Surge in trading volume! Securities firms see a year-on-year increase in A-share transactions; Shanghai brokers account for a combined 30% market share.

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On January 27, the Shanghai Securities Association disclosed the 2025 operating overview of securities brokerage business in Shanghai.

The report comprehensively presents data such as the number of branches, A-share trading volume, client assets, account size, margin trading business, income levels, and commission rates, showcasing the strong performance of the Shanghai securities market in trading volume and account expansion.

ZiShiTang noted: The commission rate continues its downward trend, reflecting further industry competition and structural changes in the market.

Branch Scale: 842 Outlets Operating in Shanghai

By the end of 2025, there were a total of 842 branches in Shanghai engaged in securities brokerage business, including 108 sub-branches and 734 business offices. By category, there were 54 Class A business offices, 240 Class B, and 440 Class C. This change in branch structure reflects intense market competition and diverse customer demands.

In terms of trading, the A-share trading volume handled by Shanghai-based securities branches reached 128.19 trillion yuan, a significant year-on-year increase of 80.4%. Among them, the branch with the largest trading volume recorded 11.21 trillion yuan, and there were 19 branches in Shanghai whose trading volume exceeded 1 trillion yuan.

Comparing with the national total A-share trading volume of 413.8 trillion yuan, Shanghai's share was 30.98%, up 3.05 percentage points year-on-year, further consolidating its status as a key hub in China’s securities market.

Client Assets: 15.05 Trillion Yuan by Year-End

At the end of 2025, the total client assets of Shanghai branches reached 15.05 trillion yuan, up 24.2% year-on-year. The branch with the largest amount of client assets reached 1.4 trillion yuan, accounting for 9.3% of the region’s total.

This growth is not only due to increased trading volume, but also highlights the branches’ continued efforts in wealth management and asset allocation.

Fund Accounts: Stock and New Accounts Grow Together

In terms of accounts, Shanghai branches had 39.35 million existing client fund accounts in 2025, a year-on-year increase of 9%. The branch with the largest number of accounts registered 4.01 million, accounting for 10.2%. For new accounts, there were 4.78 million newly opened accounts during the year, up 9.4% year-on-year, with the highest branch opening 1.3 million new accounts.

This indicates rising client participation and market confidence, with securities investment attracting more individual investors.

Margin Trading: Growth in Both Balances and Account Numbers

For margin trading business, Shanghai branches had 732,000 margin trading accounts, a year-on-year increase of 7.3%. Margin trading balances also saw robust growth, rising to 332.3 billion yuan, up 49.8% year-on-year. In terms of daily average margin balance, Shanghai branches reached 254.9 billion yuan, up 34.5% year-on-year.

This reflects increased market leverage usage and shows that investors are more active and have an improved risk appetite.

Income Structure: Most Branches Surpass 10 Million Yuan

In 2025, annual operating income of Shanghai branches hit 36.484 billion yuan, a year-on-year increase of 45.4%. Of these, 563 branches had operating income over 10 million yuan, accounting for 65%. On the other hand, 47 branches had operating income less than 1 million yuan, accounting for 5%.

This data reveals the trend of income differentiation in the Shanghai securities market, with leading institutions strengthening their market share and profitability.

Commission Levels: Overall Downward Trend Continues

Regarding commissions, the average A-share commission rate in Shanghai was 0.192‰, down 13.9% year-on-year. Excluding high-frequency quantitative business, the average commission rate was 0.206‰. Specifically, local branches’ average commission rate was 0.249‰, while non-local branches’ rate was 0.173‰, reflecting regional market competition differences and providing investors with more flexible options.

Overall, in 2025, Shanghai’s securities brokerage business showed strong growth across multiple dimensions, with increases in trading volumes and client accounts indicating rising market activity. However, the downward trend in commission rates also reflects intensified competition; how to maintain profitability in this fiercely competitive environment will be a key focus for the industry in the future.

Risk Warning and Disclaimer ClauseThere are risks in the market, and investment should be carried out cautiously. This article does not constitute personal investment advice, nor does it take into account any individual user's specific investment goals, financial status, or needs. Users should consider whether any opinions, views, or conclusions in this article fit their specific situation. Investment based on this article is at your own risk.

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