目錄業(yè)績(jī)述：2025Q1-3上券商母利同+62.4% 3驅(qū)動(dòng)素經(jīng)、營(yíng)務(wù)助業(yè)高增 3自營(yíng)務(wù)受投收率改，入比增 4經(jīng)紀(jì)務(wù)交活提推動(dòng)入增 4投行務(wù)股融邊回暖收雙數(shù)升 5資管務(wù)私規(guī)基平穩(wěn)公持提升 6信用務(wù)市信提，融余增長(zhǎng) 7行業(yè)局高之分顯著自轉(zhuǎn)是命題 8投資議配力與績(jī)彈共，續(xù)薦商板塊 9風(fēng)險(xiǎn)示 10業(yè)績(jī)綜述：2025Q1-3上市券商歸母凈利潤(rùn)同比+62.4%2025+62.4%1)20251690+62.4%(其他)+44.1%4165+4.6pct2025Q3+27.2%+25.5%。表1：2025Q1-3上市券商歸母凈利潤(rùn)同比+62.4%(單位:億元)科目2024Q1-32025Q1-3同比增速調(diào)整后營(yíng)業(yè)收入2,889.94,164.844.1%調(diào)整后營(yíng)業(yè)支出1,666.82,106.826.4%稅金及附加17.527.557.1%業(yè)務(wù)及管理費(fèi)1,643.32,040.824.2%業(yè)務(wù)及管理費(fèi)率57%49%-7.9pct信用減值損失5.636.6553.7%其他資產(chǎn)減值損失0.51.9326.6%營(yíng)業(yè)利潤(rùn)1,223.02,058.068.3%營(yíng)業(yè)利潤(rùn)/調(diào)整后營(yíng)收42%49%7.1pct營(yíng)業(yè)外收入3.485.02390.9%營(yíng)業(yè)外支出6.87.13.3%利潤(rùn)總額1,219.62,136.075.1%所得稅費(fèi)用141.1396.5181.0%所得稅率11.6%18.6%6.99pct歸屬母公司凈利潤(rùn)1,041.11,690.562.4%歸屬母公司凈利潤(rùn)率36%41%4.6pct，表2：2025Q3上市券商歸母凈利潤(rùn)同比+58.2%（單位：億元）科目24Q325Q3同比增長(zhǎng)25Q2環(huán)比增長(zhǎng)調(diào)整后營(yíng)業(yè)收入1059.51691.559.7%1329.327.2%經(jīng)紀(jì)業(yè)務(wù)凈收入199.3483.2142.4%306.657.6%投行業(yè)務(wù)凈收入72.296.233.2%88.68.6%資管業(yè)務(wù)凈收入106.1120.613.7%110.69.0%投資業(yè)務(wù)凈收入544.0749.237.7%612.822.3%信用業(yè)務(wù)凈收入69.0142.5106.5%117.821.0%歸母凈利潤(rùn)411.0650.358.2%518.325.5%，驅(qū)動(dòng)因素：經(jīng)紀(jì)、自營(yíng)業(yè)務(wù)助推業(yè)績(jī)高增1）2025+42.1%1849億43.0%.74.6%37.5%。2）表3：投資及經(jīng)紀(jì)業(yè)務(wù)是主要的業(yè)績(jī)驅(qū)動(dòng)因素（單位：億元）科目24Q1-325Q1-3同比增長(zhǎng)增量貢獻(xiàn)增量貢獻(xiàn)占比調(diào)整后營(yíng)業(yè)收入2,889.94,164.844.1%1274.9100.00%經(jīng)紀(jì)業(yè)務(wù)凈收入640.01117.874.6%477.737.5%投行業(yè)務(wù)凈收入203.7251.523.5%47.83.7%資管業(yè)務(wù)凈收入324.6332.52.4%7.90.6%投資業(yè)務(wù)凈收入1301.31849.442.1%548.143.0%投資收益率金融資產(chǎn)規(guī)模信用業(yè)務(wù)凈收入2.9%61,601.7國(guó)4通版3.7%70,915.439.10.8pct15.1%4%119.69.4%其他業(yè)務(wù)收入 200.8 274.5 36.7% 73.8 5.8%，自營(yíng)業(yè)務(wù)：受益投資收益率改善，收入同比高增實(shí)現(xiàn)收入84942.13單季收入49+37.，7.1Q2+4%+0.8pctQ3FVOCIOCI賬表4：權(quán)益市場(chǎng)出現(xiàn)結(jié)構(gòu)性行情，債券市場(chǎng)整體平穩(wěn)指數(shù)名稱24Q224Q324Q425Q125Q225Q3滬深300-2.1%16.1%-2.1%-1.2%1.3%17.9%萬(wàn)得全A-5.3%17.7%1.6%1.9%3.9%19.5%科創(chuàng)50-6.6%22.5%13.4%3.4%-1.9%49.0%恒生指數(shù)7.1%19.3%-5.1%15.3%4.1%11.6%中債綜合債指數(shù)1.1%0.3%2.2%-1.2%1.1%-1.5%中證國(guó)債1.9%1.1%3.9%-1.0%1.8%-1.3%中證中高等級(jí)信用債1.7%0.1%2.0%-0.1%1.2%-0.6%，表5：券商資產(chǎn)配置中其他權(quán)益工具投資規(guī)模提升單位：億元24Q224Q324Q425Q125Q225Q3投資規(guī)模59749.661601.761851.866212.268323.170915.4交易性金融資產(chǎn)69.2%70.3%67.2%68.6%69.6%69.2%債權(quán)投資1.5%1.4%1.4%1.3%1.2%1.2%其他債權(quán)投資21.1%20.8%22.4%20.9%19.6%19.4%其他權(quán)益工具投資5.5%5.4%7.1%7.6%8.4%8.8%衍生金融工具2.7%2.2%1.9%1.5%1.2%1.4%，圖1：券商投資收益率呈現(xiàn)逐步修復(fù)態(tài)勢(shì)（單位：億元）自營(yíng)收入收益率自營(yíng)收入收益率(右)18/0318/0818/0318/0819/0119/0619/1120/0420/0921/0221/0721/1222/0522/1023/0323/0824/0124/0624/1125/0425/09

7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%，經(jīng)紀(jì)業(yè)務(wù)：交投活躍提振推動(dòng)收入高增2025+74.6%2025A至1.932）202471圖2：市場(chǎng)日均股基交易額同比大幅改善（億元）30,00025,00020,00015,00010,0005,0000，圖3：基金新發(fā)逐步回暖5,000 發(fā)行份額(億份) 發(fā)行數(shù)量(只，右)0，

6005004003002001000投行業(yè)務(wù)：股權(quán)融資邊際回暖，收入雙位數(shù)提升2025年前三季度AIPO760797819%12.12025251.5+23.5%。圖4：股權(quán)融資節(jié)奏邊際改善明顯7,000 IPO募資(億元) 再融資募資(億元)6,0005,0004,0003,0002,0001,0000，圖5：債券發(fā)行規(guī)模穩(wěn)中有增（億元）0，資管業(yè)務(wù)：私募規(guī)模基本平穩(wěn)，公募持續(xù)提升2025Q3圖6：券商資管規(guī)?；酒椒€(wěn)（億元）90,000 集合資管 定向資管 私