新规落地后，研究成为基金公司佣金分配的唯一出口，从行业整体来看，头部券商排名基本保持稳定。 2025 年上半年，中信证券以3.46亿元的分仓佣金收入，稳居第一；合并后的国泰海通紧随其后，上半年分仓佣金收入达到2.83亿 元；广发证券、长江证券和华泰证券上半年总佣金分别为2.51亿元、2.30亿元和2.22亿元，排名第三、第四和第五名。国联民生、 浙商证券、中信建投、兴业证券和申万宏源排名第六至第十。 前十家券商合计占据 48.11% 的市场份额，马太效应依然明显。 减费让利大潮之下，2025年上半年，券商的基金分仓佣金收入显著缩水。 Wind数据显示，今年上半年，全行业分仓佣金收入为44.6 亿元，同比下降34%，其中上市券商分仓佣金收入为40亿元，同比大降 35%。与佣金收入下降形成鲜明对比的是，上半年整个市场基金股票交易额升至 11.62 万亿元，比去年同期大涨 22.84%，佣金主 要因新规的实施大幅下滑。 "在公募基金分仓佣金费率持续下调、被动指数基金规模超越主动管理基金的大背景下，传统卖方研究业务收入预计持续下 降。"国元证券分析师程舟航分析认为，区域头部券商及中小特色券商研究业务收入压力更为明显。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年半年度券商公募基金分仓佣金数据近日揭晓。Wind数据显示，2025年上半年，全市场公募基金 向券商支付的交易佣金总额约为44.72亿元，较去年同期有所回落。 从佣金席位占比来看，前十大券商合计占据市场份额超过47%，头部效应依然显著。具体来看，中信证 券以3.19亿元佣金收入蝉联榜首，但同比下滑36.34%；国泰海通证券凭借整合效应以2.80亿元跃居第 二，排名上升六位；广发证券、长江证券分别以2.50亿元和2.30亿元位列第三、第四，华泰证券则以 2.22亿元升至第五。浙商证券与申万宏源证券进步显著，其中浙商证券由去年末第十名升至第七，申万 宏源证券新晋前十，位列第十。 部分中小券商通过聚焦细分赛道实现逆势高速增长。华源证券上半年佣金收入达4820万元，同比大幅增 长2163%；华福证券实现佣金收入8683万元，同比增长312%。此外，招商证券（香港）、摩根大通证 券（中国）等具有外资背景的机构也录得超过100%的增长率。 华源证券的显著增长与其近年来大力布局研究业务密切相关。华源证券先后引进原申万宏源研究所副总 经理刘晓宁 ...

Core Viewpoint - The overall commission income from brokerage firms has significantly declined due to the implementation of new regulations, with a notable drop of over 30% year-on-year in the first half of 2025 [1][6]. Brokerage Commission Data - In the first half of 2025, the total commission income from brokerage firms was 44.58 billion yuan, reflecting a decline of more than 30% compared to the previous year [1]. - The top ten brokerage firms maintained a stable position, collectively holding a market share of 48.11%, with total commission income amounting to 21.52 billion yuan [3]. - CITIC Securities ranked first with a commission income of 3.47 billion yuan, followed by Guotai Junan with 2.83 billion yuan, and GF Securities and Changjiang Securities with 2.51 billion yuan and 2.30 billion yuan, respectively [3][4]. Industry Trends - The "Matthew Effect" is becoming increasingly evident in the brokerage industry, with larger firms consolidating their market positions [1]. - Smaller brokerage firms like Huafu Securities and Huayuan Securities have shown resilience, achieving significant growth despite the overall industry decline [7]. Regulatory Impact - The new commission regulations, effective from July 1, 2024, are expected to standardize commission rates, leading to an anticipated 40% reduction in trading commission fees [6]. - The impact of these regulations is already visible, with major firms like Zhongxin JianTou experiencing a 53.70% decline in commission income [6]. Emerging Business Models - The brokerage industry is increasingly focusing on the "券结模式" (券结 model), which has gained traction post-regulation, allowing firms to enhance their service capabilities [8][9]. - In the first half of 2025, commissions from the券结 model accounted for 12.44% of total commissions, with CITIC Securities leading this segment [8]. Research and Development Focus - Firms like Shenwan Hongyuan are emphasizing research capabilities to adapt to market changes, integrating research with business services to enhance client decision-making [4]. - The establishment of specialized research centers within firms is aimed at fostering talent and providing in-depth analysis across various sectors [7].

中信、国泰海通、广发、长江、华泰位居前五 减费让利大潮之下，2025年上半年券商获得的基金分仓佣金显著缩水，至42.84亿元，较2024年上半年的66.18亿元下降 35.27%，而基金的股票交易额实际上增长了22.84%。 基金交易额上升，券商拿到的佣金却少了，因为佣金率大幅下降。2025年上半年，券商的基金交易佣金率降至万分之 3.688，而2024年上半年的佣金率为万分之6.998，降幅达47%。实际上，2024年下半年佣金率就开始下降，全年的佣金率为 万分之5.19。 近年来，主要依靠基金佣金分仓的券商研究所压力不小，分仓佣金持续下滑，券商研究所也在进行转型变革。2024年券商 分仓佣金收入为106.52亿元，较2023年的164.66亿元，降幅达35%。而在2021年巅峰期，券商分仓佣金收入曾超过220亿 元。 基金交易额增加23%，但佣金费率大降，上半年券商分仓佣金下滑35% 中信证券表示，2025年下半年，研究业务将继续提升研究能力、扩大研究影响力，拓宽业务模式、多维度发挥研究价值。 进一步加大机构客户服务，实现境内外研究业务模式的统一。同时，加强对公司各项业务的研究支持，持续为政府部门提 供高 ...

Core Viewpoint - The brokerage firms in China experienced a significant decline in commission income from fund trading, despite an increase in trading volume, indicating a challenging market environment driven by reduced commission rates [2][4]. Summary by Sections Commission Income and Trading Volume - In the first half of 2025, the commission income from fund trading for brokerages dropped to 4.284 billion yuan, a decrease of 35.27% compared to 6.618 billion yuan in the same period of 2024 [2][4]. - The trading volume of funds increased by 22.84%, reaching 11.62 trillion yuan, compared to 9.46 trillion yuan in the first half of 2024 [4]. Commission Rate Changes - The commission rate for brokerages fell to 0.3688% in the first half of 2025, down 47% from 0.6998% in the first half of 2024 [2][4]. - The overall commission rate for 2024 was 0.519%, indicating a downward trend that began in the second half of 2024 [2]. Brokerage Rankings and Performance - CITIC Securities maintained the top position in commission income with 312 million yuan, despite a 35.93% decline from 486 million yuan in the previous year [6][11]. - The top five brokerages by commission income in the first half of 2025 were CITIC Securities, Guotai Junan, GF Securities, Changjiang Securities, and Huatai Securities [3][11]. - Guotai Junan's ranking improved significantly after its merger, moving from seventh to second place with a commission income of 276 million yuan, nearly unchanged from the previous year [4][6]. Emerging Trends Among Smaller Brokerages - Some smaller brokerages, such as Huayuan Securities and Huafu Securities, showed significant growth in commission income, with Huayuan Securities increasing by 2149.66% [9][10]. - The overall trend indicates that while major brokerages face declining income, some smaller firms are capitalizing on market changes to improve their standings [9][10]. Regulatory Impact - New regulations effective from July 1, 2024, set limits on commission rates for public fund trading, which may further impact brokerage income and necessitate a shift in business strategies [6][7].