CITIC Securities Co., Ltd.(SH:600030) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 12:26Core Viewpoint - The brokerage industry's fund commission income has significantly decreased in the first half of 2025, with a 34% year-on-year decline, despite a 22.84% increase in the total market fund stock trading volume [1][4][5]. Group 1: Commission Income Trends - The total commission income for the brokerage industry in the first half of 2025 was 4.46 billion yuan, down 34% year-on-year, with listed brokerages earning 4 billion yuan, a decrease of 35% [1][5]. - The commission rate for fund distribution dropped to 0.3688%, a 47% decline from 0.6998% in the first half of 2024 [4][6]. - Major brokerages like CITIC Securities, Guotai Junan, and GF Securities experienced significant declines in commission income, with CITIC Securities earning 346 million yuan, down 34.56% [3][5][6]. Group 2: Performance of Small and Medium-sized Brokerages - Some small and medium-sized brokerages, such as Huafu Securities and Huayuan Securities, achieved remarkable growth, with Huafu Securities' commission income increasing by 321.34% [2][7][8]. - Huayuan Securities reported a more than 20-fold increase in commission income, attributed to a strong focus on research and talent acquisition [7][8]. Group 3: Strategic Shifts in Research - Brokerages are shifting their research focus towards industry research and asset allocation to adapt to declining commission incomes [9]. - CITIC Securities plans to enhance its research capabilities and integrate domestic and international research business models [9]. - The research business is evolving from traditional sell-side operations to a model that emphasizes policy think tanks and in-depth industry research [9].