Listed securities firms' brokerage income grew by over 50% in the first half of the year, highlighting the industry's "Matthew Effect."

Benefiting from a significant rebound in market trading activity, the wealth management business of securities firms has shown a positive development trend. In the first half of 2025, the total revenue from securities brokerage business of 42 A-share listed securities firms reached 74.545 billion yuan, a substantial year-on-year increase of 50.69%. Compared to the same period last year, all securities firms achieved positive growth in this business, injecting strong momentum into performance improvement. An analysis by Shanghai Securities Journal found that the wealth management business of securities firms in the first half of the year exhibited four major characteristics: first, the "Matthew Effect" intensified, with a clear head effect; second, the revenue structure remained dominated by traditional trading business, with revenue from selling financial products growing by over 30%; third, market attractiveness increased, with new account openings and client asset scale soaring; fourth, the transformation of buy-side investment advisory deepened, with new business formats gradually emerging