金吾财讯 | 交银国际表示，从公布业绩预告的券商来看，2季度业绩仍保持强劲增长，增速超该机构预期。目前已有24家A股上市券商公布中报业绩预告，2025年上半年盈利同比增长区间在65%-80%（扣除国泰海通合并产生的负商誉），平均增长72%；2季度环比1季度增长13%。该机构预计上半年经纪业务在去年同期低基数上显著回升；该机构预计自营投资收益同比显著增长，仍是券商盈利增长的主要推动因素；A股IPO募资额在低位上恢复正增长，港股IPO增长强劲。当前板块估值仍具吸引力。A股证券行业指数市净率为1.38倍，处于过去10年35%历史分位数，预计在强劲的业绩增长支撑下，存在估值进一步上升的空间。该机构维持证券行业领先评级。该机构上调2025年全年盈利预测，头部券商将充分受益于有利的市场环境，该机构维持中信(06030)和华泰(06886)的买入评级
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