Over 85% of brokerages were profitable last year: brokerage business saw the largest increase, and proprietary trading revenue ranked first for three consecutive years.

On April 7, The Paper News learned that recently, the China Securities Industry Association (hereinafter referred to as “CSIA”) conducted a system analysis of the operating conditions of securities firms in 2025.

The CSIA issued the “Analysis of the Operating Conditions of Securities Firms in 2025” (hereinafter referred to as “the Analysis”), which points out that in 2025, 128 companies turned a profit, with a profitability rate of 85.3%. Among them, in terms of revenue growth, the brokerage business saw the largest increase. The Analysis shows that in 2025, the major A-share indexes all rose, with daily average stock trading value exceeding 1.70 trillion yuan, and the cumulative trading value first exceeded 400 trillion yuan, a year-on-year increase of more than 60%.

As for revenue structure, proprietary trading has ranked as the largest source of income for three consecutive years. Specifically, the scale of stock investment increased by 36.47% year-on-year, and the proportion of stock investment in the total proprietary investment scale increased by 2.28 percentage points year-on-year.

At the same time, the Analysis points out that in recent years, securities firms have continued to implement the “reduce fees and lower commissions” policy. By the end of 2025, the securities industry provided custody services for assets totaling 105.58 trillion yuan, and the average net commission rate for agency securities trading throughout the year fell to 2 per 10,000.

The Analysis shows that by the end of 2025, the total assets, net assets, and net capital of securities firms nationwide were 14.83 trillion yuan, 3.34 trillion yuan, and 2.44 trillion yuan, respectively, representing year-on-year increases of 14.66%, 6.53%, and 5.27%, respectively. The entire industry achieved operating income and net profit of 5411.71 billion yuan and 2194.39 billion yuan, respectively, representing year-on-year increases of 19.95% and 31.20%, respectively.

Industry average ROE increases by 1.29 percentage points

In terms of core responsibilities and main business, the Analysis shows that in terms of capital strength, by the end of 2025, the securities industry’s total assets were 14.83 trillion yuan and net assets were 3.34 trillion yuan, with year-on-year increases of 14.66% and 6.53%, respectively.

For various sub-indicators, the industry’s net capital was 2.44 trillion yuan, up 5.27% year-on-year; the industry’s 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%).

In terms of business quality and efficiency, in 2025, the securities industry achieved operating income of 5411.71 billion yuan and net profit of 2194.39 billion yuan, with year-on-year increases of 19.95% and 31.20%, respectively. 128 companies recorded profits, with a profitability rate of 85.3%. The industry’s average return on net assets (ROE) was 6.79%, up 1.29 percentage points year-on-year.

Among them, in terms of revenue growth, the brokerage business saw the largest increase. In 2025, the net revenue from brokerage business across the entire industry was 1822.84 billion yuan, up 42.50% year-on-year.

Of note, the Analysis points out that in 2025, all major A-share indexes achieved gains, with daily average stock trading value exceeding 1.70trillionyuan, and cumulative trading value first exceeding 400trillionyuan, a year-on-year increase of more than 60%.

In terms of revenue structure, proprietary business ranked as the largest source of income for three consecutive years. In 2025, proprietary business income across the entire industry was 1853.24 billion yuan, accounting for 34.24%. Among them, the scale of stock investment increased by 36.47% year-on-year, and the proportion of stock investment in the total proprietary investment scale increased by 2.28 percentage points year-on-year.

Brokerage business, net interest income, investment banking business, and asset management business contributed 33.68%, 11.95%, 7.38%, and 4.41% of operating income, respectively.

The average net commission rate for agency securities trading fell to 2 per 10,000

The Analysis points out that in recent years, securities firms have continued to implement the “reduce fees and lower commissions” policy. While lowering the cost for investors to participate, they have also improved the depth of services. By the end of 2025, the securities industry provided custody services for assets totaling 105.58 trillion yuan, and the average net commission rate for agency securities trading throughout the year fell to 2 per 10,000.

In terms of product supply, the Analysis states that by the end of 2025, there were a total of 1381 ETFs listed and traded on domestic exchanges, with a scale of 6 trillion yuan, reaching a record high. The industry’s total distribution and sales of financial products had outstanding assets totaling 4.69 trillion yuan, up 35.30% year-on-year.

In terms of business scale, by the end of 2025, the total net value of assets entrusted to and managed by securities firms’ asset management business was 10.21 trillion yuan, up 5.49% year-on-year. Among them, collective asset management and dedicated asset management contributed larger incremental growth, increasing by 13.48% and 14.49%, respectively.

In terms of business structure, the proportion of collective asset management business scale (33.72%) exceeded, for the first time, the proportion of single-asset management business scale (32.84%). In terms of product investment types, the scale of non-fixed-income asset management was about 3.60 trillion yuan, up 16% year-on-year.

Overseas institutions and individuals hold nearly 3.7trillionyuan of domestic stocks

Regarding connectivity, the Analysis shows that to support Chinese enterprises in “going global,” by the end of 2025, 34 mainland securities firms had set up 36 overseas subsidiaries. The total assets of overseas subsidiaries were 1.94 trillion Hong Kong dollars, up 31.95% year-on-year; in 2025, they realized operating income of 45.233 billion Hong Kong dollars, up 6.15% year-on-year.

Over the course of the year, overseas subsidiaries served 113 companies that listed in the Hong Kong market, with financing of over 2800 billion Hong Kong dollars and a market share of more than 90%. Securities firms brokered clients’ Hong Kong Stock Connect trading with a trading value of 28.70 trillion Hong Kong dollars, and services including Hong Kong subsidiaries’ trades under Stock Connect between Shanghai and Shenzhen totaled 50.33 trillion yuan.

In terms of helping global capital “bring in,” by the end of 2025, the industry had 16 foreign-invested securities firms that were participated in or held controlling stakes. The total assets of the foreign-invested firms were 534.69 billion yuan, up 5.44% year-on-year; in 2025, they realized operating income of 105.79 billion yuan, up 32.61% year-on-year.

The Analysis points out that by the end of 2025, overseas institutions and individuals held nearly 3.7 trillion yuan of domestic stocks. In recent years, they have maintained a growth trend, demonstrating that the attractiveness of Chinese assets continues to increase.