2 1 Shi Ji Jing Ji Bao Dao·2025-09-03 23:10Core Insights - The wealth management performance of brokerage firms has shown significant improvement in the first half of 2025, with a notable increase in securities brokerage fee income [2][4]. Group 1: Brokerage Income Growth - In the first half of 2025, 42 listed brokerages generated a total of 74.563 billion yuan in securities brokerage fee income, representing a year-on-year growth of approximately 50% [2][11]. - The top ten brokerages accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][7]. - Mid-sized brokerages like Guojin and Guoyuan reported year-on-year growth rates exceeding 60% [3][8]. Group 2: Revenue Structure and Wealth Management Transition - Traditional trading business remains the primary revenue source for brokerages, but the wealth management transformation is showing initial positive results, with financial product distribution income growing by 30% [4][10]. - The income from agency trading of securities reached 62.72 billion yuan, accounting for about 84% of total brokerage income, with a year-on-year increase of approximately 55% [11][12]. Group 3: High Net Worth Client Acquisition - Brokerages are increasingly focusing on high net worth clients, with CITIC Securities reporting a 12.98% increase in new clients in the first half of 2025 [17]. - Guotai Junan noted a 57.7% growth in the asset scale of its private customized services targeting high net worth clients [18]. - The number of high net worth clients at招商证券 increased by 23.99% year-on-year [19]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for brokerages to diversify their client base and revenue sources, with significant growth in institutional client assets reported [21]. - Guoxin Securities has made progress in providing comprehensive financial services to institutional clients, including quantitative trading support [22]. Group 5: Buyer Advisory Services - The buyer advisory business is experiencing positive changes, with several brokerages reporting growth in their fund advisory business scale [23][24]. - CITIC Securities reported a 161.62% year-on-year increase in its customized buyer services [26]. Group 6: Overseas Market Expansion - Large brokerages are continuing to expand their overseas market presence, with CITIC Securities focusing on global wealth management and achieving a doubling of sales scale and income from overseas wealth management products [26][27]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [28].