金吾财讯 | 交银国际表示，1季度券商盈利同比显着提升，盈利增长主要来自自营投资收益和经纪业务。2025年1季度，42家A股上市券商归母净利润合计为522亿元人民币，同比增长77.8%。上市券商核心营收同比增长28.2%，其中自营投资收益同比增长45.5%，经纪业务收入同比增长43.2%，是营收增长主要来源，此外，净利息收入同比增长11.5%，对于营收亦有小幅贡献。该行指，证券行业估值处于偏低水平。目前A股证券行业指数市净率为1.27倍，处于过去10年26%历史分位数，较为接近负一倍标准差水平（1.16倍），估值处于偏低水平。该行维持证券行业领先评级，建议关注业务结构较为均衡的头部券商，维持华泰证券和中信证券的买入
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