Over 80% of brokerages profit throughout the year, with proprietary trading revenue leading for three consecutive years

Shanghai Securities News China Securities Network News (Liu Yuxi Reporter Xu Wei)
The reporter learned that the China Securities Association recently issued the “Analysis of Securities Companies’ 2025 Business Performance.”
The document shows that in 2025, the securities industry achieved operating income of 541.17B yuan, a year-on-year increase of 19.95%;
net profit of 219.44B yuan, a year-on-year increase of 31.2%;
the industry’s average return on net assets (ROE) increased to 6.79%, up 1.29 percentage points year-on-year.
All 128 companies in the industry turned a profit, with a profitability rate of 85.3%.

As of the end of 2025, the total assets, net assets, and net capital of the securities industry reached 14.83 trillion yuan, 3.34 trillion yuan, and 2.44 trillion yuan respectively,
growing by 14.66%, 6.53%, and 5.27% year-on-year, with capital strength continuously strengthening, and overall risk control indicators better than regulatory and warning standards.

Brokerage business grows the fastest, proprietary income remains the top contributor

In 2025, benefiting from the comprehensive rise of major A-share indices and active market trading, the performance of the securities industry significantly rebounded.
The average daily trading volume of A-shares exceeded 1.7 trillion yuan, with total trading volume surpassing 400 trillion yuan for the first time, a year-on-year increase of over 60%.
Against this backdrop, the net income from brokerage business in the industry reached 148.3k yuan, a year-on-year increase of 42.5%, making it the fastest-growing business segment.

From the income structure perspective, proprietary trading has maintained its position as the industry’s largest source of income for the third consecutive year.
Data shows that in 2025, the industry’s proprietary trading income reached 33.4k yuan, accounting for 34.24% of operating income.
Among them, stock investment scale increased by 36.47% year-on-year, and its proportion of total proprietary investment increased by 2.28 percentage points.

Brokerage, net interest income, investment banking, and asset management contributed 33.68%, 11.95%, 7.38%, and 4.41% of operating income respectively, forming a “diversified support, balanced structure” income pattern, with the overall income structure remaining stable.

Swap convenience operations reach hundreds of billions, industry fee reduction and profit sharing show results

In wealth management, securities firms actively carry out swap convenience operations and increase counter-cyclical deployment.
By the end of 2025, the total amount of swap convenience operations reached 105 billion yuan, bringing incremental funds to A-shares and enhancing the intrinsic stability of the capital market.
Meanwhile, the industry continued to implement the “fee reduction and commission cut” policy, with the average net commission rate for agency securities trading falling to 0.02%, highlighting the effectiveness of fee reduction and profit sharing.

In building a diversified financial product matrix, securities firms leverage AI empowerment, build advisory teams, and enhance research capabilities to continuously enrich product services.
By the end of 2025, there were 1,381 ETFs listed on domestic exchanges, with a scale of 6 trillion yuan, a record high; the total scale of distributed financial products reached 4.69 trillion yuan, a year-on-year increase of 35.30%.
In the public fund sales and holdings market, the proportion of stock index funds held through securities channels exceeded 50%, with strong momentum in index investment development.

The asset management business structure continues to optimize.
By the end of 2025, the total entrusted assets under securities firms’ asset management reached 10.21 trillion yuan, a year-on-year increase of 5.49%.
Among them, the scale of collective and specialized asset management grew by 13.48% and 14.49% respectively, with collective asset management accounting for 33.72%, surpassing the 32.84% share of single-asset management for the first time.
In terms of product investment directions, non-fixed income asset management reached approximately 3.60 trillion yuan, a 16% increase.

Additionally, pension financial deployment accelerates.
By the end of 2025, 25 securities firms had obtained approval to sell personal pension funds, and 11 securities firms’ asset management products were included in the personal pension fund catalog.

Equity and debt financing both emphasized, service quality for the real economy improves

In 2025, the securities industry continuously used financial tools such as stocks, bonds, and mergers and acquisitions to enhance its ability to serve technological innovation.
Total direct financing to the real economy exceeded 8 trillion yuan, serving 116 companies’ IPOs, with a total financing of 24.4k yuan, including 78 companies on the STAR Market, ChiNext, and Beijing Stock Exchange, raising 17k yuan, accounting for 67.24% and 53.80% of the market respectively.
Securities firms or their alternative subsidiaries invested over 1.2 billion yuan in IPOs on the STAR Market and Beijing Stock Exchange, with cumulative investments exceeding 37 billion yuan in tech innovation companies’ IPOs.

In the bond market, securities firms underwrote 998 tech innovation bonds totaling 1.02 trillion yuan, a 66.52% increase.
They also issued 79 bonds as the main issuer, raising 4M yuan, supporting tech innovation companies through issuance, investment, and market-making.
In mergers and acquisitions, securities firms served as independent advisors for 82 listed companies completing major asset reorganizations, with transaction amounts exceeding 600 billion yuan, aiding industry chain integration and transformation.

In green finance, securities firms underwrote 218 green bonds totaling 17.5717 billion yuan; 38 low-carbon transition bonds totaling 182.28B yuan.
Eighteen securities firms were approved to participate in carbon emission rights trading, actively developing carbon finance businesses.
In inclusive finance, the industry underwrote 67 bonds supporting small and micro enterprises, totaling 185.32B yuan; 535 corporate bonds for private enterprises, totaling 60k yuan.
Pioneering issuance of pension-themed corporate bonds, with 2 issued and raising 2 billion yuan, focusing on supporting pension facilities and health industries.

In supporting Chinese companies to “go global,” by the end of 2025, 34 mainland securities firms had established 36 overseas subsidiaries, with total assets of 1.94 trillion yuan, a 31.95% increase.
Revenue reached 46.9k yuan, up 6.15%.
The industry served 113 companies listing in Hong Kong, raising over 280 billion HKD, with a market share exceeding 90%, significantly higher than in 2024.
Securities firms facilitated client trading of Hong Kong stocks through Stock Connect worth 28.70 trillion HKD, and their Hong Kong subsidiaries served Shanghai and Shenzhen Stock Connect transactions worth 50.33 trillion RMB.

In attracting global capital, China’s securities industry leverages its advantages to serve overseas sovereign funds, pension funds, and other long-term investors investing in China, helping optimize the A-share investor structure and improve corporate governance.
By the end of 2025, foreign institutions and individuals held nearly 3.7 trillion yuan in domestic stocks, with continued growth in recent years, demonstrating China’s asset attractiveness is steadily increasing.