【导读】 券商资管规模增长与收入下降并存，公募化转型任重道远 中信证券以54.44亿元的资管业务净收入位居榜首，同比增长10.77%；广发证券、国泰海通 紧随其后，净收入分别达36.69亿元、25.78亿元，分别增长8.44%、34.20%。同时，不少 券商资管业务净收入同比大幅下滑。华泰证券2025年上半年资管业务净收入为8.93亿元，同 比下降59.8%。有分析师表示，华泰证券资管业务净收入波动较大，主要系出售AssetMark 导致并表收入下滑。此外，财通证券、东方证券资管净收入分别为6.07亿元、6.01亿元，分 别同比下滑26.39%、15.13%。 公募化转型任重道远 公募化转型是券商资管发展的重要方向，资管新规落地实施以来，越来越多券商排队申请设 立具有公募资格的资管子公司。 中国基金报记者 孙越 2025年上半年，券商资管规模延续回升态势，但仍面临"规模增长与收入下降并存"结构性难 题。数据显示，截至2025年二季度末，证券公司及其子公司私募资产管理产品规模为6.14万 亿元，较一季度末增长0.21万亿元；上市券商资管业务净收入合计212亿元，同比回落3%。 业内人士表示，这种"规模与收入反向 ...

（文章来源：上海证券报） 随着2025年半年度报告披露完毕，A股上市券商资管业务"成绩单"出炉。根据Choice数据统计，有近20 家A股上市券商上半年资管业务营收同比实现正增长，且呈现出强者恒强的局面。剖析具体投资策略， 券商资管业务谋求固收、权益"两条腿走路"，在持续发力固收类产品的同时，积极开拓权益市场投资。 展望后市，提升主动管理及多元化投资能力是业务突围的关键，券商资管将持续推进公募化转型，并不 断锻造自身投研能力。 ...

Choice数据显示，2025年上半年，包括中信证券、广发证券、国泰海通在内的近20家A股上市券商，资 管业务营收同比实现正增长。 从营收规模看：中信证券稳居第一，上半年资管业务营收总计60.17亿元；广发证券、国泰海通紧随其 后，资管业务营收均超30亿元；华泰证券、兴业证券、中泰证券位居四至六名，上半年资管业务营收均 超10亿元。 从营收增速看：华泰证券上半年资管业务营收增幅居首，高达6487.85%；国泰海通、长城证券排名第 二、第三，资管业务收入同比分别增长44.77%和38.01%。此外，兴业证券、长江证券、中信证券上半 年资管业务营收同比增幅均超20%。 从资管业务规模看：中信证券上半年资管业务规模达到15562.42亿元，是唯一超万亿规模的券商。此 外，国泰海通、华泰证券、中金公司资管业务规模均超过6000亿元。 从投资标的来看，债券市场依旧是券商资管业务发力的"主战场"。据联合资信统计，截至2025年6月 末，证券公司资产管理业务存续产品规模净值为11348.75亿元，较年初增长7.53%，其中，债券型基金 占比79.06%。 与此同时，券商还加大了对ABS、REITs等非传统固收资产的布局。例 ...

Group 1 - The core viewpoint of the articles highlights the challenges faced by brokerage margin products, which are experiencing pressure to transition to a public offering model due to high management fees and regulatory requirements [1][9] - As of the end of Q1, the total scale of brokerage margin products reached 555.3 billion yuan, with 74% of these products having a management fee rate of 0.9% [2][9] - The market is characterized by a "stronger getting stronger" phenomenon, with the top ten products accounting for 65% of the total market scale [2][9] Group 2 - The top three brokerage products by scale are Huatai Securities' "Huatai Zijin Tiantianfa" at 89.1 billion yuan, followed by "Zhaoshang Zichan Zhiyuan Tiantianli" at 57.8 billion yuan, and "Guotai Junan Cash Manager" at 30.9 billion yuan [2][3] - The concentration of assets among leading institutions is evident, with Huatai Securities, Zhaoshang Asset Management, and Guotai Junan collectively holding 32% of the market [2][3] Group 3 - The transition to a public offering model is urgent, as brokerage margin products face a potential reduction in management fees from 0.9% to an average of 0.23%, which could lead to a loss of over 2.7 billion yuan in annual revenue for the industry [1][9] - Despite the fee reduction pressure, brokerage margin products maintain competitive advantages such as T+0 real-time redemption and automatic subscription features, which cater to investors' liquidity needs [10][11] Group 4 - The promotion strategies of brokerages significantly influence the scale of their margin products, with some firms not prioritizing these products in their offerings [4][6] - Certain brokerages automatically enroll clients in margin products during account setup, which can lead to increased participation but may also raise compliance concerns [8]

Core Viewpoint - The asset management business of securities firms has shown signs of recovery in 2024, with a total scale of private asset management reaching 5.47 trillion yuan, marking a 3.0% increase from the previous year. However, challenges remain in improving profitability due to market fluctuations and declining management fees [2][8]. Group 1: Asset Management Scale - By the end of 2024, the asset management scale of major securities firms has generally increased, with CITIC Securities leading at 15,424.46 billion yuan, the only firm surpassing 1.5 trillion yuan [3][4]. - Other top firms include Guotai Junan with 5,884.30 billion yuan and Huatai Securities with 5,562.67 billion yuan [4]. - The growth rate of major firms is relatively low, with CITIC Securities showing an 11.09% increase in the previous year [5]. Group 2: Product Structure Changes - A significant change in product structure is the rapid expansion of collective asset management plans, which reached 2.67 trillion yuan in February 2024, surpassing single asset management plans for ten consecutive months [6]. - CITIC Securities reported a collective asset management plan scale of 3,432.43 billion yuan, a 15.30% increase from 2023 [7]. Group 3: Public Fund License Challenges - Many leading securities firms have not obtained public fund licenses, limiting their product layout and market competitiveness [8]. - The top ten firms in public fund non-cash management scale include Dongfanghong Asset Management and Bank of China International Securities, with only three firms exceeding 100 billion yuan [8]. - The lack of public fund licenses affects the overall profitability of securities firms' asset management businesses [8]. Group 4: Profitability Issues - The overall profitability of securities firms' asset management has significantly declined since the implementation of new regulations in 2018, despite a slight rebound in 2024 [9][12]. - Huatai Securities reported the highest net income from asset management at 3.106 billion yuan, while CITIC Securities and Dongfang Securities followed with 2.322 billion yuan and 1.341 billion yuan, respectively [11]. - The ability to generate income from asset management has decreased, with several firms experiencing declines in net income despite stable or growing management scales [12][14].