Core Viewpoint - The A-share market has seen a significant increase in new investor accounts, with a notable shift in brokerage firms' wealth management strategies from a "sell-side" to a "buy-side advisory" model, aiming for more sustainable growth and better alignment with client interests [1][5][16]. New Investor Accounts - In August 2025, the number of new A-share accounts reached 2.65 million, a year-on-year increase of 165% and a month-on-month increase of 35% [2][5]. - By the end of August 2025, the total number of individual investor accounts in the A-share market reached 386 million, with a cumulative increase of 17.15 million accounts in 2025, representing a 48% year-on-year growth [2][5]. Brokerage Firms' Wealth Management Transition - The transition from "sell-side sales" to "buy-side advisory" has become a consensus among brokerage firms, focusing on long-term client relationships and comprehensive wealth management [1][5][16]. - As of the first half of 2025, 46 A-share listed brokerages reported a total advisory service revenue of 2.64 billion yuan, reflecting a 45% year-on-year growth, although this revenue still accounted for only 1.3% of total revenues on average [7][11]. Performance of Advisory Services - Among the top brokerages, the advisory service revenue for CITIC Securities was 498 million yuan, leading the sector, while several others reported revenues exceeding 100 million yuan [10][11]. - The contribution of advisory services to overall revenue remains low, with most top brokerages still heavily reliant on commission from product sales [12][14]. Market Dynamics and Investor Behavior - The current market environment has led to a renewed influx of investors, but the number of new accounts in August 2025 was only 38.7% of the peak seen in October 2024, indicating a more cautious approach from investors compared to previous market rallies [5][16]. - The shift towards a more service-oriented model in wealth management is challenged by investors' reliance on "free services," which may hinder the transition to a more sustainable advisory model [16][17]. Fund Advisory Business Growth - The fund advisory business has gained attention, with some brokerages reporting significant growth in this area, such as Huatai Securities, which saw its fund advisory business scale reach 21.04 billion yuan, a 16.4% increase from the previous year [17][18]. - The performance of fund advisory services varies significantly among brokerages, with some experiencing declines in client retention and investment activity [17].
激增1.7倍！A股8月开户再破两百万 券商投顾半年谁领先
Nan Fang Du Shi Bao·2025-09-04 15:52