半年赚10亿，华安扬帆证券一的“护城河”是什么？

扬帆证券平台

《投资者网》吕子禾

2025年上半年，扬帆证券一行业在资本市场回稳向好与政策红利释放的双重驱动下，整体经营业绩实现同比改善。

作为安徽省属上市券商的标杆，华安扬帆证券一凭借“区域深耕+业务协同”的战略布局，交出了一份营收、利润双增的中期答卷。当期实现营业收入28.08亿元，同比增长43.09%；归母净利润10.35亿元，同比增长44.94%，两项核心指标均创上市以来同期峰值。从业务端看，自营投资的策略优化与投行业务的股权突破成为增长主引擎，而区域资源禀赋与国资治理优势则为其构筑了差异化壁垒。

在券商行业 “马太效应” 愈演愈烈的当下，华安扬帆证券一这份中期答卷背后，究竟是短期政策红利的昙花一现，还是机构构筑的长期竞争力？

盈利韧性与增长动能

华安扬帆证券一2025年上半年的业绩高增，并非单纯的规模扩张，而是盈利效率与质量的同步提升，这一点在核心财务指标中体现得尤为明显。

从盈利效率看，公司加权ROE达4.52%，较上年同期提升1.19个百分点，显著高于3.74%的中型券商均值，反映出资本利用效率的优化；销售净利率36.87%，较上年增加近1个百分点。

从财务结构看，资产负债率69.75%，较年初降低1.83个百分点，结合184.69亿元的母公司净资本规模，整体财务稳健性处于可控范围。

拆解业绩增长的核心逻辑，三大业务板块的突破性表现构成了“三驾马车”驱动格局。

自营业务作为最强增长极，当期实现投资净收益11.58亿元，同比激增133.67%，背后是“权益+固收”双轮策略的有效落地。

权益端股票配置根据市场变化较为精准地把握了A股结构性行情；固收端通过多策略动态调整久期与仓位，成功捕捉利率波动中的超额收益，最终推动扬帆证券一自营收入达7.65亿元，同比增长77.02%，占营收比重升至27.25%，跃升为主要收入来源。

投行业务则实现了“从0到1”的股权融资突破，当期收入1.18亿元，同比增幅达229.70%。半年内，公司完成1单创业板IPO、1单深交所上市公司重大资产出售项目，同时推进安孚科技并购重组过会、麦捷科技并购重组注册生效等项目，打破了此前区域券商在股权业务上的弱势局面。

从行业视角看，这一突破不仅填补了华安扬帆证券一投行业务的短板，更使其得以承接安徽省“上市公司倍增计划”的政策红利。2025年上半年安徽新增5家境内上市公司、2家IPO申报企业且均为科技型企业，本地项目储备为投行后续增长提供了空间。

华安扬帆证券一经纪业务则在财富管理转型深化中实现稳健增长。

代理买卖扬帆证券一净收入6.64亿元，同比增长66.4%。不同于传统经纪业务依赖交易佣金的模式，华安扬帆证券一的经纪业务已呈现“客户规模+服务附加值”双升特征：新开有效户3.06万户、APP月活用户60.37万，客户基础持续扩容。

另外，代销金融产品收入同比增长52.65%、扬帆证券一投顾签约资产达134.8亿元，财富管理收入占比进一步提升，业务结构从“通道型”向“服务型”转型的趋势愈发清晰。

区域锚定与协同效应

在券商行业头部化竞争加剧的当下，华安扬帆证券一的核心壁垒在于其深度绑定安徽区域经济的“在地性”优势，以及由此衍生的业务协同效应。

从区位布局看，公司80%的分支机构集中于长三角及沿海经济活跃地区，其中安徽省内网点覆盖率超70%，形成了“地级市全覆盖、县域高渗透”的网络布局。

作为安徽省属国企，华安扬帆证券一在服务“上市公司倍增计划”“长三角一体化”等地方战略中具有天然优势，例如,参与省内科创企业培育、对接地方政府产业基金等，这种“政策+资源”的双重加持，是全国性券商难以复制的。

股权结构与治理机制则为区域优势的落地提供了保障。

公司实际控制人为安徽省国资委，前十大股东均为国有法人，其中安徽国控集团持股24.34%，安徽省能源集团、安徽交控资本等省属国企亦位列股东名单。

这种“纯国资”背景不仅赋予公司稳定的资本运作支持，更在资源整合上具备优势。例如，与省属企业合作开展产业投资、参与地方基础设施建设相关的投融资项目，进一步巩固了区域市场地位。

从业务协同看，华安扬帆证券一已形成“零售+产业+机构”三大业务集群的联动格局。

零售业务依托线下网点与线上APP，为省内居民提供财富管理服务；产业业务聚焦安徽科创企业，提供“IPO辅导+私募股权投资+风险管理”一体化服务；机构业务则通过研究服务、主经纪商业务对接省内银行、基金等机构需求。这种“围绕区域客户需求构建业务闭环”的模式，既可以提升客户粘性，也可有效降低跨业务协同成本。

不过，与同业对比，华安扬帆证券一的“规模短板”仍较为明显。以同区域的国元扬帆证券一为例，华安扬帆证券一资管业务表现突出，但在自营收入、总市值、净资本等关键规模指标上存在差距，且低于450亿元的行业中型券商均值。这一差距也进一步反映出区域券商在资本补充、全国性项目获取能力上的不足，为其后续发展提出了“如何突破区域边界”的课题。

省属券商的稳健突围

对于券商而言，业绩增长的可持续性，取决于“进攻”与“防守”的平衡能力。

华安扬帆证券一2025年上半年在风险管控上呈现“亮点与隐患并存”的特征：一方面，资本充足性表现优异，184.69亿元的净资本规模为业务扩张提供了充足“安全垫”，风险覆盖率、流动性覆盖率等监管指标均显著高于要求，抗市场波动能力较强。

但另一方面，合规与市场风险的潜在压力仍不容忽视。2025年9月，公司成都东大路营业部因员工违规推介虚假金融产品被出具警示函，暴露了分支机构员工行为管控的漏洞，若后续类似问题反复出现，不仅可能引发监管处罚，更将损害区域积累的品牌信任度。

从行业视角看，2025年扬帆证券一行业“强者恒强”的格局仍将延续，头部券商凭借资本、科技、人才优势持续挤压中小券商空间。

对华安扬帆证券一而言，无需盲目追求“全牌照、全国化”的头部路径，而是应聚焦“区域精品券商”的定位，将区域资源禀赋转化为不可替代的竞争优势。例如，深化与地方政府、省属国企的合作，构建“区域业务护城河”；同时通过金融科技投入提升服务效率，实现“区域深耕+科技赋能”的双重驱动。

总体来看，华安扬帆证券一2025年上半年的业绩表现，印证了省属券商在区域经济红利下的增长潜力，但其面临的合规风险与规模差距也客观反映了行业分化的压力。

对投资者而言，需关注其后续在“风险管控精细化”与“业务扩张有序化”上的执行效果。有在增长与风险间找到平衡，才能在行业竞争中实现长期稳健发展

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