Securities firms announce the ranking of commission income from separate accounts in the first half of the year. Top institutions maintain stable market share but face overall pressure.

With the disclosure of the mid-year reports of securities firms and regular reports of funds, the ranking of securities firms' commission income for the first half of 2025 is also released. According to Wind data, CITIC Securities, Guotai Junan Securities, GF Securities, Changjiang Securities, and Huatai Securities are among the top five in commission income, but all of them have experienced varying degrees of decline compared to the same period last year. The total commission income of these five securities firms is 1.309 billion yuan, accounting for nearly 30% of the market share. Overall, the industry's commission income has decreased by more than 30% compared to the same period last year. With the full implementation of the new regulations on trading commissions for public funds, securities firms' commission income is under pressure, intensifying industry competition. Recent mid-year reports show that some securities firms are responding to challenges by strengthening research capabilities, accelerating international layout, and deepening industrial think tank construction, while some distinctive securities firms are achieving counter-trend growth in commission income through collaborative empowerment models. At the same time, different securities firms are presenting various development strategies in their research business.