Core Viewpoint - The securities industry is experiencing significant salary growth in the first half of 2025, driven by market activity recovery and business structure optimization, with total compensation for listed brokers reaching 77.715 billion yuan, an 18.19% increase year-on-year [2][3]. Group 1: Salary Overview - Total compensation for 39 comparable listed brokers reached 77.715 billion yuan, up from 65.755 billion yuan in the same period of 2024, marking an 18.19% year-on-year increase [2]. - The average salary for the 42 listed brokers reached 317,600 yuan, reflecting a 25.58% year-on-year growth [2]. Group 2: Leading Firms in Compensation - Among the 39 comparable brokers, over 80% reported positive growth in total compensation, correlating with a general profit recovery in the industry, where net profits for listed brokers increased by over 20% year-on-year [3]. - CITIC Securities led the industry with a total compensation of 11.123 billion yuan, a 13.58% increase, supported by a large employee base of 26,100 [3]. - China International Capital Corporation and Huatai Securities followed with total compensations of 5.572 billion yuan and 5.137 billion yuan, showing year-on-year increases of 27.53% and 21.46%, respectively [3]. - The merged Guotai Junan and Haitong Securities saw a significant increase in total compensation to 8.805 billion yuan, up 118.29% due to a rise in employee numbers from 14,800 to 27,100 [3]. Group 3: Salary Declines - Six firms, including CITIC Construction Investment and Caifutong Securities, experienced declines in total compensation, with decreases ranging from 0.12% to 14.39% [4][5]. - The revenue of Caifutong Securities and Zhongyuan Securities declined, impacting their compensation levels [4]. Group 4: Average Salary Trends - Out of 39 comparable brokers, 34 achieved year-on-year growth in average salary, with only five firms reporting declines [6]. - CITIC Securities had the highest average salary at 426,400 yuan, a 13.4% increase, while Guoxin Securities saw the fastest growth rate at 54.41%, reaching 353,200 yuan [6]. Group 5: Industry Observations - The salary growth in the securities industry is closely linked to performance recovery and strategic business transformations, with brokerage net income rising by 75.93% year-on-year [7]. - Major firms are competing for talent in technology finance, with initiatives like AI training camps to enhance digital talent reserves [7]. - Despite the salary increases, there is a trend towards limiting executive compensation, reflecting broader industry concerns about cost management [7].

2025年上半年，证券行业在市场活跃度回升与业务结构优化的双重驱动下，薪酬水平呈现显著增长态 势。据Wind数据，42家上市券商中，除去涉及合并的国泰海通、国联民生和浙商证券3家券商外，39家 具有可比数据的上市券商薪酬总额合计达777.15亿元，较2024年同期的657.55亿元同比增长18.19%。 | 证券代码 | 证券简称 | 薪酬总额(亿元) | 同比增长 | | --- | --- | --- | --- | | 600030.SH | 中信证券 | 111.23 | 13.58% | | 601211.SH | 国泰海通 | 88.05 | 118.29% | | 601995.SH | 中含公司 | 55.72 | 27.53% | | 601688.5H | 华泰证券 | 51.37 | 21.46% | | 000776.SZ | 广发证券 | 45.53 | 20.92% | | 601881.SH | 中国银河 | 44.70 | 24.07% | | 000166.SZ | 申万宏源 | 40.39 | 24.13% | | 002736.SZ | 国信证券 | 36.87 | 43 ...