150 brokerages' net profit in 2025 is expected to grow by 31.2% year-on-year

On the evening of March 27, the China Securities Association (hereinafter referred to as “CSRC”) released operational data for 150 securities firms. The data shows that by 2025, the securities industry’s operating income will exceed 540 billion yuan, and net profit will approach 220 billion yuan. By the end of last year, the total asset scale steadily expanded to 14.83 trillion yuan, indicating that the overall operational stability of the industry continues to strengthen.

Based on this, relevant data shows that leading securities firms, leveraging their comprehensive advantages, continue to lead the market. CITIC Securities’ net profit attributable to shareholders is projected to surpass 30 billion yuan for the first time in 2025; performance of merger and acquisition targets has experienced explosive growth, with Guolian Minsheng’s net profit attributable to shareholders increasing by over 400% year-on-year last year; small and medium-sized securities firms have achieved breakthroughs through differentiated layouts.

The momentum for industry development continues to strengthen.

In 2025, the activity level of the capital market will significantly rebound, creating a favorable environment for the stable development of various businesses within the securities industry. The data indicates that in 2025, the average daily trading volume of stock funds will reach 2,026.3 billion yuan, a year-on-year increase of 71.1%. The newly issued shares of equity and mixed funds will total 585.9 billion units, up 83% year-on-year; the average daily trading volume of stocks in the Hong Kong securities market will be 248.9 billion HKD, an increase of 88.7%.

The latest data from CSRC shows that in 2025, the 150 securities firms achieved operating income of 541.171 billion yuan, a year-on-year increase of 19.95%; net profit reached 219.439 billion yuan, a year-on-year increase of 31.2%, with profitability significantly improved compared to 2024. By the end of 2025, the total assets of the 150 securities firms reached 14.83 trillion yuan, with net assets of 3.34 trillion yuan and net capital of 2.44 trillion yuan. The balance of clients’ transaction settlement funds (including credit trading funds) was 3.24 trillion yuan, and the total principal of entrusted managed funds was 9.53 trillion yuan, with all core capital indicators remaining stable.

Against the backdrop of an overall positive industry environment, leading securities firms have further solidified their market leadership through a full business chain layout and core competitive advantages. As a leading firm in the industry, CITIC Securities achieved record highs in its key financial indicators in 2025, with an annual operating income of 74.854 billion yuan, a year-on-year increase of 28.79%; net profit attributable to shareholders was 30.076 billion yuan, a year-on-year increase of 38.58%. By the end of 2025, CITIC Securities’ total assets exceeded 2 trillion yuan, with client assets under custody exceeding 15 trillion yuan and asset management scale of approximately 4.8 trillion yuan, maintaining a leading position in multiple core businesses.

Regarding the current competitive trends in the securities industry, CITIC Securities’ General Manager Zou Yingguang stated at the 2025 annual performance press conference that the trend of consolidation in the securities industry is accelerating, and the trend of leading securities firms growing larger and stronger is becoming more evident. The company will maintain strategic determination and steadfastly promote high-quality development through three core measures: “enhancing quality and efficiency, strengthening competition, and expanding internationally.”

Mergers and acquisitions have become an important lever for improving quality and efficiency in the securities industry in 2025. After completing its restructuring, Guolian Minsheng achieved explosive growth in its first full year, with operating income of 7.673 billion yuan in 2025, a year-on-year increase of 185.99%; net profit attributable to shareholders was 2.009 billion yuan, a year-on-year increase of 405.49%. The five major business segments coordinated their efforts, with indicators such as the number of IPO sponsorships and new projects on the New Third Board ranking among the industry’s top, successfully obtaining multiple key business qualifications, confirming the strategic value of mergers and acquisitions.

A relevant person in charge of Guolian Minsheng told a reporter from the Securities Daily that in 2025, the company will systematically promote the integration of talent teams, institutional mechanisms, various businesses, and corporate culture. Currently, all adjustments to the cadre team have been made, and a new type of institutional mechanism combining market-oriented incentives with group management has been basically established. The integration of front, middle, and back offices has been fully implemented, initially forming a unified whole. At the same time, core operational indicators have achieved leapfrog improvements, laying a good foundation for the first year of integration, “1+1>2.”

Specialized businesses activate development potential.

While leading securities firms drive industry development and mergers and acquisitions boost the performance of relevant targets, a number of small and medium-sized securities firms have been deeply engaged in niche markets, forming differentiated advantages with significant performance elasticity. From the annual reports disclosed, many small and medium-sized securities firms saw their net profit growth rates generally surpass the industry average last year, demonstrating the advantages of “small and beautiful” misaligned development.

Specifically, in 2025, the year-on-year net profit growth rates of Zhongyuan Securities, Guohai Securities, Dongfang Securities, and Hongta Securities all exceeded 50%, at 85.41%, 79.57%, 68.16%, and 58.84%, respectively. Additionally, Huawan Securities, Xingye Securities, and Guangda Securities also had year-on-year net profit growth rates exceeding 20%, respectively at 41.92%, 32.64%, and 21.77%.

The steady growth in performance is inseparable from the implementation of specialized development strategies. For example, in 2025, Guangda Securities actively served national strategic needs, focusing on specialized and differentiated development paths, continuously enhancing core competitiveness, and stimulating high-quality development momentum. Zhongyuan Securities implemented five major actions: specialized development, regional deep cultivation, integrated operations, digital transformation, and addressing weaknesses, actively creating a precise service model and differentiated development through intensive operations. Hongta Securities further promoted differentiated and specialized construction, enhancing the scientificity and effectiveness of asset allocation, and continuously advancing the non-directional transformation of proprietary investment business.

As the reform of the capital market continues to deepen, the leading role of top-tier securities firms will become more pronounced, and mergers and acquisitions will remain an important path for industry consolidation, while small and medium-sized securities firms need to continue to strengthen their efforts in differentiation and specialization. CITIC Securities’ Chief Analyst for the Financial Industry, Tian Liang, stated that during the 14th Five-Year Plan period, the landscape of the securities industry is expected to undergo deep restructuring, driving the industry toward misaligned development. Securities firms are expected to achieve substantial development through organic growth and mergers and acquisitions, with asset allocation, comprehensive services, and internationalization capabilities likely to become decisive factors for industry differentiation.