智通财经APP获悉，交银国际发布研报称，维持内地证券行业领先评级，建议关注业务结构较为均衡的头部券商，维持华泰证券(06886)和中信证券(06030)“买入”评级。
报告指，第一季度内地券商盈利同比显著提升，盈利增长主要来自自营投资收益和经纪业务。2025年第一季度，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%。上市券商核心收入同比增长28.2%，其中自营投资收入同比增长45.5%，经纪业务收入同比增长43.2%，是收入增长主要来源。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。
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