2025 Brokerage Firm Compensation Rankings Revealed: Who Is Giving Raises Against the Trend, and Who Is Actively Cutting Salaries

With the release of the annual reports by most of the leading securities firms in 2025, a brand-new industry compensation profile has already become clear.

After adjustments over the first two years, there are signs that average compensation across the industry has stabilized in 2025. This obviously reflects that overall industry conditions have been leveling off and that the sector is gradually moving out of the “stuck” stage.

At the same time, fluctuations in compensation among different institutions have begun to show up. This not only reflects differences in each institution’s operating situation, but it must also include reasons related to some statistical reporting conventions.

Another prominent feature of securities-firm compensation for 2025 is that there is a clear “averaging” trend in the compensation of executives at leading securities firms. The gap between compensation for top industry positions and compensation at the grassroots has further narrowed. The former reflects recent policy trends, and the latter also demonstrates the broader financial-industry trend toward greater emphasis on fairness and stability.

Average Compensation at Leading Securities Firms Stabilizes

According to Wind statistics based on annual report data of listed securities firms in the industry, in 2025 average compensation at each firm overall moved toward stability, changing the passive pattern of volatility decline seen in recent years.

Calculation basis: Average compensation =((Total amount of compensation payable to employees: ending balance - Total amount of labor dispatch compensation: ending balance) - (Total amount of compensation payable to employees: beginning balance - Total amount of labor dispatch compensation: beginning balance) + (Cash paid to employees and cash paid for employees: increase in the current period - Total amount of labor dispatch compensation: increase in the current period))/((Total number of employees at the beginning of the period + total number of employees at the end of the period)/2)

Based on the 2025 listed-securities-firm data already disclosed as of April 3, the industry’s overall average compensation has emerged from the low point of 2024. Several leading institutions have seen stable compensation levels and a modest rebound in salary levels.

As an industry leader, China Galaxy Securities’ average compensation in 2025 reached 812.8 thousand yuan, up steadily from 779.8 thousand yuan in 2024. It became the only securities firm in this survey to break above the 800 thousand yuan mark, continuing to hold the “No. 1” position.

The companies immediately following it include Guolian Minsheng, CICC, Guotai Huarong, GF Securities, Shenwan Hongyuan, Huatai Securities, AVIC Capital (Securities), Zhongtai Securities, China Securities Jian Tou, and so on.

Among them, Guolian Minsheng is particularly impressive: its average compensation surged from 812.8k yuan in 2024 to 779.8k yuan in 2025. The year-over-year growth rate of the ending balance of compensation payable to employees was 418.93%, the year-over-year growth rate of cash paid to employees and cash paid for employees was 114.90%, and the total number of employees in service increased by more than 68.61%.

However, the latter’s figures are clearly affected by the calculation conventions brought about by the merger, since it merged with Minsheng Securities. In the future, it may be more necessary to observe the impact under longer-term reporting conventions.

By contrast, institutions such as Shenwan Hongyuan and Huatai Securities kept average compensation at around the mid-to-high 600 thousand yuan range—slightly down or roughly flat compared with the first two years.

Executive Compensation Overall “Shrinks”

In sharp contrast to the rebound in average compensation is that the total executive compensation at leading securities firms continued to contract or remain flat in 2025. Encouraged by policy, each institution’s tendency toward “fairness” in compensation has become relatively evident.

Taking the aforementioned leading firm China Galaxy Securities as an example, the total annual executive compensation reached as high as 94.63 million yuan in 2023, fell sharply to 28.75 million yuan in 2024, and then was further reduced to 25.98 million yuan in 2025.

China Securities Jian Tou also shows a similar trajectory, dropping from 47.01 million yuan in 2023 down to 16.11 million yuan in 2025. Huatai Securities fell from 40.07 million yuan in 2023 down to 14.88 million yuan in 2025.

Against the background of declining totals, the absolute compensation for the Chairman and General Manager levels has gradually stabilized on a new benchmark line.

For example, the Chairman compensation at China Galaxy Securities in both 2024 and 2025 remained around 2.3 million yuan; the Chairman compensation at CICC Company also stayed around 1.43 million yuan. Both are very different from the “working emperor” image that industry circles are fond of discussing in past years.

Compensation Center Shifts Up and Down Among Senior Management at Different Firms

Of course, the compensation “center of gravity” for management varies across institutions. This may also relate to differences in policies, regions, and shareholders among the various companies.

For example, among the top ten institutions, the executives’ overall pay at Zhongtai Securities is relatively flat (in the chart below). The Chairman and General Manager stand at the compensation cap, roughly 786.1 thousand yuan per year in pre-tax compensation. The salaries of several chief and deputy general managers are around the 770 thousand yuan mark. The finance director is 405.8 thousand yuan, Deputy General Manager and Board Secretary Zhang Hao is 598.2 thousand yuan, and the departing Board Secretary Zhang Hui (female) also had compensation of 453.2 thousand yuan for half a year.

Overall, because the compensation center of gravity disclosed for senior management at Zhongtai Securities—a regional-level securities firm—is relatively low, the gap in distribution is drawn quite wide. The external world does not find the distribution pattern very easy to understand.

Guolian Minsheng represents another type of mid-sized securities firm: it has a strong market-oriented character, is led by professional managers in running the business, and its compensation mechanism is also distinctive (in the chart below).

Based on what was disclosed in the 2025 annual report, the newly appointed Chairman Gu Wei took office in mid-year and did not receive compensation from the company. The President and Executive Director Ge Xiaobo had annual income of 800k yuan; among the executive layer this is at a relatively high level, but he is not the highest. The highest is Deputy General Manager Xu Chun, who concurrently serves as the head of the Guolian Minsheng Research Institute, with pre-tax income of 424.9k yuan.

In addition, most of the incomes of several vice-presidents-level executives at Guolian Minsheng are around 783.3k yuan; some newly appointed executives may have income around the 786.1k yuan range, possibly because they have been in the role for less than a full year.

As an old state-owned securities firm and a securities firm under a major central enterprise, China Merchants Securities’ compensation levels are also drawing attention. The 2025 annual report shows that the firm’s securities-firm compensation is quite similar to the market-oriented Guolian Minsheng (in the chart below).

Chairman Huo Da’s annual salary reached 770k yuan. In addition, the pay for Deputy General Manager (finance负责人), and Board Secretary Liu Jie, was 405.8k yuan. Deputy General Manager Liu Rui’s compensation was 598.2k yuan, and Deputy General Manager Liu Bo’s compensation was 453.2k yuan. Their compensation as vice-presidents falls in the second group.

The company’s President Zhu Jiangtao’s compensation was 2.03M yuan. The compensation for Deputy General Manager, Compliance Director, and Chief Risk Officer Zhang Xing was 2.42M yuan. Deputy General Manager Wang Zhijian’s compensation was 1.64M yuan. The above three people were all appointed during the year, so the total compensation may not fully reflect the entire situation.

With relatively strong operating performance and a higher market-oriented level, GF Securities’ total management compensation in 2025 is overall at a relatively favorable level (in the chart below).

Specifically, Chairman Lin Chuanhui’s pre-tax remuneration received from the company was 1.2M yuan, and General Manager Qin Li was 2.28M yuan. Executive Director and Deputy General Manager Xiao Xuesheng was 1.71M yuan, and Deputy General Manager Hu Jinquan was 1.82M yuan. Other executives such as Ouyang Xi, Zhang Wei, Yi Yangfang, and so on are also at similar levels. Overall, GF Securities’ senior management compensation levels are relatively close, with no major differences.

Of course, the above are the compensation amounts disclosed externally by each company. There may be various differences in the reporting conventions among them. But it is not difficult to see that the biggest feature of securities-firm compensation in 2025 is “average compensation stays stable, executives’ pay declines, and the industry as a whole says goodbye to high-pay compensation benefits.” Based on data already released, the compensation system of the securities-firm industry is moving away from the past “high-pay” model, and instead places greater emphasis on fairness and long-term orientation. What impact this will have on the industry is still something to be observed.

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