Core Insights - The overall compensation in the brokerage industry has increased, with over 80% of brokerages reporting growth in total compensation and a rebound in average compensation per employee [1][2] Group 1: Top Brokerage Performance - CITIC Securities remains the leader in total compensation, reaching 11.123 billion yuan in the first half of 2025, a year-on-year increase of 13.58% [1][3] - China International Capital Corporation (CICC) and Huatai Securities follow, with total compensations of 5.572 billion yuan and 5.137 billion yuan, reflecting year-on-year growths of 27.53% and 21.46% respectively [1][3] - CITIC Construction Investment is the only top brokerage to report a decline, with total compensation of 3.076 billion yuan, down 14.41% year-on-year, and an average compensation of 239,300 yuan, a decrease of 9.46% [1][3] Group 2: Regional Brokerage Performance - Brokerages in East China showed strong performance, with Guotai Junan and Haitong Securities reporting total compensations of 8.805 billion yuan, a significant increase of 118.29%, and an average compensation of 422,200 yuan, up 56.20% [1][3] - In South China, Guangfa Securities reported a total compensation of 4.553 billion yuan, growing by 20.92%, while China Merchants Securities reached 3.561 billion yuan, an increase of 13.92% [1][3] Group 3: Mid and Small Brokerage Performance - Smaller brokerages like Huaxi Securities and Guohai Securities have shown significant compensation growth, with Huaxi's total compensation reaching 1.067 billion yuan, up 42.61%, and an average compensation of 263,300 yuan, increasing by 48.67% [2] - Guohai Securities reported a total compensation of 703 million yuan, a year-on-year increase of 36.30%, with an average compensation of 209,900 yuan, reflecting a growth of 45.97% [2] - Conversely, brokerages such as Changcheng Securities and Caitong Securities experienced declines in average compensation, indicating substantial disparities within the industry [2]

Core Viewpoint - The overall compensation for the brokerage industry in the first half of 2025 has increased, with over 80% of brokerages reporting growth in total compensation, reflecting a recovery in average compensation per employee [1][2]. Compensation Overview - The total compensation for 39 comparable listed brokerages reached 77.715 billion yuan in the first half of 2025, up 18.19% from 65.755 billion yuan in the same period of 2024 [2]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, a 13.58% increase from 9.793 billion yuan in the first half of 2024 [2]. - Among the 39 brokerages, 33 reported an increase in total compensation, with 8 brokerages experiencing growth rates exceeding 30%, including Guosen Securities, Huaxi Securities, and Huaan Securities, all with over 40% growth [2][3]. Individual Brokerage Performance - Guosen Securities reported a total compensation of 3.687 billion yuan, up 43.00% from 2.578 billion yuan [4]. - Huaxi Securities and Huaan Securities also showed significant increases of 42.61% and 41.97%, respectively [4]. - Conversely, CITIC Jiantou Securities and Zhongyuan Securities saw declines in total compensation exceeding 14% [3]. Average Compensation Trends - The average compensation per employee in the brokerage industry has also increased, with CITIC Securities reporting an average of 426,400 yuan, up 13.4% from 376,000 yuan in the previous year [6]. - Out of the 39 brokerages, 34 reported an increase in average compensation, with notable growth in Huaxi Securities and Guohai Securities [7]. Detailed Average Compensation Data - Guosen Securities had the highest average compensation increase of 54.41%, reaching 353,230 yuan [8]. - Other brokerages with significant increases include Huaxi Securities (48.72%) and Tianfeng Securities (46.70%) [8]. - A few brokerages, including CITIC Jiantou and Zhongyuan Securities, reported declines in average compensation [9]. Market Context - The overall A-share market showed a trend of steady growth in the first half of 2025, with increased trading activity and improved revenue across brokerage services, providing a foundation for compensation growth [9].

Core Insights - The overall compensation for over 80% of listed securities firms in China increased in the first half of 2025, with an industry-wide average salary also showing a recovery trend [1][2]. Compensation Overview - The total compensation for 39 comparable listed securities firms reached 77.715 billion yuan in the first half of 2025, up 18.19% from 65.755 billion yuan in the same period of 2024 [2]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, a 13.58% increase from 9.793 billion yuan in the first half of 2024 [2]. - Among the 39 firms, 33 reported an increase in total compensation, with 8 firms experiencing growth rates exceeding 30%. Notably, Guosen Securities, Huaxi Securities, and Hu'an Securities saw increases over 40% [2][3]. Declines in Compensation - A few firms, including CITIC Construction Investment and Zhongyuan Securities, reported a decline in total compensation, with both experiencing a drop of over 14% [3]. Average Compensation - The average salary for employees in the securities industry also rose, with CITIC Securities reporting an average salary of 426,400 yuan, up 13.4% from 376,000 yuan in 2024 [6]. - Out of the 39 firms, 34 saw an increase in average compensation, with notable growth in Huaxi Securities, Guohai Securities, and Tianfeng Securities [6]. Detailed Compensation Data - A detailed table lists the total compensation and average salary for various securities firms, highlighting significant increases for firms like Guosen Securities (43.00% increase) and Huaxi Securities (42.61% increase) [4][5][7][8]. Market Context - The overall A-share market showed a trend of steady growth in the first half of 2025, with increased trading activity and improved revenue across various business lines for securities firms, providing a foundation for salary growth [8].

Core Insights - The overall compensation for over 80% of listed securities firms increased in the first half of 2025, with an industry-wide average salary also showing a recovery trend [1][2]. Compensation Overview - The total compensation for 39 comparable listed securities firms reached 77.715 billion yuan in the first half of 2025, a year-on-year increase of 18.19% from 65.755 billion yuan in the same period of 2024 [2]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, up 13.58% from 9.793 billion yuan in the first half of 2024 [2]. - Among the 39 firms, 33 reported an increase in total compensation, with 8 firms experiencing growth rates exceeding 30%, including Guosen Securities, Huaxi Securities, and Hu'an Securities, which all saw increases over 40% [2][3]. Individual Firm Performance - Some firms, such as CITIC Jiantou Securities and Zhongyuan Securities, reported a decline in total compensation, with both experiencing a drop of over 14% [3]. - A detailed list of total compensation for various firms shows significant increases for many, with notable growth in firms like Guosen Securities (36.87 billion yuan) and Huaxi Securities (10.671 billion yuan) compared to their previous year's figures [4][5]. Average Salary Trends - The average salary for employees in the securities industry also rose, with CITIC Securities reporting an average salary of 426,400 yuan, a 13.4% increase from 376,000 yuan in the previous year [7]. - Out of the 39 listed firms, 34 saw an increase in average salary, while 5 firms, including CITIC Jiantou Securities and Changcheng Securities, experienced a decline [7]. Detailed Average Salary Data - A comprehensive overview of average salaries for various firms indicates significant increases, with Guosen Securities at 353,230 yuan and Huaxi Securities at 266,050 yuan, both showing substantial year-on-year growth [8][9][10]. Industry Insights - Industry experts suggest that the calculation of average salaries may overestimate actual employee income due to the inclusion of various benefits and the averaging of employee numbers, which may not accurately reflect the workforce at any given time [11]. - The compensation structure in the securities industry is closely tied to market performance, indicating a cyclical nature in salary trends [11].

每经AI快讯，8月29日，伴随上市公司半年报收官，A股42家直接上市券商上半年薪酬情况已全部出 炉。据东方财富Choice数据，若按照"薪酬总额=支付给职工以及为职工支付的现金+期末应付职工薪酬- 期初应付职工薪酬"的公式计算，42家上市券商合计薪酬总额为917.61亿元，较2024年同期的715亿元数 据增长202.61亿元，增幅达28.34%。从变化幅度看，增长无疑成为主旋律。42家直接上市券商中，36家 上半年薪酬总额变化录得正增长，占比高达85.71%。其中，29家券商同比增幅超过10%。（北京商报） ...

| | | 上市券商2025年上半年员工人均薪酬 | | | --- | --- | --- | --- | | 证券名 | 2025年 ┣半年 | 2024年 上半年 | 同比变 | | 称 | 人均薪 | 人均薪 | 化 | | | | | | | 中信证券 | 41.53 | 36.51 | 13.75% | | 中金公司 | 38.03 | 28.51 | 33.39% | | 申万宏源 | 34.98 | 27.57 | 26.88% | | 国金证券 | 34.55 | 27.32 | 26.46% | | 日台三十平 | 21 21 | 01 11 | CO 470/ | | 四信业分 J4.J4 | | | 21.44 OU. 11 70 | | --- | --- | --- | --- | | 东兴证券 | 33.79 | 24.29 | 39.11% | | 广发证券 | 32.59 | 25.04 | 30.15% | | 国元证券 | 32.19 | 23.8 | 35.25% | | 首创证券 | 31.05 | 29.01 | 7.03% | | 中国银河 | 30.39 | 2 ...

Core Insights - The total compensation for listed securities firms in China has significantly increased in the first half of 2025, with nearly 90% of firms reporting year-on-year growth in total compensation [2][3] - The total compensation for 39 comparable listed securities firms reached 77.715 billion yuan, representing an 18.19% increase compared to 65.754 billion yuan in the same period of 2024 [2][3] - The average employee compensation also saw a rebound, with 34 out of 39 firms reporting an increase in average employee compensation [7][8] Compensation Growth - The leading firm, CITIC Securities, reported a total compensation of 11.123 billion yuan, a 13.58% increase from 9.793 billion yuan in the previous year [4] - Several firms, including Huaxi Securities, Hu'an Securities, and Guohai Securities, experienced over 30% growth in total compensation [2][5] - However, some firms like CITIC Jiantou Securities saw a decline in total compensation by 14.39% [3][5] Average Employee Compensation - CITIC Securities led with an average employee compensation of 415,300 yuan, up 13.75% from 365,100 yuan [9] - Other firms such as CICC, Shenwan Hongyuan, and Guojin Securities also reported average compensations exceeding 300,000 yuan [8][9] - Notably, Huaxi Securities and Guohai Securities had average compensation increases exceeding 40% [8][10]

Core Insights - The total compensation for listed securities firms in the first half of 2025 has significantly increased compared to the same period last year, with nearly 90% of firms reporting a year-on-year growth in total compensation [1][3] - The total compensation for 39 comparable listed securities firms reached 77.715 billion yuan, representing a year-on-year increase of over 18% from 65.754 billion yuan in the first half of 2024 [3] - The average employee compensation has also rebounded, with 34 out of 39 firms reporting an increase in average employee compensation [8] Compensation Growth - Among the leading firms, CITIC Securities reported the highest total compensation of 11.123 billion yuan, a year-on-year increase of 13.58% [3][4] - Several firms, including Huaxi Securities, Hu'an Securities, and Guohai Securities, saw their total compensation increase by over 30% [3] - Conversely, CITIC Jiantou Securities experienced a decline in total compensation by 14.39%, along with other firms like Zhongyuan Securities and Northeast Securities showing varying degrees of decline [3][5] Average Employee Compensation - CITIC Securities leads with an average employee compensation of 415,300 yuan, up 13.75% from the previous year [8][9] - Other firms such as CICC, Shenwan Hongyuan, and Guojin Securities also reported average compensations exceeding 300,000 yuan [8] - Notably, Huaxi Securities and Guohai Securities recorded average compensation increases of over 40% [8][10]

Core Viewpoint - The total compensation for listed securities firms in China has significantly increased in the first half of 2025, with nearly 90% of firms reporting a year-on-year rise in total compensation [2][4]. Summary by Sections Total Compensation Growth - In the first half of 2025, the total compensation for 39 comparable listed securities firms reached 777.15 billion yuan, marking an 18.19% increase from 657.54 billion yuan in the same period of 2024 [4]. - Notably, the data excludes firms like Guotai Junan and Guolian Minsheng due to significant changes from mergers, making direct comparisons challenging [4]. Leading Firms - CITIC Securities, as the leading firm, reported a total compensation of 111.23 billion yuan, which is a 13.58% increase compared to the previous year [5]. - Several firms, including Huaxi Securities, Hu'an Securities, and others, saw their total compensation rise by over 30% [6]. Declining Firms - Conversely, CITIC Jiantou Securities experienced a decline in total compensation by 14.39%, along with other firms like Zhongyuan Securities and Northeast Securities, which also reported decreases [6]. Employee Average Compensation - The average employee compensation across the securities firms has also rebounded, with 34 out of 39 firms reporting a year-on-year increase [11]. - CITIC Securities leads with an average employee compensation of 415,300 yuan, reflecting a 13.75% increase from the previous year [12]. Notable Increases and Decreases - Other firms such as CICC and Shenwan Hongyuan also reported average compensations exceeding 300,000 yuan, with significant increases noted in Huaxi Securities and Guohai Securities, both exceeding 40% [13]. - However, firms like CITIC Jiantou and Changcheng Securities saw declines in average employee compensation [13].