Zheng Quan Ri Bao·2025-04-01 17:17Core Insights - In 2024, the total commission income from brokerage firms reached 10.986 billion yuan, a year-on-year decrease of 34.74% [1] - The top brokerage firms continue to dominate the market, while some smaller firms have shown significant growth in commission income [1][2] Brokerage Commission Rankings - 31 brokerage firms earned over 100 million yuan in commission, with 11 firms exceeding 300 million yuan [2] - CITIC Securities led with 757 million yuan in commission, accounting for 6.89% of the total market [2] - The top 20 brokerage firms collectively earned 7.654 billion yuan, representing 69.67% of the overall market [2] Growth and Market Dynamics - Despite an overall decline in commission income, some firms like Guolian Minsheng achieved a 347.73% year-on-year increase, reaching 463 million yuan [2][3] - The merger of Guolian Securities and Minsheng Securities resulted in a combined commission income of 463 million yuan, elevating their ranking to 5th place [3] Research Business Transformation - The ongoing reform of public fund fee structures is driving changes in brokerage research operations [4] - Firms are focusing on enhancing their research capabilities and exploring new service models to create additional value [4] - The emphasis on strong research capabilities is expected to be crucial for long-term industry growth [4] Talent and Service Enhancement - The total number of industry analysts reached 5,578, an increase of 816 analysts or 17.14% year-on-year [5] - Brokerages are enhancing their internal and external service levels, with initiatives like digital transformation and the establishment of research brands [5]