上半年部分券商资管成绩单出炉，有机构规模增长23%，部分券商规模与利润“倒挂”

Core Viewpoint - The report highlights a significant divergence in the asset management scale and performance among listed securities firms as they disclose their semi-annual reports for 2025, with some firms experiencing growth while others face declines [1][2]. Asset Management Scale - As of June 2025, the total scale of private asset management products by securities and futures institutions reached approximately 12.09 trillion yuan, with securities firms and their asset management subsidiaries accounting for about 5.52 trillion yuan, a year-on-year decrease of 4.8% but a 1% increase compared to the end of 2024 [2]. - Notable growth in asset management scale was observed in firms like Guoyuan Securities, which saw an increase of 10.96% to 248.29 billion yuan, and Xibu Securities, which grew by 10.48% to 395.17 billion yuan [2][3]. - Conversely, Shanxi Securities' asset management scale decreased by 9% to 601.99 billion yuan, primarily due to a significant drop in public fund scale [3]. Performance and Profitability - The report indicates a mixed performance in profitability among securities firms, with many experiencing declines. For instance, Dongzheng Ronghui reported a 22.34% decrease in total revenue, while Guoyuan Securities saw a 28.32% drop in net income from asset management [5][6]. - Some firms, like Shanxi Securities' Shan Zheng Asset Management, managed to achieve a net profit of 0.49 billion yuan, reflecting a slight increase of 4.25% despite a decrease in scale [7]. - First Venture's asset management revenue increased by 9.55% to 6.24 billion yuan, indicating a positive trend in certain firms [8]. Future Development Trends - The future of securities firms' asset management is expected to focus on obtaining public fund business licenses and enhancing differentiated product offerings and research capabilities [9]. - Firms are encouraged to strengthen their active management capabilities and improve research levels as they transition their collective products towards public offerings [9]. - The recent regulatory changes emphasize the importance of equity asset management product scales, providing opportunities for both leading and smaller firms to enhance their competitive positions [10].