Xin Lang Cai Jing·2025-09-05 09:58Core Viewpoint - The recovery of the capital market is the main driving force behind the increase in broker compensation, with significant growth in both total compensation and average compensation across the industry [3][10]. Group 1: Overall Performance - In the first half of 2025, the total compensation of 42 directly listed brokers in A-shares exceeded 90 billion yuan, with over 80% of institutions experiencing growth in total compensation [2][4]. - The total operating income of these brokers reached 251.87 billion yuan, a year-on-year increase of 11.37%, while the net profit attributable to shareholders amounted to 104.02 billion yuan, reflecting a substantial year-on-year growth of 65.09% [2][3]. Group 2: Compensation Breakdown - The total salary expenditure for the 42 listed brokers was 91.76 billion yuan, an increase of 20.26 billion yuan compared to 71.5 billion yuan in the same period of 2024, representing a year-on-year growth of 28.34% [3][4]. - CITIC Securities topped the list with a total compensation of 11.12 billion yuan, marking a significant increase from 9.79 billion yuan in the first half of 2024 [4][5]. Group 3: Individual Broker Performance - Among the top brokers, Guotai Junan Securities followed with a total compensation of 8.81 billion yuan, while China International Capital Corporation and Huatai Securities reported 5.57 billion yuan and 5.14 billion yuan, respectively [4][5]. - 36 out of 42 brokers achieved positive growth in total compensation, with 29 brokers experiencing an increase of over 10% [4][7]. Group 4: Average Compensation - The average compensation for employees in the 20 brokers with available data showed a significant increase, with 90% of institutions reporting growth in average compensation [7][10]. - CITIC Securities led the industry with an average compensation of 426,400 yuan, reflecting a year-on-year increase of 13.4% [7][8]. Group 5: Compensation Management Strategies - Brokers are optimizing their compensation management systems to attract talent and enhance team vitality, with a focus on performance-based and market-oriented compensation structures [9][10]. - The implementation of flexible compensation policies is seen as a way to improve competitiveness, especially among smaller brokers [10][11].