CITIC Securities Co., Ltd.(SH:600030) Mei Ri Jing Ji Xin Wen·2025-09-01 22:25Core Viewpoint - The overall compensation for the brokerage industry in the first half of 2025 has increased, with over 80% of brokerages reporting growth in total compensation, reflecting a recovery in average compensation per employee [1][2]. Compensation Overview - The total compensation for 39 comparable listed brokerages reached 77.715 billion yuan in the first half of 2025, up 18.19% from 65.755 billion yuan in the same period of 2024 [2]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, a 13.58% increase from 9.793 billion yuan in the first half of 2024 [2]. - Among the 39 brokerages, 33 reported an increase in total compensation, with 8 brokerages experiencing growth rates exceeding 30%, including Guosen Securities, Huaxi Securities, and Huaan Securities, all with over 40% growth [2][3]. Individual Brokerage Performance - Guosen Securities reported a total compensation of 3.687 billion yuan, up 43.00% from 2.578 billion yuan [4]. - Huaxi Securities and Huaan Securities also showed significant increases of 42.61% and 41.97%, respectively [4]. - Conversely, CITIC Jiantou Securities and Zhongyuan Securities saw declines in total compensation exceeding 14% [3]. Average Compensation Trends - The average compensation per employee in the brokerage industry has also increased, with CITIC Securities reporting an average of 426,400 yuan, up 13.4% from 376,000 yuan in the previous year [6]. - Out of the 39 brokerages, 34 reported an increase in average compensation, with notable growth in Huaxi Securities and Guohai Securities [7]. Detailed Average Compensation Data - Guosen Securities had the highest average compensation increase of 54.41%, reaching 353,230 yuan [8]. - Other brokerages with significant increases include Huaxi Securities (48.72%) and Tianfeng Securities (46.70%) [8]. - A few brokerages, including CITIC Jiantou and Zhongyuan Securities, reported declines in average compensation [9]. Market Context - The overall A-share market showed a trend of steady growth in the first half of 2025, with increased trading activity and improved revenue across brokerage services, providing a foundation for compensation growth [9].