随着ETF市场持续升温，券商做市业务竞争格局逐渐清晰。Wind数据显示，广发证券与中信证券在沪深 两大交易所的ETF做市领域占据绝对优势。 ETF市场正迎来爆发式增长。天相投顾周度观察数据显示，截至8月15日，全市场ETF总数达1262只， 总规模逼近4.76万亿元，较年中增长10.5%，创历史新高。伴随规模扩张，基金公司积极引入券商提供 流动性服务，券商做市能力成为关键竞争指标。 目前上交所基金市场名单列有21家做市商，为超700只产品提供流动性支持。其中，广发证券与中信证 券均以服务超560只ETF的数量领跑，华泰证券以超450只位列第三。深交所方面，名单中列有10家做市 商服务超500只ETF，广发证券与中信证券同样以超400只的规模位居前二。 | | 深交所做市商做市ETF情况 | | | --- | --- | --- | | 排名 | 深交所做市商名单 | 参与深交所ETF做市数量(只)。 | | | 中信证券 | 420 | | | 广发证券 | 406 | | | 方正证券 | 285 | | | 华泰证券 | 248 | | 00 4 0 0 0 2 W N - | 招商证券 | 245 | ...

Core Viewpoint - The recent surge in the A-share market has led to increased enthusiasm among investors, prompting banks to launch promotional activities for fund sales, including fee rate discounts [1][2]. Group 1: Market Performance and Fund Sales - As of August 18, the Shanghai Composite Index rose by 0.85%, closing at 3728.03 points, reflecting a strong performance in the A-share market [1]. - Wind data indicates that, as of August 18, 2023, seven listed funds have seen a price increase of over 100% this year, while 32 funds have increased by over 50% [1]. - Banks are actively promoting fund sales, with institutions like HSBC China adding new fund distribution services and Shenzhen Rural Commercial Bank offering significant fee discounts for fund subscriptions [1]. Group 2: Drivers of Fund Distribution Growth - Three main factors are driving banks to increase fund distribution: 1. Pressure for higher returns as deposit and wealth management rates decline, leading clients to seek better returns, especially as active funds outperform index funds [2]. 2. The need for transformation in banking operations due to narrowing interest margins and slowing growth in traditional business, pushing banks to enhance wealth management and increase non-interest income [2]. 3. Policy support from recent reforms, such as the "National Nine Articles," which encourage long-term capital investment in equity markets [2]. Group 3: Institutional Performance and Strategy - City commercial banks and rural commercial banks are particularly active in fund distribution, reflecting their adaptation to changing market conditions and a shift towards non-interest income sources [3]. - The transformation in profit models emphasizes the importance of non-interest income, as banks face pressure from narrowing net interest margins [3]. - There is a growing demand for diversified asset allocation among clients, especially in lower-tier cities, which presents significant opportunities for banks to expand their fund distribution business [3]. Group 4: Compliance and Risk Management - As banks expand their fund distribution, balancing performance growth with compliance risk management is crucial [4]. - Key compliance measures include establishing strict suitability management mechanisms, creating long-term incentive structures, enhancing internal compliance management, and leveraging technology for risk monitoring [4][5]. - The recent regulatory framework emphasizes the importance of selling appropriate products to suitable clients, which requires banks to conduct thorough due diligence on fund products and understand their client base [5].

券商中国记者获悉，近期中证协研究复盘了近四年证券业人员变动情况。 从近四年的数据来看，券商从业人员队伍已进入存量盘整阶段，行业正从"人海战术"向"高质高效"人才战略转型。业 务结构上，经纪业务人员规模持续收缩，人均收入已企稳回升；而投行业务近几年增员带来的负担加重，仍有待深度 调整。 该研究还建议，未来证券行业从四方面加大工作力度，例如头部券商加大核心业务人才建设，进一步增加信息技术和 国际化人才储备，中小券商探索差异化经营，以及持续推进职业道德建设等。 从业人员向大中型券商集中 研究显示，从近二十年来的行业发展看，从业人员队伍经历了由快速增长到存量盘整的过程。2005年到2017年人员数 量每年递增，由6.5万人扩充到34.39万人，随后进入盘整阶段，在32万人至36万人间小幅波动。 截至2024年末，券商从业人员为33.57万人，较2021年减少7003人，降幅2.04%。 一大行业趋势是，从业人员向大中型券商持续集中。中证协数据显示，截至2024年末，人数最多的公司人员规模逆势 扩张至14216人，增幅11.45%；头部券商（指综合总资产、市值、营业收入、净利润、人数等指标，排名前五的券 商）人数占行业 ...

Core Insights - The securities industry is undergoing a significant transformation in human resources, shifting from a "massive workforce" strategy to a focus on "high quality and efficiency" [1] - By the end of 2024, the total number of securities industry employees is projected to reach 335,700, a decrease of 7,003 from the end of 2021, representing a decline of 2.04% [1] Personnel Structure Adjustment - The number of securities brokers has decreased by 27,000, a decline of 48.85% since the end of 2021, while the number of investment advisors has increased by 12,000, a rise of 17.46% [3] - The number of securities analysts and sponsoring representatives has increased by 2,140 and 1,406, with growth rates of 62.46% and 19.02% respectively, indicating a structural shift towards wealth management [3] - By 2024, over 50% of industry employees will be over 36 years old, an increase of 10.05 percentage points since 2021, with the 36-45 age group making up 35.26% of the workforce [3] - Leading securities firms are expanding their workforce, with the largest firm increasing its employee count to 14,216, a growth of 11.45%, and now accounting for 17.56% of the total industry workforce [3] Business Line Personnel Reconfiguration - The total number of brokerage business personnel has decreased from 178,500 in 2021 to 146,100 in 2024, a decline of 18.13%, leading to a recovery in per capita operating income to 875,500, surpassing 2021 levels [4] - In investment banking, personnel increased from 27,300 in 2021 to 30,200 in 2024, a growth of 10.6%, but per capita revenue fell from 2,580,600 to 1,167,900, a decline of 54.74% [4] - Asset management personnel grew from 6,126 in 2021 to 7,073 in 2024, with per capita revenue recovering after two years of decline, indicating a return on human capital investment [4] Research Field Expansion - From 2021 to 2024, the number of research and institutional sales personnel increased by 47.29%, from 5,813 to 8,562, with research personnel growing by 36.82% to 6,968 [5] - The institutional sales team surged by 121.39% to 1,594, improving the sales personnel to researcher ratio from 1:7.1 to 1:4.4 [5] - Due to factors like fee rate reforms, net income from trading unit seat leasing decreased by 42.7% to 14.434 billion, while per capita revenue from research reports fell by 30.1% to 123,300 [5]

Core Insights - The securities industry is transitioning from a "quantity-driven" approach to a "quality-driven" talent strategy, focusing on high-quality and efficient personnel to enhance industry development quality [1][3][7] Group 1: Personnel Changes and Structure - As of the end of 2024, the total number of securities industry employees is 335,700, a decrease of 7,003 or 2.04% from the end of 2021 [2] - The largest firms are expanding their workforce, with the top firm increasing its employee count to 14,216, a growth of 11.45%, while their share of the total industry workforce rose to 17.56% [2] - The number of securities brokers has decreased by 27,000, a decline of 48.85%, while investment advisors increased by 12,000, a rise of 17.46% [2] - The proportion of employees aged 36 and above has surpassed 50% for the first time, indicating a trend towards a more experienced workforce [2] Group 2: Revenue and Efficiency Metrics - Head firms maintain a human resource cost ratio of 32% to 38%, which is 10 to 15 percentage points lower than the industry average, and their revenue per employee is 2 to 3 times higher than that of smaller firms [3] - Average revenue per employee has stabilized and exceeded 2021 levels, reaching 875,500 yuan, following a two-year decline [4] - The investment banking sector saw a 54.74% drop in revenue per employee, from 2.58 million yuan to 1.17 million yuan, despite a 10.6% increase in personnel [4] Group 3: Business Line Adjustments - The asset management sector has seen personnel grow from 6,126 in 2021 to 7,073 in 2024, with a recovery in revenue per employee [5] - The self-operated business has shifted from expansion to contraction, with equity investment personnel decreasing by 14.68% and bond investment personnel increasing by 25.06% [6] - Research and institutional sales personnel have expanded by 47.29%, with researchers increasing by 36.82% [6] Group 4: Future Development Strategies - The industry aims to strengthen professional talent capabilities, as the average revenue and net profit per employee of leading firms are significantly lower than those of global competitors like Goldman Sachs [7] - There is a need to enhance information technology and international talent reserves to support high-quality development [7] - Smaller firms are encouraged to find transformation breakthroughs by leveraging regional characteristics and resources [8] - Continuous efforts in professional ethics education are necessary to mitigate compliance risks within the industry [8]

Core Viewpoint - The first batch of brokerage firms has reported significant growth in both revenue and net profit for the first half of 2025, indicating a recovery in the brokerage industry [2][6]. Group 1: Financial Performance - Jianghai Securities reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, a staggering increase of 1311.60% compared to the previous year [3]. - Southwest Securities achieved a revenue of 1.504 billion yuan, up 26.23% year-on-year, and a net profit of 423 million yuan, an increase of 25.76% [4]. - Guangdong Securities reported a revenue of 482 million yuan, a 16.42% increase, and a net profit of 135 million yuan, up 84.56% [4]. - Dongfang Caifu Securities generated a revenue of 6.257 billion yuan, a 32.99% increase, and a net profit of 4.175 billion yuan, a 35.82% increase [5]. Group 2: Business Segments - The brokerage firms have shown varied performance in their business segments, with brokerage, proprietary trading, and investment banking being key growth areas [7]. - Southwest Securities reported a net income from brokerage fees of 331 million yuan, up 28.13%, and investment banking fees of 99 million yuan, up 88.17% [7]. - Jianghai Securities saw a 211.77% increase in proprietary trading income, reaching 406 million yuan, although its investment banking revenue declined by 16.53% [7]. - Guangdong Securities experienced a 34.65% increase in wealth management revenue, while proprietary trading and investment banking revenues declined [7]. Group 3: Market Trends - The overall performance of the brokerage industry is expected to improve, with many firms forecasting a net profit growth of over 50% [2][6]. - The A-share market has shown signs of increased trading activity, with the Wind brokerage index rising by 4.41% on August 15, 2025, marking it as the best-performing industry index that day [13]. - Analysts predict that the brokerage sector's fundamentals will continue to improve, supported by a stable monetary policy and increased equity market participation [14][15]. Group 4: Strategic Initiatives - Brokerages are increasingly focusing on wealth management transformation, with different strategies being adopted across firms [8][10]. - Southwest Securities reported a 95% year-on-year growth in asset scale and over 30% growth in non-monetary public fund balances [8]. - Jianghai Securities is enhancing its client service and asset allocation capabilities, while Guangdong Securities is accelerating its investment advisory business [9][10]. - Dongfang Caifu is integrating AI capabilities into its operations to build a smart internet wealth management ecosystem [11].

Core Insights - The first batch of brokerage firms has reported their 2025 semi-annual results, showing a general trend of revenue and net profit growth across the board [2][5][6] - The overall performance of the brokerage industry is improving, with many firms experiencing significant increases in net profit, particularly due to a low base effect from the previous year [4][6] Revenue and Profit Growth - Jianghai Securities reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, up 1311.60% [4] - Southwest Securities achieved a revenue of 1.504 billion yuan, a 26.23% increase, and a net profit of 423 million yuan, up 25.76% [6] - Guangdong Securities reported a revenue of 482 million yuan, a 16.42% increase, and a net profit of 135 million yuan, up 84.56% [6] - Dongfang Caifu Securities had a revenue of 6.257 billion yuan, a 32.99% increase, and a net profit of 4.175 billion yuan, up 35.82% [6] Business Segment Performance - The brokerage business, proprietary trading, and investment banking are key growth areas, but performance varies among firms [6][7] - Southwest Securities reported a net income from brokerage fees of 331 million yuan, up 28.13%, and investment income of 591 million yuan, up 64.92% [6] - Jianghai Securities saw a 211.77% increase in proprietary trading income, reaching 406 million yuan, while its investment banking revenue declined by 16.53% [7] - Guangdong Securities experienced growth in wealth management and asset management, but declines in proprietary trading and investment banking revenues [7] Wealth Management Transformation - Brokerages are increasingly focusing on wealth management, with different strategies being employed [9][10] - Southwest Securities reported a 95% year-on-year increase in asset scale and over 30% growth in public fund and financing business [9] - Jianghai Securities is enhancing customer service and asset allocation capabilities [10] - Guangdong Securities is accelerating its investment advisory business and has launched several smart advisory tools [11] Market Outlook - The recent performance of brokerage stocks has been positive, with the Wind brokerage index rising by 4.41% on August 15, indicating a potential recovery in the sector [16][18] - Analysts expect further improvement in the brokerage sector's fundamentals, supported by favorable monetary policy and increased market activity [19][20] - The brokerage sector is seen as having significant upside potential, with recommendations to focus on firms with strong competitive positions and earnings elasticity [20]

Core Viewpoint - The first batch of brokerage firms' 2025 semi-annual reports shows a significant increase in both revenue and net profit, indicating a recovery in the brokerage industry [1][2]. Group 1: Financial Performance - Jianghai Securities reported a total revenue of 726 million yuan, a year-on-year increase of 81.17%, and a net profit of 288 million yuan, a staggering increase of 1311.60% [3][5]. - Southwest Securities achieved a revenue of 1.504 billion yuan, up 26.23%, and a net profit of 423 million yuan, up 25.76% [5]. - Guangdong Securities reported a revenue of 482 million yuan, an increase of 16.42%, and a net profit of 135 million yuan, up 84.56% [5]. - Dongfang Fortune Securities had a revenue of 6.257 billion yuan, a year-on-year growth of 32.99%, and a net profit of 4.175 billion yuan, up 35.82% [5]. Group 2: Business Segmentation - The brokerage firms are seeing varied performance in their business segments, with brokerage, proprietary trading, and investment banking being key growth areas [1][5]. - Southwest Securities showed balanced performance across its business lines, with brokerage fees increasing by 28.13% and investment banking fees up 88.17% [6]. - Jianghai Securities experienced a 211.77% increase in proprietary trading revenue, reaching 406 million yuan, but saw a 16.53% decline in investment banking revenue [6]. - Guangdong Securities reported a 34.65% increase in wealth management revenue, while proprietary trading and investment banking revenues declined [6]. Group 3: Wealth Management Transformation - Brokerages are deepening their wealth management transformation, with different strategies being employed [7][8]. - Southwest Securities reported a 95% increase in asset scale and over 30% growth in non-cash public fund scale [8]. - Jianghai Securities focused on developing new client segments and enhancing service capabilities [8]. - Dongfang Fortune is integrating AI capabilities into its wealth management ecosystem [9]. Group 4: Market Outlook - The disclosure of semi-annual reports is expected to act as a catalyst for the non-bank financial sector, with positive signals from the A-share market [10][11]. - The brokerage index rose by 4.41% on August 15, indicating strong market performance [11]. - Analysts predict further improvement in the brokerage sector's fundamentals, supported by a stable monetary policy and increased equity market participation [11][12]. - The brokerage sector is expected to see valuation recovery, with several institutions optimistic about future performance [12][13].

Group 1: Core Performance Highlights - The first batch of brokerage firms reported significant growth in both revenue and net profit for the first half of 2025, with Jianghai Securities showing the most remarkable performance, achieving a net profit increase of over 10 times year-on-year due to a low base effect [1][2] - Southwest Securities and Yuekai Securities also reported revenue and net profit growth, with Southwest Securities achieving a revenue of 1.50 billion yuan, up 26.23%, and a net profit of 423 million yuan, up 25.76% [3] - Orient Securities reported a revenue of 6.26 billion yuan, reflecting a year-on-year growth of 32.99%, and a net profit of 4.18 billion yuan, up 35.82% [4] Group 2: Business Segment Performance - Brokerage, proprietary trading, and investment banking are key growth drivers for the brokerage firms, although performance varies across firms. For instance, Southwest Securities reported a net income from brokerage fees of 331 million yuan, up 28.13%, and investment banking fees of 99 million yuan, up 88.17% [5] - Jianghai Securities saw a significant increase in proprietary trading revenue, which grew by 211.77% to 406 million yuan, while its investment banking revenue declined by 16.53% [5] - Yuekai Securities experienced a 34.65% increase in wealth management revenue, but saw declines in proprietary trading and investment banking revenues [5] Group 3: Wealth Management Transformation - Brokerages are actively pursuing wealth management transformation, with varying strategies. Southwest Securities reported a 95% year-on-year growth in asset scale and over 30% growth in non-monetary public fund balances [7] - Jianghai Securities focused on developing new client segments and enhancing customer service and asset allocation capabilities [8] - Yuekai Securities accelerated its investment advisory business and upgraded its "Yue Manager" service system, achieving over 10 billion yuan in cumulative signed assets [9] Group 4: Market Outlook and Valuation - Analysts expect the performance of listed brokerages in the first half of 2025 to catalyze the non-bank sector, with a projected net profit growth of 61.23% year-on-year [5][11] - The A-share market has shown signs of recovery, with the Wind brokerage index rising by 4.41% on August 15, indicating positive market sentiment [12][13] - Institutions are optimistic about the brokerage sector's valuation recovery, citing strong correlations with capital market performance and favorable financial policies [15][16]

Core Viewpoint - The securities industry is undergoing a significant wave of branch closures, driven by digital transformation, cost pressures, and the need for strategic realignment towards wealth management services [1][3][6]. Group 1: Industry Trends - Since 2025, numerous securities firms have announced the closure of branches, with over 100 locations shut down in a short period, indicating a trend towards optimizing branch layouts and reducing costs [1][3]. - The closures are characterized by a shift from sporadic to bulk actions, with a notable increase in the number of closures in the second quarter of the year, particularly in May and June [4]. - The geographical distribution of closures includes both urban centers and rural areas, challenging the notion that only lower-tier cities are affected [5]. Group 2: Driving Forces Behind Closures - The digital transformation of financial services is a key factor, as online platforms replace traditional branch functions, leading to a decline in the necessity of physical locations [6][9]. - The ongoing decline in commission rates has prompted a shift towards wealth management, necessitating a reevaluation of branch functions and their value [6][7]. - Rising operational costs, including labor and rent, alongside increased regulatory scrutiny, have intensified the need for cost-cutting measures through branch closures [9][10]. Group 3: Future Strategies for Securities Firms - Firms are likely to adopt a "small but beautiful" strategy, focusing on localized services that cater to specific regional needs, thereby enhancing customer engagement [11]. - The integration of digital and physical services is expected to become a primary focus, improving customer experience and operational efficiency [12]. - The future of branch networks will involve strategic resource allocation rather than mere expansion, emphasizing the importance of adapting to market changes [12].