A股券商上半年净利增长进入“快车道”|337p日本欧洲亚洲大胆色噜噜
中新社北京9月4日电 (记者 陈康亮)根据山西证券4日发布的研报,今年上半年,中国A股上市券商合计实现营业收入约2518.66亿元(人民币,下同);合计实现归属于母公司所有者的净利润约1040.17亿元,同比增逾65%。
与行业整体情况相比,上市券商净利增速更快。根据中国证券业协会此前发布的数据,证券公司未经审计财务报表显示,150家证券公司2025年上半年实现净利润约1122.8亿元,同比增长约40.37%。
山西证券分析师孙田田表示,受益于A股市场情绪回暖及交投活跃度的提升,2025年上半年上市券商业绩普遍回升,经纪、投资业务对券商整体业绩贡献较大。其中,上市券商上半年经纪业务合计同比增长逾43%,投资业务合计同比增逾53%。
就行业格局而言,头部公司竞争愈发激烈。就营业收入而言,上半年,中信证券以约330.39亿元的营收摘得行业榜首,国泰海通则以约238.72亿元的营收紧随其后。但就净利润而言,上半年,国泰海通以约157.37亿元的净利润登顶行业第一;中信证券以约137.19亿元的净利润罕见位居行业第二,国泰海通打破了中信证券多年来中期净利润连续排名行业第一的纪录。
此外,就总资产规模而言,随着券商并购重组的落地,两家万亿元级别的“航母”券商资产规模逐渐靠齐。截至今年6月末,中信证券总资产约18077.31亿元,继续保持行业第一;并购重组完成后的国泰海通同期总资产约为18046.19亿元,与中信证券仅相差31亿元左右。
展望未来,东吴证券分析师孙婷表示,考虑到今年三季度以来A股市场交投活跃,上调证券行业全年的盈利预测。从长期角度来看,在中国资本市场高质量发展以及券商重资产业务能力和效率持续提升的背景下,未来上市券商估值仍存在上升空间。此外,资本市场改革预期持续强化,且政策鼓励优质券商通过并购做优做强,预计大型券商优势仍显著,行业集中度有望持续提升。(完)
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