128 brokerage firms’ 2025 full performance reports have been released: proprietary trading and brokerage take the top two spots, separated by only 30 billion.

Ask AI · Why can the growth of brokerage business outpace other sectors in securities firms?

Cailian Press, April 7th (Reporter Lin Jian) The annual securities firm performance analysis has been released. The reporter learned that the China Securities Association recently published the 2025 securities firm operating report, reviewing and summarizing the industry’s performance over the past year. Overall, there are 20 key data points and five major trend characteristics.

1. By the end of 2025, total assets, net assets, and net capital of securities firms reached 14.83 trillion yuan, 3.34 trillion yuan, and 2.44 trillion yuan, respectively, with year-on-year growth of 14.66%, 6.53%, and 5.27%.

2. The securities industry achieved operating income of 148.3k yuan and net profit of 33.4k yuan for the year, with increases of 19.95% and 31.20% year-on-year.

3. 128 securities firms turned a profit, with an industry profitability rate of 85.3%, and an average return on net assets (ROE) of 6.79%, up 1.29 percentage points year-on-year.

4. The industry’s average risk coverage ratio was 294.66% (regulatory standard ≥100%), average capital leverage ratio was 20.48% (regulatory standard ≥8%), average liquidity coverage ratio was 229.67% (regulatory standard ≥100%), and average net stable funding ratio was 162.60% (regulatory standard ≥100%).

5. In 2025, the net income from brokerage business across the industry was 24.4k yuan, a significant increase of 42.50% year-on-year. Notably, the 2024 performance report did not disclose this data.

6. In 2025, the industry’s proprietary trading business achieved revenue of 541.17B yuan, with stock investment scale increasing by 36.47% year-on-year, and the proportion of stock investment in total proprietary investment rising by 2.28 percentage points. Compared to brokerage, the difference is only about 3 billion yuan.

7. The scale of agency sales of financial products reached 4.69 trillion yuan, a year-on-year increase of 35.30%, with strong growth momentum.

8. By the end of 2025, the average net commission rate for securities trading was reduced to 0.02%, with remarkable fee reduction effects.

9. Securities firms’ channel sales capabilities have significantly improved, with stock index funds holding more than 50% of the total market share.

10. Proprietary trading, brokerage, net interest income, investment banking, and asset management contributed 34.24%, 33.68%, 11.95%, 7.38%, and 4.41% of operating income, respectively. Compared to 2024, brokerage and interest income contributions increased in the short term, proprietary trading’s share declined but with optimized quality, and the shares of investment banking and asset management slightly decreased but with long-term growth potential.

11. The total entrusted assets under securities asset management reached 10.21 trillion yuan, up 5.49% year-on-year; among them, collective and specialized asset management became the main growth drivers, increasing by 13.48% and 14.49%, respectively. The proportion of collective asset management (33.72%) first exceeded that of single-asset management (32.84%), with product structure continuously optimized; non-fixed income asset management scale was about 3.60 trillion yuan, up 16% year-on-year, with active management effects gradually emerging.

12. 34 mainland securities firms established 36 overseas subsidiaries, with total assets of 1.94 trillion Hong Kong dollars, up 31.95%; in 2025, they achieved operating income of 219.44B Hong Kong dollars, up 6.15%. There are 16 foreign-invested controlling securities firms, with total assets of 182.28B yuan, up 5.44%; in 2025, operating income was 185.32B yuan, up 32.61%.

13. Chinese securities firms’ agency trading volume of Hong Kong stocks was 28.70 trillion Hong Kong dollars, and their Hong Kong subsidiaries served Shanghai and Shenzhen Stock Connect trading volume of 50.33 trillion yuan.

14. Cash dividends and share repurchases by securities firms exceeded 50 billion yuan for two consecutive years.

15. The industry underwrote 998 technology innovation bonds, totaling 1.02 trillion yuan, an increase of 66.52%.

16. In 2025, securities firms or their alternative subsidiaries participated in IPOs of companies on the STAR Market and Beijing Stock Exchange with over 1.2 billion yuan, with a total follow-on investment in tech innovation companies exceeding 37 billion yuan.

17. In 2025, they served 82 listed companies to complete major asset restructuring, with transaction amounts exceeding 600 billion yuan.

18. They helped 116 companies go public, raising 46.9k yuan; served 78 companies on the STAR Market, ChiNext, and Beijing Stock Exchange, raising 102.1k yuan.

19. Securities firms serviced the issuance of 2 pension-themed corporate bonds, raising a total of 2 billion yuan, achieving a breakthrough.

20. By the end of 2025, the amount of swap facilitation operations reached 105 billion yuan.

Spotlight 1: Steady improvement of Chinese securities firms, foreign capital shows growth

In 2025, the securities industry achieved double growth in operating income and net profit, with net profit increasing by over 30%, significantly improving profitability. By the end of 2025, total assets, net assets, and net capital of securities firms reached 14.83 trillion yuan, 3.34 trillion yuan, and 2.44 trillion yuan, respectively, with year-on-year increases of 14.66%, 6.53%, and 5.27%. The industry’s total operating income was 36k yuan, and net profit was 19.4k yuan, up 19.95% and 31.20% year-on-year. Among them, 128 firms turned a profit, with an industry profitability rate of 85.3%, and an average ROE of 6.79%, up 1.29 percentage points.

In risk control, the industry’s compliance and risk management levels remain stable and controllable. The average risk coverage ratio was 294.66% (regulatory standard ≥100%), the average capital leverage ratio was 20.48% (regulatory standard ≥8%), the average liquidity coverage ratio was 229.67% (regulatory standard ≥100%), and the average net stable funding ratio was 162.60% (regulatory standard ≥100%). All core risk control indicators continued to meet regulatory requirements, laying a solid foundation for stable industry operation.

On the international front, Chinese securities firms’ cross-border business steadily advanced. By the end of 2025, 34 mainland firms had established 36 overseas subsidiaries, with total assets of 1.94 trillion Hong Kong dollars, up 31.95%; operating income reached 45.23B Hong Kong dollars, up 6.15%. Meanwhile, securities firms’ agency client trading volume of Hong Kong stocks was 28.70 trillion Hong Kong dollars, and their Hong Kong subsidiaries served Shanghai and Shenzhen Stock Connect trading volume of 50.33 trillion yuan, effectively promoting cross-border capital flows and providing convenience for global investors to allocate Chinese assets.

Foreign-controlled securities firms also showed good development momentum. By the end of 2025, 16 foreign-invested controlling firms had total assets of 53.47B yuan, up 5.44%; operating income was 10.58B yuan, up 32.61%. Relying on their advantages, various firms attracted overseas sovereign funds, pension funds, and other medium- and long-term capital to China, continuously optimizing the structure of A-share investors and improving corporate governance. As of the end of 2025, foreign institutions and individuals held nearly 3.7 trillion yuan of domestic stocks, maintaining growth in recent years, fully demonstrating China’s asset attractiveness globally.

Spotlight 2: Fastest growth in brokerage business, proprietary trading remains the “winning move” for three consecutive years

From the perspective of business development and income structure, 2025 saw differentiated performance across various business lines, forming a healthy pattern of both rapid growth and scale. In terms of income growth rate, brokerage business was the fastest-growing sector; in terms of income scale, proprietary trading has maintained the industry’s largest source of revenue for three consecutive years, becoming a key factor in securities firms’ performance.

In 2025, the net income from brokerage business was 287k yuan, a substantial increase of 42.50% year-on-year, mainly driven by the stabilization and rebound of A-shares, active market trading, and other positive factors. Proprietary trading revenue reached 503.3k yuan, accounting for 34.24% of total industry revenue, with stock investment scale increasing by 36.47% year-on-year, and its proportion in proprietary investments rising by 2.28 percentage points.

Overall, the income structure includes brokerage, net interest income, investment banking, and asset management, contributing 33.68%, 11.95%, 7.38%, and 4.41%, respectively. The industry has formed a diversified, balanced income pattern, maintaining a stable overall structure.

Changes in securities firms’ income structure from 2024 to 2025.

In asset management, the industry’s transformation has steadily advanced, with ongoing optimization and upgrading of the business structure. Firms are returning to their core asset management functions, strengthening investment management capabilities, and accelerating the shift toward active management. By the end of 2025, total entrusted assets under securities asset management reached 10.21 trillion yuan, up 5.49% year-on-year; collective and specialized asset management became the main growth drivers, increasing by 13.48% and 14.49%, respectively. Notably, the proportion of collective asset management (33.72%) first surpassed that of single-asset management (32.84%), indicating continuous product structure optimization; non-fixed income asset management scale was about 3.60 trillion yuan, up 16%, with active management effects gradually becoming evident.

Spotlight 3: Agency sales of financial products increased by over 30% year-on-year

In 2025, securities firms continued to deepen wealth management transformation by building a diversified financial product matrix, strengthening high-quality product supply, leveraging digital finance, AI, and investment advisory teams, and enhancing research capabilities. They enriched product offerings such as index funds, ETFs, and derivatives, creating differentiated services for various client groups and promoting high-quality wealth management development.

In terms of products and scale, the industry achieved remarkable results. As of the end of 2025, the number of ETFs listed on domestic exchanges reached 1,381, with a scale of 6 trillion yuan, setting a record high, and asset allocation tools becoming more complete; the total agency sales of financial products reached 4.69 trillion yuan, up 35.30%, with strong growth momentum.

The mutual fund advisory business also entered a new stage, shifting from scale expansion to quality improvement. Many firms achieved breakthroughs in signing scale, client numbers, and re-investment rates, with investor trust in professional advisory services continuously increasing. From the perspective of mutual fund sales, securities channels’ sales capabilities have significantly improved, with stock index funds holding more than 50% of the total market share, providing strong support for index investment development.

Spotlight 4: Average net commission rate dropped to 0.02%

The report also disclosed key figures regarding swap facilitation, cash dividends, and fee reductions in 2025.

Regarding market stability, by the end of 2025, the total amount of swap facilitation operations reached 105 billion yuan, injecting incremental funds into the A-share market and effectively enhancing market stability. On fee reduction and benefit sharing, securities firms continued to implement regulatory policies, lowering investors’ trading costs and improving service depth and quality. By the end of 2025, the average net commission rate for securities trading was reduced to 0.02%, with notable fee reduction effects.

In terms of investor returns, listed securities firms actively fulfill social responsibilities. Multiple dividend distributions within a year have become routine. In 2025, cash dividends and share repurchases exceeded 50 billion yuan for two consecutive years, greatly enhancing investor confidence, guiding the market toward long-term value investment, and helping to accelerate the construction of a healthy market ecosystem for coordinated investment and financing.

Spotlight 5: Bright performance in tech innovation and M&A businesses

In 2025, securities firms fully leveraged their intermediary functions in the capital market, playing a key role in serving the real economy, supporting technological innovation, and promoting industrial upgrading. Their core achievements are reflected in direct financing, mergers and acquisitions, and bond underwriting.

First, their direct financing service capacity continued to strengthen. The securities industry provided over 8 trillion yuan in direct financing to the real economy, safeguarding assets of 105.58 trillion yuan. In 2025, they helped 116 companies go public with a financing scale of 10.2k yuan; assisted 78 companies to list on the STAR Market, ChiNext, and Beijing Stock Exchange, raising 37B yuan, accounting for 67.24% and 53.80% of the market, respectively, effectively promoting a virtuous cycle of technology, industry, and capital. They also optimized alternative investment layouts, increasing long-term capital support for tech and small- and medium-sized enterprises, with IPO follow-on investments exceeding 12 billion yuan and total follow-on investments surpassing 370 billion yuan.

Second, they actively participated in market mergers and acquisitions. As independent financial advisors, they served 82 listed companies in completing major asset restructuring, with transaction amounts exceeding 600 billion yuan. Through industry chain integration, cross-regional, and cross-border M&A, they supported listed companies’ external expansion and contributed to building world-class industrial clusters.

Third, they promoted the underwriting of tech innovation bonds and special bonds. As issuers, securities firms issued 79 tech innovation bonds totaling 83.44 billion yuan, supporting tech startups from issuance to market-making; they underwrote 998 tech innovation bonds, with a total of 1.02 trillion yuan, up 66.52%, injecting financial momentum into new productive forces. Additionally, they serviced the issuance of 2 pension-themed corporate bonds, raising 70.9B yuan, achieving a zero breakthrough, mainly supporting pension infrastructure, smart elderly care, and health integration projects.

(Reporter Lin Jian, Cailian Press)