21 Regional Brokerages Report 2026 Interim Results; Tianfeng Leads with 549% Profit Surge

All 21 regional brokerages, whose major shareholders are local state-owned entities or large regional industrial and investment groups, have now published their 2026 interim reports. Among them, 20 achieved positive growth in net profit attributable to shareholders. Tianfeng Securities led the pack with a net profit growth rate of 549.03%, while Zhongtai Securities, Caida Securities, and Huaan Securities all posted net profit growth exceeding 100%. Hongta Securities was the only brokerage to report a decline in net profit, down 23.93% year on year. On the revenue front, Hongta Securities, Zheshang Securities, and Great Wall Securities all recorded varying degrees of decline.

Geographically, the 21 brokerages are spread across six major regions, with uneven performance across regions. In East China, Dongwu Securities, Caitong Securities, and Zheshang Securities posted the highest overall profitability. In South China, Guosen Securities led other regional brokerages in both scale and profitability. In Central China, Changjiang Securities stood out, while Tianfeng Securities remained in a recovery phase after returning to profitability. In West China, performance diverged sharply: Western Securities and Huaxi Securities saw relatively high net profit growth, Hongta Securities reported a year-on-year decline, and Southwest Securities posted relatively modest growth. In North China, Zhongtai Securities generated large revenue but had a relatively low net profit margin, while the other brokerages in the region remained stable. In Northeast China, Northeast Securities was the only independently listed representative, with net profit up more than 77% year on year in the first half.