21世纪经济报道记者 孙永乐 上海报道 11月25日，国联民生（601456.SH）、西部证券（002673.SZ）等多家上市券商公告称，证监会机构司对 公司申请开展账户管理功能优化试点业务相关事项无异议。 21世纪经济报道记者获悉，近期，监管已最新批准第三批账户管理功能优化试点证券公司，包括东方证 券、东吴证券、国联民生、平安证券、西部证券、东北证券、东方财富、华鑫证券8家券商。自2021年 12月证监会同意开展试点以来，证券公司账户管理功能优化试点已历经多轮扩容。本轮第三批共批准8 家，试点阵营扩大至20家。 南开大学金融发展研究院院长田利辉在接受21世纪经济报道记者采访时指出，本次获批的8家券商均是 财富管理业务推动较快、综合实力比较突出的机构，体现了监管"以点带面、稳步推进"的思路。券商以 建立综合客户账户为核心开展试点，将为财富管理业务转型筑牢坚实基础，进一步提升证券期货行业数 字化水平。 回溯来看，2021年12月，证监会同意开展证券公司账户管理功能优化试点，支持证券公司从建立综合客 户账户、允许同名划转、分类账户管理等方面开展账户管理功能优化试点。 同时，为确保改革平稳，防范业务风险，证监会按照 ...

东吴证券指出，2025年证券行业交投活跃，权益市场大幅上行，创业板指表现尤为突出，1-10月累 计上涨48.84%，显著跑赢沪深300指数（+17.94%）和上证综指（+17.99%）。资管新规实施后，券商资 管规模企稳，业务结构优化，集合资管规模同比增长25%，主动管理转型趋势明显。权益市场行情向好 带动券商自营业务收益提升，创业板50成分股所在的科技成长板块成为重要配置方向。此外，ETF快速 发展为券商财富管理转型提供新机遇，创业板50相关ETF保有规模快速增长，券商在股票型产品代销中 占比达58%，优势显著。行业整体盈利改善，上市券商前三季度归母净利润同比增长62%，其中创业板 50权重较高的科技、医药等行业贡献显著。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创 业板市场中筛选日均成交额较 ...

Core Insights - The China Securities Investment Fund Industry Association released the top 100 public fund sales institutions for the first half of 2025, highlighting the strong performance of securities firms in the fund distribution sector [1] - The total "equity fund holding scale" of the top 100 fund distribution institutions reached 51,374 billion yuan, a growth of 5.89% compared to the end of 2024 [1] - The "stock index fund holding scale" increased significantly by 14.57% to 19,522 billion yuan, indicating a robust growth trend [1] - The "non-money market fund holding scale" reached 101,993 billion yuan, up by 6.95% from the end of 2024 [1] Securities Firms Performance - A total of 57 securities firms made it to the top 100 list, with CITIC Securities leading as the top distributor, followed by Huatai Securities and Guotai Junan [1] - CITIC Securities maintained its leading position in "equity fund holding scale" with 1,421 billion yuan, while Huatai Securities followed closely with 1,266 billion yuan [2] - In the "non-money market fund holding scale," the top three securities firms were CITIC Securities (2,397 billion yuan), Huatai Securities (1,752 billion yuan), and Guotai Junan (1,605 billion yuan) [2] - The top ten firms in "stock index fund holding scale" included CITIC Securities (1,223 billion yuan) and Huatai Securities (1,150 billion yuan) [2] Financial Product Distribution - The evaluation of securities firms now includes new metrics related to the growth of equity fund holdings and asset management services, reflecting the importance of financial product distribution capabilities [3] - In the first half of the year, 42 listed securities firms generated 5.568 billion yuan in revenue from financial product distribution, a year-on-year increase of 32.09% [3] - CITIC Securities led the revenue generation with 838 million yuan, followed by CICC with 603 million yuan [3] Growth of Smaller Firms - Smaller securities firms like Nanjing Securities, Guolian Minsheng, and Guojin Securities showed remarkable growth, with revenue from financial product distribution increasing by over 100% year-on-year [4] - Other firms such as Southwest Securities and Guotai Junan also reported significant growth, exceeding 50% year-on-year [4]

Core Insights - The wealth management performance of brokerage firms has shown significant improvement in the first half of 2025, with a notable increase in securities brokerage fee income [2][4]. Group 1: Brokerage Income Growth - In the first half of 2025, 42 listed brokerages generated a total of 74.563 billion yuan in securities brokerage fee income, representing a year-on-year growth of approximately 50% [2][11]. - The top ten brokerages accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][7]. - Mid-sized brokerages like Guojin and Guoyuan reported year-on-year growth rates exceeding 60% [3][8]. Group 2: Revenue Structure and Wealth Management Transition - Traditional trading business remains the primary revenue source for brokerages, but the wealth management transformation is showing initial positive results, with financial product distribution income growing by 30% [4][10]. - The income from agency trading of securities reached 62.72 billion yuan, accounting for about 84% of total brokerage income, with a year-on-year increase of approximately 55% [11][12]. Group 3: High Net Worth Client Acquisition - Brokerages are increasingly focusing on high net worth clients, with CITIC Securities reporting a 12.98% increase in new clients in the first half of 2025 [17]. - Guotai Junan noted a 57.7% growth in the asset scale of its private customized services targeting high net worth clients [18]. - The number of high net worth clients at招商证券 increased by 23.99% year-on-year [19]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for brokerages to diversify their client base and revenue sources, with significant growth in institutional client assets reported [21]. - Guoxin Securities has made progress in providing comprehensive financial services to institutional clients, including quantitative trading support [22]. Group 5: Buyer Advisory Services - The buyer advisory business is experiencing positive changes, with several brokerages reporting growth in their fund advisory business scale [23][24]. - CITIC Securities reported a 161.62% year-on-year increase in its customized buyer services [26]. Group 6: Overseas Market Expansion - Large brokerages are continuing to expand their overseas market presence, with CITIC Securities focusing on global wealth management and achieving a doubling of sales scale and income from overseas wealth management products [26][27]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [28].

Core Insights - The wealth management performance of brokerage firms has shown significant growth in the first half of 2025, with a 50% increase in securities brokerage fee income compared to the same period last year [1][4][10] - The top ten brokerage firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [5][6] - The brokerage industry is experiencing a dual trend of strong performance from leading firms and resilient growth from mid-sized firms [7][8] Revenue Structure - Traditional trading business remains the primary revenue source for brokerages, while wealth management transformation is beginning to show results, with a 30% increase in financial product distribution income [2][10] - The total brokerage fee income for 42 listed brokerages reached 74.56 billion yuan, with 62.72 billion yuan coming from agency trading, accounting for approximately 84% of total income [10][11] Growth in Client Segments - High-net-worth clients and institutional business are becoming new growth drivers for brokerages [16][19] - Brokerages are increasingly focusing on acquiring high-net-worth clients, with significant growth reported in client numbers and assets [17][19] Institutional Business Development - Expanding institutional business is a strategy for brokerages to optimize client structure and diversify revenue sources [20][21] - Notable growth in institutional client assets and services has been reported, with some firms enhancing their offerings for corporate clients [20][21] Buyer Advisory Services - The buyer advisory market is expanding, with several brokerages reporting growth in fund advisory business [23][25] - Brokerages are actively developing buyer advisory services, with significant increases in client retention and satisfaction [23][25] International Market Expansion - Large and mid-sized brokerages are continuing to expand their presence in international markets [27][28] - CITIC Securities has reported a doubling in sales and income from overseas wealth management products [27]

Core Viewpoint - The brokerage business is a fundamental aspect of securities firms' operations and a crucial starting point for their wealth management transformation, showing significant growth in net income and performance in the first half of 2025 [1][2]. Group 1: Market Performance - The brokerage business net income for listed securities firms exceeded 63 billion yuan, marking a year-on-year increase of over 43% due to a notable recovery in market trading activity [1][2]. - The average daily trading volume for stock funds reached 1.61 trillion yuan, a year-on-year increase of 63.87%, with new account openings totaling 12.6 million [2]. - The overall net income from securities trading for 150 firms in the industry was 688.42 billion yuan, reflecting a substantial year-on-year growth of 48.22% [2]. Group 2: Brokerage Income Growth - All 42 listed securities firms reported a year-on-year increase in brokerage fee net income, with a total of 634.54 billion yuan, representing a growth of 43.98% [2][3]. - Major firms like CITIC Securities, Guotai Junan, and GF Securities achieved significant brokerage income, with CITIC Securities leading at 64.02 billion yuan, a 31.2% increase [3]. Group 3: Structural Changes and Growth Drivers - The top-tier firms maintained their leading positions, while smaller firms achieved rapid growth through differentiated advantages [3]. - Mergers and acquisitions contributed to the growth of brokerage income, with firms like Guolian Minsheng seeing a staggering 223.77% year-on-year increase [3]. Group 4: Wealth Management Transformation - The wealth management transformation of securities firms is progressing from quantitative to qualitative changes, driven by regulatory guidance and a focus on customer-centric services [4]. - CITIC Securities reported over 16.5 million wealth management clients and a total managed asset scale exceeding 12 trillion yuan, with significant growth in various financial products [4]. - CICC innovated its product service model, achieving record highs in wealth management business, with managed assets totaling approximately 3.4 trillion yuan [5]. Group 5: Future Growth Potential - The brokerage business has solidified its foundational role, while the wealth management transformation is expected to become a core growth engine for the industry in the next phase [6].

Group 1 - The Hong Kong Securities ETF (513090) has shown a strong performance, with a 53.22% increase over the past three months and a trading volume of 21.725 billion yuan on August 29, 2025 [1][2] - Major securities firms, including CITIC Securities, reported significant growth in their half-year results for 2025, with CITIC Securities achieving a revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and a net profit of 13.719 billion yuan, up 29.80% [1] - The brokerage business revenue has seen high growth due to active market trading, with firms like China Galaxy Securities and招商证券 reporting substantial increases in their respective revenues and client bases [2] Group 2 - 招商证券 reported a brokerage business revenue of 3.73 billion yuan for the first half of 2025, reflecting a year-on-year growth of 44.9%, alongside a 27% increase in managed client assets [2] - China Galaxy Securities achieved a trading volume of 185.5 billion yuan in agency securities transactions, marking a 12% increase since the beginning of the year, with a retail client base exceeding 18 million [2] - The Hong Kong Securities ETF (513090) tracks the performance of the China Securities Hong Kong Securities Investment Theme Index, with an annual management fee of 0.15% and a custody fee of 0.05% [2]

Group 1 - The trend of securities firms closing or merging their branches is increasing, driven by cost reduction and resource optimization [1][3][6] - Changcheng Securities announced the closure of its Xiangyang Hanjiang North Road branch to enhance resource integration and promote wealth management transformation [3][4] - Guosen Securities has also announced the closure of 12 branches, with plans to further optimize its network [4][5] Group 2 - Several securities firms, including Fangzheng Securities and Debang Securities, have also announced branch closures to improve operational efficiency and support high-quality business development [5][6] - The closures are part of a broader industry trend towards digital transformation and a focus on online services, reflecting changing investor habits [6][7] - The number of branches among securities firms varies significantly, with some firms having over 100 branches while others have fewer than 5 [7][8]

Group 1 - The core viewpoint of the article is that the wave of brokerage branch closures signifies a shift in the industry from "extensive expansion" to "refined operations" [2][4][7] - Changcheng Securities announced the closure of its Xiangyang Hanjiang North Road branch as part of its strategy to optimize branch layout and enhance resource integration [1][3] - Over 20 brokerage firms have announced branch closures this year, with a total of more than 100 branches shut down, led by Guosen Securities, which closed 21 branches [1][3] Group 2 - The trend of branch closures is seen as a natural market correction, driven by the rise of internet finance and declining trading commissions, making traditional high-cost, low-efficiency models unsustainable [4][5] - The closures are not just about reducing numbers but represent a revolutionary change in business models, shifting from a transaction-centered approach to a client asset allocation-centered approach [4][6] - The increasing focus on digital transformation and cost pressures is forcing brokerages to upgrade their services, as traditional branches struggle to meet evolving client needs [4][5] Group 3 - The "Matthew effect" is expected to intensify, with leading brokerages like CITIC and Huatai expanding their advantages, while smaller firms face increased operational pressures [6][7] - The closure of branches may weaken the offline service connection for traditional client groups, but brokerages can mitigate client loss by implementing "digital twin branch" solutions [6][7] - The future may see a continued reduction in branch numbers as brokerages shift focus to digital capabilities and wealth management services, creating a new multi-faceted service model [7]

Core Insights - The establishment of Peng'an Fund Management Co., Ltd. has been approved, marking a significant move in the brokerage's public fund layout strategy [1][2][3] - The approval reflects two key trends: the ongoing development of the brokerage's public fund strategy and the shift of new public funds to lower-tier cities, particularly Hainan, due to tax incentives [1][4] Company Developments - Peng'an Fund is fully owned by Kaiyuan Securities, with a registered capital of 100 million yuan, and is required to complete its establishment within six months of approval [2][3] - The fund's registration in Hainan allows it to benefit from a 550,000 yuan incentive and a reduced corporate income tax rate of 15% [5][6] Industry Trends - The approval of Peng'an Fund indicates a growing trend of brokerages establishing public funds, with over 40% of public fund institutions being brokerage-affiliated [7][8] - The recent trend shows brokerages favoring the application for public fund licenses through asset management subsidiaries, enhancing internal collaboration and product offerings [8][9] Regulatory Environment - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk isolation and compliance in the operations of newly established public funds [2][3] - The regulatory framework supports the establishment of public funds in Hainan, aligning with the broader financial reform initiatives in the region [4][6]