营业收入与净利润均实现大幅增长。2020年上半年39家上市券商实现营业收入2,289.90亿元，同比增长41.78%；实现归母净利润731.02亿元，同比增长27.12%；实现扣非归母净利润711.41亿元，同比增长26.42%。2020年上半年行业营业收入增长速度为19.26%，净利润增长速度为24.73%，上市券商营业收入与归母净利润增长速度均高于行业同期增长速度。

1. 2020 年上半年业绩概述 ........................................................................................................................................ 4

1.1 营收状况 ....................................................................................................................................................... 4

1.2 营收结构 ....................................................................................................................................................... 5

1.3 业绩分化状况 ............................................................................................................................................... 6

2. 总体经营情况 ........................................................................................................................................................ 7

2.1 经纪业务：上半年两市交投活跃，交易量同比大幅增长。 ................................................................... 7

2.2.投行业务：IPO、债券融资规模大幅增长................................................................................................. 8

2.3 资产管理：资管规模持续下行，创收质量稳步提升 ............................................................................... 9

2.4 自营业务：业绩反弹显现 ......................................................................................................................... 10

2.5 信用业务：两融余额维持高位、股票质押式回购规模持续收缩 ......................................................... 10

3. 投资建议............................................................................................................................................................... 11

风险提示 .................................................................................................................................................................... 12