Fixed income foundation, equity breakout. In the first half of the year, the revenue of nearly 20 listed securities firms' asset management business is growing.

With the disclosure of the 2025 semi-annual report, the "report card" of A-share listed securities firms' asset management business is now available. According to Choice data statistics, nearly 20 A-share listed securities firms achieved year-on-year growth in revenue from their asset management business in the first half of the year, showing a situation where the strong get stronger. Analyzing specific investment strategies, securities firms' asset management business is seeking to walk on "two legs" of fixed income and equity, actively expanding into the equity market while continuing to strengthen their efforts in fixed income products. Looking forward, improving active management and diversifying investment capabilities are key to business breakthroughs. Securities firms' asset management will continue to promote the transformation towards public offering, and constantly enhance their own research and investment capabilities.