The securities sector demonstrated robust performance in 2025. According to data from the Securities Association of China, 150 securities companies collectively achieved operating revenue of 541.17 billion yuan, marking a year-on-year increase of 19.95%. Net profit reached 219.44 billion yuan, up 31.2% from the previous year. By the end of the year, the total assets of the entire industry amounted to 14.83 trillion yuan.
Among these, CITIC SEC reported operating revenue of 74.85 billion yuan, accounting for approximately 13.83% of the industry total—nearly one-seventh. Its net profit attributable to shareholders was 30.08 billion yuan, representing about 13.7% of the industry's total net profit and setting a historical record for the company.
With the market recovery in 2025, compensation at listed securities firms generally halted its decline and began to rise. Wind data shows that among brokerages that have disclosed their annual reports, CITIC SEC led the industry with an average per capita salary of 812,800 yuan. Guotai Haitong followed closely with 789,100 yuan, while Guolian Minsheng Securities ranked third with 783,300 yuan. China International Capital Corporation (CICC), GF Securities, and Shenwan Hongyuan Securities reported average salaries of 757,300 yuan, 664,600 yuan, and 628,900 yuan, respectively.
Five years ago, the ranking of securities firms by compensation looked quite different. In 2021, CICC topped the list with an average per capita salary of 1.16 million yuan, while CITIC SEC ranked second with 947,000 yuan. At that time, CICC, known as the "aristocrat of investment banking," was widely regarded as the industry's compensation benchmark. The year 2022 marked a turning point: CICC's average salary dropped nearly 30% to 819,600 yuan, while CITIC SEC's fell to 836,400 yuan. This allowed CITIC SEC to overtake CICC for the first time, beginning a four-year streak of leading the industry in compensation. From then until 2024, compensation across the sector faced overall pressure, with both firms experiencing continued declines. In 2025, CITIC SEC's average salary rebounded from 779,800 yuan to 812,800 yuan, a year-on-year increase of 4.23%. CICC's salary rose from 642,600 yuan to 757,300 yuan, up 17.86% year-on-year, but still lagged behind CITIC SEC and Guotai Haitong in absolute terms.
Looking at the cumulative decline over the past five years, significant divergence is evident among leading securities firms. Using 2021 as the baseline, CICC's average per capita salary dropped from 1.16 million yuan to 757,300 yuan, a cumulative decrease of approximately 35%, or 406,900 yuan, indicating a significant fading of its compensation advantage. China Merchants Securities saw its salary fall from about 779,700 yuan to 531,300 yuan, a decline of nearly 32%. Huatai Securities experienced a drop of around 29%, while GF Securities decreased by approximately 21%. In contrast, CITIC SEC's salary declined from 947,000 yuan to 812,800 yuan, a cumulative reduction of only 14.17%, showing a relatively modest adjustment compared to its top-tier peers.
Over the past five years, CITIC SEC's net profit attributable to shareholders grew from 23.1 billion yuan to 30.08 billion yuan, a cumulative increase of 30%. During the same period, its average per capita salary decreased from 947,000 yuan to 812,800 yuan, a decline of 14%. Meanwhile, profit generated per employee jumped from 974,800 yuan to 1.12 million yuan, reaching a five-year high.
Regarding management compensation, the total annual remuneration for CITIC SEC's management has shown a continuous downward trend over the past five years, decreasing from 166.50 million yuan in 2021 to 25.99 million yuan in 2025. In 2025, the personal compensation of some executives increased, primarily due to their appointments in the second half of 2024, leading to a normalization of their full-year compensation in their first complete year of service. Overall, management compensation remains on a contractionary trajectory.
Among the current core executives, Chairman Zhang Youjun received the highest compensation at 2.30 million yuan, nearly unchanged from the previous year. Executive Committee Member Li Chunbo received 1.94 million yuan, a slight increase of 15,000 yuan. The most significant changes were seen among several core executives who took office in the second half of 2024. General Manager Zou Yingguang, appointed in November 2024, received compensation of 1.46 million yuan in 2025, an increase of 1.22 million yuan from 240,000 yuan the previous year—a rise of over five times. Chief Risk Officer Yang Haicheng, who assumed his role in August 2024, received 1.47 million yuan, up 973,100 yuan from 499,100 yuan the previous year. Executive Committee Member Zhu Yexin, appointed in May 2024, received 1.25 million yuan, an increase of 343,900 yuan from 907,300 yuan the prior year.
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