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2025年债券市场有所回调
2025年债券市场有所回调
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| 证券公司   | 2025A收入规模       | 2025A收入规模       | 2025A收入规模       | 2025A收入增速       | 2025A收入增速       | 2025A收入增速       | 占总经纪业务净收入比重 | 占总经纪业务净收入比重 | 占总经纪业务净收入比重 |
|------------|---------------------|---------------------|---------------------|---------------------|---------------------|---------------------|------------------------|------------------------|------------------------|
|            | 代买                | 席位租赁            | 代销                | 代买                | 席位租赁            | 代销                | 代买↓                  | 席位租赁               | 代销                   |
| 华林证券   | 7.33                | 0.05                | 0.25                | 36.1%               | -14.2%              | 30.8%               | 96.0%                  | 0.7%                   | 3.3%                   |
| 中原证券   | 7.46                | 0.00                | 0.16                | 33.8%               | -47.4%              | 12.8%               | 90.6%                  | 0.0%                   | 1.9%                   |
| 红塔证券   | 2.36                | 0.00                | 0.01                | 27.9%               | -83.6%              | 14.0%               | 89.8%                  | 0.0%                   | 0.5%                   |
| 东兴证券   | 8.47                | 0.09                | 0.74                | 30.8%               | -32.2%              | 64.5%               | 88.9%                  | 0.9%                   | 7.8%                   |
| 首创证券   | 2.31                | 0.05                | 0.21                | 40.9%               | -78.6%              | 13.7%               | 85.1%                  | 1.9%                   | 7.8%                   |
| 中国银河   | 75.16               | 1.45                | 5.86                | 44.9%               | 34.8%               | 77.0%               | 85.0%                  | 1.6%                   | 6.6%                   |
| 申万宏源   | 48.28               | 5.65                | 1.25                | 36.7%               | 35.9%               | -17.4%              | 80.6%                  | 9.4%                   | 2.1%                   |
| 招商证券   | 71.42               | 6.09                | 6.38                | 48.1%               | 19.5%               | 43.9%               | 80.3%                  | 6.8%                   | 7.2%                   |
| 方正证券   | 44.72               | 2.02                | 3.38                | 44.1%               | 6.4%                | 83.5%               | 80.2%                  | 3.6%                   | 6.1%                   |
| 华安证券   | 11.86               | 0.33                | 1.25                | 41.6%               | -30.6%              | 123.9%              | 80.1%                  | 2.2%                   | 8.5%                   |
| 信达证券   | 8.43                | 0.93                | 0.37                | 41.0%               | -38.4%              | 59.2%               | 79.5%                  | 8.8%                   | 3.4%                   |
| 西南证券   | 5.95                | 0.68                | 0.36                | 25.6%               | -13.1%              | 55.3%               | 79.3%                  | 9.1%                   | 4.8%                   |
| 中泰证券   | 33.45               | 3.28                | 2.34                | 34.9%               | 8.8%                | 50.4%               | 77.9%                  | 7.6%                   | 5.5%                   |
| 华泰证券   | 69.75               | 8.45                | 7.56                | 45.3%               | 24.5%               | 53.7%               | 76.5%                  | 9.3%                   | 8.3%                   |
| 西部证券   | 10.37               | 1.99                | 0.57                | 44.8%               | 53.4%               | 42.0%               | 76.2%                  | 14.6%                  | 4.2%                   |
| 国泰海通   | 113.98              | 12.04               | 11.39               | 109.2%              | 64.3%               | 90.8%               | 75.3%                  | 8.0%                   | 7.5%                   |
| 光大证券   | 29.21               | 1.72                | 5.25                | 45.0%               | -24.1%              | 41.5%               | 73.3%                  | 4.3%                   | 13.2%                  |
| 广发证券   | 68.79               | 7.91                | 10.91               | 49.6%               | 8.0%                | 67.3%               | 71.7%                  | 8.2%                   | 11.4%                  |
| 中信证券   | 100.25              | 15.06               | 20.26               | 44.9%               | 33.4%               | 36.6%               | 68.0%                  | 10.2%                  | 13.7%                  |
| 兴业证券   | 19.62               | 5.66                | 3.17                | 50.0%               | 21.8%               | 19.4%               | 66.6%                  | 19.2%                  | 10.8%                  |
| 中信建投   | 51.79               | 7.01                | 9.76                | 51.4%               | -8.2%               | 42.6%               | 65.0%                  | 8.8%                   | 12.2%                  |
| 中金公司   | 39.55               | 7.09                | 13.84               | 50.7%               | 7.6%                | 55.6%               | 64.1%                  | 11.5%                  | 22.4%                  |
| 国联民生   | 12.86               | 4.87                | 1.02                | 151.7%              | 191.2%              | 153.1%              | 61.1%                  | 23.2%                  | 4.8%                   |
| 国海证券   | 7.09                | 2.79                | 0.52                | 43.6%               | 23.7%               | 47.6%               | 61.0%                  | 24.0%                  | 4.5%                   |
| 东方证券   | 16.13               | 3.49                | 2.09                | 42.5%               | -5.1%               | 24.5%               | 55.3%                  | 12.0%                  | 7.2%                   |
| 合计       | 866.57              | 98.69               | 108.89              | 51.7%               | 21.5%               | 51.6%               | 73.9%                  | 8.4%                   | 9.3%                   |

资料来源：Wind、iFind，西部证券研发中心
所属报告:
证券行业25家上市券商2025年报综述:业绩业务全面修复期待估值回归-260411(28页).pdf
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附录C:支持绿色与转型债券市场的发展的金融政策
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政策法规
2026-03-27
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图3:2025年全球债券市场表现
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行业数据
2026-01-26
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图6我国债券市场发行、偿还及净融资规模(单位:亿元)
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市场规模
2026-01-08
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图9 我国债券市场现券交易规模及结构(单位:亿元)
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2026-01-08
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图12 境外机构投资银行间债券市场规模及占比 (单位:万亿元)
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市场规模
2026-01-08
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图10 我国债券市场违约企业数量及违约金额规模(单位:个、亿元)
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市场规模
2026-01-08
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图8 我国债券市场存量规模及结构 (单位:亿元)
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市场规模
2026-01-08
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图 7 我国债券市场发行规模及结构 (单位:亿元)
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市场规模
2026-01-08
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图4-9 2015一2024年债券市场压力指数
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2025-12-29
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图3.3 近年来河南省发行债券市场概况(亿元)
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2025-12-23
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图4.10 2025年1一9月中部六省城投企业发行债券市场分布(亿元)
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2025-12-23
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证券行业25家上市券商2025年报综述:业绩业务全面修复期待估值回归-260411(28页).pdf
2026年券商行业报告:业绩全面修复,ROE回升与估值错配孕育机会
证券行业25家上市券商2025年报综述:业绩业务全面修复期待估值回归-260411
2025年券商各项资管规模企稳回升,公募业务增长显著(单位:亿元)
25家上市券商经纪业务收入规模增速及结构(单位:亿元,%)
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