2025年已经收官，港股全年回购数据正式出炉。 券商中国记者根据数据统计，2025年全年有307家H股公司发起了回购，合计回购113.09亿股，合计回购 金额3191.54亿港元，在2025年港股市场表现优异之下，回购数量和金额都逊色于2024年。 整体看来，在港股市场，腾讯全年回购了超800亿港元，贡献了港股整体四分之一的回购量，已经连续 四年位居港股"回购王"。 从回购金额看，互联网及金融行业公司是港股回购主力军，腾讯、阿里巴巴、小米集团等互联网企业排 名靠前，汇丰控股、渣打集团、友邦保险等金融企业也位列回购榜前五。 作者：胡飞军 港股全年回购数据出炉 2025年港股市场以五年来最佳年度表现强势收官，核心指数涨幅领跑全球主要资本市场，"估值洼地修 复"行情贯穿全年。 从行业看，在回购金额前十名公司中，除了耳熟能详的腾讯、阿里等互联网科技巨头和"不差钱"的汇 丰、渣打、友邦以及保诚等银行保险公司，还有家电龙头美的集团、运营肯德基、必胜客的百胜中国、 地产代理的贝壳以及从事航运及港口业务的中远海控。值得一提的是，小米集团在2025年在回购上也不 遗余力，以62.85亿港元位居港股回购第11名。 从回购绝对金额 ...

腾安基金负责人表示，《规定》将进一步督促销售机构牢固树立以投资者为本的经营理念，加速推动行 业从"重销售规模"向"重投资者回报、重服务能力"转型。 12月31日，证监会发布《公开募集证券投资基金销售费用管理规定》（下称《规定》），标志着公募降 费改革"三阶段"工作平稳落地。据测算，费率改革三阶段全部完成后，预计每年会为投资者节省510亿 元成本，并让公募基金综合费率水平下降约20%。 此次《规定》共六章29条，着重解决了公募基金认购费、申购费率水平相对偏高，赎回费收取机制设计 复杂，销售服务费缺乏有效规制等问题，其中相较9月5日的征求意见稿，对债券型基金与指数基金的赎 回费安排等问题，根据不同投资者类型进行了适当优化。 （作者：黎雨辰 编辑：巫燕玲） ...

Core Viewpoint - The report highlights the challenges and transformations in the securities research industry, emphasizing the need for diversification in revenue sources and the impact of regulatory changes on commission income [2][8][10]. Group 1: Analyst Workforce - As of the end of 2024, there are 5,628 analysts in the industry, marking a 20.69% increase despite an overall decline in securities personnel [3][4]. - The number of analysts in research departments has decreased slightly to 9,619, with a median of 51 analysts per department [3]. - The turnover rate for analysts has increased, with 988 departures in 2024, a rise of 29.66% from 2023, while new hires decreased by 29.01% [4]. Group 2: Commission Income - Institutional client commission income reached 19.865 billion yuan in 2024, down 22.48% year-on-year, primarily due to a significant drop in public fund commissions [2][8]. - The average commission rate for public funds fell from 7.37‰ in 2023 to 5.19‰ in 2024, contributing to a 20.12% decline in public fund commissions [8]. Group 3: Research Reports - A total of 96,156 research reports were published in 2024, a decrease of 5% from the previous year, with 83 securities firms participating [6]. - The number of reports on Hong Kong and other overseas listed companies increased by 5.37% to 14,732, indicating a growing focus on international markets [7]. Group 4: Industry Trends and Recommendations - The report suggests that securities firms should enhance the independence and professionalism of their research, focusing on sectors like technology and innovation [11]. - Firms are encouraged to diversify revenue sources beyond commissions, exploring consulting and data product fees [11][12]. - There is a call for a more integrated approach to research across A-shares, Hong Kong, and U.S. markets to better serve international investment needs [10][12].

Core Insights - The report highlights the operational status of the securities research business in 2024, indicating a significant decline in commission income from institutional clients and an increase in industry concentration [1][4]. Group 1: Industry Overview - In 2024, 83 securities firms published a total of 96,156 research reports on domestic listed companies, a decrease of 5% from 2023 [3]. - 60 firms published 14,732 research reports on Hong Kong and other overseas listed companies, marking a growth of 5.37% [3]. - 93 firms released a total of 29,441 macro and strategy research reports [3]. Group 2: Institutional Client Dynamics - The number of securities firms serving institutional clients remained stable, with 92 firms providing research reports to public fund companies, an increase of 2 firms from 2023 [2]. - Commission income from public funds decreased by 31.67% year-on-year, with the top 10 firms accounting for 47.38% of total industry commission income, indicating a rise in industry concentration by 0.8 percentage points [2][4]. Group 3: Key Characteristics of Research Business - The decline in commission income from institutional clients is attributed to the public fund fee reduction reform, with total commission income falling to 19.865 billion yuan, a decrease of 22.48% from 24.868 billion yuan in 2023 [4]. - The industry is experiencing increased concentration, with analyst resources and commission income becoming more concentrated among leading firms [4]. - Securities firms are enhancing their research coverage of Hong Kong and U.S. stocks, driven by the growing interconnectivity of domestic and international capital markets [4]. Group 4: Quality and Compliance Enhancements - There is a continuous improvement in the compliance and quality review standards for research reports, with an increase in the number of compliance personnel and enhanced awareness of compliance within the industry [5]. Group 5: Strategic Recommendations - The China Securities Association suggests that firms should enhance the independence and professionalism of their research, focusing on deep industry chain research and establishing a scientific valuation method for emerging industries [6][7]. - Firms are encouraged to diversify their revenue sources beyond commission fees, exploring consulting service fees and data product fees to avoid intense competition based solely on trading commissions [7]. - There is a call for firms to adapt to the needs of cross-border business development, enhancing global comparative analysis and asset pricing capabilities [7].

Core Insights - The report highlights the operational status of the securities research business in 2024, indicating a significant decline in commission income from institutional clients and an increase in industry concentration [1][2][3] Group 1: Industry Overview - In 2024, 83 securities firms published a total of 96,156 research reports on domestic listed companies, while 60 firms published 14,732 reports on Hong Kong and other overseas listed companies, and 93 firms published 29,441 macro and strategy reports [1][2] - The number of analysts in the industry reached 5,628, marking a 20.69% increase despite an overall decline in the number of securities practitioners [1][2] Group 2: Client Services - The number of securities firms serving institutional clients remained stable, with 92 firms providing services to public fund companies, 59 to insurance companies, and 37 to QFII and RQFII institutions [2][3] - Commission income from public funds decreased by 31.67% year-on-year, with the top 10 firms accounting for 47.38% of total industry commission income, indicating a rise in industry concentration [2][3] Group 3: Key Trends - The report identifies five major trends in the securities research business: 1. A significant decline in commission income due to public fund fee reduction reforms, with institutional client commission income dropping by 22.48% to 19.865 billion yuan [2][3] 2. Increased industry concentration as resources are directed towards leading firms for better research services [3] 3. Enhanced research coverage of Hong Kong and US stocks, with a growth in the number of reports published on overseas companies [3] 4. Rising standards for compliance and quality in research reports, with an increase in the number of compliance personnel [3] 5. Development of industry and policy research platforms by securities firms to support national and local industrial upgrades [3][4] Group 4: Recommendations - The China Securities Association suggests three key actions for the industry: 1. Enhance the independence and professionalism of research to fulfill social responsibilities and deepen research in key sectors like AI and new energy [4][5] 2. Clarify the positioning of research institutions to promote healthy competition and diversify revenue sources beyond commission [5] 3. Adapt to the needs of cross-border business development and strengthen global comparative analysis and asset pricing capabilities [5]