Core Viewpoint - The brokerage industry is facing significant challenges as commission income from fund distribution has sharply declined due to new regulations, despite an increase in overall trading volume in the market [1][4]. Brokerage Commission Income - In the first half of 2025, the total commission income from fund distribution across the industry was 4.46 billion yuan, a year-on-year decrease of 34%. Listed brokerages accounted for 4 billion yuan, down 35% [1][2]. - The commission rate for fund distribution fell to 0.3688%, a 47% drop from 0.6998% in the same period of 2024 [4]. Leading Brokerages - CITIC Securities maintained its position as the top brokerage with a commission income of 346 million yuan, followed by Guotai Junan with 283 million yuan, and GF Securities, Changjiang Securities, and Huatai Securities ranking third to fifth with 251 million yuan, 230 million yuan, and 222 million yuan respectively [5][6]. - The top ten brokerages collectively held a market share of 48.11%, indicating a persistent "Matthew Effect" in the industry [7]. Performance of Smaller Brokerages - Some smaller brokerages, such as Huafu Securities and Huayuan Securities, experienced significant growth in commission income, with Huafu Securities achieving a 321.34% increase and Huayuan Securities seeing over a 20-fold increase [9][10]. - Huafu Securities focuses on "hardcore research and industrial collaboration," while Huayuan Securities has emphasized research as a key growth area, bolstered by a strong team of analysts [9][10]. Research Business Transformation - Brokerages are undergoing a transformation in their research business, shifting towards industry research and asset allocation to adapt to declining commission income [12][13]. - Companies like CITIC Securities plan to enhance their research capabilities and expand their service models to drive business growth [12][13].