Brokerage firm wealth management annual report data revealed! Investment advisory business explodes, with many seeing double-digit growth

Ask AI · What are the driving factors behind the doubling growth of the investment advisory business?

Cailian Press, April 3rd (Reporter Lin Jian) Over half of the securities firms have disclosed their 2025 annual reports, providing initial insights into the industry’s most关注ed wealth management transformation progress. As residents’ wealth increases and new asset management regulations deepen, wealth management has become the core growth driver of securities firms’ revenue and has also become a industry consensus.

From the data released by 27 securities firms, the industry’s wealth management business has once again entered a comprehensive growth phase. Currently, the disclosed data shows that the average overall account opening increase exceeds 10%, and investment advisory revenue has experienced a爆发, with very obvious rapid growth. Additionally, licensed securities firms’ fund advisory scale has also achieved significant rises.

Average overall account opening increase exceeds 10%

Although it’s difficult to replicate the high point of the “9.24” market, the results of securities firms’ client expansion in 2025 are still quite impressive, with an overall increase of over 10%. Firms in different tiers have all achieved growth in client numbers, with small and medium-sized firms showing higher growth rates through differentiated strategies, while leading firms rely on scale advantages to steadily increase total clients, with data from annual reports providing various perspectives.

1. Chuang Securities: Nearly 80k new accounts opened in 2025, total clients exceeding 870k.

2. Everbright Securities: 762k new accounts in 2025, up 18% year-on-year; total clients at the end of 2025 reached 7.165 million, an 11% increase from the previous year.

3. CITIC Construction Investment: 1.7325 million new brokerage accounts in 2025, total clients 17.1231 million.

4. Orient Securities: 390.5k new clients in 2025, total client funds accounts 3.2901 million, up 12.68% from the end of last year.

5. Guolian Minsheng: 207.8k new clients in 2025, total clients 3.5495 million.

6. Shenwan Hongyuan: 810.8k new clients in 2025.

7. Dongxing Securities: Steady increase in new effective accounts opened in 2025.

8. Guohai Securities: 16% YoY growth in newly activated effective accounts in 2025; client acquisition via investment advisory IP increased by 7.8 times YoY.

9. Galaxy Securities: Personal pension accounts exceeded 230k, doubling compared to the end of last year.

10. Western Securities: Over 200,000 new accounts opened throughout the year, a 72% YoY increase.

11. Hualin Securities: 26% YoY growth in new clients.

12. Guotou Securities: Buy-side investment advisory (including stock, fund, and private equity advisory) signed 142.4k new contracts in 2025, up 19% YoY; total signed contracts reached 629.6k, a 15% increase.

Investment advisory revenue爆发

Investment advisory business has become the core engine driving the growth of securities firms’ wealth management in 2025. The entire industry has increased efforts in developing advisory services, with significant growth in revenue, service coverage, and buy-side advisory scale, reflecting the continued成果 of buy-side advisory transformation. Many firms have achieved doubling or over 70% growth, with some seeing substantial revenue increases, reaching record highs.

1. Chuang Securities: Significant YoY increase in advisory business revenue.

2. Everbright Securities: 157% YoY growth in buy-side advisory service revenue.

3. Hu’an Securities: Advisory revenue of 122 million yuan.

4. Guohai Securities: Three consecutive years of substantial growth in advisory revenue, with a 132.09% YoY increase in 2025.

5. Dongxing Securities: 73.18% YoY growth in advisory revenue.

6. Xiangcai Securities: Advisory revenue reached a historically good level.

7. CITIC Construction Investment: Advisory service coverage of 1.0852 million, up 71.95% YoY.

8. CICC: Buy-side advisory products’ asset scale exceeded 130 billion yuan, with flagship product “China 50” generating over 80k yuan in client returns in 2025.

9. CITIC Construction Investment: Buy-side business scale of 870k yuan, up 189.81% YoY.

10. Guotou Securities: Buy-side advisory asset management scale of 762k yuan (including private equity advisory of 7.17M yuan), up 69% YoY.

It’s worth noting that the asset allocation scale related to advisory业务 has also爆发式增长, becoming an important support for revenue growth. For example, Galaxy Securities’ “Galaxy Jinyao” asset allocation scale突破390.5k yuan, over 5 times the end-of-year figure; CICC’s buy-side advisory product scale exceeds 130 billion yuan, creating over 10 billion yuan in client收益, further highlighting the规模效应 of leading firms’ advisory业务.

Fund advisory高速增长

As an important carrier of buy-side advisory transformation, licensed securities firms’ fund advisory业务 achieved高速增长 in 2025, with significant scale increases, continuously enhancing the product and service capabilities of wealth management.

1. Everbright Securities: Fund advisory scale up 133.62% YoY, buy-side advisory service revenue up 157% YoY.

2. Hu’an Securities: Fund advisory brand “Xinyitao” manages assets exceeding 3 billion yuan, a growth of over 300% since the beginning of the year.

3. Orient Securities: Fund advisory scale reached 207.8k yuan, with a reinvestment rate of 76.28%.

4. Guolian Minsheng: Fund advisory scale of 810.8k yuan.

5. Shenwan Hongyuan: Public fund advisory scale increased by 80%.

6. Huatai Securities: Fund investment advisory scale of 230k yuan, with significant YoY growth.

7. Guotou Securities: Fund advisory scale of 142.4k yuan.

Wealth management becomes a key pillar of securities firms’ revenue

Overall, the proportion of wealth management revenue continues to rise, with ongoing optimization of the业务结构, becoming an important支撑 of securities firms’ operating income.

Data from the trading side also shows positive trends, with many firms’代理买卖股票基金交易额大幅增长. For example, Chuang Securities’ total代理买卖股票基金交易额 for the year reached 10.7186 trillion yuan, up 61.54%; Industrial Securities’ stock and fund trading total reached 13.74 trillion yuan, up 81.4%; China Merchants Securities’ domestic stock and fund trading volume was 4.535 trillion yuan, up 69.79%; GF Securities’ Shanghai and Shenzhen stock fund成交金额 was 4.038 trillion yuan, up 68.64%. Hualin Securities’ stock and fund trading volume reached 3.42 trillion yuan, up 60%, with institutional and algorithmic trading volume increasing by 128% YoY, becoming a key driver of trading growth.

Features like margin trading and ETFs have become important增量 sources. Chuang Securities’ margin balance at the end of the period was 629.6k yuan, up 30.90% from last year; Southwest Securities’ margin market share increased by 15% YoY; Fangzheng Securities’ ETF client numbers and assets grew by 22.01% and 32.64%, respectively; Guohai Securities’ ETF交易额 increased by 119% YoY; Western Securities’ ETF assets increased by 24.42%.

Digital operation capabilities continue to提升, with securities firms’ apps becoming key platforms for client services. Chuang Securities’ Tomato Wealth APP’s registered users increased by 18.76% from the end of last year, with monthly active users up 31.37%; Guotai Haitong Junhong APP and Tongcai APP’s average monthly active users reached 15.7 million, up 11.8%; Fangzheng Securities’ Xiaofang APP’s daily active users increased by 12%, with daily visit duration up 15%. Dongxing Securities’自主研发的 “Dongxing 198” APP’s交易量占比提升1.38 percentage points, with digital tools becoming vital for client expansion and service.

Wealth management revenue’s proportion in securities firms’ operating income continues to increase, becoming a core revenue segment. Chuang Securities’ wealth management业务收入 reached 3.95B yuan, accounting for 19.64% of operating income, up 22.33% YoY. Everbright Securities’ wealth management业务集群 generated 6 billion yuan, accounting for 55%, making it the company’s main revenue source. Meanwhile, securities firms are continuously推进分支机构转型, with Hualin Securities’ branch盈利面 reaching 93%, and 101 branches turning profitable, with ongoing提升 in wealth management service能力.

Additionally, institutional client services have become a重点发力方向 for securities firms’ wealth management. Western Securities’ institutional client assets突破千亿, up 26% YoY; Southwest Securities’ institutional client assets increased by about 53%; institutional client交易量 increased by 130% YoY; Fangzheng Securities’ new institutional client assets reached 1.87B yuan, up 67%, laying a solid foundation for sustained growth in wealth management业务.

(Reporter Lin Jian, Cailian Press)