2Q25 上市券商业绩有望延续高增势头,自营与经纪两大条线收入或温和降速。2025 年二季度外围贸易扰动影响逐步淡化,资本市场触底反弹,交投热度再度回升。2Q25 两融余额较一季度有所回落,但同比保持高位。再融资与债权承销规模持续放量,后续科创板成长层增设与科创板第五套上市标准重启,IPO规模或逐步修复,投行业务收入有望重回增长区间。我们预计2Q25 上市券商营业收入或同比增长10%,其中自营/...
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