The latest stockbroker sub-account commission list is released with the top ten rankings changing significantly. Huayuan's commission increased 21 times, continuing the "dark horse" story.

Brokers' warehouse commission continues to decline. The half-year report for mutual funds in the first half of 2025 has been released, revealing the brokers' warehouse commission income. The new rule for reducing commission for public funds implemented since July 2024 is still affecting the growth data of this year's half-year report, with a continued downward trend being the mainstream. According to Wind data, the brokers' warehouse commission income in the first half of 2025 was 4.458 billion yuan, with a median year-on-year decline of -25% in the industry. Looking at the top ten rankings, there have been significant changes in positions, with CITIC SEC ranking first with a warehouse commission income of 345 million yuan, a 30% year-on-year decline; Guotai Haitong, after completing the merger, ranked second in the industry with a total commission income of 282 million yuan, advancing 6 places from the beginning of the year; GF SEC and Changjiang moved down one place each, with total commission incomes of 249 million yuan and 230 million yuan respectively, ranking third and fourth; Huatai moved up one place to fifth place with 222 million yuan. Starting from the sixth position, total commissions entered into the billions, with Guolian Minsheng, Zheshang, China Securities Co., Ltd., Industrial, and Shenwan Hongyuan Group ranking sixth to tenth, among which, China Securities Co., Ltd. dropped 4 seats in the ranking, while Zheshang moved up 3 places to 7th place; Shenwan Hongyuan Group also moved up 3 places to enter the top ten. Shenwan Hongyuan Group stated that with persistent focus on research strength and professional comprehensive services, the brokers' warehouse commission data for public funds in the first half of the year has significantly rebounded against the trend, with a market share of 4%, an increase of 0.93 percentage points year-on-year. Top brokers' advantage in warehouse commissions remains stable, but there are noticeable changes in rankings Looking back at the first half of this year, the A-share market experienced a volatile trend of rise and fall, while the bond market remained active against the backdrop of relatively loose liquidity. The mutual fund industry size continued to grow steadily, and the structure of institutional investors further diversified. In such a market environment, brokers' warehouse commission, as an important manifestation of research service value, directly reflects the comprehensive service capabilities and market competitiveness of each broker. Under the background of the new rules for reducing commissions for public funds, reshaping the trading commission mechanism, the competitive landscape and business layout of sell-side research have been profoundly affected, and the decline in brokers' warehouse commission income is the most direct impact. Overall, the market continues to maintain a high degree of concentration, with the top ten brokers collectively occupying 47.15% of the market share. CITIC SEC continues to maintain its industry-leading position with a commission income of 345 million yuan and a market share of 7.75%. Guotai Haitong ranked second with a commission income of 282 million yuan, showing significant advantages in the bond and repurchase trading fields, with a bond trading amount of 181.151 billion yuan and a market share of 8.91%; the repurchase trading amount exceeded 1 trillion yuan, with a market share as high as 15.80%. This business structure characteristic allows Guotai Haitong to earn more commission income during active periods in the fixed income market. GF SEC ranked third with a commission income of 249 million yuan, maintaining strong competitiveness in stock trading and research services. In addition, Guotai Haitong and GF SEC ranked second and third with commission incomes of 282 million yuan and 249 million yuan, respectively, making these three top brokers collectively forming the industry's top tier. However, even the top-ranked CITIC SEC, saw a year-on-year decline in the first half of this year, with a decrease of 33.78%; Guotai Haitong also saw a significant decline, reducing by 40%, while GF SEC, Changjiang, Guolian Minsheng, and other brokers saw declines of over 30%. Among the top ten brokers, Zheshang and Shenwan Hongyuan Group saw relatively smaller declines in warehouse commission income. In the first half of the year, Zheshang's warehouse commission income was 165 million yuan, and Shenwan Hongyuan Group's was 152 million yuan, with year-on-year declines of 6.07% and 9.42%, respectively, both in single digits, demonstrating strong risk resistance capabilities. Zheshang has established certain differentiated advantages through focusing on regional markets and specialized industry research. Regarding Shenwan Hongyuan Group, they stated that in the face of many opportunities and challenges such as the reduction of public funds' commissions, industry consolidation, and AI empowerment, the company's research actively leverages the advantages of China Investment Corporation, Central Huijin Investment Ltd., and Shenwan Hongyuan Group Securities' shareholders, enriching the breadth and depth of research, and striving to return research to its essence. Firstly, by coordinating the overall resources of the brokerage through the Institutional Business Committee, actively cooperating with institutional business lines to provide customers with comprehensive financial services combining research and business, promoting the cross-business transformation of research value, and accurately serving customer investment decisions; Secondly, continuously building and improving the industry's unique integrated system of "investment research + industrial research + policy research," realizing a closed loop from policy interpretation to industrial implementation to investment strategy, especially showing stronger synergies in serving national strategies such as technological innovation and carbon neutrality, empowering the real economy through multidimensional research and practice. Furthermore, Shenwan Hongyuan Group places importance on the full-process cadre training mechanism for research, continuously adding several leading figures who "understand research," including executives such as Zhou Haicheng, Chairman of Shenwan Hongyuan Group Securities, Wang Sheng, General Manager, Zhao Wei, Chief Economist, Liu Yang, Deputy General Manager, and Tu Yiting, through a combination of internal cultivation and external empowerment, forming a unique talent ecosystem for Shenwan Hongyuan Group's research, ensuring the continuity of research style and maintaining innovation vitality through the injection of young talent. Most brokers saw a decline in warehouse commission income Brokers' warehouse commission continued to be under pressure in the first half of the year, with 30 out of the top 40 brokers in terms of warehouse commission income seeing a year-on-year decline of over 30%, with only 5 showing an increase. Among them, the most severely affected was Debon Securities, with a warehouse commission income of 12.98 million yuan in the first half of the year, a year-on-year decline of 78.82%. Shanxi, Zhongyin International, Guotou Securities, Cinda Securities, China Great Wall Securities, and other brokers saw declines of over 60% in warehouse commission income in the first half of the year. Furthermore, in terms of business structure, different brokers demonstrated differentiated advantages in various sub-fields. CITIC SEC continued to maintain a leading position in stock and fund trading, with market shares of 8.09% and 12.19% respectively; Guotai Haitong showed outstanding performance in the bond and repurchase trading fields, with the repurchase trading amount exceeding 1 trillion yuan; Founder performed well in the fund trading field, with a market share of 8.37%, ranking third in this sub-field, only behind CITIC SEC and Guotai Haitong. Dark horse brokers emerging, differentiated strategies showing effectiveness Indeed, there are still many brokers intensifying the layout of their research systems, and the market is not lacking in dark horse brokers whose warehouse commission income has rebounded. Huayuan Securities, after a 15-fold increase in warehouse commission income entering the top 60 in the industry at the end of 2024, achieved a further 21-fold increase in the first half of this year, jumping into the top 30, now ranking 28th. The commission income soared from a low base to 47.8528 million yuan, with a market share rising to 1.07%. Previously, Huayuan Securities had stated its continuous investment in talent reserves, expanding its research team from 4 to 44 people in 2024, with multiple well-known analysts joining, achieving overtaking in the curve through focusing on segmented areas and creating unique IP. Public information shows that since 2024, Huayuan Securities has poached analysts from peers such as Guosheng Securities, Huachuang Securities, Founder, and others, building a research team that covers multiple tracks. For example, Zhao Hao, former Chief Analyst of the North Exchange Research Center of Kaiyuan Securities, Lei Yi, former Chief Analyst of the Agricultural Team of Huachuang Securities, and Zhang Minglei, former Chief Analyst of the Metal New Materials of Founder. In addition, Huafu Securities and CITIC SEC South China also achieved high growth rates of 308.07% and 369.98% respectively. Among the top 50 brokers in warehouse commissions, Morgan Stanley Securities (China) and Nomura Orient also saw positive growth, with increases of 26.62% and 3.59% respectively. In the industry's view, although the new rules for reducing commissions for public funds may not be favorable for brokers' warehouse commission income in the short term, it further promotes the return of investment research to the essence of value, and research services can only truly realize value transformation by directly meeting the investment decision needs of clients. Article source: Cai Lianshe (Finance Link); Author: Yan Jun; GMTEight editor: Chen Xiaoyi.