中证协发布，券商各项业务全扫描！

Core Insights - The securities industry in China showed significant growth in the first half of 2025, with total operating income reaching 251.036 billion yuan, a year-on-year increase of 23.47%, and net profit of 112.280 billion yuan, up 40.37% [1][2] Revenue Structure - Proprietary trading remains the largest source of income, contributing 39.93% of total revenue, followed by brokerage business at 30.44%, net interest income at 10.45%, investment banking at 6.62%, and asset management at 4.52% [1][2] Business Growth - Brokerage business experienced the highest growth rate, with revenue of 76.413 billion yuan, a 46.02% increase year-on-year, and its revenue share increased by 4.7 percentage points [2] - The average net commission rate for securities trading was 0.215%, continuing a downward trend [2] Asset Management - The total scale of asset management business reached 9.35 trillion yuan, a year-on-year increase of 0.93%, with actively managed products and public funds showing significant growth [3] - The scale of collective asset management reached 2.96 trillion yuan, and public funds reached 1.18 trillion yuan, with a combined growth of 3.74% [3] Equity Financing - The securities industry facilitated equity financing of 735.081 billion yuan, a 4.6-fold increase year-on-year, primarily due to increased fundraising through additional share issuance [5] - A total of 33 companies were served for IPOs, raising 19.7 billion yuan, with the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange accounting for 64.71% of the total IPOs [5] Internationalization - The internationalization of securities companies accelerated, with 36 overseas subsidiaries established, and total assets reaching 1.64 trillion Hong Kong dollars, a 20.45% increase [6] - Cross-border business stock reached 948.1 billion yuan, a year-on-year increase of 21.37%, with significant trading volumes in Hong Kong and mainland stock markets [6] Foreign Investment - The industry saw an increase in foreign investment, with 16 foreign-controlled securities firms, total assets of 53.28 billion yuan, and net assets of 29.63 billion yuan, reflecting increases of 10% and 6.96% respectively [7] - Foreign securities firms reported total operating income of 4.36 billion yuan and net profit of 710 million yuan, with year-on-year increases of 19.88% and 5.8 times respectively [7]