券商资管规模增长，收入却下降了

Core Viewpoint - The growth of asset management scale in securities firms is accompanied by a decline in income, indicating a structural challenge in the industry. The transition to public fund management remains a significant task ahead [2][4]. Group 1: Asset Management Scale and Income Trends - As of the end of Q2 2025, the scale of private asset management products by securities companies reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - Despite the increase in asset management scale, the net income of listed securities firms' asset management business totaled 21.2 billion yuan in H1 2025, reflecting a year-on-year decline of 3% [4][5]. - The contrasting trends of scale growth and income decline are attributed to multiple factors, including the contraction of channel business, decreasing management fees for public products, and slow progress in active management transformation [2][4]. Group 2: Performance Disparities Among Firms - In H1 2025, there was a significant disparity in income among securities firms. CITIC Securities led with a net income of 5.444 billion yuan, a year-on-year increase of 10.77% [5]. - Other firms like GF Securities and Guotai Junan followed with net incomes of 3.669 billion yuan and 2.578 billion yuan, showing growth rates of 8.44% and 34.20%, respectively [5]. - Conversely, some firms experienced substantial declines in net income, such as Huatai Securities, which reported 893 million yuan, down 59.8% year-on-year, primarily due to the sale of AssetMark [5]. Group 3: Challenges in Public Fund Transition - The transition to public fund management is a crucial direction for the development of securities firms' asset management, with many firms applying for public fund qualifications [7]. - However, the transition faces significant bottlenecks, particularly due to licensing barriers that hinder product layout and overall industry transformation [7]. - As of September 5, 2025, there were 108 public fund products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 4: Strategic Directions for Future Development - The competition in the securities asset management industry is shifting from scale expansion to a comprehensive contest involving research capabilities, technological empowerment, and product ecosystems [9]. - Firms are encouraged to focus on four areas: specialization in research, deepening product innovation, enhancing technological capabilities, and fostering business collaboration [9]. - Future strategies for equity business will focus on relative return products represented by public active equity and quantitative funds, as well as absolute return products through private active equity and quantitative strategies [9].