證券行業(yè)2022年一季報(bào)分析

1、一、上市券商 2022Q1 業(yè)績(jī)總覽1.1 業(yè)績(jī)總覽：Q1 市場(chǎng)下行，自營(yíng)投資拖累業(yè)績(jī)同比-46%n 上市券商 2022Q1 營(yíng)收增速-30%，歸母凈利潤(rùn)增速-46%。選取所有 41家上市券商所謂季報(bào)分析樣本，2022Q1 合計(jì)營(yíng)業(yè)收入 962.68 億元，同比-30%，歸母凈利潤(rùn) 229.21 億元，同比-46%。圖表 1： 上市券商 2022Q1 營(yíng)收和凈利潤(rùn)情況營(yíng)業(yè)收入（億元）歸母凈利潤(rùn)（億元） 2021Q12022Q1同比2021Q12022Q1同比中信證券163.97152.16-7.251.6552.291.2海通證券111.9241.31-63.136.1815.00-58.5華

2、泰證券87.8872.44-17.633.0922.14-33.1國(guó)泰君安109.4381.50-25.544.1125.19-42.9廣發(fā)證券83.2147.74-42.625.4113.03-48.759.6236.96-38.026.1314.90-43.0中金公司59.3350.71-14.518.7616.60-11.5 86.51 48.0448.30-44.2863.3231.24.3117.2210.71-55.915.42-10.5中國(guó)銀河 75.80國(guó)信證券 42.52東方證券 51.9373.37-3.219.8529.76-30.016.8531.26-39.811.7

3、615.55-21.77.67-54.52.28-80.6財(cái)通證券 13.31興業(yè)證券 55.056.51-51.116.88-69.34.4711.951.57-64.81.56-86.9長(zhǎng)江證券 19.66 9.56國(guó)金證券 15.13東興證券 8.86華安證券 6.16 7.50東吳證券 17.36方正證券 20.498.43-57.17.014.39-54.03.219.12-39.74.777.08-20.12.505.23-15.11.780.39-94.82.4613.38-22.94.2416.68-18.68.890.47-93.3-1.70-153.01.24-73.90.

4、30-88.01.06-40.1-1.28-152.11.14-73.24.77-46.3 12.97 14.177.99-38.46.24-56.03.383.04-2.59-176.6-0.78-125.7浙商證券 32.6131.33-3.94.213.23-23.2國(guó)元證券 9.22紅塔證券 16.585.83-6.73-36.7-140.63.342.34-1.20-7.18-136.0-407.1 7.26南京證券 4.93西部證券 12.557.00-3.62.613.93-20.11.779.98-20.42.612.40-8.21.25-29.1-0.17-106.4光大證券

5、 33.27第一創(chuàng)業(yè) 3.6421.81-34.425.3246.6.970.146.66-4.40.72421.8山西證券 5.214.74-9.11.350.65-51.8國(guó)海證券 10.69太平洋 1.276.63-38.002.4794.1.740.050.52-70.00.0997.7華林證券 3.623.29-9.11.841.48-19.4天風(fēng)證券 6.773.65-46.00.89-0.84-194.8 10.763.88-63.91.210.18-84.8中泰證券 24.4918.52-24.46.662.20-67.0國(guó)聯(lián)證券 4.71財(cái)達(dá)證券 4.996.3635.23.

6、50-29.91.572.101.8920.10.77-63.3wind，合計(jì)1,372.92962.68-29.9424.42229.21-46.0n 盈利能力及經(jīng)營(yíng)杠桿。加權(quán) ROE（年化）為 4.30%，較去年下降 4.65pct；加權(quán) ROA（年化）0.86%，較去年下降 1.00pct；經(jīng)營(yíng)杠桿（剔除客戶(hù)資金）為 3.95，較去年提升 0.11。因此，ROE 的大幅下降主要是利潤(rùn)同比下降導(dǎo)致的ROA 下降，經(jīng)營(yíng)杠桿總體略有提升。圖表 2： 上市券商 2022Q1 盈利能力和經(jīng)營(yíng)杠桿情況ROE（ ）ROA（ ）經(jīng)營(yíng)杠桿2021Q12022Q1同比變動(dòng)2021Q12022Q1同比變動(dòng)20

7、21Q12022Q1同比變動(dòng)中信證券11.249.04-2.201.941.64-0.305.004.48-0.52海通證券9.363.68-5.682.250.81-1.443.523.56 0.04華泰證券10.165.64-4.521.841.12-0.724.564.48-0.09國(guó)泰君安13.327.00-6.322.671.26-1.413.684.28 0.59廣發(fā)證券10.244.88-5.362.331.15-1.183.713.87 0.17 10.52中金公司 10.68 10.88 11.08中國(guó)銀河 10.28國(guó)信證券 8.80東方證券 8.12財(cái)通證券 7.40興業(yè)

8、證券 12.48長(zhǎng)江證券 9.885.448.044.488.406.562.801.162.481.520.64-5.082.031.00-1.03-2.641.371.01-0.36-6.401.980.74-1.24-2.681.771.36-0.41-3.721.771.09-0.68-6.002.170.81-1.36-6.961.570.28-1.28-4.921.860.58-1.28-10.963.340.77-2.57-9.242.000.12-1.884.106.754.484.534.073.013.763.243.453.664.586.424.874.134.503.

9、243.423.483.644.1090.4-0.330.40-0.400.430.23-0.340.240.190.44 5.96國(guó)金證券 8.40東興證券 4.72華安證券 4.84 3.92東吳證券 6.04方正證券 8.88 8.04 6.68浙商證券 8.60-3.042.040.442.16-2.041.24-54.60.80-1.605.40-9.001.76-0.72-2.48-6.362.810.55-2.26-4.281.150.12-1.03-2.681.170.48-0.69-5.961.14-0.71-1.85-4.801.600.34-1.27-4.282.731.

10、07-1.67.932.95-13.841.86-1.09-8.281.63-0.30-1-3.201.711.05-0.662.682.243.492.962.712.932.503.233.314.053.043.103.462.952.813.223.103.453.633.710.360.86-0.02-0.010.110.290.600.210.32-0.34國(guó)元證券 4.32紅塔證券 6.40 6.92南京證券 4.44西部證券 4.00光大證券 5.32第一創(chuàng)業(yè) 0.40山西證券 3.20國(guó)海證券 3.76太平洋 0.20華林證券 12.04天風(fēng)證券 2.04 3.60中泰證券

11、7.92國(guó)聯(lián)證券 5.88財(cái)達(dá)證券 9.32合計(jì) 8.95wind，-1.48-12.566.083.04-0.244.442.001.521.120.409.36-1.360.522.484.562.764.30-18.965.80-0.84-1.40-4.24-0.881.60-1.68-2.640.20-2.68-3.40-3.08-5.44-1.32-6.56-4.651.41-0.402.54-6.231.871.501.570.991.65-0.041.241.120.260.740.730.301.090.400.060.122.582.310.61-0.270.950.101.

12、530.501.271.092.130.681.860.86-1-8.78.81-0.37-0.57-1.69-0.120.48-0.44-0.690.06-0.26-0.87-0.86-1.03-0.18-1.44-1.002.502.292.262.171.963.382.323.563.491.894.063.133.024.054.023.213.853.101.992.282.302.652.892.513.683.301.293.423.452.974.323.742.963.950.60-0.300.020.130.69-0.500.190.12-0.19-0.60-0.640.

13、31-0.050.28-0.29-0.240.11n 分業(yè)務(wù)來(lái)看，投資業(yè)務(wù)收入下滑成為業(yè)績(jī)下降主因。分業(yè)務(wù)的收入增速看，經(jīng)紀(jì)、投行、資管、投資、利息的收入增速分別為-5.1%、15.0%、-2.3%、-106.4%、-7.7%，總體上僅投行業(yè)務(wù)收入保持增長(zhǎng)，其他業(yè)務(wù)有不同程度下滑，其中自營(yíng)投資虧損成為下滑主要原因，41 家券商合計(jì)自營(yíng)業(yè)務(wù)收入-21 億元，而去年 Q1 為 332 億元。從增量貢獻(xiàn)來(lái)看， 2022Q1 營(yíng)業(yè)收入 962.68 億元，較去年 Q1 下降 410.24 億元，其中投行業(yè)務(wù)貢獻(xiàn) 4.4%的增量，成為僅存的正貢獻(xiàn)業(yè)務(wù)；投資收入的下降貢獻(xiàn)了-85.1%，成為拖累 Q1 業(yè)

14、績(jī)的主因。圖表 3： 上市券商分業(yè)務(wù)收入及增量貢獻(xiàn)情況單位：億元，2021Q12022Q1同比增量貢獻(xiàn)營(yíng)業(yè)收入合計(jì)1,372.92962.68-29.9-100.0經(jīng)紀(jì)業(yè)務(wù)收入315.35299.40-5.1-3.9投資收入328.19-21.03-106.4-85.1投行業(yè)務(wù)收入120.96139.0415.04.4資管業(yè)務(wù)收入114.62111.98-2.3-0.6利息凈收入143.93132.81-7.7-2.7其他業(yè)務(wù)收入349.88300.46-14.1-12.0wind，n 投資業(yè)務(wù)表現(xiàn)成為 Q1 各券商業(yè)績(jī)表現(xiàn)勝負(fù)手。營(yíng)收增速最高的 10 家券商主要受投資業(yè)務(wù)表現(xiàn)優(yōu)于整體。202

15、2Q1，太平洋、一創(chuàng)、國(guó)聯(lián)、建投、銀河、中銀、浙商、中信、華林、山西營(yíng)收同比增速位居前 10；其營(yíng)收增速高于整體水平的主要因素為投資業(yè)務(wù)表現(xiàn)大幅優(yōu)于整體。圖表 4： 上市券商分業(yè)務(wù)收入、增速及結(jié)構(gòu)情況單位：億元，營(yíng)業(yè)收入（億元）經(jīng)紀(jì)業(yè)務(wù)收入投資收入投行業(yè)務(wù)收入資管業(yè)務(wù)收入利息凈收入中信證券2021Q12022Q1同比2021Q1 2022Q1 同比 2021Q1 2022Q1同比2021Q1 2022Q1 同比 2021Q1 2022Q1 同比 2021Q1 2022Q1同比9.14163.97152.16 -7.2 35.2231.86-9.6 38.7533.51-13.5 15.9318

16、.2814.7 27.8827.76-0.4 10.6810.06-5.8海通證券 111.92華泰證券 87.8841.31 -63.1 13.4372.44 -17.6 17.8613.39-0.3 28.7617.79-0.4 35.5129 -191.4.37-26.18-48.312.899.4038.08.6017.79-2.8 7.015.409.79-37.2 16.6318.06.6339.79.4560.0-14.7國(guó)泰君安 109.43廣發(fā)證券 83.21 59.62中金公司 59.33 86.51 48.04中國(guó)銀河 75.80國(guó)信證券 42.52東方證券 51.93財(cái)

17、通證券 13.31興業(yè)證券 55.05長(zhǎng)江證券 19.66 9.56國(guó)金證券 15.1381.50 -25.5 20.9847.74 -42.6 18.3336.96 -38.0 18.6550.71 -14.5 15.0848.30 -44.2 13.0363.32 31.8 13.7873.37 -3.2 18.7729.76 -30.0 16.8931.26 -39.8 7.966.51 -51.1 3.1316.88 -69.3 8.298.43 -57.1 9.254.39 -54.0 4.809.12 -39.7 4.5219.47-7.2 41.221.69-95.916.54-

18、9.8 16.99-11.37 -166.916.49 -11.6 19.481.76-91.013.40 -11.2 27.6114.88-46.113.463.3 22.927.72-66.315.6613.6 12.046.31-47.617.85-4.9 13.355.66-57.614.15 -16.2 8.611.23-85.78.486.63.64-6.42-276.33.212.40.81-4.51-657.07.60-8.3 9.93-12.29 -223.98.33-9.9 2.71-7.14-363.84.69-2.4 0.73-4.11-660.74.00-11.4 3

19、.66-2.63-171.76.791.184.139.553.548.121.024.523.181.962.412.451.403.479.991.504.493.951.222.033.760.763.240.440.403.4947.15.0727.023.708.72.6415.1758.83.4111.73.1615.8795.42.2119.01.27-55.0 0.6018.410.30-61.4 3.3634.40.50-81.9 0.67-71.4 0.180.30.313.0923.402.073.483.521.661.220.707.583.510.350.520.1

20、80.31-39.1 14.10-1.3 11.72-21.6 5.092.2-2.0511.26.00-25.0 2.97-4.1 12.5717.54.92-26.4 3.414.42.11-29.7 3.75-21.7 3.342.22.341.92.7319.902.491.88-1.76-0.773.364.2.991032.631.584.054.783.063.19-11.4-15.5-63.0 14.3-112.8 13.03.4-18.1-22.6-24.9 7.843.030.717.0東興證券 8.86華安證券 6.167.08 -20.1 2.235.23 -15.1

21、2.262.01-9.9 1.43-3.66-355.42.479.40.88-0.17-118.91.300.444.160.112-720.55.80.380.740.321.08-16.4 2.28-546.01.21303.1.2644.83.5 7.500.39 -94.8 1.751.866.32.88-3.83-233.10.530.555.60.100.054.50.690.8319.6東吳證券 17.3613.38 -22.9 4.284.98163.88-1.82-146.91.682.1528.0 0.450.28-37.9 2.141.60-25.2.3方正證券 20.

22、4916.68 -18.6 10.758.89-17.32.350.45-80.70.971.4549.70.690.8320.74.4518-6.04. 12.977.99 -38.4 2.922.941.03.08-4.35-241.10.880.152.70.381.2320.250.54113.8-825.8 14.176.24 -56.0 2.722.48-8.6 1.30-4.91-476.21.362.0651.40.180.2327.70.690.58-15.7浙商證券 32.6131.33 -3.94.305.2021.03.18-0.19-105.93.791.237.60

23、.711.1765.31.281.6227.1-6國(guó)元證券 9.225.83 -36.7 2.522.50-1.0 0.08-7.17-8987.21.301.332.70.150.2357.34.23537.14.紅塔證券 16.58-6.73-140.6 0.560.55-0.8 4.78-9.11-290.50.110.02-81.8 0.340.149.2-0.310.04112.3 7.26南京證券 4.937.00 -3.62.683.93 -20.1 1.702.52-5.8 0.160.3080.81.29-24.0 0.08-0.22-389.20.340.480.28-16

24、.8 1.770.45-5.4 0.061.950.0510.52.23-5-27.5 2.411.842.16-17.5-10.5西部證券 12.55光大證券 33.279.98 -20.4 2.6421.81 -34.4 10.702.53-4.3 3.310.31-90.78.79-17.9 -1.49-0.8542.90.495.830.44-10.7 0.030.1022.73.83.17-45.5 1.903.267 00.756.38-0.416.03-154.3-5.6第一創(chuàng)業(yè) 3.64山西證券 5.21國(guó)海證券 10.69太平洋 1.27華林證券 3.62天風(fēng)證券 6.77

25、10.765.32 46.21.024.74 -9.11.556.63 -38.0 2.152.47 94.01.133.29 -9.11.213.65 -46.0 2.173.88 -63.9 1.880.96-5.2 -1.40-0.2681.61.592.72.601.73-33.52.192.03.10-1.57-150.71.05-6.8 -0.260.72378.51.3612.6 0.970.19-79.92.369.02.660.63-76.41.68-10.7 1.210.64-47.20.540.600.420.090.371.812.060.7742.3 2.030.93

26、55.9 0.400.445.80.550.08-15.7 0.150.5342.3 0.082.3831.5 1.361.06-48.3 0.092.470.430.460.140.070.940.0821.70.037.00.00-17.2 -0.01-2.6 0.22-11.1 0.93-30.9 -1.591.-3.0 0.550.45-0.081.330.521.08-2.746.80.101224.6-25644.6.115089134.715.8-71.5-82.20.中泰證券 24.4918.52 -24.4 9.279.775.43.10-6.92-322.82.381.58

27、-33.7 0.891.446 84.72545.0國(guó)聯(lián)證券 4.716.36 35.21.281.387.91.692.1325.70.851.6391.40.200.357 30.550.7232.1財(cái)達(dá)證券 4.993.50 -29.9 1.731.67-3.2 1.870.54-71.10.400.5743.20.110.10-3.4 0.090.32248.9合計(jì)1,372.92962.68 -29.9 315.35 299.40 -5.1 328.19 -21.03 -106.4 120.96 139.04 15.0 114.62 111.98 -2.3 143.93 132.81

28、-7.7wind，n 上市券商營(yíng)業(yè)支出降幅小于營(yíng)收降幅，利潤(rùn)率較去年 Q1 下降 7.1pct。 41 家上市券商合計(jì)營(yíng)業(yè)支出 681.45 億元，同比-17.4%，降幅小于營(yíng)業(yè) 收入（-30%），因而歸母凈利潤(rùn)降幅大于營(yíng)收，2022Q1 凈利潤(rùn)率為23.8%，較去年下降 7.1pct。營(yíng)業(yè)支出中的主要項(xiàng)目包括兩個(gè)，一是業(yè)務(wù)及管理費(fèi)為 468.35 億元，同比-14.9%，管理費(fèi)率為 48.7%，較去年 Q1 提升 8.58pct；二是信用減值損失為-2.32 億元，即總體沖回，同比-118.3%，在前幾年大幅計(jì)提由股權(quán)質(zhì)押等資本中介業(yè)務(wù)帶來(lái)的減值損失之后， 2021 年大幅降低的基礎(chǔ)上（以中

29、信證券為例，2020 年大幅計(jì)提信用減值損失 65.81 億元，而 2021 年僅計(jì)提 8.99 億元，同比減少 86.3%），今年 Q1 信用減值損失總體是沖回，對(duì)利潤(rùn)有一定貢獻(xiàn)作用，但沒(méi)有地域市場(chǎng)下行導(dǎo)致自營(yíng)業(yè)務(wù)下滑帶來(lái)的業(yè)績(jī)下降。圖表 5： 上市券商 2022Q1 營(yíng)業(yè)支出及成本率情況中信證券海通證券華泰證券國(guó)泰君安廣發(fā)證券中金公司營(yíng)業(yè)支出業(yè)務(wù)及管理費(fèi)管理費(fèi)率信用減值損失信用減值損失率2021Q12022Q1同比2021Q12022Q1同比2021Q12022Q1同比變化2021Q12022Q1同比2021Q12022Q1同比變化95.6081.25-15.062.8661.11-2.8

30、38.340.21.823.43-4.09-219.12.1-2.7-4.7859.7825.42-57.532.3820.61-36.328.949.920.974.151.20-71.13.72.9-0.8045.8244.79-2.238.9536.34-6.744.350.25.843.28-1.83-155.63.7-2.5-6.2654.3949.21-9.536.8026.76-27.333.632.8-0.790.26-2.37-1004.70.2-2.9-3.1547.8429.47-38.438.8325.64-34.046.753.77.051.17-1.25-206.6

31、1.4-2.6-4.0228.5320.96-26.624.5516.45-33.041.244.53.320.651.3099.51.13.52.4236.4230.42-16.535.9030.67-14.660.560.5-0.020.25-0.60-342.20.4-1.2-1.60135.457.0036.84-27.5543.28 57.22.0917.77-19.525.536.820.6725.2222.043.039.811.260.962.69178.91.15.6-3.20-1.101.07-197.5-2.31.74.453.97中國(guó)銀河50.4956.3211.522

32、.5221.02-6.629.728.7-1.060.511.39174.20.71.91.23國(guó)信證券21.5521.590.219.3916.15-16.845.654.38.64-2.860.91-131.7-6.73.09.77-66.236.424.9東方證券38.4528.89-19.2116.86-12.237.053.916.940.030.07159.00.10.20.18財(cái)通證券8.095.14-興業(yè)證券34.48 11.648.145.5820.669.50561.285.7-25.-54.-31.037.556.324.50-0.15-0.51235.5-1.2-7.9

33、18.760.870.30-65.21.61.8-6.740.21長(zhǎng)江證券10.338.36-19.010.06 7.50451.289.037.80-0.410.17-142.2-2.12.04.125.286.8730.1國(guó)金證券8.747.67-12.3東興證券6.007.0818.1華安證券3.894.248.94.592.89-37.0東吳證券11.6912.123.6方正證券9.2911.3822.48.7210.6722.35.075.314.853.1121.08.607.52-12.556.882.54.074.6414.145.965.62.923.3815.847.464

34、.64.142.72-34.455.2697.76.776.65-1.839.049.79.2511.2621.845.167.55.705.58-2.244.069.867.890.111.461233.225.680.060.05-20.619.66-0.210.81-484.717.220.31-0.14-146.0642.540.090.05-49.310.660.78-0.12-114.922.38-0.09-0.01-89.425.84-0.070.14-294.31.133.30.40.6-2.411.55.1-2.71.212.14.5-0.9-0.4-0.1-0.61.832

35、.140.13-713.87.7910.89-5.340.372.3510.787.97-26.15.22 4.35浙商證券26.9827.100.48.75 5.81-16.7-33.636.869.726.818.532.87-0.160.03-120.0-1.10.51.65-8.280.030.06133.10.10.20.12國(guó)元證券5.20 7.76紅塔證券13.44 3.333.98 4.18南京證券2.64 2.52西部證券9.02 10.10光大證券23.93 12.67第一創(chuàng)業(yè)3.66 4.54山西證券3.69 4.02國(guó)海證券7.94 5.7149-75.2.15.22-

36、47.0-4.7 11.924.8.9-28.14.724.21-10.851.272.12.092.01-3.812.6-29.84.174.14-0.857.559.22.512.46-2.151.162.64.644.15-10.637.041.615.0313.46-10.445.261.73.424.3828.094.082.33.603.9911.069.084.34.684.58-2.043.769.120.96-0.12-0.47305.2-1.3-8.1-42.380.34-0.11-132.12.11.61.70-0.25-0.01-96.1-3.4-0.111.540.0

37、10.00-151.00.2-0.14.56-0.240.03-112.4-1.90.316.550.96-1.56-263.02.9-7.2-11.690.150.08-47.74.31.515.240.05-0.01-119.11.0-0.225.380.64-0.50-177.76.0-7.5-6.83-0.433.29-0.322.17-10.03-2.73-1.240.8-13.50太平洋2.132.3610.72.272.374.6178.095.9-82.05-0.15-0.02-85.6-11.7-0.91 2華林證券1.521.616.01.511.605.841.748.6

38、天風(fēng)證券5.355.411.35.425.817.280.0158.99.213.76-59.24.563.71-18.842.495.4中泰證券16.1415.63-3.213.0711.04-15.553.459.6國(guó)聯(lián)證券2.653.8645.32.593.8649.455.060.7財(cái)達(dá)證券1.982.4423.02.372.19-7.647.462.5合計(jì)824.79681.45-17.4550.12468.35-14.940.148.76.86-0.020.00-96.6-0.40.00.4178.88-0.14-0.52279.1-2.0-14.3-12.2852.970.24-

39、0.02-108.02.2-0.5-2.736.230.37-0.01-103.41.5-0.1-1.605.770.04-0.03-187.40.8-0.5-1.2515.12-1.150.04-103.8-23.01.324.218.5812.66-2.32-118.30.9-0.2-1.16wind，1.2 行業(yè)格局：頭部券商業(yè)績(jī)韌性強(qiáng)，業(yè)績(jī)分化推動(dòng) Q1 集中度提升n 頭部券商業(yè)績(jī)韌性明顯強(qiáng)于中小券商。2022Q1 市場(chǎng)波動(dòng)加劇致使上市券商經(jīng)營(yíng)業(yè)績(jī)整體承壓，其中頭部券商受益于業(yè)務(wù)均衡全面，以及自營(yíng)投資策略多元化、權(quán)益投資去方向化，整體業(yè)績(jī)降幅顯著優(yōu)于中小券商。 2022Q1 歸母凈利潤(rùn)

40、規(guī)模前 5、前 10 頭部券商收入平均降幅分別為-13.3%、-24.6%（vs 行業(yè)-30.0%），歸母凈利潤(rùn)平均降幅分別為-21.3%、-32.3%（vs 行業(yè)-46.0%），ROE 均值（年化）分別為 7.3%、6.3%（vs 行業(yè)4.3%）。其中，中信證券2022Q1 歸母凈利潤(rùn)52.29 億元，同比+1.2%，是凈利潤(rùn)前 20 券商中唯一正增長(zhǎng)的公司，顯示經(jīng)營(yíng)韌性強(qiáng)。另外，前 幾年較早推進(jìn)自營(yíng)投資去方向化、大力發(fā)展客需類(lèi)產(chǎn)品的中金、華泰，Q1 投資業(yè)務(wù)收入降幅小于前 10 券商及行業(yè)平均，亦一定程度體現(xiàn)出熨平周期波動(dòng)的經(jīng)營(yíng)能力。另一方面，Q1 市場(chǎng)波動(dòng)下，中小券商交易能力相對(duì)較弱，方

41、向性為主的自營(yíng)投資業(yè)務(wù)整體出現(xiàn)較大虧損，而中小券商收入利潤(rùn)結(jié)構(gòu)中自營(yíng)投資業(yè)務(wù)占比較高，因此整體收入利潤(rùn)下滑幅度遠(yuǎn)大于頭部券商，推動(dòng)行業(yè)收入利潤(rùn)集中度出現(xiàn)顯著上行。n 頭部券商經(jīng)營(yíng)杠桿顯著高于中小券商，體現(xiàn)出良好的擴(kuò)表能力，及資產(chǎn)擺布能力，從而平滑市場(chǎng)周期波動(dòng)。2022Q1 末歸母凈利潤(rùn)規(guī)模前 5、前 10 券商經(jīng)營(yíng)杠桿（剔除客戶(hù)資金）平均達(dá) 4.83、4.52 倍，顯著高于 41 家上市券商均值 3.95 倍。頭部券商整體經(jīng)營(yíng)穩(wěn)健的優(yōu)勢(shì)凸顯，一是業(yè)務(wù)布局全面，平滑市場(chǎng)周期帶來(lái)收入波動(dòng)，二是較早推進(jìn)自營(yíng)投資策略多元化、以及權(quán)益投資去方向化，加大客需類(lèi)產(chǎn)品創(chuàng)設(shè)，例如積極布局場(chǎng)外衍生品等非方向性業(yè)務(wù)

42、，體現(xiàn)出良好的擴(kuò)表能力，及資產(chǎn)擺布能力，從而平滑市場(chǎng)周期波動(dòng)。圖表 6： 上市券商業(yè)績(jī)及格局情況營(yíng)業(yè)收入（億元）歸母凈利潤(rùn)（億元）ROE（ ）ROA（ ）經(jīng)營(yíng)杠桿2021Q12022Q1同比2021Q12022Q1同比2021Q1 2022Q1 同比變動(dòng) 2021Q1 2022Q1 同比變動(dòng) 2021Q1 2022Q1 同比變動(dòng)中信證券 163.97國(guó)泰君安 109.43華泰證券 87.88中金公司 59.33中國(guó)銀河 75.80 48.04海通證券 111.92 59.62廣發(fā)證券 83.21 86.51國(guó)信證券 42.52光大證券 33.27方正證券 20.49浙商證券 32.61 7.2

43、6東方證券 51.93中泰證券 24.49國(guó)聯(lián)證券 4.71財(cái)通證券 13.31興業(yè)證券 55.05華林證券 3.62南京證券 4.93國(guó)金證券 15.13東吳證券 17.36華安證券 6.16財(cái)達(dá)證券 4.99第一創(chuàng)業(yè) 3.64山西證券 5.21國(guó)海證券 10.69長(zhǎng)江證券 19.66東興證券 8.86152.1681.5072.4450.7173.3763.3241.3136.9647.7448.3029.7621.8116.6831.337.0031.2618.526.366.5116.883.293.939.1213.385.233.505.324.746.638.437.08-7.251.65-25.544.11-17.633.09-14.518.76-3.219.8531.817.22-63.136.18-38.026.13-42.625.41-44.224.31-30.016.85-34.46.97-18.68.89-3.94.21-3.62.61-39.811.76-24.4