【投资要点】业绩显著改善，行业马太效应显现。Q1 我国经济运行整体稳中有进，向好因素累积增多，一级市场股权融资、二级市场股基交易额同比高增。在此背景下，券商业绩持续回暖，营业收入/归母净利润同比+25%/+83%，自营和经纪业务收入明显改善，信用和投行业务同比回暖。集中度方面，归母净利润CR3/CR5/CR10 占比为43%/54%/74%，分别较上年同期+9/+6/+3pct，呈现出“强者愈强”...
Source Link【投资要点】业绩显著改善，行业马太效应显现。Q1 我国经济运行整体稳中有进，向好因素累积增多，一级市场股权融资、二级市场股基交易额同比高增。在此背景下，券商业绩持续回暖，营业收入/归母净利润同比+25%/+83%，自营和经纪业务收入明显改善，信用和投行业务同比回暖。集中度方面，归母净利润CR3/CR5/CR10 占比为43%/54%/74%，分别较上年同期+9/+6/+3pct，呈现出“强者愈强”...
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