Reordering of the top ten seats in the securities industry

With Guosen Securities releasing their 2025 report card on the evening of April 17, the final standings of the top ten securities firms in the industry have been determined. Compared to 2024, the top ten list still consists of familiar names, but there has been a change in rankings: CITIC Securities and Guotai Junan Securities have formed a "duo superpower" camp, with their combined revenue and net profit accounting for nearly 40% of the total among the top ten; GF Securities' net profit has risen to fourth place, while CMB Securities has dropped to sixth place. In terms of performance drivers, proprietary trading and brokerage businesses constitute a dual growth engine, with the top ten securities firms seeing a 33% year-on-year increase in proprietary trading income and a 48% year-on-year increase in brokerage fee income. Cross-border business is also emerging as the third core growth driver. Looking ahead, internationalization and technological empowerment have become the key competition tracks for leading securities firms. With the guidance of the "building a first-class investment bank" policy, industry concentration is expected to further increase.