【西部非银】证券行业2025年中报综述:业绩高增景气上行,估值修复空间可期

西部证券研究发...
Sep 09

成交活跃权益走强,推动证券行业盈利高增。2025上半年42家上市券商实现营收和归母净利润分别同比+30.1%(考虑24H1营收基数调整)、+65.1%;扣除国泰海通80亿元负商誉后,合计归母净利润同比+52.4%;加权平均ROE均值达到3.7%,同比+1.12pct。分业务来看,经纪/投行/资管/利息净收入/自营分别同比+44%、+18%、-3%、+31%和+47%,权益回暖下经纪和自营业务成为...

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