国泰海通：券商估值调整接近尾声沿财富管理及国际业务布局

智通财经03-24

智通财经APP获悉，国泰海通发布研报称，此前因交易因索等影响，券商板块估值中枢持续调整，当前横向对比国际投行、纵向对比A股各行业，券商板块估值已调整至公允水平。建议关注参控股头部公募，且利润贡献比例居前或零售业务份额有望提升的特色券商，及国际业务领先的头部券商。国泰海通主要观点如下：经营回顾：高增的延续，分化的起点25年，依托经纪业务高增及自营修复，板块利润持续提振，但该行也看到个股间的盈利表现...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2621032830?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-24 10:50","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2621032830","market":"fut","top_or_hot":-1,"title":"国泰海通：券商估值调整接近尾声 沿财富管理及国际业务布局","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，国泰海通发布研报称，此前因交易因索等影响，券商板块估值中枢持续调整，当前横向对比国际投行、纵向对比A股各行业，券商板块估值已调整至公允水平。建议关注参控股头部公募，且利润贡献比例居前或零售业务份额有望提升的特色券商，及国际业务领先的头部券商。国泰海通主要观点如下：经营回顾：高增的延续，分化的起点25年，依托经纪业务高增及自营修复，板块利润持续提振，但该行也看到个股间的盈利表现...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1417835.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>国泰海通：券商估值调整接近尾声 沿财富管理及国际业务布局</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n国泰海通：券商估值调整接近尾声 沿财富管理及国际业务布局\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-24 10:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1417835.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国泰海通发布研报称，此前因交易因索等影响，券商板块估值中枢持续调整，当前横向对比国际投行、纵向对比A股各行业，券商板块估值已调整至公允水平。建议关注参控股头部公募，且利润贡献比例居前或零售业务份额有望提升的特色券商，及国际业务领先的头部券商。国泰海通主要观点如下：经营回顾：高增的延续，分化的起点25年，依托经纪业务高增及自营修复，板块利润持续提振，但该行也看到个股间的盈利表现...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1417835.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"601211","symbol_name":"国泰海通","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1417835.html","article_id":"2621032830","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2621032830","pubTimestamp":1774320642,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，国泰海通发布研报称，此前因交易因索等影响，券商板块估值中枢持续调整，当前横向对比国际投行、纵向对比A股各行业，券商板块估值已调整至公允水平。这种分化主要源自自营业务的不确定性，随着整体的收益率修复至较高水平，预计未来分化中的增长是更重要命题，该行更看好在财富管理及国际业务具备特色优势的券商。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159503":"财富管理","601211":"国泰海通","BK0184":"上海国资改革","02611":"国泰海通","BK0028":"国家队","BK0276":"资本市场","BK0183":"MSCI概念","BK0201":"可转债","BK0188":"融资融券","BK0012":"证金概念","BK1147":"投资银行业与经纪业","BK1564":"中资券商股"},"translate_title":"Cathay Haitong: Brokerage Valuation Adjustment Nearing the End Along Wealth Management and International Business Layout","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159503":1.5,"601211":1.5,"02611":1.5},"content_text":"智通财经APP获悉，国泰海通发布研报称，此前因交易因索等影响，券商板块估值中枢持续调整，当前横向对比国际投行、纵向对比A股各行业，券商板块估值已调整至公允水平。建议关注参控股头部公募，且利润贡献比例居前或零售业务份额有望提升的特色券商，及国际业务领先的头部券商。国泰海通主要观点如下：经营回顾：高增的延续，分化的起点25年，依托经纪业务高增及自营修复，板块利润持续提振，但该行也看到个股间的盈利表现分化更为明显。这种分化主要源自自营业务的不确定性，随着整体的收益率修复至较高水平，预计未来分化中的增长是更重要命题，该行更看好在财富管理及国际业务具备特色优势的券商。主线之一：居民配置力量逐步验证，财富管理及资产管理同步受益该行在年度策略中提出利率从快速下行转向低位震荡时期，居民将逐步增配权益，从这几个月的新发基金、开户数以及资管数据看，这一逻辑正在被逐步验证。该行认为：1)渠道端从垂直流量走向公域流量，更适应业态转型的券商预计更优;2固收+预计成为本轮居民增量入市的核心抓手，股债能力并重，更看好参控股头部公募的券商。主线之二：国际化战略加速推进，打开长期增长空间随着“一带一路”倡议和企业全球化战略的推进，催生了丰富的跨境金融需求。随着我国资本市场投资端改革的推进，中国资产的吸引力进一步提升，海外投资者配置中国资产的需求日益增长。国际业务有望成为头部券商新的业绩增长引擎。风险提示：权益市场大幅波动;债市大幅波动;业务转型不及预期","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2621032830","isCrawlerRequest":true}

国泰海通：券商估值调整接近尾声 沿财富管理及国际业务布局

精彩评论

国泰海通：券商估值调整接近尾声沿财富管理及国际业务布局