.7991.3787.28%23.0737.3261.78%29.05%71.5088.7124.08%34.7244.8038.5080.16108.22%5.937.4325.22%42.9770.8926.6625.80-3.22%中金公司28.5865.6728.7836.8628.05%东方证券33.0251.1020.2716.47-18.75%方正证券19.6537.999.5210.035.39%长江证券14.3433.737.949.5420.28%东吴证券 18.32 29.35 60.23% 8.14 11.9146.34%光大证券19.9026.7834.55%30.3837.7024.07%兴业证券13.2025.2190.98%8.649.9515.21%财通证券14.7220.3838.42%3.415.8972.40%国元证券15.7020.1528.34%11.8914.1519.07%-20.16%10.98 19.31 75.83% 7.64 6.10-7.15%浙商证券12.65 18.92 49.57% 4.94 4.59华安证券11.4318.8364.71%4.397.8077.62%国联民生3.9617.63345.30%0.071.221582.57%国金证券8.9417.0090.27%5.285.9011.63%东兴证券信达证券9.438.8515.9913.5469.56%52.89%5.102.288.486.3666.14%178.55%中泰证券 5.03 13.00 158.63% 7.57 16.36115.97%7.2912.4370.63%1.703.3697.89%南京证券4.742.546.9610.6710.599.132.113.442.755.472.922.08159.14%-15.05%-24.32%红塔证券6.528.641.571.29-17.92%-29.95%6.618.547.795.46-59.78%7.508.047.19%8.193.3059.09%第一创业6.417.711.782.83-15.39%山西证券5.337.327.516.364.837.063.682.85-22.42%12.89%国海证券1.847.052.562.891.54%财达证券3.706.642.852.89-55.49%华林证券3.024.4045.66%2.331.041.633.89138.68%3.751.94-48.25%80.26%136.69%太平洋1.362.460.531.25扭亏-7.61%天风证券(5.36)1.533.393.13总计1041.081690.4962.38518.34650.3225.46ROEROE10%ROE20242.14%4.52%。表3：上市券商ROE及杠杆明细ROE（年化，）杠杆倍数（剔除客户资金，倍）202425H1YOY25Q1-Q3,年化QOQ202425H1YOY25Q1-Q3QOQ长江证券4.688.603.919.809.619.609.589.509.259.088.798.328.268.168.158.157.807.587.267.217.207.157.136.906.856.796.496.096.025.795.595.435.335.314.674.524.174.003.633.633.290.742.222.953.534.264.605.494.073.463.953.165.384.383.743.294.091.893.082.964.983.222.843.083.753.313.533.492.972.452.612.562.852.683.893.463.252.184.461.823.422.512.501.173.652.843.324.134.505.164.143.334.132.894.304.113.743.484.212.773.023.404.863.002.923.113.683.654.453.943.132.992.282.592.913.143.663.193.122.102.952.223.382.842.521.153.15-0.113.013.283.984.835.264.233.484.763.834.694.403.863.864.342.313.083.255.423.082.773.203.853.874.793.843.602.923.032.463.092.953.853.223.132.012.932.313.452.902.471.162.960.172.341.65-0.04华安证券6.628.96-0.21方正证券4.589.554.970.50-0.13-0.15中信证券7.408.981.580.82-0.100.334.977.902.931.71-0.320.10中国银河7.149.001.860.590.070.10国信证券6.928.601.680.98-0.130.15广发证券6.538.572.040.930.180.63东吴证券5.679.043.370.21-0.270.94国泰海通7.639.792.17-1.070.397.987.890.89-0.270.29东方证券4.128.164.050.150.000.138.017.540.720.190.386.788.211.430.120.13华林证券5.309.504.200.88-0.465.278.903.63-0.060.067.447.140.660.44-0.15中金公司4.947.292.350.29-0.120.56财通证券6.435.911.35-0.220.08财达证券5.756.250.500.960.08-0.15东兴证券5.455.630.181.580.020.09国元证券6.067.401.34-0.080.174.574.462.680.340.22浙商证券5.496.390.900.510.920.34信达证券5.738.272.540.45-0.10南京证券5.606.791.180.010.160.47国金证券4.956.461.510.030.54-0.075.046.101.06-0.330.75第一创业5.545.710.170.310.03-0.133.094.291.201.500.060.184.875.360.490.230.45-0.18兴业证券3.744.370.631.06-0.230.19山西证券3.965.731.77-0.270.03光大证券4.474.870.400.44-0.130.01红塔证券3.135.322.19-0.09-0.09国联民生2.144.412.270.11-1.51-0.03国海证券1.943.331.390.840.400.09中泰证券2.193.311.120.69-0.040.072.713.290.580.340.330.071.753.661.91-0.030.02-0.05太平洋2.272.460.190.83-0.020.01天风证券-0.130.230.360.52-0.50-0.19总计4.976.521.557.010.493.353.34-0.013.470.13业务结构：自营业务占比超四成，经纪业务增速领先202544.08%的营26.64%70%74.64%54.52%42.12%，投行业务增长23.46%2.43%，显著低于其他业务板块。2025与经纪业务共同构成了业绩的绝对支柱。这得益于股市上涨带来的投资收入增加，以及券商主动增配权益类资产。券商资管规模保持稳定，而权益ETF图5：上市券商分项业务收入（亿元）图6：上市券商分项业务收入权重自营占比明显提升经纪业务成为业绩增长主引擎2025年前三季度，上市券商经纪业务收入达1117.77亿元，同比增长74.64%2025A股市场交投活跃度CR5（前五大券商占比）2024109.39108.14自营业务规模与收益双升1849.432025A股市场主要指数全线上涨的背景下，券商自营投资业绩显著改善，年化投资收益率同比有所提升。投行业务股权融资回暖，债券承销稳健2025年前三季度，上市券商投行业务收入251.51亿元，同比增长23.46%，增速较上半年有所扩大。随着IPO和再融资市场回暖，行业股权承销规模在低基数背景下将持续提升。投行业务CR5达到52%，CR10达到68%，较2024年进一步提升，呈现头部恒强格局。两融余额驱动增长339.0654.52%，表现强劲。2025年前商债务融资成本同比下降，有助于利息业务利润率改善。图8：上市券商经纪业务集中度 图9：上市券商投行业务集中度图12：上市券商利息业务集中度分业务增速 收入结构占比经纪投行资管自营利息其他经纪投行资管自营利息其他6644-55-151515124753712146630-135819041234361266717-223813262645417国元证券7155-45214110223146235国海证券6659-8-1237223455211619广发证券75-311562323272223667长江证券5913-5290262333236205山西证券5113-243-229-392610748457875-1915-117-49237243125国信证券109-6-2375452533335263第一创业8515-7267444147224231278-39-52123113447212722256246629312755205152517华林证券809-45-432159471117268中信证券53311634-1733207165314国金证券781737452328341322718854123-343831392361421513财达证券83-1-1632130-68361193364华安证券77165-176447273253845613中泰证券65-36178112-663652021144东方证券4941-457-1550199851678022301888363440710信达证券48-26-1960-3-926344610115423328502331154047太平洋77-61-4051467365533192财通证券66-29-192631-327519291095320-5753521401071667-66天风证券4919-266-283437281061-4510东兴证券70-6-342213572010449152国泰海通143464987232119246944116红塔证券70-41-5031-9-9411107016172-649-18129-524312232012兴业证券65-6-15742122341371320国联民生2931619220-181214261194923东吴证券491623465222482491348019-2大证券63-2215221635366824215浙