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图37员工薪酬占业务及管理费比例
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所属报告:
券商行业专题报告:合理加杠杆、提高轻资产业务占比、降费用率有助于提升ROE-231226(24页).pdf
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行业数据
2026-07-10
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2019-2025年中国中免销售费率及管理费率
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行业数据
2026-06-15
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国信管理费率与头部梯队券商均值水平对比(2019-2026年Q1)
fCDlubTku70v5a2j5bqmIHwg5Zu95L+h6K+B5Yi4566h55CG6LS5546HIHwg5YW25LuW5aS06YOo5qKv6Zif5Yi45ZWG566h55CG6LS5546H566X5pWw5Z2H5YC8IHwKfCAtLS0gfCAtLS0gfCAtLS0gfAp8IDIwMTkgfCAzOS4yJSB8IDQzLjIlIHwKfCAyMDIwIHwgMzkuMSUgfCA0MC43JSB8CnwgMjAyMSB8IDQxLjAlIHwgMzkuMiUgfAp8IDIwMjIgfCA0Ni41JSB8IDQ2LjglIHwKfCAyMDIzIHwgNDMuMyUgfCA0OS4wJSB8CnwgMjAyNCB8IDQ1LjYlIHwgNDYuNiUgfAp8IDIwMjUgfCA0NS43JSB8IDQ2LjYlIHwKfCAyMDI2UTEgfCA0NC42JSB8IDQzLjMlIHwKCui1hOaWmeadpea6kO+8mldpbmTjgIHnlLPkuIflro/mupDnoJTnqbY=
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行业数据
2026-05-28
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2010-1Q26年零部件企业管理费用率(%)
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行业数据
2026-05-13
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2010-1Q26年乘用车企管理费用率(%)
fCDlubTku70gICB8IOWMheaLrOS4iuaxve+8iCXvvIkgfCDkuI3ljIXmi6zkuIrmsb3vvIgl77yJIHwKfC0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDI2ICAgfCAzLjIgICAgICAgICAgIHwgMy4xICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8mldpbmTjgIHljY7liJvor4HliLg=
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行业数据
2026-05-13
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万辰集团2023-2025年管理费用率
fCDlubTku70gfCDnrqHnkIbotLnnlKjnjocgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLXwKfCAyMDIyIHwgNS44NyUgICAgICB8CnwgMjAyMyB8IDQuNzklICAgICAgfAp8IDIwMjQgfCAzLjAzJSAgICAgIHwKfCAyMDI1IHwgMi45MiUgICAgICB8CgrotYTmlpnmnaXmupDvvJrlhazlj7jlhazlkYrvvIzkuJzljJfor4HliLg=
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行业数据
2026-05-06
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营收增长下上市券商管理费用率普遍下降(单位:亿元)
| 公司     | 管理费用       | 管理费用       | 管理费用       | 管理费用率   | 管理费用率   | 管理费用率   | 信用减值损失 | 信用减值损失 | 信用减值损失 | 信用减值损失率 | 信用减值损失率 | 信用减值损失率 |
|----------|----------------|----------------|----------------|--------------|--------------|--------------|--------------|--------------|--------------|----------------|----------------|----------------|
|          | 2024A          | 2025A↓         | 同比           | 2024A        | 2025A        | 同比         | 2024A        | 2025A        | 同比         | 2024A          | 2025A          | 同比           |
| 中信证券 | 300.84         | 331.14         | 10.1%          | 51.9%        | 44.4%        | -7.5pct      | -11.14       | 8.37         | -            | -1.9%          | 1.1%           | 3.0pct         |
| 国泰海通 | 164.62         | 281.83         | 71.2%          | 49.0%        | 45.2%        | -3.8pct      | 2.50         | 38.63        | 1445.5%      | 0.7%           | 6.2%           | 5.5pct         |
| 广发证券 | 147.92         | 164.56         | 11.3%          | 56.1%        | 46.5%        | -9.5pct      | -0.65        | -1.07        | -            | -0.2%          | -0.3%          | -0.1pct        |
| 中金公司 | 143.02         | 164.20         | 14.8%          | 67.0%        | 57.7%        | -9.4pct      | 0.75         | 3.23         | 333.8%       | 0.3%           | 1.1%           | 0.8pct         |
| 华泰证券 | 174.34         | 160.42         | -8.0%          | 52.2%        | 45.5%        | -6.6pct      | 2.46         | 5.94         | 141.1%       | 0.7%           | 1.7%           | 0.9pct         |
| 中国银河 | 114.14         | 127.96         | 12.1%          | 50.7%        | 45.4%        | -5.3pct      | 4.41         | 7.78         | 76.5%        | 2.0%           | 2.8%           | 0.8pct         |
| 中信建投 | 100.31         | 110.20         | 9.8%           | 52.7%        | 47.3%        | -5.4pct      | 0.91         | 2.99         | 230.5%       | 0.5%           | 1.3%           | 0.8pct         |
| 申万宏源 | 105.74         | 106.62         | 0.8%           | 56.9%        | 44.0%        | -12.9pct     | 4.74         | 3.01         | -36.5%       | 2.5%           | 1.2%           | -1.3pct        |
| 招商证券 | 96.52          | 105.18         | 9.0%           | 46.2%        | 42.1%        | -4.1pct      | -1.13        | 2.60         | -            | -0.5%          | 1.0%           | 1.6pct         |
| 中泰证券 | 79.72          | 84.11          | 5.5%           | 82.8%        | 74.0%        | -8.8pct      | 2.79         | 5.02         | 80.2%        | 2.9%           | 4.4%           | 1.5pct         |
| 东方证券 | 78.64          | 83.52          | 6.2%           | 64.7%        | 54.4%        | -10.3pct     | 4.61         | 2.84         | -38.5%       | 3.8%           | 1.8%           | -1.9pct        |
| 兴业证券 | 65.85          | 74.89          | 13.7%          | 67.4%        | 63.3%        | -4.1pct      | 0.36         | 0.79         | 116.8%       | 0.4%           | 0.7%           | 0.3pct         |
| 光大证券 | 58.59          | 59.26          | 1.1%           | 61.5%        | 54.8%        | -6.7pct      | -0.03        | 1.63         | -            | 0.0%           | 1.5%           | 1.5pct         |
| 方正证券 | 50.48          | 57.03          | 13.0%          | 65.5%        | 54.3%        | -11.1pct     | 3.51         | -0.68        | -119.5%      | 4.5%           | -0.7%          | -5.2pct        |
| 国联民生 | 23.22          | 51.36          | 121.2%         | 86.5%        | 66.9%        | -19.6pct     | -0.20        | -0.14        | -            | -0.8%          | -0.2%          | 0.6pct         |
| 西部证券 | 25.01          | 27.64          | 10.5%          | 58.5%        | 54.3%        | -4.1pct      | 0.03         | 0.10         | 299.9%       | 0.1%           | 0.2%           | 0.1pct         |
| 华安证券 | 20.47          | 23.79          | 16.3%          | 53.3%        | 47.1%        | -6.2pct      | -0.07        | -0.03        | -            | -0.2%          | -0.1%          | 0.1pct         |
| 国海证券 | 23.11          | 23.18          | 0.3%           | 72.1%        | 67.5%        | -4.7pct      | 1.37         | -1.23        | -189.5%      | 4.3%           | -3.6%          | -7.8pct        |
| 东兴证券 | 21.17          | 21.30          | 0.6%           | 49.6%        | 45.2%        | -4.4pct      | 2.52         | 0.42         | -83.3%       | 5.9%           | 0.9%           | -5.0pct        |
| 西南证券 | 16.51          | 18.38          | 11.4%          | 65.5%        | 59.6%        | -6.0pct      | -0.06        | 0.67         | -            | -0.2%          | 2.2%           | 2.4pct         |
| 信达证券 | 16.82          | 17.16          | 2.0%           | 51.1%        | 42.4%        | -8.7pct      | 0.51         | 1.37         | 168.2%       | 1.6%           | 3.4%           | 1.8pct         |
| 首创证券 | 12.33          | 12.64          | 2.5%           | 51.0%        | 50.1%        | -1.0pct      | 0.24         | -0.33        | -235.6%      | 1.0%           | -1.3%          | -2.3pct        |
| 中原证券 | 11.43          | 12.03          | 5.3%           | 81.8%        | 61.3%        | -20.4pct     | 0.20         | 0.81         | 307.7%       | 1.4%           | 4.1%           | 2.7pct         |
| 华林证券 | 9.26           | 10.94          | 18.0%          | 64.6%        | 64.4%        | -0.2pct      | 0.00         | 0.04         | 1620.4%      | 0.0%           | 0.3%           | 0.2pct         |
| 红塔证券 | 8.78           | 8.88           | 1.1%           | 49.8%        | 36.5%        | -13.3pct     | 0.32         | -0.41        | -228.3%      | 1.8%           | -1.7%          | -3.5pct        |
| 合计     | 1,869          | 2,138          | 14.4%          | 56.0%        | 48.8%        | -7.2pct      | 18.93        | 82.36        | 335.0%       | 0.6%           | 1.9%           | 1.3pct         |

资料来源：Wind，西部证券研发中心；注：以2025A 管理费用排序，管理费用率=管理费用/(营业收入-其他业务成本)，信用减值损失率=信用减值损失
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行业数据
2026-04-13
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行业数据
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行业数据
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行业数据
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乐舒适2022~2025年1-4月管理费用按细分
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fCDotLnnlKjpobnnm64gICAgICAgfCDljaDmr5QgICB8CnwtLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tfAp8IOWRmOW3peiWqumFrCAgICAgICB8IDAuNTQlICB8Cnwg5LiT5Lia5pyN5Yqh6LS555SoICAgfCAwLjEyJSAgfAp8IOeJqeS4mueuoeeQhui0ueeUqCAgIHwgMC4xMCUgIHwKfCDlip7lhazlj4rlt67ml4XotLkgICB8IDAuMDYlICB8Cnwg5oqY5pen5Y+K5pGK6ZSAICAgICB8IDAuMTQlICB8Cnwg5YW25LuWICAgICAgICAgICB8IDAuMDMlICB8CgrotYTmlpnmnaXmupDvvJrpuKPpuKPlvojlv5nmi5vogqHor7TmmI7kuabvvIzlhYnlpKfor4HliLjnoJTnqbbmiYA=
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我们认为这主要是由于券商属于人员密集型行业,人力成本是最主要的支出方向,成本相对刚性。2013-2022 年,员工薪酬占业务及管理费比重在 68%左右。在服务型业务之中,经纪业务依赖大量的营业部和相关从业人员,而投行部门支出与项目挂钩,庞大的人力支出难以避免,做大营收规模及适当降低人员支出将更有利于降低费用率,从而提升 ROE。
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券商行业专题报告:合理加杠杆、提高轻资产业务占比、降费用率有助于提升ROE-231226(24页).pdf
表7场外衍生品互换业务与期权业务对比
表6注册制改革持续推进
表5当前美国大型券商监管框架
表4境内外券商杠杆率对比
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