Breaking against the trend: Public fund split-warehouse commissions see double growth in both increase and ranking

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Source: @E1@ Research

On April 1, 2026, as the public offering funds’ 2025 annual reports concluded their disclosures, the broker-dealer split-commission revenue ranking list—highly watched by the market—was officially unveiled. Against the backdrop of the industry’s overall growth slowing and the increasingly polarized pattern at the top end, @E2@ delivered a standout performance:

Ranked 8th in the industry with split-commission revenue of RMB 404 million, representing a year-over-year increase of 37.37%. Not only did it achieve a jump from 2024’s 13th place by five positions, but it also recorded the largest growth rate among leading brokerages. This was demonstrated through hard work and real results—showing formidable capabilities to break through despite headwinds. This impressive achievement is both a direct reflection of @E3@’s research strength built up over time, and a concentrated manifestation of @E4@ Research’s deep transformation over the past five years: optimizing its research approach and focusing on serving national strategies.

01

High growth against the tide:

Impressive core data—achieving breakthroughs in both growth rate and ranking

In 2025, the split-commission market for broker-dealers showed the clear characteristics of “total volume stabilizing, concentration at the top, and intensifying differentiation.” After the deep adjustments following the implementation of new commission regulations in 2024, the industry’s full-year split-commission scale said goodbye to continued declines, while the premium of @E5@’s high growth against the tide stood out even more in data comparisons.

Data show that in 2025, broker-dealers’ total split-commission revenue reached RMB 11.01B, up 0.25% year over year. After years of ongoing adjustments, sell-side research business has shown signs of stabilizing. From market share, @E6@’s commission seats share continued to improve steadily, and its trading volume market share already reached 3.67%. At the same time, the company continued to play a leading role in the Institutions Business Committee, gradually building a virtuous cycle mechanism of “research output—demand matching—feedback optimization.”

02

Research wins:

A paradigm shift—building a professional think tank to serve national strategies

The core competitiveness of split-commission revenue comes from research strength. As an “elite player at the top tier” in the industry, @E7@ Research has in recent years proactively sought change—reconstructing its research system and updating its research approach. It has transformed from traditional sell-side research into “a professional think tank serving national strategies, a navigator for industrial upgrading, a leader in value discovery, and a communicator of inclusive finance.” The direct result has been that improvements in research capabilities have also driven a dual growth in customer recognition and split-commission revenue.

(A) Strategic upgrade: focusing on four major core directions

Facing the pressure of continued declines in commission rates, @E8@ Research has proactively explored a diversified business model of “research+,” updated its research approach, and built differentiated advantages.

· Making a “navigator” for industrial upgrading: focusing on “choke-point” areas and strategic industries such as chips, new energy, and artificial intelligence, and partnering with governments and associations to conduct policy+industry+investment research—helping traditional industries transform and cultivating tech innovation enterprises.

· Making a “professional think tank” for national strategies: around national initiatives such as internationalization of the RMB, “east data to west computing,” dual carbon goals, and science and technology self-reliance and self-strengthening. Delivering high-quality research reports and policy recommendations, serving macro decision-making and industrial planning.

· Making a “value discoverer” for Chinese assets: building a valuation framework for emerging technology assets, and working with investment banks to provide enterprise research services across the full life cycle—helping reevaluate the value of Chinese assets.

· Making a “communicator” of inclusive finance: promoting the popularization of research results, helping residents’ wealth management through formats such as investment education short videos and infographics, and guiding capital toward livelihood and affordable housing sectors.

(B) Updating the playbook: three-dimensional coordination to build differentiated core advantages

@E9@ Research broke through industry barriers and innovatively built a “investment research + industrial research + government research” three-in-one research system. It is the only research institution in the industry that has been continuously selected as the authoritative “most influential research institution” for 23 consecutive times, along with other major awards. Its brand influence has continued to lead the way, gradually forming a distinctive differentiated competitive advantage.

· A three-in-one research system of “investment research + industrial research + government research”: established a policy research office and an industrial research institute in sequence, increasing research efforts on new technologies, new tracks, and new markets. Strengthened policy tracking and forward-looking research, enhancing research service effectiveness and the ability to serve the real economy. It achieved a closed loop from policy interpretation to industrial implementation to investment strategy.

· Full-chain coordination of “research + investing + investment banking”: deepened the “research platform—joint business development” model, guided by professional research. It broke barriers among the investment and investment banking segments and shared resources. Built four categories of customer ecosystems and matched demands precisely, enabling two-way empowerment between research and business, improving comprehensive financial service capabilities and core competitiveness, and supporting high-quality growth of the business.

· Premium research + digital intelligence empowerment: through self-developed and jointly developed databases and large language models, enabling AI to enhance research efficiency and quality; innovated formats such as “dehydrated research reports” and visual live streaming to expand distribution of research products, strengthen brand influence, and increase customers’ sense of gain.

03

Serving national strategies:

Serving the country through finance, enabling high-quality development of the real economy

In recent years, @E10@ Research has consistently adhered to strategic leadership and top-level planning, proactively benchmarking national strategies and industry development requirements. Based on its primary responsibilities, it has continuously found its positioning and acted proactively in promoting capital market reform, supporting real-economy development, and helping build a strong nation in finance. It has made ongoing efforts in areas such as macro policy assessment, industry and sector analysis, and coordinated regional development. Its research outputs have been adopted multiple times by the central and local governments. Its professional influence has remained among the top in the industry, demonstrating the comprehensive strength and sense of responsibility of a leading research institution through solid performance.

· Focusing on “the five major initiatives,” escorting the building of a strong financial nation. Its achievements in financial technology are abundant, with multiple special white papers released. ESG research has led the industry for four consecutive years, powerfully enabling green and sustainable development. Inclusive finance focuses on areas such as “specialized, refined, distinctive, and innovative” sectors, publishing related white papers and development indices; investment education work won a city-level award. Digital transformation seized opportunities from large-model development, releasing an “enhanced productivity preferred index.” For elderly finance, it built a multi-dimensional product matrix, continuously releasing the value of research through methods such as on-site visits and specialized training.

· Actively raising the voice to ensure steady market operations. It actively plays the role of a think tank for the capital market. It provides authoritative interpretations around major national strategies and core reform policies. Leveraging high-frequency commentary from its chief economist and core team in authoritative media, it accurately conveys policy directions, guides market expectations, and boosts investor confidence—creating a favorable public opinion environment for the stable and healthy development of the capital market.

· Deepening investor protection and insurance education; using multi-dimensional publicity to strengthen investor protection defenses. Relying on the “@E11@ Wealth Research” video account, it has regularly and routinely rolled out periodic educational promotion to enhance public and wealth clients’ awareness and influence, strengthening investor protection defenses.

· Empowering rural revitalization; comprehensively supporting the drawing of a blueprint for common prosperity. Carrying out county-level economic research with paired support areas such as @E12@, it provides scientific recommendations to help develop distinctive industries, consolidate poverty alleviation outcomes, and advance rural revitalization—activating rural resources and helping farmers increase income.

04

Future outlook:

Deepening transformation and writing a new chapter in high-quality development

The standout performance of split-commission revenue in 2025 is a “milestone” for transformation-driven development and also a new starting point. Looking ahead, against the backdrop of deeper capital market reforms and serving new quality productive forces, @E13@ Research will take research as its foundation, transformation as its wing, and serving national strategies as its core. It will focus on refining its hard-core research capabilities, continuously exploring high-quality development paths: further optimizing the three-in-one “investment research + industrial research + government research” system, concentrating on building a first-class research think tank, fully amplifying the collaborative efficiency of “research + investing + investment banking,” and precisely enhancing specialized capabilities in areas such as technology, green finance, and inclusive finance. It will contribute professional strength from the securities research sector to support the reform and development of the capital market and help ensure a good start for the “15th Five-Year Plan period.”

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