"Report Card" is here! Leading brokerages continue to lead the pack, with AI empowerment becoming a trending buzzword

[Introduction] Listed Securities Firms’ 2025 Annual Reports Released, Top Firms Continue to Lead, AI Empowerment Becomes a Buzzword

China Fund Reporter Sun Yue

Listed securities firms are releasing their annual reports in succession. According to Choice data, as of March 28, 14 A-share listed securities firms have presented their 2025 “report cards.” Benefiting from active trading in the capital market, the net profits of the disclosed listed securities firms have all achieved year-on-year growth, with proprietary trading and wealth management businesses becoming core growth engines.

Additionally, the reporter noted that “Artificial Intelligence” and “AI” have become high-frequency keywords in the securities firms’ annual reports, with large model technologies comprehensively empowering various business lines and operational management, and the digital transformation deeply taking root.

Top Securities Firms Remain at the Forefront

The performance growth of small and medium-sized securities firms is impressive

In terms of performance ranking, top securities firms continue to lead due to their capital strength and comprehensive service capabilities. CITIC Securities ranked first in the industry with operating revenue of 74.854 billion yuan and a net profit attributable to shareholders of 30.076 billion yuan, with year-on-year growth rates of 28.79% and 38.58%, respectively; Guotai Junan Securities, benefiting from the effects of mergers and acquisitions, saw its revenue and net profit increase year-on-year by 87.40% and 113.52%, respectively, with total assets exceeding 2.1 trillion yuan, ranking first in the industry.

China Merchants Securities, Shenwan Hongyuan, and CITIC Construction Investment Securities closely follow, with net profits attributable to shareholders exceeding 9 billion yuan, and year-on-year growth rates all above 18%, further highlighting the scale advantages and risk resistance capabilities of top securities firms.

Small and medium-sized securities firms have shown strong growth resilience. Guolian Minsheng Securities reported year-on-year increases in operating revenue and net profit attributable to shareholders of 185.99% and 405.49%, respectively; Zhongyuan Securities and Guohai Securities also achieved net profit growth rates of 85.42% and 79.57%, respectively; Hongta Securities’ net profit attributable to shareholders grew by 58.84% year-on-year.

Dual-Engine Drive of Proprietary Trading and Wealth Management

The core drivers of growth for securities firms in 2025 come from the dual efforts of proprietary trading and wealth management businesses.

Thanks to the market’s recovery and optimized investment strategies, proprietary trading revenue has become the “ballast” for revenue growth for many securities firms. For instance, CITIC Securities’ proprietary trading revenue reached 38.604 billion yuan in 2025, a year-on-year increase of 46.53%, contributing over 50% of total revenue. CITIC Construction Investment Securities’ proprietary trading business contributed revenue of 8.691 billion yuan for the whole year, a year-on-year increase of 12.47%, accounting for 37.27% of total revenue.

Wealth management business has become a key lever for industry transformation, with customer scale and asset allocation capabilities improving in tandem. CITIC Securities’ financial products under management exceed 800 billion yuan, and the scale of its buy-side advisory business has broken through, with entrusted client assets exceeding 15 trillion yuan, a year-on-year growth of 24%.

Guotai Junan Securities’ wealth management business operating revenue reached 24.95 billion yuan, a year-on-year increase of 114.77%. The balance of margin financing and securities lending reached 246.206 billion yuan, a 43.9% increase compared to the end of the previous year, setting a historical record. Everbright Securities’ buy-side advisory business performed well, with client assets exceeding 100 billion yuan, a year-on-year revenue growth of 157%, and a year-on-year increase of 133.62% in fund advisory scale.

China Merchants Securities’ wealth management business achieved revenue of 13.824 billion yuan, a year-on-year increase of 35.1%, mainly driven by the growth in net income from commission fees for agency securities trading, with wealth management AUM (Assets Under Management) increasing by 29% year-on-year, setting a new historical high.

“AI” is Everywhere

In the disclosed 2025 annual reports of securities firms, “AI” has become a high-frequency keyword, fundamentally reconstructing the business models of securities firms from investment research and analysis to customer service and risk management.

CITIC Securities deeply integrates AI into its core business, applying artificial intelligence technology to optimize investment strategies in equity and alternative investments, and clearly states that it will continue to optimize its research and investment system in 2026, reinforcing the synergy between fundamentals and quantitative analysis while fully utilizing artificial intelligence technology to solidify its system and capability foundation.

China Merchants Securities stated that the company focuses on the strategic vision of “AI Securities Company,” promoting deep AI empowerment across all business lines. The wealth business has developed a marketing service assistant “Zhao Xiao Gu,” assisting wealth advisors in improving service quality and efficiency in market trend analysis and asset allocation services; the research business has created an “AI Research Institute,” exploring innovative practices of generative AI in scenarios such as financial report interpretation and researcher assistance; the investment banking business has built an intelligent investment banking operation system, embedding AI applications such as intelligent document review, smart writing of investment banking documents, and bank statement recognition.

Guohai Securities mentioned in its outlook for business development in 2026 that it aims to build an efficient client management system of “AI + Wealth Management,” establish an “AI ecological foundation” and “intelligent service support system,” and enhance customer management efficiency and human efficiency boundaries; based on customer segmentation and AI technology empowerment, it seeks to build a professional and warm service system; and strengthen technological empowerment to deepen the application of AI technology in investment trading businesses.

Editor: Du Yan

Proofreader: Wang Yue

Production: Xiao Mo

Review: Xu Wen