证券行业：蛰伏再出发-券商投资观点-260609-三个皮匠报告

1、2025APB-ROEPB-ROEROEA20261633119A2026-1+2PB-ROE2025APB-ROEPB-ROEROEA资料来源：，长城证券产业金融研究院，为年至前三季度和四季度至年一季度的均值差；时间区间为年较年增幅A202611480%100%202614ETF20261633119A2026居民新增人民币存款非银金融新增人民币存款ifind2026536.520254.2ETF2023120261-310.81.2%1.5%0.6%ETF20265ETFETF0.15%0.50%IPO5%-9%1AB23-202512ROE20253.442026Q14342015-20

2、25ROE6.11%2026Q113172025ROE14%1117III10.5%612C-ROSS3.35.0+LCR233.54 47.69%63.83 72.16%20.73%16.62136.69 41.48%45.71 78.02%24.88%7.5792.05 30.73%23.65 84.89%15.19%10.6483.50-53.69%29.51-54.17%16.53%7.4425.69 18.22%5.30 61.59%9.08%6.5321.02 115.21%11.32 53.83%7.6%9.9314.92 102.72%8.91 177.57%6.4%11.7311.61-47.98%5.02 22.21%4.65%5.64201520212024123“”“”4.ROE+易易方方达达基基金金管理管理规模规模(亿元亿元)0.002,000.004,000.006,000.008,000.0010,000.0012,000.0014,000.0016,000.0018,000.00200520062007200820092010201120122013201420152016201720182019202020212022202320242025广广发发基基金金管管理规理规模模(亿元亿元)风险提示03

证券行业：蛰伏再出发-券商投资观点-260609（27页）.pdf

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