Major shakeup in brokerages! The commission rankings are out, with CITIC, Guotai, and Haitong leading, while Huayuan and Huafu see a surge.

【Editor’s Note】The 2025 broker commissions-for-order-routing rankings are out—reversing course for the first time after a decline

China Fund News Reporter Sun Yue

A major ranking spanning the public fund and brokerage industries has arrived!

After the 2024 “deep slump,” 2025 broker fund order-routing commission income stopped falling for the first time and rebounded.

The broker order-routing commission income ranking list has been officially released. According to Founder Securities Investment Advisory data, in 2025 broker order-routing commission income was 10.671 billion yuan, a slight increase of 0.18% from 10.652 billion yuan in 2024. It ended the three-year consecutive decline that has persisted since 2022, and the industry overall has stabilized. In the prior three years, order-routing commission income kept declining; the year-over-year declines were 14.59% in 2022, about 10% in 2023, and over 35% in 2024, reflecting a period of deep adjustment.

Although the overall volume has stabilized, the competitive landscape within the industry is undergoing a “major reshuffle.” As “strong-strong partnerships” and differentiated competition evolve in parallel, the ranking of the top cohort is being reordered, mid-tier brokers have emerged unexpectedly, and even “dark horse” brokers have entered the spotlight with astonishing growth rates.

Top cohort reshuffled

The merger effects of Guotai Junan and Haitong have become evident

CITIC Securities ranks first in the industry with commission income of 792 million yuan, maintaining its leading advantage. However, the contest among ranks 2 to 5 is extremely intense, and the pattern is changing.

2025 is the year when the results of broker integrations begin to show. With the merger of Guotai Junan and Haitong Securities, Guotai Junan Haitong Securities made its first appearance on the ranking list and immediately demonstrated strong strength. In 2025, Guotai Junan Haitong Securities recorded commission income of 658 million yuan, up 47.39% year over year. It leaped to 2nd place in one move, just behind CITIC Securities.

Guangfa Securities and Yangtze Securities ranked 3rd and 4th, respectively, with their positions slightly down compared with 2024; Huatai Securities ranked 5th, with growth of 18.31%. Meanwhile, CITIC Caitou Securities and Guolian Minsheng Securities saw declines in their rankings, coming in at 7th and 9th, respectively.

From the perspective of total income scale, there are 5 brokers with order-routing commission income exceeding 500 million yuan, up slightly from 4 in 2024. The scale advantage of the “top-tier” group remains solid. However, among brokers lower in the rankings, many saw cliff-like drops in commission income—more than 20 brokers’ declines exceeded 50%. As a result, the survival space for tail-end brokers has been further compressed, making the “Matthew effect” in the industry increasingly evident.

“Dark horses” emerge in large numbers

Hua Yuan and Hua Fu lead in high growth

In the 2025 commission ranking list, the most eye-catching aspect is a group of mid-sized and small brokers that have achieved “overtaking on a curve” by running distinctive operations, with astonishing growth rates.

Hua Yuan Securities became the biggest “dark horse” in 2025. Commission income surged from 17 million yuan in 2024 to 144 million yuan, up 764.72% year over year. Its ranking rocketed from 55th to 24th—an advance of 31 places—showing strong momentum for development.

Hua Fu Securities also performed impressively. Commission income rose 186.06% year over year to 220 million yuan. Its ranking jumped from 35th in 2024 to 22nd, moving up by 13 positions.

In addition, AVIC Securities, Eastmoney Securities, Goldman Sachs China, Hualin Securities, and others also all achieved rapid growth of more than 60%, with notable improvements in their rankings. Against the backdrop of “the strong get stronger” in the industry, these mid-sized and small brokers’ breakthroughs have injected new vitality into the market.

However, in stark contrast to the “dark horses” shining moments, several once midstream stalwarts suffered severe declines.

Ping An Securities’ order-routing commissions in 2025 were about 53.89 million yuan, plunging 63.91% year over year. Its ranking fell from 27th in 2024 to 36th, dropping by 9 places. Everbright Securities declined 42.71% year over year, with its ranking falling by 4 places. Debon Securities saw an even larger decline of 81.24%, with its ranking dropping sharply by 14 places.

Moreover, multiple mid-sized and small brokers had their 2025 order-routing commission reduced to zero, including Zhongyuan Securities, Hongyuan Securities, Wanhua Securities, Tianzhong Securities, and others. Industry insiders believe that amid the sweeping tides that eliminate weaker players, some mid-sized and small brokers that expanded aggressively in order-routing business in earlier years have accelerated their exit in this round of reshuffling because their research strength can no longer be sustained or their institutional sales networks have shrunk.

Many “new faces” make the list

In terms of overall distribution, there are 29 brokers with order-routing commission income exceeding 100 million yuan in 2025, an increase compared with 2024. This shows that the premium from top-tier high-quality institutions concentrating to absorb market scale, with market stabilization, is being realized.

At the same time, foreign brokerages such as J.P. Morgan (Asia Pacific) and Nomura Securities entered the ranking list for the first time, ranking 42nd and 51st, respectively. This indicates that foreign institutions are actively participating in China A-share public fund order-routing markets, and this development is worth continued attention.

Analysts point out that in the future, competition in the sell-side market will become even more focused on research quality and service depth. Top brokers can maintain their territory with overall strength, while mid-sized and small brokers with distinctive research capabilities still have opportunities to overtake on a curve. For institutions lacking differentiated competitive advantages, the pace of elimination will further accelerate.

Appendix: Top 50 brokers by 2025 order-routing commission income

(Data source: Founder Securities Investment Advisory)

Editor: Zhao Xinliang

Proofreader: Qiao Yi

Produced by: Lumi

Reviewed by: Muyu

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