1、目錄1、證券行業整體營情：業績維持高增長增速有回落，收入結構持定4 HYPERLINK l _TOC_250024 績現營收凈利維高長增較上年有窄4 HYPERLINK l _TOC_250023 本況資規上半保穩，資收益略降4 HYPERLINK l _TOC_250022 業情：營增速上年落多收入構持定42、上市券商整體營情：業績增速擴大資本實增強，頭部券商表更優5 HYPERLINK l _TOC_250021 績現業增上半略擴，部商業增提更多5 HYPERLINK l _TOC_250020 本況資實續增，部商本張速更快7 HYPERLINK l _TOC_250019 業情：息入增最

2、，營益速有收窄8 HYPERLINK l _TOC_250018 入構整保定，券存差異9 HYPERLINK l _TOC_250017 成情：務費和值失長兩，其業成翻倍 HYPERLINK l _TOC_250016 本構成結持穩，值失比升12 HYPERLINK l _TOC_250015 3、經紀業務：交量同增幅提升，上市券商表優于行業13 HYPERLINK l _TOC_250014 場況三度成交環回，基下累同增擴大13 HYPERLINK l _TOC_250013 市商較半善程優行，業金率破分三13 HYPERLINK l _TOC_250012 4、投行業務：科板貢增量，行業集

3、中度提升仍有突圍機會14 HYPERLINK l _TOC_250011 場況科板股權資場要量債券資面好14 HYPERLINK l _TOC_250010 市商龍券占率升中券通新業突圍15 HYPERLINK l _TOC_250009 5、自營業務：股市場體平穩，各券商收益率化較大15 HYPERLINK l _TOC_250008 場況二股場整平，強弱15 HYPERLINK l _TOC_250007 市商較半營收增回，商收益分較大16 HYPERLINK l _TOC_250006 6、資管業務：整規模續收縮，上市券商現入正增長17 HYPERLINK l _TOC_250005 場

4、況資規續收，財公入機會挑并存17 HYPERLINK l _TOC_250004 市商前季體實正長主業占比的商具爭力18 HYPERLINK l _TOC_250003 7、融資業務：兩規模升，股票質押規模收縮18 HYPERLINK l _TOC_250002 融務利政振兩市，資本降利擴大18 HYPERLINK l _TOC_250001 票押務規續收，商存差異19 HYPERLINK l _TOC_250000 8、投資建議及風提示20圖表1：券業業入和利累同變化4圖表2：券業資和凈產計比化4圖表3：券業業入和利單環變化4圖表4：券業桿數ROE和利變況4圖表5：券業業收入計比化5圖表6：

5、券業業收入季比化5圖表7：券業入構變情況5圖表8：市商2019三季營收、母利潤凈率況6圖表9：市商2019三季總產歸凈產和ROE情況7圖表10：上券商2019前三度業變情況8圖表上券商2019前三度入構10圖表12：上券商2019前三度成變情況圖表13：上券商2019前三度本構12圖表14：滬股和成交單度化況13圖表15：滬股和成交全累變情況13圖表16：證行傭和環變情況14圖表17：前季經收入速過30%上券商14圖表18：市單度融資模14圖表19：市年累權融規模14圖表20：市單度融資模15圖表21：市年累券融規模15圖表22：股和券規模中不提升15圖表23：前季投收入速過值上券商15圖表2

6、4：滬深300指跌幅16圖表25：中綜凈數漲幅16圖表26：上券商2019前三度營益自規模年投收率16圖表27：證公設資管劃模萬元）17圖表28：證公設資管劃模構17圖表29：證行資收入環變情況18圖表30：證行資率和比化況18圖表31：2Q2019排前20 券的均動管模18圖表32：前季資收入比增的市商18圖表33：滬兩余潛力算19圖表34：R007 和DR007變化況19圖表35：前季上商融資規和上年變化19圖表36：前季上商買返金資規和較半變化20圖表37：前季上商“值失/買返融資”較半變化20圖表38：券指（886054.WI）PB歷走勢21圖表39：上券商PB和ROE情況211、證券

7、行業整體經營情況：業績維持高增長增速略有回落，收入結構保持穩定業績表現：營業收入和凈利潤維持高增長，增速較上半年略有收窄，同增37.96增較3.42pct（3Q2018。億，比長87.50增速上年窄15.36pct（3201，上年下1.61pct。資本情況：資產規模較上半年保持穩定，凈資產收益率略降7.02億元較初長12.14， 1.15億，年初長5.29，上末增杠倍為2.88倍，上年本持致。于利略下，證券較半減少0.56pct。圖表1：券業業和凈潤計比化圖表2：券業資凈資累同比變化資料源：中協萬證券究所資料源中協萬證券究所圖表3：券業業和凈潤季比化圖表4：券業桿、ROE和利變情況資料源：中協

8、萬證券究所資料源中協萬證券究所分業務情況：自營收益增速較上半年回落較多，收入結構保持穩定2019年前三季度證券行業營業收入增速較上半年有所下滑，主要是由于自營收益增速回落較多（主要源于3Q2018年高基數影響，絕對值看3Q2019自營收益環比回升，01年三度行業現營88.7億元同增66.增幅較43.05pct，2019億，同大121.60，較上年升18.52pct。前季自仍是證行第大入源，比33.64其為利和行入10， 圖表5：券業業入累同比變化圖表6：券業業入單環變化萬聯資料源：中協萬證券究所資料源中協萬證券究所萬聯圖表7：證券行業收入結構變化情況資料來源：中證協、萬聯證券研究所2、上市券商

9、整體經營情況：業績增速擴大資本實力增強，頭部券商表現更優2.1業績表現：業績增速較上半年略有擴大，頭部券商業績增速提升更多2019412790.19，證為公口徑上公財數為合口同增長.2，億元同增長67.09增速較凈利率29.95較半年少1.48pct。前三季度頭部券商業績表現更優，2019年前三季度營業收入規模排名前五的券萬券聯萬券聯元同增35.18，速上年大億，比長45.99增較半擴大10.73pct，上年少0.72pct。圖表8：上市券商2019前三季度營業收入、歸母凈利潤和凈利率情況代碼證券簡稱600030.SH中信證券600837.SH海通證券601211.SH國泰君安601688.S

10、H華泰證券000776.SZ廣發證券Top5600999.SH 000166.SZ 601881.SH中國銀河601066.SH中信建投002736.SZ國信證券600061.SH安信證券601788.SH光大證券601377.SH興業證券600958.SH東方證券000783.SZ長江證券002926.SZ華西證券601198.SH東興證券601901.SH方正證券601108.SH財通證券601555.SH東吳證券600109.SH國金證券600909.SH華安證券000686.SZ 002939.SZ 601878.SH浙商證券000728.SZ國元證券600369.SH西南證券6019

11、90.SH南京證券600864.SH江海證券600864.SH國盛證券000750.SZ國海證券002673.SZ西部證券002500.SZ山西證券601099.SH太平洋002797.SZ第一創業營業收入2019年較上半前三季度同比增速增減（億元）（pct)歸母凈利潤2019年較上半前三季度同比增速增減（億元）（pct)凈利率較上半年2019 年增減前三季度（pct)327.74251.47205.93177.50173.5820.4511.4555.45-6.6322.67-0.3241.786.6052.80-4.12105.2273.8665.4664.4156.1643.8528.0

12、3105.8623.5218.76-6.4643.7715.3436.51-8.3332.1129.3731.7936.2932.352.53-1.79-3.83-0.24-2.321,136.2235.183.49365.1045.9910.7332.13-0.72128.99164.22120.4496.9798.676.2084.53108.14136.0752.1827.9928.1149.6733.2438.9329.0421.8262.4726.4241.0822.4723.3116.607.967.9627.6729.8743.5114.0617.7765.56-12.8875.

13、332.7590.3119.2224.1411.9355.67-5.25-69.44-45.1944.522.06136.2523.51107.2518.3745.57-13.3738.74-8.5727.42-0.9733.95-21.4641.6115.6954.55-19.6216.241.9378.991.6851.00-37.6529.623.1857.205.5338.13-4.7027.526.7583.5126.192.152.502.152.5086.05-2.6883.662.030.01-5.21118.05-0.1841.48-13.8948.2447.5738.603

14、8.2037.3524.5622.6717.5317.4114.6311.1911.0710.759.959.268.778.738.687.447.097.006.726.525.945.945.825.225.084.013.4657.03-36.8543.64-11.35106.468.5374.7837.1793.37-31.05123.6820.6592.6626.57141.1946.9992.6723.63156.11-31.4939.57-19.3442.26-7.74136.48-134.4147.8922.60382.23-2,376.1023.52-1.82144.251

15、6.42220.3383.0955.22-3.9526.166.17113.2526.51126.2665.28188.4482.45-346.47195.88-346.47195.88354.6373.9851.88-32.36337.8249.51-326.28113.37176.30-13.1337.3928.9732.0539.3937.85396.3226.8216.2112.8028.0340.0039.4021.6429.9423.7830.2140.0313.8928.1617.2631.1528.8239.2874.6174.6121.0517.4911.6828.5019.

16、49-3.62-1.57-3.17-0.05-1.9150.47-0.63-2.73-2.18-1.12-2.55-6.370.37-2.12-4.27-2.251.17-1.31-0.43-0.733.850.140.992.532.530.19-4.78-1.98-4.931.84600155.SH 1.6564.7963.203.2430.74-146.87196.06-154.00002945.SZ華林證券6.74-7.461.283.0618.9020.2845.325.00600622.SH紅塔證券33.6511.566.863.03-30.22-4.129.00-1.136013

17、75.SH 19.8556.367.602.90113.8149.1814.63-4.01601162.SH天風證券24.6223.87-10.681.94-26.600.907.87-1.40600621.SH華鑫證券1.1028.43-17.550.86119.4913.3578.07-23.66合計2,790.1945.271.84835.5369.075.9829.95-1.48資料來源：公司財報、萬聯證券研究所資本情況：資本實力持續增強，頭部券商資本擴張速度更快前三季度上市券商的資本實力持續增強，增幅基本與行業保持一致。截止2019 年前三季度末，我們跟蹤的41家上市券商合計總資產為

18、66871.69億元，較年初增長12.65較初長6.61， 2.287.05，上年減0.51pct。，2019總產年增長15.41，上年實現增；母資較年初2.737.72基與半持。代碼ROE（年化）2019年代碼ROE（年化）2019年2019年較上半證券簡稱較年初增較上半年較年初增較上半年2019 年前三季度前三季度增長末增長長末增長前三季度（億元）（億元）（pct)歸母凈資產總資產600030.SH600837.SH601211.SH601688.SH000776.SZTOP5600999.SH000166.SZ601881.SH601066.SH002736.SZ600061.SH601

19、788.SH601377.SH600958.SH000783.SZ002926.SZ601198.SH601901.SH601108.SH601555.SH600109.SH7,294.106,354.445,370.365,104.503,832.2027,955.603,719.993,722.283,041.342,466.192,194.591,800.932,056.711,581.702,554.751,082.96639.96861.371,416.22615.15975.88502.2011.6810.5822.9738.46-1.5115.4121.997.0520.9926

20、.423.6115.85-0.051.9512.618.8536.8014.82-4.454.8015.897.611,600.821,240.391,352.191,199.46914.22834.17820.38694.94553.17549.03387.17492.21344.07532.68277.94193.66202.06386.57204.63207.20203.184.532.625.241.349.534.9716.012.677.531.688.212.733.341.4318.211.895.321.9916.2713.444.651.956.342.114.281.38

21、5.851.562.951.134.701.345.501.492.881.062.390.874.061.452.780.504.251.188.767.946.457.168.197.727.717.737.419.219.078.466.146.794.367.027.717.313.716.485.965.760.50-1.09-1.340.21-1.02-0.43-0.81-0.22-0.21-0.35-0.58-0.44-0.49-1.08-0.23-0.91-1.23-1.33-0.28-0.78-1.32-0.43600909.SH華安證券508.7914.563.86130.

22、264.012.458.940.16000686.SZ 645.85-0.67-11.06155.013.101.907.47-0.29002939.SZ 612.2526.455.47166.730.901.545.95-0.11601878.SH浙商證券712.3525.03-0.59146.787.421.586.44-0.22000728.SZ國元證券809.363.71-3.46249.031.081.403.750.22600369.SH西南證券672.635.60-6.53191.713.100.944.67-0.49601990.SH南京證券345.6339.516.34110

23、.073.902.767.900.73600864.SH江海證券409.465.24-1.13134.146.660.205.90-1.69600864.SH國盛證券409.465.24-1.13134.146.660.205.90-1.69000750.SZ國海證券693.589.80-1.58140.823.751.395.51-0.08002673.SZ西部證券495.93-5.13-3.50176.521.69-0.633.95-1.26002500.SZ山西證券579.511.23-3.82126.721.841.055.35-1.48601099.SH太平洋333.94-21.24

24、-4.42102.37-0.520.275.22-1.79002797.SZ第一創業348.783.91-0.9188.710.781.575.210.42600155.SH 425.165.38-0.29150.941.500.342.86-0.95002945.SZ華林證券146.3223.26-5.9952.0227.722.427.830.64600622.SH紅塔證券281.8212.2819.0162.392.241.106.47-1.17601375.SH 446.555.93-1.4999.950.44-1.963.87-0.83601162.SH天風證券588.839.933

25、.81120.57-2.150.072.14-0.65600621.SH華鑫證券217.679.64-2.0162.320.540.101.83-0.51合計66,871.6912.65-0.3415,791.346.612.287.05-0.51萬券證證資料來源：公司財報、萬聯證券研究所注：ROE用歸母凈資產時點數簡化計算萬券證證分業務情況：利息凈收入增速最快，自營收益增速有所收窄2019的務同比長82.27，上年提6.52pct;自收增速回至69.57，幅于證行整水;凈收，比長23.29較半增12.38pct；資凈入他業。圖表10：上市券商2019前三季度分業務變化情況證券簡稱經紀2019

26、 前三季度同比(億元)投行2019 前三季度同比(億元)自營2019 前三季度同比(億元)資管2019 前三季度同比(億元)融資2019 前三季度同比(億元)其他2019 前三季度同比(億元)中信證券57.03-2.4829.8122.68121.2773.1241.01-1.0017.8619.1860.77-3.33國泰君安44.9228.4216.9017.9256.4222.2112.215.4840.284.3135.2058.53海通證券26.8612.4125.6735.1983.93242.3416.2015.3933.64-3.0365.1742.79華泰證券32.1721.

27、8712.00-4.3881.0297.5421.8818.8116.55-17.1013.87102.66廣發證券32.9920.888.90-3.8654.4540.0928.473.0722.99832.0625.78218.61 31.2123.9911.6613.5747.91104.967.46-14.6114.75125.6216.01317.52 29.7316.106.999.2143.3918.028.10-25.2922.43102.9453.591682.75中國銀河35.9131.394.02-3.8633.67441.564.89-14.5525.4233.9816

28、.521830.82國信證券32.3424.949.4217.1936.54206.621.70-8.8012.05-5.426.61125.88東方證券11.5513.017.18-8.4029.8850.9113.35-32.297.81-160.9666.31217.39光大證券20.0110.9311.7496.6524.9842.139.5990.0411.86152.426.34-11.41方正證券21.7223.393.5180.298.37-14.113.1136.4910.21307.592.75-8.36興業證券11.9811.685.04-0.8731.18132.432

29、.255.516.32由負轉正51.37210.14長江證券15.1419.845.2049.5721.71116.532.69-11.175.5531.191.89-22.88國元證券5.2822.192.5540.354.55-5.700.467.819.30116.110.33-42.54東吳證券8.1128.203.755.9712.1042.761.28-0.402.79由負轉正10.895.10國金證券8.7311.994.9266.347.9335.820.71-33.575.6724.971.08-61.29東興證券5.5914.246.8849.738.53-42.922.4

30、4-21.714.54由負轉正0.12414.19西南證券4.6817.402.17-36.7713.5429.740.48-35.311.27由負轉正1.1616.64華西證券8.0933.602.47189.668.190.840.54-46.928.60127.070.10-71.11西部證券5.6232.042.4257.3113.6648.860.20-58.201.63由負轉正6.34592.78 6.1515.052.4572.9418.18110.100.85-22.43-1.30-909.6936.1346.32浙商證券7.1226.052.201.4310.6496.481

31、.641.292.07-17.6517.4098.72國海證券4.294.392.3163.209.097.641.9990.254.11由負轉正5.8848.47山西證券4.0838.862.8381.4110.9432.411.112.14-0.9614.1525.52-16.35華安證券5.5723.840.84166.5210.00137.420.72-0.493.92127.950.776.40 4.3037.951.26177.767.28139.870.60-22.700.73-68.965.6792.72太平洋2.538.130.56-41.3912.22363.171.01-

32、17.55-2.56232.470.30402.25第一創業2.2218.312.5363.747.2177.025.2827.50-0.64271.871.186.72中信建投21.9119.3425.3225.6029.7320.015.4713.6311.7964.862.75-3.70財通證券6.3423.521.8548.8815.9839.567.4287.731.34-0.390.31-11.47天風證券4.363.794.6557.719.4149.084.73-10.97-2.49-9.153.963.09 5.1620.723.95-1.8211.2632.671.25-1

33、1.261.862779.222.9438.33南京證券4.6568.442.57185.782.9465.750.41-6.645.82101.750.20-28.14華林證券2.0339.130.52-70.962.060.180.68-1.731.4013.400.0515.88合計530.38 18.40237.08 23.29900.17 69.57212.171.57306.6082.27545.28 79.03較上半年增(pct)-3.88-12.38-11.63-4.16-7.52-7.32聯萬資料來源：公司財報、萬聯證券研究所聯萬收入結構：整體保持穩定，各券商存在差異2019

34、年前三保穩，一大入源舊自收入占為39.35，二大收務占為23.18利凈入投行收和管收占比分，入構上年比保穩，本有化。，20193040 的有153040聯萬圖表11：上市券商2019前三季度收入結構聯萬證券簡稱占比經紀(pct)占比投行(pct)占比自營(pct)占比資管(pct)占比融資(pct)其他較上半年占比增減太平洋 東方證券43.7232.7730.1630.0629.8229.0128.9128.0225.5224.1923.6823.4922.6021.8121.6720.8420.0919.8919.5219.0819.0018.8318.1218.1018.0017.7217

35、.4017.3315.5012.4811.0810.689.859.388.491.40-2.06-1.56-1.58-3.311.280.27-3.15-1.53-1.220.160.10-2.79-0.54-1.690.110.33-1.08-0.90-0.71-0.38-1.04-2.07-2.211.630.41-0.03-1.34-0.76-0.63-0.45-0.01-1.150.45-1.147.079.557.7716.963.349.968.8215.493.879.0413.8911.3726.118.216.369.649.3324.4914.955.565.138.09

36、6.764.254.0018.899.105.368.3514.214.6610.213.936.495.280.742.06-0.683.82-0.12-0.66-0.203.002.121.400.25-1.79-1.340.66-0.640.771.360.59-0.560.010.760.121.33-0.870.592.110.820.751.160.550.480.92-0.691.19-1.2716.8537.0330.5127.3227.9641.6129.2617.7245.8137.1429.5520.2530.6627.4036.6631.0958.0830.3442.6

37、148.0931.3745.7345.6426.4286.9438.2137.0025.9132.8640.5928.8433.3829.1025.1521.96-3.82-1.482.30-2.30-0.76-1.40-3.561.560.39-3.40-4.77-1.775.21-5.34-4.17-6.770.180.97-0.07-4.82-3.990.103.22-1.93-3.71-3.312.702.742.04-1.23-5.27-0.44-2.62-4.61-2.396.271.7310.072.444.065.161.932.473.295.7811.352.055.645

38、.933.043.292.048.674.7422.3216.400.6612.334.937.1519.2212.514.007.2129.692.086.441.362.549.811.840.02-1.75-0.11-0.360.020.37-0.560.13-0.154.48-0.240.04-0.25-0.120.100.45-1.09-0.864.79-0.29-0.08-0.27-0.291.351.060.28-0.25-0.010.77-0.02-0.01-0.130.30-0.5120.5512.2220.7919.5121.1010.6430.7435.0517.9811

39、.4314.0341.3812.1619.563.707.175.4716.167.054.0313.245.459.3313.66-18.24-10.125.455.0414.85-3.605.8413.38-2.08-2.205.741.44-0.022.130.01-1.021.153.21-0.98-0.51-0.440.773.30-1.611.50-0.99-0.55-0.860.830.020.390.370.56-2.090.290.49-0.93-0.87-1.25-0.991.26-0.460.67-0.041.25-0.695.556.700.713.7213.723.6

40、20.351.233.5412.417.501.472.8417.0928.5727.984.990.4411.130.9214.8521.247.8232.632.1516.0818.5442.3521.246.6247.5025.9257.8458.6448.73-1.601.48-0.450.155.58-0.39-0.080.13-0.593.81-0.900.410.483.977.606.34-1.46-0.222.370.343.540.34-0.125.00-0.350.66-2.89-0.65-1.44-0.725.72-1.144.641.425.99合計19.42-0.8

41、68.680.4932.95-1.437.770.1411.22-0.0619.961.71扣除其他業務成本23.18-0.4710.360.8139.35-0.779.270.3813.400.234.43-0.18資料來源：公司財報、萬聯證券研究所聯聯分成本情況：業務管理費和減值損失增長超兩成，其他業務成本翻倍201936.87同增26.57較上半費同增20.19但速較半略回；他業務上半提90.66pct，要是于宗品業增長帶圖表12：上市券商2019前三季度分成本變化情況證券簡稱營業稅金及附加2019 前三同比季度(億元)業務及管理費2019 前三同比季度(億元)減值損失2019 前三同比

42、季度(億元)其他2019 前三同比季度(億元)總成本2019 前三同比季度(億元)中信證券2.107.48121.197.297.25-41.2050.072.65183.284.14國泰君安0.97-16.8581.9710.327.8444.0226.0194.47116.8123.88海通證券1.26-4.5777.3722.4417.2536.9653.1252.05149.2533.22華泰證券1.145.7978.0929.225.94159.227.83145.6993.0138.84廣發證券1.0027.7068.6020.574.75220.6617.58134865.589

43、1.9355.36 0.69-0.6857.2147.830.69-28.2511.34-69.9373.27 0.99-2.9953.517.822.8894.5648.2967569.41105.67102.45中國銀河0.8927.8152.3448.370.55-82.7715.2211315.5369.0075.69國信證券0.756.1539.4621.545.53-5.643.664171.1149.4326.34東方證券0.48-14.7740.8612.189.33872.4365.61249.94116.28105.10光大證券0.460.4644.6318.584.913

44、6.190.2673.5450.2620.10方正證券0.3829.3530.4514.454.61124.502.2634.0637.7023.04興業證券0.43-2.6542.5848.48-0.23-118.6337.582944.7680.86155.29長江證券0.338.1530.6919.751.5115.920.87-48.3433.4015.48國元證券0.29-30.4111.448.081.8586.990.2143.4913.8013.65東吳證券0.2615.0115.9026.020.66-27.229.578.3626.4016.85國金證券0.155.9417

45、.6715.93-0.281092.820.00-17.5411.33東興證券0.224.0015.2422.350.06-51.880.0318.7615.5521.30西南證券0.17-8.3114.1517.710.45-81.560.78917.6115.555.68華西證券0.2037.6913.0333.340.23-194.590.0012025.4213.4839.24西部證券0.1610.7712.2415.815.83345.784.65-22.8890.25 0.2210.5516.2515.811.204.2833.7848.1951.3234.40浙商證券0.1914

46、.2815.4029.040.10-116.3815.89119.7231.5868.81國海證券0.16-28.2513.0827.822.42519.453.7195.0319.3751.98山西證券0.1841.2211.0610.970.21-63.9625.03-20.4236.60-13.12華安證券0.1915.038.5826.811.38150.550.32-13.8610.4733.35 0.1214.099.4224.861.5043.124.60153.4415.7249.60太平洋0.10-14.478.597.37-0.4793.860.00-8.224.40第一創

47、業0.154.9910.543.332.44185.280.08-1.0013.2017.11華林證券0.710.130.200.160.120.0317.645.1522.05-0.693.83-36.4445.7220.9616.8414.857.753.7612.3329.6820.3425.6445.53-12.85-0.070.211.96-0.070.08-0.11-100.98-242.57-2174.25-107.28-85.21-149.850.040.013.102.330.000.0021.441.2852.73-0.0046.3921.3222.1017.287.953

48、.68-5.1931.9729.0419.7032.58-19.57合計15.983.711,121.4220.1992.4126.57443.83118.161,677.2036.87較上半年增速變化(pct)-2.40-0.94-3.02-90.66-2.05資料來源：公司財報、萬聯證券研究所成本結構：成本結構保持穩定，減值損失占比微升2019占最，66.86，上年降2.62pct；減損占較年基未自營資中業風積累跡；他務比較上。從各上市券商情況看，成本結構差異較大，業務及管理費、減值損失和其他業務成本占比方差較大，主要與運營效率、收入結構、業務風險情況、減值是否已經計提成分等因素相關。圖表

49、13：上市券商2019前三季度成本結構證券簡稱營業稅金及附加較上半年增占比減(pct)業務及管理費較上半年增占比減(pct)減值損失較上半年增占比減(pct)其他較上半年增占比減(pct)中信證券1.140.0466.123.433.95-0.1027.32-3.03國泰君安0.83-0.0870.18-7.356.71-0.1522.267.57海通證券0.84-0.0851.841.4311.561.0535.59-2.67華泰證券1.23-0.1383.96-2.526.393.818.42-1.21廣發證券1.09-0.0274.62-3.755.17-2.7019.126.46 0.

50、99-0.1081.80-7.420.991.7316.225.80 0.94-0.1850.64-5.552.73-1.4945.706.71中國銀河1.29-0.1275.85-8.830.790.2422.069.00國信證券1.52-0.1479.83-2.8411.190.767.412.20東方證券0.41-0.0835.14-6.938.020.9656.426.06光大證券0.92-0.0388.790.909.77-0.880.530.01方正證券1.000.0280.772.0112.22-0.136.01-1.90興業證券0.53-0.0752.65-7.54-0.281

51、.3746.475.82長江證券1.00-0.0291.87-4.104.524.732.61-0.60國元證券2.080.0182.9210.4813.44-11.121.550.63東吳證券0.98-0.0360.24-5.822.510.9136.276.79國金證券0.850.02100.731.07-1.57-1.080.000.00東興證券1.39-0.3198.02-9.750.3910.110.20-0.04西南證券1.100.1990.993.682.88-1.425.02-1.13華西證券1.51-0.1196.730.801.73-0.670.03-0.01西部證券0.7

52、1-0.0653.51-3.6925.476.1120.31-2.37 0.44-0.0331.66-3.652.35-0.9965.824.00浙商證券0.61-0.0648.761.160.32-0.0250.30-1.08國海證券0.81-0.0167.54-0.0612.512.8219.14-2.75山西證券0.490.0030.210.160.57-1.0468.400.24華安證券1.800.1482.014.9513.18-3.873.01-1.22 0.73-0.1059.92-7.909.530.9329.276.95太平洋1.170.00104.550.12-5.72-0

53、.120.000.00第一創業1.100.0279.844.4918.46-4.530.600.01中信建投1.520.0098.56-3.32-0.163.350.08-0.03財通證券0.610.0098.33-1.510.991.510.060.00天風證券0.920.0676.211.108.85-0.2814.01-0.33 0.950.0485.95-3.18-0.39-0.6413.493.79南京證券1.540.0097.420.561.03-0.560.000.00華林證券0.750.06102.17-1.03-2.940.970.020.00合計0.95-0.0666.86

54、-2.625.510.3326.462.35資料來源：公司財報、萬聯證券研究所3、經紀業務：交易量同比增幅提升，上市券商表現優于行業市場情況：三季度股基成交額環比回落，低基數下累計同比增幅擴大20192018至34.22，累達1,061,135.33億元。億，同增39.06增較上半億，比少12.27，降2.56pct。圖表14：深票基成交單度化況圖表15：深票基成交全累變情況資料源：wind、聯券研所資料源：wind、聯券研所上市券商：較上半年改善程度優于行業，行業傭金率跌破萬分之三2019530.3818.40， 增速于場易增和證行經凈速（2.1預主受到傭20197.62pct.12pc20

55、19分0.06，幅2.02。在市商，京券、華前季經凈收同增超30。圖表16：券業金和環變情況度紀收入速過30上商資料源：wind、證、萬證研所資料源公財、聯證研所4、投行業務：科創板貢獻增量，行業集中度提升但仍有突圍機會市場情況：科創板成為股權融資市場重要力量，債券融資全面向好，201974086.4731.73IPOIPO12.25。整個權資場包IPO、發配和創口徑） 億，下降18.72。2019（比增48.69達27724.69元其企債司別同增長80.93，時監主管了10.08增。圖表18：場季股融資模圖表19：場度計權融規模資料源：wind、聯券研所資料源：wind、聯券研所圖表20：場

56、季債融資模圖表21：場度計券融規模資料源：wind、聯券研所資料源：wind、聯券研所上市券商：龍頭券商市占率提升，中小券商通過新業務突圍20152019年5.45pct和73.85。，2019 圖表22：權債融規模中不提升圖表23：三度行收入速過值上券商資料來源：wind、中證協、萬聯證券研究所注：wind全口徑資料來源：公司財報、萬聯證券研究所5、自營業務：股債市場整體平穩，各券商收益率分化較大市場情況：二級股債市場整體平穩，股強債弱2019年三季度股債二級市場整體表現平穩，股市小幅震蕩，滬深300指數下跌0.29債有回，債綜凈指環上漲0.41。圖表24：深300數幅債合價數漲幅資料源：w

57、ind、聯券研所、聯券研所上市券商：較上半年自營收益增速回落，券商間收益率分化較大，201911.63pct69.57大自倉位自規較半末增17.57。由于各券商投資能力、自營倉位、股債比例、杠桿情況、投資風格、對沖手段等多重方面存在差異，因此自營投資收益率分化較大，從2019年前三季度上市券商的數據看，整體上中小券商收益率較高。圖表26：上市券商2019前三季度自營收益、自營規模和年化投資收益率證券簡稱太平洋 華西證券自營收益2019年前三較上半年同比季度增減（pct）18.18110.10-13.5212.22363.1763.6615.9839.5614.6621.71116.53-102

58、.907.9335.82-28.1513.6648.86-5.447.2177.02-33.1610.6496.48-5.9411.2632.67-2.0681.0297.5411.267.28139.87-60.9010.00137.42-70.0736.54206.62-536.5531.18132.43-6.5010.9432.41-19.07121.2773.1233.0183.93242.3415.0113.5429.746.449.4149.08-33.188.190.84-16.79自營規模2019年前三較上半年同比季度變化252.44-15.20177.98-14.562.63

59、307.2512.3513.61424.408.281.56155.04-8.56276.66-11.865.12154.742.172.19256.7930.552.88283.846.898.132,231.5652.54210.2642.0916.58280.8918.6532.75909.7514.88863.4115.0826.57298.9940.139.113,516.8036.859.972,502.2837.199.29422.6920.9914.44238.26-4.96351.44124.7441.85自營投資收益率（年化）2019年前三 較上半年末季度增減（pct） 8

60、.580.858.00-1.647.64-1.647.19-0.846.360.286.34-0.416.28-0.256.060.685.81-0.185.810.885.34-0.965.32-0.725.270.025.26-1.605.00-1.684.970.144.88-0.614.77-0.864.75-0.474.39-2.30中國銀河33.67441.56-273.491,131.8534.738.834.370.06光大證券24.9842.13-11.96812.29-2.138.954.16-1.09東吳證券12.1042.76-74.66505.4122.4411.29