Breaking News! Full Scan of the Securities Industry in 2025: 128 Firms Achieve Profitability, Profitability Rate Reaches 85.3%, Brokerage Business Shows the Largest Growth

[Overview] CSCI Association interprets brokerages’ 2025 performance

Reporters learned from industry insiders that the CSCI Association has recently issued a report titled 《Analysis Report on the Operating Conditions of Securities Companies for 2025》 to brokerages, presenting in a panoramic view the industry-wide performance data, asset scale, and financial conditions for 2025.

By the end of 2025, the total assets, net assets, and net capital of securities companies nationwide were 14.83 trillion yuan, 3.34 trillion yuan, and 2.44 trillion yuan, respectively, increasing year over year by 14.66%, 6.53%, and 5.27%. The industry’s capital strength continued to strengthen, and overall risk control indicators were better than regulatory and early-warning standards. The industry achieved operating income and net profit of 148.3k yuan and 33.4k yuan, respectively, increasing year over year by 19.95% and 31.20%, respectively, with steady improvement in operating efficiency and quality.

**　　128 companies achieved profit, with a profit coverage rate of 85.3%**

In 2025, the securities industry achieved operating income of 24.4k yuan and net profit of 2194.39 billion yuan, increasing year over year by 19.95% and 31.20%, respectively. A total of 128 companies achieved profit, with a profit coverage rate of 85.3%. The industry’s average return on net assets (ROE) was 6.79%, up 1.29 percentage points year over year.

By the end of 2025, total assets in the securities industry were 14.83 trillion yuan, and net assets were 3.34 trillion yuan, increasing year over year by 14.66% and 6.53%, respectively, with the industry’s capital strength continuing to grow.

Net capital in the industry was 2.44 trillion yuan, up 5.27% year over 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%). All key risk-control indicators continued to meet regulatory requirements. The industry’s overall compliance and risk-control level remained stable and controllable.

**　　Proprietary trading has ranked as the No. 1 source of income for three consecutive years**

Judging from the growth rate of income, the brokerage business saw the largest increase. In 2025, the industry’s net income from brokerage business was 219.44B yuan, up 42.50% year over year, mainly benefiting from the rebound and favorable performance of A-share index trends and a significant improvement in trading activity. In 2025, major A-share indices all rose, with average daily stock trading value exceeding 1.70 trillion yuan, and the cumulative trading value first surpassed 400 trillion yuan, up more than 60% year over year.

Judging from the income structure, proprietary trading has ranked as the No. 1 source of income for three consecutive years. In 2025, the industry’s income from proprietary trading was 1853.24 billion yuan, accounting for 34.24%. Among them, the scale of stock investments increased 36.47% year over year, and the share of stock investment scale in total proprietary investment scale increased by 2.28 percentage points year over 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, forming an income pattern of “multi-source support with a balanced structure,” and the industry’s overall income structure remained stable.

Regarding the asset management business, brokerages have been continuously enhancing investment management capabilities and accelerating the shift toward active management. In terms of business scale, by the end of 2025, the total net value of assets under management entrusted by securities companies was 10.21 trillion yuan, up 5.49% year over year. Among them, collective asset management and special asset management contributed significantly to incremental growth, increasing 13.48% and 14.49%, respectively. In terms of business structure, the proportion of collective asset management business scale (33.72%) first exceeded 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 over year.

**　　Average net commission rate falls to two ten-thousandths**

In recent years, securities companies have continued to implement the “reduce fees and commissions” policy, lowering the costs for investors while deepening the level of service.

By the end of 2025, the securities industry provided custody services for 105.58 trillion yuan of assets. The industry’s average net commission rate for agency buy-and-sell securities business for the full year fell to two ten-thousandths, and the results of fee reductions and benefits passed through were prominent.

Listed securities companies actively reward investors; multiple dividends within one year have become the norm. In 2025, cash dividends and share buybacks continued for two consecutive years at over 50 billion yuan, enhancing investors’ sense of gain and helping guide investment philosophy toward long-term value investing, thereby accelerating the formation of a more coordinated market ecosystem for investment and financing.

In addition, over the past year, around digital finance, the securities industry has continued to enrich product and service offerings such as A-share market indices, ETFs, and derivatives by leveraging AI enablement, building investment advisory teams, and improving investment research capabilities, focusing on providing differentiated services to different customer groups and driving the transformation of wealth management.

Data show that by the end of 2025, there were a total of 1381 ETFs listed on domestic exchanges, with a scale of 6 trillion yuan, reaching a historic high. Tools for allocating major asset classes have become increasingly diverse. Meanwhile, the industry’s outstanding balance of financial products distributed through agency sales reached 4.69 trillion yuan, up 35.30% year over year.

Fund investment advisors have shifted from scale expansion toward “quality improvement.” Some brokerages have made breakthroughs in key core indicators such as signing scale, number of clients, and re-investment rates, with investors’ trust in investment advisory services continuing to increase. In terms of the outstanding balance of public fund sales, securities companies’ channel sales capabilities have improved significantly. Among them, the outstanding balance of equity index funds accounts for more than 50% of the whole market, helping promote high-quality development of index-based investing.

**　　Direct financing for the real economy exceeds 8 trillion yuan**

The CSCI Association stated that the securities industry has continued to improve its ability to serve technological innovation. Relying on a multi-level capital market and comprehensively using financial tools such as stocks, bonds, and mergers and acquisitions restructuring, it precisely empowers science and technology innovation enterprises, injecting strong impetus into cultivating new quality productive forces and consolidating the foundation of the real economy. In 2025, the securities industry served the real economy with direct financing exceeding 8 trillion yuan.

Data show that in 2025, the securities industry supported 116 companies to list IPOs and facilitated financing of 219.44B yuan. Among them, it supported 78 companies to land on the STAR Market, the ChiNext, and the Beijing Stock Exchange, raising 148.3k yuan. The number of IPOs and the financing amounts accounted for 67.24% and 53.80%, respectively, of the whole market, ensuring a smooth “technology–industry–capital” virtuous cycle.

In addition, securities companies have continued to optimize the layout of alternative investment business, increasing long-term capital support for growth-stage science and technology enterprises and small and medium-sized enterprises. In 2025, securities companies or their alternative investment subsidiaries co-invested in IPOs of companies such as those on the STAR Market and the Beijing Stock Exchange, totaling more than 1.2 billion yuan. Cumulatively, they co-invested in IPOs of technology enterprises totaling more than 33.4k yuan.

Since the release of the “six provisions on mergers and acquisitions” and the newly revised 《Administrative Measures for Major Asset Restructuring of Listed Companies》, the A-share M&A restructuring market has seen a clear increase in activity. In 2025, China’s listed company M&A restructuring market achieved a double improvement in both scale and number. Listed companies disclosed over 37B&A restructuring transactions in total, with more than 2000 completed restructurings, involving transaction amounts exceeding 1.7 trillion yuan. As independent financial advisors, securities companies fully leveraged their professional advantages. During the year, they assisted 82 listed companies to complete major asset restructurings, with transaction amounts exceeding 600 billion yuan.

**　　Foreign-funded brokerages’ revenue growth exceeds 30% in 2025**

In recent years, China’s capital market opening-up to the outside world has advanced in depth. The securities industry has gradually improved the cross-border financial service system and enhanced cross-border financial service capabilities, building a solid bridge for Chinese companies to “go global” and global capital to “come to China.”

By the end of 2025, 34 mainland securities companies had set up 36 overseas subsidiaries. The total assets of overseas subsidiaries were 1.94 trillion yuan, up 31.95% year over year; in 2025, they recorded operating revenue of 24.4k yuan, up 6.15% year over year. Overseas subsidiaries served 113 companies that listed in the Hong Kong market throughout the year, with financing amounts exceeding 280 billion Hong Kong dollars, and a market share of more than 90%, up significantly from 2024. This reflects that Chinese securities companies’ competitiveness and influence in international markets have continued to strengthen.

At present, the securities industry in China has formed a landscape in which foreign-funded companies and domestic companies have complementary advantages and engage in healthy competition.

By the end of 2025, the industry had 16 securities companies with foreign participation, with foreign-funded companies’ total assets of 182.28B yuan, up 5.44% year over year; in 2025, they achieved operating revenue of 17k yuan, up 32.61% year over year. Companies of different types, grounded in their own strengths, provide services such as enabling overseas sovereign wealth funds and pension funds to “invest in China,” helping optimize the structure of A-share investors and improve corporate governance of listed companies. By the end of 2025, overseas institutions and individuals held nearly 3.7 trillion yuan worth of A-share stocks; in recent years, this has maintained an upward trend, demonstrating that the attractiveness of Chinese assets has continued to increase.

（Source: China Fund News）