金吾财讯 | 中资券商股整体走高，截至发稿，招商证券(06099)涨5.08%，广发证券(01776)涨4.23%，中州证券(01375)涨3.31%，东方证券(03958)涨3.37%，HTSC(06886)涨3.28%，中信证券(06030)涨3.12%，光大证券(06178)涨2.94%，国泰海通(02611)涨3.18%，中金公司(03908)涨3.07%。消息面上，开源证券研究指，5月15日，证监会发布《衍生品交易监督管理办法(试行)》正式稿，并将于2026年11月16日起施行。《办法》对股权类(持股上市公司5%以上的股东)衍生品交易设置限制，明确管理风险、配置资源、服务实体经济的核心功能定位，鼓励套期保值等风险管理活动，支持开发适配中长期资金需求的衍生品，依法限制过度投机行为。政策落地利于衍生品业务健康发展，利于监管常规化。低估值+低配置+1季报超预期+成长性提升是该机构当下强烈推荐头部券商的核心逻辑，本周市场交易活跃度持续提升有望带来催化。
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