HTSC(SH:601688) Mei Ri Jing Ji Xin Wen·2025-09-01 14:19Core Insights - The brokerage asset management industry is experiencing a significant divergence in performance, with Huatai Asset Management leading with over 1.21 billion yuan in revenue, while GF Asset Management reported a loss of nearly 500 million yuan [1][2]. Revenue Performance - Huatai Asset Management achieved 1.21 billion yuan in revenue, making it the only brokerage asset management company to surpass 1 billion yuan in the first half of 2025 [2]. - Guotai Junan Asset Management and CITIC Asset Management followed with revenues of 948 million yuan and 736 million yuan, reflecting year-on-year growth of 22.16% and 19.29% respectively [2]. - Some firms, like Guangfa Asset Management, experienced significant revenue declines, with a drop of 32.74% [2]. Net Profit Analysis - Huatai Asset Management led the industry with a net profit of 713 million yuan, followed by CITIC Asset Management with 345 million yuan [3]. - Guangfa Asset Management reported a substantial loss of 486 million yuan, marking a drastic year-on-year decline of 723.73% [3]. - Notable profit growth was seen in Guangzheng Asset Management, which increased its net profit by 147.14% to 173 million yuan [3]. Focus on Equity Investment - The industry consensus is shifting towards equity investment, particularly through FOF (Fund of Funds) products, as a strategy to address the shortfall in equity investment scale [1][4]. - Many brokerage asset management firms are emphasizing the development of mixed FOF products to meet client demand [4][6]. Growth in FOF Products - Huatai Asset Management's FOF scale reached a new high in the first half of 2025, indicating a strong focus on this product category [6]. - Zhejiang Merchants Asset Management reported a 55% increase in the scale of its private FOF products, reaching 2.901 billion yuan by the end of Q2 2025 [5].