Core Viewpoint - The brokerage commission income from split accounts has significantly decreased, with the industry facing intensified competition due to regulatory changes in fund trading commission rates [1][3][4]. Group 1: Brokerage Commission Income - In the first half of 2025, the total split account commission income for domestic brokerages was 43.72 billion yuan, a decline of 34.73% compared to 66.98 billion yuan in the same period of 2024 [2]. - The top five brokerages by split account commission income were CITIC Securities (3.38 billion yuan, down 34.56%), Guotai Junan (2.68 billion yuan, down 3.75%), GF Securities (2.51 billion yuan, down 35.34%), Changjiang Securities (2.30 billion yuan, down 30.16%), and Huatai Securities (2.22 billion yuan, down 19.04%) [2]. - The combined split account commission income of the top five brokerages reached 13.09 billion yuan, accounting for nearly 30% of the market share [2]. Group 2: Industry Trends and Responses - The implementation of new regulations on public fund trading commissions has pressured the overall commission income, leading to increased competition within the industry [3][4]. - Brokerages are responding to these challenges by enhancing research capabilities, accelerating international expansion, and deepening industry think tank development [1][4]. - Some brokerages are achieving growth in split account commission income through collaborative empowerment models, while others are focusing on strengthening their research business strategies [1][5]. Group 3: Research and Development Strategies - The integration of research business with industry think tank construction is becoming a key development direction for specialized brokerages [5]. - Companies like Tianfeng Securities are emphasizing the importance of research capabilities, including macroeconomic and industry development studies, to support national strategies and the real economy [5]. - Some smaller brokerages, such as Huafu Securities, have seen significant increases in split account commission income, with a reported growth of over three times year-on-year [5].

Core Viewpoint - The brokerage commission income from split accounts has significantly decreased, with the overall industry facing intense competition and pressure due to new regulations on public fund trading commissions [1][3]. Group 1: Brokerage Commission Income - In the first half of 2025, the total split account commission income for domestic brokerages was 43.72 billion yuan, a decrease of 34.73% compared to 66.98 billion yuan in the same period of 2024 [1][2]. - The top five brokerages by split account commission income were CITIC Securities (3.38 billion yuan, down 34.56%), Guotai Junan (2.68 billion yuan, down 3.75%), GF Securities (2.51 billion yuan, down 35.34%), Changjiang Securities (2.30 billion yuan, down 30.16%), and Huatai Securities (2.22 billion yuan, down 19.04%) [2][3]. - The combined split account commission income of the top five brokerages was 13.09 billion yuan, accounting for nearly 30% of the market share [2]. Group 2: Industry Trends and Responses - The implementation of the "Regulations on the Management of Securities Trading Costs for Publicly Raised Securities Investment Funds" has pressured trading commission scales, leading to intensified competition within the industry [3]. - Brokerages are adapting by enhancing research capabilities, accelerating international expansion, and deepening industry think tank construction to cope with challenges [1][3]. - Some smaller brokerages, such as Huafu Securities, have seen significant growth in split account commission income, with a reported increase of over three times year-on-year [4]. Group 3: Research and Development Strategies - Brokerages are focusing on strengthening their research capabilities and service quality to enhance competitiveness, with a long-term view of returning sell-side research to its core [3][4]. - Huatai Securities is expanding its overseas research product line and optimizing its cross-border research business layout [4]. - Tianfeng Securities emphasizes the importance of building a professional and tiered talent team to continuously release research value and support national strategies [4].