证券行业2025年年报综述：料市场平稳运行业绩稳中有进

正文目录一、场气振年绩 41、气：益健，债宽震荡 42、商绩览市气提全业绩 4市景提业绩 4重产占壁，轻产比幅行 6ROE眼经杆提升 7二、部务 91、纪务市提放弹，率压著 92、行务底回暖 123、管务平向好 134、营务顺行仓权，入健头客需务显暖 165、用务两量减，质模续滑 196、际务增新擎 21三、年望料场稳运，绩中进 231、策流性望 232、业气假与盈利测 23四、资议风提示 241、资议 242、险示 24一、市场景气提振全年业绩 1、景气度：权益稳健向上，债市宽幅震荡20254调后，权益市场重回上行趋势，整体中枢显著抬升。全年上证指数、沪深30018.4%17.7%板指涨幅达49.6%，显著跑赢上证指数和沪深300。2025025见稿赎回新规引发债基预防性赎回，导致债券显著回调，后伴随关税冲击再起，资金回流债市带动债市略有修复。全年中证综合债累计上行0.6%。202570%2.1IPO1308剔除四大行定增）为4267亿，同比+73%。图1：2025年权益稳健上，结构分化明显 图2：2025年债市一波折，宽幅震荡（%） 上证指数 沪深300 创业板指60.050.040.030.020.010.00.0-10.02025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-11-20.02025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-11

2.0（%） 中证全债2.01.51.00.50.0-0.5-1.02025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-12-1.52025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122025-122、券商业绩总览：市场景气提振全年业绩2025-12截至2025年3月31日，A股42家上市券商中24家披露年报，头部券商基本披露完毕。本报告以该24家券商数据为基础展开分析。市场景气提振业绩202524435332%17446204年9月华泰证券出售Aseark63388241656+50%+34%。经纪收入1158亿，同比+44%；投行收入322亿，同比+38%；资管收入405亿，同比+8%。权益向好和杠杆资金入市支撑资金类业务，收入同比+29%。自营收入1793亿，同比+26%；信用收入363亿，同比+48%。股债走势纠结，Q4业绩环比回落。单四季度24家上市券商合计实现营业收入1049亿，同比+6%，环比-22%；归母净利润361亿，同比+11%，环比-31%；扣非净利润362亿，同比+12%，环比-34%。图3：24家上市券商营业收入和归母净利润情况（按2025年归母净利润降序排列）单位：亿元营业收入归母净利润2025年同比变动4Q25同比变动环比变动2025年同比变动4Q25同比变动环比变动1中信证券748.5428.79%190.4018.56%-16.40%300.7638.58%69.1741.03%-26.72%2国泰海通631.0787.40%172.1657.77%-21.82%278.09113.52%57.3563.81%-9.50%3华泰证券358.106.83%86.81-7.80%-20.42%163.836.72%36.5129.01%-29.57%4广发证券354.9334.33%93.2818.51%-13.35%137.0242.18%27.67-3.66%-38.02%5中国银河283.0224.34%55.52-20.75%-38.34%125.2024.81%15.51-49.42%-65.37%6招商证券249.7219.53%67.281.75%-12.89%123.5018.91%34.787.47%-5.63%7中金公司284.8133.50%77.20-2.08%-2.67%97.9171.93%32.2413.67%44.15%8申万宏源242.5630.29%47.57-21.43%-39.05%95.0782.46%14.919.57%-60.05%9中信建投233.2222.41%60.322.59%-7.89%94.3930.68%23.51-19.66%-8.89%10东方证券153.5826.18%26.50-13.25%-43.71%56.3468.16%5.23986.41%-68.24%11方正证券105.0436.08%14.22-37.81%-58.42%39.7079.85%1.71-29.41%-87.92%12光大证券108.5213.06%26.62-16.59%-13.13%37.2421.77%10.46-2.05%5.14%131.03%25.64-18.74%-33.79%28.7032.64%3.49-58.62%-70.67%14华安证券50.6831.11%6.45-47.22%-60.08%21.0841.92%2.25-34.22%-73.46%15东兴证券47.1110.25%11.01-13.37%-19.13%21.0236.10%5.03-16.37%-35.51%16国联民生76.73185.99%16.35141.11%-19.32%20.09405.49%2.4615611.67%-61.26%17信达证券40.4422.86%10.258.88%4.42%18.9438.74%5.4012.62%63.84%18中泰证券113.9317.58%23.875.38%-36.30%14.3553.07%1.35-68.99%-77.10%19红塔证券24.3437.76%6.72373.10%17.21%12.1458.84%3.49211.61%79.94%20西南证券32.0725.35%6.89-13.28%-32.06%10.6251.90%3.5764.82%26.21%21首创证券25.284.58%5.13-9.10%-29.87%10.567.26%2.537.49%-19.34%22国海证券34.557.22%8.38-24.87%-18.66%7.6979.57%0.64-73.85%-80.97%23华林证券16.9818.34%4.9818.95%36.54%5.0643.35%0.6629.63%-36.26%24中原证券19.6340.97%5.24423.31%1.05%4.5685.41%0.66-19.73%-48.61%24家31.81%1,048.796.05%-22.03%1,723.8645.79%360.5910.82%-30.56%成本端管理费用管控贯穿全年。2025年24家上市券商管理费率1为49%，同比24+5.0pct，202543%、44%45%和-9.4pct。1管理费率=管理费用/（营业收入-其他业务收入），下同。图4：24家上市券商管理费率情况（按2025年管理费率降序排列）管理费率2025年同比变动4Q25同比变动环比变动1中泰证券74.29%-8.62pct67.83%-5.86pct-6.02pc2国海证券67.36%-4.69pct72.65%-2.95pct3国联民生67.01%-19.96pct81.48%-30.67pct4华林证券64.42%-0.16pct84.87%-4.20pct5兴业证券63.27%-4.09pct73.33%16.01p6中原证券61.47%-21.40pct47.49%-37西南证券59.69%-6.06pct45.47%8中金公司57.79%-9.44pct46.28%9光大证券54.91%-6.53pct45.84%10东方证券54.72%-10.34pct11方正证券54.60%-11.09pct125%-0.96pct13中信建投47.72%-5.34pc14华安证券47.05%-615广发证券46.59%16华泰证券45.75%17国泰海通45.70%18中国银河4519东兴证券20中信证券21申万宏源22招商2324重资产仍占半壁江山，轻资产占比小幅上行重资产仍占半壁江山，轻资产占比小幅上行。2025年24家上市券商自营/经纪/资管/信用/投行/其他业务占主营业务收入比重分别为41.9%/27.0%/9.5%/8.5%/7.5%/5.6%，同比为-2.0/+2.4/-2.1/+0.9/+0.4/+0.4pct。图5：24家已披露年报券商收入结构经纪 投行 资管 信用 自营 其他5.9%5.9%6.4%6.7%7.4%6.8%5.2%5.6%24.6%37.5%33.1%32.6%35.8%43.9%41.9%12.9%11.5%11.0%12.5%9.7%12.5%9.5%10.8%7.5%9.7%12.6%13.0%11.9%14.4%11.5%12.0%10.7%7.2%8.5%9.5%7.5%22.3%26.5%27.1%28.2%24.4%24.7%27.0%90%80%70%60%50%40%30%20%10%0%2019

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2025ROE亮眼，经营杠杆提升ROE202524家上市券商平均ROE+1.8pctROE10.6%、10.5%、10.2%、9.9%9.8%ROE3.9pct、3.7pct、3.3pct、2.9pct和2.7pct。经营杠杆提升。2025，24上券整经杠为4.36倍保扩表趋势；4Q25股震影响 和金司券杠小（5.31（5.06倍（4.90倍（4.72）（4.60倍证券公司ROE杠杆倍数2025年同比变动2H241Q251H253Q252H25变动情况证券公司ROE杠杆倍数2025年同比变动2H241Q251H253Q252H25变动情况1中信证券10.59%2.50pct4.674.794.665.035.062中信建投10.51%2.29pct4.174.444.324.444.323广发证券10.16%2.72pct3.884.234.074.664.724招商证券9.94%1.12pct4.394.164.154.444.365中国银河9.84%1.54pct4.154.174.214.344.406国泰海通9.78%1.64pct4.764.094.354.774.907中金公司9.39%3.87pct5.044.914.915.405.318华泰证券9.20%-0.04pct3.353.363.583.934.139华安证券9.11%2.30pct3.523.373.313.263.15103.68pct4.394.184.204.304.3611信达证券8.61%1.38pct3.463.443.913.813.6112方正证券8.01%3.29pct3.993.913.873.723.8813首创证券7.78%0.09pct2.993.323.443.303.2214华林证券7.28%1.85pct1.892.722.772.291.8515东兴证券7.13%1.56pct3.083.023.113.232.8316东方证券6.99%2.85pct4.014.014.074.324.6017光大证券5.58%1.00pct3.303.203.243.263.1118兴业证券4.93%1.12pct3.623.633.433.603.9719红塔证券4.88%1.66pct2.181.822.102.012.1920国联民生4.16%1.97pct4.382.852.992.963.1721西南证券4.08%1.35pct2.502.582.852.903.1322国海证券3.45%1.50pct1.822.582.232.311.9023中泰证券3.32%1.18pct3.443.323.433.483.1024中原证券3.20%1.44pct2.472.402.512.442.5724家1.83pct4.074.014.054.314.36二、分部业务 1、经纪业务：市场提振释放弹性，费率承压显著2025273410.5+10%、+35%20251.34879+100%+241%；20252.12025下滑0.29bps2025公募交易佣金费率为0.0365%，同比-1.50bps；2025H2公募交易佣金费率为003600bp在交易费率动态调整框架2下，公募佣金费率仍有较大下行压力。20251.18万58594819-42%1078+229%FOFETF20252667亿份，同比+119%，占总体新发比重为22.7%，同比+12.4pct。图7：2025年日均股基易额同比+70% 图8：个人、机构开户维持高位单位：亿元31000260002100016000110002022-092022-1260002022-092022-12

两市股基日均成交额 右轴

300%250%200%150%100%50%0%-50%2025-12-100%2025-12

8007006005004003002001002023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-0902023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-09

个人新开户数（万个） 机构新开户数（万个，右轴）2021-032021-062021-032021-062021-092021-122022-032022-062022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-12220244193个月内完成费率调整。图9：进入2025H2，私备案提速 图10：交易佣金费率下压力较大0

私募证券投资基金备案通过数量私募证券投资基金备案规模（亿元，右轴）

120010008006004002002021-092021-122021-092021-122022-032022-062022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-12

交易佣金费率公募交易费率交易佣金费率公募交易费率0.09%0.08%0.07%0.06%0.05%0.04%0.03%0.02%0.01%2013201420152016201720182019202020212022202320242025H12025H20.00%2013201420152016201720182019202020212022202320242025H12025H2；注：交易佣金费率=代理买卖证券净收入（含交易席位租赁）/双边股基成交额图+83%

图12：2025年新发ETF份额占比总新发份额比重为22.7%，同比+12.4pct权益类基金 固收类基金 其他 新成立基金

新成立ETF 占总成立份额比重（右轴)单位：亿份2500200015002023-032023-0602023-032023-06

7006005004003002001000

单位：亿份

50%45%40%35%30%25%20%15%10%5%2025-120%2025-122023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-09经纪高增。202524+44%2023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-09经纪收入为307-2%-17%2025（151亿（148亿（96亿（96亿（89亿（933%45（4）分项来看，资金入市和换手率抬升推动代理买卖证券收入同比+56%至1168亿，+21%亿，占证券经纪收入比重为7%，同比-1.78pct，同比增速较慢是因为公募负债端同比单位：亿元2025年同比变动4Q25同比变动环比变动1单位：亿元2025年同比变动4Q25同比变动环比变动1国泰海通151.3893.01%43.2427.58%-14.90%2中信证券147.5337.72%38.147.19%-15.93%3广发证券95.9744.32%26.18-1.62%-14.39%4华泰证券91.2241.50%25.342.12%-10.61%5招商证券88.9343.82%22.93-8.64%-20.02%6中国银河88.4642.94%25.411.81%-4.41%7中信建投79.7037.01%22.136.71%-8.28%8中金公司61.7144.75%16.55-2.76%-11.18%9申万宏源59.9330.20%15.07-20.38%-24.57%10方正证券55.7838.19%14.12-18.83%-22.96%11中泰证券42.9428.50%10.43-23.81%-26.18%12光大证券39.8333.14%10.11-13.43%-20.31%13兴业证券29.4438.21%7.83-4.27%-14.72%14东方证券29.1616.13%5.35-41.48%-47.03%15国联民生21.03192.83%5.3868.08%-18.60%16华安证券14.8037.24%3.77-17.10%-19.19%17国海证券11.6233.58%2.80-17.47%-23.86%18信达证券10.6124.36%2.87-13.04%-13.88%19东兴证券9.5330.30%2.36-23.85%-20.21%20中原证券8.2328.00%1.98-29.10%-25.56%21华林证券7.6435.36%1.95-21.29%-18.83%22西南证券7.4921.78%1.81-26.67%-23.48%23首创证券2.7123.55%0.68-21.10%-18.41%24红塔证券2.6224.83%0.65-31.06%-23.75%24家券商合计1,158.2744.38%307.08-2.46%-16.53%代理买卖证券收入交易席位租赁收入代销金融产品单位：亿元2025年同比变动占证券经纪代理买卖证券收入交易席位租赁收入代销金融产品单位：亿元2025年同比变动占证券经纪同比变动2025年同比变动占证券经纪收同比变动2025年同比变动占证券经纪收同比变动收入比重入比重入比重1国泰海通159.58117.17%87.20%2.52pct12.0464.25%6.58%-1.87pct11.3990.84%6.22%-0.65pct2中信证券154.6049.84%81.06%1.72pct15.8731.74%8.32%-0.94pct20.2636.60%10.62%-0.78pct3华泰证券109.1249.24%87.20%1.01pct8.4524.49%6.75%-1.25pct7.5653.68%6.04%0.24pct4招商证券101.6749.97%89.08%1.40pct6.0919.49%5.33%-1.25pct6.3843.91%5.59%-0.14pct5中国银河82.3135.96%91.85%-1.40pct1.4534.85%1.62%-0.04pct5.8677.03%6.53%1.44pct6广发证券72.1548.62%78.99%1.44pct7.918.02%8.66%-3.04pct10.9167.28%11.94%1.53pct7中信建投71.4453.33%80.99%4.70pct7.01-8.24%7.94%-4.56pct9.7642.62%11.06%-0.14pct8申万宏源61.3939.38%89.91%1.30pct5.6535.86%8.27%-0.09pct1.25-17.37%1.83%-1.21pct9中金公司57.4554.72%73.29%2.73pct7.097.57%9.05%-3.48pct13.8455.61%17.66%0.75pct10方正证券56.7245.27%91.31%0.05pct2.026.42%3.25%-1.18pct3.3883.46%5.44%1.13pct11中泰证券46.9238.62%89.28%1.26pct3.288.45%6.25%-1.62pct2.3548.87%4.48%0.37pct12光大证券40.6747.36%81.56%3.11pct1.72-24.10%3.44%-2.99pct7.4840.55%15.00%-0.13pct13兴业证券26.3650.47%74.89%4.35pct5.6621.84%16.09%-2.63pct3.1818.97%9.02%-1.73pct14东方证券25.8253.28%82.24%6.35pct3.49-5.06%11.12%-5.45pct2.0924.53%6.64%-0.90pct15国联民生18.02153.98%75.37%-2.00pct4.87191.21%20.37%2.13pct1.02153.08%4.26%-0.13pct16华安证券15.7246.70%90.87%-0.33pct0.33-30.62%1.89%-2.12pct1.25122.73%7.24%2.46pct17信达证券11.8545.44%90.15%7.73pct0.93-38.38%7.07%-8.19pct0.3759.22%2.78%0.46pct18东兴证券11.4435.98%93.23%-0.29pct0.09-32.16%0.73%-0.74pct0.7464.48%6.04%1.03pct19华林证券10.2038.49%97.07%0.44pct0.05-14.21%0.51%-0.31pct0.2530.76%2.42%-0.13pct20国海证券9.8646.59%74.83%2.81pct2.7923.66%21.20%-2.99pct0.5247.61%3.97%0.18pct21中原证券9.8537.24%98.42%0.35pct0.00-47.43%0.01%-0.01pct0.1612.75%1.55%-0.33pct22西南证券9.0438.32%89.67%3.11pct0.68-13.13%6.73%-3.61pct0.3655.27%3.60%0.50pct23首80.81%8.67pct0.05-78.55%1.28%-6.28pct0.2113.71%5.29%-0.61pct24红塔证券2.9230.95%99.53%0.34pct0.00-83.58%0.04%-0.28pct0.0114.02%0.43%-0.06pct24家券商合计1,168.3454.55%84.83%1.79pct97.5120.86%7.08%-1.78pct110.5651.30%8.03%0.00pct2、投行业务：底部回暖2025年A股IPO1308+97%（27.1期计，2025年共有173家上市公司披露重大资产重组计划，同比+42%。2025645928963590+245%2025518C上市，香港资本市场对科技公司的吸引力有所增强。图15：2025年IPO、再融资募集资金同比分别为+97%+73% 图16：2025+13%单位：亿024 2025(剔除四大行定增） 同比增速（右轴97%73%97%73%0IPO金额 再融资金额

150%100%50%0%-50%-100%

单位：亿元244000240000236000232000228000

2023 2024 同比增速（右轴）13%债券融资13%

14%12%10%8%6%4%2%0%图17：2025年披露重大资产重组计划的上市公司数量同比+42% 图18：2025年港股一市场集资金额同比+236%月度并购重组事件披露数80月度并购重组事件披露数90007080006070005060004050003040002030001020002013-122014-122015-122016-122017-122018-122019-122020-122021-122022-122023-122024-122025-1202013-122014-122015-122016-122017-122018-122019-122020-122021-122022-122023-122024-122025-1210000

主板+GEM集资总额（亿港元） 同比增速（右轴）300%250%200%150%100%50%0%-50%-100%2019 2020 2021 2022 2023 2024 2025港交所202524322125+57%，环比+62%2025（63（50亿（47亿（31亿（31亿看，红塔证券（232%、国联民生（65%、华安证券（89%、西南证券（88）63图19：24家上市券商投行收入情况（按2025年投行收入降序排列）单位：亿元2025年同比变动4Q25同比变动环比变动1中信证券63.3652.35%26.4797.48%66.34%2中金公司50.3162.57%20.91102.60%3国泰海通46.5759.39%20.2880.47%4中信建投31.2925.65%12.8329.11%5华泰证券30.9947.80%11.5155.676东方证券15.0228.53%3.307申万宏源12.1324.64%3.628招商证券10.2820.01%5.189国联民生8.98165.24%2.1010广发证券8.8413.60%1136.82%12光大证券7.75-5.81%13兴业证券6.30-10.04%14中泰证券5.41-415东兴证券4.9016西南证券1.9417首创证券1.8418华安证券19方正证券20国海证券21红塔证券22信达23243、资管业务：平稳向好20256.4+6%36.8金规模为21.7万亿，同比+16%，权益类基金规模为9.1万亿，同比+26%。图20：2025年券商资净值同比+6% 图21：2025年公募基净值同比+14%公募基金净值(亿元)公募基金净值(亿元)环比增速（右轴）8500080000750007000065000600005500050000

10%5%0%-5%-10%2022Q22022Q32022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4

400000350000300000250000200000150000100000

8%6%4%2%0%-2%2021Q42022Q12021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4资管收入温和增长。202524405+8%+14%+10%2025（122亿（77亿（64亿（24（8）（64（31% （2%、国联民生（19%）和中信证券（6%）2557%20249月AssetMark2333华安证券未披露证券资管规模数据。图22：24家上市券商资管收入情况（按2025年资管收入降序排列）单位：亿元2025年同比变动4Q25同比变动环比变动受托资管规模同比变动1中信证券121.7715.90%34.7414.74%6.58%17,615.4114.20%2广发证券77.0311.88%20.4313.24%2.55%2,108.74-16.82%3国泰海通63.9364.25%21.20105.79%25.09%7,506.6427.57%4中泰证券23.6214.09%5.945.45%-13.89%967.90-7.92%5华泰证券17.98-56.64%4.43-60.18%-3.99%7,084.6427.36%6中金公司15.8230.84%5.2040.42%36.16%5,969.228.13%7东方证券13.581.25%3.8518.60%3.48%2,867.9232.43%80.15%3.94-5.77%35.97%5,245.085.99%9光大证券9.0014.00%2.3512.51%-1.76%2,732.80-12.24%10招商证券8.7321.72%2.202.34%3.12%2,610.50-2.37%11国联民生7.8318.59%2.5644.81%50.57%1,960.4537.54%12申万宏源7.34-7.81%2.168.93%15.19%1,781.07-2.64%13华安证券5.581.36%2.0464.43%158.99%//14中国银河5.176.67%1.21-9.23%-5.00%907.026.47%15首创证券4.03-54.52%0.81-41.42%-24.01%1,711.2418.93%16方正证券2.10-11.90%0.37-41.27%-18.70%413.90-25.02%17东兴证券2.08-28.85%0.58-13.05%13.40%811.63-11.55%18国海证券2.042.38%0.6434.37%29.88%552.94-9.82%19兴业证券1.56-2.37%0.41-6.30%3.73%1,272.0025.95%20信达证券1.42-9.01%0.152331.33%-72.21%1,053.2634.99%21中原证券0.22-8.71%-0.01-132.39%-112.14%3.75-92.89%22西南证券0.20-22.78%0.0631.29%11.25%236.5671.43%23华林证券0.11-47.46%0.02-56.80%-16.96%75.95-18.69%24红塔证券0.09-61.38%0.02-78.94%26.00%73.58-88.85%24家券商合计404.708.15%115.3114.29%9.58%65,562.2010.67%2025+27%、+21%、+18%和+17%；易方达基金（130亿（96亿（88202530%、19%和17%。图23：2025年券商系公募业绩及其对集团业绩贡献（单位：亿元）股东公募子持股比例营业收入同比变动营收贡献净利润同比变动净利润贡献中信证券华夏基金62.20%96.2619.86%8.00%23.9611.01%4.8华泰柏瑞基金49.00%21.52-6.97%4.55-37.69%华泰证券南方基金41.16%87.6716.55%19.18%27.0515.05%华泰资管100.00%22.0626.30%11.4229华安基金51.00%34.9312.32%9.61国泰海通海富通基金富国基金51.00%27.78%13.3368.51//10.17%4.85国泰海通资管100.00%20.5720.36%广发证券易方达基金广发基金22.65%54.53%129.9685.417.33%17.64%21.42博时基金49.00%49.928.78%招商证券招商基金45.00%54.703.05%招证资管100.00%9.48东方证券汇添富基金东证资管35.41%100.00%56.5815.99申万宏源申万菱信基金富国基金67.00%27.78%兴证全球基金51.00%兴业证券南方基金兴证资管中泰证券万家基信达证券国；注：国泰海通一行中富国基金业绩数据为其作为联营企业起至2025年末的营业收入和净利润。4、自营业务：顺应行情加仓权益，收入稳健，头部客需业务明显回暖2025241793+26%315-15%，环比-48%4Q244Q252447059pc（254%（8国泰海通（+64%）2024率看，华林证券（34%、红塔证券（10%、首创证券（88）TPL债券并兑现OCIOCIOCI24/30.3%，较年初/250.3%，较年初-9.56pct1H25-17.95pct。，OCI，20256100+60%1H25+25%4.11.1+19%+2%，1H25+4%、+3%从持仓资产分类看，2025资产和其他类资产占金融投资比重分别为54%、24%和22%，分别较年初-7.04pct、+4.35pct和+2.69pct，分别较1H25-6.30pct、+4.29pct和+2.01pct。规模，2025、+37%和+34%/+12.58pct和+29.83pct，自营固收类/净资本占比分别较年初+67.73pct和+50.57pct2025/56.8%24+13%图24：24家上市券商自营收入、自营收益率及相关风控指标情况（按2025年自营收入降序排列；单位：亿元）；注：自营收入=投资净收益-对联营企业和合营企业的投资收益+公允价值变动净收益+汇兑净收益单位：亿元1中信证券2H259,583金融投资单位：亿元1中信证券2H259,583金融投资较1H258.58%其中：交易性金融资产其中：其他债权投资其中：其他权益工具投资较年初变动11.20%2H257,773较1H254.98%较年初变动12.52%2H25573较1H250.61%较年初变动-28.64%2H251,237较1H2545.18%较年初变动36.47%2国泰海通9,08913.20%74.61%6,88610.58%68.57%1,45716.46%69.33%65541.60%197.66%3广发证券4,83316.45%30.80%3,62425.52%49.24%904-0.83%-13.33%305-12.99%36.71%4华泰证券4,83211.32%34.29%3,7925.60%25.68%448108.58%342.17%14697.64%11510.90%5中金公司4,2679.59%14.79%2,9541.71%5.87%1,19333.88%40.57%12022.06%52.79%6申万宏源3,9900.78%-1.97%2,6762.94%-0.70%399-33.15%-39.07%88019.74%26.58%7中国银河3,909-4.11%2.19%2,297-9.43%4.05%9903.94%-5.80%6156.08%10.50%8招商证券3,7624.44%0.54%2,7072.67%1.96%69910.73%2.32%3545.98%-9.12%9中信建投3,3222.16%12.87%1,867-5.20%-7.58%933-1.86%20.36%52257.39%252.34%10东方证券2,4030.55%8.27%1,102-5.31%22.14%9601.64%-13.16%32622.30%65.87%11兴业证券1,67211.36%10.37%88816.30%10.09%483-15.76%-19.83%22489.70%236.17%12光大证券1,242-14.05%-10.73%605-23.75%-21.60%573-3.53%-0.56%4639.89%367.88%13方正证券1,014-13.37%-10.60%657-13.26%11.33%288-16.32%-43.12%680.46%86.83%14国联民生915-1.26%87.95%7804.10%105.69%6-86.76%-89.03%129-1.87%147.89%15中泰证券787-4.16%7.17%438-6.83%22.21%250-7.34%-24.84%9130.35%215.43%16信达证券749-1.39%20.01%424-8.76%22.90%2378.94%-8.13%8913.60%307.48%17东兴证券658-3.73%4.75%318-6.90%-11.83%237-0.59%16.90%103-0.54%58.87%18西南证券48113.58%35.86%37216.81%46.02%83-2.10%-7.30%2628.05%164.63%19华安证券468-13.45%-14.49%267-6.94%-27.42%175-22.02%24.84%21-2.53%-20.43%20红塔证券4413.91%5.02%16111.02%1.12%201-0.08%-2.53%790.96%44.96%21首创证券336-9.40%9.93%187-17.94%-2.00%881.36%-4.80%628.36%165.33%22中原证券203-5.41%14.30%171-20.03%-2.90%316056.65%2651.59%00.00%0.00%23国海证券187-32.59%10.10%151-33.91%5.67%35-26.81%34.43%1-0.58%-1.21%24华林证券48-58.96%14.02%16-10.81%1.22%32-66.80%58.51%0//24家券商合计59,1935.33%18.00%41,1123.56%18.73%11,2763.07%2.17%6,10025.31%59.87%固收类资产占比权益类资产占比其他类资产占比证券公司固收类资产占比权益类资产占比其他类资产占比证券公司2H241H252H25变化情况2H241H252H25变化情况2H241H252H25变化情况1中信证券48.65%51.80%39.00%33.78%31.20%39.66%17.57%17.00%21.34%2国泰海通65.34%63.02%62.31%16.80%15.34%18.14%17.86%21.64%19.55%3华泰证券63.78%62.69%53.52%15.80%15.44%25.06%20.41%21.87%21.41%4广发证券58.12%54.16%57.18%16.46%19.01%19.33%25.41%26.83%23.49%5招商证券68.17%64.99%62.79%17.12%17.82%19.10%14.71%17.20%18.12%6申万宏源59.91%56.12%42.99%24.15%27.31%31.14%15.93%16.57%25.87%7中国银河63.87%63.97%59.13%19.97%19.29%22.20%16.16%16.74%18.67%8中金公司60.64%60.36%56.76%29.06%29.42%32.17%10.30%10.22%11.07%9中信建投59.68%58.65%47.17%11.53%14.69%19.88%28.79%26.66%32.95%10东方证券68.08%65.14%59.49%12.66%14.95%17.54%19.26%19.91%22.98%11兴业证券66.72%65.10%57.62%10.22%10.51%16.22%23.06%24.39%26.16%12国联民生59.18%65.35%62.90%14.74%16.64%16.96%26.08%18.01%20.14%13光大证券64.77%67.27%58.29%13.32%12.71%15.82%21.91%20.02%25.89%14方正证券67.33%62.02%53.53%5.79%8.38%10.58%26.87%29.60%35.89%15中泰证券71.23%67.69%60.98%13.56%16.58%19.90%15.21%15.73%19.11%16东兴证券68.48%67.30%64.27%12.72%17.52%17.79%18.79%15.18%17.94%17西南证券73.62%72.67%65.08%3.53%5.37%5.93%22.84%21.96%28.99%18国海证券63.28%69.25%57.58%1.25%1.97%8.01%35.48%28.78%34.41%19华安证券74.74%72.58%67.75%6.40%7.04%8.77%18.85%20.39%23.48%20中原证券68.47%70.47%79.49%4.17%3.63%2.95%27.36%25.90%17.56%21红塔证券75.62%67.65%63.86%14.47%21.19%20.96%9.91%11.16%15.18%22华林证券52.82%84.36%66.74%15.93%4.38%5.66%31.25%11.26%27.60%2367.12%3.67%10.82%12.88%23.87%17.20%19.99%24首创证券70.08%66.08%62.22%9.22%18.30%21.76%20.71%15.62%16.02%24家券商平均61.42% 60.69% 54.38%19.70% 19.76% 24.05%18.87% 19.55% 21.56%图27：8家场外衍生品一级交易商应付客户保证金和衍生金融工具名义本金情况（按同比增速降序排列）5、信用业务：两融量增价减，股质规模继续下滑20252.52.1+33%202524商融资融券利息收入为632186（74）（+43%）2025241.68资金规模增速较快，分别较年初+139%、+106%和+54%。业务价格竞争激烈，费率下滑显著2424年-0.24pct，较25101pc；22东方证券（47、中国银河（44%）和招商证券（4.81%）两融费率相对较低。202529293.57%-0.44pct202524家1524+9%20256244+166%202539制下的企业合并会计准则计提信用减值损失所致。融资融券利息收入融出资金融资融券利率单位：亿元图28：24家上市券商两融利息收入、融出资金和两融利率情况（按2025融资融券利息收入融出资金融资融券利率单位：亿元2025年 2025年 同比变动 2H25较1H25变动较年初变动2024年25H125H2变动情况1国泰海通92.0974.4%2,53635.2%138.6%5.39%5.21%4.88%2中信证券82.1815.1%2,07745.0%50.1%5.56%5.24%5.17%3%1,86042.0%40.3%5.53%5.33%5.41%4中国银河54.825.0%1,45043.6%42.8%5.42%5.43%4.45%5广发证券57.4616.2%1,44032.5%32.2%4.94%4.91%4.87%6招商证券50.8812.9%1,33439.9%39.5%5.03%4.90%4.81%7申万宏源42.4715.7%96029.9%28.2%5.27%5.35%5.31%8中信建投34.4912.4%84437.8%34.1%5.14%5.10%5.12%9中金公司25.1714.7%65945.3%51.5%5.53%5.15%4.94%10方正证券23.9324.3%55734.6%34.0%5.20%5.37%5.27%11光大证券22.9615.6%55631.0%29.8%4.99%5.03%4.99%12中泰证券21.2913.8%45124.9%19.7%5.28%5.50%5.50%13兴业证券17.698.0%43432.1%28.8%5.14%5.00%4.92%14东方证券13.3319.5%39040.6%39.2%4.54%4.45%4.27%15国联民生9.7985.6%23836.2%106.1%4.87%6.19%5.13%16西南证券7.5219.9%20749.5%53.7%4.93%4.93%4.82%17东兴证券8.9711.6%20532.6%24.0%4.76%5.25%5.30%18信达证券6.9220.5%16727.3%33.1%4.86%4.97%4.99%19华安证券6.0810.5%14334.6%25.1%5.02%5.16%5.18%20国海证券5.9622.9%12026.3%24.3%5.51%5.81%5.92%21中原证券5.5916.5%10927.4%17.3%5.67%5.95%6.00%22华林证券2.8110.0%5823.0%10.7%5.18%5.37%5.69%23首创证券1.7125.8%3929.3%29.6%5.11%5.31%5.13%24红塔证券1.3343.2%3016.2%31.5%4.85%5.02%5.14%24家券商合计673.44 20.5%16,863 37.5% 47.5%5.26% 5.19% 5.02%图29：24家上市券商股票质押式回购利息收入和股票质押式回购规模（按2025年股票质押式回购利息收入降序排列）6、国际业务：增长新引擎2025年，除华泰证券因出售AssetMark50%100%6446+74%和+68%。16.6211.7310.6420252.732.34倍和1.98倍。母公司 海外主体总资产净资产广义经营杠杆营业收入净利润2025母公司 海外主体总资产净资产广义经营杠杆营业收入净利润2025年 较年初变动2025年 较年初变动2025年 较年初变动2025年 同比变动2025年 同比变动中信证券 中信证券国华泰证券 华泰国际金国泰海通 国泰海通金中金公司 中金国际广发证券 广发控股香中国银河 银河国际控中信建投 中信建投国招商证券 招证国际申万宏源 申万宏源国东方证券 东方金控国联民生 国联证券香港4,7771,8562,4402,3821,068631.23%34.73%287.38249.55229.26314.62107.6594.2251.3094.2049.2921.752.4127.20%234.8783.9192.50137.3621.0225.6914.9211.617.284.310.5444.41%64.1929.6623.7645.9311.325.308.915.022.521.750.0568.34%11.29%-54.83%-55.30%102.45%64.76%27.50%80.33%73.