招商证券行业2026年半年报综述：科创如期兑现财管、国际发展超过预期

正文目录一、收利速长创近同最佳 41、气：益K化显，市对风 42、商绩览营利快增、近同最佳 4收概：收快速长创年期佳。 4成概：理被动薄所税环提升 6经绩：ROE著抬，部极表 6二、部务 91、纪务弹充放，部管型化 92、行务周向动复，资化势著 123、管务整稳头部应一凸显 164、资国化科资和境务放性 185、用务市景动规放，率速滑 25三、利测投建议 281、利测预行业收入净润别比+27%/+32% 282、资议 29四、险示 29一、营收净利快速增长、创近年同期最佳 1、景气度：权益K型分化显著，债市相对顺风权益K型分化显著。AI5035.6%64.3%300逊色，26H1两者分别上涨3.2%和7.5%。债市相对顺风。26H12.2%26H11.1%。市场交投活跃度维持，股权融资回暖。26H1日均股基成交额为3.2万亿，同比+101%27102H1A股PO5415；3272+159%（。图1：26H1权益K型分化显著 图2：26H1债市相对顺风（%） 上证指数 沪深300 创业板指 科创02025-012025-022025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-032026-042026-052026-06

3.5（%） 中证全债3.53.02.52.01.51.00.50.0-0.5-1.0-1.52025-012025-022025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-122026-012026-022026-032026-042026-052026-06资料来源：wind、招商证券 资料来源：wind、招商证券2、券商业绩总览：营收净利快速增长、创近年同期最佳收入概览：营收净利快速增长、创近年同期最佳。市场景气度加持和科创投资弹性释放，带动营收净利快速增长、创近年同期最佳。2612686540同比3%26421759，环比946+59%CR5CR1046.5%、68.2%+3.4pct、+2.3pct；扣非净利润为RC105027294pc15pc。图42家上市券营业收入3638亿同比+46% 图42家上市券商营业收入集中度比著上行营收CR5营收CR1068%64%营收CR5营收CR1068%64%66%64%61%60%61%63%60%47%43%38%40%41%41%38%36%37%7000201902019

50%40%30%20%10%0%-10%-20%26H1-30%26H1

70%65%60%55%50%45%40%35%201920202021202220232024（调整后）202525H1（调整后）201920202021202220232024（调整后）202525H1（调整后）26H120202021202220232024（调整后）2025资料来源：wind、招商证券 资料来源：wind20202021202220232024（调整后）2025图2H142上市券扣非净利润140亿同比63% 图：2H12家上市券商扣非净利润集中同上行0

100%扣非净利润（亿元）同比增速（右轴）扣非净利润（亿元）同比增速（右轴）60%40%20%0%-20%-40%26H1-60%26H1

90%80%70%60%50%40%30%

扣非后净利润扣非后净利润CR5扣非后净利润CR1075%72%68%70%71%73%66%67%69%50%47% 47%45%46%42%44%39%39%201920202021202220232024202525H126H12019202020212022202320242025资料来源：wind、招商证券 资料来源：wind、招商证券201920202021202220232024202526H1421624978301275205194别为547484757和5485、+30.1%+9.1%、+4.7%、+6.9%和+3.4%。单位：亿元2025H12026H1同比增速主营业务收入2,434.453,575.99单位：亿元2025H12026H1同比增速主营业务收入2,434.453,575.9946.89%经纪业务收入634.54978.4354.20%占主营业务收入比重27.36%/同比增量贡献30.13%/环比增量贡献//投行业务净收入155.30194.0524.95%占主营业务收入比重5.43%/同比增量贡献3.39%/环比增量贡献//资管业务净收入221.40274.5524.00%占比7.68%/2Q253Q254Q251Q262Q26同比增速环比增速1,307.511,680.551,294.991,472.652,103.3460.87%42.83%306.62483.23403.35472.93505.5064.86%6.89%23.45%28.75%31.15%32.11%24.03%0.58pct-8.08pct41.95%24.99%//39.16%5.16%//88.5896.21146.5888.51105.5319.13%19.22%6.77%5.72%11.32%6.01%5.02%-1.76pct-0.99pct6.30%2.13%//-32.68%2.70%//115.34120.56132.10135.03139.5220.97%3.33%8.82%7.17%10.20%9.17%6.63%-2.19pct-2.54pct同比增量贡献4.66%/8.38%3.04%//环比增量贡献//1.65%0.71%//投资业务收入1,100.081,623.5547.58%611.49749.22376.20548.441075.1175.82%96.03%占比45.40%/46.77%44.58%29.05%37.24%51.11%4.35pct13.87pct同比增量贡献45.86%/17.31%58.26%//环比增量贡献//96.95%83.51%//利息净收入196.58300.5852.90%117.80142.49158.38148.05152.5329.49%3.03%占比8.41%/9.01%8.48%12.23%10.05%7.25%-1.76pct-2.80pct同比增量贡献9.11%/20.04%4.36%//环比增量贡献//-5.81%0.71%//其他业务126.55204.8361.85%67.6888.8478.3879.68125.1584.90%57.05%占比5.73%/5.18%5.29%6.05%5.41%5.95%0.77pct0.54pct同比增量贡献6.86%/6.02%7.22%//环比增量贡献//0.74%7.21%//资料来源：wind、招商证券成本概览：管理费率被动摊薄，所得税率环比提升26H1421549同比+23%42.9%，同比-8.1pct；2Q26842-10.4pct-7.3pct2Q26应税收入增加对所得税率的影响仍存在。26H1所得税为401亿，同比+96%，2262496%3201%40p，单位：亿元2025H12026H1同比增速调整后营业收入2,460.693,607.3646.60%调整后营业支出1,281.351,619.3226.38%管理费用1,256.681,548.95单位：亿元2025H12026H1同比增速调整后营业收入2,460.693,607.3646.60%调整后营业支出1,281.351,619.3226.38%管理费用1,256.681,548.9523.26%管理费率（管理费用调整后营业收入）51.07%42.94%-8.13pct信用减值损失6.2043.14增加36.94亿营业利润1,192.852,002.3667.86%营业外收入83.991.59-98.10%营业外支出3.889.72150.81%利润总额1272.961994.2356.66%所得税204.60400.9095.94%所得税率16.07%20.10%4.03pct归母净利润1040.611551.5449.10%归母净利润率42.29%43.01%0.72pct扣非净利润942.701540.2463.39%2Q253Q254Q251Q262Q26同比增速环比增速1,320.951,683.671,299.891,497.212,110.1559.74%40.94%674.46825.71754.46726.48892.8232.38%22.90%664.75784.07691.51706.57842.3926.72%19.22%50.32%46.57%53.20%47.19%39.92%-10.40pct-7.27pct-0.7930.4152.8410.1632.99增加33.78亿增加22.83亿654.74865.77551.50777.771,224.5887.03%57.45%-3.491.0212.480.900.69-119.87%-22.83%2.893.2019.510.239.49228.31%3958.53%648.35863.60544.46778.441215.7987.52%56.18%115.23192.0695.08152.28248.62115.77%63.27%17.77%22.24%17.46%19.56%20.45%2.68pct0.89pct518.15650.32434.35608.45943.0982.01%55.00%39.23%38.63%33.41%40.64%44.69%5.47pct4.05pct515.02677.00436.14594.51945.7383.63%59.08%资料来源：wind、招商证券；注：调整后营业收入为营业收入剔除其他业务收入；调整后营业支出为营业支出剔除其他业务成本。经营绩效：ROE显著抬升，头部积极扩表行业REH142家上市券商平均RE为945年24p。从经营杠杆和ROA两个视角看ROEROE5.715.29ROAROE15.20%15.62%构性机会、拓展客需业务，扩表幅度略快于头部同业，两者经营杠杆分别提升0.390.284.894.81ROE16.54%12.60%。高增托举ROE1Q26兑OCI2Q2626H1年ROA25年+2.27pct5.26%ROE16.78%（/）ROA25+2.53pct、+1.37pctROE分25年+7.05pct、+6.50pct16.16%、16.44%。图7：26H1年化ROE为9.34%，较25年+2.43pct

图8：26H142家上市券商总体经营杠杆为4.45倍，延续上行趋势

ROE（年化）

杠杆倍数8% 4.27% 4.06%5%4%3%2019 2020 2021 2022 2023 2024 2025

3.83.63.420192020202120222023202425Q125Q225Q325Q426Q126Q23.220192020202120222023202425Q125Q225Q325Q426Q126Q2资料来源：wind、招商证券 资料来源：wind、招商证券表3：42家上市券商ROE、ROA及经营杠杆26H1较26H1较25年变动26H1较25年变动4Q241Q252Q253Q254Q251Q262Q26变动情况000783长江证券16.78%6.76pct5.26%2.27pct3.002.612.893.083.352.903.19601066中信建投16.54%6.03pct3.39%0.95pct4.174.444.324.444.324.504.89600999招商证券16.44%6.50pct3.64%1.37pct4.394.164.154.444.364.324.51000776广发证券16.16%6.00pct3.31%1.16pct3.884.234.074.664.724.834.88600909华安证券16.16%7.05pct5.43%2.53pct3.523.373.313.263.152.892.98600030中信证券15.62%5.03pct2.95%0.86pct4.674.794.665.035.065.075.29601995中金公司15.20%5.81pct2.66%0.89pct5.044.914.915.405.315.225.71601688华泰证券12.60%3.40pct2.62%0.39pct3.353.363.583.934.134.534.81601211国泰海通12.24%2.46pct2.38%0.38pct4.764.094.354.774.905.125.15600906财达证券12.12%5.96pct3.81%1.64pct2.903.053.012.862.843.123.18601881中国银河12.00%2.16pct2.50%0.27pct4.154.174.214.344.404.534.80601901方正证券11.36%3.35pct2.58%0.52pct3.993.913.873.723.884.254.40601555东吴证券11.06%2.71pct2.67%0.43pct3.233.742.973.963.724.124.14600958东方证券11.00%4.01pct2.23%0.71pct4.014.014.074.324.604.514.94002736国信证券10.50%-0.19pct3.02%-0.18pct3.363.363.243.373.343.173.47000166申万宏源10.04%1.28pct2.07%0.06pct4.394.184.204.304.364.294.84601108财通证券9.82%2.74pct2.42%0.33pct3.203.033.013.093.393.704.07601136首创证券9.48%1.70pct2.77%0.35pct2.993.323.443.303.223.103.43601059信达证券9.24%0.63pct2.96%0.57pct3.463.443.913.813.613.293.13000728国元证券8.84%2.39pct2.20%0.46pct3.773.733.683.833.734.104.03601878浙商证券8.62%1.95pct2.30%0.40pct3.113.263.053.393.503.553.74002939长城证券8.62%1.04pct2.46%0.08pct3.153.193.123.233.193.333.51002797第一创业7.88%2.87pct2.92%0.85pct2.482.522.502.362.422.412.70601696中银证券7.72%2.06pct2.39%0.35pct2.272.191.972.702.783.143.24002926华西证券7.68%1.61pct3.10%0.84pct2.852.912.903.072.702.762.48000686东北证券7.50%0.11pct1.75%-0.11pct3.393.553.754.273.974.244.29600918中泰证券7.46%4.14pct2.01%0.94pct3.443.323.433.483.103.273.72600109国金证券7.28%0.70pct2.11%-0.14pct2.453.063.042.992.933.003.46601377兴业证券7.20%2.27pct1.69%0.45pct3.623.633.433.603.974.004.26002945华林证券6.98%-0.30pct3.70%-0.24pct1.892.722.772.291.852.921.89002673西部证券6.84%0.89pct1.98%-0.09pct2.692.993.142.972.893.403.46601990南京证券6.82%0.85pct2.45%0.49pct2.923.273.083.533.053.042.79601788光大证券6.56%0.98pct2.05%0.25pct3.303.203.243.263.112.993.21601198东兴证券6.50%-0.63pct2.04%-0.48pct3.083.023.113.232.832.863.18002500山西证券6.44%1.38pct1.73%0.18pct3.352.983.153.213.273.433.72601375中原证券5.74%2.54pct2.22%0.97pct2.472.402.512.442.572.492.59601456国联民生5.38%1.22pct1.39%0.08pct4.382.852.992.963.173.693.86000750国海证券4.82%1.37pct2.23%0.42pct1.822.582.232.311.902.692.16600369西南证券4.58%0.50pct1.36%0.06pct2.502.582.852.903.133.053.36601236红塔证券4.10%-0.78pct1.73%-0.49pct2.181.822.102.012.192.152.37601099太平洋2.88%0.73pct2.64%0.69pct1.171.181.151.161.101.101.09601162天风证券1.50%0.89pct0.55%0.34pct3.533.343.082.902.912.952.75

ROE（年化后）

ROA（年化后）

杠杆倍数42家上市券商平均/总体

9.34%

2.10%

3.85 3.83 3.84 4.09 4.12 4.22 4.45资料来源：wind、招商证券二、分部业务 1、经纪业务：弹性充分释放，头部财管转型深化26H13.2+101%6.5+42%79943460+43%和+88%2Q26270-33%。权益类和FOF26H16330+24%；742236同比13FF2H1新发1779新发固收类份额为1273亿份，同比-47%。26H1行业交易佣金费率为0.0138%，同比-0.44bps，环比-0.15bps，金2H1003702bp，环比-0.05bps，边际企稳。图：21日均股基成交额为32万亿，同比10% 图12H1个人机构开户数同比分别为042%两市股基日均成交额yoy两市股基日均成交额yoy（右轴）410003600031000260002100016000110002022-072022-102022-072022-102023-012023-042023-072023-102024-012024-042024-072024-102025-012025-042025-072025-102026-012026-04

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

8007006005004003002001000

个人新开户数（万个） 机构新开户数（万个，右轴）2021-012021-062021-112022-042022-092023-022023-072023-122024-052024-102025-032025-082026-012026-062021-012021-062021-112022-042022-092023-022023-072023-122024-052024-102025-032025-082026-012026-06资料来源：wind、招商证券 资料来源：wind、招商证券图2H143

图12：26H1权益类、其他类新发份额同比分别为+62%、+213%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）

9008007006005004003002001002022-032022-062022-032022-062022-092022-122023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122026-032026-06

权益类基金 固收类基金 其他 新成立基单位：亿份25005002023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122026-032026-0602023-032023-062023-092023-122024-032024-062024-092024-122025-032025-062025-092025-122026-032026-06资料来源：wind、招商证券 资料来源：wind、招商证券图13：26H1公募分仓佣金和交易费率同比分别为+95%-3% 图14：26H10.0138%，同比-0.44bps0

公募分仓佣金（亿元） 公募交易费率（右轴

0.10%0.09%0.08%0.07%0.06%0.05%0.04%0.03%0.02%0.01%0.00%

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%2013201420152016201720182019202020212022202320242025H12025H22026H10.00%2013201420152016201720182019202020212022202320242025H12025H22026H126H142978506+7%CR5CR1039.1%+2.0pct+1.8pct国（99（99（66亿（63亿和（57亿（84通（73%、第一创业（69%、兴业证券（6%）和广发证券（67%）增分项来看，26H1101+86%（同比75）同比50%收入比重为10.4%+1.8pct；，26H125.5%16.3%17001300图12H12家上市券商经纪收入为8

图12H1R10分别为391、63.5%4000

经纪收入（亿元） 同比增速（右轴

60%50%40%30%20%10%0%-10%-20%26H1-30%26H1

70%59%59%59%59%58% 59%58%61%63%62%64%34% 34%34% 34% 34%36%38%37%39%60%55%50%45%40%35%30%25%20%

经纪CR10 经纪CR52019202020212022202320242025201920202021202220232024202525H126H1资料来源：wind、招商证券 资料来源：wind、招商证券2019202020212022202320242025201920202021202220232024202525H126H1证券公司（单位：亿元）经纪净收入代理买卖证券交易单元席位租赁代销金融产品2Q26经纪同比变证券公司（单位：亿元）经纪净收入代理买卖证券交易单元席位租赁代销金融产品2Q26经纪同比变环比变净收入 动 动2026H1同比变动2026H1同比变动占经纪净收比重同入比重 比变动2026H1同比变动占经纪净收比重同入比重 比变动2026H1同比变动占经纪净比重同比收入比重 变动601211国泰海通600030中信证券000776广发证券601688华泰证券002736国信证券601881中国银河600999招商证券601066中信建投601995中金公司000166申万宏源601901方正证券600918中泰证券000783长江证券601788光大证券601377兴业证券601878浙商证券600109国金证券600958东方证券601555东吴证券601456国联民生002926华西证券601108财通证券002673西部证券600909华安证券601696中银证券000728国元证券000686东北证券000750国海证券601162天风证券002939长城证券600906财达证券601059信达证券601198东兴证券002500山西证券002945华林证券601375中原证券600369西南证券601990南京证券002797第一创业601099太平洋601136首创证券601236红塔证券99.4298.5665.5562.6456.6555.9253.8450.4040.9937.7934.1327.0524.3323.7320.8820.1119.1318.1215.5114.3813.1311.3010.138.878.588.548.407.616.826.475.875.785.335.074.564.554.284.033.823.091.671.4273.4%72.3765.0445.3246.6246.1246.1341.9032.9425.1629.1726.5420.9015.8017.1513.0711.9412.849.9110.248.2211.369.247.286.816.546.826.414.313.284.795.484.854.804.004.414.103.463.663.302.761.391.3069.8%72.8%66.0%69.1%74.4%81.4%82.5%77.8%65.4%61.4%77.2%77.8%77.3%64.9%72.3%62.6%59.4%67.1%54.7%66.0%57.2%86.5%81.7%71.9%76.8%76.2%79.8%76.3%56.7%48.2%73.9%93.4%84.0%90.1%78.9%96.7%90.1%80.8%90.9%86.4%89.4%83.3%91.8%-1.5pct9.679.925.666.462.321.094.274.474.584.741.582.386.070.964.933.233.152.683.004.360.960.701.640.220.290.041.072.383.420.380.010.310.040.180.000.000.330.030.210.060.030.00119.5%9.7%10.1%8.6%10.3%4.1%1.9%7.9%8.9%11.2%12.6%4.6%8.8%24.9%4.0%23.6%16.1%16.4%14.8%19.3%30.3%7.3%6.2%16.2%2.5%3.4%0.5%12.7%31.2%50.1%5.8%0.1%5.3%0.7%3.5%0.0%0.0%7.6%0.7%5.5%2.1%1.9%0.0%2.0pct7.9416.039.186.246.284.604.246.5010.461.332.641.881.573.582.322.782.181.210.750.720.621.360.541.080.950.750.560.370.120.500.150.110.380.300.150.120.210.140.240.260.140.0177.0%91.2%8.0%16.3%14.0%10.0%11.1%8.2%7.9%12.9%25.5%3.5%7.7%6.9%6.4%15.1%11.1%13.8%11.4%6.7%4.8%5.0%4.7%12.0%5.3%12.2%11.1%8.8%6.7%4.8%1.8%7.7%2.6%1.9%7.1%5.9%3.2%2.6%4.9%3.4%6.3%8.5%8.3%0.5%0.2pct52.1549.4134.1533.5129.2028.9127.9526.6320.9318.7517.4414.0712.7712.1611.429.9510.109.508.167.626.875.964.954.414.354.084.274.013.463.282.922.822.732.602.322.242.202.042.141.510.850.6969.3%10.3%53.9%48.5%-2.4pct44.8%-0.6pct3.2pct60.6%0.5%67.2%66.9%60.8%61.3%-2.7pct-2.6pct81.0%84.3%0.7pct128.0%114.5%144.5%3.7pct82.1%84.4%8.8%2.2pct15.0%60.8%52.9%-4.2pct91.8%3.8pct75.8%6.4%7.0%7.9%53.3%48.4%-2.8pct60.7%0.1pct95.5%1.8pct67.6%44.2%37.6%-3.7pct82.6%1.7pct53.3%55.8%0.5pct0.4pct58.1%50.7%49.1%50.4%-0.7pct49.7%-0.1pct65.6%12.0%54.5%-1.7pct39.9%-1.2pct73.3%2.8pct54.6%4.4%51.9%45.1%-3.7pct119.3%3.9pct151.8%1.4pct60.5%58.2%61.8%-1.5%46.3%47.1%40.3%-3.4pct91.6%1.1pct108.3%2.3pct4.4%42.9%-2.3pct78.1%1.5pct162.8%3.1pct8.5%51.7%40.8%-5.0pct90.9%5.1pct53.1%0.1pct71.2%10.4%39.3%38.8%-0.3pct16.2%-0.8pct62.3%68.0%2.1pct53.2%5.1%68.1%57.9%-4.1pct109.2%4.6pct0.0pct97.3%20.8%53.1%55.3%55.1%0.8pct48.6%-0.5pct134.7%4.8pct60.1%-2.0%58.3%-1.4pct86.6%2.5pct46.7%-0.9pct68.2%11.9%10.2%10.9%12.8%32.1%51.0%6.8pct79.6%3.9pct20.2%-0.7pct42.1%54.5%47.9%-2.9pct61.7%0.9pct210.4%2.4pct64.7%59.0%50.3%-3.3pct99.2%6.1pct76.4%0.5pct75.0%43.0%44.3%0.7pct31.3%-0.7pct51.0%54.4%0.2pct63.3%9.8%39.5%34.2%-3.2pct108.7%2.1pct1.2pct53.0%11.7%84.4%73.7%-4.5pct-4.5pct90.6%0.5pct170.6%150.8%1.7pct93.3%-4.5%39.5%31.7%59.8%5.4pct41.1%-1.0%59.3%52.3%-3.5pct95.4%96.5%2.1pct69.4%3.2%32.3%31.8%-0.3pct-32.5%-0.5pct27.8%-0.3pct31.3%-8.4%48.3%47.5%43.8%-2.4pct70.8%1.7pct100.5%1.7pct54.8%3.4%39.9%-3.1pct84.8%6.3pct52.6%0.2pct63.8%11.6%60.6%63.5%0.9pct0.3pct59.7%-0.3pct21.0%-0.6pct68.0%3.1%2.7%34.7%35.5%35.3%115.2%2.2pct32.9%-0.1pct41.2%32.4%-2.2pct121.8%0.0pct375.6%1.9pct45.3%-0.7%30.9%35.0%2.6pct21.0%-0.4pct-0.2pct-43.1%-2.4pct36.3%-4.5%26.4%28.7%1.6pct1.6%7.0%-1.3pct42.3%43.8%5.2%5.3%36.3%32.8%-2.1pct52.9%0.4pct66.5%1.1pct38.8%40.1%0.9pct-95.4%-95.6%-0.8pct36.2%-0.1pct50.5%3.5%27.0%26.1%-0.7pct0.0pct129.8%1.2pct34.2%-3.4%28.9%37.4%37.6%5.0pct-16.8%-19.9%-4.2pct10.8%-0.8pct39.4%5.4%36.5%0.7pct0.7pct-0.5pct83.9%0.9pct48.2%2.4%68.9%70.2%72.5%0.1pct148.6%2.0pct106.0%26.5%45.6%39.6%-3.9pct11.1%-0.7pct210.4%4.5pct53.1%-3.6%40.0%42.2%1.3pct-10.6%-1.1pct14.0%-1.9pct51.1%4.1%25.8%29.1%2.3pct-57.1%0.0pct2.1%-0.1pct31.1%-5.4%42家券商合计978.43 54.2%707.74 49.6% 72.3% -2.2pct97.82 74.5% 10.0% 1.2pct101.46 85.8% 10.4% 1.8pct505.50 64.9%6.9%资料来源：wind、招商证券表5：主要上市券商财富管理业务经营数据梳理资料来源：wind、招商证券2、投行业务：周期向上带动复苏，重资本化趋势显著AIPO9543272亿，同比分别为+151%、+159%。固收方面，政府债发行和资金使用阶段性偏慢，26H114.0+3%。香港新股市场继续保持热度。26H1港股一级市场首次招股集资总额为2124亿港元，同比+94%；上市后募资规模为1368亿港元，同比-22%。港交所持续优724优化生物科技与特专科技公司上市路径和强化上市申请退回机制等五项改革举图17：26H1IPO、再融资募集资金同比分别为+151%、+159% 图18：26H1+3%单位：亿元35000

25H1 26H1 同比增速（右轴）IPO金额 再融资金额

200%150%100%50%0%-50%-100%

141000140000139000138000137000136000135000134000133000

25H1 26H1 同比增速（右轴）债券融资25H15200亿

资料来源：wind、招商证券图19：26H1港股IPO募资2124亿港元，同比+94%

首次招股 上市后9000800070006000500040003000200010000

201920202021202220232024202525H126H1资料来源：港交所、招商证券周期上行带动投行复苏。26H142家上市券商投行收入为194亿，同比+25%；2Q26106+19%CR5、CR1055.8%71.5%+7.9pct、+6.0pctA股市场。（30（29）（22）（15亿（53201%7（7国金证券（+61%）图22H12家上市券商投行收入为4

图22H1R10分别为558、71.5%5000

投行收入（亿元） 同比增速（右轴

50%40%30%20%10%0%-10%-20%-30%26H1-40%26H1

投行CR10 投行CR562%62%65%67%71%67%70%71%65% 66%56% 56%52%44%46%48%48% 48%48%201920202021202220232024202525H126H12019202020212022202320242025资料来源：wind、招商证券 资料来源：wind、招商证券2019202020212022202320242025表6：42家上市券商投行业务表现证券公司（单位：亿元）投行净收入证券承销业务证券保荐业务财务顾问业务2Q26投行同比变动环比变动净收入2026H1同比变动境外子公司境外子公司贡贡献比重 献同比变动2026H1同比变动占投行净比重同比收入比重 变动2026H1同比变动占投行净比重同收入比重比变动2026H1同比变动占投行净比重同比收入比重变动600030中信证券601995中金公司601211国泰海通601688华泰证券601066中信建投600109国金证券000166申万宏源600999招商证券600958东方证券601555东吴证券000776广发证券002736国信证券601456国联民生601878浙商证券600918中泰证券601108财通证券601881中国银河601162天风证券601788光大证券601377兴业证券000783长江证券601198东兴证券002500山西证券600906财达证券002673西部证券002939长城证券601136首创证券600369西南证券002797第一创业601990南京证券000728国元证券601696中银证券601901方正证券000686东北证券002926华西证券601059信达证券601099太平洋002945华林证券600909华安证券000750国海证券601375中原证券601236红塔证券30.2329.3122.2415.4111.136.396.196.045.985.774.934.664.514.453.923.453.382.922.742.141.971.781.671.561.551.111.101.050.900.750.730.670.660.600.420.410.310.290.290.220.170.0544.1%33.9%12.8pct25.0624.1519.4612.679.175.685.425.185.455.194.304.043.553.723.312.962.902.632.591.841.431.421.511.511.251.040.940.900.830.530.510.600.5256.1%82.9%82.4%87.5%82.2%82.4%88.8%87.6%85.8%91.1%90.1%87.4%86.6%78.6%83.6%84.5%85.9%85.9%90.3%94.9%86.1%72.3%79.8%90.0%96.5%80.7%93.9%86.1%85.1%92.7%71.4%69.5%89.7%78.8%6.4pct4.5pct0.3pct-3.4pct-2.7pct5.4pct2.7pct1.1pct-1.2pct2.7pct1.2pct-3.6pct-1.0pct2.191.800.890.490.650.310.260.310.240.140.270.200.220.080.270.070.100.020.040.100.110.150.0422.2%80.9%101.4%-18.3%132.6%52.3%55.4%25.3%67.6%7.3%6.1%4.0%3.2%5.8%4.8%4.3%5.2%4.1%2.4%5.5%4.3%4.9%1.7%6.8%2.0%2.9%0.5%1.4%4.8%5.6%8.6%2.1%-1.3pct2.973.360.282.261.310.400.510.550.290.430.300.420.750.650.340.420.380.270.100.190.440.210.130.050.280.070.150.150.060.200.130.060.120.130.130.020.120.280.070.020.050.00-5.1%9.8%11.5%1.3%14.6%11.8%6.3%8.2%9.1%4.8%7.5%6.1%9.1%16.5%14.6%8.7%12.1%11.2%9.2%3.7%9.0%22.1%11.6%8.0%3.5%17.8%5.9%13.9%14.5%7.1%27.4%17.2%9.6%18.3%21.0%30.6%6.0%40.3%95.8%24.9%10.3%26.8%2.1%-5.1pct-4.7pct-8.3pct18.1513.8614.706.805.012.962.754.242.502.003.283.112.571.792.582.452.321.561.361.421.051.030.880.730.890.560.550.790.430.380.380.290.260.440.310.350.180.150.180.100.150.0461.7% 50.4%75.7%37.2%-1.9pct86.0%0.2pct0.8pct24.6%9.6%-10.3%59.8%24.1%2.6pct60.3%-78.9%114.9%95.0%31.9%投行子展业，不适用评估境外贡献。26.7%-1.9pct107.8%5.3pct8.6%-21.1%-18.1%-0.8%9.4% 2.8pct-4.0%3.4pct-6.1%-11.5%-0.7pct-34.4%60.7%9.1%0.9pct71.1%-0.3pct-5.2pct-4.3pct0.0pct8.1%-14.0%-1.3%投行子展业，不适用评估境外贡献。1.9%1.6pct-35.1%-13.9%-20.0%50.1%24.6%25.2pct52.0%-1.0pct49.5%96.8%136.1%-16.9%3.8% -4.5pct-18.0%2.0pct2.1pct-28.5%-0.8pct-37.6%-28.4%37.6%1.6%-2.1pct41.9%844.9%-15.8%-4.8pct0.2%97.5%33.0%-47.0%53.8%18.3%14.7pct56.0%27.5%140.0%-39.5%-1.1pct37.7%-0.7pct98.8%99.4%34.0%4.0%2.9pct28.7%1.9pct63.8%1.7pct-15.0%投行子展业，不适用评估境外贡献。-16.1%-2.0pct3.7%3.0pct-28.1%31.7%55.2%44.5%56.8%0.9%-3.8pct40.6%-8.6pct4380.6%1.7pct196.4%7.0pct10.3%-32.9%5.3% 1.2pct51.0%3.6pct505.9%5.2pct-28.0%-8.8pct118.5%93.5%1.0%-1.9pct1.7pct2.3pct0.8pct102.3%19.3pct-6.1%-14.7%-1.3pct-36.7%-17.9pct116.8%40.8%145.8%120.4%6.8%22.6%4.7%-1.7pct0.7pct1.7pct0.3pct-1.3pct-5.7pct-0.7pct36.7%2.5pct-31.7%17.3%-31.2%-82.2%-47.8%148.9%-3.6%-28.2%-1.5pct-25.2%0.8pct-28.3%15.6%-24.7%1.3%-23.3%-0.6pct-41.5%-1.1pct-3.3pct-38.9%-1.7%-2.3% 4.8%-31.6pct-2.0%2.9pct-28.3%51.8%0.1%98.7%13.1%45.7%0.2pct11.2%-1.0pct25.8%2.2pct13.4%35.6%11.7%-39.4%12.1%8.6pct-43.4%1.3pct0.9pct-2.8%4.4pct-10.2%-0.6%-2.9%投行子展业，不适用评估境外贡献。13.3%11.1pct74.5%-59.8%-11.8pct-3.3%0.0%0.0pct-3.7%-0.9pct0.00 / 0.0%0.02 / 1.5%0.00-1110.4%0.3%0.00 / 0.0%0.00 / 0.4%0.00 / 0.2%0.01 82.1% 1.2%0.10108.1%13.2%0.00 -67.6% 0.7%0.02 -50.4% 2.9%0.02 / 2.9%0.00 / 0.6%0.01566.7% 2.3%0.00 / 0.0%0.00 / 0.0%0.00-100.0%0.0%0.02 / 8.4%0.02 / 10.0%0.00 / 0.0%0.0pct30.1%0.9pct-26.2%-12.7%-22.1%-21.2%32.2%32.2pct-33.5%-13.9pct1.5pct155.6%12.3pct-38.4%34.8%0.0%0.0%0.0%0.0pct-18.4%3.2pct-3.3pct0.3pct-50.5%-3.5pct-1.2%-0.8%24.7%2.2%1.4%28.5%23.8%0.0pct68.4%3.3pct6.8%70.8%31.9pct0.4pct-66.9%-32.3pct196.6%-36.6%投行子展业，不适用评估境外贡献。-38.0%-2.1pct-3.2pct-14.3%1.9pct2.6pct-46.0%-7.2%-7.7%0.0%0.0pct-11.7%2.1%4.3%15.2%26.4%4.1%-32.6%-31.6%-33.6%10.9%-6.2pct-46.6%-18.3pct8.9pct48.0%9.4pct8.0%0.0%0.0pct-20.5%12.6pct-0.8pct-69.3%-11.7pct-22.6%投行子展业，不适用评估境外贡献。-33.9%-0.4pct0.0pct-1.0pct-28.2%1.4pct-64.7%-33.6%73.1%0.0%0.0%0.0pct0.0pct0.00 / 0.0%0.29 60.9% 68.8%0.37 / 91.7%0.18 -34.3% 59.7%0.00 / 0.0%0.22 -79.7% 75.1%0.18 -72.6% 81.3%0.11 / 63.2%2.9pct45.4%-4.0pct159.7%184.9%162.2%0.8%16.2%25.7pct0.6pct-45.8%-26.3pct-6.8%7.5%-18.9pct91.7pct1.9pct-75.3%-22.2pct139.5%542.8%-13.9%0.0%0.0%0.0pct0.0pct-18.5pct0.0pct0.0pct59.4%18.5pct-5.9%47.8%253.3%0.0pct270.8%4.5pct1295.2%6.7%-75.0%7.2% 2.2pct-17.4pct-1.7pct8.2%19.1pct-17.7%57.9%-68.0%0.0%0.0pct-13.5pct8.4pct-36.6%5.1pct-74.3%-17.1%200.8%20.5%-18.8pct63.2pct10.0pct-5.7%-58.8pct649.9%520.7%503.8%-70.3%0.0%0.0pct0.00-100.0%0.0%-78.2pct0.0pct-96.4%-15.1pct-71.6%42家券商合计194.0524.9% 31.5% 2.8pct163.6326.6% 84.3% 1.1pct9.17 42.1% 4.7% 0.6pct19.06 0.2% 9.8% -2.4pct105.53 19.1% 19.2%资料来源：wind、招商证券26H19.0%3.7%55.1%、35.7%、52.7%和101.2%，远高于同业水平；其原因除前述因素外，亦包括长鑫科技等明星项目往后看，7月长鑫科技顺利上市、为3Q26IPO/私募子直投之间杠杆效应的进一步分化。此外，倘若后续市场表7：主要上市券商另类子和私募子业绩表现及贡献单位：亿元营业收入同比变动营收贡献净利润同比变动营收贡献中信金石私募子3.10237.02%1.15 扭亏为盈中信证券5.97%8.95%中证投资另类子26.551022.35%19.75 767.01%中金资本运营私募子5.3622.61%1.15 101.59%中金公司中金私募股权私募子1.98154.46%4.50%0.92 扭亏为盈3.73%中金浦成另类子1.34-6.73%0.99 -9.94%国泰海通开元私募子12.96305.00%7.99341.44%国泰海通21.39%36.06%国泰海通证裕另类子87.902470.18%65.072054.64%华泰紫金投资私募子7.2467.66%5.1465.95%华泰证券5.38%7.58%华泰创新投资另类子5.4938.88%3.7243.29%广发信德私募子3.24332.28%2.08889.32%广发证券2.60%4.05%广发乾和另类子3.7531.92%2.6427.53%招商致远资本私募子8.171534.00%6.324113.33%招商证券35.55%55.08%招商证券投资另类子69.707911.49%52.208319.35%中信建投资本私募子2.29186.25%1.26500.00%中信建投12.34%18.89%中信建投投资另类子17.74373.07%13.17375.45%中国银河银河创新资本银河源汇私募子另类子0.4865.52%0.33450.00%2.93%4.37%4.46256.80%3.08310.67%申万宏源宏源汇富申万投资宏源汇智申万创新投私募子另类子4.64243.08%3.16332.88%0.2450.82%0.0996.33%7.20%11.99%0.64-68.88%0.35-11.16%4.43226.05%3.27240.85%国信弘盛私募子0.6820.16%0.2919.16%国信证券0.76%0.57%国信资本另类子0.27-59.41%0.04-91.54%东证资本私募子1.2670.27%0.5772.73%东方证券9.46%13.48%东证创新另类子7.78140.87%5.52147.53%财通资本私募子1.97442.46%1.32904.00%财通证券9.69%16.37%财通创新另类子2.2512.27%1.7915.23%方正和生投资私募子2.31392.04%1.84 扭亏为盈方正证券5.85%10.78%方正证券投资另类子1.9885.02%1.35 86.36%长江资本私募子3.53103.07%2.3894.08%长江证券22.32%35.69%长江创新另类子13.05397.02%9.01365.30%天风证券天风天睿天风创新私募子另类子-0.613.82亏损加深491.07%20.19%-0.792.85亏损加深533.23%101.15%华安嘉业私募子7.77531.60%5.71612.28%华安证券37.71%52.67%华富瑞兴另类子7.34708.56%5.34830.43%资料来源：wind、招商证券3、资管业务：整体稳健，头部效应进一步凸显26H17.238.6+14%8.9+19%，固收类为12.3万亿，同比+13%，其他类为1.8万亿，同比+59%。图22：26H1证券资管模同比+17%，较年初+11% 图23：26H1公募基金值同比+14%，环比+6%公募基金净值(亿元)公募基金净值(亿元)环比增速（右轴）7500070000650006000055000500004500040000

2024-012024-032024-012024-032024-052024-072024-092024-112025-012025-032025-052025-072025-092025-112026-012026-032026-05

400000350000300000250000200000150000

8%6%4%2%0%-2%2021Q42022Q12021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q42026Q12026Q2资料来源：wind、招商证券 资料来源：wind、招商证券资管表现稳健。26H142275+24%，2Q26资140CR5CR1066.6%、81.4%，同比分别为+4.4pct、+3.6pct。从收入规模看，中信证券（72亿（48亿（37亿（13）（13位居行业前五名；从同比增速看，西南证券（7%、国金证券（126%（5751）49252315+108%+90%和+85%34.0%34.0%、16.0%15.3%。图22H12家上市券商资管收入为5

图22H110分别为66、81.4%6000

40%资管收入（亿元）同比增速（右轴）资管收入（亿元）同比增速（右轴）20%10%0%-10%26H1-20%26H1

100%90%80%70%60%50%40%

80%81%76%77%78%79%80%81%76%77%78%79%77%78%72%65%66%67%59%61%61%62%62%52%2019202020212022202320242025201920202021202220232024202525H126H1资料来源：wind、招商证券 资料来源：wind、招商证券2019202020212022202320242025201920202021202220232024202525H126H1表8：42家上市券商资管业务表现资管净收入（单位：亿元）2026H1同比变动2Q26同比变动环比变动600030中信证券71.8231.9%36.7727.7%4.9%000776广发证券48.4031.9%23.7920.4%-3.3%601211国泰海通37.1043.9%19.5238.5%11.1%601377兴业证券13.0928.3%6.5829.7%1.2%600918中泰证券12.5716.6%6.4419.5%5.1%601688华泰证券9.263.7%4.46-5.0%-7.2%600958东方证券8.4841.2%4.2040.3%-1.8%601995中金公司8.3622.9%4.3918.0%10.4%601066中信建投7.6716.0%4.0322.9%10.6%601108财通证券6.679.8%3.707.5%24.4%002797第一创业5.0715.2%2.2214.1%-21.8%601788光大证券4.515.7%2.274.6%1.5%601456国联民生4.1215.4%2.3319.4%29.7%600999招商证券4.05-7.9%2.11-3.3%8.6%000166申万宏源3.588.2%1.9722.9%22.3%601696中银证券2.46-1.6%1.19-3.6%-6.5%600909华安证券2.41-12.5%0.73-41.3%-56.6%002736国信证券2.34-27.0%1.24-24.2%11.4%601136首创证券1.97-8.3%1.025.4%7.1%000686东北证券1.8830.7%1.0550.8%27.3%601881中国银河1.73-35.5%0.58-57.8%-49.5%601878浙商证券1.622.6%0.84-5.3%8.5%601162天风证券1.529.1%0.8625.9%30.3%000783长江证券1.4628.1%0.8748.9%48.0%600109国金证券1.39125.9%0.81150.8%40.0%000750国海证券1.3651.3%0.6041.9%-20.1%002500山西证券1.3619.2%0.7214.2%11.3%600906财达证券1.342.9%0.7619.2%30.7%601555东吴证券1.089.3%0.7041.5%80.7%002673西部证券1.0656.7%0.6053.6%32.0%601198东兴证券1.045.7%0.538.9%3.1%601059信达证券1.0344.1%0.29299.4%-61.7%601901方正证券0.85-33.3%0.45-29.3%11.6%601099太平洋0.4549.1%0.2371.2%10.2%000728国元证券0.35-6.9%0.1413.3%-28.6%002939长城证券0.277.3%0.13-14.9%-3.6%002926华西证券0.2614.1%0.1522.2%45.0%600369西南证券0.24175.8%0.0885.3%-46.2%601990南京证券0.2311.4%0.1211.3%22.7%002945华林证券0.05-23.7%0.01-52.2%-60.3%601236红塔证券0.04-28.1%0.02-28.0%-20.0%601375中原证券0.01-96.3%0.00-95.8%14.8%42家券商合计274.5524.0%139.5221.0%3.3%资料来源：wind、招商证券表9：26H1券商系公募基金业绩及其对集团贡献（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%57.0834.06%7.14%14.1325.76%3.76%华泰证券南方基金华泰资管49.00%12.0927.05%1.88-8.12%41.16%50.1432.05%15.55%15.0325.83%10.18%100.00%10.22-15.53%4.79-32.78%国泰海通华安基金富国基金国泰海通资管51.00%19.1622.98%5.6513.00%51.00%7.1798.07%2.0997.17%8.85%5.16%30.63%27.78%43.4911.4323.74%100.00%16.2571.41%3.3331.10%广发证券易方达基金广发基金22.65%77.3631.22%23.3324.30%20.21%16.04%73.19%108.38%54.53%67.5124.59博时基金49.00%26.5912.86%8.045.37%招商证券招商基金45.00%29.1913.98%14.00%8.021.65%8.46%招证资管100.00%4.49-5.67%1.44-6.49%东方证券汇添富基金东证资管35.41%34.7248.31%9.1390.21%23.11%15.32%100.00%9.846.93%3.6985.43%申万宏源申万菱信基金富国基金67.00%3.7775.81%0.93182.33%10.56%6.63%30.63%23.74%27.78%43.4911.43兴业证券兴证全球基金南方基金兴证资管51.00%22.9128.35%10.1240.75%9.15%50.1432.05%26.90%15.0325.88%33.99%100.00%1.8392.63%0.7268.42%中泰证券万家基金中泰资管60.00%60.00%12.562.2838.10%11.82%2.480.5054.27%40.77%10.20%-16.74%国信证券鹏华基金50.00%24.6632.37%9.82%5.3438.07%4.66%长城证券景顺长城基金长城基金49.00%24.1841.41%8.0748.89%52.73%33.97%23.72%22.13%47.06%6.691.66资料来源：wind2025同比增速应较实际值偏高。4、投资和国际化：科创投资和跨境业务释放弹性26H1421624107525年+1.25pct。（26H1初+36%、+34%和+32%26H1223%98%分公司选择兑现OCI债券浮盈。增幅与其TPL26H130.5%、28.8%，分别较25年+2.3pct、+12.5pct。2026为年内国际业务收入最大的增长点，亦是支撑国际业务高杠杆运营和高ROE。26H1头部券商ROE，ROE36.6%23.2%20.8%18.6%，+13.5pct+6.2pct和10367500FICC但站在9月的时点投资收入CR5CR1051.1%C5399R10612图26：26H142家上市券商自营收入为1624亿，同比+48%

图27：26H142家上市券商自营投资收益率（年化后）为6.19%，较25年+1.25pct0

自营收入（亿元） 同比增速（右轴

100%80%60%40%20%0%-20%-40%26H1-60%26H1

7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%

自营收益率2019 2020 2021 2022 2023 2024 2025 26H12019202020212022202320242025资料来源：wind、招商证券；注：自营收入=投资净收益-对联营和合营企业的投资收益+公允价值变动净收益+汇兑净收益2019202020212022202320242025

资料来源：wind、招商证券证券公司（单位：亿元）投资收入投资收益（剔除对联营合营企业的投资收益）公允价值变动净收益汇兑净收益2Q26投资收入同比变动环比变动投资收益率（年化后） 较25年变动2026H1 同比变动同比增量2026H1 同比增量2026H1 同比增量2026H1 同比增量600030中信证券601211国泰君安证券公司（单位：亿元）投资收入投资收益（剔除对联营合营企业的投资收益）公允价值变动净收益汇兑净收益2Q26投资收入同比变动环比变动投资收益率（年化后） 较25年变动2026H1 同比变动同比增量2026H1 同比增量2026H1 同比增量2026H1 同比增量600030中信证券601211国泰君安600999招商证券000776广发证券601688华泰证券601995中金公司601066中信建投601881中国银河000166申万宏源600958东方证券002736国信证券000783长江证券601555东吴证券601901方正证券600909华安证券601878浙商证券601377兴业证券601456国联证券600918中泰证券000728国元证券002673西部证券601788光大证券601198东兴证券002939长城证券601059信达证券601108财通证券601136首创证券600369西南证券600906财达证券002797第一创业600109国金证券601990南京证券000686东北证券002500山西证券601162天风证券601236红塔证券002926华西证券000750国海证券601