<p>On January 27, the Shanghai Securities Association disclosed the operational overview of securities brokerage business in the Shanghai area for 2025.</p>
<p>The report detailed data on the number of branches, A-share trading volume, client assets, account scale, margin financing and securities lending business, revenue levels, and commission rates, showcasing the strong performance of the Shanghai securities market in terms of trading volume and account expansion.</p>
<p>Zhitongcaijing noted that the commission rate continues to show a downward trend, reflecting further evolution in industry competition and market structure.</p>
<h2>Branch Scale: 842 Operating in Shanghai</h2>
<p>As of the end of 2025, there were a total of 842 branches engaged in securities brokerage business in the Shanghai area, including 108 branch offices and 734 business departments. In terms of detailed categories, there were 54 Class A business departments, 240 Class B, and 440 Class C. This change in institutional structure reflects the fierce market competition and the diversification of client demands.</p>
<h2>A-share Trading Volume: 12.819 Trillion Yuan for the Year</h2>
<p>In terms of market trading, the trading volume of A-shares by securities branches in the Shanghai area reached 12.819 trillion yuan, a significant year-on-year increase of 80.4%. Among them, the branch with the highest trading volume had a transaction amount of 11.21 trillion yuan, with 19 branches in the Shanghai area exceeding 1 trillion yuan in trading volume.</p>
<p>Compared to the national A-share market's total transaction volume of 41.38 trillion yuan, the trading volume in the Shanghai area accounted for 30.98%, an increase of 3.05 percentage points year-on-year, further solidifying Shanghai's position as an important hub in the national securities market.</p>
<h2>Client Assets: Year-End Scale of 15.05 Trillion Yuan</h2>
<p>By the end of 2025, the total client assets of branches in the Shanghai area amounted to 15.05 trillion yuan, a year-on-year increase of 24.2%. Among them, the branch with the largest client asset scale reached 1.4 trillion yuan, accounting for 9.3% of the total assets in the Shanghai area.</p>
<p>This growth is attributed not only to the expansion of trading volume but also reflects the institutions' ongoing efforts in wealth management and asset allocation.</p>
<h2>Fund Accounts: Stock and New Accounts Grow in Sync</h2>
<p>In terms of accounts, by 2025, the total number of client fund accounts in branches in the Shanghai area reached 39.35 million, a year-on-year increase of 9%. Among them, the branch with the highest number of stock accounts had 4.01 million accounts, accounting for 10.2%. In terms of new fund accounts, the total number of new accounts added during the year was 4.78 million, a year-on-year increase of 9.4%, with the branch having the highest number of new accounts reaching 1.3 million.</p>
<p>This indicates that client participation and market confidence continue to strengthen, with securities investment gradually attracting more individual investors.</p>
<h2>Margin Financing and Securities Lending: Both Balance and Account Numbers Increase</h2>
<p>In terms of margin financing and securities lending business, the number of accounts in branches in the Shanghai area reached 732,000, a year-on-year increase of 7.3%. The balance of margin financing and securities lending also saw significant growth, reaching 332.3 billion yuan, a year-on-year increase of 49.8%. In terms of the average daily balance of margin financing and securities lending, branches in the Shanghai area reached 254.9 billion yuan, a year-on-year increase of 34.5%.</p>
<p>This reflects an increase in the use of market leverage and indicates that investors' activity and risk tolerance in the market have improved</p>
<h2>Revenue Structure: Most Branches Reach Tens of Millions</h2>
<p>In 2025, the total operating revenue of branches in the Shanghai region was 36.484 billion yuan, a year-on-year increase of 45.4%. Among them, there were 563 branches with operating revenue exceeding 10 million yuan, accounting for 65%. However, there were 47 branches with operating revenue below 1 million yuan, accounting for 5%.</p>
<p>This data reveals the trend of revenue differentiation in the Shanghai securities market, with leading institutions further strengthening their market share and profitability.</p>
<h2>Commission Levels: Overall Downward Trend Continues</h2>
<p>In terms of commissions, the average commission rate for A-shares in the Shanghai region was 0.192‰, a year-on-year decrease of 13.9%. Excluding high-frequency quantitative business, the average commission rate was 0.206‰. Specifically, the average commission rate for local branches was 0.249‰, while for branches in other regions it was 0.173‰, reflecting the differences in market competition between different regions and providing investors with more flexible choices.</p>
<p>Overall, in 2025, the securities brokerage business in the Shanghai region showed strong growth momentum across multiple dimensions, with increases in trading volume and customer accounts indicating a gradual recovery in market activity. However, the downward trend in commission rates also reflects intensified market competition, and how to maintain profitability amid fierce competition will be a key focus for the industry</p>

<p>The report provides a detailed presentation of data such as the number of branches, A-share trading volume, client assets, account size, margin financing and securities lending business, revenue levels, and commission rates, showcasing the strong performance of the Shanghai securities market in terms of trading volume and account expansion</p>

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Surge in volume! The trading volume of brokerages in A-shares has increased significantly year-on-year, with Shanghai brokerages accounting for a total market share of 30%