21世纪经济报道·2025-09-02 13:02Core Viewpoint - The wealth management performance of securities firms has shown significant growth in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [1][3]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [1][3]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][3]. - The brokerage income of mid-sized and small securities firms showed strong growth, with firms like Guojin Securities and Guoyuan Securities experiencing increases of over 60% [5][6]. Group 2: Revenue Structure and Growth - The core revenue source for brokerage business remains the agency trading of securities, which accounted for about 84% of total brokerage income, growing approximately 55% year-on-year [8]. - The income from selling financial products also saw a 30% increase, indicating progress in the wealth management transformation of securities firms [7][9]. Group 3: Client Acquisition and High-Net-Worth Focus - Securities firms are increasingly targeting high-net-worth clients, with firms like Guotai Junan reporting significant growth in their high-net-worth client base and assets under management [12]. - The number of new clients for several firms has increased, with CITIC Securities adding over 830,000 new clients in the first half of 2025 [11]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for securities firms to diversify their revenue sources, with firms like Caifutong Securities reporting significant growth in institutional client assets [13][14]. - The focus on providing comprehensive services to institutional clients is evident, with firms enhancing their offerings in areas like equity incentives and share buybacks [14]. Group 5: Growth in Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services [16][17]. - For instance, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, indicating a robust demand for these services [17]. Group 6: International Market Expansion - The trend of large and medium-sized securities firms expanding into overseas markets continues, with CITIC Securities making strides in global wealth management [19]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [19].