21世纪经济报道·2025-04-05 13:04Core Viewpoint - The article discusses the significant decline in brokerage commission income from fund distribution in 2024, primarily due to the reform of public fund commission rates and a decrease in trading volume [3][4][9]. Summary by Sections Fund Distribution Commission Income - In 2024, the total commission income from fund distribution for brokerages was 10.652 billion yuan, a decrease of 35% compared to 16.466 billion yuan in 2023, marking a third consecutive year of decline [3]. - The decline in commission income is attributed to two main factors: a decrease in public fund stock trading volume, which was 20.51 trillion yuan in 2024, down approximately 8% from 22.34 trillion yuan in 2023, and a significant reduction in commission rates from 0.0737% in 2023 to approximately 0.0519% in 2024 [3][4]. Performance of Major Brokerages - Among large and medium-sized brokerages, Huatai Securities, GF Securities, and Zheshang Securities experienced smaller declines in commission income, ranging from 17% to 24%, while Everbright Securities and Galaxy Securities saw declines exceeding 50% [4]. - The ranking of the top ten brokerages by fund distribution commission income in 2024 included CITIC Securities, GF Securities, and Changjiang Securities, with some brokerages like Zheshang Securities improving their rankings [6][7]. Changes in Brokerage Rankings - CITIC Securities, GF Securities, and Xingye Securities maintained their rankings from 2023, while Zheshang Securities improved by six positions. Conversely,招商证券 and中信建投证券 dropped in rankings due to significant declines in their commission income, with decreases of 46.59% and 37.35%, respectively [8][10]. Impact of Regulatory Changes - The new regulations separating fund sales from public trading commissions have shifted the focus towards research value, leading to a more pronounced differentiation in income among brokerages [9][14]. - The concentration of commission income remains high, with the top 30 brokerages accounting for approximately 87% of total commission income, indicating challenges for smaller brokerages to capture market share [14]. Strategies for Adaptation - Brokerages are exploring diverse development paths to counteract declining commission income, including enhancing wealth management services, expanding overseas client bases, and creating integrated research systems [17][18][19]. - Specific strategies include leveraging research to support wealth management, developing international service platforms, and optimizing research resources to enhance service levels for core clients [18][19].