On April 7th, reporters from The Paper learned that the China Securities Association (hereinafter referred to as &#34;CSRC&#34;) recently analyzed the operating conditions of securities companies for the year 2025.
The &#34;Analysis of Securities Companies' Operating Conditions for 2025&#34; (hereinafter referred to as &#34;the Analysis&#34;) issued by the CSRC pointed out that in 2025, 128 companies achieved profitability, with a profit margin of 85.3%. Among them, in terms of revenue growth rate, the brokerage business had the largest increase. The data from the Analysis shows that in 2025, major A-share indices all achieved growth, with the average daily stock trading volume exceeding 17 trillion yuan, and the total transaction volume exceeding 400 trillion yuan for the first time, a year-on-year increase of over 60%.
In terms of revenue structure, proprietary trading has remained the largest source of income for three consecutive years. Among them, the scale of stock investments grew by 36.47% year-on-year, and the proportion of stock investments in the total scale of proprietary investments increased by 2.28 percentage points year-on-year.
At the same time, the Analysis pointed out that in recent years, securities companies have continuously implemented the &#34;fee reduction and commission lowering&#34; policy. By the end of 2025, the securities industry provided custody services for assets totaling 105.58 trillion yuan, and the average net commission rate for agency securities trading business dropped to 0.02%.
Data from the Analysis shows that by the end of 2025, the total assets, net assets, and net capital of national securities companies were 14.83 trillion yuan, 3.34 trillion yuan, and 2.44 trillion yuan, respectively, representing year-on-year growth of 14.66%, 6.53%, and 5.27%. The entire industry achieved operating revenue and net profit of 541.171 billion yuan and 219.439 billion yuan, respectively, with year-on-year growth of 19.95% and 31.20%.
Industry average ROE increased by 1.29 percentage points
In terms of main responsibilities, the Analysis shows that as of the end of 2025, the total assets of the securities industry were 14.83 trillion yuan, and net assets were 3.34 trillion yuan, representing year-on-year growth of 14.66% and 6.53%, respectively.
In terms of various sub-indicators, the industry's net capital was 2.44 trillion yuan, a year-on-year increase of 5.27%; the 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%).
In terms of operational quality and efficiency, in 2025, the securities industry achieved operating revenue of 541.171 billion yuan and net profit of 219.439 billion yuan, with year-on-year growth of 19.95% and 31.20%, respectively. 128 companies achieved profitability, with a profit margin of 85.3%, and the industry's average return on equity (ROE) was 6.79%, an increase of 1.29 percentage points year-on-year.
Among them, in terms of revenue growth rate, the brokerage business had the largest increase. In 2025, the net income from the brokerage business for the entire industry was 182.284 billion yuan, a year-on-year increase of 42.50%
It is worth mentioning that the &#34;Analysis&#34; points out that in 2025, major A-share indices will all achieve growth, with an average daily stock trading volume exceeding 1.70 trillion yuan, and the cumulative trading volume will first break through 400 trillion yuan, a year-on-year increase of over 60%.
From the revenue structure, proprietary trading has been the largest source of income for three consecutive years. In 2025, the proprietary trading income of the entire industry will be 185.324 billion yuan, accounting for 34.24%, among which, the scale of stock investment will increase by 36.47% year-on-year, and the proportion of stock investment in the total scale of proprietary investment will increase by 2.28 percentage points year-on-year.
Brokerage business, net interest income, investment banking business, and asset management business contributed 33.68%, 11.95%, 7.38%, and 4.41% to operating income, respectively.
The average net commission rate for agency securities trading has decreased to 0.02%.
The &#34;Analysis&#34; indicates that in recent years, securities companies have continuously implemented the &#34;fee reduction and commission cut&#34; policy, reducing the participation costs for investors while enhancing service depth. By the end of 2025, the securities industry will provide custody services for assets totaling 105.58 trillion yuan, with the average net commission rate for agency securities trading decreasing to 0.02%.
In terms of product supply, the &#34;Analysis&#34; states that by the end of 2025, there will be a total of 1,381 ETFs listed on domestic exchanges, with a scale reaching 6 trillion yuan, setting a historical high; the total scale of financial products sold by the entire industry will be 4.69 trillion yuan, a year-on-year increase of 35.30%.
From the business scale perspective, by the end of 2025, the total net value of entrusted assets under the asset management of securities companies will be 10.21 trillion yuan, a year-on-year increase of 5.49%. Among them, collective asset management and specialized asset management contributed significantly to the increase, growing by 13.48% and 14.49%, respectively.
From the business structure perspective, the scale proportion of collective asset management business (33.72%) has for the first time exceeded the scale proportion of single asset management business (32.84%). In terms of product investment types, the scale of non-fixed income asset management is approximately 3.60 trillion yuan, a year-on-year increase of 16%.
Foreign institutions and individuals hold nearly 3.7 trillion yuan in domestic stocks.
In terms of connectivity, the &#34;Analysis&#34; shows that to support Chinese enterprises in &#34;going global,&#34; by the end of 2025, 34 mainland securities companies have established 36 overseas subsidiaries. The total assets of overseas subsidiaries are 1.94 trillion Hong Kong dollars, a year-on-year increase of 31.95%; in 2025, they achieved operating income of 45.233 billion Hong Kong dollars, a year-on-year increase of 6.15%.
Overseas subsidiaries served a total of 113 enterprises entering the Hong Kong market throughout the year, with financing amounts exceeding 280 billion Hong Kong dollars, capturing over 90% market share. Securities companies facilitated client trading amounts for Hong Kong Stock Connect of 28.70 trillion Hong Kong dollars, while Hong Kong subsidiaries and other services facilitated trading amounts for Shanghai and Shenzhen Stock Connect of 50.33 trillion yuan.
In terms of attracting global capital, by the end of 2025, there will be a total of 16 foreign-funded controlling securities companies in the industry, with total assets of foreign-funded companies reaching 53.469 billion yuan, a year-on-year increase of 5.44%
By 2025, operating revenue is expected to reach 10.579 billion yuan, a year-on-year increase of 32.61%.
The analysis points out that by the end of 2025, foreign institutions and individuals will hold nearly 3.7 trillion yuan in domestic stocks, maintaining a growth trend in recent years, highlighting the continuous increase in the attractiveness of Chinese assets

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In 2025, analysis by the China Securities Association showed that 85.3% of the 128 securities companies achieved profitability, with the main income coming from brokerage business. Major A-share indices rose, with daily trading volume exceeding 17 trillion yuan and cumulative transaction volume surpassing 400 trillion yuan. Proprietary trading has been the largest source of income for three consecutive years, with stock investment scale growing by 36.47%. The total assets of the industry reached 14.83 trillion yuan, operating income was 541.171 billion yuan, and net profit was 219.439 billion yuan, representing growth of 19.95% and 31.20%, respectively

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Over 80% of brokerage firms made a profit last year: Brokerage business saw the largest growth, while proprietary trading has ranked first in revenue for three consecutive years