金吾财讯 | 华泰证券研报指，25Q1大券商归母净利润合计同比大幅增长92%，扣非净利润同比+51%，关注三大主线：1）扩表趋势延续，金融投资规模驱动总资产进一步扩张，但杠杆率分化；2）投资贡献增长，大券商投资类收入普遍增长，体现较强弹性；3）轻资本业务修复，Q1全市场日均股票基金成交额同比+71%，经纪净收入同比提升、投行净收入普遍改善、资管净收入相对稳健。展望未来，该行预计行业竞争格局持续向头部集中，财富管理和资本中介业务有望受益于较高的交易活跃度；债市保持震荡，固收投资仍有压力，考验券商资产配置能力。政治局会议强调持续稳定和活跃资本市场，交易活跃度仍处于较高水平，且并购重组主题行情持续演绎，关注结构性机会。
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