本报记者 周尚伃 在增速方面，尽管上半年券商分仓佣金市场整体规模收缩，但部分机构凭借研究能力精进与战略布局优 化，仍实现了逆势增长或对降幅的有效控制。比如，浙商证券、申万宏源证券、中金公司的分仓佣金同 比降幅均控制在10%以内，显著优于行业平均水平。部分中小券商则实现爆发式增长，华福证券分仓佣 金同比激增312.34%至8683.08万元，排名较2024年全年上升11个位次；华源证券分仓佣金收入同比增长 2163.26%至4820.27万元，排名较2024年全年上升29个位次；在行业整体收缩的背景下，两家机构成为 分仓佣金前30强中仅有的实现正增长的券商。 研究业务价值回归 如今，券商研究业务正迎来业务生态、盈利模式与团队建设的全方位重塑。在此背景下，行业持续推动 研究业务回归价值本源，并加速探索发展新路径。 申万宏源研究相关负责人向《证券日报》记者表示："2024年7月份实施的公募基金费率改革新规，重构 了交易佣金机制，对卖方研究的竞争格局、业务布局等均有深远影响，也进一步推动了投资研究回归价 值本源，研究服务只有直接满足客户投资决策需求，才能真正实现价值的转化。" 从业务实践看，头部券商在巩固境内研究优势 ...

Group 1 - The overall commission from brokerage firms in the first half of the year reached 4.472 billion yuan, a year-on-year decrease of 33.98% [1] - Leading brokerage firms dominate the market, with CITIC Securities leading at 347 million yuan in commission, followed by Guotai Junan at 283 million yuan [1][2] - The top 20 brokerages accounted for 75% of the total commission, with individual firms surpassing 100 million yuan in commission income [2] Group 2 - Some mid-sized brokerages achieved significant growth in commission revenue, with Huafu Securities seeing a 312.34% increase to 86.83 million yuan [3] - Zhezhang Securities and Xinyu Securities also reported substantial growth, with increases of 2163.26% to 48.20 million yuan [3] - The research business is undergoing a comprehensive transformation, focusing on returning to value and exploring new development paths [4][5] Group 3 - CITIC Securities is expanding its research capabilities and global reach, enhancing service for institutional clients [4][6] - Guolian Minsheng plans to improve market share through differentiated and forward-looking research [6] - The industry is witnessing a shift towards integrated financial services, combining research with business operations to meet client needs [5][6]