Securities firms handed in their "report card" on asset management business, with a trend of increased concentration at the top.

As the disclosure of the 2025 annual reports is coming to an end, various securities firms have also submitted their "report cards" for their asset management businesses. Overall, the trend of concentration at the top has intensified, industry differentiation has further widened, and active management capabilities have become the key to success. According to statistics from Wind and listed companies' announcements, as of April 21st, 32 securities firms have disclosed their asset management business income for 2025. The data shows that these 32 securities firms achieved a total net income of 42.1 billion yuan from asset management business fees, a year-on-year increase of 7.12%. It is worth noting that the top ten securities firms in terms of net income from asset management business fees in 2025 achieved a combined income of 36.5 billion yuan, accounting for 87% of the total income of the 32 securities firms mentioned above, an increase of 5 percentage points from the previous year, further intensifying industry concentration. Despite the increasing differentiation in the industry, the transformation to active management is bringing structural improvements to securities firms' asset management businesses.