Nan Fang Du Shi Bao·2025-09-08 09:23Core Viewpoint - The A-share market is experiencing a recovery in the first half of 2025, leading to significant growth in brokerage business for securities firms, with a pronounced "Matthew effect" where leading firms consolidate their market positions while smaller firms seek growth through differentiation [2][6]. Group 1: Brokerage Business Performance - The brokerage business remains a cornerstone for securities firms, with leading firms like CITIC Securities generating significant revenue, reporting brokerage income of 10.642 billion yuan, followed by Guotai Junan and Huatai Securities with 10.092 billion yuan and 5.790 billion yuan respectively [3][4]. - The top ten securities firms accounted for over 56.293 billion yuan in brokerage income, representing 64% of the total industry revenue, indicating a concentration of resources towards leading firms [6]. Group 2: Growth Rates and Market Dynamics - Smaller firms are showing stronger growth rates, with Guolian Minsheng leading at a 255.90% year-on-year increase, followed by Guotai Junan at 85.17% [6]. - The overall brokerage income for the industry is growing, but the leading firms dominate in absolute revenue while smaller firms exhibit more agility in growth [6]. Group 3: Commission Trends - The industry is experiencing a decline in commission rates, with the average commission rate dropping from 0.7‰ in 2024 to 0.38‰ in 2025, attributed to regulatory changes that reduced trading costs for investors [9]. - Despite an increase in trading volume, most firms saw a decline in commission income, with only Guolian Minsheng reporting a 139.01% increase in commission revenue [9]. Group 4: Client Growth and Technology Integration - The number of new accounts opened in the first half of 2025 reached 12.6 million, a 32% increase from the previous year, indicating strong client growth [10]. - Securities firms are increasingly integrating AI technology into wealth management, with firms like Guotai Junan and招商证券 focusing on AI-driven services to enhance operational efficiency and client engagement [10][11].