Financials · 14.4

Securities Firms

Quantified news impact based on deduplicated, quality-reviewed events in a single 7-day window.

Average net impact+8weighted per event

Average gross impact13absolute weighted average

Events13same period

Confidence78%model average

Raw intensity62before weighting

Previous period0net impact

Gross changeInsufficient base

Diffusion speed1.9 / day

Concentration12%

Direction disagreement41%

Source independence97%15 sources

IMPACT TREND

7-day effective impact

Positive 9 · Negative 2 · Mixed 2

+140-14

26 Jul, 150 events

27 Jul, 054 events

27 Jul, 194 events

28 Jul, 090 events

28 Jul, 230 events

29 Jul, 131 event

+14

30 Jul, 032 events

30 Jul, 170 events

-3

31 Jul, 072 events

31 Jul, 210 events

1 Aug, 110 events

2 Aug, 010 events

Current periodPrevious period

TIME HORIZON

Impact duration

Immediate0%0 cumulative effective impact

Short term82%136 cumulative effective impact

Medium term16%27 cumulative effective impact

Long term1%2 cumulative effective impact

CO-IMPACT

Related industries

EVENT EVIDENCE

Events ranked by effective impact

Page 1 of 2 · 13 events

Macro3

Macro27 Jul, 07:30positive

CSRC Chairman Wu Qing Pledges Integrated Risk Prevention, Regulation, and Development; State-Owned Firms

China Securities Regulatory Commission (CSRC) Chairman Wu Qing said at an investor symposium that the regulator will integrate risk prevention, stronger regulation, and high-quality development to maintain stable market operations. The comments boosted weak A-shares, with the Hang Seng Index surging 581 points intraday. However, geopolitical tensions after a Saudi oil tanker attack in the Red Sea added volatility. The HSI ended the week at 24,963, up 401 points or 1.63%, but technical indicators suggest consolidation is needed. Smoothed medium-term breadth rose from a three-year low of 23.6% to 33.5%, while short-term breadth stayed above 50%.

Effective: +9
Intensity: 60
Confidence: 70%
Horizon: Short term

Macro27 Jul, 08:40positive

SZSE Party Committee Outlines Six Priorities: Cultivating High-Quality Listed Companies, Supporting New

The Shenzhen Stock Exchange (SZSE) Party Committee has outlined six priorities for the 15th Five-Year Plan period, focusing on cultivating a cluster of high-quality listed companies, channeling capital into new quality productive forces, supporting traditional industries and small and medium-sized enterprises, enhancing market resilience, deepening reforms including ChiNext and Shenzhen-Hong Kong cooperation, and strengthening regulatory enforcement against misconduct.

Effective: +9
Intensity: 60
Confidence: 70%
Horizon: Medium term

Macro27 Jul, 08:00positive

First-Half General Public Budget Revenue Hits RMB 12.1 Trillion, Up 4.7%; Securities Transaction Stamp Duty

China's general public budget revenue in the first half reached RMB 12.1 trillion, up 4.7% year on year, matching GDP growth. Value-added tax grew 6%, corporate income tax rose 3.9%, and securities transaction stamp duty nearly doubled. Local government budgetary revenue increased 2.7%, with 28 of 31 provinces posting growth. The central government continued transfers to local authorities, exceeding RMB 10 trillion for four consecutive years.

Effective: +8
Intensity: 60
Confidence: 70%
Horizon: Short term

Industries2

Industries30 Jul, 06:53positive

17 Listed Securities Firms' Mid-Year Net Profit Growth Average 94.55%; CITIC, Guotai Haitong Exceed 20 Billion

Seventeen listed securities firms reported an average lower limit of net profit attributable to parent growth of 94.55% in their mid-year performance forecasts. CITIC Securities and Guotai Haitong both forecast net profit exceeding 20 billion yuan. Non-listed firms also posted strong results, with Xiangcai Securities net profit surging 184% and Zhongshan Securities turning profitable. Several firms held mid-year meetings to set second-half tasks, focusing on wealth management, digitalization, and regional expansion.

Effective: +30
Intensity: 85
Confidence: 90%
Horizon: Short term

Industries31 Jul, 07:27positive

30 Listed Brokerages Complete 2025 Cash Dividends; 40 Declare Total Over 70 Billion Yuan, a Record High

The billions in dividends from listed brokerages are being paid out gradually. Thirty listed brokerages have completed distribution of 2025 cash dividends before July 31, 2026, while another ten have announced profit distribution plans without a set implementation date. Data shows that 40 listed brokerages declared cumulative dividends exceeding 70 billion yuan (RMB) for 2025, a record high. Meanwhile, several brokerages are pursuing share buyback plans or canceling previously repurchased shares to boost earnings per share.

Effective: +21
Intensity: 60
Confidence: 80%
Horizon: Short term

Companies5

Companies31 Jul, 18:19negative

CSRC Penalizes Seven Securities Firms for Investment Banking Violations

The China Securities Regulatory Commission (CSRC) on July 31 published nine investment-banking supervision decision letters, which together with a Shanghai bureau warning letter led to sanctions against seven securities firms, including GF Securities, Century Securities, Hongta Securities, Guoyuan Securities, Guorong Securities, Yongxing Securities and Guotai Haitong Securities. Common deficiencies included lax quality control, inadequate due diligence and internal governance weaknesses. Three firms were ordered to take corrective measures, and senior executives received warning letters. Separately, Hebei regulator fined Zhongtian Guofu Securities RMB 43.0528 million for fraudulent issuance.

Effective: -30
Intensity: 70
Confidence: 85%
Horizon: Short term

Companies27 Jul, 19:57positive

Orient Securities proposes RMB25.12 billion acquisition of Shanghai Securities, high-net-worth clients to rise

Orient Securities plans to acquire 100% of Shanghai Securities for a total consideration of RMB25.12 billion through a mix of share issuance and cash. Under the draft restructuring plan, Orient Securities will issue approximately 2.289 billion shares at RMB10.29 apiece and pay RMB1.57 billion in cash. The combined entity would have around 250 branches, with wealth management client accounts rising from 3.29 million to more than 5 million and the number of high-net-worth clients with assets exceeding RMB3 million increasing by over 50%. Based on 2025 figures, the simple sum of attributable net profit would be about RMB7 billion. The transaction remains subject to regulatory approvals and will introduce Bailian Group and Shanghai International Group as significant strategic shareholders.

Effective: +16
Intensity: 78
Confidence: 75%
Horizon: Medium term

Companies30 Jul, 09:27positive

Investor Service Center nominates independent director to Caida Securities, first for a listed broker

The China Securities Investor Service Center (ISC) has for the first time nominated an independent director to a listed securities broker, Caida Securities, and launched a public solicitation of voting rights for the election. The move, announced on July 29, extends the ISC's third-party nomination model to the financial sector. So far in 2026, the ISC has nominated independent directors to 28 listed companies across various industries, including pharmaceuticals, technology, and finance.

Effective: +15
Intensity: 60
Confidence: 70%
Horizon: Short term

Companies27 Jul, 22:02positive

CICC Chief Economist Peng Wensheng Retires, Miao Yanliang Succeeds; H1 Net Profit to Rise 78%-90%, Share Swap

China International Capital Corporation (CICC) has appointed Miao Yanliang as its chief economist, succeeding Peng Wensheng, who retired upon reaching the age limit. The company expects first-half net profit to increase by 78% to 90% from the prior year and is planning a share swap merger with Dongxing Securities and Xinda Securities. Miao, who joined CICC in 2023 and changed his registration to securities investment advisory analyst in June 2025, previously served as chief economist at the State Administration of Foreign Exchange and at the IMF. Peng, who returned to CICC in 2020, had a career spanning the IMF, the Hong Kong Monetary Authority, Barclays Capital, Citic Securities, and Everbright Securities.

Effective: +11
Intensity: 60
Confidence: 80%
Horizon: Short term

Companies27 Jul, 20:41positive

Guotai Haitong Gets CSRC Nod for Up to RMB 80 Billion Bond Issuance

Guotai Haitong announced on July 27 that it has received regulatory approval to issue corporate bonds to professional investors. The China Securities Regulatory Commission approved the registration of the public issuance, with a total face value not exceeding RMB 80 billion. The company disclosed the approval in a filing.

Effective: +10
Intensity: 60
Confidence: 85%
Horizon: Short term