2025 Listed Brokerage Firms Annual Reports Released: Leading Firms Remain at the Top, AI Empowerment Accelerates Business Transformation

With the concentrated disclosure of the 2025 annual financial reports of A-share listed securities firms, the capital market welcomes a new round of performance observation windows. Statistics from the Choice terminal show that as of March 28, 14 securities firms have completed their annual report releases. Against the backdrop of increased market activity, the industry as a whole has shown a trend of rising net profits, with proprietary investment and wealth management businesses becoming the core growth drivers, and the deep application of artificial intelligence technology becoming a significant feature of the industry’s transformation.

Leading institutions continue to maintain a stronghold. CITIC Securities leads with revenues of 74.854 billion yuan and net profits of 30.076 billion yuan, both at the forefront, with year-on-year growth rates of 28.79% and 38.58%, respectively. Guotai Junan Securities, which achieved leapfrog development through mergers and acquisitions, performed especially well, with operating revenue increasing by 87.40% year-on-year to 2.1 trillion yuan, and net profit soaring by 113.52%, propelling total assets to the top of the industry. Institutions such as China Merchants Securities, Shenwan Hongyuan, and CITIC Jinpu also saw net profits exceeding 9 billion yuan, forming a solid first tier.

Mid-sized and small securities firms exhibited remarkable growth elasticity. Guolian Minsheng Securities’ operating revenue surged by 185.99% year-on-year, with net profits increasing by 405.49%; Zhongyuan Securities and Guohai Securities saw net profits grow by 85.42% and 79.57%, respectively; Hongta Securities also achieved a net profit growth of 58.84%. This differentiation pattern reflects both the comprehensive advantages of leading institutions and the breakthrough capabilities of smaller firms in specific business areas.

Proprietary business has become the “anchor” for performance growth. CITIC Securities’ proprietary income reached 38.604 billion yuan, a year-on-year increase of 46.53%, accounting for more than 50% of revenue; CITIC Jinpu Securities’ proprietary income was 8.691 billion yuan, accounting for 37.27%. Market analysts attribute this to the institutions’ precise allocation of equity assets and innovative breakthroughs in derivative businesses, effectively capturing structural opportunities in a volatile market.

The transformation of wealth management has entered a harvest phase, with client asset scale and service quality improving simultaneously. CITIC Securities’ financial products surpassed 800 billion yuan, with entrusted client assets reaching 15 trillion yuan, a year-on-year growth of 24%; Guotai Junan Securities’ wealth management income grew by 114.77% year-on-year, with margin financing balance hitting a new high of 246.206 billion yuan; Everbright Securities’ buy-side advisory service assets exceeded 100 billion yuan, with fund advisory scale increasing by 133.62%. These data confirm the strategic effectiveness of the industry’s transition from channel services to asset allocation.

Artificial intelligence technology is deeply reconstructing the industry ecosystem. CITIC Securities integrates AI into the entire investment decision-making process, optimizing alternative investment strategies through machine learning, and plans to establish a “fundamentals + quantitative + AI” three-dimensional research and investment system by 2026. Guohai Securities proposed building an “AI ecological base,” establishing an intelligent service support system in the wealth management field, achieving precise services through client segmentation. Guotai Junan Securities applies AI to risk management, building dynamic monitoring models to enhance risk identification efficiency.

From optimizing investment strategies to upgrading client services, from risk control to improving operational efficiency, AI technology is reshaping every business segment of securities firms. This transformation is reflected not only in the high-frequency word statistics in the annual reports but also in the qualitative changes in specific business metrics—some leading securities firms’ intelligent customer service systems handle over 60% of inquiries, and some institutions have achieved stock selection returns through AI algorithms that exceed traditional models by nearly 20 percentage points.

In this wave of transformation, a virtuous interaction between technological investment and business innovation is forming. Many institutions explicitly stated in their annual reports that they will continue to increase resource investment in artificial intelligence, big data, and other fields in 2026, promoting a fundamental shift in business models from “human-driven” to “technology-driven.” This transformation is both an active adaptation to the industry’s competitive landscape and a proactive response to the deepening reform requirements of the capital market.