【东吴非银 | 国联民生-2025年一季报点评】并表民生证券,经营业绩大幅提升

孙婷非银金融研究
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投资要点事件:国联民生发布2025年一季报,2025Q1公司实现营业收入15.6亿元,同比+801.0%;归母净利润3.8亿元,同比大幅扭亏为盈;对应EPS 0.08元,ROE 1.0%,同比+2.2pct。25Q1公司主动把握市场机遇,持续推进各项业务发展,同时将民生证券纳入财务报表合并范围。资本市场转暖叠加并表影响,经纪业务收入同比增幅超300%:2025Q1公司经纪业务收入4.7亿元,同比+...

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