證券行業(yè)22家券商2023年報業(yè)績綜述：利潤小幅下降輕資本業(yè)務承壓、投資業(yè)務修復

1 業(yè)績概覽：利潤小個位數(shù)下滑，投資收益為重要支柱目錄

CONTENT32風控指標及經(jīng)營杠桿：仍滿足監(jiān)管要求，杠桿小幅提升3輕資本業(yè)務：股權融資收緊影響投行收入，公募費改影響逐步體現(xiàn)4重資本業(yè)務：規(guī)模擴張，投資收益率改善，兩融利率微降5 投資建議券商板塊利潤情況：23年利潤同比小個位數(shù)下滑22家綜合性券商小計 1Q23 2Q23 3Q23 4Q23 收入結構 同比 環(huán)比 1H23 9M23 2023 同比 收入結構營業(yè)收入

1,003

1,041

853

837

-6.4

-1.9

2,044

2,897

3,734

-1.8凈利潤

337

312

242

129

-37

-47

648

891

1,020

-4.4證券主營收入

865

853

681

664

-8.6

-2.5

1,718

2,3993,063

0.551.9-13-1224.5-2511112.2.8（1）手續(xù)費及傭金凈收入其中：經(jīng)紀收入投行收入資管收入其他收入3881897996254372041041022738918583992237617377962956.626.111.614.54.4-16-12-34-6-10-3-6-8-333825393183198511,214578266297731,590751343393103-133.44934.9-25投資收入(含匯兌)利息凈收入長股投372792530196201977520199711930.010.62.839-31-461-6-467317545870250641,06932183-210.52.7注：截至2024年3月29日，已披露2023年報的綜合性券商22家，本報告據(jù)此統(tǒng)計數(shù)據(jù)。板塊2023年利潤同比-4.4

，4Q23單季利潤同比-37。2023年綜合性券商(不含東財,下同)合計實現(xiàn)證券主營收入同比+0.5

，實現(xiàn)凈利潤同比-4.4；4Q23單季實現(xiàn)證券主營收入同比-8.6，實現(xiàn)凈利潤同比-37。主營收入拆分如下：輕資本業(yè)務收入yoy-13

/占比52：經(jīng)紀業(yè)務收入占比24.5，投行業(yè)務收入占比11.2

，資管業(yè)務收入占比12.8

，其他手續(xù)費收入占比4。輕資本業(yè)務收入下滑，主因成交額及新發(fā)基金減少、嚴監(jiān)管下IPO發(fā)行趨緩。資本金業(yè)務收入yoy+20

/占比48：投資收入（含匯兌損益）yoy+49

/收入占比35

；利息凈收入yoy-25/占比10.5

；長股投收入yoy-2/占比2.7

。債市上漲疊加股指跌幅小于上年，驅(qū)動券商投資收益修復。上市券商2023年及各季度營收、凈利潤及同比增速，主營收入結構（單位：億元）4資料來源：Wind，方正證券研究所注：1）證券主營收入=營業(yè)收入-其他收益-其他業(yè)務收入-資產(chǎn)處置受益；2）投資凈收入（含匯兌）=投資凈收益-對聯(lián)營合營投資收益+公允價值變動凈收益+匯兌凈收益。經(jīng)營指標回顧：交投活躍度同比下滑，債市上漲、股市下跌，債銷規(guī)模增長經(jīng)紀及兩融業(yè)務：成交額及兩融余額同比小幅下滑。2023滬深日均股票成交8769億/yoy-5.5

，日均兩融16058億/yoy-0.8

。投行業(yè)務：股權融資規(guī)模同比下降，債銷規(guī)模增長。按發(fā)行日統(tǒng)計，全年A股IPO規(guī)模3590億元/yoy-31

，再融資規(guī)模5314億元/yoy-37；券商債權承銷規(guī)模13.51萬億/yoy+26

。監(jiān)管逆周期調(diào)控IPO發(fā)行，下半年股權融資額顯著減少。資管業(yè)務：非貨基規(guī)模保持增長，權益基金規(guī)模受凈值拖累。2023年末市場非貨基規(guī)模16.32萬億/yoy+4.8

，股混基金規(guī)模6.79萬億/yoy-9.2

。2023年新發(fā)權益基金3166億份/yoy-33。投資業(yè)務：債牛但股市承壓。全年中證全債指數(shù)漲1.92

（22年漲0.06

），滬深300下跌11.4

、創(chuàng)業(yè)板指下跌19.4

。2023年證券行業(yè)主要經(jīng)營指標單位：億元 證券行業(yè)核心指標1Q232Q233Q234Q23同比環(huán)比202120222023同比經(jīng)紀與兩融業(yè)務日均股票成交額

(滬深)日均兩融余額8,81015,71310,08216,1597,99815,8618,26116,508-1.85.83.34.110,61617,6849,27716,1858,76916,058-5.5-0.8資管與公募業(yè)務新發(fā)基金份額新發(fā)權益基金份額股混基金規(guī)模:

期末非貨基規(guī)模:

期末2,698 2,456 2,439989 840 67875,638 73,281 70,605157,249 162,071 160,8583,76966067,876163,2231.1-14.6-9.24.854.5-2.6-3.91.529,39521,70286,328160,94714,6994,69474,755155,75411,3633,16667,876163,223-22.7-32.5-9.24.8投資銀行業(yè)務A股IPO規(guī)模:按發(fā)行日A股再融資規(guī)模證券公司債承規(guī)模9611,92327,3161,2261,20234,7221,0921,14737,6153111,04235,410-63.9-63.846.2-71.5-9.2-5.96,0309,113113,9145,2238,447107,0703,5905,314135,064-31.3-37.126.1投資交易業(yè)務1.6pct1.9pct-8.8pct10.3pct-6.2pct20.1pct-8.1pct10.0pct中證全債(凈):

漲跌幅滬深300:

漲跌幅科創(chuàng)50:

漲跌幅創(chuàng)業(yè)板指:

漲跌幅股票基金:

漲跌幅0.154.6312.672.253.471.17-5.15-7.06-7.69-5.40-0.06-3.98-11.67-9.53-5.890.65-7.00-4.03-5.62-4.91-5.4pct0.7pct-3.0pct7.6pct3.9pct1.0pct1.97-5.200.3712.025.870.06-21.63-31.35-29.37-21.081.92-11.38-11.24-19.41-12.408.7pct5資料來源：Wind，方正證券研究所上市券商分業(yè)務收入結構及同比增速：投資收益為重要支柱2023年券商板塊合計實現(xiàn)證券主營收入yoy+0.5

。分業(yè)務收入占比/同比增速如下：經(jīng)紀24.5

/yoy-12

、投行11.2/yoy-25、資管12.8

/yoy+1.5

、凈利息10.5

/yoy-25

、投資(含匯兌)35

/yoy+49

。上市券商2023年主營收入及同比增速、分業(yè)務收入同比增速、收入結構單位：億元上市券商主營收入2023盈利同比 凈利潤↓同比經(jīng)紀投行各業(yè)務同比增速資管 投資(含匯兌)凈利息經(jīng)紀投行主營收入結構資管 投資(含匯兌)凈利息22家小計3,0630.51,020-4.4-12-251.549-2524.511.212.834.910.5中信證券542.5-5197.2-7-8-27-1021-3118.811.618.241.37.4華泰證券311.410127.515-16-251358-6419.19.813.741.73.1國泰君安273.2293.7-19-11-1414927-4124.913.515.033.210.3招商證券180.5387.69-14-7-1434830.67.23.937.68.0中國銀河183.7178.82-14-20437-1929.93.02.541.722.7中信建投206.9-170.3-6-6-193449-2826.923.26.433.38.3廣發(fā)證券219.3-369.8-12-9-7-14192-2426.52.635.216.214.3中金公司227.0-1261.6-19-13-47-1193020.016.35.352.5-5.9申萬宏源169.21846.165-17-23-227925925.68.55.853.22.0光大證券93.0-242.734-16-20-33129-1429.811.110.927.019.4東方證券116.1-427.5-9-10-13-2335823.913.017.520.115.2方正證券70.0-721.50-9-60-2353-2046.83.02.624.420.3國元證券45.6718.78-10-74121135-919.84.52.325.740.8中泰證券109.95018.0205-2033260840-1926.912.318.125.615.7信達證券34.5114.720-16-17-11894822.64.56.731.712.3華安證券31.11012.78-6-29145-731.03.615.729.113.6海通證券141.2-1810.1-85-18-18-15109-3427.124.213.61.029.0國聯(lián)證券28.6116.7-13-621297-3318.017.115.543.52.8西南證券22.8376.095-13-23-402059-1625.76.10.641.113.1國海證券28.873.331-6-20-3217-1427.85.56.422.113.9紅塔證券10.71093.1711-16-33-1141939416.15.23.832.840.2中原證券16.5-62.199-16-66448-432.35.63.048.57.66資料來源：Wind，方正證券研究所1業(yè)績概覽：利潤小個位數(shù)下滑，投資收益為重要支柱目錄

CONTENT72風控指標及經(jīng)營杠桿：仍滿足監(jiān)管要求，杠桿小幅提升3輕資本業(yè)務：股權融資收緊影響投行收入，公募費改影響逐步體現(xiàn)4重資本業(yè)務：規(guī)模擴張，投資收益率改善，兩融利率微降5 投資建議風控指標：各項比率同比下降但整體仍滿足監(jiān)管要求，行業(yè)凈資本小幅增長8券商板塊2023年末凈資本同比+5.5

?？杀瓤趶较?，流動性覆蓋率平均值269.9

/yoy-41.8pct，凈穩(wěn)定資金率平均值150.9

/yoy-3.0pct，資本杠桿率平均值17.6/yoy-0.9pct。上市券商2023年末風控指標情況（按凈資本由高到低排序） 券商展業(yè)受到多個風險控制指標限制注：風險覆蓋率=凈資本/各項風險資本準備之和；資本杠桿率=核心凈資本/表內(nèi)外資產(chǎn)總額；流動性覆蓋率=優(yōu)質(zhì)流動性資產(chǎn)/未來30日內(nèi)現(xiàn)金凈流出；凈穩(wěn)定資金率=可用穩(wěn)定資金/所需穩(wěn)定資金。核心凈資本1附屬凈資本2凈資本3凈資產(chǎn)4各項風險準備金之和5表內(nèi)外資產(chǎn)總額6風險覆蓋率7≥120≥100資本杠桿率8≥9.6≥8流動性覆蓋率9≥120≥100凈穩(wěn)定資金率10≥120≥100凈資本/凈資產(chǎn)11≥24≥20凈資本/負債12≥9.6≥8凈資產(chǎn)/負債13≥12≥10自營權益類證券及證券衍生品/凈資本14≤80≤100自營非權益類證券及證券衍生品/凈資本15≤400≤500證券公司風險控制指標監(jiān)管報表項目 行次

預警標準

監(jiān)管標準研究所資料來源：證監(jiān)會，Wind，方正證券可比小計/平均

11,611

5.5

269.9

-41.8pct

150.9

-3.0pct

17.6

-0.9pct1,396

2.5124.916.31,00112.094114.093212.0中信證券中國銀河華泰證券廣發(fā)證券國泰君安92626.61.216.7-0.3148.3289.2152.5222.4269.717.8pct-65.8pct-14.1pct8.6pct-7.6pct129.2130.8129.6128.8-4.8pct-0.7pct1.5pct-17.7pct-1.3pct16.1-1.5pct-0.4pct-0.1pct-1.0pct-1.5pct91512.9130.511.3808141.917.7794-13.812.7138.313.16692.5151.214.0申萬宏源海通證券招商證券中信建投東方證券5066.8169.6223.7169.1208.6204.0-42.5pct-70.1pct-41.9pct-26.4pct-14.5pct131.9-6.3pct-21.0pct-13.5pct9.7pct-7.2pct12.70.4pct-3.4pct-0.3pct-0.9pct-1.7pct145.820.1470441-3.9-2.7132.411.414.928127813.6-0.815.6光大證券中金公司方正證券中泰證券國元證券2145.6232.9201.1223.0321.5389.816.1pct-38.6pct83.6pct12.2pct-67.6pct162.3146.1157.7-12.2pct-21.9pct23.2pct-16.8pct-11.6pct21.5-2.5pct0.2pct-4.0pct0.7pct-0.1pct284.546.326.2紅塔證券國海證券西南證券華安證券188161156151-3.723.97.220.2915.1166.5345.2449.0-763.0pct12.0pct164.9pct-55.1pct168.8174.9174.814.6pct24.4pct20.9pct-3.4pct19.620.90.9pct6.6pct-2.0pct-2.4pct133.5-10.2pct13.8-6.6pctnananana國聯(lián)證券信達證券中原證券14914887-8.938.66.7167.4na199.07.3pctna6.1pct150.7-7.9pct19.10.3pct公司 凈資本(億元) 流動性覆蓋率(≥120

) 凈穩(wěn)定資金率(≥120

) 資本杠桿率(≥9.6)2023年↓ yoy 2023年 yoy 2023年 yoy 2023年 yoy經(jīng)營杠桿：同比小幅提升，主要由于投資業(yè)務擴張9資料來源：Wind，方正證券研究所可比口徑下，年末經(jīng)營杠桿平均3.80x/yoy+0.07x；板塊投資類資產(chǎn)yoy+14

，投資杠桿平均2.42x/yoy+0.13x。8家場外期權一級交易商杠桿高于行業(yè)平均（下表加粗）：年末經(jīng)營杠桿平均4.66x，投資杠桿平均3.08x。上市券商經(jīng)營杠桿、投資杠桿情況（按2023年末經(jīng)營杠桿由高到低排序）序號單位：億元上市券商2023↓經(jīng)營杠桿yoyqoq2023投資杠桿yoyqoq歸母凈資產(chǎn)(億元)2023 yoyqoq投資類資產(chǎn)(億元)2023 yoy qoq- 22家小計/均值3.800.07

x0.05

x2.420.13

x0.01

x18,7517.01.750,06614.22.41申萬宏源5.38-0.02x0.11

x3.940.28

x0.07

x1,0015.40.53,94213.32.42中金公司5.18-0.43x-0.04x3.46-0.10x-0.13x1,0465.51.43,6232.4-2.43國泰君安5.000.17

x0.26

x2.890.31

x0.22

x1,6705.90.64,81918.69.04招商證券4.740.35

x0.43

x3.070.39

x0.22

x1,2205.92.03,74621.49.75國聯(lián)證券4.390.60

x-0.12x2.900.23

x-0.10x1786.0-0.651515.1-4.16中信證券4.350.35

x0.06

x2.780.27

x-0.08x2,6886.22.47,48517.4-0.47中信建投4.310.02

x0.03

x3.020.22

x0.10

x9754.51.12,94212.84.48方正證券4.260.75

x0.27

x2.190.32

x-0.06x4525.10.899222.8-1.99華泰證券4.250.04

x0.01

x2.770.19

x0.06

x1,7918.54.14,96216.36.310中國銀河4.16-0.67x-0.53x2.75-0.41x-0.46x1,30527.28.23,59410.6-7.211廣發(fā)證券4.050.06

x0.08

x2.700.16

x0.03

x1,35713.00.93,66219.92.012海通證券3.970.09

x0.21

x1.840.16

x0.13

x1,632-0.8-2.22,9978.65.313東方證券3.450.29

x0.08

x2.510.33

x0.08

x7871.80.11,97617.33.514中泰證券3.43-0.14x-0.08x1.72-0.06x0.01

x3994.5-0.16861.10.715信達證券3.420.04

x0.36

x2.400.22

x0.28

x17829.82.642642.916.216國元證券3.100.00

x-0.15x2.080.12

x-0.15x3465.01.572111.6-5.417光大證券3.040.08

x0.23

x1.85-0.05x0.05

x6714.8-0.21,2382.32.418華安證券3.040.21

x0.01

x2.040.23

x0.01

x2114.71.642917.91.919中原證券2.890.10

x-0.08x1.790.03

x-0.14x1391.10.02483.0-7.220西南證券2.860.16

x-0.12x1.750.08

x-0.27x2541.90.34446.7-13.121國海證券2.49-0.55x-0.18x1.31-0.25x0.01

x22018.016.7288-0.917.322紅塔證券1.870.02

x0.27

x1.430.22

x0.25

x2311.00.833119.722.2注：8家場外期權一級交易商名稱加粗。1業(yè)績概覽：利潤小個位數(shù)下滑，投資收益為重要支柱目錄

CONTENT102風控指標及經(jīng)營杠桿：仍滿足監(jiān)管要求，杠桿小幅提升3 輕資本業(yè)務：股權融資收緊影響投行收入，公募費改影響逐步體現(xiàn)4重資本業(yè)務：規(guī)模擴張，投資收益率改善，兩融利率微降5 投資建議經(jīng)紀業(yè)務：量價均承壓，收入同比-122023年滬深兩市日均股票成交8769億元/yoy-5.5

；板塊經(jīng)紀業(yè)務收入yoy-12?？杀瓤趶较?，綜合性券商合計經(jīng)紀業(yè)務收入yoy-12

/收入占比24.5

；其中，代銷產(chǎn)品收入yoy-9.2/收入占比2.8

；交易席位分倉收入yoy-14.6/收入占比3.6

。上市券商經(jīng)紀業(yè)務情況（按2023經(jīng)紀業(yè)務收入由高到低排序）11資料來源：Wind，方正證券研究所投行業(yè)務：股權融資發(fā)行收緊，下半年降幅高于上半年股權承銷市占率（按23年IPO市占率由高到低排序）上/下半年市場IPO規(guī)模分別為2187/1403億，分別同比-16

/-47

；再融資規(guī)模分別為3125/2189億，分別同+10/-61?？杀瓤趶较?，綜合性券商合計投行業(yè)務收入yoy-25/收入占比11.2

；中信證券、海通證券、中信建投位列IPO前三名。1Q234Q23主營收入2023-30.2-33.83,06362.9

-2748.0

-1937.0

-4736.912345中信證券中信建投中金公司國泰君安海通證券34.2-14-1811.623.216.313.524.28.4-30.7-60.4-34.0-49.113.422.219.5-17.359.3-49.1-26.7-68.111.0-19.7-56.6-33.6-54.1-16.8-2.854320722727314130.4-25-13-2333678910華泰證券東方證券申萬宏源中泰證券招商證券15.114.413.513.0-79.813.08.512.37.2-14.7-26.4-26.5168.3-65.46.9-5.430.513.6-17.9-43.9-11.3-56.321.54.4-33.4-11.0-27.5-13.784.031111616911018110.3-20-7-2021112131415光大證券廣發(fā)證券中國銀河國聯(lián)證券方正證券5.75.54.92.1-6011.12.63.017.13.0-39.5-32.9-52.7-45.6-60.9-14.058.015.9136.3-10.4-33.8-38.6-49.1-19.4-46.46.5-1.128.618.9-88.3932191842970-74-20-17-231617181920國元證券國海證券信達證券西南證券華安證券2.11.61.51.41.1-294.55.54.56.13.6-50.910.1-38.6-37.4116.2-71.427.0112.37.4-78.7-84.7-70.2112.0-57.0-48.7-67.8-41.0-65.132.844.04629352331-662122中原證券紅塔證券0.90.6-335.65.2-82.580.0-53.9-78.6-66.6-37.7-45.0-5.41611上市券商投行業(yè)務收入（按2023由高到低排序）單位：億元 投行業(yè)務收入序號 上市券商 2023↓ yoy 占主營收入比重- 22家小計 343 -25 11.2分季度同比增速2Q23 3Q2311.2-37.3市占率 IPO主承銷 再融資主承銷公司 2023↓ yoy 2023 yoy中信證券13.71-10.72pct23.301.33pct海通證券13.506.47pct3.631.15pct中信建投證券11.090.09pct10.45-4.76pct中金公司8.87-0.73pct9.84-3.66pct國泰君安8.862.92pct5.120.99pct民生證券5.813.37pct2.610.96pct華泰聯(lián)合證券4.34-1.75pct9.463.23pct國信證券2.860.10pct3.791.78pct中泰證券2.291.54pct1.670.67pct申萬宏源承銷保薦2.23-0.20pct1.00-1.70pct國金證券2.070.23pct2.640.70pct招商證券2.040.04pct2.20-1.78pct東方投行1.930.48pct1.17-0.24pct長江承銷保薦1.780.18pct0.23-0.88pct興業(yè)證券1.700.86pct0.71-0.98pct國投證券1.45-1.65pct1.20-1.86pct東吳證券1.420.26pct0.960.27pct光大證券1.26-0.75pct0.22-0.74pct財通證券1.201.02pct0.470.14pct浙商證券0.900.27pct0.950.30pct西部證券0.840.48pct0.150.09pct長城證券0.810.50pct0.250.06pct12資料來源：Wind，方正證券研究所資管業(yè)務：多家券商控股并表公募牌照，公募費率改革影響基金行業(yè)利潤表現(xiàn)13券研究所資料來源：公司財報，Wind，方正證18.235.2-10-141314913.715.012345中信證券廣發(fā)證券華泰證券國泰君安東方證券98.577.342.641.020.3-2317.526018.1-1513.6346.419.919.113.112.15.3678910中泰證券海通證券中信建投中金公司光大證券10.1-11-3310.95.83.915.7-22-14142.51112131415申萬宏源招商證券華安證券中國銀河國聯(lián)證券9.87.14.94.64.412915.56.76.42.62.31617181920信達證券國海證券方正證券國元證券中原證券2.31.81.81.00.5-11-3-231243.02122紅塔證券西南證券0.40.1-11

3.8-40

0.6可比口徑下，綜合性券商合計資管業(yè)務收入yoy+1.5

/收入占比12.8

；國泰君安/中泰證券/國聯(lián)證券由于并表華安基金/萬家基金/國聯(lián)基金，資管收入高增（yoy+149

/+260

/+129

）?；鸸緲I(yè)績方面，可比口徑營收yoy-6

,凈利潤yoy-13

。上市券商資管業(yè)務收入（按2023由高到低排序） 部分公募基金2023業(yè)績情況（按凈利潤由高到低排序）單位：億元 資管業(yè)務收入序號 上市券商 2023↓ yoy 占主營收入比重- 22家小計 393 1.5 12.8單位：億元營收yoy凈利潤↓

yoy可比合計420-5.6175-13.3華夏基金73.27-220.13-7南方基金67.41420.1114工銀瑞信基金na na67.15 -9na na19.42-27富國基金18.14-12招商基金17.53-3匯添富基金53.71-2114.15-32交銀施羅德基金na na34.39 -5na nana na12.01-24華安基金9.50-8建信基金8.83-25中銀基金7.021華泰柏瑞基金17.57255.0232東證資管20.62-244.91-41大成基金20.0664.05-3國泰君安資管14.3592.8422諾安基金10.9862.6031國海富蘭克林基金6.11-161.76-28信達澳亞基金9.37-121.74-18民生加銀基金nana1.48-1光大保德信基金4.85-70.89-15申萬菱信基金5.50-140.85-36中郵基金5.2010.8534長盛基金4.6210.58-181業(yè)績概覽：利潤小個位數(shù)下滑，投資收益為重要支柱目錄

CONTENT142風控指標及經(jīng)營杠桿：仍滿足監(jiān)管要求，杠桿小幅提升3輕資本業(yè)務：股權融資收緊影響投行收入，公募費改影響逐步體現(xiàn)4重資本業(yè)務：規(guī)模擴張，投資收益率改善，兩融利率微降5 投資建議投資業(yè)務：收益率改善，收入同比增5成，頭部券商股衍業(yè)務繼續(xù)擴張0.34pct0.86pct17160.26pct217

3020

2512

390.17pct1912345中信證券華泰證券中金公司國泰君安申萬宏源223.8129.9119.290.790.121589277941.341.752.533.253.23.232.823.332.042.430.92pct7,4854,9623,6234,8193,942132,2091,2361,4016924953531141370756186872.78x2.77x3.46x2.89x3.94x0.27x0.19x-0.10x0.31x0.28x0.33pct10580.53pct111320120.35pct53119288890.61pct212048678910中國銀河中信建投招商證券廣發(fā)證券中泰證券76.569.067.935.628.1374934192扭虧41.733.337.616.225.62.242.481.991.064.124.63pct3,5942,9423,7463,662686130334340837480115101290882.75x3.02x3.07x2.70x1.72x-0.41x0.22x0.39x0.16x-0.06x1.00pct22123770.22pct70.43pct-38-0.25pct1723152271112131415光大證券東方證券方正證券國聯(lián)證券國元證券25.123.317.012.411.712935537扭虧27.020.124.443.525.72.051.271.892.591.721.91pct1,2381,9769925157211228287133310-384161969994991.85x2.51x2.19x2.90x2.08x-0.05x0.33x0.32x0.23x0.12x1.05pct431701002.07pct7-310.53pct18641.11pct31617181920信達證券西南證券華安證券中原證券國海證券11.09.49.08.06.4892059454821731.741.129.148.522.13.032.172.283.272.201.56pct426444429248288-118887-35-382232989897982.40x1.75x2.04x1.79x1.31x0.22x0.08x0.23x0.03x-0.25x20-242982122紅塔證券海通證券3.51.4419扭虧32.81.01.160.050.91pct0.58pct3312,997983571812881.43x1.84x0.22x0.16x可比口徑下，綜合性券商投資類收入yoy+49

/收入占比35

；投資類資產(chǎn)合計yoy+14

，平均投資杠桿2.42x

/yoy+0.13x。場外一級交易商中，中信證券、華泰證券、中金公司、國泰君安等交易性股票規(guī)模較年初均明顯提升。上市券商投資業(yè)務情況（按2023投資類收入由高到低排序）單位：億元 投資類收入(含匯兌) 投資收益率 投資類資產(chǎn) 其中:交易性股票 2023投資類資產(chǎn)結構 投資杠桿序號

上市券商

2023↓ yoy 占主營收入比重

2023 yoy 2023規(guī)模

yoy 2023規(guī)模

yoy 交易性股票

其他投資

2023 yoy- 22家小計 1,069 49 35 2.25 0.91pct 50,066 14 8,361 24 17 83 2.42x 0.13x15資料來源：Wind，方正證券研究所信用業(yè)務：資產(chǎn)擴張、結構上融券余額下降，兩融利率微降市場年末融資余額1.58萬億/yoy+9.3

，融券余額716億/yoy-25。上市券商層面，可比口徑下信用類資產(chǎn)（買入返售+融出資金）yoy+5.3

，信用杠桿平均0.74x/yoy-0.01x；實現(xiàn)兩融利息yoy-4.5

/收入占比21

；平均兩融利率6.42

/yoy-2bp.上市券商信用業(yè)務情況（按2023兩融利息收入由高到低排序）序號單位：億元上市券商2023↓融資融券利息收入yoy 占主營收入比重融資融券平均利率2023 yoy信用資產(chǎn)(買入返售+融出資金)2023 yoy信用杠桿(信用資產(chǎn)/凈資產(chǎn))2023 yoy- 22家小計/均值650-4.5216.42-0.02pct13,8195.30.74x-0.01x1中信證券83.4-5.215.47.39-0.06pct1,810310.67x0.13x2華泰證券78.40.125.27.360.16pct1,248-80.70x-0.12x3國泰君安60.8-4.822.36.880.37pct1,59410.95x-0.05x4中國銀河57.3-2.531.26.530.09pct1,14090.87x-0.15x5招商證券52.8-5.229.36.400.21pct1,33421.09x-0.04x6廣發(fā)證券52.1-4.523.85.99-0.07pct1,10890.82x-0.03x7海通證券41.8-10.029.66.13-0.36pct1,05250.64x0.03x8申萬宏源40.0-11.723.66.36-0.22pct690-120.69x-0.14x9中信建投37.7-1.418.26.90-0.01pct703-100.72x-0.12x10中金公司27.42.712.18.140.62pct557-50.53x-0.06x11光大證券22.4-10.724.16.100.21pct447170.67x0.07x12中泰證券20.1-9.618.36.28-0.40pct43401.09x-0.04x13方正證券19.56.927.96.52-0.22pct454621.00x0.35x14東方證券11.4-7.59.95.64-0.01pct265-60.34x-0.03x15國元證券10.0-6.921.95.90-0.28pct21050.61x0.00x16西南證券7.0-10.330.75.96-0.10pct13350.53x0.02x17信達證券6.02.217.55.870.20pct113160.63x-0.07x18華安證券5.8-0.518.55.87-0.10pct11890.56x0.02x19國聯(lián)證券5.6-3.719.55.89-0.02pct154280.87x0.15x20國海證券5.1-1.917.86.830.27pct11180.50x-0.05x21中原證券4.8-11.229.16.57-0.56pct8660.62x0.03x22紅塔證券0.81.27.75.86-0.17pct5740.25x0.01x16資料來源：Wind，方正證券研究所股票質(zhì)押業(yè)務：占利息收入比重進一步下降，撥貸比進一步提升信用業(yè)務結構優(yōu)化，股票質(zhì)押依賴度下降。年末綜合性券商股票質(zhì)押余額占信用資產(chǎn)比重14

；實現(xiàn)股票質(zhì)押利息收入yoy-5，股票質(zhì)押占利息收入比重5.3

/yoy-0.5pct。期末股票質(zhì)押撥貸比21.2/較年初+1pct.上市券商股票質(zhì)押業(yè)務情況（按2023股票質(zhì)押利息收入由高到低排序）序號-22家小計/均值 92.9 -4.7 97.4 5.3 5.8 10.0 10.6 13.6 86.4 21.2 20.2 1,884 1,849

14.82.723.8-2.012.02.86.81.95.714.7

11.6

21.8

78.22.03.1

4.7

4.4

95.614.522.411.914.811.314.515.284.881.612345中信證券華泰證券國泰君安中國銀河招商證券12.78.97.7-28.3-10.16.717.79.97.38.16.27.16.916.16.815.315.218.012.418.414.086.0393.9254.96241.63209.41187.07293.9677.05239.12185.02142.553.85.19.18.111.288.87.28.416.216.725.174.96.02.35.73.47.996.692.1678910廣發(fā)證券海通證券申萬宏源中信建投中金公司5.114.43.02.72.5-22.5-13.2154.2-29.1-29.76.616.61.23.83.63.02.72.71.24.04.44.75.75.48.991.1123.78263.7723.3155.2649.6296.78275.4957.4652.9953.960.4-69.81.40.82.71.41.72.297.87.88.214.821.613.686.41.50.22.02.12.098.06.91.68.212.924.475.61112131415光大證券中泰證券方正證券東方證券國元證券3.80.74.22.7-14.7806.1361.851.24.50.10.91.86.94.810.311.517.083.09.6859.008.8664.7035.6910.6682.449.0599.6538.024.90.04.30.24.93.60.75.84.54.42.16.77.513.09.40.08.08.690.6100.092.091.41617181920西南證券信達證券華安證券國聯(lián)證券國海證券0.70.00.81.01.414.5-62.6-7.5-22.920.00.60.10.81.31.17.69.510.87.612.917.925.774.312.560.009.4413.3328.4010.992.8113.4421.7233.295.98.96.510.610.589.52122中原證券紅塔證券0.52.1-37.0-20.90.82.622.638.313.216.753.446.68.98.90.31.05.46.24.76.32.52.077.131.89.610.01.11.086.680.45.53.556.355.275.649.521.324.36.69.4- 53.71.51.50.10.430.527.122.431.52.43.19.0430.4914.6338.30單位：億元 股票質(zhì)押利息收入 占利息收入比重 股票質(zhì)押/

凈資產(chǎn) 信用資產(chǎn)結構 股票質(zhì)押撥貸比 股票質(zhì)押余額上市券商

2023

↓

yoy

2022

2023

2022

2023

2022

股票質(zhì)押占比

其他信用資產(chǎn)

2023

2022

2023

2022

17資料來源：Wind，方正證券研究所負債成本：2023年負債成本率基本持平上年可比口徑下綜合性券商合計利息支出yoy+13

；綜合負債成本率平均3.22

（2022年3.22

、2021年3.64

），較上年基本保持穩(wěn)定。上市券商負債成本率、投資收益率（按2023利息支出由高到低排序）序號單位：億元上市券商2023↓

利息支出yoy

2022

2023

綜合負債成本2022

2021

2023

投資收益率2022

2021

- 22家小計/均值1,418

13

1,253

3.223.223.642.251.333.591中信證券175.816152.23.623.353.393.232.893.912海通證券159.517136.13.943.523.440.05-0.534.143華泰證券136.623111.13.553.113.392.821.962.894國泰君安128.319108.23.343.012.972.041.873.355中金公司107.41791.83.683.333.453.333.074.266廣發(fā)證券104.11987.53.123.053.551.060.452.647中國銀河102.91391.33.112.963.132.241.913.228申萬宏源97.0-197.52.922.923.342.431.503.709招商證券95.2293.32.762.883.181.991.633.5010中信建投84.11871.42.922.723.162.481.963.9911東方證券43.0640.52.772.763.031.271.062.2712光大證券32.7132.52.833.083.702.051.051.6613中泰證券31.9-533.43.553.483.604.12-0.513.9414方正證券29.72623.53.153.123.341.891.471.3115國元證券21.02217.23.242.913.04