据Wind统计， 2025年上半年，42家上市券商的证券经纪业务手续费收入共计745.63亿元，较 去年同期增长了约50%。 从行业格局看，头部效应与中小券商弹性增长并存。 今年上半年，前十家券商合计揽入逾462 亿元证券经纪业务收入，在全行业占比超六成，中信证券以近80亿元收入居首。 国信证券、中金公司等头部机构增速显著，部分中型券商如国金、国元等同比增幅更超60%。 从行业整体收入结构来看，券商仍以传统交易业务为主，财富管理转型成效初显，代销金融产 品收入增速达30%。 记者丨 易妍君 编辑丨巫燕玲 随着2025年"中报季"收官，券商财富管理成绩单浮出水面。 21世纪经济报道记者注意到，当前，券商财富管理业务呈现四大积极变化：一是代销业务 步入"增量又增收"阶段；二是高净值客户与机构业务成为新的增长抓手；三是以基金投顾 业务为代表的买方投顾市场持续扩容；四是海外市场布局逐步深化。 前1 0券商经纪收入占比超六成 A股市场回暖背景下，证券经纪业务为上市券商2025年上半年的营收贡献了重要增量。 Wind数据显示，今年上半年，有21家上市券商的证券经纪业务收入达到10亿元以上。 其中，证券经纪业务收入排名行业 ...

Core Viewpoint - The recent regulatory changes in the securities industry are expected to enhance the wealth management business of brokerages by allowing them to sell bank wealth management and insurance products, thereby meeting diverse investor needs [1][4]. Industry Developments - The China Securities Association issued guidelines to improve self-regulation and promote high-quality development in the securities industry, facilitating brokerages' access to bank and insurance product sales licenses [1][4]. - The Financial Regulatory Bureau released a systematic regulation on the suitability management of financial product sales, which will take effect on February 1, 2026, providing a solid regulatory foundation for brokerages to expand into bank wealth management and insurance sales [1][4]. Market Opportunities - Brokerages currently derive most of their income from securities trading and financial product sales. Acquiring new licenses will allow them to diversify their product offerings and create new growth opportunities in wealth management [1][4]. - The potential income from selling insurance products is significant, with brokerage channels expected to generate approximately 1 billion yuan annually if they capture 10% of the bank insurance channel's scale [5]. Competitive Landscape - Brokerages possess unique competitive advantages in the insurance sales market, including a large customer base and extensive branch networks, which can facilitate the sale of insurance products [4][5]. - The market is expected to see increased differentiation, with larger brokerages like Ping An Securities gaining an early advantage, while smaller firms may focus on niche markets to find opportunities [5][6]. Challenges and Considerations - The number of brokerages with the necessary qualifications for insurance sales is currently limited, with only a few, such as CITIC Securities, holding the required licenses [3][4]. - There are challenges in transitioning brokerage staff to insurance sales roles, and the differing risk preferences of clients may complicate the sales process [6][7].