Data from the Securities Association of China reveals a persistent three-year decline in the industry's headcount, dropping from 356,100 at the end of 2022 to 327,800 by the end of 2025, marking an exodus of nearly 30,000 professionals. Structurally, the number of personnel in "General Securities Business" has decreased by over 20,000 for two consecutive years. The count of securities brokers has been shrinking annually, with a cumulative reduction of more than 60,000 over an eight-year period from 2018 to 2025.
Against this industry-wide backdrop, a detailed analysis of China Merchants Securities' (CMSC) 2025 personnel data reveals a particularly striking shift: the company's general securities business staff surged from 5,396 at the start of the year to 6,359 by year-end, a net increase of 963 individuals. Conversely, the number of securities brokers plummeted sharply from 843 to a mere 13 over the same period. This dramatic contrast highlights a structural upgrade within the workforce, moving away from the traditional "channel + manpower" model towards a "professionalism + technology" paradigm. Data source: choice
The era of the securities broker is drawing to a close at CMSC, with their numbers collapsing from 843 to just 13, marking the most significant personnel change for the company in 2025. This trend is mirrored across the industry, with institutions like CITIC Securities, China International Capital Corporation (CICC), and Guosen Securities having already reduced their broker count to zero. This phenomenon signals the gradual exit of the traditional business model, centered on broker-led client acquisition and transaction commissions, from the securities industry.
This transformation is driven by a confluence of factors: regulatory policies guiding the industry toward specialization, evolving client demands shifting from simple transactions to comprehensive wealth management, digital technologies replacing traditional sales channels, and a change in brokerages' profit models from pure brokerage to integrated services. The once-ubiquitous securities brokers, previously active in bank branches and community centers, are now being supplanted by professionally qualified investment advisors and intelligent advisory systems.
In stark contrast to the contraction in the broker segment, CMSC's general securities business personnel saw a net increase of 963 individuals, representing a substantial growth rate of 17.8%. Why did CMSC achieve this counter-trend growth while the overall number of general securities practitioners in the industry was declining?
A deeper analysis of personnel movement pathways indicates that a significant number of former securities brokers transitioned internally into the general securities business sequence.
Beyond regulatory considerations, industry insiders point out that "general securities business is a precursor stage to becoming an investment advisor, as advisors typically need to accumulate several years of experience in general securities roles before advancing." The transition of securities brokers into general securities roles effectively expands the "talent pool" for future investment advisors.
By integrating previously external collaborative forces into the formal employee roster, the company can implement more systematic training and management, thereby building a foundational team for its wealth management business that combines client familiarity with professional potential.
Further examining the cadence of personnel changes reveals that CMSC's total employee count experienced a slight dip in the first half of 2025, decreasing from 8,987 to 8,906, before rebounding strongly in the second half. The year concluded with a net increase of 235 employees, bringing the total to 9,222.
Notably, over 600 individuals completed their initial practice registration after July. Considering the industry's recruitment cycle, this influx of new talent is highly likely to consist of recent university graduates from that year. Their concentrated onboarding has infused fresh vitality into the company's professional teams.
This strategic optimization of personnel structure has created a virtuous cycle with the company's business transformation and performance growth.
According to the 2025 performance快报 released by China Merchants Securities Co., Ltd., the company achieved annual operating revenue of 24.9 billion yuan, a year-on-year increase of 19.19%. Net profit attributable to parent company shareholders reached 12.3 billion yuan, up 18.43% compared to the previous year.
Wealth management and institutional business showed particular strength. In brokerage and wealth management, the number of wealth management clients and high-net-worth clients increased by 45.53% and 23.99% year-on-year, respectively, in the first half of 2025. In comprehensive services for institutional clients, the volume of custody and outsourcing products reached 35,600, with a scale of 3.52 trillion yuan. The financial report indicates that as of mid-year, its market share in the number of privately offered fund custody products stood at 21.52%, maintaining the top position in the industry for twelve consecutive years.
Against the backdrop of continuously growing household wealth management demands and the deepening professional transformation of the industry, this strategic choice of driving business model transformation through talent structure upgrading may provide a significant reference for the future development of the securities sector.
Comments