The fund distribution commission ranking is out: leading brokerages reshuffle, small and medium-sized brokerages break through

In 2025, against the backdrop of deepening public fund fee rate reforms and a recovery in market trading, the commission structure for brokerage firms has undergone a new round of intense reshuffling. According to Wind data, the total commission revenue from the securities industry in 2025 was 11.014 billion yuan, remaining basically flat compared to 2024, thus ending the previous trend of continuous decline. However, under the stable total volume, leading brokerage firms have re-ranked due to mergers, reorganizations, and strategic adjustments, while a number of small and medium-sized brokerages are becoming the market focus with astonishing growth rates through differentiated strategies. Industry insiders believe that in the context of declining commission rates, investment research is increasingly returning to its value origins, which also raises higher demands for the comprehensive service capabilities of brokerages. Leading brokerages are expected to strengthen their market voice through research branding, while small and medium-sized brokerages are likely to achieve differentiated development through their research expertise. (China Securities Journal)